Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.35 per Share

ANCHORAGE, Alaska, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.35 per share.  The dividend will be payable on September 18, 2020, to shareholders of record at the close of business on September 10, 2020.

“We believe providing a consistent quarterly cash dividend is an excellent means of providing value to our shareholders, especially during these uncertain times,” said Joe Schierhorn, President and CEO.  At the stock price of $26.01 per share at the close of the market on August 27, 2020, the current dividend equates to a yield of 5.38% on an annualized basis.

On July 27, 2020, Northrim reported earnings of $9.9 million, or $1.52 per diluted share, in the second quarter of 2020, compared to $1.03 million, or $0.16 per diluted share, in the first quarter of 2020, and $4.26 million, or $0.62 per diluted share, in the second quarter a year ago.  Increased production in the Home Mortgage Lending segment, as well as significant participation in the Small Business Administration Paycheck Protection Program in the Community Banking segment, contributed to increased profitability.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 16 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, Sitka and Soldotna, and a loan production office in Kodiak, serving 90% of Alaska’s population; and an asset based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.

www.northrim.com

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Contact:   Joe Schierhorn, President, CEO, and COO
(907) 261-3308
Jed Ballard, Chief Financial Officer
(907) 261-3539
   

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