$NRIM

NORTHRIM BANCORP INC

CIK:0001163370|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and Dividend Income
Interest and fees on loans and loans held for sale	$ 42,328	$ 40,519	$ 82,305	$ 77,989
Interest on investment securities available for sale	3,212	3,026	6,217	5,978
Dividends on marketable equity securities	180	146	337	291
Interest on investment securities held to maturity	492	473	958	946
Dividends on Federal Home Loan Bank stock	147	120	293	225
Interest on deposits in other banks	795	515	1,940	931
Total Interest and Dividend Income	47,154	44,799	92,050	86,360
Interest Expense
Interest expense on deposits	8,777	10,304	17,774	20,239
Interest expense on borrowings	79	809	158	1,047
Interest expense on subordinated debentures	1,162	94	2,321	185
Total Interest Expense	10,018	11,207	20,253	21,471
Net Interest Income	37,136	33,592	71,797	64,889
Provision for credit losses	1,627	1,976	2,587	567
Net Interest Income After Provision for Credit Losses	35,509	31,616	69,210	64,322
Other Operating Income
Mortgage banking income	7,138	7,400	13,599	11,651
Purchased receivable income	6,473	5,897	12,605	12,047
Unrealized gain (loss) on marketable equity securities	164	78	(92)	28
Other income	721	1,386	1,363	2,324
Total Other Operating Income	16,737	16,640	31,616	29,680
Other Operating Expense
Salaries and other personnel expense	20,784	20,854	40,290	38,077
Data processing expense	3,482	3,366	6,787	6,470
Occupancy expense	1,825	2,104	3,929	3,993
Professional and outside services	1,428	1,113	2,587	2,228
Marketing expense	686	1,042	1,587	1,714
Compensation expense - Sallyport acquisition payments	500	600	1,000	1,200
Insurance expense	432	756	836	1,773
OREO expense, net rental income and gains on sale	102	2	114	5
Other expense	2,783	2,651	5,514	5,199
Total Other Operating Expense	32,022	32,488	62,644	60,659
Income Before Provision for Income Taxes	20,224	15,768	38,182	33,343
Provision for income taxes	4,882	3,990	9,165	8,241
Net Income	$ 15,342	$ 11,778	$ 29,017	$ 25,102
Earnings Per Share, Basic (in USD per share)	$ 0.69	$ 0.53	$ 1.31	$ 1.14
Earnings Per Share, Diluted (in USD per share)	$ 0.68	$ 0.52	$ 1.29	$ 1.12
Weighted Average Common Shares Outstanding, Basic (in shares)	22,244,766	22,087,244	22,205,827	22,083,620
Weighted Average Common Shares Outstanding, Diluted (in shares)	22,544,448	22,446,232	22,560,798	22,446,936
Bankcard fees
Other Operating Income
Bankcard fees and Service charges on deposit accounts	$ 1,329	$ 1,153	$ 2,418	$ 2,227
Service charges on deposit accounts
Other Operating Income
Bankcard fees and Service charges on deposit accounts	$ 912	$ 726	$ 1,723	$ 1,403

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 29,017	$ 25,102
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:
Depreciation and amortization of premises and equipment	1,680	1,780
Depreciation of debt issuance costs	70	0
Amortization of investment security premium, net of discount accretion	(251)	55
Unrealized (gain) loss on marketable equity securities	92	(28)
Deferred tax expense	1,729	0
Stock-based compensation	704	559
Deferred loan fees and amortization, net of costs	(252)	671
Provision for credit losses	2,587	567
Additions to home mortgage servicing rights carried at fair value	(2,056)	(2,740)
Change in fair value of home mortgage servicing rights carried at fair value	1,055	1,673
Change in fair value of commercial servicing rights carried at fair value	161	193
Change in fair value of loans held for sale	(487)	(60)
Gain on sale of loans	(8,405)	(6,671)
Proceeds from the sale of loans held for sale	410,668	336,860
Origination of loans held for sale	(362,522)	(358,179)
Net changes in assets and liabilities:
Increase in accrued interest receivable	(1,968)	(1,072)
Decrease in other assets	4,530	12,297
(Decrease) increase in other liabilities	(9,054)	1,117
Net Cash Provided by Operating Activities	67,298	12,124
Investment in securities:
Purchases of investment securities available for sale	(127,337)	(24,691)
Purchases of marketable equity securities	(3,016)	0
Purchases of FHLB stock	(777)	(21,588)
Purchases of investment securities held to maturity	(15,000)	0
Proceeds from calls/maturities of securities available for sale	135,455	80,433
Proceeds from calls/maturities of securities held to maturity	10,000	0
Proceeds from redemption of FHLB stock	354	18,576
Increase in purchased receivables, net	(21,771)	(35,081)
Increase in loans, net	(114,326)	(112,738)
Sallyport Commercial Finance, LLC acquisition, net of cash received	0	144
Purchases of premises and equipment	(3,474)	(524)
Net Cash (Used) by Investing Activities	(139,892)	(95,469)
Financing Activities:
Increase in deposits	105,759	128,981
(Decrease) increase in borrowings	(224)	39,981
Proceeds from the issuance of common stock	483	(1)
Cash dividends paid	(7,117)	(7,069)
Net Cash Provided by Financing Activities	98,901	161,892
Net Change in Cash and Cash Equivalents	26,307	78,547
Cash and Cash Equivalents at Beginning of Period	145,906	62,736
Cash and Cash Equivalents at End of Period	172,213	141,283
Supplemental Information:
Income taxes paid	4,947	5,020
Interest paid	20,185	21,590
Transfer of loans to other real estate owned	1,224	0
Non-cash lease liability arising from obtaining right of use assets	6,325	0
Cash dividends declared but not paid	$ 81	$ 89

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 41,948	$ 36,042
Interest bearing deposits in other banks	130,265	109,864
Marketable equity securities	11,315	8,392
Investment securities available for sale, at fair value	411,644	420,661
Investment securities held to maturity, at amortized cost	31,750	26,750
Investment in Federal Home Loan Bank stock	7,187	6,764
Loans held for sale	83,272	100,323
Loans	2,386,328	2,295,499
Allowance for credit losses, loans	(25,461)	(23,737)
Net loans	2,360,867	2,271,762
Purchased receivables, net	122,792	101,642
Other real estate owned, net	1,224	0
Premises and equipment, net	41,486	39,692
Operating lease right-of-use assets	11,263	5,911
Goodwill	49,874	49,874
Other intangible assets, net	950	950
Other assets	81,074	84,172
Total assets	3,415,386	3,290,273
Deposits:
Demand	826,271	721,925
Interest-bearing demand	1,281,777	1,242,546
Savings	246,617	250,006
Money market	194,665	195,793
Certificates of deposit	369,458	402,759
Total deposits	2,918,788	2,813,029
Borrowings	81,574	81,729
Operating lease liabilities	11,459	5,941
Other liabilities	55,951	63,030
Total liabilities	3,067,772	2,963,729
SHAREHOLDERS' EQUITY
Preferred stock, $1 par value, 2,500,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.25 par value, 40,000,000 shares authorized, 22,244,766 and 22,111,637 issued and outstanding at June 30, 2026 and December 31, 2025, respectively	5,561	5,528
Additional paid-in capital	10,757	10,822
Retained earnings	331,394	309,575
Accumulated other comprehensive (loss) income, net of tax	(98)	619
Total shareholders' equity	347,614	326,544
Total liabilities and shareholders' equity	3,415,386	3,290,273
Mortgage servicing rights
ASSETS
Mortgage servicing rights, at fair value	$ 28,475	$ 27,474