Northrim BanCorp Inc
northrim.comWhat Do They Do?
Provides commercial loans, checking and savings accounts, and payment services to businesses and individuals, and originates residential mortgages for home buyers.
10-K for FY2025, filed Mar 6, 2026Our business strategy emphasizes commercial lending products and services through relationship banking with businesses and professional…View ↗
Lending Services: We have an emphasis on commercial and real estate lending. Our loan products include short and medium-term commercial…View ↗
Deposit Services: Our deposit services include business and personal noninterest-bearing checking accounts and interest-bearing time…View ↗
Lending Services: The Company originates 1-4 family residential mortgages through RML, most of which we sell to the secondary market. Of…View ↗
How Do They Make Money?
The bank earns interest from loans and investment securities, and collects fees for payment processing, deposit accounts, mortgage services and other services. It earns factoring fees by buying customers’ receivables at a discount; service and transaction fees are generally paid immediately or the following month.
10-K for FY2025, filed Mar 6, 2026Revenue Recognition: The majority of the Company's revenues come from interest income on loans and investment securities, as well as other…View ↗
The Company generates revenue from factoring services by purchasing trade receivables from customers at a discount. This revenue is…View ↗
Bankcard fees are primarily comprised of debit card income and ATM fees. Debit card income is primarily comprised of interchange fees…View ↗
Service charges on deposit accounts consist of general service fees for monthly account maintenance, activity- or transaction-based fees…View ↗
Other operating income consists of other recurring revenue streams such as merchant services income, commissions from sales of mutual funds…View ↗
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10-K for FY2025, filed Mar 6, 2026
FY2025 revenue by reportable segment ↗
$255.6M
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10-K for FY2025, filed Mar 6, 2026
$255.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Community Banking
|
72%
FY2022: 79%
|
Community Banking, FY2025
$183.6M Sources
|
|
|
Home Mortgage Lending
|
17%
FY2022: 18%
|
Home Mortgage Lending, FY2025
$43.3M Sources
|
|
|
Specialty Finance
Sold outright
10-K for FY2025, filed Mar 6, 2026 |
11%
FY2022: 3.0%
|
Specialty Finance, FY2025
$28.6M Sources
|
Sold outright |
Who Are Their Customers?
Business and consumer customers use Northrim's banking products and services; it originates home mortgages for residential borrowers and provides factoring and working-capital financing to small and medium-sized businesses.
10-K for FY2025, filed Mar 6, 2026Lending Services: We have an emphasis on commercial and real estate lending. Our loan products include short and medium-term commercial…View ↗
Deposit Services: Our deposit services include business and personal noninterest-bearing checking accounts and interest-bearing time…View ↗
Lending Services: The Company originates 1-4 family residential mortgages through RML, most of which we sell to the secondary market. Of…View ↗
Purchase of accounts receivable, asset based lending, and alternative working capital solutions: We provide short and medium-term working…View ↗
The Company's operations are managed along three reportable operating segments: Community Banking, Home Mortgage Lending, and Specialty…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 25 cents of every revenue dollar as net income in FY2025 and turned 52 cents into free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 31, 2026
$15.3MView ↗
- ▲ +30%
- vs $11.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
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Jul 23, 2026
Agreed to acquire PBCO Financial Corporation
The all-stock merger is subject to regulatory and shareholder approvals.
Sources
8-K, filed Jul 23, 2026
On July 22, 2026, Northrim BanCorp, Inc., an Alaska corporation (“Northrim”), entered into an Agreement and Plan of Merger (the “Merger…View ↗
Growing. Revenue grew 3.0x in 4 years, from $84.6M in FY2021 to $255.6M in FY2025, about 32% a year.
Specialty finance expansion
Specialty finance became a separate reportable segment and expanded beyond Northrim Funding Services to include Sallyport Commercial Finance, which provides factoring, asset-based lending and alternative working-capital solutions.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Mar 6, 2026Purchase of accounts receivable: We provide short-term working capital to customers primarily in our Alaska markets as well as Washington…View ↗
Effective October 31, 2024, the Company completed its acquisition of Sallyport Commercial Finance, LLC (“SCF”), and its subsidiaries. SCF…View ↗
Purchase of accounts receivable, asset based lending, and alternative working capital solutions: We provide short and medium-term working…View ↗
The Company's operations are managed along three reportable operating segments: Community Banking, Home Mortgage Lending, and Specialty…View ↗
Who Do They Compete With?
Competes with Global Credit Union, Wells Fargo Bank Alaska, First National Bank Alaska, Key Bank, First Bank, Mt. McKinley Bank, and Denali State Bank
10-K for FY2025, filed Mar 6, 2026We operate in a highly competitive and concentrated banking environment. We compete not only with other commercial banks, but also with…View ↗
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