Northrim BanCorp Declares Cash Dividend of $0.10 Per Share

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ANCHORAGE, Alaska, Feb. 6, 2009 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NasdaqGS:NRIM - News) today announced its Board of Directors declared a quarterly cash dividend of $0.10 per share. The dividend will be paid on February 27, 2009 to shareholders of record at the close of business February 19, 2009. Northrim paid a $0.17 per share regular quarterly cash dividend on October 31, 2008, and has consistently paid a regular quarterly cash dividend since 1995.

``We have reduced our cash dividend to reflect a payout level more consistent with the Company's 2008 earnings,'' said Marc Langland, Northrim's President and Chief Executive Officer. ``While we are reluctant to decrease the dividend, we feel it is the prudent course of action considering the uncertain economic and regulatory environment.''

Northrim recently reported net income of $6.1 million for 2008, or $0.93 per diluted share, earnings of $946,000, or $0.14 per diluted share for the fourth quarter of 2008, and Tier 1 Capital/risk adjusted assets of 12.65% at December 31, 2008.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, a commercial bank that provides personal and business banking services through locations in Anchorage, Eagle River, Wasilla, and Fairbanks, Alaska, and an asset based lending division in Washington. The bank differentiates itself with a ``Customer First Service'' philosophy. Affiliated companies include Elliott Cove Capital Management, LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.

http://www.northrim.com

The Northrim BanCorp, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3818

          Northrim BanCorp, Inc.
          Joe Schierhorn, Chief Financial Officer
          (907) 261-3308