Northrim BanCorp, Inc. Announces Completion of $60.0 Million Subordinated Notes Offering

Core Viewpoint - Northrim BanCorp, Inc. has successfully completed a private placement of $60 million in subordinated notes, which will enhance its regulatory capital and support growth initiatives [1][2]. Group 1: Financial Details - The subordinated notes have a fixed interest rate of 6.875% for the first five years, after which the rate will adjust quarterly to the three-month SOFR rate plus 348 basis points [2]. - The net proceeds from the private placement will be used for general corporate purposes and to support regulatory capital ratios [2]. Group 2: Legal and Regulatory Aspects - Northrim entered into a registration rights agreement with purchasers of the notes, allowing for the exchange of the notes for registered subordinated notes under the Securities Act [3]. - The notes are intended to qualify as Tier 2 capital for regulatory purposes [2]. Group 3: Company Overview - Northrim is the holding company for Northrim Bank, which operates 20 branches in Alaska and focuses on customer service and knowledge of the local economy [6]. - The company also has subsidiaries involved in factoring, asset-based lending, and regional home mortgage services [6].