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Northrim BanCorp Posts First Quarter Profit of $1.9 Million or $0.29 per Share



ANCHORAGE, Alaska, April 21, 2010 (GLOBE NEWSWIRE) -- Northrim BanCorp,
Inc. (Nasdaq:NRIM) today reported a profit of $1.90 million, or $0.29
per diluted share in the first quarter ended March 31, 2010, compared
to $1.95 million, or $0.30 per diluted share in the fourth quarter of
2009 and $1.96 million, or $0.31 per diluted share in the first quarter
a year ago.

Financial Highlights (at or for the quarter ended March 31, 2010,
compared to March 31, 2009)


-- Northrim remains well-capitalized with Tier 1 Capital/risk adjusted
assets at 14.31%, up from 13.98% in the immediate prior quarter and
13.60% in the first quarter a year ago.
-- Northrim's total tangible common equity to total tangible assets at
quarter end was 10.56%, up from 9.85% a year earlier.
-- These ratios above do not reflect any government investment in Northrim
as the company elected not to participate in the Capital Purchase
Program sponsored by the U. S. Treasury in 2008.
-- The net interest margin (NIM) for the first quarter of 2010 increased to
5.34% up from 5.20% for the first quarter of 2009.
-- Book value per share grew 5% to $17.60 per share and tangible book value
grew 6% to $16.20 per share from the prior year.
-- Nonperforming assets declined to $31.6 million, or 3.20% of total assets
at March 31, 2010, compared to $35.3 million, or 3.56% of total assets a
year ago.
-- The allowance for loan losses totaled 2.17% of gross loans at March 31,
2010, compared to 1.97% a year ago.
-- Northrim continues to pay a quarterly cash dividend which provides a
yield of approximately 2.4% at current market share prices.




"The continuing profitability of the Northrim franchise, which has had
positive financial results for more than eighteen years, is noteworthy
in any environment and particularly in today's volatile economic
environment," said Marc Langland, Chairman, President and CEO of
Northrim BanCorp, Inc. "We continue to develop our banking franchise,
improve capital and operating results, and contribute to the Alaska
communities that we serve."

Alaska Economic Update

Alaska's economy continues to be healthier than the nation as a whole,
with the third lowest levels of delinquencies and second lowest level
of foreclosed homes of all 50 states in the country, according to the
fourth quarter 2009 National Mortgage Bankers Association survey of
delinquencies and foreclosures for 1-4 unit residences. Alaska also
leads the nation by a large margin in having the lowest levels of
subprime loans either delinquent or in foreclosure. The national rate
for all subprime loans delinquencies was 27.8% and there is no other
state in the country less than 20%; however, in Alaska only 11.3% of
subprime mortgage loans are delinquent.

Though Alaska is doing better than the rest of the nation in these
important indicators, both the U.S. and Alaska continue to have higher
than average delinquency rates. At the end of 2009, 4.8% of all
residential mortgage loans were delinquent in Alaska up from 3.8% a
year ago. This delinquency rate was a 0.3% decline from the third
quarter and the first improvement in five quarters. Nationally,
delinquencies were 10.4% at the end of 2009, up from 8.6% a year ago.
Total foreclosures in Alaska at December, 2009 were 1.4%, up from 0.9%
one year earlier. Nationally, total foreclosures have grown to 4.6% at
December 2009, up from 3.3% at December 2008.

Commercial real estate in Alaska also remains strong according to Per
Bjorn-Roli, an MAI professional appraiser, in his April 2009 report on
the Anchorage commercial real estate market to the Building Owners and
Managers Association ("BOMA"). The report noted that overall vacancy
rate for office space in the greater Anchorage area was 7.4% in
December 2009, less than half the vacancy rate for commercial real
estate in most cities in the lower 48 states. The report also explained
that assessed values for office properties for 2010 throughout
Anchorage have generally increased by 2% to 5% over 2009 levels. Chris
Stephens, CCIM was quoted in the Anchorage Daily News on December 13,
2009, saying: "Warehouse space has a low vacancy rate of about
3%....Retail is generally tight, with only a 4% vacancy, with larger
blocks of space available in a few locations accounting for about a
quarter of the vacancies. Land prices have flattened after a steady
increase for the past 10 years."

Northrim Bank recently launched the Alaskanomics blog to provide news,
analysis and commentary on Alaska's economy. With contributions from
economists, business leaders, policy makers and everyday Alaskans,
Alaskanomics aims to engage readers in an ongoing conversation about
our economy, now and in the future. Join the conversation at
Alaskanomics.com or for more information on the Alaska economy, visit
www.northrim.com and click on the "About Alaska" tab.

Asset Quality and Balance Sheet Review

Northrim's total assets declined below $1.0 billion at the quarter
ending March 31, 2010 to $988.6 million, down from $1.0 billion at
December 31, 2009, and $992.6 million a year ago.

The loan portfolio decreased 5% to $646.9 million at the end of March
2010 from $682.9 million a year ago, with fewer construction and
development projects and declines in commercial loans partially offset
by growth in commercial real estate loans. About 85% of the portfolio
consists of loans made to customers in the greater Anchorage market and
15% are in the Fairbanks market.

At March 31, 2010, commercial loans accounted for 38% of the loan
portfolio and commercial real estate loans accounted for 46% of the
loan portfolio, 50% of which are owner-occupied. Construction and land
development loans, which accounted for 8% of the loan portfolio at
March 31, 2010, are down 35% to $54.2 million from $83.5 million a year
ago, reflecting the maturing of projects funded in past years, the
reduction in new project starts in the past two years, and the transfer
of projects to Other Real Estate Owned (OREO).

Nonperforming assets at March 31, 2010, declined by $3.7 million
year-over-year and decreased $3.2 million from the preceding quarter.
The risk profile of the portfolio improved as a result of the following
developments:


-- Loans measured for impairment decreased to $44 million at March 31,
2010, compared to $46.3 million at December 31, 2009, and $69.9 million
in the first quarter a year ago.
-- All construction and development projects in OREO are substantially
complete and are being marketed.
-- The $7.0 million condominium conversion project in Anchorage that moved
into OREO last quarter continues to generate rental income producing an
average yield of approximately 6%. Of the 68 original units, 20 condos
have been sold and 42 are rented, providing positive cash flow for the
project.
-- Net charge-offs in the first quarter of 2010, totaled $437,000, or 0.27%
annualized of average loans, as compared to net charge-offs of $910,000,
or 0.52% annualized of average loans during the first quarter of 2009.
The lower level of net charge-offs reflect the $400,000 recovery
generated from a commercial loan.
-- Restructured loans decreased to zero at March 31, 2010, compared to $3.8
million at December 31, 2010, and $1.2 million in the first quarter a
year ago. The $1.2 million in restructured loans at March 31, 2009,
moved to a nonaccrual status at June 30, 2009, and have remained in
nonaccrual loans through the quarter ending March 31, 2010. The $3.8
million restructured loan at December 31, 2009, was transferred to a
performing status at March 31, 2010, as the loan is current and at
current market rates.
-- Sales of OREO continued during the quarter ending March 31, 2010, with
11 properties sold for an aggregate of $2 million, generating a $70,000
net gain over current carrying value.
-- The coverage ratio of the allowance to nonperforming loans increased to
90.25% at March 31, 2010, compared to 74.94% at December 31, 2009 and
61.85% in the first quarter a year ago.




"Asset quality continues to improve at a steady pace with the level of
total assets measured for impairment now almost half of what it was at
September 30, 2008," said Joe Beedle, President of Northrim Bank.
"Rental income from OREO added over $200,000 to operating income in the
first quarter and we are continuing to book modest gains on OREO
sales."

At the end of the first quarter, nonperforming loans totaled $15.6
million, or 2.41% of total loans, compared to $17.5 million, or 2.67%
of total loans at December 31, 2009, and $21.6 million, or 3.18% of
total loans a year ago. Total nonperforming assets were $31.6 million,
or 3.20% of total assets at March 31, 2010, compared to $34.8 million,
or 3.47% of total assets three months earlier, and $35.3 million, or
3.56% of total assets a year ago. Approximately 73% of the
nonperforming assets at March 31, 2010 were construction and land
development projects, 13% were commercial loans, 12% were commercial
real estate loans, and the remainder were consumer loans. Nonperforming
assets consist of nonaccrual loans, accruing loans 90 days or more past
due, restructured loans, and OREO.

The allowance for loan losses was $14.0 million, or 2.17% of total
loans at the end of the first quarter of 2010, compared to $13.4
million, or 1.97% of total loans a year ago.

Investment securities totaled $173.7 million at the end of the first
quarter of 2010, up 21% from $143.1 million a year ago. At March 31,
2010, the investment portfolio was comprised of 73% U.S. Agency
securities (primarily Federal Home Loan Bank and Federal Farm Credit
Bank debt), 14% Alaskan municipality, utility, or state agency
securities, 11% corporate bonds, and 1% each for a U.S. Treasury Note
and stock in the Federal Home Loan Bank of Seattle. "Our investment
securities have an estimated duration of two years at current market
rates and are managed to provide for both high credit quality and low
interest rate risk while contributing moderately to income and
supporting liquidity. The securities portfolio is not positioned to
generate any more than a modest contribution to income or margin,
because we believe interest rates are more likely than not to rise over
the next few years. Consequently, we prefer to maintain short
maturities in this environment," said Joe Schierhorn, Chief Financial
Officer.

Total deposits decreased to $835.1 million at March 31, 2010, compared
to $853.1 million at December 31, 2009, and $841.6 million a year ago,
reflecting a 26% decline in time deposits. "Our customers predominately
favor short-term maturities for time deposits, and as a result almost
all of our CDs mature in a year or less," said Chris Knudson, Chief
Operating Officer.

Noninterest-bearing demand deposits at March 31, 2010, increased 8%
from a year ago and account for 31% of total deposits. Interest-bearing
demand deposits at the end of March 2010 grew 11% year-over-year
reflecting customer preferences for flexibility of these accounts over
both the Alaska CD and money market accounts. The Alaska CD (a flexible
certificate of deposit program) grew just 2% and savings account
balances were up 16% from a year ago. Money market balances were flat
from year ago levels while time deposit balances fell 26% compared to
the first quarter a year ago. At the end of the first quarter of 2010,
demand deposits accounted for 31% of total deposits, interest-bearing
demand accounts were 14%, savings deposits were 8%, money market
balances accounted for 15%, the Alaska CD accounted for 13% and time
certificates were 18% of total deposits. "We do not have any brokered
deposits or public funds in our deposit base, which contributes to our
margin and profitability," Knudson noted.

Shareholders' equity increased 6% to $112.4 million, or $17.60 per
share, at March 31, 2010, compared to $106.2 million, or $16.76 per
share, a year ago. Tangible book value per share was $16.20 at March
31, 2010, compared to $15.30 a year earlier. Northrim remains
well-capitalized with Tier 1 Capital to Risk Adjusted Assets of 14.31%
at March 31, 2010.

Review of Operations

"As anticipated, the wave of mortgage refinancing activity that boosted
other operating income in 2009 did not continue into the first quarter
of 2010," Knudson noted. "In fact, we posted a loss of $73,000 from our
mortgage affiliate which is more in line with the historical trends for
this highly seasonal business. The income contribution of $848,000 from
the mortgage affiliate in the first quarter a year ago was unusually
high due to the low interest rate environment and the refinance
activity it created." As a result, revenue (net interest income plus
other operating income) declined 4% year-over-year to $14.2 million in
the first quarter of 2010, compared to $14.8 million in the first
quarter a year ago. First quarter 2010 net interest income, before the
provision for loan losses, grew 1% year-over-year to $11.3 million from
$11.2 million in the first quarter of 2009.

Northrim's net interest margin (net interest income as a percentage of
average earning assets on a tax equivalent basis) was 5.34% in the
first quarter of 2010, compared to 5.20% in the first quarter a year
ago. "With core deposits representing 82% of total deposits, our net
interest margin continues to be one of the highest in the country
according to the Uniform Bank Performance Report," said Beedle. Net
recoveries of interest on nonperforming assets contributed one basis
point to the net interest margin in the first quarter of 2010, compared
to net reversals of interest that reduced the net interest margin in
the first quarter of 2009 by eight basis points. The net interest
margin also benefited from a lower overall costs of funds, which was
improved, in part, by the prepayment of $9.9 million in high cost
borrowings in the third quarter of 2009 that reduced interest expense
by $116,000 in the first quarter of 2010.

The loan loss provision in the first quarter of 2010 totaled $1.4
million, compared to $2.2 million in the fourth quarter of 2009 and
equal to the loan loss provision in the first quarter a year ago.

Total other operating income decreased 3% for the first quarter ending
March 31, 2010 and 20% for the year compared to the same periods a year
ago due to lower contributions from Northrim's mortgage affiliate and
purchased receivables division which were partially offset by a
$281,000 gain on sale of securities. Other operating income contributed
$2.86 million in the first quarter of 2010 compared to $2.95 million in
the fourth quarter of 2009 and $3.59 million in the first quarter a
year ago.

Purchased receivable income fell 59% to $314,000 in the first quarter
of 2010 from $758,000 in the first quarter a year ago. This income
decreased primarily because several large customers paid off their
purchased receivable balances due to the sale of all or a portion of
their operations. Electronic banking income increased 29% to $400,000
in the first quarter of 2010, compared to $310,000 in the first quarter
of 2009 due to an increase in the electronic banking transactions by a
larger number of deposit customers. Employee benefit plan revenue grew
to $421,000 for the first quarter of 2010, compared to $366,000 for the
first quarter of 2009, due to the additional customers utilizing this
product line.

Operating expenses in the first quarter of 2010 increased 3% compared
to the fourth quarter ending December 31, 2009 and decreased 3% from
the first quarter a year ago. First quarter 2010 overhead expenses were
$10.2 million up from $9.9 million in the fourth quarter of 2009 and
$10.5 million in the first quarter a year ago.

The efficiency ratio during the first quarter of 2010 was 71.21%
compared to 70.74% a year ago. The efficiency ratio, calculated by
dividing noninterest expense, excluding intangible asset amortization
expense, by net interest income and noninterest income, measures
overhead costs as a percentage of total revenues.

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 a factoring/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. In June 2009, Northrim Bancorp was added to the
Russell 2000 Index, a subset of the Russell 3000 Index. Both indices
are widely used by professional money managers as benchmarks for
investment strategies.

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




www.northrim.com




Sources include the
http://www.adn.com/2009/12/12/1053218/commercial-real-estate-market.htm
l the State of Alaska Department of Labor and the Uniform Bank
Performance Report (UBPR) filed with the Federal Financial Institutions
Examination Council (FFIEC). Anchorage AK CRE Market Watch from BOMA
report prepared by Reliant LLC April 2010



Income Statement
(Dollars in thousands, except
per share data) Three Months Ending
-----------------------------------------------
December Three One
(Unaudited) March 31, 31, Month March 31, Year

% %
2010 2009 Change 2009 Change
--------- --------- ------ --------- ------
Interest Income:
Interest and fees on loans $11,422 $12,158 -6% $12,058 -5%
Interest on portfolio
investments 1,329 1,147 16% 1,154 15%
Interest on overnight
investments 23 39 -41% 75 -69%
--------- --------- ------ --------- ------
Total interest income 12,774 $13,344 -4% 13,287 -4%
Interest Expense:
Interest expense on deposits 1,275 1,306 -2% 1,721 -26%

Interest expense on borrowings 195 201 -3% 390 -50%
--------- --------- ------ --------- ------

Total interest expense 1,470 1,507 -2% 2,111 -30%
--------- --------- ------ --------- ------
Net interest income 11,304 11,837 -5% 11,176 1%


Provision for loan losses 1,375 2,200 -38% 1,375 0%
--------- --------- ------ --------- ------
Net interest income after
provision for loan losses 9,929 9,637 3% 9,801 1%

Other Operating Income:
Service charges on deposit
accounts 700 714 -2% 703 0%
Employee benefit plan income 421 457 -8% 366 15%
Electronic banking income 400 418 -4% 310 29%
Purchased receivable income 314 400 -22% 758 -59%
Gain on sale of securities 281 -- NA -- NA
Equity in earnings (loss) from
mortgage affiliate (73) 352 -121% 848 -109%

Other income 820 604 36% 605 36%
--------- --------- ------ --------- ------
Total other operating income 2,863 2,945 -3% 3,590 -20%

Other Operating Expense:
Salaries and other personnel
expense 5,620 5,285 6% 5,451 3%
Occupancy expense 919 898 2% 915 0%
Equipment expense 273 331 -18% 304 -10%
Insurance expense 558 449 24% 805 -31%
Marketing expense 439 366 20% 318 38%
OREO expense, including
impairment 372 424 -12% 404 -8%
Professional and outside
services 242 370 -35% 545 -56%
Intangible asset amortization
expense 76 76 0% 82 -7%

Other expense 1,665 1,692 -2% 1,704 -2%
--------- --------- ------ --------- ------
Total other operating expense 10,164 9,891 3% 10,528 -3%

Income before provision for
income taxes 2,628 2,691 -2% 2,863 -8%
--------- --------- ------ --------- ------

Provision for income taxes 702 649 8% 827 -15%
--------- --------- ------ --------- ------

Net income 1,926 2,042 -6% 2,036 -5%
--------- --------- ------ --------- ------
Less: Net income
attributable to the
noncontrolling interest 26 96 -73% 81 -68%
--------- --------- ------ --------- ------
Net income attributable to
Northrim BanCorp $1,900 $1,946 -2% $1,955 -3%
--------- --------- ------ --------- ------


Basic EPS $0.30 $0.31 -3% $0.31 -3%
Diluted EPS $0.29 $0.30 -3% $0.31 -6%
Average basic shares 6,385,760 6,367,520 0% 6,393,589 0%
Average diluted shares 6,468,310 6,449,876 0% 6,393,589 1%





Balance Sheet
(Dollars in thousands,
except per share data)
December Three One
(Unaudited) March 31, 31, Month March 31, Year

% %
2010 2009 Change 2009 Change
----------- ---------- ------ ----------- ------

Assets:
Cash and due from banks $18,920 $19,395 -2% $24,236 -22%
Overnight investments 59,259 47,326 25% 55,345 7%
Portfolio investments 173,686 187,447 -7% 143,148 21%

Loans:
Commercial loans 248,732 248,195 0% 278,459 -11%
Commercial real estate 298,887 301,816 -1% 269,721 11%
Construction loans 54,238 62,573 -13% 83,490 -35%
Consumer loans 47,391 45,168 5% 49,136 -4%
Other loans 246 85 189% 257 -4%

Unearned loan fees (2,577) (2,798) -8% (2,354) 9%
----------- ---------- ------ ----------- ------
Total portfolio loans 646,917 655,039 -1% 678,709 -5%
Real estate loans for
sale -- -- NA 4,160 -100%
----------- ---------- ------ ----------- ------
Total loans 646,917 655,039 -1% 682,869 -5%

Allowance for loan losses (14,046) (13,108) 7% (13,364) 5%
----------- ---------- ------ ----------- ------
Net loans 632,871 641,931 -1% 669,505 -5%
Purchased receivables,
net 6,962 7,261 -4% 10,789 -35%
Premises and equipment,
net 28,140 28,523 -1% 29,551 -5%
Goodwill and intangible
assets 8,920 8,996 -1% 9,238 -3%
Other real estate owned 16,065 17,355 -7% 13,737 17%

Other assets 43,733 44,795 -2% 37,034 18%
----------- ---------- ------ ----------- ------

Total assets $988,556 $1,003,029 -1% $992,583 0%
=========== ========== ====== =========== ======
(Unaudited) (Unaudited)
Liabilities:
Demand deposits $260,817 $276,532 -6% $241,039 8%
Interest-bearing demand 120,373 134,899 -11% 108,048 11%
Savings deposits 70,033 66,647 5% 60,259 16%
Alaska CDs 111,019 104,840 6% 108,373 2%
Money market deposits 126,156 125,339 1% 125,973 0%

Time deposits 146,657 144,851 1% 197,913 -26%
----------- ---------- ------ ----------- ------
Total deposits 835,055 853,108 -2% 841,605 -1%
Securities sold under
repurchase agreements 8,997 6,733 34% -- NA
Other borrowings 5,594 5,587 0% 16,594 -66%
Junior subordinated
debentures 18,558 18,558 0% 18,558 0%

Other liabilities 7,938 8,023 -1% 9,663 -18%
----------- ---------- ------ ----------- ------
Total liabilities 876,142 892,009 -2% 886,420 -1%

Shareholders' Equity:
Northrim BanCorp
shareholders' equity 112,411 110,972 1% 106,133 6%
----------- ---------- ------ ----------- ------

Noncontrolling interest 3 48 -94% 30 -90%
----------- ---------- ------ ----------- ------
Total shareholders'
equity 112,414 111,020 1% 106,163 6%
----------- ---------- ------ ----------- ------
Total liabilities and
shareholders' equity $988,556 $1,003,029 -1% $992,583 0%
=========== ========== ====== =========== ======





Financial Ratios and Other Data
(Dollars in thousands, except per
share data)
December
(Unaudited) March 31, 31, March 31,

2010 2009 2009
--------- --------- ---------
Asset Quality:
Nonaccrual loans $13,950 $12,738 $20,210
Loans 90 days past due 1,614 1,000 210

Restructured loans -- 3,754 1,186
--------- --------- ---------
Total nonperforming loans 15,564 17,492 21,606

Other real estate owned 16,065 17,355 13,737
--------- --------- ---------

Total nonperforming assets $31,629 $34,847 $35,343
--------- --------- ---------
Nonperforming loans / portfolio
loans 2.41% 2.67% 3.18%
Nonperforming assets / assets 3.20% 3.47% 3.56%
Allowance for loan losses /
portfolio loans 2.17% 2.00% 1.97%
Allowance / nonperforming loans 90.25% 74.94% 61.85%
Gross loan charge-offs for the
quarter $950 $2,728 $1,018
Gross loan recoveries for the
quarter $513 $184 $108
Net loan charge-offs for the
quarter $437 $2,544 $910
Net loan charge-offs for the
quarter / average loans, quarter 0.07% 0.38% 0.13%
Net loan charge-offs year-to-date /
average loans, annualized 0.27% 1.00% 0.52%

Capital Data (At quarter end):
Book value per share $17.60 $17.42 $16.76
Tangible book value per share $16.20 $16.01 $15.30
Tangible Common Equity/Tangible
Assets 1 10.56% 10.26% 9.85%
Tier 1 / Risk Adjusted Assets 14.31% 13.98% 13.60%
Total Capital / Risk Adjusted
Assets 15.57% 15.24% 14.85%
Tier 1 /Average Assets 12.61% 12.13% 11.77%
Shares outstanding 6,386,925 6,371,455 6,332,236
Unrealized gain (loss) on AFS
securities, net of income taxes $1,295 $1,341 $919

Profitability Ratios (For the
quarter):
Net interest margin (tax
equivalent) 5.34% 5.26% 5.20%
Efficiency ratio2 71.21% 66.40% 70.74%
Return on average assets 0.79% 0.77% 0.80%
Return on average equity 6.84% 6.90% 7.45%

1 Tangible common equity to tangible assets is a non-GAAP ratio that
represents total equity less goodwill and intangible assets divided
by total assets less goodwill and intangible assets. This ratio has
received more attention over the past several years from stock
analysts and regulators. The GAAP measure of assets to equity would
be total assets to total equity.

2 The efficiency ratio is a non-GAAP ratio that is calculated by
dividing non-interest expense, exclusive of intangible asset
amortization, by the sum of net interest income and non-interest
income.





Average Balances
(Dollars in thousands,
except per share data)
(Unaudited)
March December Three March One
31, 31, Month 31, Year

% %
2010 2009 Change 2009 Change
-------- -------- ------ -------- ------

Average Quarter Balances
Total loans $648,670 $675,166 -4% $705,589 -8%
Total earning assets 863,786 898,635 -4% 876,995 -2%
Total assets 973,030 998,313 -3% 990,093 -2%

Noninterest-bearing
deposits 242,630 266,135 -9% 208,405 16%
Interest-bearing
deposits 577,496 580,962 -1% 629,518 -8%
Total deposits 820,126 847,097 -3% 837,923 -2%

Shareholders' equity 112,590 111,886 1% 106,493 6%




This release may contain "forward-looking statements" that are subject
to risks and uncertainties. Readers should not place undue reliance on
forward-looking statements, which reflect management's views only as of
the date hereof. All statements, other than statements of historical
fact, regarding our financial position, business strategy and
management's plans and objectives for future operations are
forward-looking statements. When used in this report, the words
"anticipate," "believe," "estimate," "expect," and "intend" and words
or phrases of similar meaning, as they relate to Northrim or
management, are intended to help identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Although we believe that management's expectations as reflected
in forward-looking statements are reasonable, we cannot assure readers
that those expectations will prove to be correct. Forward-looking
statements are subject to various risks and uncertainties that may
cause our actual results to differ materially and adversely from our
expectations as indicated in the forward-looking statements. These
risks and uncertainties include our ability to maintain or expand our
market share or net interest margins, and to implement our marketing
and growth strategies. Further, actual results may be affected by our
ability to compete on price and other factors with other financial
institutions; customer acceptance of new products and services; the
regulatory environment in which we operate; and general trends in the
local, regional and national banking industry and economy as those
factors relate to our cost of funds and return on assets. In addition,
there are risks inherent in the banking industry relating to
collectibility of loans and changes in interest rates. Many of these
risks, as well as other risks that may have a material adverse impact
on our operations and business, are identified in our other filings
with the SEC. However, you should be aware that these factors are not
an exhaustive list, and you should not assume these are the only
factors that may cause our actual results to differ from our
expectations.

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