Financial Performance - The Company reported net income of $8.4 million and earnings per diluted share of $1.48 for Q3 2023, down from $10.1 million and $1.76 in Q3 2022[126]. - For the first nine months of 2023, net income was $18.8 million and earnings per diluted share were $3.30, compared to $22.1 million and $3.79 in the same period of 2022[126]. - Net income for Q3 2023 decreased by $1.8 million to $8.4 million compared to $10.1 million in Q3 2022, primarily due to a $1.5 million increase in the provision for credit losses[132]. - For the first nine months of 2023, net income decreased by $3.4 million to $18.8 million from $22.1 million in the same period of 2022, mainly due to a decrease in mortgage banking income and an increase in the provision for credit losses[133]. Interest Income and Expenses - Net interest income increased 13% to $76.5 million in the first nine months of 2023, up from $67.8 million in the same period of 2022[128]. - Total interest income for the three months ended September 30, 2023, increased by $6,849,000, with contributions of $1,871,000 from volume and $4,978,000 from rate changes compared to the same period in 2022[140]. - Total interest expense for the three months ended September 30, 2023, increased by $6,810,000, with $754,000 from volume and $6,056,000 from rate changes compared to the same period in 2022[140]. - Net interest income for the nine months ended September 30, 2023, increased by $8,697,000, or 13%, to $76,524,000 compared to $67,827,000 for the same period in 2022[142]. - Total interest income for the nine months ended September 30, 2023, increased by $25,414,000, with $5,260,000 from volume and $20,154,000 from rate changes compared to the same period in 2022[144]. - Total interest expense for the nine months ended September 30, 2023, increased by $16,717,000, with $1,144,000 from volume and $15,573,000 from rate changes compared to the same period in 2022[144]. Loans and Deposits - Loans totaled $1.72 billion at September 30, 2023, representing a 14% increase from December 31, 2022, primarily due to commercial and consumer mortgage loan growth[128]. - Total deposits were $2.43 billion at September 30, 2023, a 2% increase from December 31, 2022[128]. - Loans increased by $218.3 million, or 15%, to $1.720 billion at September 30, 2023, primarily due to increased commercial and consumer mortgage loans[154]. - Total deposits increased by $40.7 million, or 2%, to $2.428 billion as of September 30, 2023, compared to $2.387 billion at December 31, 2022[158]. - Uninsured deposits totaled $999.5 million, or 41% of total deposits, as of September 30, 2023, down from $1.1 billion, or 46%, at December 31, 2022[160]. Credit Quality - Nonperforming loans decreased by 20% to $5.1 million as of September 30, 2023, from $6.4 million at December 31, 2022[129]. - Potential problem loans increased to $2.2 million as of September 30, 2023, from $1.6 million at December 31, 2022, primarily due to increased line of credit usage[131]. - The Company’s allowance for credit losses (ACL) increased to $16.491 million as of September 30, 2023, from $11.982 million at the end of Q3 2022[157]. - Provision for credit loss expense for the three months ended September 30, 2023, was $1,190,000, compared to a benefit of $353,000 for the same period in 2022[145]. Operating Expenses - Other operating income for the three months ended September 30, 2023, decreased by $670,000, or 8%, to $8,000,000 compared to $8,700,000 for the same period in 2022[146]. - Other operating expense for the three months ended September 30, 2023, increased by $610,000, or 3%, to $22,900,000 compared to $22,300,000 for the same period in 2022[148]. - Other operating income for the nine months ended September 30, 2023, decreased by $7,400,000, or 27%, to $19,900,000 compared to $27,300,000 for the same period in 2022[147]. Capital and Shareholder Returns - The dividend payout ratio increased to 40.40% in Q3 2023, compared to 28.23% in Q3 2022[127]. - The Company has 10.0 million authorized shares of common stock, with 5.5 million issued and outstanding, leaving 4.5 million shares available for issuance[165]. - The Company repurchased 152,887 shares of its common stock in the first nine months of 2023, with 132,113 shares remaining under the repurchase program[171]. - Northrim recorded a lower effective tax rate of 18.43% in Q3 2023 compared to 22.41% in Q3 2022, with tax expense decreasing from $2.9 million to $1.9 million[150]. Liquidity and Investments - The Company had cash and cash equivalents of $111.2 million, representing 4% of total assets, down from $259.4 million or 10% of total assets at December 31, 2022[168]. - The Company’s liquid assets, including investments and loans maturing within a year, totaled $517.8 million as of September 30, 2023[169]. - The average estimated duration of the investment portfolio was approximately 2.8 years as of September 30, 2023, with $308.9 million scheduled to mature in the next year[152]. - The Company has access to additional liquidity sources, including borrowings through correspondent banking relationships and credit lines with the Federal Reserve Bank and the FHLB[169]. Branch Expansion - The Company opened its 19th branch in Kodiak in the first quarter of 2023, contributing to increased salaries and personnel expenses[149].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) Alaska 92-0175752 (State or other jurisdic ...

For the quarterly period ended March 31, 2023 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) Alaska 92-0175752 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☑ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) Alaska 92-0175752 (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) Alaska 92-0175752 (State or other jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) Alaska 92-0175752 (State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☑ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) Alaska 92-0175752 (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to____ Commission File Number 000-33501 NORTHRIM BANCORP, INC. (Exact name of registrant as specified in its charter) Alaska 92-0175752 (State or other jurisdic ...