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Northrim BanCorp , Inc. Contact : Joe Schierhorn , President , CEO , and COO ( 907 ) 261-3308 Jed Ballard , Chief Financial Officer ( 907 ) 261-3539 NEWS RELEASE Exhibit 99.1 Northrim BanCorp Earnings Increase to $ 12.2 Million , or $ 1.94 Per Diluted Share , in First Quarter 2021 ANCHORAGE , Alaska - - April 26 , 2021 Northrim Bancorp , Inc. ( NASDAQ : NRIM ) ( “ Northrim ” or the " Company " ) today reported net income of $ 12.2 million , or $ 1.94 per diluted share , in the first quarter of 2021 , compared to $ 10.1 million , or $ 1.59 per diluted share , in the fourth quarter of 2020 , and $ 1.03 million , or $ 0.16 per diluted share , in the first quarter a year ago . Continued high levels of production in the Home Mortgage Lending segment , continued loan and core deposit growth , and fee and interest income from the Small Business Administration's ( " SBA " ) Paycheck Protection Program ( " PPP " ) loans contributed to profitability for the quarter . Also benefiting first quarter results was a $ 1.5 million benefit to the provision for credit losses . This compares to a $ 599,000 benefit to the provision for credit losses in the preceding quarter and a $ 2.1 million provision for credit losses in the first quarter of 2020. The benefit to the provision for credit losses for the current quarter was recorded under ASU 2016-13 , which is also commonly referred to as the Current Expected Credit Loss ( " CECL " ) methodology that Northrim implemented on January 1 , 2021 and includes a benefit to the provision for credit losses on loans and a provision for credit losses on unfunded commitments . " Northrim's record first quarter results were fueled by strong production in mortgage banking operations and the continued success of our outreach to new and existing customers , as we all navigate through the economic impact of the pandemic , " said Joe Schierhorn , President and CEO . “ Over the past year we have been active participants in the SBA's PPP lending programs , helping our new and existing business customers sustain their business operations . Under the initial program , we helped approximately 2,900 businesses receive $ 375.6 million in PPP loans , making Northrim the largest originator of PPP loans in Alaska . In January 2021 , we began accepting and processing loan applications under the second PPP program , and as of quarter - end we had funded 2,125 applications totaling $ 204.0 million to our customers under the program . " COVID - 19 Issues : Industry Exposure : Northrim has identified various industries that may be adversely impacted by the COVID - 19 pandemic and the significant decline in oil prices that occurred in 2020. Though the industries affected may change through the progression of the pandemic , the following sectors for which Northrim has exposure , as a percent of the total loan portfolio excluding SBA PPP loans as of March 31 , 2021 , are : Healthcare ( 8 % ) , Tourism ( 7 % ) , Oil and Gas ( 6 % ) , Aviation ( non - tourism ) ( 5 % ) , Accommodations ( 3 % ) , Retail ( 3 % ) and Restaurants ( 3 % ) .