Northrim Bancorp Inc · NASDAQ:NRIM
Northrim Bancorp — Debt Investor Presentation (November 2025)
43 slides from Northrim Bancorp's debt investor presentation, Nov 26, 2025
Slide 1: Fixed Income Investor Presentation November 2025
Fixed Income Investor Presentation November 2025 Nasdaq: NRIM 1
Slide 2: Safe Harbor Statement and Other Disclaimers
Safe Harbor Statement and Other Disclaimers Forward-Looking Statements This investor presentation (this “Presentation”) contains, and future oral and written statements of Northrim BanCorp, Inc. (the “Company” or “Northrim”) and its wholly owned banking subsidiary, Northrim Bank (the “Bank”), may co
Slide 3: Safe Harbor Statement and Other Disclaimers (cont.)
Safe Harbor Statement and Other Disclaimers (cont.) Trademarks and Trade Names The Company owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. Solely for convenience, the trademarks, service marks and trade names refe
Slide 4: Management Introductions
Management Introductions Joseph M. Schierhorn | Chairman • Joined Northrim Bank in 1990, promoted to Chairman in 2018 • Previously Chief Financial Officer, Chief Operating Officer, Chief Executive Officer and President • JD and Master of Management from Willamette University School of Law, Atkinson
Slide 5: Terms of Proposed Subordinated Debt Offering
Terms of Proposed Subordinated Debt Offering 5 Issuer Northrim BanCorp, Inc. (Nasdaq: NRIM) Security Fixed-to-Floating Subordinated Notes due 2035 Amount $50 million Security Rating1 BBB- by Kroll Bond Rating Agency, LLC Issuance Type Regulation D, with Registration Rights Offering Structure Fixed D
Slide 6: Northrim Bank Overview
Northrim Bank Overview $3.3 billion community bank founded in 1990 to provide financial services to Alaskan residents and businesses • Superior customer-first service • Strong balance sheet • Solid net interest margin; pricing reflects quality service • Focus on asset quality • Diversified revenue s
Slide 7: Investment Highlights
Investment Highlights Unique Banking Environment Provides Opportunities to Gain Market Share • Northrim deposit market share in Alaska has increased by 727 bps since 2018 Alaska Banking Environment Drives Higher Yields on Loans and Lower Deposit Costs • Northrim loan yields averaged 5.82% over last
Slide 8: Northrim has a Fortress Position in Alaskan Market
Northrim has a Fortress Position in Alaskan Market Historic Demographic Highlights • Northrim continues to build market share in attractive Alaskan market • High barriers to entry • No recent new entrants into the market • Wells Fargo’s Alaskan market share has decreased from 51% in 2017 to 42% in 2
Slide 9: Alaskan Market Snapshot
Alaskan Market Snapshot • Alaska Permanent Fund value $83.3 billion (as of 8/31/2025) • Monthly average ANS oil prices $67 - $76 / barrel • Payroll jobs increase 0.8%, up 2,900 jobs from Aug. ‘24 – Aug. ‘25 • Gross State Product +2% in 2nd quarter annualized: $74.2 billion • Personal Income +5% in 2
Slide 10: Capital Investment Drives Economic Growth - Partial List of Projects
Capital Investment Drives Economic Growth - Partial List of Projects • $6 billion in various federal infrastructure projects over the next 5 years • $250 million Port of Nome • $170 million Lowell Creek flood diversion in Seward • $88 million Moose Creek dam in North Pole to protect Fairbanks • $46
Slide 11: Financial Overview
a Northrim BanCorp, Inc. Financial Overview
Slide 12: 3rd Quarter 2025 Financial Highlights
3rd Quarter 2025 | Financial Highlights Earnings & Profitability Q3-25 Q2-25 Q3-24 Earnings per Share $1.20 $0.52 $0.39 Net Income (in Thousands) $27,065 $11,778 $8,825 Net Interest Margin 4.83% 4.66% 4.29% ROAA 3.32% 1.48% 1.22% ROAE 35.66% 16.37% 13.69% ROATCE1 43.68% 20.02% 14.81% Dividends per S
Slide 13: Resilient Performance Amid Market Cycles
Resilient Performance Amid Market Cycles 72.3% 71.9% 74.8% 66.0% 66.7% 67.9% 72.5% 66.7% 45.5% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 '25 0.89% 1.34% 1.33% 1.70% 1.54% 1.16% 0.94% 1.29% 3.32% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 '25 7.0% 10.0% 9.9% 15.5% 15.7% 13.7% 11.2% 14.7% 35.7% 7.6%
Slide 14: Net Interest Margin Driven by Asset Yields and Low Cost Liabilities
NIM Net Interest Margin Driven by Asset Yields and Low Cost Liabilities • Increasing loan and portfolio investment yields support increasing asset yields ◦ 26 bps increase since Q2 2024 • Deposit franchise provides low cost financing ◦ 28% non-interest bearing deposits in Q3 2025 • Stabilizing NIM h
Slide 15: Operating Expenses Mitigated by Attractive Market Dynamics
3.82% 3.86% 4.15% 3.50% 2.72% 2.65% 3.06% 3.18% 3.30% 2017 2018 2019 2020 2021 2022 2023 2024 2025 (LTM) CB Operating Expense / Avg Earning Assets 4.22% 4.55% 4.65% 4.02% 3.58% 3.85% 4.14% 4.28% 4.68% 3.63% 3.73% 3.70% 3.44% 3.35% 3.57% 3.37% 3.28% 3.48% 2017 2018 2019 2020 2021 2022 2023 2024 YTD '
Slide 16: Noninterest Income Supported by Multiple Business Lines
Noninterest Income Supported by Multiple Business Lines Treasury Management and Deposit Solutions Specialty Finance Home Mortgage Lending and Residential Mortgage, LLC • Includes bankcard fees and service charges on deposit accounts • Payables Automation • Fraud Mitigation • Account Reconciliation T
Slide 17: Developing Specialty Finance Through Sallyport Acquisition
18.0% 15.0% 13.0% 11.0% 10.0% 7.0% 6.0% 6.0% 5.0% 5.0% 5.0% Food Wholesaler Service Other Advertising Manufacturing Pharmaceuticals Energy Transportation Apparel & Accessories Staffing Breweries Asset Type % Factoring 78.4% Inventory 13.9% Asset Based Lending 4.5% Real Estate 1.4% Cash Flow 1.2% Equ
Slide 18: Diversification has Enhanced Results Over the Long Term
Diversification has Enhanced Results Over the Long Term Efficiency Ratio (Community Banking) 15% 11% 14% 43% 32% (5%) (17%) 17% 22% 2017 2018 2019 2020 2021 2022 2023 2024 YTD '25 18 • Community Banking earnings have grown due to rising rates and successful expansion strategy • Mortgage Lending tend
Slide 19: Consolidated Capital Ratios Positioned for Rebound
11.75% 12.76% 11.73% 9.76% 8.19% 7.62% 7.84% 7.23% 8.12% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 '25 12.41% 13.40% 12.41% 10.25% 9.03% 9.01% 8.72% 7.68% 8.66% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 '25 Consolidated Capital Ratios Positioned for Rebound Common Equity Tier 1 TCE / TA 13.89% 14.
Slide 20: Consolidated Common Equity Tier 1
$190,807 $205,717 $225,412 $231,920 $235,378 $251,027 $177,005 $190,541 $203,375 $228,261 $259,358 $279,698 $292,099 $308,500 2017 2018 2019 2020 2021 2022 2023 Q3 '24 13.89% 14.73% 13.69% 13.75% 13.50% 12.29% 10.98% 11.10% 9.36% 10.26% 10.44% 10.86% 11.23% 2017 2018 2019 2020 2021 2022 2023 Q3 '24
Slide 21: Loan Portfolio
a Northrim BanCorp, Inc. Loan Portfolio
Slide 22: Steady Loan Growth Supported by Increasing Market Share
0.4% 8% 15% 20% 25% 32% Steady Loan Growth Supported by Increasing Market Share Portfolio Loans Outstanding ($M) ($2.22 billion) Loan Composition (9/30/2025) YTD Portfolio Loan Yield: 7.01% $955 $984 $1,043 $1,444 $1,414 $1,502 $1,789 $2,129 $2,219 5.47% 5.74% 5.96% 5.08% 5.18% 5.71% 6.49% 6.87% 7.0
Slide 23: Diversified Loan Portfolio Limits Concentration Risk
Diversified Loan Portfolio Limits Concentration Risk Special Industries as Percentage of Total Portfolio Loans ($2.22 billion) 23 $139M $134M $125M $117M $96M $79M $75M $55M $0M $25M $50M $75M $100M $125M Healthcare (6%) Accommo- dations (6%) Oil & Gas (6%) Tourism (5%) Retail (4%) Aviation (non- to
Slide 24: Commercial Real Estate Non-Owner Occupied Portfolio Details
Commercial Real Estate Non-Owner Occupied Portfolio Details Property Type ($ millions) Amount Outstanding Number of Properties Avg Balance % of CRE Non-Owner Occupied Portfolio Apartments $157.0 93 $1.7 22 % Retail Centers $97.7 38 $2.6 14 % Hotels $91.1 28 $3.3 13 % Office, Class A or B $80.3 49 $1
Slide 25: Loan Exposure to Key Industry Sectors
9% 60% 17% 13% 1% Healthcare by Loan Category (as of 9/30/2025) C&I CRE owner occupied CRE nonowner occupied Construction Other Loan Exposure to Key Industry Sectors 25 Healthcare: 54% 43% 1% 0.7% 2% Tourism by Loan Category (as of 9/30/2025) C&I CRE owner occupied CRE nonowner occupied Construction
Slide 26: Loan Breakdown by State
Loan Breakdown by State AK 58%AZ 18% CA 2% CO 2% OR 4% Other 10% WA 5% Residential Mortgage Breakdown By State $203M1 AK 37% CA 2% ID 7%MT 7% OR 6% UT 8% WA 33% Participations Breakdown by State $306M Source: Company documents. Financial data as of 9/30/2025. 1. Totals may not sum due to rounding. •
Slide 27: Solid Credit and a History of Low Charge-Offs
2.25% 1.98% 1.88% 1.93% 0.97% 0.99% 1.02% 1.04% 1.12% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 '25 100% 133% 137% 210% 110% 215% 345% 292% 208% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 '25 Credit Quality – Non-Performing Assets (“NPAs”)Solid Credit and a History of Low Charge-Offs 2.24% 1.49% 1.
Slide 28: Special Mention and Adversely Classified Loan and Net Charge-Off History
5.66% 6.10% 5.14% 3.19% 3.88% 1.81% 3.58% 3.40% 3.77% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 '25 0.15% 0.15% (0.07%) 0.03% 0.07% (0.08%) —% (0.01%) 0.08% 2017 2018 2019 2020 2021 2022 2023 2024 YTD '25 Credit Quality – Non-Performing Assets (“NPAs”)Special Mention and Adversely Classified Loan a
Slide 29: Investments
a Northrim BanCorp, Inc. Investments
Slide 30: Investment Portfolio Composition
Securities Available for Sale (AFS) by Type (%) Investment Portfolio Composition 80% 77% 77% 70% 80% 88% 89% 91% 93% 4.6% 3.3% 1.2% 0.3% 0.2% 0.1% 0.1% 0% 0% 12% 15% 13% 12% 8% 3% 2% 2% 1% 4% 5% 9% 17% 12% 8% 9% 8% 5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2017 2018 2019 2020 2021 2022 2023 202
Slide 31: Tracking Portfolio Shifts Across Yield and Maturity
Tracking Portfolio Shifts Across Yield and Maturity Source: S&P Global and company documents. Financial data as of 12/31 for each year and as of 9/30/2025 for Q3 ‘25. 2.0 2.5 1.5 3.0 4.0 3.3 2.8 2.4 2.2 2017 2018 2019 2020 2021 2022 2023 2024 Q3 '25 Investment Portfolio - Maturity Maturity - Years 1
Slide 32: Fair Value Trends of AFS Securities
Fair Value Trends of AFS Securities Fair Value of AFS Securities by Type ($000) $249.5 $208.9 $211.9 $174.6 $341.5 $595.2 $564.1 $432.9 $391.4 $14.4 $9.1 $3.3 $0.9 $0.8 $0.8 $0.8 $37.1 $39.8 $35.1 $30.5 $32.9 $23.6 $13.6 $8.8 $4.9 $11.7 $13.9 $25.9 $41.7 $51.4 $57.4 $59.4 $36.9 $22.9 $0.0 $100.0 $20
Slide 33: Deposit Portfolio
a Northrim BanCorp, Inc. Deposit Portfolio
Slide 34: Deposit Franchise also Benefiting from Increasing Market Share
41% 30% 14% 8% 7% Deposit Franchise also Benefiting from Increasing Market Share Steady Market Share Growth Driving Deposits Deposit Composition (9/30/2025) $415 $421 $452 $644 $888 $797 $750 $706 $872 $743 $694 $756 $1,006 $1,356 $1,397 $1,404 $1,556 $1,634 $101 $113 $164 $176 $178 $193 $331 $418 $
Slide 35: Deposit Concentrations
59% 41% 24% 76% Deposit Concentrations Deposit Portfolio as of September 30, 2025: • 31 deposit customers with balances greater than $10 million totaling $725.7 million, or 26% of total deposits. • Approximately 34,000 deposit customers with average balance of $63,000. • Uninsured deposits totaled $
Slide 36: Ratings Profile
Ratings Profile 36 Kroll Ratings (as of 11/13/2025) Entity Type Rating Outlook Northrim BanCorp, Inc. Senior Unsecured Debt BBB Stable Subordinated Debt BBB- Stable Short-Term Debt K3 Northrim Bank Deposit BBB+ Stable Senior Unsecured Debt BBB+ Stable Subordinated Debt BBB Stable Short-Term Deposit
Slide 37: Appendix
a Northrim BanCorp, Inc. Appendix
Slide 38: Oil and Gas Development Drives Economic Growth
Oil and Gas Development Drives Economic Growth Future Oil Development Projects • Alaska North Slope oil production averaged 461,000 barrels per day (bpd) in 2024 • Production is projected to increase to 663,000 bpd by 2034 • Santos and Repsol making $2.6 billion investment in Pikka, 80,000 bpd, 768
Slide 39: Balance Sheet
Balance Sheet 2021 2022 2023 2024 2024 Q3 2025 Q3 Total Assets $2,724,719 $2,674,318 $2,807,497 $3,041,869 $2,963,392 $3,312,332 Portfolio Loans 1,413,886 1,501,785 1,789,497 2,129,263 2,007,565 2,218,970 Deposits 2,421,631 2,387,211 2,485,055 2,680,189 2,625,567 2,906,463 Shareholders' Equity 237,8
Slide 40: Non-GAAP Reconciliation
Non-GAAP Reconciliation (In thousands) 2021 2022 2023 2024 2024 Q3 2025 Q3 Shareholders' Equity $237,817 $218,629 $234,718 $267,116 $260,050 $315,663 Total Assets 2,724,719 2,672,041 2,807,497 3,041,869 2,963,392 3,312,332 Total Shareholders' Equity to Total Assets Ratio 8.73% 8.18% 8.36% 8.78% 8.78
Slide 41: Non-GAAP Reconciliation
Non-GAAP Reconciliation 2010 2011 2012 2013 2014 2015 Shareholders' Equity $117,122 $125,435 $136,353 $144,318 $164,441 $177,214 Divided by Common Shares Outstanding 25,709 25,867 26,047 26,151 27,417 27,509 Book Value per Share $4.56 $4.85 $5.23 $5.52 $6.00 $6.44 Shareholders' Equity $117,122 $125,
Slide 42: Non-GAAP Reconciliation
Non-GAAP Reconciliation 2025 Q3 Net income $27,065 Net income $27,065 Less: gain on sale by Pacific Wealth Advisors, net of tax 10,870 Adjusted net income $16,195 2025 Q3 Net income $27,065 Divided by weighted average shares outstanding, diluted 22,502,680 Diluted earnings per share $1.20 Net income
Slide 43: Pro Forma Interest Coverage and Liquidity
Pro Forma Interest Coverage and Liquidity ($000) 2021Y 2022Y 2023Y 2024Y 2025 YTD Pro Forma Total Investment in subsidiaries 204,281$ 185,355$ 210,113$ 262,664$ 313,792$ 355,417$ Consolidated equity 237,817 218,629 234,718 267,116 315,663 315,663 Double leverage ratio 86% 85% 90% 98% 99% 113% Intere
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