Northrim Bancorp Inc · NASDAQ:NRIM
Northrim Bancorp — Merger or Acquisition (July 2026)
12 slides from Northrim Bancorp's merger presentation, Jul 22, 2026
Slide 1: Acquisition of PBCO Financial Corporation
Acquisition of PBCO Financial Corporation Investor Presentation July 22, 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue
Slide 3: Forward Looking Statements (Con't)
Forward Looking Statements (Con’t) This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Additional Information and Where to Find It Northrim will file a registration statement on Form S-4 with the SEC
Slide 4: Expansion in Oregon and the Pacific Northwest
Expansion in Oregon and the Pacific Northwest Pro Forma Combined Financials(1) Combined Branch Map Assets Loans Deposits Northrim BanCorp, Inc. (21) Nome Fairbanks $4.2B $3.0B $3.5B AK Wasilla Anchorage Strategic Rationale Soldotna Homer Juneau Marks Northrim’s entry into the Pacific Northwest, Kodi
Slide 5: PBCO Overview
PBCO Overview Company Profile Financial Snapshot • People’s Bank of Commerce, the banking subsidiary of PBCO Dollar Amounts in Millions 2024Y 2025Y Q2'YTD Balance Sheet Financial Corporation (OTCID: PBCO), is headquartered in Assets $799 $789 $777 Medford, Oregon with 11 branches in the Southern Ore
Slide 6: Transaction Highlights
Transaction Highlights • Manageable TBV dilution at closing with an earn back of <2.4 years using the crossover method • Expected EPS accretion in 2028 of $0.10 or 3.5% s • Enhances both efficiency ratio and ROAA Financially Appealing • Provides excess core deposit liquidity to support Northrim’s ea
Slide 7: Entering Oregon with Strong Market Share
Entering Oregon with Strong Market Share (1) Salem, OR Pacific NW Community Banks – Oregon Market Share PBCO Financial Corp. (11) Market Market Branch Deposits Share Rk. Institution (State) Count ($000) (%) 1 Summit Bank Group Inc. (OR) 5 $ 1,101,920 12.9% Newport, OR 2 Heritage Financial Corp. (WA)
Slide 8: Loan & Deposit Composition
Loan & Deposit Composition Pro Forma Company Consumer & Consumer & 1-4 Consumer & Other, Other, 2.36% Other, 4.07% Family, 2.69% C&D, 5.72% C&D, C&D, 5.63% 8.65% 8.06% C&I, 11.1% 1-4 C&I, 1-4 Family, C&I, 21.3% Family, 23.68% 14.23% 12.6% Multifamily, Loans 16.3% Multifamily, Multifamily, CRE - 8.99
Slide 9: Transaction Highlights
Transaction Highlights • Fixed Exchange Ratio: 1.160x shares of NRIM common stock to be issued for each share of PBCO common stock • Implied aggregated transaction value of $167.3 million or $32.36 per share Consideration • 100% stock consideration for PBCO common shareholders (~5.96 million shares
Slide 10: Transaction Assumptions
Transaction Assumptions • 24% of estimated non-interest expense, or approximately $4.1 million in 2027 and $6.3 million in Estimated Cost Savings 2028 (66% realized in 2027; 100% thereafter) Transaction Expenses • $14.4 million of pre-tax, one-time expenses (8.6% of aggregate transaction value) • To
Slide 11: Due Diligence Overview
Due Diligence Overview Comprehensive Due Diligence & Loan Review • Deep review of loan files Credit & Accounting & • Management meetings covering each diligence focus area Asset Quality Finance • Thorough review of all functional areas of PBCO Financial Corporation • In depth document and internal c
Slide 12: Vaan
Vaan Northrim BanCorp, Inc.