# EDGAR Filing Document

**Accession Number:** 0001163370
**File Stem:** 0001163370-26-000018
**Filing Date:** 2026-4
**Character Count:** 88213
**Document Hash:** 95bc620ff9fa1b6eb77dba5905ee728f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001163370-26-000018.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001163370-26-000018

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260422

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**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:** 26884374

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

?xml version='1.0' encoding='ASCII'? nrim-20260422

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): April 22, 2026

Northrim BanCorp, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

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| | | | | |
|:---|:---|:---|:---|:---|
| 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;◻

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

On April 22, 2026, Northrim BanCorp, Inc. (the "Company") announced by press release its earnings for the first quarter ended March 31, 2026.

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

**Item 9.01 Financial Statements and Exhibits.**

(a) Financial statements – not applicable

(b) Proforma financial information – not applicable

(c) Shell company transactions – not applicable

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| | |
|:---|:---|
| <u>(d) Exhibit No.</u> | <u>Description</u> |
| 99.1 | Press Release dated April 22, 2026 |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | Northrim BanCorp, Inc. | Northrim BanCorp, Inc. |
| *April 22, 2026* | *By:* | */s/ Jed W. Ballard* |
|  |  | *Name: Jed W. Ballard* |
|  |  | *Title: EVP, Chief Financial Officer* |

---

------

**Exhibit Index**

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](exhibit991q12026.htm)</u> | <u>[Press release dated](exhibit991q12026.htm)[April](exhibit991q12026.htm)[22, 202](exhibit991q12026.htm)[6](exhibit991q12026.htm)</u> |

---

## Exhibit 99.1

**Exhibit 99.1**

![nrimpra10.jpg](nrimpra10.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 $13.7 Million, or $0.61 Per Diluted Share, in First Quarter 2026</u>**

ANCHORAGE, Alaska - April 22, 2026 - Northrim BanCorp, Inc. (NASDAQ:NRIM) ("Northrim" or the "Company") today reported net income of $13.7 million, or $0.61 per diluted share, in the first quarter of 2026, compared to $12.4 million, or $0.55 per diluted share, in the fourth quarter of 2025, and $13.3 million, or $0.60 per diluted share, in the first quarter a year ago. The increase in first quarter 2026 profitability as compared to the first quarter a year ago was mostly due to an increase in net interest income and higher mortgage banking income, which were partially offset by higher other operating expenses and an increase in the provision for credit losses.

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

"2026 is off to a strong start as another quarter of core loan growth, continued deposit growth and normalized operating expenses reflects Northrim's ability to consistently execute our strategy," said Mike Huston, Northrim's President and Chief Executive Officer. "Our investments in people, technology and customer relationships continue to drive profitable growth, strengthen our market position and create long-term value for our shareholders."

**First Quarter 2026 Highlights:** 

• Net interest income in the first quarter of 2026 decreased 2% to $34.7 million compared to $35.4 million in the fourth quarter of 2025 and increased 11% compared to $31.3 million in the first quarter of 2025.

• Net interest margin on a tax equivalent basis ("NIMTE")<sup>\*</sup> was 4.77% for the first quarter of 2026, up 2-basis points from the fourth quarter of 2025 and up 16-basis points from the first quarter a year ago.

• Return on average assets ("ROAA") was 1.69% and return on average equity ("ROAE") was 16.60% for the first quarter of 2026 compared to ROAA of 1.50% and ROAE of 15.16% in the prior quarter and ROAA of 1.76% and ROAE of 19.70% for the first quarter of 2025.

• Portfolio loans were $2.36 billion at March 31, 2026, up 3% from the preceding quarter and up 11% from a year ago, primarily due to new customer relationships and expanding market share, as well as retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the "Bank"). Core loans (excluding consumer mortgages) were $2.09 billion at March 31, 2026, up 8% from a year ago.

• Total deposits were $2.87 billion at March 31, 2026, up 2% from the preceding quarter, and up 3% from $2.78 billion a year ago. Non-interest bearing demand deposits increased 14% from the preceding quarter and increased 11% year-over-year to $826.4 million at March 31, 2026 and represent 29% of total deposits.

• The average cost of interest-bearing deposits was 1.77% at March 31, 2026, down from 1.91% at December 31, 2025 and 2.01% at March 31, 2025.

• Average purchased receivables and loan balances for the Specialty Finance segment were $132.2 million for the first quarter of 2026, compared to average balance of $137.4 million for the fourth quarter of 2025, and $97.1 million for the first quarter of 2025.

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<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)* | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Total assets | $3354908 | $3290273 | $3312332 | $3243760 | $3140960 |
| Total portfolio loans | $2358702 | $2295499 | $2218970 | $2202115 | $2124330 |
| Total deposits | $2873746 | $2813029 | $2906463 | $2809170 | $2777977 |
| Net income | $13675 | $12441 | $27065 | $11778 | $13324 |
| Adjusted net income\* | $13675 | $12231 | $16195 | $11778 | $13324 |
| Diluted earnings per share | $0.61 | $0.55 | $1.20 | $0.52 | $0.60 |
| Adjusted diluted earnings per share\* | $0.61 | $0.54 | $0.72 | $0.52 | $0.60 |
| Return on average assets | 1.69% | 1.50% | 3.32% | 1.48% | 1.76% |
| Adjusted return on average assets\* | 1.69% | 1.47% | 1.99% | 1.48% | 1.76% |
| Return on average shareholders' equity | 16.60% | 15.16% | 35.66% | 16.37% | 19.70% |
| Adjusted return on average shareholders' equity\* | 16.60% | 14.91% | 21.34% | 16.37% | 19.70% |
| NIM | 4.72% | 4.70% | 4.83% | 4.66% | 4.55% |
| NIMTE<sup>\*</sup> | 4.77% | 4.75% | 4.88% | 4.72% | 4.61% |
| Efficiency ratio | 61.81% | 64.70% | 45.51% | 64.68% | 63.54% |
| Adjusted efficiency ratio\* | 61.81% | 65.05% | 57.85% | 64.68% | 63.54% |
| Total shareholders' equity/total assets | 10.01% | 9.92% | 9.53% | 8.95% | 8.91% |
| Tangible common equity/tangible assets<sup>\*</sup> | 8.63% | 8.51% | 8.12% | 7.50% | 7.41% |

---

<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.

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

(Note: sources for information included in this section are included on page 12.)

Alaska's seasonally adjusted unemployment rate was 4.8% at the end of 2025, compared to 4.4% for the United States, according to the Alaska Department of Labor and Workforce Development. Alaska had a total of 323,900 payroll jobs in December of 2025 in Alaska, not including uniformed military. This was an increase of 0.5% or 1,500 jobs from December of 2024.

Alaska's seasonally adjusted aggregate personal income was $59.2 billion in the third quarter of 2025 according to the Federal Bureau of Economic Analysis ("BEA"). Alaska enjoyed an annual personal income improvement of 4.4% between the third quarter of 2024 and the third quarter of 2025. Per capita personal income in Alaska was estimated at $79,850 compared to the U.S. average of $76,513, according to the BEA, ranking Alaska 14<sup>th</sup> highest of the 50 U.S. states.

Alaska's Gross State Product ("GSP") in the third quarter of 2025 reached $75.3 billion according to the BEA. Alaska's inflation adjusted "real" GSP increased 1.5% in 2024, and 3.8% annualized through the third quarter of 2025. The average U.S. GDP growth rate was 2.8% for 2024, and 4.4% annualized through the third quarter of 2025.

Alaska exported $6.7 billion in goods directly to foreign countries in 2025 according to the U.S. Census Bureau, a 13.4% increase over 2024 totals. South Korea took over the top trade spot by importing $1.1 billion in goods directly from Alaska. This was a 73% increase over 2024. South Korea imports significant quantities of fish, lead and zinc. The rapid growth came from $515 million in gold and silver purchases in 2025. Australia imported over $1 billion in goods, primarily gold, zinc and lead. Australia's growth rate in Alaska products was 30% in 2025. Japan moved up to the third spot with a 38% growth in purchases totaling $927 million in 2025. Japan has been a

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

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leading customer of a large variety of fish products from Alaska for decades and also purchases an array of minerals. China slipped from first to fourth place due in part to complex U.S. tariff negotiations. China's imports from Alaska dropped 47% from $1.5 billion in 2024 to $803 million in 2025. Oil & Gas does not contribute a significant amount to international exports ($246 million in 2025) because the majority of Alaska's production is refined and consumed within the United States.

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index ("CPI") for the U.S. increased 2.4% between February of 2025 and February of 2026. In Alaska, the rate of increase was lower at 1.5% for the same time period. The largest increases since last February came from Apparel (+9.7%), Motor Fuel (+4.9%), Housing (+3.3%), and Recreation (+2%). Slower increases or declining costs in Food and Beverage (+1.7%) Medical Care (+1.2%), Education (-1.3%), and Transportation (-3.3%), helped moderate inflationary pressures in Alaska relative to the U.S. in 2025.

The monthly average price of Alaska North Slope ("ANS") crude oil ranged between $76.39 a barrel in January of 2025 and $62.70 in December 2025. Prices began to rise dramatically in 2026 after conflict began in Venezuela and Iran. ANS was priced at $110 a barrel on March 31, 2026. 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 February 28, 2026 the fund's value was $88.8 billion. According to the DOR it is scheduled to contribute $3.8 billion to Alaska's General Fund in fiscal year 2026 and $4 billion in fiscal year 2027 for general government spending and to pay the annual dividend in October to Alaskan residents.

According to the Alaska Multiple Listing Services, the average sales price of a single-family home in Anchorage rose 4.4% in 2025 to $532,339, following an increase of 6.2% in 2024 and 5.2% in 2023. This was the eighth consecutive year of price increases.

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

The Alaska Multiple Listing Services reported a 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 1,766 homes sold in the Matanuska Susitna Borough, compared to 1,632 in 2024, an increase of 8.2%.

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.

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

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

**Consolidated Income Statement**

*Net Interest Income/Net Interest Margin*

Net interest income decreased 2% to $34.7 million in the first quarter of 2026 compared to $35.4 million in the fourth quarter of 2025 and increased 11% compared to $31.3 million in the first quarter of 2025. Interest expense on deposits decreased to $9.0 million in the first quarter of 2026 compared to $10.1 million in the fourth quarter of 2025 and $9.9 million in the first quarter of 2025.

NIMTE<sup>\*</sup> was 4.77% in the first quarter of 2026 up from 4.75% in the preceding quarter and 4.61% in the first quarter a year ago. NIMTE<sup>\*</sup> increased 2 basis points in the first quarter of 2026 compared to the fourth quarter of 2025 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets and lower cost of funds due to lower rates on deposits, which were only partially offset by increased borrowing balances and costs. The weighted average interest rate for new loans booked in the first quarter of 2026 was 6.70% compared to 6.78% in the fourth quarter of 2025 and 7.30% in the first quarter a year ago. The yield on the investment portfolio in the first quarter of 2026 increased to 3.44% from 3.18% in the fourth quarter of 2025 and 2.97% in the first quarter of 2025. "We did see a slight decrease in our loan yields as a result of interest rate cuts at the end of last year, however we are also seeing impacts from the decrease in our deposit costs benefiting our overall margin," said Jed Ballard, Chief Financial Officer. Northrim's NIMTE<sup>\*</sup> continues to remain above the peer average of 3.48% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of December 31, 2025.

*Provision for Credit Losses*

Northrim recorded a provision for credit losses of $960,000 in the first quarter of 2026, which was comprised of a provision for credit losses on loans of $1.3 million, a $322,000 benefit to the provision for credit losses on unfunded commitments, and benefit to the provision for credit losses on purchased receivables of $5,000. This compares to a provision for credit losses of $1.6 million in the fourth quarter of 2025, which was comprised of a provision for credit losses on loans of $990,000, a $757,000 provision for credit losses on unfunded commitments, and a benefit to the provision for credit losses on purchased receivables of $120,000. In the first quarter a year ago, Northrim recorded a benefit to the provision for credit losses of $1.4 million which was comprised of a $1.1 million benefit to the provision for credit losses on loans, a $322,000 benefit to the provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $46,000. The $1.1 million benefit to the provision for credit losses on loans in the first quarter of 2025 was primarily the result of the reclassification of $100 million in mortgage loans to loans held for sale.

Nonperforming assets ("NPAs"), net of government guarantees, increased during the quarter to $15.3 million at March 31, 2026, compared to $11.4 million at December 31, 2025, and increased compared to $12.3 million at March 31, 2025. The Community Banking segment added one loan and Specialty Finance segment added two loans to nonaccrual in the first quarter of 2026.

The allowance for credit losses on loans was 175% of nonperforming loans, net of government guarantees, at the end of the first quarter of 2026, compared to 210% three months earlier and 262% 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. Other operating income contributed $14.9 million, or 30% of total first quarter 2026 revenues, as compared to $16.3 million, or 32% of revenues in the fourth quarter of 2025, and $13.0 million, or 29% of revenues in the first quarter of 2025. The decrease in other

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

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operating income in the first quarter of 2026 as compared to the fourth quarter of 2025 is primarily the result of a decrease in interest rate swap income of $343,000, as well as the increase in unrealized losses on marketable securities and the absence of the gain on the sale of certain assets by Pacific Wealth Advisors which occurred in the fourth quarter of 2025.

*Other Operating Expenses*

Operating expenses were $30.6 million in the first quarter of 2026, compared to $33.4 million in the fourth quarter of 2025, and $28.2 million in the first quarter of 2025. The decrease in other operating expenses in the first quarter of 2026 compared to the fourth quarter of 2025 was primarily due to a decrease in salaries and other personnel expense, mostly due to a $917,000 decrease in mortgage originator commission expense, as well as a $858,000 decrease in profit share and equity compensation expense. Additionally, marketing expense decreased due to timing of annual charitable contributions and some one-time expenses that occurred in the fourth quarter of 2025. Insurance expense decreased due to a decrease in FDIC insurance expense resulting primarily from higher capital ratios. The increase in total other operating expenses in the first quarter of 2026 compared to the first quarter a year ago was primarily due to an increase in salaries and other personnel expense, which was partially offset by a decrease in insurance expense mostly attributable to the Company's FDIC insurance expense.

*Income Tax Provision*

In the first quarter of 2026, Northrim recorded $4.3 million in state and federal income tax expense for an effective tax rate of 23.9%, compared to $4.2 million, or 25.1% in the fourth quarter of 2025 and $4.3 million, or 24.2% in the first quarter a year ago. The decrease in the tax rate in the first quarter of 2026 as compared to the fourth quarter of 2025 and first quarter of 2025 is primarily the result of an increase in tax credits and tax exempt interest income as a percentage of pre-tax income in the first quarter of 2026 as compared to the same quarter in 2025.

**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 1.3% during the same period. Northrim opened a branch in Homer in the first quarter of 2024. 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 $31.8 million in the first quarter of 2026, compared to $32.2 million in the fourth quarter of 2025 and $28.2 million in the first quarter of 2025. Net interest income increased $3.7 million or 13% in the first quarter of 2026 as compared to the first quarter of 2025 mostly due to higher interest income on loans and on deposits in banks as well as lower interest expense on deposits. This increase was only partially offset by higher interest expense on borrowings, as a result of the issuance of subordinated debt in the fourth quarter of 2025.

The provision for credit losses in the Community Banking segment was $153,000 in the first quarter of 2026 compared to $1.2 million in the fourth quarter of 2025 and $1.8 million benefit to the provision for credit losses in the same quarter a year ago. The decrease in the provision for credit losses in the Community Banking segment in the first quarter of 2026 as compared to the prior quarter was primarily due to lower growth in loans in this segment during the quarter. The decrease in the first quarter of 2026 compared to the same quarter a year ago was primarily a result of the fact that there were changes in the Company's loss rate regression models for commercial, commercial real estate, and construction loans in the first quarter of 2025.

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

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The decrease in other operating income in the Community Banking segment in the first quarter of 2026 as compared to the first quarter of 2025 was primarily the result of a loss on fair value of marketable securities and a decrease in interest rate swap income, which was only partially offset by higher service charges on deposit accounts.

Other operating expenses in the Community Banking segment totaled $20.4 million in the first quarter of 2026, down $1.7 million or 8% from $22.1 million in the fourth quarter of 2025, and up $1.8 million or 10% from $18.6 million in the first quarter a year ago. The decrease in the first quarter of 2026 as compared to the prior quarter was primarily due to a decrease in marketing expense due to timing of annual charitable contributions. Additionally, there was a decrease in salaries and other personnel expense, including $501,000 decrease in equity compensation expense. The increase in other operating expenses in the first quarter of 2026 as compared to the same quarter a year ago was mostly due to an increase in salaries and other personnel expense, which was only partially offset by a decrease in FDIC insurance expense.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| *(Dollars in thousands, except per share data)* | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Net interest income | $31840 | $32202 | $32309 | $29971 | $28151 |
| Provision (benefit) for credit losses | 153 | 1226 | 1561 | 1319 | (1768) |
| Gain on sale by Pacific Wealth Advisors |  | 275 | 14211 |  |  |
| Other operating income | 2416 | 3229 | 2896 | 3268 | 2703 |
| Other operating expense | 20390 | 22090 | 19965 | 21764 | 18581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 13713 | 12390 | 27890 | 10156 | 14041 |
| Provision for income taxes | 3213 | 3628 | 5634 | 2413 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $10500 | $8762 | $22256 | $7743 | $10788 |
| Weighted average shares outstanding, diluted | 22577720 | 22533320 | 22502680 | 22446232 | 22432408 |
| Diluted earnings per share attributable to Community Banking | $0.47 | $0.39 | $0.98 | $0.35 | $0.48 |

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**Home Mortgage Lending** 

During the first quarter of 2026, mortgage loans funded for sale were $123.4 million, compared to $199.6 million in the fourth quarter of 2026, and $108.5 million in the first quarter of 2025.

During the first quarter of 2026, the Bank purchased loans of $28.3 million from its subsidiary, Residential Mortgage, of which approximately two-thirds were jumbos, and the remaining one-third were adjustable rate mortgages, with a weighted average interest rate of 5.91%, as compared to $31.6 million and 6.01% in the fourth quarter of 2025, and $13.1 million and 6.39% in the first quarter of 2025. Net interest income contributed $2.8 million to total Home Mortgage Lending revenue in the first quarter of 2026, down from $2.9 million in the prior quarter, and $3.0 million in the first quarter a year ago.

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

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 35% of Residential Mortgage's $152 million total production in the first quarter of 2026, 29% of the $231 million total production in the fourth quarter of 2025, and 20% of the $122 million total production in the first quarter of 2025.

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

7 of 25

The provision for credit losses in the Home Mortgage Lending segment was $562,000 in the first quarter of 2026 compared to $688,000 in the fourth quarter of 2025 and $307,000 benefit to the provision for credit losses in the first quarter of 2025. The decrease in the provision for credit losses in the first quarter of 2026 in the Home Mortgage Lending segment as compared to the prior quarter was primarily a result of lower growth in home mortgage loans.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $127,000 during the first quarter of 2026 compared to a decrease of $859,000 for the fourth quarter of 2025 and a decrease of $855,000 for the first quarter of 2025. Mortgage servicing revenue increased to $2.7 million in the first quarter of 2026 from $2.1 million in the prior quarter and remained consistent with $2.7 million in the first quarter of 2025 due to an increase in production of Alaska Housing Finance Corporation ("AHFC") mortgages, which contribute to servicing revenues at origination. In the first quarter of 2026, the Company's servicing portfolio of $1.642 million increased $12.7 million compared to a $28.4 million increase in the fourth quarter of 2025, and an increase of $24.0 million in the first quarter of 2025.

As of March 31, 2026, Northrim serviced 6,637 loans in its $1.64 billion home-mortgage-servicing portfolio, a 1% increase compared to the $1.63 billion serviced as of the end of the fourth quarter of 2025, and a 11% increase from the $1.48 billion serviced a year ago.

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

8 of 25

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| *(Dollars in thousands, except per share data)* | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Mortgage commitments | $85755 | $45704 | $74017 | $73198 | $68258 |
| Mortgage loans funded for sale | $123384 | $199619 | $218234 | $249680 | $108499 |
| Mortgage loans funded for investment | 28301 | 31624 | 15815 | 27455 | 13061 |
| Total mortgage loans funded | $151685 | $231243 | $234049 | $277135 | $121560 |
| Mortgage loan refinances to total fundings | 29% | 20% | 6% | 10% | 11% |
| Mortgage loans serviced for others | $1642195 | $1629528 | $1601174 | $1553987 | $1484714 |
| Net realized and unrealized gains on mortgage loans sold and held for sale | $2997 | $5296 | $4810 | $5091 | $1580 |
| Change in fair value of mortgage loan commitments, net | 720 | (575) | 371 | (110) | 660 |
| Total production revenue | 3717 | 4721 | 5181 | 4981 | 2240 |
| Mortgage servicing revenue | 2667 | 2113 | 3056 | 2957 | 2696 |
| Change in fair value of mortgage servicing rights: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to changes in model inputs of assumptions<sup>1</sup> | 463 | (87) | (638) | (355) | (322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other<sup>2</sup> | (590) | (772) | (612) | (463) | (533) |
| Total mortgage servicing revenue, net | 2540 | 1254 | 1806 | 2139 | 1841 |
| Other mortgage banking revenue | 204 | 338 | 286 | 280 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage banking income | $6461 | $6313 | $7273 | $7400 | $4251 |
| Net interest income | $2796 | $2918 | $2812 | $3507 | $3046 |
| Provision (benefit) for credit losses | 562 | 688 | 158 | 639 | (307) |
| Mortgage banking income | 6461 | 6313 | 7273 | 7400 | 4251 |
| Other operating expense | 7201 | 8325 | 7365 | 7593 | 6490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 1494 | 218 | 2562 | 2675 | 1114 |
| Provision for income taxes | 408 | 5 | 706 | 746 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income  | $1086 | $213 | $1856 | $1929 | $804 |
| Weighted average shares outstanding, diluted | 22577720 | 22533320 | 22502680 | 22446232 | 22432408 |
| Diluted earnings per share attributable to Home Mortgage Lending | $0.05 | $0.01 | $0.08 | $0.09 | $0.04 |

---

<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.

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

9 of 25

**Specialty Finance** 

Average purchased receivables and loan balances for the Specialty Finance segment were $132.2 million for the first quarter of 2026, compared to average balance of $137.4 million for the fourth quarter of 2025, and $97.1 million for the first quarter of 2025.

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)* | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Total revenue<sup>3</sup> | $6671 | $7400 | $7779 | $6754 | $6682 |
| Provision (benefit) for credit losses | 245 | (287) | (3) | 18 | 666 |
| Compensation expense - SCF acquisition payments | 500 | 533 | 600 | 600 | 600 |
| Other operating expense | 2531 | 2476 | 2370 | 2531 | 2500 |
| Interest expense | 644 | 679 | 695 | 668 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expense | 3920 | 3401 | 3662 | 3817 | 4262 |
| Income before provision for income taxes | 2751 | 3999 | 4117 | 2937 | 2420 |
| Provision for income taxes | 662 | 533 | 1164 | 831 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income Specialty Finance segment | $2089 | $3466 | $2953 | $2106 | $1732 |
| Weighted average shares outstanding, diluted | 22577720 | 22533320 | 22502680 | 22446232 | 22432408 |
| Diluted earnings per share attributable to Specialty Finance | $0.09 | $0.15 | $0.13 | $0.09 | $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 $3.35 billion at March 31, 2026, up 2% from the preceding quarter and up 7% from a year ago. Northrim's loan-to-deposit ratio was 82% at both March 31, 2026 and December 31, 2025, up from 76% at March 31, 2025.

At March 31, 2026, liquid assets, investments, and loans maturing within one year were $1.06 billion and our funds available for borrowing under our existing lines of credit were $606.2 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 $2.97 billion in the first quarter of 2026, down 1% from $2.99 billion in the fourth quarter of 2025 and up 7% from $2.78 billion in the first quarter a year ago. The average yield on interest-earning assets was 6.17% in the first quarter of 2026, consistent with 6.17% in the preceding quarter and up from 6.10% in the first quarter of 2025.

Average investment securities decreased slightly to $466.4 million in the first quarter of 2026, compared to $466.5 million in the fourth quarter of 2025 and $523.8 million in the first quarter a year ago. The average net tax equivalent yield on the securities portfolio was 3.44% for the first quarter of 2026, up from 3.18% in the preceding quarter and up from 2.97% in the year ago quarter. The average estimated duration of the investment portfolio at March 31, 2026, was approximately 2.2 years compared to approximately 2.4 years at March 31, 2025. As of March 31, 2026, $109.0 million of available for sale securities with a weighted average yield of 1.55% are scheduled to mature in the next six months, $68.3 million with a weighted average yield of 2.15% are scheduled to mature in six months to one year, and $84.8 million with a weighted average yield of 3.41% are scheduled to mature in the following year, representing a total of $262.1 million or 9% of earning assets that are scheduled to mature in the next 24 months.

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

10 of 25

Average interest bearing deposits in other banks decreased to $123.6 million in the first quarter of 2026 from $149.8 million in the fourth quarter of 2025 and increased from $38.0 million in the first quarter of 2025. The decrease in the first quarter of 2026 compared to the fourth quarter of 2025 is primarily due to decreases in average deposits and increases in portfolio loans. The increase in the first quarter of 2026 compared to the same quarter a year ago is primarily due to an increase in deposits.

Loans held for sale decreased to $81.2 million at March 31, 2026, compared to $100.3 million at December 31, 2025 and $159.6 million a year ago, largely due to the reclassification of $100 million of consumer mortgage loans from portfolio loans which occurred in the first quarter of 2025.

Portfolio loans were $2.36 billion at March 31, 2026, up 3% from the preceding quarter and up 11% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $2.09 billion at March 31, 2026, up $41.8 million from the preceding quarter and up $158.0 million or 8% from a year ago. Average portfolio loans in the first quarter of 2026 were $2.31 billion, up 2% from the preceding quarter, and up 6% from a year ago. Yields on average portfolio loans in the first quarter of 2026 decreased to 6.86% from 6.95% in the fourth quarter of 2025 and 6.89% in the first quarter of 2025. The yield on new portfolio loans, excluding consumer mortgage loans, was 6.94% in the first quarter of 2025 as compared to 7.04% in the fourth quarter of 2025 and 7.43% in the first quarter of 2025.

Alaskans continue to account for substantially all of Northrim's deposit base. Total deposits were $2.87 billion at March 31, 2026, up 2% from $2.81 billion at December 31, 2025, and up 3% from $2.78 billion a year ago. At March 31, 2026, 75% of total deposits were held in business accounts and 25% of deposit balances were held in consumer accounts. Northrim had approximately 33,000 deposit customers with an average balance of $64,000 as of March 31, 2026. Northrim had 33 customers with balances over $10 million as of March 31, 2026, which accounted for $721.0 million, or 25%, of total deposits. Demand deposits increased by 14% from the prior quarter and increased 11% from the prior year to $826.4 million at March 31, 2026. Demand deposits were 29% of total deposits at March 31, 2026 up from 26% at December 31, 2025 and 27% of total deposits at March 31, 2025. Average interest-bearing deposits were down 1% to $2.07 billion with an average cost of 1.77% in the first quarter of 2026, compared to $2.10 billion and an average cost of 1.91% in the fourth quarter of 2025, and up 3% compared to $2.00 billion and an average cost of 2.01% in the first quarter of 2025. Uninsured deposits totaled $1.14 billion or 40% of total deposits as of March 31, 2026 compared to $1.07 billion or 38% of total deposits as of December 31, 2025.

Shareholders' equity was $335.8 million, or $15.10 book value per share, at March 31, 2026, compared to $326.5 million, or $14.77 book value per share, at December 31, 2025 and $279.8 million, or $12.67 book value per share, a year ago. Tangible book value per share<sup>\*</sup> was $12.81 at March 31, 2026, compared to $12.47 at December 31, 2025, and $10.37 per share a year ago. The increase in shareholders' equity in the first quarter of 2026 as compared to the fourth quarter of 2025 was largely the result of earnings of $13.7 million, which were partially offset by dividends paid of $3.6 million and a decrease in the fair value of the available for sale securities portfolio, which decreased $447,000, net of tax. The Company did not repurchase any shares of common stock in the first quarter of 2026 and currently has no plans to repurchase shares this year. Tangible common equity to tangible assets<sup>\*</sup> was 8.63% as of March 31, 2026, compared to 8.51% as of December 31, 2025 and 7.41% as of March 31, 2025. Northrim continues to maintain capital levels in excess of the requirements to be categorized as "well-capitalized" with Tier 1 Capital to Risk Adjusted Assets of 10.95% at March 31, 2026, compared to 10.67% at December 31, 2025, and 9.76% at March 31, 2025.

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

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

NPAs net of government guarantees were $15.3 million at March 31, 2026, up from $11.4 million at December 31, 2025 and up from $12.3 million a year ago. Of the NPAs at March 31, 2026, $10.5 million are attributable to the Community Banking segment, $4.3 million are attributable to the Specialty Finance segment, and $499,000 are attributable to the Home Mortgage Lending segment.

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

11 of 25

Net adversely classified loans were $34.3 million at March 31, 2026, as compared to $33.5 million at December 31, 2025, and $20.4 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. The increase in adversely classified loans, net of government guarantees, at March 31, 2026, as compared to the prior quarter is mostly attributable to two Specialty Finance relationships. Net loan charge-offs were $211,000 in the first quarter of 2026, compared to net loan charge-offs of $495,000 in the fourth quarter of 2025, and net loan recoveries of $34,000 in the first quarter of 2025. Additionally, Northrim had 8 existing loan modifications to borrowers experiencing financial difficulty totaling $2.7 million, net of government guarantees that had been modified in the last twelve months as of March 31, 2026.

Northrim had $150.9 million, or 6% of portfolio loans, in the Accommodations sector, $133.2 million, or 6% of portfolio loans, in the Healthcare sector, $121.3 million, or 5% of portfolio loans, in the Tourism sector, $101.4 million, or 4% of portfolio loans, in the Retail sector, $92.1 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $62.5 million, or 3% in the Restaurants and Breweries sector, and $60.7 million, or 3% of portfolio loans, in the Fishing sector as of March 31, 2026.

Northrim estimates that $127.8 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of March 31, 2026, and $1.5 million of these loans are adversely classified. As of March 31, 2026, Northrim has an additional $79.6 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

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

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska's economy and its "Customer First Service" philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

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

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

12 of 25

**Forward-Looking Statement**

This release may contain "forward-looking statements" as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management's attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management's plans and objectives for future operations are forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect," and "intend" and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management's expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim's financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability; the ability of Northrim to execute its business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government shutdowns and government initiatives on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, tariffs, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and Iran; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, "denial of service attacks," "hacking," and identity theft and increased cyber threats due to artificial intelligence; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates*.* Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

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

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

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

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

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

https://apfc.org

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

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

13 of 25

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| | | | |
|:---|:---|:---|:---|
| **<u>Income Statement</u>** | | | |
| *(Dollars in thousands, except per share data)* | Three Months Ended | Three Months Ended | Three Months Ended |
| *(Unaudited)* | March 31, | December 31, | March 31, |
|  | 2026 | 2025 | 2025 |
| Interest Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and fees on loans | $39977 | $41015 | $37470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest on portfolio investments | 3774 | 3538 | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest on deposits in banks | 1145 | 1488 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income | 44896 | 46041 | 41561 |
| Interest Expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense on deposits | 8997 | 10078 | 9935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense on borrowings | 1238 | 588 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense | 10235 | 10666 | 10264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | 34661 | 35375 | 31297 |
| Provision (benefit) for credit losses | 960 | 1627 | (1409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income after provision for credit losses | 33701 | 33748 | 32706 |
| Other Operating Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage banking income | 6461 | 6313 | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased receivable income | 6132 | 6490 | 6150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankcard fees | 1089 | 1219 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service charges on deposit accounts | 811 | 787 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized (loss) gain on marketable equity securities | (256) | 61 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale by Pacific Wealth Advisors |  | 275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of securities |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 642 | 1137 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other operating income | 14879 | 16283 | 13040 |
| Other Operating Expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salaries and other personnel expense | 19506 | 20828 | 17223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Data processing expense | 3305 | 3415 | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy expense | 2104 | 1908 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional and outside services | 1159 | 1342 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 404 | 637 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation expense - SCF acquisition payments | 500 | 533 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marketing expense | 901 | 1506 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; OREO expense, net rental income and gains on sale | 12 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expense | 2731 | 3255 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other operating expense | 30622 | 33424 | 28171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before provision for income taxes | 17958 | 16607 | 17575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 4283 | 4166 | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $13675 | $12441 | $13324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic EPS | $0.62 | $0.56 | $0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS | $0.61 | $0.55 | $0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average shares outstanding, basic | 22166888 | 22097658 | 22079992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average shares outstanding, diluted | 22577720 | 22533320 | 22432408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-provision pre-tax net revenue ("PPNR")\* | $18918 | $18234 | $16166 |

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

14 of 25

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| | | | |
|:---|:---|:---|:---|
| **<u>Balance Sheet</u>** | | | |
| *(Dollars in thousands)* |  |  |  |
| *(Unaudited)* | March 31, | December 31, | March 31, |
|  | 2026 | 2025 | 2025 |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | $33030 | $36042 | $29671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest bearing deposits in other banks | 121907 | 109864 | 35852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities available for sale, at fair value | 418447 | 420661 | 463096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities held to maturity | 31750 | 26750 | 36750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marketable equity securities, at fair value | 10145 | 8392 | 8669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Federal Home Loan Bank stock | 7060 | 6764 | 5342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans held for sale | 81179 | 100323 | 159603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio loans | 2358702 | 2295499 | 2124330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses, loans | (24812) | (23737) | (20922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net portfolio loans | 2333890 | 2271762 | 2103408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased receivables, net | 105029 | 101642 | 95489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage servicing rights, at fair value | 28426 | 27474 | 26814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other real estate owned, net | 1036 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premises and equipment, net | 41728 | 39692 | 37070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease right of use asset | 11749 | 5911 | 7632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill and intangible assets | 50824 | 50824 | 50824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 78708 | 84172 | 80740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $3354908 | $3290273 | $3140960 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Demand deposits | $826445 | $721925 | $742560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing demand | 1215182 | 1242546 | 1187465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savings deposits | 243667 | 250006 | 256650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money market deposits | 197402 | 195793 | 193842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time deposits | 391050 | 402759 | 397460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 2873746 | 2813029 | 2777977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 81652 | 81729 | 23446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease liability | 11857 | 5941 | 7682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 51844 | 63030 | 52099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3019099 | 2963729 | 2861204 |
| Shareholders' Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 335809 | 326544 | 279756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $3354908 | $3290273 | $3140960 |

---

------

Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

15 of 25

**<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>** | | | | | | | | |
|  | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 | September 30, 2025 | September 30, 2025 | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 |
|  | Balance | % of total | Balance | % of total | Balance | % of total | Balance | % of total | Balance | % of total |
| Commercial loans | $599912 | 25% | $569128 | 25% | $558736 | 25% | $569753 | 27% | $573593 | 27% |
| Commercial real estate: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied properties | 436979 | 18% | 435050 | 19% | 439971 | 20% | 447561 | 20% | 430442 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonowner occupied and |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;multifamily properties | 770325 | 33% | 767618 | 32% | 717576 | 32% | 696766 | 31% | 690277 | 32% |
| Residential real estate: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1-4 family properties |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;secured by first liens | 264555 | 11% | 243167 | 11% | 216690 | 10% | 206905 | 9% | 188219 | 9% |
| &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 | 70464 | 3% | 66470 | 3% | 65698 | 3% | 60118 | 3% | 53836 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;1-4 family construction | 38900 | 2% | 39311 | 2% | 37429 | 2% | 36005 | 2% | 34017 | 2% |
| Construction loans | 178029 | 8% | 175261 | 8% | 184447 | 8% | 187442 | 8% | 156211 | 7% |
| Consumer loans | 9097 | —% | 9658 | —% | 8236 | —% | 7570 | —% | 7424 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2368261 |  | 2305663 |  | 2228783 |  | 2212120 |  | 2134019 |  |
| Unearned loan fees, net | (9559) |  | (10164) |  | (9813) |  | (10005) |  | (9689) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total portfolio loans | $2358702 |  | $2295499 |  | $2218970 |  | $2202115 |  | $2124330 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Composition of Deposits</u>** | **<u>Composition of Deposits</u>** | **<u>Composition of Deposits</u>** | | | | | | | | |
|  | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 | September 30, 2025 | September 30, 2025 | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 |
|  | Balance | % of total | Balance | % of total | Balance | % of total | Balance | % of total | Balance | % of total |
| Demand deposits | $826445 | 29% | $721925 | 26% | $872086 | 30% | $777948 | 28% | $742560 | 27% |
| Interest-bearing demand | 1215182 | 42% | 1242546 | 44% | 1191867 | 41% | 1196048 | 42% | 1187465 | 43% |
| Savings deposits | 243667 | 8% | 250006 | 9% | 239738 | 8% | 248141 | 9% | 256650 | 9% |
| Money market deposits | 197402 | 7% | 195793 | 7% | 202491 | 7% | 196166 | 7% | 193842 | 7% |
| Time deposits | 391050 | 14% | 402759 | 14% | 400281 | 14% | 390867 | 14% | 397460 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $2873746 |  | $2813029 |  | $2906463 |  | $2809170 |  | $2777977 |  |

---

------

Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

16 of 25

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

*(Dollars in thousands)*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **<u>Asset Quality</u>** | March 31, | December 31, | March 31, |
|  | 2026 | 2025 | 2025 |
| Nonaccrual loans - Community Banking | $10006 | $9066 | $4274 |
| Nonaccrual loans - Home Mortgage Lending | 499 | 514 | 221 |
| Nonaccrual loans - Specialty Finance | 4276 | 2388 | 3573 |
| Nonaccrual loans - Total | 14781 | 11968 | 8068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90 days past due and accruing - Community Banking |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90 days past due and accruing - Home Mortgage Lending |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90 days past due and accruing - Total |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans - Community Banking | 10006 | 9066 | 4274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans - Home Mortgage Lending  | 499 | 514 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans - Specialty Finance | 4276 | 2388 | 3573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans - Total | 14781 | 11968 | 8068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming loans guaranteed by gov't - Community Banking | 567 | 639 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming loans guaranteed by gov't - Total | 567 | 639 | 80 |
| &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 | 9439 | 8427 | 4194 |
| &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 | 499 | 514 | 221 |
| &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 | 4276 | 2388 | 3573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming loans - Total | 14214 | 11329 | 7988 |
| Other real estate owned - Community Banking | 1036 |  |  |
| Other real estate owned - Home Mortgage Lending |  |  |  |
| Other real estate owned - Specialty Finance |  |  |  |
| Other real estate owned - Total | 1036 |  |  |
| Other real estate owned guaranteed by government - Community Banking |  |  |  |
| Other real estate owned guaranteed by government - Home Mortgage Lending |  |  |  |
| Other real estate owned guaranteed by government - Specialty Finance |  |  |  |
| Other real estate owned guaranteed by government - Total |  |  |  |
| Repossessed assets - Community Banking |  |  | 297 |
| Repossessed assets - Total |  |  | 297 |
| Nonperforming purchased receivables - Specialty Finance |  | 67 | 4007 |
| &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 | 10475 | 8427 | 4491 |
| &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 | 499 | 514 | 221 |
| &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 | 4276 | 2455 | 7580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net nonperforming assets - Total | $15250 | $11396 | $12292 |
| Adversely classified loans, net of gov't guarantees - Community Banking | $29395 | $29447 | $16592 |
| Adversely classified loans, net of gov't guarantees - Home Mortgage Lending | 667 | 687 | 252 |
| Adversely classified loans, net of gov't guarantees - Specialty Finance | 4276 | 3364 | 3573 |
| Adversely classified loans, net of gov't guarantees - Total | $34338 | $33498 | $20417 |
| Special mention loans, net of gov't guarantees - Community Banking | $7985 | $10481 | $14496 |
| Special mention loans, net of gov't guarantees - Home Mortgage Lending |  |  | 637 |
| Special mention loans, net of gov't guarantees - Total | $7985 | $10481 | $15133 |

---

------

Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

17 of 25

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Asset Quality, Continued</u>** | March 31, |  | December 31, |  | March 31, |  |
|  | 2026 |  | 2025 |  | 2025 |  |
| Nonperforming loans, net of government guarantees / portfolio loans | 0.60 | % | 0.49 | % | 0.38 | % |
| 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 | 0.64 | % | 0.53 | % | 0.40 | % |
| Nonperforming assets, net of government guarantees / total assets | 0.45 | % | 0.35 | % | 0.39 | % |
| 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 | 0.48 | % | 0.36 | % | 0.41 | % |
| 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 | 0.09 | % | 0.07 | % | 0.04 | % |
| 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 | 0.10 | % | 0.08 | % | 0.04 | % |
| Allowance for credit losses for loans / portfolio loans | 1.05 | % | 1.03 | % | 0.98 | % |
| Allowance for credit losses for loans / portfolio loans, net of gov't guarantees | 1.12 | % | 1.10 | % | 1.06 | % |
| Allowance for credit losses for loans / nonperforming loans, net of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; government guarantees | 175 | % | 210 | % | 262 | % |
| Gross loan charge-offs for the quarter - Community Banking | $2 |  | $214 |  | $50 |  |
| Gross loan charge-offs for the quarter - Specialty Finance | 250 |  | 317 |  |  |  |
| Gross loan charge-offs for the quarter - Total | 252 |  | 531 |  | 50 |  |
| Gross loan recoveries for the quarter - Community Banking | (41) |  | (36) |  | (84) |  |
| Gross loan recoveries for the quarter - Specialty Finance |  |  |  |  |  |  |
| Gross loan recoveries for the quarter - Total | ($41) |  | ($36) |  | ($84) |  |
| Net loan (recoveries) charge-offs for the quarter - Community Banking | ($39) |  | $178 |  | ($34) |  |
| Net loan (recoveries) charge-offs for the quarter - Specialty Finance | 250 |  | 317 |  |  |  |
| Net loan (recoveries) charge-offs for the quarter - Total | $211 |  | $495 |  | ($34) |  |
| Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter | 0.01 | % | 0.02 | % |  | % |
| Allowance for credit losses for purchased receivables / purchased receivables |  | % |  | % | 3.72 | % |
| Net purchased receivable (recoveries) charge-offs for the quarter | ($5) |  | $1911 |  | $— |  |
| 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 | % | NA |  |

---

------

Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

18 of 25

**<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 |
|  | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 | March 31, 2025 | March 31, 2025 |
|  |  | 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 | $123643 | 3.71% | $149812 | 3.89% | $37969 | 4.44% |
| Portfolio investments | 466386 | 3.44% | 466548 | 3.18% | 523753 | 2.97% |
| Loans held for sale | 74144 | 5.83% | 101132 | 5.91% | 46223 | 5.86% |
| Portfolio loans | 2305181 | 6.86% | 2268177 | 6.95% | 2173425 | 6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 2969354 | 6.17% | 2985669 | 6.17% | 2781370 | 6.10% |
| Nonearning assets | 311415 |  | 315422 |  | 293415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3280769 |  | $3301091 |  | $3074785 |  |
| **Liabilities and Shareholders' Equity** |  |  |  |  |  |  |
| Interest-bearing deposits | $2067101 | 1.77% | $2095675 | 1.91% | $2002594 | 2.01% |
| Borrowings | 81702 | 6.13% | 46238 | 5.01% | 37081 | 3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2148803 | 1.93% | 2141913 | 1.97% | 2039675 | 2.04% |
| Noninterest-bearing demand deposits | 732454 |  | 763037 |  | 697534 |  |
| Other liabilities | 65492 |  | 70602 |  | 63348 |  |
| Shareholders' equity | 334020 |  | 325539 |  | 274228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3280769 |  | $3301091 |  | $3074785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net spread |  | 4.24% |  | 4.20% |  | 4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIM |  | 4.72% |  | 4.70% |  | 4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIMTE<sup>\*</sup> |  | 4.77% |  | 4.75% |  | 4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of funds |  | 1.44% |  | 1.46% |  | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average portfolio loans to average |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest-earning assets | 77.63% |  | 75.97% |  | 78.14% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average portfolio loans to average total deposits | 82.34% |  | 79.34% |  | 80.49% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average non-interest deposits to average |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; total deposits | 26.16% |  | 26.69% |  | 25.83% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average interest-earning assets to average |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interest-bearing liabilities | 138.19% |  | 139.39% |  | 136.36% |  |

---

------

Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

19 of 25

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

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

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **<u>Capital Data (At quarter end)</u>** | | | |
|  | March 31, 2026 | December 31, 2025 | March 31, 2025 |
| Book value per share | $15.10 | $14.77 | $12.67 |
| Tangible book value per share<sup>\*</sup> | $12.81 | $12.47 | $10.37 |
| Total shareholders' equity/total assets | 10.01 | 9.92 | 8.91 |
| Tangible Common Equity/Tangible Assets<sup>\*</sup> | 8.63 | 8.51 | 7.41 |
| Common Equity Tier 1 Capital / Risk Adjusted Assets | 10.59 | 10.31 | 9.37 |
| Tier 1 Capital / Risk Adjusted Assets | 10.95 | 10.67 | 9.76 |
| Total Capital / Risk Adjusted Assets | 14.14 | 13.86 | 10.62 |
| Tier 1 Capital / Average Assets | 9.13 | 8.77 | 8.02 |
| Shares outstanding | 22244766 | 22111637 | 22083568 |
| Total unrealized loss on AFS debt securities, net of income taxes | ($927) | ($480) | ($5452) |
| Total unrealized gain on derivatives and hedging activities, net of income taxes | $1032 | $1028 | $1097 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Profitability Ratios</u>** | | | | | |
|  | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Three Months Ended: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NIM | 4.72 | 4.70 | 4.83 | 4.66 | 4.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIMTE<sup>\*</sup>  | 4.77 | 4.75 | 4.88 | 4.72 | 4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Efficiency ratio | 61.81 | 64.70 | 45.51 | 64.68 | 63.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted efficiency ratio\* | 61.81 | 65.05 | 57.85 | 64.68 | 63.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on average assets | 1.69 | 1.50 | 3.32 | 1.48 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted return on average assets\* | 1.69 | 1.47 | 1.99 | 1.48 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on average equity | 16.60 | 15.16 | 35.66 | 16.37 | 19.70 |
| &nbsp;&nbsp;&nbsp;Adjusted return on average shareholders' equity\* | 16.60 | 14.91 | 21.34 | 16.37 | 19.70 |

---

------

Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

20 of 25

**<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 stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

*Net interest margin on a tax equivalent basis*

Net interest margin on a tax equivalent basis ("NIMTE") is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Net interest income | $34661 | $35375 | $35346 | $33592 | $31297 |
| Divided by average interest-bearing assets | 2969354 | 2985669 | 2906830 | 2889289 | 2781370 |
| Net interest margin ("NIM")<sup>2</sup> | 4.72% | 4.70% | 4.83% | 4.66% | 4.55% |
| Net interest income | $34661 | $35375 | $35346 | $33592 | $31297 |
| Plus: reduction in tax expense related to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; tax-exempt interest income | 400 | 386 | 373 | 409 | 379 |
|  | $35061 | $35761 | $35719 | $34001 | $31676 |
| Divided by average interest-bearing assets | 2969354 | 2985669 | 2906830 | 2889289 | 2781370 |
| NIMTE<sup>2</sup> | 4.77% | 4.75% | 4.88% | 4.72% | 4.61% |

---

<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.

*Tangible Book Value Per Share*

Tangible book value per share is a non-GAAP measure defined as shareholders' equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Total shareholders' equity | $335809 | $326544 | $315663 | $290219 | $279756 |
| Divided by shares outstanding | 22245 | 22112 | 22091 | 22088 | 22084 |
| Book value per share | $15.10 | $14.77 | $14.29 | $13.14 | $12.67 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Total shareholders' equity | $335809 | $326544 | $315663 | $290219 | $279756 |
| Less: goodwill and intangible assets | 50824 | 50824 | 50824 | 50824 | 50824 |
|  | $284985 | $275720 | $264839 | $239395 | $228932 |
| Divided by shares outstanding | 22245 | 22112 | 22091 | 22088 | 22084 |
| Tangible book value per share | $12.81 | $12.47 | $11.99 | $10.84 | $10.37 |

---

------

Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

21 of 25

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

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

*(Unaudited)*

*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.** | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Total shareholders' equity | $335809 | $326544 | $315663 | $290219 | $279756 |
| Total assets | 3354908 | 3290273 | 3312332 | 3243760 | 3140960 |
| Total shareholders' equity to total assets | 10.01% | 9.92% | 9.53% | 8.95% | 8.91% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Northrim BanCorp, Inc.** | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Total shareholders' equity | $335809 | $326544 | $315663 | $290219 | $279756 |
| Less: goodwill and other intangible assets, net | 50824 | 50824 | 50824 | 50824 | 50824 |
| Tangible common shareholders' equity | $284985 | $275720 | $264839 | $239395 | $228932 |
| Total assets | $3354908 | $3290273 | $3312332 | $3243760 | $3140960 |
| Less: goodwill and other intangible assets, net | 50824 | 50824 | 50824 | 50824 | 50824 |
| Tangible assets | $3304084 | $3239449 | $3261508 | $3192936 | $3090136 |
| Tangible common equity ratio | 8.63% | 8.51% | 8.12% | 7.50% | 7.41% |

---

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

22 of 25

**<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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| **Northrim BanCorp, Inc.** | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Net interest income | $34661 | $35375 | $35346 | $33592 | $31297 |
| Provision for credit losses | 960 | 1627 | 1716 | 1976 | (1409) |
| Total other operating income | 14879 | 16283 | 31239 | 16640 | 13040 |
| Less: total other operating expense | 30622 | 33424 | 30300 | 32488 | 28171 |
| Income before provision for income taxes | $17958 | $16607 | $34569 | $15768 | $17575 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| **Northrim BanCorp, Inc.** | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 |
| Net interest income | $34661 | $35375 | $35346 | $33592 | $31297 |
| Total other operating income | 14879 | 16283 | 31239 | 16640 | 13040 |
| Less: total other operating expense | 30622 | 33424 | 30300 | 32488 | 28171 |
| Pre-provision pre-tax net revenue | $18918 | $18234 | $36285 | $17744 | $16166 |

---

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

23 of 25

**<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 periods indicated.

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

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*Adjusted diluted earnings per share*

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

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

---

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

24 of 25

**<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 periods indicated.

---

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

---

*Adjusted return on average shareholders' equity*

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

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| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
| **Northrim BanCorp, Inc.** | December 31, 2025 | September 30, 2025 |
| Net income | $12441 | $27065 |
| Divided by average shareholders' equity | 325539 | 301082 |
| Return on average shareholders' equity<sup>4</sup> | 15.16% | 35.66% |
| Net income | $12441 | $27065 |
| Less: gain on sale by Pacific Wealth Advisors, net of tax | 210 | 10870 |
| Adjusted net income | $12231 | $16195 |
| Divided by average shareholders' equity | 325539 | 301082 |
| Adjusted return on average shareholders' equity<sup>3</sup> | 14.91% | 21.34% |

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

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Northrim BanCorp Earns $13.7 Million, or $0.61 per Diluted Share in 1Q26

April 22, 2026

25 of 25

**<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 periods indicated.

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

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Note Transmitted on GlobeNewswire on April 22, 2026, at 12:15 pm Alaska Standard Time.

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