NORTHRIM BANCORP Business Summary

Northrim BanCorp Inc. (NRIM) operates as the bank holding company for Northrim Bank, primarily generating revenue through net interest income from a diverse loan portfolio and noninterest income from mortgage banking, wealth management, and purchased receivables. The company is organized into two primary segments: Community Banking, which provides commercial and consumer lending, deposit products, and factoring services via its Sallyport Commercial Finance subsidiary; and Home Mortgage Lending, focused on residential mortgage origination and servicing. As Alaska's second-largest locally headquartered bank, Northrim maintains a dominant market position by leveraging local expertise and relationship-driven service to compete against national giants like Wells Fargo and KeyBank, as well as regional peers such as First Busey Corporation and First Community Bancshares. The bank strategically focuses on the Alaskan economic hubs of Anchorage, Fairbanks, and the Mat-Su Valley, positioning itself as a high-touch alternative to large-scale institutional lenders. Founded in 1990 by Alaskan banking veterans Marc Langland and Joseph M. Beedle, the company is currently led by Michael Huston, who serves as Chairman, President, and CEO following a planned leadership transition on January 1, 2026. Huston, a graduate of the Pacific Coast Banking School with over 30 years of experience including a long tenure at First Interstate BancSystem, is supported by Executive Vice President and CFO Jed W. Ballard and COO Amber R. Zins, a CPA who rose through the bank’s internal audit and administrative ranks. The Board of Directors reflects a deep integration into the Alaskan economy, featuring leaders from prominent Alaska Native Corporations such as Shauna Hegna (President of Koniag, Inc.) and Aaron Schutt (CEO of Doyon, Limited), alongside executives from Alaska Airlines. This leadership pedigree reinforces the bank's community-centric mission and its appeal to institutional investors seeking exposure to the unique Alaskan financial ecosystem.