Recent Updates — NRIM

Northrim BanCorp, Inc. received shareholder approval for its proposed merger with PBCO Financial Corporation at a special meeting held on October 20, 2026. The proposal to issue Northrim common stock as merger consideration passed with 15,748,028 votes in favor against 213,530, representing 72% of outstanding shares present or by proxy. PBCO shareholders also approved the transaction on the same date. Completion remains subject to regulatory approvals and customary closing conditions, with parties anticipating a close around January 1, 2027. Northrim BanCorp is the holding company for Northrim Bank, an Alaska-based community bank.

Northrim BanCorp reported third-quarter 2026 net income of $14.4 million, or $0.63 per diluted share, compared to $15.3 million in the prior quarter and $27.1 million a year ago. Earnings were pressured by an $8.8 million impairment charge on a single $20.0 million Specialty Finance credit, reducing after-tax earnings by approximately $6.7 million or $0.29 per diluted share. Net interest income rose 5% to $38.9 million, driven by record net interest income and strong deposit growth. The company also provided an update on its proposed all-stock acquisition of PBCO Financial Corporation, which is expected to close in the first quarter of 2027. Northrim BanCorp operates as a community bank holding company based in Alaska.

Northrim BanCorp, Inc. entered into a definitive agreement on July 22, 2026, to acquire PBCO Financial Corporation in an all-stock transaction valued at approximately $167.3 million. Under the terms, PBCO shareholders will receive 1.160 shares of Northrim common stock for each share of PBCO common stock held. The merger, which marks Northrim's expansion into the Oregon market, is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, subject to regulatory and shareholder approvals. Upon completion, the combined entity will have approximately $4.2 billion in total assets. Northrim BanCorp, Inc. is a financial holding company that operates community banking services.

Northrim BanCorp reported second quarter 2026 net income of $15.3 million, or $0.68 per diluted share, increasing from $13.7 million or $0.61 per diluted share in the first quarter of 2026. Net interest income rose 7% to $37.1 million compared to the previous quarter. The company's net interest margin on a tax equivalent basis was 5.01%. Total assets reached $3.42 billion as of June 30, 2026, up 2% from the preceding quarter. Nonperforming assets increased to $23.0 million from $15.3 million in the prior quarter. Northrim BanCorp is a financial services company providing community banking, mortgage lending, and specialty finance services.