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.