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Northrim BanCorp (NRIM) Q2 profit rises to $15.3M in 2026 results

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Northrim BanCorp, Inc. reported second-quarter 2026 net income of $15.3 million, or $0.68 per diluted share, up from $13.7 million, or $0.61, in the prior quarter and $11.8 million, or $0.52, a year earlier. Net interest income rose to $37.1 million and NIMTE improved to 5.01%. ROAA was 1.84% and ROAE 17.77%.

Portfolio loans reached $2.39 billion and total deposits $2.92 billion at June 30, 2026, with noninterest-bearing demand deposits of $826.3 million representing 28% of deposits. Capital remained strong, including a 10.90% Common Equity Tier 1 ratio, though nonperforming loans increased to 0.91% of portfolio loans.

Positive

  • Net income rose to $15.3 million with diluted EPS of $0.68, up from $13.7 million and $0.61 in the prior quarter and $11.8 million and $0.52 a year earlier.
  • Net interest income reached $37.1 million, a 7% increase from $34.7 million in Q1 2026 and 11% above $33.6 million in Q2 2025, while NIMTE improved to 5.01%.
  • Portfolio loans grew to $2.39 billion, up 8% year-over-year, and total deposits increased to $2.92 billion, up from $2.81 billion a year ago.
  • Capital ratios were strong, including a 10.90% Common Equity Tier 1 ratio and 14.46% total risk-based capital at June 30, 2026.

Negative

  • Nonperforming loans, net of government guarantees, rose to 0.91% of portfolio loans at June 30, 2026, up from 0.60% at March 31, 2026 and 0.35% a year earlier.
  • Net nonperforming assets increased to $23.0 million, representing 0.67% of total assets, compared with $15.3 million and 0.45% at March 31, 2026.
  • Allowance coverage of nonperforming loans, net of guarantees, declined to 117% from 175% in the prior quarter and 290% a year earlier.

Filing Explained

The July 22 Form 8-K reports a completed Palmer, Alaska branch opening during the second quarter, bringing Northrim’s network to 21 branches and expanding its operating footprint.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $15,342 thousand Three months ended June 30, 2026
Diluted EPS $0.68 Three months ended June 30, 2026
Net interest income $37,136 thousand Three months ended June 30, 2026
NIMTE 5.01 % Net interest margin on a tax equivalent basis, Q2 2026
Portfolio loans $2,386,328 thousand Balance at June 30, 2026
Total deposits $2,918,788 thousand Balance at June 30, 2026
Nonperforming loans / portfolio loans 0.91 % Net of government guarantees, at June 30, 2026
Common Equity Tier 1 capital ratio 10.90 % At June 30, 2026
Net interest margin on a tax equivalent basis financial
"NIMTE* was 5.01% for the second quarter of 2026"
Pre-provision pre-tax net revenue financial
"Pre-provision pre-tax net revenue* was $21,851 for Q2 2026"
Tangible common equity ratio financial
"Tangible common equity ratio was 8.82% at June 30, 2026"
Tangible common equity ratio measures how much real, loss-absorbing capital common shareholders have relative to a company's tangible assets—calculated by removing intangible items (like goodwill) and preferred equity from total equity and comparing that net amount to tangible assets. Think of it as the thickness of a safety cushion made of solid, visible value rather than accounting entries; investors use it to judge how well a company could withstand losses and protect common shareholders' claims.
Nonperforming loans, net of government guarantees financial
"Nonperforming loans, net of government guarantees / portfolio loans 0.91%"
Efficiency ratio financial
"Efficiency ratio was 59.44% for the second quarter of 2026"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Net income $15.3 million up from $13.7 million in Q1 2026 and $11.8 million a year ago
Diluted EPS $0.68 up from $0.61 in Q1 2026 and $0.52 in Q2 2025
Net interest income $37.1 million increased 7% from $34.7 million in Q1 2026 and 11% from $33.6 million in Q2 2025

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FAQ

What were Northrim BanCorp (NRIM)'s Q2 2026 earnings and EPS?
Northrim BanCorp reported Q2 2026 net income of $15.3 million, or $0.68 per diluted share. This compares to $13.7 million, or $0.61 per diluted share, in Q1 2026 and $11.8 million, or $0.52, in Q2 2025.

How did Northrim BanCorp (NRIM)'s net interest income perform in Q2 2026?
Net interest income was $37.1 million in Q2 2026, up 7% from $34.7 million in Q1 2026 and 11% from $33.6 million in Q2 2025. Net interest margin on a tax equivalent basis increased to 5.01%.

What were Northrim BanCorp (NRIM)'s key profitability ratios for Q2 2026?
For Q2 2026, Northrim BanCorp reported ROAA of 1.84% and ROAE of 17.77%. These compare with ROAA of 1.69% and ROAE of 16.60% in the prior quarter and ROAA of 1.48% and ROAE of 16.37% a year earlier.

How much did Northrim BanCorp (NRIM)'s loans and deposits total at June 30, 2026?
At June 30, 2026, portfolio loans totaled $2.39 billion and total deposits were $2.92 billion. Noninterest-bearing demand deposits were $826.3 million, representing 28% of total deposits and increasing 6% year-over-year.

What was Northrim BanCorp (NRIM)'s asset quality position at June 30, 2026?
Nonperforming loans, net of government guarantees, were 0.91% of portfolio loans at June 30, 2026, compared with 0.60% at March 31, 2026 and 0.35% a year earlier. Net nonperforming assets totaled $23.0 million, or 0.67% of total assets.

What capital ratios did Northrim BanCorp (NRIM) report at June 30, 2026?
At June 30, 2026, Northrim BanCorp reported a Common Equity Tier 1 capital ratio of 10.90%, total risk-based capital ratio of 14.46%, and a tangible common equity to tangible assets ratio of 8.82%, alongside book value per share of $15.63.
0001163370false00011633702026-07-222026-07-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,  D.C. 20549 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 22, 2026
Northrim BanCorp, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Alaska0-3350192-0175752
________________________
(State or other jurisdiction		_____________
(Commission		_________________
(I.R.S. Employer
of incorporation)File Number)Identification No.)
    
3111 C Street,  Anchorage,   Alaska 99503
___________________________________
(Address of principal executive offices)		 ___________
(Zip Code)
Registrant’s telephone number, including area code: 907-562-0062
Not Applicable
___________________________________________________
Former name or former address, if changed since last report
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.126-2 of this chapter).

                                    Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ¨







Item 2.02 Results from Operations and Financial Condition.

On July 22, 2026, Northrim BanCorp, Inc. (the "Company") announced by press release its earnings for the second quarter ended June 30, 2026.

A copy of the press release is attached hereto as Exhibit 99.1.


Item 9.01 Financial Statements and Exhibits.

(a) Financial statements – not applicable
(b) Proforma financial information – not applicable
(c) Shell company transactions – not applicable
(d) Exhibit No.Description
99.1Press Release dated July 22, 2026







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  Northrim BanCorp, Inc.
      
July 22, 2026 By: /s/ Jed W. Ballard
    Name: Jed W. Ballard
    Title: EVP, Chief Financial Officer




Exhibit Index

   
Exhibit No. Description
 
99.1
Press release dated July 22, 2026


Exhibit 99.1

nrimpra10a.jpg
Contact:Mike Huston, President and CEO
(907) 261-8750
Jed Ballard, Chief Financial Officer
(907) 261-3539
NEWS RELEASE

Northrim BanCorp Earns $15.3 Million, or $0.68 Per Diluted Share, in Second Quarter 2026

ANCHORAGE, Alaska - July 22, 2026 - Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $15.3 million, or $0.68 per diluted share, in the second quarter of 2026, compared to $13.7 million, or $0.61 per diluted share, in the first quarter of 2026, and $11.8 million, or $0.52 per diluted share, in the second quarter a year ago. The increase in the second quarter 2026 profitability as compared to the second quarter a year ago was mostly due to an increase in net interest income.

Dividends per share in the second quarter of 2026 remained consistent with quarterly dividends in 2025 and the first quarter of 2026 at $0.16 per share.

“Another quarter of record net interest income and continued loan and deposit growth reflects the strength of our relationship-driven banking model and our disciplined execution,” said Mike Huston, Northrim's President and Chief Executive Officer. “Our investments in people, technology and customer relationships continue to drive profitable growth, expand our market presence, and create long-term value for our shareholders. We were also pleased to expand our footprint during the quarter with the opening of our Palmer branch, further strengthening our ability to serve communities across Alaska.”

Second Quarter 2026 Highlights:

•Opened a branch in Palmer, Alaska, Northrim's 21st branch.
•Net interest income in the second quarter of 2026 increased 7% to $37.1 million compared to $34.7 million in the first quarter of 2026 and increased 11% compared to $33.6 million in the second quarter of 2025.
•Net interest margin on a tax equivalent basis (“NIMTE”)* was 5.01% for the second quarter of 2026, up 24-basis points from the first quarter of 2026 and up 29-basis points from the second quarter a year ago.
•Return on average assets (“ROAA”) was 1.84% and return on average equity (“ROAE”) was 17.77% for the second quarter of 2026 compared to ROAA of 1.69% and ROAE of 16.60% in the prior quarter and ROAA of 1.48% and ROAE of 16.37% for the second quarter of 2025.
•Portfolio loans were $2.39 billion at June 30, 2026, up 1% from the preceding quarter and up 8% from a year ago, primarily due to new customer relationships and expanding market share, as well as retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”). Core loans (excluding consumer mortgages) were $2.13 billion at June 30, 2026, up 7% from a year ago.
•Total deposits were $2.92 billion at June 30, 2026, up 2% from the preceding quarter, and up 4% from $2.81 billion a year ago. Non-interest bearing demand deposits remained consistent with the preceding quarter and increased 6% year-over-year to $826.3 million at June 30, 2026 and represent 28% of total deposits.
•The average cost of interest-bearing deposits was 1.71% at June 30, 2026, down from 1.77% at March 31, 2026 and 2.04% at June 30, 2025.
•Average purchased receivables and loan balances for the Specialty Finance segment were $141.5 million for the second quarter of 2026, compared to an average balance of $132.2 million for the first quarter of 2026, and $124.1 million for the second quarter of 2025.

Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
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Financial HighlightsThree Months Ended
(Dollars in thousands, except per share data)June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Total assets$3,415,386 $3,354,908 $3,290,273 $3,312,332 $3,243,760 
Total portfolio loans$2,386,328 $2,358,702 $2,295,499 $2,218,970 $2,202,115 
Total deposits$2,918,788 $2,873,746 $2,813,029 $2,906,463 $2,809,170 
Net income $15,342 $13,675 $12,441 $27,065 $11,778 
Adjusted net income*$15,342 $13,675 $12,231 $16,195 $11,778 
Diluted earnings per share$0.68 $0.61 $0.55 $1.20 $0.52 
Adjusted diluted earnings per share*$0.68 $0.61 $0.54 $0.72 $0.52 
Return on average assets1.84 %1.69 %1.50 %3.32 %1.48 %
Adjusted return on average assets*1.84 %1.69 %1.47 %1.99 %1.48 %
Return on average shareholders’ equity
17.77 %16.60 %15.16 %35.66 %16.37 %
Adjusted return on average shareholders’ equity*
17.77 %16.60 %14.91 %21.34 %16.37 %
NIM4.96 %4.72 %4.70 %4.83 %4.66 %
NIMTE*
5.01 %4.77 %4.75 %4.88 %4.72 %
Efficiency ratio59.44 %61.81 %64.70 %45.51 %64.68 %
Adjusted efficiency ratio*59.44 %61.81 %65.05 %57.85 %64.68 %
Total shareholders’ equity/total assets
10.18 %10.01 %9.92 %9.53 %8.95 %
Tangible common equity/tangible assets*
8.82 %8.63 %8.51 %8.12 %7.50 %
* NIMTE, pre-provision pre-tax net revenue, tangible book value per share, and tangible common equity to tangible common assets, (both of which exclude intangible assets), represent non-GAAP financial measures. Adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average shareholders' equity, and adjusted efficiency ratio items exclude the impact of the sale of assets by Pacific Wealth Management and also represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.


Alaska Economic Update
(Note: sources for information included in this section are included on page 13.)

Alaska’s seasonally adjusted unemployment rate was 4.6% in May of 2026, compared to 4.3% for the United States, according to the Alaska Department of Labor and Workforce Development. Both rates were unchanged from April of 2026. Alaska had a total of 343,600 payroll jobs in May of 2026 in Alaska, not including uniformed military. This was consistent with May of 2025. Year over year, the private sector grew by 0.9%, while the government sector declined 2.9%. The Federal component lost 1,500 jobs, or -9.8% since May of 2025, the State of Alaska decreased -700 jobs or 2.9% and Local government decreased -0.5%. The largest private sector growth came from Oil & Gas, up 1,000 direct jobs or +11.6%. Transportation, Warehousing and Utilities grew 1,600 jobs or +5.9% and Financial Activities added 200 jobs or +1.9%.

Alaska’s seasonally adjusted aggregate personal income was $60 billion in the first quarter of 2026 according to the Federal Bureau of Economic Analysis (“BEA”). Alaska enjoyed an annual personal income improvement of 2.9% between the first quarter of 2025 and the first quarter of 2026. Based on a population estimate of 736,884 people, the per capita personal income in Alaska was $81,386. This is compared to the U.S. average of $77,816, according to the BEA, ranking Alaska 11th highest of the 50 U.S. states.

Alaska’s Gross State Product (“GSP”) in the first quarter of 2026 reached $78.8 billion according to the BEA. Alaska’s inflation adjusted “real” GSP increased 2.1% between the first quarter of 2025 and 2026. The average U.S. GDP growth rate was 2.7% for the same time period.


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
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Alaska exported $6.7 billion in goods directly to foreign countries in 2025 according to the U.S. Census Bureau, a 13.4% increase over 2024 totals. South Korea took over the top trade spot by importing $1.1 billion in goods directly from Alaska. This was a 73% increase over 2024. South Korea imports significant quantities of fish, lead and zinc. The rapid growth primarily came from $515 million in gold and silver purchases in 2025. Australia imported over $1 billion in goods, primarily gold, zinc and lead. Australia’s growth rate in Alaska products was 30% in 2025. Japan moved up to the third spot with a 38% growth in purchases totaling $927 million in 2025. Japan has been a leading customer of a large variety of fish products from Alaska for decades and also purchases an array of minerals. China slipped from first to fourth place due to complex U.S. tariff negotiations. China’s imports from Alaska dropped 47% from $1.5 billion in 2024 to $803 million in 2025. Oil & Gas does not contribute a significant amount to international exports ($246 million in 2025) because the majority of Alaska’s production is refined and consumed within the United States.

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (“CPI”) for the U.S. increased 3.8% between April of 2025 and April of 2026. In Alaska, the rate of increase was higher at 4.3% for the same time period. The largest increases since last April came from Motor Fuel (+33.1%), Apparel (+15%), Recreation (+5.3%), and Housing (+4.8%). There were declining costs in New and Used Vehicles (-2.8%), and Education (-2%), to help moderate inflationary pressures in Alaska.

The monthly average price of Alaska North Slope (“ANS”) crude oil ranged between $76.39 a barrel in January of 2025 and $62.70 in December 2025. Prices began to rise dramatically in 2026 after conflicts began in Venezuela and Iran. ANS was priced at a monthly average price of $111.17 in April of 2026 and $114.66 a barrel in May of 2026. ANS has been earning a consistent premium over Brent and West Texas crude prices. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 468 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2025. In the Fall 2025 Revenue Forecast published December 19, 2025, the DOR expects production to average 457 thousand bpd in fiscal year 2026 and 518 thousand bpd in fiscal year 2027. Over the next decade it is expected to continue to grow to 621 thousand bpd, or 33% by fiscal year 2036. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is developing the large new Willow field. There are also several smaller new fields in Alaska’s North Slope that are contributing to the State of Alaska’s production growth estimate.

The Alaska Permanent Fund is seeded annually by the natural resource wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of May 31, 2026 the fund’s value was $92.2 billion. According to the DOR it is scheduled to contribute $3.8 billion to Alaska’s General Fund in fiscal year 2026 and $4 billion in fiscal year 2027 for general government spending and to pay the annual dividend in October to Alaskan residents.

According to the Alaska Multiple Listing Services, the average sales price of a single-family home in Anchorage rose 4.4% in 2025 to $532,339, following an increase of 6.2% in 2024 and 5.2% in 2023. This was the eighth consecutive year of price increases. In the first six months of 2026, prices are up 6.5% on average to $567,221.

The average sales price for single family homes in the Matanuska Susitna Borough rose 6.6% in 2025 to $440,217, after climbing 3.8% in 2024 and 4% in 2023. In the first half of 2026 average prices in the Matanuska Susitna Borough are up 2.9%. This continues a trend of average price increases for more than a decade in the region. These two markets represent where the majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 1% increase in the number of units sold in Anchorage when comparing January to June 2026 to the same period in 2025. The number of homes sold in the Matanuska Susitna Borough in the first half of 2026 is 1.9% lower than January to June 2025.


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
4 of 27

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $37.1 million in the second quarter of 2026 compared to $34.7 million in the first quarter of 2026 and increased 11% compared to $33.6 million in the second quarter of 2025. Interest expense on deposits decreased to $8.8 million in the second quarter of 2026 compared to $9.0 million in the first quarter of 2026 and $10.3 million in the second quarter of 2025.

NIMTE* was 5.01% in the second quarter of 2026 up from 4.77% in the preceding quarter and 4.72% in the second quarter a year ago. NIMTE* increased 29 basis points in the second quarter of 2026 compared to the second quarter of 2025 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets and lower cost of funds due to lower rates on deposits, which were only partially offset by increased borrowing costs. The weighted average interest rate for new loans booked in the second quarter of 2026 was 7.25% compared to 6.70% in the first quarter of 2026 and 7.27% in the second quarter a year ago. The yield on the investment portfolio in the second quarter of 2026 increased to 3.79% from 3.44% in the first quarter of 2026 and 3.07% in the second quarter of 2025. “We saw a slight increase in our loan yields as a result of loan repricing and investment yields from new higher yield purchases. We are also continuing to see impacts from the decrease in our deposit costs from maturing of higher priced time deposits,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE* continues to remain above the peer average of 3.45% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of March 31, 2026.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $1.6 million in the second quarter of 2026, which was comprised of a provision for credit losses on loans of $760,000, a $242,000 provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $625,000. This compares to a provision for credit losses of $960,000 in the first quarter of 2026, which was comprised of a provision for credit losses on loans of $1.3 million, a $322,000 benefit to the provision for credit losses on unfunded commitments, and a benefit to the provision for credit losses on purchased receivables of $5,000. In the second quarter a year ago, Northrim recorded a provision for credit losses of $2.0 million which was comprised of a $1.8 million provision for credit losses on loans, a $157,000 provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $18,000.

Nonperforming assets (“NPAs”), net of government guarantees, increased during the quarter to $23.0 million at June 30, 2026, compared to $15.3 million at March 31, 2026, and increased compared to $11.9 million at June 30, 2025. The increase in NPAs was primarily in the Community Banking segment and was mostly attributable to one relationship which includes both commercial real estate and commercial loans which are well-collateralized.

The allowance for credit losses on loans was 117% of nonperforming loans, net of government guarantees, at the end of the second quarter of 2026, compared to 175% three months earlier and 290% a year ago.


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
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Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing. Other operating income contributed $16.7 million, or 31% of total second quarter 2026 revenues, as compared to $14.9 million, or 30% of revenues in the first quarter of 2026, and $16.6 million, or 33% of revenues in the second quarter of 2025. The increase in other operating income in the second quarter of 2026 as compared to the first quarter of 2026 is primarily the result of higher mortgage banking income due to a higher volume of mortgage activity. See further discussion regarding mortgage activity contained under “Home Mortgage Lending” below.

Other Operating Expenses

Operating expenses were $32.0 million in the second quarter of 2026, compared to $30.6 million in the first quarter of 2026, and $32.5 million in the second quarter of 2025. The increase in other operating expenses in the second quarter of 2026 compared to the first quarter of 2026 was primarily due to an increase in salaries and other personnel expense, mostly due to a $819,000 increase in mortgage originator commission expense, from an increase in mortgage production, as well as a $661,000 increase in group medical expenses.

Income Tax Provision

In the second quarter of 2026, Northrim recorded $4.9 million in state and federal income tax expense for an effective tax rate of 24.1%, compared to $4.3 million, or 23.9% in the first quarter of 2026 and $4.0 million, or 25.3% in the second quarter a year ago. The decrease in the tax rate in the second quarter of 2026 as compared to the second quarter of 2025 is primarily the result of an increase in tax credits and tax exempt interest income as a percentage of pre-tax income.


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
6 of 27

Community Banking

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as 'distressed or underserved non-metropolitan middle-income geographies'.

Net interest income in the Community Banking segment totaled $33.2 million in the second quarter of 2026, compared to $31.8 million in the first quarter of 2026 and $30.0 million in the second quarter of 2025. Net interest income increased $3.2 million or 11% in the second quarter of 2026 as compared to the second quarter of 2025 mostly due to higher interest income on loans, on investments, and on deposits in banks as well as lower interest expense on deposits. This increase was only partially offset by higher interest expense on borrowings, as a result of the issuance of subordinated debt in the fourth quarter of 2025.

The provision for credit losses in the Community Banking segment was $503,000 in the second quarter of 2026 compared to $153,000 in the first quarter of 2026 and $1.3 million in the same quarter a year ago. The increase in the provision for credit losses in the Community Banking segment in the second quarter of 2026 as compared to the prior quarter was primarily due to higher growth in loans in this segment during the quarter and an increase in qualitative factors to account for the increase in nonperforming loans, net of government guarantees to $22.3 million at the end of second quarter of 2026 compared to $14.8 million at the end of the first quarter of 2026. The decrease in the provision for credit losses in the second quarter of 2026 compared to the same quarter a year ago was primarily a result of larger increases in qualitative factors due to an increase in adversely classified assets, net of government guarantees in the second quarter of 2025.

The decrease in other operating income in the Community Banking segment in the second quarter of 2026 as compared to the second quarter of 2025 was primarily the result of lower merchant fees and a decrease in the fair value of commercial servicing rights, which were only partially offset by higher service charges on deposit accounts and bankcard fees.

Other operating expenses in the Community Banking segment totaled $20.4 million in the second quarter of 2026, relatively unchanged from $20.4 million in the first quarter of 2026, and down $1.3 million or 6% from $21.8 million in the second quarter a year ago. The decrease in other operating expenses in the second quarter of 2026 as compared to the same quarter a year ago was mostly due to a decrease in salaries and other personnel expense due to lower group medical claims expense and lower accruals for profit sharing and related taxes, as well as decreases in FDIC insurance expense due to improved regulatory capital ratios and marketing expense. These decreases were only partially offset by an increase in professional fees.

The following table provides highlights of the Community Banking segment of Northrim:
Three Months Ended
(Dollars in thousands, except per share data)June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Net interest income$33,236 $31,840 $32,202 $32,309 $29,971 
Provision for credit losses503 153 1,226 1,561 1,319 
Gain on sale by Pacific Wealth Advisors
— — 275 14,211 — 
Other operating income3,097 2,416 3,229 2,896 3,268 
Other operating expense20,434 20,390 22,090 19,965 21,764 
   Income before provision for income taxes15,396 13,713 12,390 27,890 10,156 
Provision for income taxes3,651 3,213 3,628 5,634 2,413 
   Net income $11,745 $10,500 $8,762 $22,256 $7,743 
Weighted average shares outstanding, diluted22,544,448 22,577,720 22,533,320 22,502,680 22,446,232 
Diluted earnings per share attributable to Community Banking
$0.52 $0.47 $0.39 $0.98 $0.35 

Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
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Six Months Ended
(Dollars in thousands, except per share data)June 30, 2026June 30, 2025
Net interest income$65,076 $58,122 
Provision (benefit) for credit losses656 (449)
Other operating income5,513 5,971 
Other operating expense40,824 40,345 
   Income before provision for income taxes29,109 24,197 
Provision for income taxes6,864 5,666 
   Net income Community Banking segment$22,245 $18,531 
Weighted average shares outstanding, diluted22,560,798 22,446,936 
Diluted earnings per share$0.99 $0.83 


Home Mortgage Lending

During the second quarter of 2026, mortgage loans funded for sale were $239.1 million, compared to $123.4 million in the first quarter of 2026, and $249.7 million in the second quarter of 2025.

During the second quarter of 2026, the Bank purchased loans of $27.9 million from its subsidiary, Residential Mortgage, of which approximately one-third were jumbos, one-third were adjustable rate mortgages, and the remaining one-third were primarily second homes with a weighted average interest rate of 6.35%, as compared to $28.3 million and 6.01% in the first quarter of 2026, and $27.5 million and 6.39% in the second quarter of 2025. Net interest income contributed $3.5 million to Home Mortgage Lending revenue in the second quarter of 2026, up from $2.8 million in the prior quarter, and consistent with $3.5 million in the second quarter a year ago.

The Company reclassified $100 million in consumer mortgages held for investment to held for sale in the first quarter of 2025 and recorded unrealized losses of $1.2 million related to this portfolio in the first quarter of 2025. In the second quarter of 2025, the Company sold $61 million of the $100 million that was reclassified to loans held for sale in the first quarter of 2025 for a total realized loss of $545,000. In the third quarter of 2025, the Company sold $16 million of the $100 million that was reclassified to loans held for sale in the first quarter of 2025 for a total realized loss of $37,000. In the second quarter of 2026, the Company sold the remaining $23 million of the $100 million that was reclassified to loans held for sale in the first quarter of 2025 and an additional $22 million of consumer mortgages held for investment for a total realized gain of $243,000.

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 27% of Residential Mortgage's $222 million total production in the second quarter of 2026 (excluding the $45 million in mortgages sold noted above), 35% of the $152 million total production in the first quarter of 2026, and 22% of the $216 million total production in the second quarter of 2025 (excluding the $61 million in mortgages sold noted above).

The provision for credit losses in the Home Mortgage Lending segment was $279,000 in the second quarter of 2026 compared to $562,000 in the first quarter of 2026 and $639,000 provision for credit losses in the second quarter of 2025. The decrease in the provision for credit losses in the second quarter of 2026 in the Home Mortgage Lending segment as compared to the prior quarter was primarily a result of the sale of mortgage loans.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $928,000 during the second quarter of 2026 compared to a decrease of $127,000 for the first quarter of 2026 and a decrease of $818,000 for the second quarter of 2025. Mortgage servicing revenue decreased slightly to $2.6 million in the second quarter of 2026 from $2.7 million in the prior quarter and $3.0 million in the second quarter of 2025. Mortgage servicing revenue fluctuates based on production of Alaska Housing Finance Corporation (“AHFC”) mortgages, which contribute to servicing revenues at origination. In the second quarter of 2026, the Company's mortgage servicing portfolio consisted of $1.66 billion of mortgage loans which increased $17.2 million compared

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to a $12.7 million increase in the first quarter of 2026, and an increase of $69.3 million in the second quarter of 2025.

The following table provides highlights of the Home Mortgage Lending segment of Northrim:
Three Months Ended
(Dollars in thousands, except per share data)June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Mortgage commitments$87,030 $85,755 $45,704 $74,017 $73,198 
Mortgage loans funded for sale$239,138 $123,384 $199,619 $218,234 $249,680 
Mortgage loans funded for investment27,893 28,301 31,624 15,815 27,455 
Total mortgage loans funded$267,031 $151,685 $231,243 $234,049 $277,135 
Mortgage loan refinances to total fundings13 %29 %20 %6 %10 %
Mortgage loans serviced for others$1,659,395 $1,642,195 $1,629,528 $1,601,174 $1,553,987 
Net realized and unrealized gains on mortgage loans sold and held for sale
$5,408 $2,997 $5,296 $4,810 $5,091 
Change in fair value of mortgage loan commitments, net(202)720 (575)371 (110)
Total production revenue5,206 3,717 4,721 5,181 4,981 
Mortgage servicing revenue2,568 2,667 2,113 3,056 2,957 
Change in fair value of mortgage servicing rights:
     Due to changes in model inputs of assumptions1
(366)463 (87)(638)(355)
     Other2
(562)(590)(772)(612)(463)
Total mortgage servicing revenue, net1,640 2,540 1,254 1,806 2,139 
Other mortgage banking revenue292 204 338 286 280 
   Total mortgage banking income$7,138 $6,461 $6,313 $7,273 $7,400 
Net interest income$3,474 $2,796 $2,918 $2,812 $3,507 
Provision for credit losses279 562 688 158 639 
Mortgage banking income7,138 6,461 6,313 7,273 7,400 
Other operating expense8,122 7,201 8,325 7,365 7,593 
   Income before provision for income taxes
2,211 1,494 218 2,562 2,675 
Provision for income taxes
604 408 5 706 746 
   Net income
$1,607 $1,086 $213 $1,856 $1,929 
Weighted average shares outstanding, diluted22,544,448 22,577,720 22,533,320 22,502,680 22,446,232 
Diluted earnings per share attributable to Home Mortgage Lending
$0.07 $0.05 $0.01 $0.08 $0.09 
1Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
2Represents changes due to collection/realization of expected cash flows over time.


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
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Six Months Ended
(Dollars in thousands, except per share data)June 30, 2026June 30, 2025
Mortgage loans funded for sale$362,522 $358,179 
Mortgage loans funded for investment56,194 40,516 
Total mortgage loans funded$418,716 $398,695 
Mortgage loan refinances to total fundings19 %10 %
Net realized gains on mortgage loans sold$8,405 $6,671 
Change in fair value of mortgage loan commitments, net518 550 
Total production revenue8,923 7,221 
Mortgage servicing revenue5,235 5,653 
Change in fair value of mortgage servicing rights:
     Due to changes in model inputs of assumptions1
97 (677)
     Other2
(1,152)(996)
Total mortgage servicing revenue, net4,180 3,980 
Other mortgage banking revenue496 450 
   Total mortgage banking income$13,599 $11,651 
Net interest income$6,270 $6,553 
Provision for credit losses841 332 
Mortgage banking income13,599 11,651 
Other operating expense15,323 14,083 
   Income before provision for income taxes3,705 3,789 
Provision for income taxes1,012 1,056 
   Net income Home Mortgage Lending segment
$2,693 $2,733 
Weighted average shares outstanding, diluted22,560,798 22,446,936 
Diluted earnings per share
$0.12 $0.13 
1Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
2Represents changes due to collection/realization of expected cash flows over time.


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
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Specialty Finance
Average purchased receivables and loan balances for the Specialty Finance segment were $141.5 million for the second quarter of 2026, compared to average balance of $132.2 million for the first quarter of 2026, and $124.1 million for the second quarter of 2025.

The following table provides highlights of the Specialty Finance segment of Northrim:
Three Months Ended
(Dollars in thousands, except per share data)June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Total revenue3
$7,598 $6,671 $7,400 $7,779 $6,754 
Provision (benefit) for credit losses
845 245 (287)(3)18 
Compensation expense - SCF acquisition payments500 500 533 600 600 
Other operating expense2,966 2,531 2,476 2,370 2,531 
Interest expense670 644 679 695 668 
   Total expense4,981 3,920 3,401 3,662 3,817 
Income before provision for income taxes2,617 2,751 3,999 4,117 2,937 
Provision for income taxes627 662 533 1,164 831 
   Net income Specialty Finance segment
$1,990 $2,089 $3,466 $2,953 $2,106 
Weighted average shares outstanding, diluted22,544,448 22,577,720 22,533,320 22,502,680 22,446,232 
Diluted earnings per share attributable to Specialty Finance
$0.09 $0.09 $0.15 $0.13 $0.09 

Six Months Ended
(Dollars in thousands, except per share data)June 30, 2026June 30, 2025
Total revenue3
$14,269 $13,436 
Provision for credit losses1,090 684 
Compensation expense - SCF acquisition payments1,000 1,200 
Other operating expense5,497 5,031 
Interest expense1,314 1,164 
   Total expense8,901 8,079 
Income before provision for income taxes5,368 5,357 
Provision for income taxes1,289 1,519 
   Net income Specialty Finance segment
$4,079 $3,838 
Weighted average shares outstanding, diluted22,560,798 22,446,936 
Diluted earnings per share$0.18 $0.17 
3Includes interest income, purchased receivable income, and other operating income.

Balance Sheet Review

Northrim’s total assets were $3.42 billion at June 30, 2026, up 2% from the preceding quarter and up 5% from a year ago. Northrim’s loan-to-deposit ratio was 82% at both June 30, 2026 and March 31, 2026, up from 78% at June 30, 2025.

At June 30, 2026, liquid assets, investments, and loans maturing within one year were $1.11 billion and funds available for borrowing under existing lines of credit were $560.6 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
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Average interest-earning assets were $3.00 billion in the second quarter of 2026, up 1% from $2.97 billion in the first quarter of 2026 and up 4% from $2.89 billion in the second quarter a year ago. The average yield on interest-earning assets was 6.35% in the second quarter of 2026, up from 6.17% in the preceding quarter and up from 6.27% in the second quarter of 2025.

Average investment securities decreased to $450.4 million in the second quarter of 2026, compared to $466.4 million in the first quarter of 2026 and $515.9 million in the second quarter a year ago. The average net tax equivalent yield on the securities portfolio was 3.79% for the second quarter of 2026, up from 3.44% in the preceding quarter and up from 3.07% in the year ago quarter. The average estimated duration of the investment portfolio at June 30, 2026, was approximately 2.5 years compared to approximately 2.4 years at June 30, 2025. As of June 30, 2026, $87.0 million of available for sale securities with a weighted average yield of 1.30% are scheduled to mature in the next six months, $63.7 million with a weighted average yield of 3.15% are scheduled to mature in six months to one year, and $87.1 million with a weighted average yield of 3.75% are scheduled to mature in the following year, representing a total of $237.7 million or 8% of earning assets that are scheduled to mature in the next 24 months.

Average interest bearing deposits in other banks decreased to $85.1 million in the second quarter of 2026 from $123.6 million in the first quarter of 2026 and increased from $27.2 million in the second quarter of 2025. The decrease in the second quarter of 2026 compared to the first quarter of 2026 is primarily due to an increase in portfolio loans. The increase in the second quarter of 2026 compared to the same quarter a year ago is primarily due to an increase in deposits.

Loans held for sale increased to $83.3 million at June 30, 2026, compared to $81.2 million at March 31, 2026 and decreased compared to $127.1 million a year ago.

Portfolio loans were $2.39 billion at June 30, 2026, up 1% from the preceding quarter and up 8% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $2.13 billion at June 30, 2026, up $31.8 million from the preceding quarter and up $130.7 million or 7% from a year ago. Average portfolio loans in the second quarter of 2026 were $2.38 billion, up 3% from the preceding quarter, and up 10% from a year ago. Yields on average portfolio loans in the second quarter of 2026 increased to 6.94% from 6.86% in the first quarter of 2026 and down slightly from 6.99% in the second quarter of 2025. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.61% in the second quarter of 2026 as compared to 6.94% in the first quarter of 2026 and 7.45% in the second quarter of 2025.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.92 billion at June 30, 2026, up 2% from $2.87 billion at March 31, 2026, and up 4% from $2.81 billion a year ago. At June 30, 2026, 76% of total deposits were held in business accounts and 24% of deposit balances were held in consumer accounts. Northrim had approximately 33,000 deposit customers with an average balance of $65,000 as of June 30, 2026. Northrim had 33 customers with balances over $10 million as of June 30, 2026, which accounted for $745.7 million, or 26%, of total deposits. Demand deposits remained consistent with the prior quarter and increased 6% from the prior year to $826.3 million at June 30, 2026. Demand deposits were 28% of total deposits at June 30, 2026 down from 29% at March 31, 2026 and consistent with 28% of total deposits at June 30, 2025. Average interest-bearing deposits were down slightly to $2.06 billion with an average cost of 1.71% in the second quarter of 2026, compared to $2.07 billion and an average cost of 1.77% in the first quarter of 2026, and up 1% compared to $2.03 billion and an average cost of 2.04% in the second quarter of 2025. Uninsured deposits totaled $1.14 billion or 39% of total deposits as of June 30, 2026 compared to $1.07 billion or 38% of total deposits as of December 31, 2025.

Shareholders’ equity was $347.6 million, or $15.63 book value per share, at June 30, 2026, compared to $335.8 million, or $15.10 book value per share, at March 31, 2026 and $290.2 million, or $13.14 book value per share, a year ago. Tangible book value per share* was $13.34 at June 30, 2026, compared to $12.81 at March 31, 2026, and $10.84 per share a year ago. The increase in shareholders’ equity in the second quarter of 2026 as compared to the first quarter of 2026 was largely the result of earnings of $15.3 million, which were partially offset by dividends paid of $3.6 million and a decrease in the fair value of the available for sale securities portfolio, which

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decreased $378,000, net of tax. The Company did not repurchase any shares of common stock in the second quarter of 2026 and currently has no plans to repurchase shares this year. Tangible common equity to tangible assets* was 8.82% as of June 30, 2026, compared to 8.63% as of March 31, 2026 and 7.50% as of June 30, 2025. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 11.26% at June 30, 2026, compared to 10.95% at March 31, 2026, and 9.80% at June 30, 2025.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

NPAs net of government guarantees were $23.0 million at June 30, 2026, up from $15.3 million at March 31, 2026 and up from $11.9 million a year ago. Of the NPAs at June 30, 2026, $18.6 million are attributable to the Community Banking segment, $3.9 million are attributable to the Specialty Finance segment, and $494,000 are attributable to the Home Mortgage Lending segment.

Net adversely classified loans were $33.4 million at June 30, 2026, as compared to $34.3 million at December 31, 2025, and $35.8 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. Net loan charge-offs were $111,000 in the second quarter of 2026, compared to net loan charge-offs of $211,000 in the first quarter of 2026, and net loan charge-offs of $140,000 in the second quarter of 2025. Additionally, Northrim had 9 existing loan modifications to borrowers experiencing financial difficulty totaling $3.8 million, net of government guarantees that had been modified in the last twelve months as of June 30, 2026.

Northrim had $153.1 million, or 6% of portfolio loans, in the Accommodations sector, $133.3 million, or 6% of portfolio loans, in the Healthcare sector, $113.4 million, or 5% of portfolio loans, in the Tourism sector, $101.5 million, or 4% of portfolio loans, in the Retail sector, $94.0 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $71.2 million, or 3% of portfolio loans, in the Fishing sector, and $64.2 million, or 3% in the Restaurants and Breweries sector as of June 30, 2026.

Northrim estimates that $128.6 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of June 30, 2026, and $0.4 million of these loans are adversely classified. As of June 30, 2026, Northrim has an additional $89.0 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.


About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 21 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com

Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
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Forward-Looking Statement
This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various 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, 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 and its management are intended to help identify forward-looking statements. 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: descriptions of Northrim’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability; the ability of Northrim to execute its business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government shutdowns and government initiatives on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, tariffs, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and Iran; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft and increased cyber threats due to artificial intelligence; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition 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. In addition, there are risks inherent in the banking industry relating to collectability 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 the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. 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. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
References:
https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

https://www.bls.gov/regions/west/news-release/consumerpriceindex_anchorage.htm

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.akleg.gov/basis/Bill/Text/34?Hsid=HJR011C

https://www.trade.gov/data-visualization/tradestats-express-trade-partner-state

https://tax.alaska.gov/programs/programs/reports/RSB.aspx?Year=2025&Type=Spring

https://apfc.org

https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
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Income Statement
(Dollars in thousands, except per share data)Three Months EndedSix Months Ended
(Unaudited)June 30,March 31,June 30,June 30,June 30,
20262026202520262025
Interest Income:  
     Interest and fees on loans$42,328 $39,977 $40,519 $82,305 $77,989 
     Interest on portfolio investments4,031 3,774 3,765 7,805 7,440 
     Interest on deposits in banks795 1,145 515 1,940 931 
          Total interest income47,154 44,896 44,799 92,050 86,360 
Interest Expense:  
     Interest expense on deposits8,777 8,997 10,304 17,774 20,239 
     Interest expense on borrowings1,241 1,238 903 2,479 1,232 
          Total interest expense10,018 10,235 11,207 20,253 21,471 
          Net interest income37,136 34,661 33,592 71,797 64,889 
Provision (benefit) for credit losses
1,627 960 1,976 2,587 567 
          Net interest income after provision for credit losses35,509 33,701 31,616 69,210 64,322 
Other Operating Income:  
     Mortgage banking income7,138 6,461 7,400 13,599 11,651 
     Purchased receivable income6,473 6,132 5,897 12,605 12,047 
     Bankcard fees1,329 1,089 1,153 2,418 2,227 
     Service charges on deposit accounts912 811 726 1,723 1,403 
     Unrealized (loss) gain on marketable equity securities
164 (256)78 (92)28 
     Other income721 642 1,386 1,363 2,324 
          Total other operating income16,737 14,879 16,640 31,616 29,680 
Other Operating Expense:  
     Salaries and other personnel expense20,784 19,506 20,854 40,290 38,077 
     Data processing expense3,482 3,305 3,366 6,787 6,470 
     Occupancy expense1,825 2,104 2,104 3,929 3,993 
     Professional and outside services1,428 1,159 1,113 2,587 2,228 
     Marketing expense686 901 1,042 1,587 1,714 
     Compensation expense - SCF acquisition payments500 500 600 1,000 1,200 
     Insurance expense432 404 756 836 1,773 
     OREO expense, net rental income and gains on sale
102 12 2 114 5 
     Other expense2,783 2,731 2,651 5,514 5,199 
          Total other operating expense32,022 30,622 32,488 62,644 60,659 
          Income before provision for income taxes20,224 17,958 15,768 38,182 33,343 
     Provision for income taxes4,882 4,283 3,990 9,165 8,241 
          Net income$15,342 $13,675 $11,778 $29,017 $25,102 
          Basic EPS$0.69 $0.62 $0.53 $1.31 $1.14 
          Diluted EPS$0.68 $0.61 $0.52 $1.29 $1.12 
          Weighted average shares outstanding, basic22,244,766 22,166,888 22,087,244 22,205,827 22,083,620 
          Weighted average shares outstanding, diluted22,544,448 22,577,720 22,446,232 22,560,798 22,446,936 
          Pre-provision pre-tax net revenue*$21,851 $18,918 $17,744 $40,769 $33,910 







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Balance Sheet
(Dollars in thousands)
(Unaudited)June 30,March 31,June 30,
202620262025
Assets:
     Cash and due from banks$41,948 $33,030 $43,734 
     Interest bearing deposits in other banks130,265 121,907 97,549 
     Investment securities available for sale, at fair value411,644 418,447 429,421 
     Investment securities held to maturity31,750 31,750 36,750 
     Marketable equity securities, at fair value11,315 10,145 8,747 
     Investment in Federal Home Loan Bank stock7,187 7,060 8,343 
     Loans held for sale83,272 81,179 127,116 
     Portfolio loans2,386,328 2,358,702 2,202,115 
     Allowance for credit losses, loans(25,461)(24,812)(22,585)
          Net portfolio loans2,360,867 2,333,890 2,179,530 
     Purchased receivables, net122,792 105,029 109,098 
     Mortgage servicing rights, at fair value28,475 28,426 27,506 
     Other real estate owned, net1,224 1,036 — 
     Premises and equipment, net41,486 41,728 36,501 
     Lease right of use asset11,263 11,749 7,033 
     Goodwill and intangible assets50,824 50,824 50,824 
     Other assets81,074 78,708 81,608 
          Total assets$3,415,386$3,354,908$3,243,760
Liabilities:  
     Demand deposits$826,271 $826,445 $777,948 
     Interest-bearing demand1,281,777 1,215,182 1,196,048 
     Savings deposits246,617 243,667 248,141 
     Money market deposits194,665 197,402 196,166 
     Time deposits369,458 391,050 390,867 
          Total deposits2,918,788 2,873,746 2,809,170 
     Borrowings
81,574 81,652 73,336 
     Lease liability11,459 11,857 7,077 
     Other liabilities55,951 51,844 63,958 
          Total liabilities3,067,772 3,019,099 2,953,541 
Shareholders’ Equity:  
          Total shareholders’ equity 347,614 335,809 290,219 
          Total liabilities and shareholders’ equity$3,415,386 $3,354,908 $3,243,760 

Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
16 of 27

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Balance% of totalBalance% of totalBalance% of totalBalance% of totalBalance% of total
Commercial loans$621,433 26 %$599,912 25 %$569,128 25 %$558,736 25 %$569,753 27 %
Commercial real estate:
   Owner occupied properties444,880 19 %436,979 18 %435,050 19 %439,971 20 %447,561 20 %
   Nonowner occupied and
   multifamily properties774,340 33 %770,325 33 %767,618 32 %717,576 32 %696,766 31 %
Residential real estate:
   1-4 family properties
   secured by first liens260,371 11 %264,555 11 %243,167 11 %216,690 10 %206,905 9 %
   1-4 family properties
   secured by junior liens &
   revolving secured by first liens79,125 3 %70,464 3 %66,470 3 %65,698 3 %60,118 3 %
   1-4 family construction29,053 1 %38,900 2 %39,311 2 %37,429 2 %36,005 2 %
Construction loans177,280 7 %178,029 8 %175,261 8 %184,447 8 %187,442 8 %
Consumer loans9,758 — %9,097 — %9,658 — %8,236 — %7,570 — %
   Subtotal2,396,240 2,368,261 2,305,663 2,228,783 2,212,120 
Unearned loan fees, net(9,912)(9,559)(10,164)(9,813)(10,005)
     Total portfolio loans$2,386,328 $2,358,702 $2,295,499 $2,218,970 $2,202,115 
Composition of Deposits
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Balance% of totalBalance% of totalBalance% of totalBalance% of totalBalance% of total
Demand deposits$826,271 28 %$826,445 29 %$721,925 26 %$872,086 30 %$777,948 28 %
Interest-bearing demand1,281,777 44 %1,215,182 42 %1,242,546 44 %1,191,867 41 %1,196,048 42 %
Savings deposits246,617 8 %243,667 8 %250,006 9 %239,738 8 %248,141 9 %
Money market deposits194,665 7 %197,402 7 %195,793 7 %202,491 7 %196,166 7 %
Time deposits369,458 13 %391,050 14 %402,759 14 %400,281 14 %390,867 14 %
   Total deposits$2,918,788 $2,873,746 $2,813,029 $2,906,463 $2,809,170 

Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
17 of 27

Additional Financial Information
(Dollars in thousands)
(Unaudited)
Asset QualityJune 30,March 31,June 30,
202620262025
Nonaccrual loans - Community Banking
$18,733 $10,006 $4,180 
Nonaccrual loans - Home Mortgage Lending
306 499 197 
Nonaccrual loans - Specialty Finance
3,943 4,276 3,484 
Nonaccrual loans - Total
22,982 14,781 7,861 
   Loans 90 days past due and accruing - Community Banking
— — — 
   Loans 90 days past due and accruing - Home Mortgage Lending
— — — 
   Loans 90 days past due and accruing - Total
— — — 
            Total nonperforming loans - Community Banking
18,733 10,006 4,180 
            Total nonperforming loans - Home Mortgage Lending
306 499 197 
            Total nonperforming loans - Specialty Finance
3,943 4,276 3,484 
            Total nonperforming loans - Total
22,982 14,781 7,861 
                 Nonperforming loans guaranteed by gov't - Community Banking
1,171 567 70 
                 Nonperforming loans guaranteed by gov't - Total
1,171 567 70 
                     Net nonperforming loans - Community Banking
17,562 9,439 4,110 
                     Net nonperforming loans - Home Mortgage Lending
306 499 197 
                     Net nonperforming loans - Specialty Finance
3,943 4,276 3,484 
                     Net nonperforming loans - Total
21,811 14,214 7,791 
Other real estate owned - Community Banking
1,036 1,036 — 
Other real estate owned - Home Mortgage Lending
188 — — 
Other real estate owned - Specialty Finance
— — — 
Other real estate owned - Total
1,224 1,036 — 
Other real estate owned guaranteed by government - Community Banking
— — — 
Other real estate owned guaranteed by government - Home Mortgage Lending
— — — 
Other real estate owned guaranteed by government - Specialty Finance
— — — 
Other real estate owned guaranteed by government - Total
— — — 
Repossessed assets - Community Banking
— — 50 
Repossessed assets - Total
— — 50 
Nonperforming purchased receivables - Specialty Finance
— — 4,017 
                     Net nonperforming assets - Community Banking
18,598 10,475 4,160 
                     Net nonperforming assets - Home Mortgage Lending
494 499 197 
                     Net nonperforming assets - Specialty Finance
3,943 4,276 7,501 
                     Net nonperforming assets - Total
$23,035 $15,250 $11,858 
Adversely classified loans, net of gov't guarantees - Community Banking
$28,945 $29,395 $32,128 
Adversely classified loans, net of gov't guarantees - Home Mortgage Lending
470 667 223 
Adversely classified loans, net of gov't guarantees - Specialty Finance
3,943 4,276 3,484 
Adversely classified loans, net of gov't guarantees - Total
$33,358 $34,338 $35,835 
Special mention loans, net of gov't guarantees - Community Banking
$9,030 $7,985 $3,966 
Special mention loans, net of gov't guarantees - Home Mortgage Lending
218 — 790 
Special mention loans, net of gov't guarantees - Total
$9,248 $7,985 $4,756 

Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
18 of 27

Asset Quality, Continued
June 30,March 31,June 30,
202620262025
Nonperforming loans, net of government guarantees / portfolio loans
0.91 %0.60 %0.35 %
Nonperforming loans, net of government guarantees / portfolio loans,
                net of government guarantees0.97 %0.64 %0.38 %
Nonperforming assets, net of government guarantees / total assets
0.67 %0.45 %0.37 %
Nonperforming assets, net of government guarantees / total assets
                net of government guarantees0.70 %0.48 %0.38 %
Loans 30-89 days past due and accruing, net of government guarantees /
%
                portfolio loans0.05 %0.09 %0.06 %
Loans 30-89 days past due and accruing, net of government guarantees /
                portfolio loans, net of government guarantees0.06 %0.10 %0.06 %
Allowance for credit losses for loans / portfolio loans
1.07 %1.05 %1.03 %
Allowance for credit losses for loans / portfolio loans, net of gov't guarantees
1.13 %1.12 %1.10 %
Allowance for credit losses for loans / nonperforming loans, net of
               government guarantees
117 %175 %290 %
Gross loan charge-offs for the quarter - Community Banking
$142 $2 $3 
Gross loan charge-offs for the quarter - Specialty Finance
— 250 152 
Gross loan charge-offs for the quarter - Total
142 252 155 
Gross loan recoveries for the quarter - Community Banking
(31)(41)(15)
Gross loan recoveries for the quarter - Specialty Finance
— — — 
Gross loan recoveries for the quarter - Total
($31)($41)($15)
Net loan (recoveries) charge-offs for the quarter - Community Banking
$111 ($39)($12)
Net loan (recoveries) charge-offs for the quarter - Specialty Finance
— 250 152 
Net loan (recoveries) charge-offs for the quarter - Total
$111 $211 $140 
Net loan charge-offs (recoveries) year-to-date - Community Banking
$72 ($39)($46)
Net loan charge-offs (recoveries) year-to-date - Home Mortgage Lending
— — — 
Net loan charge-offs (recoveries) year-to-date - Specialty Finance
250 250 152 
Net loan charge-offs (recoveries) year-to-date - Total
$322 $211 $106 
Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter
— %0.01 %0.01 %
Net loan charge-offs (recoveries) year-to-date / average loans,
          year-to-date annualized0.03 %0.04 %0.01 %
Allowance for credit losses for purchased receivables / purchased receivables
0.49 %— %3.05 %
Net purchased receivable (recoveries) charge-offs for the quarter
$— ($5)$281 
Net purchased receivable charge-offs (recoveries) year-to-date
($5)($5)$281 
Net purchased receivable (recoveries) charge-offs for the quarter /
         average purchased receivables, for the quarter
— %— %0.27 %
Net purchased receivable charge-offs (recoveries) year-to-date / average
          purchased receivables, year-to-date annualized
(0.01)%(0.02)%0.61 %


Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
19 of 27


Additional Financial Information
(Dollars in thousands)
(Unaudited)
Average Balances, Yields, and Rates
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
AverageAverageAverage
AverageTax EquivalentAverageTax EquivalentAverageTax Equivalent
BalanceYield/RateBalanceYield/RateBalanceYield/Rate
Assets
Interest bearing deposits in other banks$85,140 3.69 %$123,643 3.71 %$27,216 7.60 %
Portfolio investments450,388 3.79 %466,386 3.44 %515,916 3.07 %
Loans held for sale86,526 6.21 %74,144 5.83 %173,675 6.50 %
Portfolio loans2,381,119 6.94 %2,305,181 6.86 %2,172,482 6.99 %
   Total interest-earning assets3,003,173 6.35 %2,969,354 6.17 %2,889,289 6.27 %
Nonearning assets338,827 311,415 306,206 
   Total assets$3,342,000 $3,280,769 $3,195,495 
Liabilities and Shareholders’ Equity
Interest-bearing deposits$2,057,582 1.71 %$2,067,101 1.77 %$2,029,100 2.04 %
Borrowings81,625 6.08 %81,702 6.13 %86,404 4.14 %
   Total interest-bearing liabilities2,139,207 1.88 %2,148,803 1.93 %2,115,504 2.12 %
Noninterest-bearing demand deposits 786,791 732,454 737,112 
Other liabilities69,661 65,492 54,320 
Shareholders’ equity346,341 334,020 288,559 
   Total liabilities and shareholders’ equity$3,342,000 $3,280,769 $3,195,495 
   Net spread4.47 %4.24 %4.15 %
   NIM4.96 %4.72 %4.66 %
   NIMTE*
5.01 %4.77 %4.72 %
   Cost of funds1.37 %1.44 %1.57 %
   Average portfolio loans to average
        interest-earning assets79.29 %77.63 %75.19 %
   Average portfolio loans to average total deposits83.71 %82.34 %78.54 %
   Average non-interest deposits to average
         total deposits27.66 %26.16 %26.65 %
   Average interest-earning assets to average
         interest-bearing liabilities140.39 %138.19 %136.58 %




Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
20 of 27

Additional Financial Information
(Dollars in thousands)
(Unaudited)
Average Balances, Yields, and Rates
Year-to-date
June 30, 2026June 30, 2025
AverageAverage
AverageTax EquivalentAverageTax Equivalent
BalanceYield/RateBalanceYield/Rate
Assets
Interest bearing deposits in other banks$104,287 3.70 %$32,563 5.77 %
Portfolio investments458,343 3.61 %519,813 3.02 %
Loans held for sale80,369 6.03 %110,301 6.35 %
Portfolio loans2,343,360 6.90 %2,172,950 6.94 %
   Total interest-earning assets2,986,359 6.26 %2,835,627 6.19 %
Nonearning assets325,195 299,848 
   Total assets$3,311,554 $3,135,475 
Liabilities and Shareholders’ Equity
Interest-bearing deposits$2,062,315 1.74 %$2,015,920 2.02 %
Borrowings81,663 6.10 %61,879 3.96 %
   Total interest-bearing liabilities2,143,978 1.90 %2,077,799 2.08 %
Noninterest-bearing demand deposits 759,773 717,432 
Other liabilities67,587 58,809 
Shareholders’ equity
340,216 281,435 
   Total liabilities and shareholders’ equity
$3,311,554 $3,135,475 
   Net spread4.36 %4.11 %
   NIM4.84 %4.61 %
   NIMTE*
4.89 %4.66 %
   Cost of funds1.41 %1.55 %
   Average portfolio loans to average interest-earning assets78.47 %76.63 %
   Average portfolio loans to average total deposits83.04 %79.50 %
   Average non-interest deposits to average total deposits26.92 %26.25 %
   Average interest-earning assets to average interest-bearing liabilities139.29 %136.47 %




Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
21 of 27


Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)
Capital Data (At quarter end)
June 30, 2026March 31, 2026June 30, 2025
Book value per share$15.63 $15.10 $13.14 
Tangible book value per share*
$13.34 $12.81 $10.84 
Total shareholders’ equity/total assets10.18 %10.01 %8.95 %
Tangible Common Equity/Tangible Assets*
8.82 %8.63 %7.50 %
Common Equity Tier 1 Capital / Risk Adjusted Assets10.90 %10.59 %9.42 %
Tier 1 Capital / Risk Adjusted Assets11.26 %10.95 %9.80 %
Total Capital / Risk Adjusted Assets14.46 %14.14 %10.71 %
Tier 1 Capital / Average Assets9.32 %9.13 %7.99 %
Shares outstanding22,244,76622,244,76622,089,084
Total unrealized loss on AFS debt securities, net of income taxes($1,305)($927)($3,571)
Total unrealized gain on derivatives and hedging activities, net of income taxes
$1,081 $1,032 $1,026 
Profitability Ratios
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Three Months Ended:
     NIM4.96 %4.72 %4.70 %4.83 %4.66 %
     NIMTE*
5.01 %4.77 %4.75 %4.88 %4.72 %
     Efficiency ratio59.44 %61.81 %64.70 %45.51 %64.68 %
     Adjusted efficiency ratio*
59.44 %61.81 %65.05 %57.85 %64.68 %
     Return on average assets1.84 %1.69 %1.50 %3.32 %1.48 %
     Adjusted return on average assets*
1.84 %1.69 %1.47 %1.99 %1.48 %
     Return on average shareholders' equity17.77 %16.60 %15.16 %35.66 %16.37 %
Adjusted return on average shareholders' equity*
17.77 %16.60 %14.91 %21.34 %16.37 %
June 30, 2026June 30, 2025
Year-to-date:
     NIM4.84 %4.61 %
     NIMTE*
4.89 %4.66 %
     Efficiency ratio60.58 %64.14 %
     Return on average assets1.77 %1.61 %
     Return on average shareholders' equity
17.20 %17.99 %






Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
22 of 27


*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.
Three Months Ended
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Net interest income$37,136 $34,661 $35,375 $35,346 $33,592 
Divided by average interest-bearing assets3,003,173 2,969,354 2,985,669 2,906,830 2,889,289 
Net interest margin (“NIM”)2
4.96 %4.72 %4.70 %4.83 %4.66 %
Net interest income$37,136 $34,661 $35,375 $35,346 $33,592 
Plus: reduction in tax expense related to     
     tax-exempt interest income455 400 386 373 409 
 $37,591 $35,061 $35,761 $35,719 $34,001 
Divided by average interest-bearing assets3,003,173 2,969,354 2,985,669 2,906,830 2,889,289 
NIMTE2
5.01 %4.77 %4.75 %4.88 %4.72 %
Year-to-date
June 30, 2026June 30, 2025
Net interest income$71,797 $64,889 
Divided by average interest-bearing assets2,986,359 2,835,627 
Net interest margin ("NIM")3
4.84 %4.61 %
Net interest income$71,797 $64,889 
Plus: reduction in tax expense related to
     tax-exempt interest income855 788 
 $72,652 $65,677 
Divided by average interest-bearing assets2,986,359 2,835,627 
NIMTE4.89 %4.66 %

2Calculated using actual days in the quarter divided by 365 for the quarters ended in 2026 and 2025, respectively.
3Calculated using actual days in the year divided by 365 for the year-to-date periods ended in 2026 and 2025, respectively.



Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
23 of 27

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Total shareholders’ equity$347,614 $335,809 $326,544 $315,663 $290,219 
Divided by shares outstanding22,245 22,245 22,112 22,091 22,088 
Book value per share$15.63 $15.10 $14.77 $14.29 $13.14
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Total shareholders’ equity$347,614 $335,809 $326,544 $315,663 $290,219 
Less: goodwill and intangible assets50,824 50,824 50,824 50,824 50,824 
$296,790 $284,985 $275,720 $264,839 $239,395 
Divided by shares outstanding22,245 22,245 22,112 22,091 22,088 
Tangible book value per share$13.34 $12.81 $12.47 $11.99 $10.84



Tangible Common Equity to Tangible Assets

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. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets for the periods indicated.

Northrim BanCorp, Inc.

June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Total shareholders’ equity$347,614 $335,809 $326,544 $315,663 $290,219 
Total assets3,415,386 3,354,908 3,290,273 3,312,332 3,243,760 
Total shareholders’ equity to total assets10.18 %10.01 %9.92 %9.53 %8.95 %
Northrim BanCorp, Inc.

June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Total shareholders’ equity$347,614 $335,809 $326,544 $315,663 $290,219 
Less: goodwill and other intangible assets, net50,824 50,824 50,824 50,824 50,824 
Tangible common shareholders’ equity$296,790 $284,985 $275,720 $264,839 $239,395 
Total assets$3,415,386 $3,354,908 $3,290,273 $3,312,332 $3,243,760 
Less: goodwill and other intangible assets, net50,824 50,824 50,824 50,824 50,824 
Tangible assets$3,364,562 $3,304,084 $3,239,449 $3,261,508 $3,192,936 
Tangible common equity ratio8.82 %8.63 %8.51 %8.12 %7.50 %





Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
24 of 27

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)


Pre-provision pre-tax net revenue

Pre-provision pre-tax net revenue is a non-GAAP measure that represents income before provision for income taxes excluding the provision for credit losses. The most comparable GAAP measure is income before provision for income taxes and the following tables set forth the reconciliation of pre-provision pre-tax net revenue to income before provision for income taxes for the periods indicated.

Three Months Ended
Northrim BanCorp, Inc.

June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Net interest income$37,136 $34,661 $35,375 $35,346 $33,592 
Provision for credit losses1,627 960 1,627 1,716 1,976 
Total other operating income16,737 14,879 16,283 31,239 16,640 
Less: total other operating expense32,022 30,622 33,424 30,300 32,488 
Income before provision for income taxes$20,224 $17,958 $16,607 $34,569 $15,768 

Three Months Ended
Northrim BanCorp, Inc.

June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Net interest income$37,136 $34,661 $35,375 $35,346 $33,592 
Total other operating income16,737 14,879 16,283 31,239 16,640 
Less: total other operating expense32,022 30,622 33,424 30,300 32,488 
Pre-provision pre-tax net revenue
$21,851 $18,918 $18,234 $36,285 $17,744 

Year-to-date
Northrim BanCorp, Inc.

June 30, 2026June 30, 2025
Net interest income$71,797 $64,889 
Provision for credit losses2,587 567 
Total other operating income31,616 29,680 
Less: total other operating expense62,644 60,659 
Income before provision for income taxes$38,182 $33,343 

Year-to-date
Northrim BanCorp, Inc.

June 30, 2026June 30, 2025
Net interest income$71,797 $64,889 
Total other operating income31,616 29,680 
Less: total other operating expense62,644 60,659 
Pre-provision pre-tax net revenue
$40,769 $33,910 

Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
25 of 27

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Adjusted net income

Adjusted net income is a non-GAAP measure that represents net income excluding the gain on sale of certain assets by Pacific Wealth Advisors The most comparable GAAP measure is net income and the following tables set forth the reconciliation of net income to adjusted net income for the periods indicated.


Three Months Ended
Northrim BanCorp, Inc.
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Net income
$15,342 $13,675 $12,441 $27,065 $11,778 
Net income
$15,342 $13,675 $12,441 $27,065 $11,778 
Less: gain on sale by Pacific Wealth Advisors, net of tax
— — 210 10,870 — 
Adjusted net income
$15,342 $13,675 $12,231 $16,195 $11,778 



Adjusted diluted earnings per share

Adjusted diluted earnings per share is a non-GAAP measure that represents diluted earnings per share excluding the gain on sale of certain assets by Pacific Wealth Advisors The most comparable GAAP measure is diluted earnings per share and the following tables set forth the reconciliation of diluted earnings per share to adjusted diluted earnings per share for the periods indicated.


Three Months Ended
Northrim BanCorp, Inc.
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Net income
$15,342 $13,675 $12,441 $27,065 $11,778 
Divided by weighted average shares outstanding, diluted
22,544,448 22,577,720 22,533,320 22,502,680 22,446,232 
Diluted earnings per share
$0.68 $0.61 $0.55 $1.20 $0.52 
Net income
$15,342 $13,675 $12,441 $27,065 $11,778 
Less: gain on sale by Pacific Wealth Advisors, net of tax
— — 210 10,870 — 
Adjusted net income
$15,342 $13,675 $12,231 $16,195 $11,778 
Divided by weighted average shares outstanding, diluted
22,544,448 22,577,720 22,533,320 22,502,680 22,446,232 
Diluted earnings per share
$0.68 $0.61 $0.54 $0.72 $0.52 



Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
26 of 27

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Adjusted return on average assets

Adjusted return on average assets is a non-GAAP measure that represents the return on average assets excluding the gain on sale of certain assets by Pacific Wealth Advisors, net of tax expense. The most comparable GAAP measure is return on average assets and the following tables set forth the reconciliation of return on average assets to adjusted return on average assets for the periods indicated.


Three Months Ended
Northrim BanCorp, Inc.
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Net income
$15,342 $13,675 $12,441 $27,065 $11,778 
Divided by average assets
3,342,000 3,280,769 3,301,091 3,229,655 3,195,495 
Return on average assets4
1.84 %1.69 %1.50 %3.32 %1.48 %
Net income
$15,342 $13,675 $12,441 $27,065 $11,778 
Less: gain on sale by Pacific Wealth Advisors, net of tax
— — 210 10,870 — 
Adjusted net income
$15,342 $13,675 $12,231 $16,195 $11,778 
Divided by average assets
3,342,000 3,280,769 3,301,091 3,229,655 3,195,495 
Adjusted return on average assets4
1.84 %1.69 %1.47 %1.99 %1.48 %


Adjusted return on average shareholders' equity

Adjusted return on average shareholders' equity is a non-GAAP measure that represents the return on average shareholders' equity excluding the gain on sale of certain assets by Pacific Wealth Advisors, net of tax expense. The most comparable GAAP measure is return on average shareholders' equity and the following tables set forth the reconciliation of return on average shareholders' equity to adjusted return on average shareholders' equity for the periods indicated.


Three Months Ended
Northrim BanCorp, Inc.
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Net income
$15,342 $13,675 $12,441 $27,065 $11,778 
Divided by average shareholders' equity
346,341 334,020 325,539 301,082 288,559 
Return on average shareholders' equity4
17.77 %16.60 %15.16 %35.66 %16.37 %
Net income
$15,342 $13,675 $12,441 $27,065 $11,778 
Less: gain on sale by Pacific Wealth Advisors, net of tax
— — 210 10,870 — 
Adjusted net income
$15,342 $13,675 $12,231 $16,195 $11,778 
Divided by average shareholders' equity
346,341 334,020 325,539 301,082 288,559 
Adjusted return on average shareholders' equity3
17.77 %16.60 %14.91 %21.34 %16.37 %

3Calculated using actual days in the quarter or year-to-date divided by 365.




Northrim BanCorp Earns $15.3 Million, or $0.68 per Diluted Share in 2Q26
July 22, 2026
27 of 27

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Adjusted efficiency ratio

Adjusted efficiency ratio is a non-GAAP measure that represents other operating expense to income excluding the gain on sale of certain assets by Pacific Wealth Advisors. The most comparable GAAP measure is the efficiency ratio and the following tables set forth the reconciliation of the efficiency ratio to adjusted efficiency ratio for the periods indicated.


Three Months Ended
Northrim BanCorp, Inc.
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Other operating expense
$32,022 $30,622 $33,424 $30,300 $32,488 
Net interest income
$37,136 $34,661 $35,375 $35,346 $33,592 
Other operating income
16,737 14,879 16,283 31,239 16,640 
Total income
$53,873 $49,540 $51,658 $66,585 $50,232 
Other operating expense divided by total income
59.44 %61.81 %64.70 %45.51 %64.68 %
Other operating expense
$32,022 $30,622 $33,424 $30,300 $32,488 
Net interest income
$37,136 $34,661 $35,375 $35,346 $33,592 
Other operating income
16,737 14,879 16,283 31,239 16,640 
Less: gain on sale by Pacific Wealth Advisors
— — 275 14,211 — 
Adjusted total income
$53,873 $49,540 $51,383 $52,374 $50,232 
Other operating expense divided by adjusted total income
59.44 %61.81 %65.05 %57.85 %64.68 %




Note Transmitted on GlobeNewswire on July 22, 2026, at 3:50 pm Alaska Standard Time.

Source: View Original Filing on SEC EDGAR

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