Northrim BanCorp Inc (NRIM) News & EventsNRIMNews & EventsNorthrim BanCorp Inc

Northrim Reports 21% Increase in Record Earnings for 2025

"Northrim reported another year of record earnings in 2025," said Mike Huston, Northrim's President and Chief Executive Officer. "Record net interest income in the fourth quarter contributed to a 21% increase in annual net interest income as portfolio loans increased by 8% during 2025, earning asset yields increased and funding costs declined. Operating expenses were temporarily elevated primarily due to higher marketing and personnel costs, but we expect these operating expenses to moderate in future quarters."

Northrim BanCorp Names Huston as New Chairman, Succeeding Schierhorn

Joe Schierhorn announced his retirement from Northrim BanCorp, effective as of December 31, 2025. As part of its continuing succession plan, the Board announced that Mike Huston, current President & CEO, will succeed Schierhorn as Chairman of the Board of Northrim Bank and Company on January 1, 2026, in addition to his current responsibilities. Huston has been with the Company since 2017 serving as President since 2022 and President and CEO since 2024.

Northrim BanCorp declares a 4-for-1 stock split

Northrim BanCorp announced that its Board of Directors has approved a 4-for-1 forward stock split of its common stock. The stock split is part of the Company's ongoing review of optimal trading and spread levels. The purpose of the split is to enhance stock liquidity, make shares more accessible to a broader base of retail investors, and support increased trading activity. The shares to be issued in the stock split are expected to be payable after market close on September 22, 2025, for shareholders of record at the close of business on September 18, 2025. Shareholders will receive a distribution of three additional shares of common stock for each share of common stock held. Northrim's common stock is expected to begin trading on a post-split basis at the market open on September 23, 2025 under the Company's existing trading symbol "NRIM." The stock split will increase the number of shares of Northrim's outstanding common stock from approximately 5.5 million shares to approximately 22.0 million shares. As a result of the stock split, proportional adjustments will be made to the number of shares of Northrim's common stock underlying the Company's outstanding stock options and awards, and the number of shares issuable under the Company's equity incentive plans, as well as the exercise price, as applicable. The Company anticipates filing a Form 8-K with the U.S. Securities and Exchange Commission after the effective date to report an amendment to the Company's Amended and Restated Articles of Incorporation, as amended, effecting the stock split and reflecting a proportional increase to the total number of authorized shares of Northrim's common stock from 10,000,000 to 40,000,000 and reflecting a proportional decrease in the par value of a share of Common Stock from $1.00 to $0.25.