A Wells Fargo for Alaska.

Alaska's version of a major regional bank like PNC or U.S. Bank.

• Deposit Accounts: Offers a variety of checking, savings, time deposit, individual retirement, and money market accounts for both personal and business use.
• Lending Services: Provides short and medium-term commercial loans, commercial credit lines, construction and real estate loans, consumer loans, and short-term working capital.
• Digital Banking: Includes consumer and business online banking, mobile app services, mobile deposits, and online account management tools.
• Payment Solutions: Offers debit and credit cards, retail lockbox, automated transfer and payment, Bill Pay, wire transfers, and direct payroll deposits.
• Cash Management: Provides services such as Automated Clearing House (ACH) origination, remote deposit capture, account reconciliation, positive pay, and merchant services.
• Investment Advisory & Trust Services: Delivers investment advisory, trust, wealth management, annuity, and long-term investment portfolio products and services.
• Mortgage Brokerage: Facilitates mortgage services for customers.
• Factoring Services: Offers factoring for businesses to manage their accounts receivable.

Northrim BanCorp (NRIM) primarily serves two broad categories of customers: businesses and individuals. Within these, the company's major customer categories can be described as:

• Businesses: The company provides commercial banking products and services, including short and medium-term commercial loans, commercial credit lines, construction and real estate loans, business sweep accounts, remote deposit capture, cash management, and other business-focused banking solutions. Given its regional branch network and "Community Banking" segment, these are likely small to medium-sized businesses operating in Alaska.
• General Individuals/Consumers: This category includes everyday consumers who utilize services such as noninterest-bearing and interest-bearing checking and savings accounts, individual retirement accounts, money market deposit accounts, certificates of deposit, consumer loans, home mortgages (through its Home Mortgage Lending segment), and various online and mobile banking services.
• Professional Individuals and Wealth Management Clients: Northrim BanCorp also caters to professional individuals who may require more specialized services like investment advisory, trust services, and wealth management. The company offers products and services tailored to these clients, including annuity and long-term investment portfolio products.

Michael Huston, Chairman, President & CEO

Michael Huston assumed the role of Chairman of the Board of both Northrim BanCorp and Northrim Bank on January 1, 2026, in addition to his responsibilities as President and Chief Executive Officer, a position he has held since April 6, 2024. He initially joined Northrim Bank in May 2017 as Executive Vice President and Chief Lending Officer, and was promoted to President and Chief Lending Officer in 2022. Prior to joining Northrim, Mr. Huston spent 25 years at First Interstate BancSystem, where he served as Executive Vice President and Chief Banking Officer. He holds a Bachelor of Science degree in Finance, graduating Magna Cum Laude, from Arizona State University, and is a graduate of the Pacific Coast Banking School. Mr. Huston is actively involved in community and economic initiatives, including serving as immediate past chair of the Anchorage Economic Development Corporation (AEDC) and on the board of the United Way of Anchorage, and as Vice Chair of Housing Alaskans: A Public Private Partnership.

Jed Ballard, EVP, Chief Financial Officer

Jed Ballard joined Northrim BanCorp at the beginning of 2018 as Executive Vice President and Chief Financial Officer for both the Company and Northrim Bank. Before his tenure at Northrim, he spent over sixteen years with KPMG, an international public accounting firm, where his last role was Senior Audit Manager. Mr. Ballard is a Certified Public Accountant and earned a Bachelor of Business Administration with a major in Accounting from the University of Alaska Fairbanks. A lifelong Alaskan, he is a shareholder of Bering Straits Native Corporation, the current president of the Bering Straits Foundation, and serves on the board of the Alaska Native Heritage Center and Junior Achievement of Alaska. He is also a past mentor for the University of Alaska Anchorage Leadership Fellows program.

Jason Criqui, EVP, Chief Banking Officer

Jason Criqui currently serves as Executive Vice President, Chief Banking Officer at Northrim Bank. He joined Northrim in 2014 as a commercial lender and was promoted to SVP, Commercial Loan Manager in 2018. Mr. Criqui brings over 25 years of banking experience throughout Alaska and the Lower 48. He is a graduate of Emporia State University and the Pacific Coast Banking School. Mr. Criqui is an active board member of the Resource Development Council for Alaska and the Providence Alaska Foundation.

Mark Edwards, EVP, Chief Credit Officer and Bank Economist

Mark Edwards started his career at Northrim Bank in 2007 as a Commercial Loan Officer and Bank Economist. He was promoted to Senior Vice President, Commercial Loan Unit Manager and Bank Economist in 2014, and further advanced to Executive Vice President, Chief Credit Officer and Bank Economist in 2019. Mr. Edwards holds a degree in Economics from the University of Virginia and a Master of International Management degree from the Thunderbird School of Global Management.

Amber Zins, EVP, Chief Operating Officer

Amber Zins joined Northrim Bank in 2008 as the internal audit manager. She served as Executive Vice President, Chief Administrative Officer, following more than two years as the human resources director, before being promoted to Executive Vice President, Chief Operating Officer in 2022. Ms. Zins holds a Bachelor of Business Administration in Accounting from the University of Alaska Fairbanks and is a Certified Public Accountant. She is currently attending the Pacific Coast Banking School at the University of Washington. Ms. Zins volunteers with the United Way of Anchorage and previously served as an adjunct professor at the University of Alaska Anchorage for 10 years.

The key risks to Northrim BanCorp (NRIM) include:

1. Concentration Risk: Northrim BanCorp faces significant concentration risks due to its Alaska-centric footprint and substantial exposures to specific sectors such as commercial real estate, healthcare, accommodations, tourism, retail, and aviation. This makes the company vulnerable to economic downturns or adverse conditions within the Alaskan economy or these particular industries.
2. Credit Risk and Asset Quality: The company faces risks related to credit quality, including the potential for adverse earnings impacts from poor credit quality and rising non-performing loans. For instance, non-performing loans reportedly increased from approximately $4.96 million in Q3 FY 2024 to $13.7 million in Q3 FY 2025.
3. Interest Rate Risk: Fluctuations in interest rates can materially affect Northrim BanCorp's net interest margin and overall profitability. Interest rate pressures could also amplify existing credit and funding risks.

The clear emerging threats for Northrim BanCorp stem from the ongoing rise and maturation of financial technology (fintech) companies and digital-first banks (neobanks). These entities leverage technology to offer a range of banking services, including deposits, loans, and payment processing, with lower overhead costs and often superior digital user experiences compared to traditional brick-and-mortar banks.

Specifically:

• Digital-First Banks (Neobanks): Companies like Chime, SoFi, and Revolut, while not having physical branches in Alaska, can attract customers seeking convenient, low-fee, and technology-centric banking solutions for checking, savings, and even some lending products. This directly threatens Northrim's deposit base and consumer banking segment.
• Specialized Online Lenders: Various fintech platforms offer streamlined online application processes and faster funding for commercial loans, small business loans, and consumer loans. These platforms can compete with Northrim's lending services by offering competitive rates and greater speed, particularly for businesses and individuals comfortable with a fully digital loan experience.
• Integrated Financial Platforms: Companies like Square (Block) and Stripe are expanding beyond payment processing to offer business banking services, small business loans, and other financial tools. These platforms can capture business clients by providing an integrated ecosystem that reduces the need for traditional commercial banking relationships, impacting Northrim's commercial banking segment.

While Northrim BanCorp has invested in its own online and mobile banking services, the fundamental business model of digital-first competitors allows for potentially lower operating costs, greater agility in product development, and a focus on a purely digital customer experience, which can erode market share from traditional regional banks, even in specific geographic markets like Alaska.

For Northrim BanCorp (symbol: NRIM), the addressable markets for its main products and services in Alaska are as follows:

• Commercial Banking: The commercial banking industry in Alaska had a market size of approximately $1.0 billion in 2026. This market includes services such as receiving deposits from customers and issuing consumer, commercial, and industrial loans. As of December 13, 2024, community banks in Alaska held total deposits of approximately $7.92 billion. Northrim BanCorp reported $2.8 billion in deposits as of December 31, 2025.
• Home Mortgage Lending: In the Alaskan housing market, the median home sale price was $430,000 in January 2026. The average single-family sales price statewide for 2024 was $459,089. As of February 2026, the median home value in Alaska was $376,253. There were 340 homes sold in Alaska in February 2026. The average cost of homeownership in Alaska increased by 52% between 2018 and 2024.
• Wealth Management & Investment Advisory: The Portfolio Management & Investment Advice industry in Alaska is estimated to have a market size of $124.5 million in 2026.

Expected Drivers of Future Revenue Growth for Northrim BanCorp (NRIM)

Northrim BanCorp (NRIM) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

• Strategic Branch and Digital Expansion Coupled with Market Share Gains: Northrim BanCorp plans to continue its branch expansion, including strategic acquisitions and new locations, as seen with Homer and Kodiak, leveraging competitor pullbacks and overall Alaskan economic growth. The company's strategy involves deeper penetration in established regions like Anchorage, Fairbanks, Mat-Su Valley, and Kenai, alongside remote origination to serve clients outside the state. This expansion also aims to attract new customers and deepen existing relationships, building on efforts like those following the PPP loan process.
• Growth in Commercial and Mortgage Lending, and Specialty Finance: The company expects continued growth in its portfolio loans, particularly in commercial and mortgage lending, aligning with Alaska's economic recovery in energy, tourism, and infrastructure. Furthermore, the acquisition and full integration of Sallyport Commercial Finance, LLC, in 2024 is expected to boost revenue through factoring and asset-based lending across the U.S., Canada, and the U.K., expanding specialty finance capabilities.
• Diversification and Enhancement of Fee Income through New Products and Digital Services: Northrim BanCorp is focused on increasing non-interest income by expanding and enhancing products and services. This includes new Treasury Management offerings, card initiatives, wealth management, and strategic fintech partnerships that could introduce services like virtual card issuance and embedded wealth dashboards. Digital enhancements such as improved retail mobile features, remote deposit capture, and strengthened treasury services are also key to growing digital deposit share and commercial client capabilities.
• Leveraging Alaska's Economic Growth: The company's growth strategy is inherently tied to capturing opportunities arising from Alaska's economic growth, particularly in sectors such as energy, tourism, and infrastructure. This broader economic tailwind is expected to support an increase in lending activities and overall banking services demand within the state.

• In January 2024, Northrim BanCorp authorized the repurchase of up to an additional 110,000 shares of its common stock, representing approximately 2% of the currently issued and outstanding shares.
• During the third quarter of 2021, the company repurchased 29,613 shares of common stock under a previously announced program.
• The company maintains flexibility for future share buybacks when valuation is attractive.

• Northrim BanCorp executed a 4-for-1 forward stock split, effective September 22, 2025, which increased outstanding common stock from approximately 5.5 million to 22.0 million shares and authorized shares from 10 million to 40 million.
• In November 2025, Northrim BanCorp completed a private placement of $60 million in 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035, intended to qualify as Tier 2 capital for regulatory purposes.
• In March 2026, the company offered to exchange these unregistered $60 million subordinated notes for new registered notes, which did not generate new cash proceeds for the company.

• Northrim Bank acquired Sallyport Commercial Finance for $50 million in October 2024, with potential earn-out payments of up to $6 million.
• This acquisition expanded Northrim's factoring and asset-based lending market presence across the U.S., Canada, and the U.K.

• Northrim BanCorp reported capital expenditures of $2.2 million in the fourth quarter of 2025.
• Annual capital expenditures were $0.62 million in 2024, $6.17 million in 2023, and $3.80 million in 2022.
• The company's growth strategy through 2026 includes targeted branch and digital expansion, with plans for business banking centers by late 2025.