# EDGAR Filing Document

**Accession Number:** 0001163370
**File Stem:** 0001163370-26-000004
**Filing Date:** 2026-1
**Character Count:** 103577
**Document Hash:** a38faff54c65c1481da400d7c759ba79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001163370-26-000004.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001163370-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260123

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHRIM BANCORP INC
- **CENTRAL INDEX KEY:** 0001163370
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 920175752
- **STATE OF INCORPORATION:** AK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-33501
- **FILM NUMBER:** 26553972

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 241489
- **CITY:** ANCHORAGE
- **STATE:** AK
- **ZIP:** 99524-1489

?xml version='1.0' encoding='ASCII'? nrim-20260123

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): January 23, 2026

Northrim BanCorp, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Alaska | Alaska | Alaska | 0-33501 | 92-0175752 |
| ________________________<br>(State or other jurisdiction | ________________________<br>(State or other jurisdiction | ________________________<br>(State or other jurisdiction | _____________<br>(Commission | _________________<br>(I.R.S. Employer |
| of incorporation) | of incorporation) | of incorporation) | File Number) | Identification No.) |
| 3111 C Street, | Anchorage, | Alaska |  | 99503 |
| ___________________________________<br>(Address of principal executive offices) | ___________________________________<br>(Address of principal executive offices) | ___________________________________<br>(Address of principal executive offices) |  | ___________<br>(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

<u>TITLE OF EACH CLASS</u> <u>TRADING SYMBOL</u> <u>NAME OF EXCHANGE</u> <br>

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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp;☐

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. &nbsp;&nbsp;&nbsp;&nbsp;◻

------

**Item 2.02 Results from Operations and Financial Condition.**

On January 23, 2026, Northrim BanCorp, Inc. (the "Company") announced by press release its earnings for the fourth quarter ended December 31, 2025.

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

---

| | |
|:---|:---|
| <u>(d) Exhibit No.</u> | <u>Description</u> |
| 99.1 | Press Release dated January 23, 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. | Northrim BanCorp, Inc. |
| *January 23, 2026* | *By:* | */s/ Jed W. Ballard* |
|  |  | *Name: Jed W. Ballard* |
|  |  | *Title: EVP, Chief Financial Officer* |

---

------

**Exhibit Index**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](exhibit991q42025.htm)</u> | <u>[Press release dated January 2](exhibit991q42025.htm)[3](exhibit991q42025.htm)[, 202](exhibit991q42025.htm)[6](exhibit991q42025.htm)</u> |

---

## Exhibit 99.1

**Exhibit 99.1**

![nrimpra08.jpg](nrimpra08.jpg)

---

| | |
|:---|:---|
| *Contact:* | Mike Huston, President and CEO |
|  | *(907) 261-8750* |
|  | Jed Ballard, Chief Financial Officer |
|  | *(907) 261-3539* |

---

<u>NEWS RELEASE</u>

**<u>Northrim BanCorp Earns $12.4 Million, or $0.55 Per Diluted Share, in Fourth Quarter 2025, and</u>**

**<u>$64.6 Million, or $2.87 Per Diluted Share, for the Year Ended December 31, 2025</u>**

ANCHORAGE, Alaska - January 23, 2026 - Northrim BanCorp, Inc. (NASDAQ:NRIM) ("Northrim" or the "Company") today reported net income of $12.4 million, or $0.55 per diluted share, in the fourth quarter of 2025, compared to $27.1 million, or $1.20 per diluted share, in the third quarter of 2025, and $10.9 million, or $0.49 per diluted share, in the fourth quarter a year ago. The decrease in the fourth quarter of 2025 compared to the third quarter of 2025 is primarily the result of the third quarter gain from the sale of certain assets by Pacific Wealth Advisors of $14.2 million. Additionally, in the fourth quarter of 2025 the Company had an increase in other operating expenses mostly due to performance-related increases in salaries and other personnel expense and marketing expense. The increase in marketing expense is primarily due to timing of charitable contributions. The increase in net income in the fourth quarter of 2025 as compared to the same quarter of the prior year was largely due to an increase in net interest income and purchased receivable income which was only partially offset by a decrease in mortgage banking income and increased operating expenses. Purchased receivable income increased primarily due to the Company's acquisition of Sallyport Commercial Finance, LLC ("Sallyport" or "SCF"), which was completed on October 31, 2024.

Net income for the full year of 2025 increased 75% to $64.6 million, or $2.87 per diluted share, compared to $37.0 million, or $1.66 per diluted share, for the full year of 2024. Increased net interest income resulting from loan and deposit growth and the gain from the sale of certain assets by Pacific Wealth Advisors improved 2025 earnings in the Community Banking segment but were partially offset by increases in other operating expenses, primarily due to performance-related increases in salaries and other personnel expense as noted above. An increase in mortgage originations which was mostly offset by a decrease in the fair value of mortgage servicing rights resulted in net income of $4.8 million in the Home Mortgage Lending segment in 2025, consistent with 2024. Net income in the Specialty Finance segment increased to $10.3 million in 2025 compared to $1.8 million in 2024, primarily due to the Company's acquisition of SCF, as well as increased purchased receivable balances at Northrim Funding Services.

Dividends per share in the fourth quarter of 2025 remained consistent with the first, second, and third quarters of 2025 at $0.16 per share and increased from $0.155 per share in the fourth quarter of 2024.

"Northrim reported another year of record earnings in 2025," said Mike Huston, Northrim's President and Chief Executive Officer. "Record net interest income in the fourth quarter contributed to a 21% increase in annual net interest income as portfolio loans increased by 8% during 2025, earning asset yields increased and funding costs declined. Operating expenses were temporarily elevated primarily due to higher marketing and personnel costs, but we expect these operating expenses to moderate in future quarters."

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

2 of 29

**Fourth Quarter 2025 Highlights:** 

• Net interest income increased to a record $35.4 million in the fourth quarter of 2025 compared to $35.3 million in the third quarter of 2025 and $30.8 million in the fourth quarter of 2024.

• Net interest margin on a tax equivalent basis ("NIMTE")<sup>\*</sup> was 4.75% for the fourth quarter of 2025, a 13-basis point decrease from the third quarter of 2025 and a 28-basis point increase compared to the fourth quarter of 2024.

• Return on average assets ("ROAA") was 1.50% and return on average shareholders' equity ("ROAE") was 15.16% for the fourth quarter of 2025.

• Portfolio loans were $2.30 billion at December 31, 2025, up 3% from the preceding quarter and up 8% from a year ago, primarily due to new customer relationships, expanding market share, and retaining certain mortgage loans originated by Residential Mortgage, a subsidiary of the Bank, in the loan portfolio.

• Total deposits were $2.81 billion at December 31, 2025, down 3% from the preceding quarter, and up 5% from $2.68 billion a year ago. Noninterest bearing demand deposits represented 26% of total deposits at December 31, 2025, down from 30% at September 30, 2025 and 27% at December 31, 2024.

• The average cost of interest-bearing deposits was 1.91% in the fourth quarter of 2025, down from 2.00% in the third quarter of 2025 and 2.15% in the fourth quarter a year ago.

• Mortgage loan originations were $231.2 million in the fourth quarter of 2025, up from $185.9 million in the fourth quarter a year ago. Mortgage loans funded for sale were $199.6 million in the fourth quarter of 2025, compared to $162.5 million in the fourth quarter of 2024.

• Issued $60 million of subordinated debt to support regulatory capital ratios for growth initiatives.

• Celebrated the retirement of former Chairman, Joe Schierhorn, after 35 years of leadership at the Bank.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Financial Highlights</u>** | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| *(Dollars in thousands, except per share data)* | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Total assets | $3290273 | $3312332 | $3243760 | $3140960 | $3041869 |
| Total portfolio loans | $2295499 | $2218970 | $2202115 | $2124330 | $2129263 |
| Total deposits | $2813029 | $2906463 | $2809170 | $2777977 | $2680189 |
| Net income | $12441 | $27065 | $11778 | $13324 | $10927 |
| Adjusted net income<sup>\*</sup> | $12231 | $16195 | $11778 | $13324 | $10927 |
| Diluted earnings per share | $0.55 | $1.20 | $0.52 | $0.60 | $0.49 |
| Adjusted diluted earnings per share<sup>\*</sup> | $0.54 | $0.72 | $0.52 | $0.60 | $0.49 |
| Return on average assets | 1.50% | 3.32% | 1.48% | 1.76% | 1.43% |
| Adjusted return on average assets<sup>\*</sup> | 1.47% | 1.99% | 1.48% | 1.76% | 1.43% |
| Return on average shareholders' equity | 15.16% | 35.66% | 16.37% | 19.70% | 16.32% |
| Adjusted return on average shareholders' equity<sup>\*</sup> | 14.91% | 21.34% | 16.37% | 19.70% | 16.32% |
| NIM | 4.70% | 4.83% | 4.66% | 4.55% | 4.41% |
| NIMTE<sup>\*</sup> | 4.75% | 4.88% | 4.72% | 4.61% | 4.47% |
| Efficiency ratio | 64.70% | 45.51% | 64.68% | 63.54% | 66.96% |
| Adjusted efficiency ratio<sup>\*</sup> | 65.05% | 57.85% | 64.68% | 63.54% | 66.96% |
| Total shareholders' equity/total assets | 9.92% | 9.53% | 8.95% | 8.91% | 8.78% |
| Tangible common equity/tangible assets<sup>\*</sup> | 8.51% | 8.12% | 7.50% | 7.41% | 7.23% |

---

<sup>\*</sup> 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.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

3 of 29

**<u>Alaska Economic Update</u>**

(Note: sources for information in this section are listed on page 15.)

While the Alaska Department of Labor has not updated statistics since mid 2025 due to the federal government shutdown, they did publish their monthly magazine *Alaska Economic Trends* in January of 2026. State Labor Economist Karinne Wiebold said, "we forecast the state will add 3,000 jobs this year – just under 1 percent growth – with oil and gas, health care, construction and transportation contributing to that increase." The main drivers outlined in the forecast were the Pikka and Willow oil fields; high gold prices with the new Manh Choh mine producing its first bar in 2024; increased military spending; and stabilized fisheries and tourism markets.

Alaska's seasonally adjusted personal income was $59.4 billion in the second quarter of 2025 according to the Federal Bureau of Economic Analysis ("BEA"). Alaska had an annualized improvement of 9.7% in the first quarter and 5% in the second quarter of 2025. This is compared to the national average of 6.4% in the first quarter and 5.5% in the second quarter of 2025. Alaska enjoyed an annual personal income improvement of 5.8% in 2024 compared to the U.S. increase of 5.6%. Per capita personal income in Alaska is now estimated at $80,208 according to the BEA, ranking it 12<sup>th</sup> highest of the 50 U.S. states.

Alaska's Gross State Product ("GSP") in the second quarter of 2025 reached $74.2 billion according to the BEA. Alaska's inflation adjusted "real" GSP increased 1.5% in 2024, 1.8% annualized in the first quarter of 2025, and 2% in the second quarter of 2025. The average U.S. GDP growth rate was 2.8% for 2024, annualized -0.6% in the first quarter of 2025 and 3.8% in the second quarter of 2025. Alaska's real GSP improvement in the second quarter of 2025 was led by the Mining, Oil & Gas sector; Transportation & Warehousing; Professional, Scientific & Technical Services; and Manufacturing, but was somewhat offset by decreases in Retail Trade and Government.

Alaska exported $5.9 billion in goods to foreign countries in 2024 according to the U.S. International Trade Administration. China is the largest importer of Alaska's products at $1.5 billion, followed by Australia at $804 million, Japan at $674 million and South Korea at $634 million in 2024. Fish and related maritime products accounted for the largest volume at $2.1 billion, followed by minerals and ores at $2 billion, and primary metals at $992 million in 2024. Oil & Gas international exports were $380 million 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 2.7% between December of 2024 and December of 2025. In Alaska, the rate of increase was lower at 1.9% for the same time period. The largest increases since last August came from Motor Fuel (+6.5%), Apparel (+6.5%), Housing (+3.4%), and Food and beverage (+2.9%). Slower increases or declining costs in Recreation (+2%), Education (+0.7%), and Transportation (-5.3%), which helped moderate inflationary pressures in Alaska relative to the U.S in 2025.

The monthly average price of Alaska North Slope ("ANS") crude oil has ranged between $76.39 a barrel in January of 2025 and $62.70 in December. 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 oil wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of November 30, 2025 the fund's value was $85.75

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

4 of 29

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 over $600 million to pay the annual dividend of $1,000 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 $532,301, following an increase of 6.2% in 2024 and 5.2% in 2023. This was the eighth consecutive year of price increases.

The average sales price for single family homes in the Matanuska Susitna Borough rose 6.6% in 2025 to $440,237, after climbing 3.8% in 2024 and 4% in 2023. This continues a trend of average price increases for more than a decade in the region. These two markets represent where the vast majority of the Bank's residential lending activity occurs.

The Alaska Multiple Listing Services reported a 0.6% decrease in the number of units sold in Anchorage when comparing 2025 to 2024. There were 2,222 homes sold in 2025 and 2,235 sold in 2024. Last year there were 1,764 homes sold in the Matanuska Susitna Borough, compared to 1,632 in 2024, an increase of 8.1%.

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: <u>www.northrim.com</u> 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.

**<u>Review of Income Statement</u>**

**Consolidated Income Statement**

In the fourth quarter of 2025, Northrim generated a ROAA of 1.50% and a ROAE of 15.16%, compared to 3.32% and 35.66%, respectively, in the third quarter of 2025 and 1.43% and 16.32%, respectively, in the fourth quarter a year ago. For the year 2025, Northrim generated a ROAA of 2.02% and a ROAE of 21.72%, compared to 1.29% and 14.70% for 2024.

*Net Interest Income/Net Interest Margin*

Net interest income increased slightly to $35.4 million in the fourth quarter of 2025 compared to $35.3 million in the third quarter of 2025 and increased 15% compared to $30.8 million in the fourth quarter of 2024. Interest expense on deposits of $10.1 million in the fourth quarter was unchanged compared to the third quarter of 2025 and decreased from $10.6 million in the fourth quarter of 2024.

NIMTE<sup>\*</sup> was 4.75% in the fourth quarter of 2025 compared to 4.88% in the preceding quarter and 4.47% in the fourth quarter a year ago. The 13 basis points ("bps") decrease in the NIMTE\* in the fourth quarter of 2025 compared to the third quarter of 2025 was primarily due to the 25 bps interest rate cuts in September, October and December of 2025 resulting in lower yields on interest bearing deposits in other banks and portfolio loans, particularly loans indexed to a prime, as well as the impact from the issuance of our subordinated debt in November. NIMTE<sup>\*</sup> increased 28 bps in the fourth quarter of 2025 compared to the fourth quarter a year ago primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher yields on those assets as variable rate loans reset at higher rates, and a lower cost of funds due to lower rates on deposits. The weighted average interest rate for new loans booked in the fourth quarter of 2025 was 6.78% compared to 7.07% in the third quarter of 2025 and 7.23% in the fourth quarter a year ago. The yield on the investment portfolio increased to 3.18% from 3.09% in the third quarter of 2025 and increased from 2.84% in the fourth quarter of 2024. "We saw a reduction of our net interest margin as a result of the recent Fed interest rate cuts but anticipate it being relatively flat throughout 2026 given the current interest rate environment and forecast," said Jed Ballard, Chief Financial Officer. Northrim's NIMTE<sup>\*</sup> continues to remain above the peer average of 3.44%

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

5 of 29

posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of September 30, 2025.

*Provision for Credit Losses*

Northrim recorded a provision for credit losses of $1.6 million in the fourth quarter of 2025, which includes a $120,000 benefit to the provision for credit losses on purchased receivables, $757,000 provision for credit losses on unfunded commitments, and a provision for credit losses on loans of $990,000. This compares to a provision for credit losses of $1.7 million in the third quarter of 2025, and a provision for credit losses of $1.2 million in the fourth quarter a year ago. The $1.6 million provision for credit losses in the fourth quarter of 2025 is largely attributable to increases in loan and unfunded commitment balances.

Nonperforming loans, net of government guarantees, was unchanged for the quarter at $11.3 million at December 31, 2025, compared to September 30, 2025 and increased from $7.5 million at December 31, 2024.

The allowance for credit losses was 210% of nonperforming loans, net of government guarantees, at the end of the fourth quarter of 2025, compared to 208% three months earlier and 292% a year ago.

*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, mortgage origination and servicing, and wealth management. Other operating income contributed $16.3 million, or 32% of total fourth quarter 2025 revenues, as compared to $31.2 million, or 47% of revenues in the third quarter of 2025, and $13.0 million, or 30% of revenues in the fourth quarter of 2024. The decrease in other operating income in the fourth quarter of 2025 as compared to the preceding quarter is primarily the result of a gain on sale of certain assets by Pacific Wealth Advisors of $14.2 million in the third quarter of 2025. Pacific Wealth Advisors contributed $115,000 to other operating income for the full year of 2024 and $107,000 for the full year of 2025. Additionally, other operating income in the fourth quarter of 2025 as compared to the fourth quarter a year ago increased due to an increase in purchased receivable income due to the Company's acquisition of Sallyport on October 31, 2024. Mortgage banking income decreased due to lower volume of mortgage activity and a decrease in the value of mortgage servicing rights. The changes in mortgage banking are discussed further in the Home Mortgage Lending section below.

*Other Operating Expenses*

Operating expenses were $33.4 million in the fourth quarter of 2025, compared to $30.3 million in the third quarter of 2025, and $29.4 million in the fourth quarter of 2024. The increase in other operating expenses in the fourth quarter of 2025 compared to the third quarter of 2025 and the fourth quarter a year ago is primarily due to an increase in salaries and other personnel expense due to higher profit share and equity compensation expense. Marketing expense also increased due to timing of charitable contributions, including certain donations that were not incurred in the prior quarter. The fourth quarter of 2025 additionally included higher fraud related operational losses. Approximately $1.6 million of the $3.1 million quarter-over-quarter increase in other operating expenses relates to items that are not consistent with typical quarterly levels and are not indicative of the ongoing operating expense run-rate.

*Income Tax Provision*

In the fourth quarter of 2025, Northrim recorded $4.2 million in state and federal income tax expense for an effective tax rate of 25.1%, compared to $7.5 million, or 21.7% in the third quarter of 2025 and $2.4 million, or 17.8% in the fourth quarter a year ago. For the year, Northrim recorded $19.9 million in state and federal income tax expense in 2025 for an effective tax rate of 23.6%, compared to $10.0 million, or 21.3% in 2024. The increase in the tax rate in the fourth quarter of 2025 as compared to the third quarter of 2025 and the fourth quarter a year ago is primarily the result of decreased tax benefits related to the Company's investment in low income housing tax credits.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

6 of 29

**Community Banking**

In the most recent deposit market share data from the FDIC, Northrim's deposit market share in Alaska increased to 17.53% of Alaska's total deposits as of June 30, 2025 compared to 15.66% of Alaska's total deposits as of June 30, 2024. This represents 187 basis points of growth in market share percentage for Northrim during that period while, according to the FDIC, the total deposits in Alaska were up 130 basis points during the same period. See below for further discussion regarding the Company's deposit movement for the quarter.

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 $32.2 million in the fourth quarter of 2025, compared to $32.3 million in the third quarter of 2025 and $27.6 million in the fourth quarter of 2024. Net interest

income decreased in the fourth quarter of 2025 as compared to the third quarter of 2025 mostly due to increased interest expense due to the issuance of subordinated debt in November 2025. Net interest income increased in the fourth quarter of 2025 compared to the fourth quarter a year ago mostly due to increased interest income on loans which was only partially offset by the issuance of subordinated debt. The fourth quarter of 2025 also had lower interest expense on deposits as compared to the fourth quarter a year ago.

The provision for credit losses in the Community Banking segment was $1.2 million in the fourth quarter of 2025 compared to $1.6 million in the third quarter of 2025 and $771,000 in the same quarter a year ago. The decrease to the provision for credit losses in the Community Banking segment in the fourth quarter of 2025 as compared to the prior quarter was primarily a result of a decrease in estimated loss rates due to more favorable economic forecasts and trends in qualitative factors. The increase to the provision for credit losses in the fourth quarter of 2025 compared to the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors compared to a year ago.

The decrease in other operating income in the fourth quarter of 2025 as compared to the third quarter of 2025 and fourth quarter a year ago was primarily the result of a gain on sale of certain assets by Pacific Wealth Advisors of $14.2 million.

Other operating expenses in the Community Banking segment totaled $22.1 million in the fourth quarter of 2025, up $2.1 million or 11% from $20.0 million in the third quarter of 2025, and up $3.0 million or 16% from $19.1 million in the fourth quarter a year ago. The increase in the fourth quarter of 2025 as compared to the prior quarter and fourth quarter a year ago was primarily due to performance-related increases in salaries and other personnel expense, as well as higher marketing expense due to annual charitable contributions. The Bank also celebrated its 35th anniversary and the retirement of charter Bank employee and former Chairman, Joe Schierhorn, in the fourth quarter of 2025.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

7 of 29

The following table provides highlights of the Community Banking segment of Northrim:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| *(Dollars in thousands, except per share data)* | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Net interest income | $32202 | $32309 | $29971 | $28151 | $27643 |
| Provision (benefit) for credit losses | 1226 | 1561 | 1319 | (1768) | 771 |
| Gain on sale by Pacific Wealth Advisors | 275 | 14211 |  |  |  |
| Other operating income | 3229 | 2896 | 3268 | 2703 | 2535 |
| Other operating expense | 22090 | 19965 | 21764 | 18581 | 19116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 12390 | 27890 | 10156 | 14041 | 10291 |
| Provision for income taxes | 3628 | 5634 | 2413 | 3253 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income Community Banking segment | $8762 | $22256 | $7743 | $10788 | $8817 |
| Weighted average shares outstanding, diluted | 22533320 | 22502680 | 22446232 | 22432408 | 22391556 |
| Diluted earnings per share | $0.39 | $0.98 | $0.35 | $0.48 | $0.38 |

---

---

| | | |
|:---|:---|:---|
| | Year Ended | Year Ended |
| *(Dollars in thousands, except per share data)* | December 31, 2025 | December 31, 2024 |
| Net interest income | $122633 | $102104 |
| Provision for credit losses | 2338 | 2276 |
| Gain on sale by Pacific Wealth Advisors | 14486 |  |
| Other operating income | 12096 | 10960 |
| Other operating expense | 82400 | 73085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 64477 | 37703 |
| Provision for income taxes | 14928 | 7359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income Community Banking segment | $49549 | $30344 |
| Weighted average shares outstanding, diluted | 22485351 | 22335932 |
| Diluted earnings per share | $2.20 | $1.36 |

---

**Home Mortgage Lending** 

During the fourth quarter of 2025, mortgage loans funded for sale decreased to $199.6 million, of which 80% was for home purchases, compared to $218.2 million and 94% of loans funded for home purchases in the third quarter of 2025, and increased as compared to $162.5 million, of which 89% was for home purchases in the fourth quarter of 2024.

During the fourth quarter of 2025, the Bank purchased Residential Mortgage-originated mortgage loans to hold on the Bank's balance sheet of $31.6 million of which roughly three-quarters were jumbos and one-quarter were adjustable rate mortgages and mortgages for second homes, with a weighted average interest rate of 6.01%, up from $15.8 million and 6.64% in the third quarter of 2025, and up from $23.4 million and 6.30% in the fourth quarter of 2024. Mortgage loans funded for investment has increased net interest income in the Home Mortgage Lending segment. Net interest income contributed $2.9 million to total revenue in the fourth quarter of 2025, up from $2.8 million in the prior quarter, and down from $3.3 million in the fourth quarter a year ago, as a result of selling a portion of the mortgage portfolio earlier in 2025.

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.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

8 of 29

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 29% of Residential Mortgage's $231 million total production in the fourth quarter of 2025, 16% of $218 million total production in the third quarter of 2025 (excluding the $16 million in mortgages sold noted above), and 19% of $186 million total production in the fourth quarter of 2024.

The provision for credit losses in the Home Mortgage Lending segment was $688,000 in the fourth quarter of 2025 compared to $158,000 in the third quarter of 2025 and $305,000 in the fourth quarter of 2024. The increase in the provision for credit losses in the fourth quarter of 2025 in the Home Mortgage Lending segment as compared to the prior quarter was primarily a result of higher production in home mortgage loans held for investment.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $859,000 during the fourth quarter of 2025 compared to a decrease of $1.3 million for the third quarter of 2025 and an increase of $873,000 for the fourth quarter of 2024. Mortgage servicing revenue decreased to $2.1 million in the fourth quarter of 2025 from $3.1 million in the prior quarter and $2.8 million in the fourth quarter of 2024 due to a decrease in production of Alaska Housing Finance Corporation ("AHFC") mortgages, which contribute to servicing revenues at origination. In the fourth quarter of 2025, the Company's mortgage servicing portfolio increased $28.4 million compared to a $47.2 million increase in the third quarter of 2024 and a $294.1 million increase in the fourth quarter of 2024, which included the purchase of an AHFC servicing portfolio of $235.6 million, $86.3 million in new mortgage loans, net of amortization and payoffs of $27.8 million.

As of December 31, 2025, Northrim serviced 6,601 loans in its $1.63 billion home mortgage servicing portfolio, a 2% increase compared to the $1.60 billion serviced as of the end of the third quarter of 2025, and a 12% increase from the $1.46 billion serviced a year ago.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

9 of 29

The following table provides highlights of the Home Mortgage Lending segment of Northrim:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| *(Dollars in thousands, except per share data)* | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Mortgage loan commitments | $45704 | $74017 | $73198 | $68258 | $32299 |
| Mortgage loans funded for sale | $199619 | $218234 | $249680 | $108499 | $162530 |
| Mortgage loans funded for investment | 31624 | 15815 | 27455 | 13061 | 23380 |
| Total mortgage loans funded | $231243 | $234049 | $277135 | $121560 | $185910 |
| Mortgage loan refinances to total fundings | 20% | 6% | 10% | 11% | 11% |
| Mortgage loans serviced for others | $1629528 | $1601174 | $1553987 | $1484714 | $1460720 |
| Net realized gains on mortgage loans sold | $5296 | $4810 | $5091 | $1580 | $3747 |
| Change in fair value of mortgage loan commitments, net | (575) | 371 | (110) | 660 | (665) |
| Total production revenue | 4721 | 5181 | 4981 | 2240 | 3082 |
| Mortgage servicing revenue | 2113 | 3056 | 2957 | 2696 | 2847 |
| Change in fair value of mortgage servicing rights: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to changes in model inputs of assumptions<sup>1</sup> | (87) | (638) | (355) | (322) | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other<sup>2</sup> | (772) | (612) | (463) | (533) | (499) |
| Total mortgage servicing revenue, net | 1254 | 1806 | 2139 | 1841 | 3720 |
| Other mortgage banking revenue | 338 | 286 | 280 | 170 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage banking income | $6313 | $7273 | $7400 | $4251 | $7040 |
| Net interest income | $2918 | $2812 | $3507 | $3046 | $3280 |
| Provision (benefit) for credit losses | 688 | 158 | 639 | (307) | 305 |
| Mortgage banking income | 6313 | 7273 | 7400 | 4251 | 7040 |
| Other operating expense | 8325 | 7365 | 7593 | 6490 | 7198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 218 | 2562 | 2675 | 1114 | 2817 |
| Provision for income taxes | 5 | 706 | 746 | 310 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income Home Mortgage Lending segment | $213 | $1856 | $1929 | $804 | $1975 |
| Weighted average shares outstanding, diluted | 22533320 | 22502680 | 22446232 | 22432408 | 22391556 |
| Diluted earnings per share | $0.01 | $0.08 | $0.09 | $0.04 | $0.09 |

---

<sup>1</sup>Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.

<sup>2</sup>Represents changes due to collection/realization of expected cash flows over time.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

10 of 29

---

| | | |
|:---|:---|:---|
| | Year Ended | Year Ended |
| *(Dollars in thousands, except per share data)* | December 31, 2025 | December 31, 2024 |
| Mortgage loans funded for sale | $776032 | $609153 |
| Mortgage loans funded for investment | 87955 | 108045 |
| Total mortgage loans funded | $863987 | $717198 |
| Mortgage loan refinances to total fundings | 11% | 7% |
| Net realized gains on mortgage loans sold | $16777 | $13994 |
| Change in fair value of mortgage loan commitments, net | 346 | 172 |
| Total production revenue | 17123 | 14166 |
| Mortgage servicing revenue | 10822 | 9155 |
| Change in fair value of mortgage servicing rights: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to changes in model inputs of assumptions<sup>1</sup> | (1402) | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other<sup>2</sup> | (2380) | (1535) |
| Total mortgage servicing revenue, net | 7040 | 8954 |
| Other mortgage banking revenue | 1074 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage banking income | $25237 | $24002 |
| Net interest income | $12283 | $11228 |
| Provision for credit losses | 1178 | 892 |
| Mortgage banking income | 25237 | 24002 |
| Other operating expense | 29773 | 27624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 6569 | 6714 |
| Provision for income taxes | 1767 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income Home Mortgage Lending segment | $4802 | $4780 |
| Weighted average shares outstanding, diluted | 22485351 | 22335932 |
| Diluted earnings per share | $0.22 | $0.22 |

---

<sup>1</sup>Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.

<sup>2</sup>Represents changes due to collection/realization of expected cash flows over time.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

11 of 29

**Specialty Finance** 

The Company's Specialty Finance segment includes Northrim Funding Services and Sallyport. Northrim Funding Services is a division of the Bank and has offered factoring solutions to small businesses since 2004. Sallyport is a leading provider of factoring, asset-based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom that the Company acquired on October 31, 2024 in an all cash transaction valued at approximately $53.9 million. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also includes interest income from loans and other fee income.

The acquisition of Sallyport included $1.1 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter of 2024 in the tables below. Total pre-tax income for Sallyport for the fourth quarter of 2025 was $2.0 million compared to $2.1 million in the third quarter of 2025, $1.3 million in the second quarter of 2025, $1.3 million in the first quarter of 2025, and $945,000 for the two months of operations in the fourth quarter of 2024, excluding transaction costs.

Average purchased receivables and loan balances at Sallyport were $65.5 million for the fourth quarter of 2025 with a yield of 29.8% compared to average balances of $68.4 million for the third quarter of 2025 with a yield of 32.9%, average balances of $71.0 million for the second quarter of 2025 with a yield of 27.23%, and average balances of $59.9 million for the first quarter of 2025 and a yield of 35.8%. The yield in the third quarter of 2025 included the recognition of $879,000 in one-time fees collected during the quarter. The yield excluding these items for the third quarter of 2025 was 27.7%. The yield in the first quarter of 2025 included the recognition of $899,000 in nonaccrual fee income collected during the quarter related to two nonperforming receivables and the collection of a $350,000 one-time fee. The yield excluding these items for the first quarter of 2025 was 27.4%.

Average purchase receivables and loan balances at Northrim Funding Services were $70.0 million for the fourth quarter of 2025 compared to average balances of $59.4 million for the third quarter of 2025 and average balances of $23.5 million for the fourth quarter of 2024.

The following table provides highlights of the Specialty Finance segment of Northrim:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| *(Dollars in thousands, except per share data)* | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Total revenue<sup>3</sup> | $7400 | $7779 | $6754 | $6682 | $3865 |
| Provision for credit losses | (287) | (3) | 18 | 666 | 125 |
| Compensation expense - SCF acquisition payments | 533 | 600 | 600 | 600 |  |
| Other operating expense | 2476 | 2370 | 2531 | 2500 | 3063 |
| Interest expense | 679 | 695 | 668 | 496 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expense | 3401 | 3662 | 3817 | 4262 | 3677 |
| Income before provision for income taxes | 3999 | 4117 | 2937 | 2420 | 188 |
| Provision for income taxes | 533 | 1164 | 831 | 688 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income Specialty Finance segment | $3466 | $2953 | $2106 | $1732 | $135 |
| Weighted average shares outstanding, diluted | 22533320 | 22502680 | 22446232 | 22432408 | 22391556 |
| Diluted earnings per share | $0.15 | $0.13 | $0.09 | $0.08 | $0.01 |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

12 of 29

---

| | | |
|:---|:---|:---|
| | Year Ended | Year Ended |
| *(Dollars in thousands, except per share data)* | December 31, 2025 | December 31, 2024 |
| Total revenue<sup>3</sup> | $28615 | $8026 |
| Provision for credit losses | 394 | 125 |
| Compensation expense - SCF acquisition payments | 2333 |  |
| Other operating expense | 9877 | 4228 |
| Interest expense | 2538 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expense | 15142 | 5449 |
| Income before provision for income taxes | 13473 | 2577 |
| Provision for income taxes | 3216 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income Specialty Finance segment | $10257 | $1847 |
| Weighted average shares outstanding, diluted | 22485351 | 22335932 |
| Diluted earnings per share | $0.45 | $0.08 |

---

<sup>3</sup>Includes interest income, purchased receivable income, and other operating income.

**<u>Balance Sheet Review</u>**

Northrim's total assets were $3.29 billion at December 31, 2025, up 1% from the preceding quarter and up 8% from a year ago. Northrim's loan-to-deposit ratio was 82% at December 31, 2025, up from 76% at September 30, 2025, and 79% at December 31, 2024.

At December 31, 2025, our liquid assets and investments and loans maturing within one year were $1.06 billion and our funds available for borrowing under our existing lines of credit were $578.6 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.

Average interest-earning assets were $2.99 billion in the fourth quarter of 2025, up 3% from $2.91 billion in the third quarter of 2025 and up 7% from $2.79 billion in the fourth quarter a year ago. The average yield on interest-earning assets was 6.17% in the fourth quarter of 2025, down from 6.33% in the preceding quarter and up from 6.02% in the fourth quarter a year ago.

Average investment securities decreased to $466.5 million in the fourth quarter of 2025, compared to $474.6 million in the third quarter of 2025 and $565.8 million in the fourth quarter a year ago. The average net tax equivalent yield on the securities portfolio was 3.18% for the fourth quarter of 2025, up from 3.09% in the preceding quarter and up from 2.84% in the year ago quarter. The average estimated duration of the investment portfolio at December 31, 2025, was approximately 2.0 years down from approximately 2.4 years a year ago. As of December 31, 2025, $115.8 million of available for sale securities are scheduled to mature in the next six months, $82.3 million are scheduled to mature in six months to one year, and $89.6 million are scheduled to mature in the following year, representing a total of $287.6 million or 10% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $1.3 million in the fourth quarter of 2025 as compared to the prior quarter, and decreased by $7.8 million compared to the fourth quarter of 2024, resulting in a total unrealized loss of $480,000 at December 31, 2025 compared to $1.8 million at September 30, 2025 and $8.3 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.5 years at the end of 2025. Total unrealized losses, net of tax, on held to maturity securities were $108,000 at December 31, 2025, compared to $191,000 at September 30, 2025, and $716,000 a year ago.

Average interest bearing deposits in other banks increased to $149.8 million in the fourth quarter from $118.2 million in the third quarter of 2025 due to the issuance of subordinated debt in November 2025. Average

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

13 of 29

interest bearing deposits in other banks increased in the fourth quarter of this year compared to $72.2 million in the fourth quarter of 2024 due to higher deposit balances and the issuance of subordinated debt.

Portfolio loans were $2.30 billion at December 31, 2025, up 3% from the preceding quarter and up 8% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $2.05 billion at December 31, 2025, up 2% or $50.1 million from $2.0 billion in the preceding quarter and up 10% from a year ago. This increase was mostly attributable to commercial real estate nonowner-occupied and multi-family loans increasing by $50.0 million and commercial loans increasing $10.4 million, which were only partially offset by construction loans decreasing $9.2 million and commercial real estate owner-occupied loans decreasing $4.9 million from the preceding quarter. Average portfolio loans in the fourth quarter of 2025 were $2.27 billion, which was up 3% from the preceding quarter and up 10% from a year ago. Yields on average portfolio loans in the fourth quarter of 2025 decreased slightly to 6.95% from 7.13% in the third quarter of 2025 and increased from 6.93% in the fourth quarter of 2024. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.04% in the fourth quarter of 2025 as compared to 7.15% in the third quarter of 2025 and 7.40% in the fourth quarter of 2024.

Alaskans continue to account for substantially all of Northrim's deposit base. Total deposits were $2.81 billion at December 31, 2025, down 3% from $2.91 billion at September 30, 2025, and up 5% from $2.68 billion a year ago. "The decrease in deposits in the fourth quarter of 2025 was consistent with our customers' normal business cycles which typically result in decreases in deposit balances in the first and fourth quarters and increases in the second and third quarters," said Ballard. At December 31, 2025, 74% of total deposits were held in business accounts and 26% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $62,000 as of December 31, 2025. Northrim had 32 customers with balances over $10 million as of December 31, 2025, which accounted for $707.8 million, or 25%, of total deposits. Demand deposits decreased by 17% from the prior quarter and increased 2% year-over-year to $721.9 million at December 31, 2025. Demand deposits decreased to 26% of total deposits at December 31, 2025 compared to 30% at September 30, 2025 and 27% of total deposits at December 31, 2024. Average interest-bearing deposits were up 4% to $2.10 billion with an average cost of 1.91% in the fourth quarter of 2025, compared to $2.01 billion and an average cost of 2% in the third quarter of 2025, and up 7% compared to $1.95 billion and an average cost of 2.15% in the fourth quarter of 2024. Uninsured deposits totaled $1.07 billion or 38% of total deposits as of December 31, 2025 compared to $1.08 billion or 40% of total deposits as of December 31, 2024.

Shareholders' equity was $326.5 million, or $14.77 book value per share, at December 31, 2025, compared to $315.7 million, or $14.29 book value per share, at September 30, 2025 and $267.1 million, or $12.10 book value per share, a year ago. Tangible book value per share<sup>\*</sup> was $12.47 at December 31, 2025, compared to $11.99 at September 30, 2025, and $9.79 per share a year ago. The increase in shareholders' equity in the fourth quarter of 2025 as compared to the third quarter of 2025 was largely the result of earnings of $12.4 million and an increase in the fair value of the available for sale securities portfolio, which increased $1.3 million, net of tax, which was partially offset by dividends paid of $3.5 million . The Company did not repurchase any shares of common stock in 2025. Tangible common equity to tangible assets<sup>\*</sup> was 8.51% as of December 31, 2025, compared to 8.12% as of September 30, 2025 and 7.23% as of December 31, 2024. 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 10.67% at December 31, 2025, compared to 10.63% at September 30, 2025, and 9.76% at December 31, 2024.

**<u>Asset Quality</u>**

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

Nonperforming assets ("NPAs") net of government guarantees were $11.4 million at December 31, 2025, down from $13.6 million at September 30, 2025 and $11.6 million a year ago. Of the NPAs at December 31, 2025, $8.4 million are attributable to the Community Banking segment and $2.5 million are attributable to the Specialty Finance segment.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

14 of 29

Net adversely classified loans were $33.5 million at December 31, 2025, as compared to $38.6 million at September 30, 2025, and $9.6 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 $495,000 in the fourth quarter of 2025, compared to net loan charge-offs of $1.2 million in the third quarter of 2025, and net loan recoveries of $51,000 in the fourth quarter of 2024.

Northrim had $145.5 million, or 6% of total portfolio loans, in the Healthcare sector; $137.2 million, or 6% in the Accommodations sector; $117.6 million, or 5% of portfolio loans, in the Tourism sector; $97.9 million, or 4% in Retail loans; $89.2 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector; $64.6 million, or 3% in the Restaurants and Breweries sector; and $57.6 million, or 2% in the Fishing sector as of December 31, 2025.

Northrim estimates that $123.4 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of December 31, 2025, and $1.4 million of these loans are adversely classified. As of December 31, 2025, Northrim has an additional $212.1 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and none of these unfunded commitments are considered to be 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.

**<u>About Northrim BanCorp</u>**

Northrim is the holding company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the State of Alaska (the "Bank"). The Bank differentiates itself with its detailed knowledge of Alaska's economy and its "Customer First Service" philosophy. Northrim Funding Services, a division of the Bank, operates a factoring and asset-based lending division in the State of Washington. Sallyport Commercial Finance, LLC, a specialty finance company, and Residential Mortgage, LLC, a regional home mortgage company, are wholly-owned subsidiaries of the Bank.

**<u>www.northrim.com</u>**

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

15 of 29

**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 initiatives on the regulatory landscape, natural resource extraction industries, and capital markets; the effect of government shutdowns; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; inflation, supply-chain constraints, and potential geopolitical instability, including the war in Ukraine; 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 provision 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; 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, 2023, 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.

<u>References:</u>

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

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

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

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

https://apfc.org

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

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

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

16 of 29

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Income Statement</u>** | | | | | |
| *(Dollars in thousands, except per share data)* | Three Months Ended | Three Months Ended | Three Months Ended | Year-to-date | Year-to-date |
| *(Unaudited)* | December 31, | September 30, | December 31, | December 31, | December 31, |
|  | 2025 | 2025 | 2024 | 2025 | 2024 |
| Interest Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and fees on loans | $41015 | $41142 | $37059 | $160146 | $134739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest on investments | 3538 | 3512 | 3844 | 14489 | 16838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest on deposits in banks | 1488 | 1324 | 883 | 3743 | 2342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income | 46041 | 45978 | 41786 | 178378 | 153919 |
| Interest Expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense on deposits | 10078 | 10139 | 10568 | 40456 | 39347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense on borrowings | 588 | 493 | 377 | 2313 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense | 10666 | 10632 | 10945 | 42769 | 40736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | 35375 | 35346 | 30841 | 135609 | 113183 |
| Provision for credit losses | 1627 | 1716 | 1201 | 3910 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income after provision for  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; credit losses | 33748 | 33630 | 29640 | 131699 | 109890 |
| Other Operating Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage banking income | 6313 | 7273 | 7040 | 25237 | 24002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased receivable income | 6490 | 7269 | 3526 | 25806 | 7146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankcard fees | 1219 | 1229 | 1148 | 4675 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service charges on deposit accounts | 787 | 796 | 622 | 2986 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale by Pacific Wealth Advisors | 275 | 14211 |  | 14486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on marketable equity securities | 61 | 80 | (364) | 169 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of securities | 1 |  | 112 | 1 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 1137 | 381 | 949 | 3843 | 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other operating income | 16283 | 31239 | 13033 | 77203 | 42041 |
| Other Operating Expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salaries and other personnel expense | 20828 | 19432 | 18254 | 78337 | 67847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Data processing expense | 3415 | 3240 | 3108 | 13125 | 10986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy expense | 1908 | 1921 | 1893 | 7822 | 7609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marketing expense | 1506 | 508 | 965 | 3728 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional and outside services | 1342 | 1112 | 1967 | 4681 | 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 637 | 802 | 894 | 3212 | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation expense - SCF acquisition payments | 533 | 600 |  | 2333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OREO expense, net rental income and gains on sale |  | (16) | 2 | (11) | (385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating expense | 3255 | 2701 | 2294 | 11156 | 8540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other operating expense | 33424 | 30300 | 29377 | 124383 | 104937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before provision for income taxes | 16607 | 34569 | 13296 | 84519 | 46994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 4166 | 7504 | 2369 | 19911 | 10023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $12441 | $27065 | $10927 | $64608 | $36971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic EPS | $0.56 | $1.23 | $0.50 | $2.92 | $1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS | $0.55 | $1.20 | $0.49 | $2.87 | $1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common shares outstanding, basic | 22097658 | 22090668 | 22036312 | 22088891 | 22011188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average shares outstanding, diluted | 22533320 | 22502680 | 22391556 | 22485351 | 22335932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-provision pre-tax net revenue ("PPNR")<sup>\*</sup> | $18234 | $36285 | $14497 | $88429 | $50287 |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

17 of 29

---

| | | | |
|:---|:---|:---|:---|
| **<u>Balance Sheet</u>** | | | |
| *(Dollars in thousands)* |  |  |  |
| *(Unaudited)* | December 31, | September 30, | December 31, |
|  | 2025 | 2025 | 2024 |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | $36042 | $41279 | $42101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest bearing deposits in other banks | 109864 | 171413 | 20635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities available for sale, at fair value | 420661 | 419178 | 478617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities held to maturity | 26750 | 36750 | 36750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marketable equity securities, at fair value | 8392 | 8332 | 8719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Federal Home Loan Bank stock | 6764 | 6437 | 5331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans held for sale | 100323 | 111317 | 59957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio loans | 2295499 | 2218970 | 2129263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses, loans | (23737) | (23357) | (22020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net portfolio loans | 2271762 | 2195613 | 2107243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased receivables, net | 101642 | 108053 | 74078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage servicing rights, at fair value | 27474 | 27796 | 26439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premises and equipment, net | 39692 | 38346 | 37757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 5911 | 6523 | 7455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill and intangible assets | 50824 | 50824 | 50968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 84172 | 90471 | 85819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $3290273 | $3312332 | $3041869 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Demand deposits | $721925 | $872086 | $706225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing demand | 1242546 | 1191867 | 1108404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savings deposits | 250006 | 239738 | 250900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money market deposits | 195793 | 202491 | 196290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time deposits | 402759 | 400281 | 418370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 2813029 | 2906463 | 2680189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other borrowings | 12805 | 12916 | 23045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Junior subordinated debentures | 68924 | 10310 | 10310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 5941 | 6559 | 7487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 63030 | 60421 | 53722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2963729 | 2996669 | 2774753 |
| Shareholders' Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity  | 326544 | 315663 | 267116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $3290273 | $3312332 | $3041869 |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

18 of 29

**<u>Additional Financial Information</u>**

*(Dollars in thousands)*

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Composition of Portfolio Loans</u>** | **<u>Composition of Portfolio Loans</u>** | **<u>Composition of Portfolio Loans</u>** | | | | | | | | |
|  | December 31, 2025 | December 31, 2025 | September 30, 2025 | September 30, 2025 | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Balance | % of total | Balance | % of total | Balance | % of total | Balance | % of total | Balance | % of total |
| Commercial loans | $569128 | 25% | $558736 | 25% | $569753 | 27% | $573593 | 27% | $518148 | 24% |
| Commercial real estate: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied properties | 435050 | 19% | 439971 | 20% | 447561 | 20% | 430442 | 20% | 420060 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonowner occupied and |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;multifamily properties | 767618 | 32% | 717576 | 32% | 696766 | 31% | 690277 | 32% | 619431 | 29% |
| Residential real estate: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1-4 family properties |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;secured by first liens | 243167 | 11% | 216690 | 10% | 206905 | 9% | 188219 | 9% | 270535 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;1-4 family properties |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;secured by junior liens & |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;revolving secured by first liens | 66470 | 3% | 65698 | 3% | 60118 | 3% | 53836 | 3% | 48857 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;1-4 family construction | 39311 | 2% | 37429 | 2% | 36005 | 2% | 34017 | 2% | 39789 | 2% |
| Construction loans | 175261 | 8% | 184447 | 8% | 187442 | 8% | 156211 | 7% | 214068 | 10% |
| Consumer loans | 9658 | —% | 8236 | —% | 7570 | —% | 7424 | —% | 7562 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2305663 |  | 2228783 |  | 2212120 |  | 2134019 |  | 2138450 |  |
| Unearned loan fees, net | (10164) |  | (9813) |  | (10005) |  | (9689) |  | (9187) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total portfolio loans | $2295499 |  | $2218970 |  | $2202115 |  | $2124330 |  | $2129263 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Composition of Deposits</u>** | **<u>Composition of Deposits</u>** | **<u>Composition of Deposits</u>** | | | | | | | | |
|  | December 31, 2025 | December 31, 2025 | September 30, 2025 | September 30, 2025 | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Balance | % of total | Balance | % of total | Balance | % of total | Balance | % of total | Balance | % of total |
| Demand deposits | $721925 | 26% | $872086 | 30% | $777948 | 28% | $742560 | 27% | $706225 | 27% |
| Interest-bearing demand | 1242546 | 44% | 1191867 | 41% | 1196048 | 42% | 1187465 | 43% | 1108404 | 41% |
| Savings deposits | 250006 | 9% | 239738 | 8% | 248141 | 9% | 256650 | 9% | 250900 | 9% |
| Money market deposits | 195793 | 7% | 202491 | 7% | 196166 | 7% | 193842 | 7% | 196290 | 7% |
| Time deposits | 402759 | 14% | 400281 | 14% | 390867 | 14% | 397460 | 14% | 418370 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $2813029 |  | $2906463 |  | $2809170 |  | $2777977 |  | $2680189 |  |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

19 of 29

**<u>Additional Financial Information</u>**

*(Dollars in thousands)*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **<u>Asset Quality</u>** | December 31, | September 30, | December 31, |
|  | 2025 | 2025 | 2024 |
| Nonaccrual loans - Community Banking | $9066 | $4091 | $4337 |
| Nonaccrual loans - Home Mortgage Lending | 514 | 197 | 233 |
| Nonaccrual loans - Specialty Finance | 2388 | 5465 | 2946 |
| Nonaccrual loans - Total | 11968 | 9753 | 7516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90 days past due and accruing - Community Banking |  | 1375 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90 days past due and accruing - Home Mortgage Lending |  | 313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90 days past due and accruing - Total |  | 1688 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans - Community Banking | 9066 | 5466 | 4354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans - Home Mortgage Lending  | 514 | 510 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans - Specialty Finance | 2388 | 5465 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans - Total | 11968 | 11441 | 7533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming loans guaranteed by gov't - Community Banking | 639 | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming loans guaranteed by gov't - Total | 639 | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming loans - Community Banking | 8427 | 5277 | 4354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming loans - Home Mortgage Lending | 514 | 510 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming loans - Specialty Finance | 2388 | 5465 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming loans - Total | 11329 | 11252 | 7533 |
| Repossessed assets - Community Banking |  | 50 | 297 |
| Repossessed assets - Total |  | 50 | 297 |
| Nonperforming purchased receivables - Specialty Finance | 67 | 2253 | 3768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming assets - Community Banking | 8427 | 5327 | 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming assets - Home Mortgage Lending | 514 | 510 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming assets - Specialty Finance | 2455 | 7718 | 6714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming assets - Total | $11396 | $13555 | $11598 |
| Adversely classified loans, net of gov't guarantees - Community Banking | $29447 | $32447 | $6332 |
| Adversely classified loans, net of gov't guarantees - Home Mortgage Lending | 687 | 687 | 358 |
| Adversely classified loans, net of gov't guarantees - Specialty Finance | 3364 | 5465 | 2946 |
| Adversely classified loans, net of gov't guarantees - Total | $33498 | $38599 | $9636 |
| Special mention loans, net of gov't guarantees - Community Banking | $10481 | $4555 | $19769 |
| Special mention loans, net of gov't guarantees - Home Mortgage Lending |  | 321 |  |
| Special mention loans, net of gov't guarantees - Total | $10481 | $4876 | $19769 |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

20 of 29

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Asset Quality, Continued</u>** | December 31, |  | September 30, |  | December 31, |  |
|  | 2025 |  | 2025 |  | 2024 |  |
| Nonperforming loans, net of government guarantees / portfolio loans | 0.49 | % | 0.51 | % | 0.35 | % |
| Nonperforming loans, net of government guarantees / portfolio loans,  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of government guarantees | 0.53 | % | 0.54 | % | 0.38 | % |
| Nonperforming assets, net of government guarantees / total assets | 0.35 | % | 0.41 | % | 0.38 | % |
| Nonperforming assets, net of government guarantees / total assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of government guarantees | 0.36 | % | 0.43 | % | 0.40 | % |
| Loans 30-89 days past due and accruing, net of government guarantees /  |  |  |  | % |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;portfolio loans | 0.07 | % | 0.03 | % | 0.11 | % |
| Loans 30-89 days past due and accruing, net of government guarantees /  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;portfolio loans, net of government guarantees | 0.08 | % | 0.03 | % | 0.11 | % |
| Allowance for credit losses for loans / portfolio loans | 1.03 | % | 1.05 | % | 1.03 | % |
| Allowance for credit losses for loans / portfolio loans, net of gov't guarantees | 1.10 | % | 1.12 | % | 1.10 | % |
| Allowance for credit losses for loans / nonperforming loans, net of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; government guarantees | 210 | % | 208 | % | 292 | % |
| Gross loan charge-offs for the quarter - Community Banking | $214 |  | $1334 |  | $44 |  |
| Gross loan charge-offs for the quarter - Specialty Finance | 317 |  |  |  | 105 |  |
| Gross loan charge-offs for the quarter - Total | 531 |  | 1334 |  | 149 |  |
| Gross loan recoveries for the quarter - Community Banking | (36) |  | (37) |  | (200) |  |
| Gross loan recoveries for the quarter - Specialty Finance |  |  | (105) |  |  |  |
| Gross loan recoveries for the quarter - Total | ($36) |  | ($142) |  | ($200) |  |
| Net loan (recoveries) charge-offs for the quarter - Community Banking | $178 |  | $1297 |  | ($156) |  |
| Net loan (recoveries) charge-offs for the quarter - Specialty Finance | 317 |  | (105) |  | 105 |  |
| Net loan (recoveries) charge-offs for the quarter - Total | $495 |  | $1192 |  | ($51) |  |
| Net loan charge-offs (recoveries) year-to-date - Community Banking | $1429 |  | $1252 |  | ($320) |  |
| Net loan charge-offs (recoveries) year-to-date - Specialty Finance | 364 |  | 47 |  | 105 |  |
| Net loan charge-offs (recoveries) year-to-date - Total | $1793 |  | $1299 |  | ($215) |  |
| Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter | 0.02 | % | 0.05 | % |  | % |
| Net loan charge-offs (recoveries) year-to-date / average loans,  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; year-to-date annualized | 0.08 | % | 0.08 | % | (0.01) | % |
| Allowance for credit losses for purchased receivables / purchased receivables |  | % | 1.75 | % | 4.69 | % |
| Net purchased receivable (recoveries) charge-offs for the quarter | $1911 |  | ($19) |  | $— |  |
| Net purchased receivable charge-offs (recoveries) year-to-date | $2173 |  | $262 |  | $— |  |
| Net purchased receivable (recoveries) charge-offs for the quarter / |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; average purchased receivables, for the quarter | 1.76 | % | (0.02) | % | NA |  |
| Net purchased receivable charge-offs (recoveries) year-to-date / average |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchased receivables, year-to-date annualized | 2.15 | % | 0.35 | % | NA |  |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

21 of 29

**<u>Additional Financial Information</u>**

*(Dollars in thousands)*

*(Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Average Balances, Yields, and Rates</u>** | | | | | | |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
|  | December 31, 2025 | December 31, 2025 | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 |
|  |  | Average |  | Average |  | Average |
|  | Average | Tax Equivalent | Average | Tax Equivalent | Average | Tax Equivalent |
|  | Balance | Yield/Rate | Balance | Yield/Rate | Balance | Yield/Rate |
| **Assets** |  |  |  |  |  |  |
| Interest bearing deposits in other banks | $149812 | 3.89% | $118181 | 4.38% | $72212 | 4.72% |
| Portfolio investments | 466548 | 3.18% | 474587 | 3.09% | 565785 | 2.84% |
| Loans held for sale | 101132 | 5.91% | 108113 | 6.20% | 83304 | 5.97% |
| Portfolio loans | 2268177 | 6.95% | 2205949 | 7.13% | 2066216 | 6.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 2985669 | 6.17% | 2906830 | 6.33% | 2787517 | 6.02% |
| Nonearning assets | 315422 |  | 322825 |  | 251364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3301091 |  | $3229655 |  | $3038881 |  |
| **Liabilities and Shareholders' Equity** |  |  |  |  |  |  |
| Interest-bearing deposits | $2095675 | 1.91% | $2013434 | 2.00% | $1954495 | 2.15% |
| Borrowings | 46238 | 5.01% | 51568 | 3.81% | 29251 | 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2141913 | 1.97% | 2065002 | 2.04% | 1983746 | 2.18% |
| Noninterest-bearing demand deposits | 763037 |  | 796860 |  | 738911 |  |
| Other liabilities | 70602 |  | 66711 |  | 49815 |  |
| Shareholders' equity | 325539 |  | 301082 |  | 266409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3301091 |  | $3229655 |  | $3038881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net spread |  | 4.20% |  | 4.29% |  | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIM |  | 4.70% |  | 4.83% |  | 4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIMTE<sup>\*</sup> |  | 4.75% |  | 4.88% |  | 4.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of funds |  | 1.46% |  | 1.47% |  | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average portfolio loans to average |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest-earning assets | 75.97% |  | 75.89% |  | 74.12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average portfolio loans to average total deposits | 79.34% |  | 78.50% |  | 76.71% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average non-interest deposits to average |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; total deposits | 26.69% |  | 28.36% |  | 27.43% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average interest-earning assets to average |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interest-bearing liabilities | 139.39% |  | 140.77% |  | 140.52% |  |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

22 of 29

**<u>Additional Financial Information</u>**

*(Dollars in thousands)*

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Average Balances, Yields, and Rates</u>** | | | | |
|  | Year-to-date | Year-to-date | Year-to-date | Year-to-date |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  |  | Average |  | Average |
|  | Average | Tax Equivalent | Average | Tax Equivalent |
|  | Balance | Yield/Rate | Balance | Yield/Rate |
| **Assets** |  |  |  |  |
| Interest bearing deposits in other banks | $83697 | 4.41% | $44913 | 5.09% |
| Portfolio investments | 494988 | 3.07% | 623756 | 2.82% |
| Loans held for sale | 107438 | 6.21% | 68790 | 6.08% |
| Portfolio loans | 2205270 | 6.99% | 1910156 | 6.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 2891393 | 6.22% | 2647615 | 5.86% |
| Nonearning assets | 309540 |  | 213397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3200933 |  | $2861012 |  |
| **Liabilities and Shareholders' Equity** |  |  |  |  |
| Interest-bearing deposits | $2035396 | 1.99% | $1802286 | 2.18% |
| Borrowings | 55338 | 4.15% | 33799 | 3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2090734 | 2.04% | 1836085 | 2.21% |
| Noninterest-bearing demand deposits | 748947 |  | 718163 |  |
| Other liabilities | 63773 |  | 55265 |  |
| Shareholders' equity | 297479 |  | 251499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3200933 |  | $2861012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net spread |  | 4.18% |  | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIM |  | 4.69% |  | 4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIMTE<sup>\*</sup> |  | 4.74% |  | 4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of funds |  | 1.51% |  | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average portfolio loans to average interest-earning assets | 76.27% |  | 72.15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average portfolio loans to average total deposits | 79.20% |  | 75.79% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average non-interest deposits to average total deposits | 26.90% |  | 28.49% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average interest-earning assets to average interest-bearing liabilities | 138.30% |  | 144.20% |  |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

23 of 29

**<u>Additional Financial Information</u>**

*(Dollars in thousands, except per share data)*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **<u>Capital Data (At quarter end)</u>** | | | |
|  | December 31, 2025 | September 30, 2025 | December 31, 2024 |
| Book value per share | $14.77 | $14.29 | $12.10 |
| Tangible book value per share<sup>\*</sup> | $12.47 | $11.99 | $9.79 |
| Total shareholders' equity/Total assets | 9.92 | 9.53 | 8.78 |
| Tangible common equity/Tangible assets<sup>\*</sup> | 8.51 | 8.12 | 7.23 |
| Common Equity Tier 1 Capital / Risk Adjusted Assets | 10.31 | 10.26 | 9.36 |
| Tier 1 capital / Risk adjusted assets | 10.67 | 10.63 | 9.76 |
| Total capital / Risk adjusted assets | 13.86 | 11.56 | 10.94 |
| Tier 1 capital / Average assets | 8.77 | 8.66 | 7.68 |
| Common shares outstanding | 22111637 | 22090668 | 22072840 |
| Unrealized gain on AFS debt securities, net of income taxes | ($480) | ($1779) | ($8295) |
| Unrealized (loss) on derivatives and hedging activities, net of income taxes | $1028 | $983 | $1272 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Profitability Ratios</u>** | | | | | |
|  | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| For the quarter: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NIM | 4.70 | 4.83 | 4.66 | 4.55 | 4.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIMTE<sup>\*</sup>  | 4.75 | 4.88 | 4.72 | 4.61 | 4.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Efficiency ratio | 64.70 | 45.51 | 64.68 | 63.54 | 66.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted efficiency ratio<sup>\*</sup> | 65.05 | 57.85 | 64.68 | 63.54 | 66.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on average assets | 1.50 | 3.32 | 1.48 | 1.76 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted return on average assets<sup>\*</sup> | 1.47 | 1.99 | 1.48 | 1.76 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on average shareholders' equity | 15.16 | 35.66 | 16.37 | 19.70 | 16.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted return on average shareholders' equity<sup>\*</sup> | 14.91 | 21.34 | 16.37 | 19.70 | 16.32 |

---

---

| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 |
| Year-to-date: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NIM | 4.69 | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIMTE<sup>\*</sup>  | 4.74 | 4.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Efficiency ratio | 58.45 | 67.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted efficiency ratio<sup>\*</sup> | 62.72 | 67.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on average assets | 2.02 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted return on average assets<sup>\*</sup> | 1.67 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on average shareholders' equity | 21.72 | 14.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted return on average shareholders' equity<sup>\*</sup> | 17.99 | 14.70 |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

24 of 29

**<u>\*Non-GAAP Financial Measures</u>**

*(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 shareholders 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 | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Net interest income | $35375 | $35346 | $33592 | $31297 | $30841 |
| Divided by average interest-bearing assets | 2985669 | 2906830 | 2889289 | 2781370 | 2787517 |
| Net interest margin ("NIM")<sup>2</sup> | 4.70% | 4.83% | 4.66% | 4.55% | 4.41% |
| Net interest income | $35375 | $35346 | $33592 | $31297 | $30841 |
| Plus: reduction in tax expense related to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; tax-exempt interest income | 386 | 373 | 409 | 379 | 379 |
|  | $35761 | $35719 | $34001 | $31676 | $31220 |
| Divided by average interest-bearing assets | 2985669 | 2906830 | 2889289 | 2781370 | 2787517 |
| NIMTE<sup>2</sup> | 4.75% | 4.88% | 4.72% | 4.61% | 4.47% |

---

---

| | | |
|:---|:---|:---|
| | Year-to-date | Year-to-date |
| | December 31, 2025 | December 31, 2024 |
| Net interest income | $135609 | $113183 |
| Divided by average interest-bearing assets | 2891393 | 2647615 |
| Net interest margin ("NIM")<sup>3</sup> | 4.69% | 4.28% |
| Net interest income | $135609 | $113183 |
| Plus: reduction in tax expense related to |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; tax-exempt interest income | 1547 | 1521 |
|  | $137156 | $114704 |
| Divided by average interest-bearing assets | 2891393 | 2647615 |
| NIMTE | 4.74% | 4.33% |

---

<sup>2</sup>Calculated using actual days in the quarter divided by 365 for the quarters ended in 2025 and 366 for the quarters ended in 2024, respectively.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

25 of 29

**<u>\*Non-GAAP Financial Measures</u>**

*(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 common 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Total shareholders' equity | $326544 | $315663 | $290219 | $279756 | $267116 |
| Divided by common shares outstanding | 22112 | 22091 | 22088 | 22084 | 22072 |
| Book value per share | $14.77 | $14.29 | $13.14 | $12.67 | $12.10 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Total shareholders' equity | $326544 | $315663 | $290219 | $279756 | $267116 |
| Less: goodwill and intangible assets | 50824 | 50824 | 50824 | 50824 | 50968 |
|  | $275720 | $264839 | $239395 | $228932 | $216148 |
| Divided by common shares outstanding | 22112 | 22091 | 22088 | 22084 | 22072 |
| Tangible book value per share | $12.47 | $11.99 | $10.84 | $10.37 | $9.79 |

---

*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.** | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Total shareholders' equity | $326544 | $315663 | $290219 | $279756 | $267116 |
| Total assets | 3290273 | 3312332 | 3243760 | 3140960 | 3041869 |
| Total shareholders' equity to total assets | 9.92% | 9.53% | 8.95% | 8.91% | 8.78% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Total shareholders' equity | $326454 | $315663 | $290219 | $279756 | $267116 |
| Less: goodwill and other intangible assets, net | 50824 | 50824 | 50824 | 50824 | 50968 |
| Tangible common shareholders' equity | $275630 | $264839 | $239395 | $228932 | $216148 |
| Total assets | $3290273 | $3312332 | $3243760 | $3140960 | $3041869 |
| Less: goodwill and other intangible assets, net | 50824 | 50824 | 50824 | 50824 | 50968 |
| Tangible assets | $3239449 | $3261508 | $3192936 | $3090136 | $2990901 |
| Tangible common equity ratio | 8.51% | 8.12% | 7.50% | 7.41% | 7.23% |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

26 of 29

**<u>\*Non-GAAP Financial Measures</u>**

*(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 | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Net interest income | $35375 | $35346 | $33592 | $31297 | $30841 |
| Provision for credit losses | 1627 | 1716 | 1976 | (1409) | 1201 |
| Total other operating income | 16283 | 31239 | 16640 | 13040 | 13033 |
| Less: total other operating expense | 33424 | 30300 | 32488 | 28171 | 29377 |
| Income before provision for income taxes | $16607 | $34569 | $15768 | $17575 | $13296 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 |
| Net interest income | $35375 | $35346 | $33592 | $31297 | $30841 |
| Total other operating income | 16283 | 31239 | 16640 | 13040 | 13033 |
| Less: total other operating expense | 33424 | 30300 | 32488 | 28171 | 29377 |
| Pre-provision pre-tax net revenue | $18234 | $36285 | $17744 | $16166 | $14497 |

---

---

| | | |
|:---|:---|:---|
| | Year-to-date | Year-to-date |
| **Northrim BanCorp, Inc.** | December 31, 2025 | December 31, 2024 |
| Net interest income | $135609 | $113183 |
| Provision for credit losses | 3910 | 3293 |
| Total other operating income | 77203 | 42041 |
| Less: total other operating expense | 124383 | 104937 |
| Income before provision for income taxes | $84519 | $46994 |

---

---

| | | |
|:---|:---|:---|
| | Year-to-date | Year-to-date |
| **Northrim BanCorp, Inc.** | December 31, 2025 | December 31, 2024 |
| Net interest income | $135609 | $113183 |
| Total other operating income | 77203 | 42041 |
| Less: total other operating expense | 124383 | 104937 |
| Pre-provision pre-tax net revenue | $88429 | $50287 |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

27 of 29

**<u>\*Non-GAAP Financial Measures</u>**

*(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 period indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year-to-date |
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 | December 31, 2025 |
| Net income | $12441 | $27065 | $64608 |
| Net income | $12441 | $27065 | $64608 |
| Less: gain on sale by Pacific Wealth Advisors, net of tax | 210 | 10870 | 11080 |
| Adjusted net income | $12231 | $16195 | $53528 |

---

*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 period indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year-to-date |
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 | September 30, 2025 |
| Net income | $12441 | $27065 | $64608 |
| Divided by weighted average shares outstanding, diluted | 22533320 | 22502680 | 22485351 |
| Diluted earnings per share | $0.55 | $1.20 | $2.87 |
| Net income | $12441 | $27065 | $64608 |
| Less: gain on sale by Pacific Wealth Advisors, net of tax | 210 | 10870 | 11080 |
| Adjusted net income | $12231 | $16195 | $53528 |
| Divided by weighted average shares outstanding, diluted | 22533320 | 22502680 | 22485351 |
| Diluted earnings per share | $0.54 | $0.72 | $2.38 |

---

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

28 of 29

**<u>\*Non-GAAP Financial Measures</u>**

*(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 period indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year-to-date |
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 | December 31, 2025 |
| Net income | $12441 | $27065 | $64608 |
| Divided by average assets | 3301091 | 3229655 | 3200933 |
| Return on average assets<sup>4</sup> | 1.50% | 3.32% | 2.02% |
| Net income | $12441 | $27065 | $64608 |
| Less: gain on sale by Pacific Wealth Advisors, net of tax | 210 | 10870 | 11080 |
| Adjusted net income | $12231 | $16195 | $53528 |
| Divided by average assets | 3301091 | 3229655 | 3200933 |
| Adjusted return on average assets<sup>4</sup> | 1.47% | 1.99% | 1.67% |

---

*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 period indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year-to-date |
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 | December 31, 2025 |
| Net income | $12441 | $27065 | $64608 |
| Divided by average shareholders' equity | 325539 | 301082 | 297479 |
| Return on average shareholders' equity<sup>4</sup> | 15.16% | 35.66% | 21.72% |
| Net income | $12441 | $27065 | $64608 |
| Less: gain on sale by Pacific Wealth Advisors, net of tax | 210 | 10870 | 11080 |
| Adjusted net income | $12231 | $16195 | $53528 |
| Divided by average shareholders' equity | 325539 | 301082 | 297479 |
| Adjusted return on average shareholders' equity<sup>4</sup> | 14.91% | 21.34% | 17.99% |

---

<sup>4</sup>Calculated using actual days in the quarter or year-to-date divided by 365.

------

Northrim BanCorp Earns $12.4 Million, or $0.55 per Diluted Share in 4Q25

January 23, 2026

29 of 29

**<u>\*Non-GAAP Financial Measures</u>**

*(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 period indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year-to-date |
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 | December 31, 2025 |
| Other operating expense | $33424 | $30300 | $124383 |
| Net interest income | $35375 | $35346 | $135609 |
| Other operating income | 16283 | 31239 | 77203 |
| Total income | $51658 | $66585 | $212812 |
| Other operating expense divided by total income | 64.70% | 45.51% | 58.45% |
| Other operating expense | $33424 | $30300 | $124383 |
| Net interest income | $35375 | $35346 | $135609 |
| Other operating income | 16283 | 31239 | 77203 |
| Less: gain on sale by Pacific Wealth Advisors | 275 | 14211 | 14486 |
| Adjusted total income | $51383 | $52374 | $198326 |
| Other operating expense divided by adjusted total income | 65.05% | 57.85% | 62.72% |

---

Note Transmitted on GlobeNewswire on January 23, 2026, at 5:00 am Alaska Standard Time.

<br>