ANCHORAGE, Alaska, May 26, 2023 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.60 per share. The dividend will be payable on June 16, 2023, to shareholders of record at the close of business on June 8, 2023.

"We are pleased to announce a quarterly dividend of $0.60 per share, as we continue to be committed to providing returns to our shareholders," said Joe Schierhorn, President, and CEO. At the stock price of $38.80 per share at the close of the market on May 25, 2023, the current dividend equates to a yield of 6.19% on an annualized basis.

On April 27, 2023, Northrim reported net income of $4.8 million, or $0.84 per diluted share, in the first quarter of 2023, compared to $8.6 million, or $1.48 per diluted share, in the fourth quarter of 2022, and $7.2 million, or $1.20 per diluted share, in the first quarter a year ago.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 19 branches in Anchorage, the Matanuska Valley, Juneau, Fairbanks, Ketchikan, Sitka, Soldotna, Kodiak and Nome, 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

Contact:

Joe Schierhorn, President, CEO, and COO

(907) 261-3308

Jed Ballard, Chief Financial Officer

(907) 261-3539

Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.60 per Share