Northrim BanCorp, Inc. Announces Completion of $60.0 Million Subordinated Notes Offering - Northrim BanCorp (NASDAQ:NRIM)

Core Viewpoint - Northrim BanCorp, Inc. has successfully completed a private placement of $60.0 million in 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035, aimed at enhancing its regulatory capital ratios and supporting growth initiatives [1][2]. Group 1: Financial Details - The Notes will have a fixed interest rate of 6.875% for the first five years, after which the rate will reset quarterly to the three-month SOFR rate plus 348 basis points [2]. - The net proceeds from the private placement will be utilized for general corporate purposes and to bolster regulatory capital ratios [2]. Group 2: Legal and Advisory Information - A registration rights agreement was established with purchasers of the Notes, allowing for the exchange of the Notes for registered subordinated notes under the Securities Act of 1933 [3]. - Keefe, Bruyette & Woods served as the lead placement agent, while Hovde Group acted as the co-placement agent for the offering [4]. Group 3: Company Overview - Northrim BanCorp is the holding company for Northrim Bank, which operates 20 branches across Alaska and focuses on understanding the local economy [6]. - The Bank also has divisions such as Northrim Funding Services, which provides factoring and asset-based lending, and owns subsidiaries like Sallyport Commercial Finance, LLC and Residential Mortgage, LLC [6].