Northrim BanCorp, Inc. (NRIM): Business Model Canvas [Dec-2025 Updated]

You're digging into Northrim BanCorp, Inc. (NRIM) to see how this Alaskan bank translates local trust into shareholder value, and honestly, the numbers from late 2025 tell a clear story. With total assets hitting $3.24 billion and a core business built on gathering $2.81 billion in deposits to fund a $2.20 billion loan book, their model is classic community banking, but with a twist. The real insight comes from seeing how their $33.6 million in Q2 2025 Net Interest Income-about 90% of their revenue-is supported by specialized revenue from their mortgage and factoring subsidiaries. Dive in below to see the full nine-block breakdown of their key activities, resources, and customer value proposition that keeps this operation humming.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Northrim BanCorp, Inc. relies on to execute its business plan, especially for funding and community integration in Alaska. These partnerships are critical for regulatory compliance and growth initiatives.

Financial Institutions for Capital Markets and Funding

Northrim BanCorp, Inc. actively manages its capital structure through external debt markets. As of late 2025, the company completed a significant capital raise to bolster its regulatory standing.

• Completed a private placement of $60.0 million in aggregate principal amount of Fixed-to-Floating Rate Subordinated Notes due 2035.
• These Notes are intended to qualify as Tier 2 capital for regulatory purposes, supporting balance sheet growth.
• The notes carry a fixed annual interest rate of 6.875% for the first five years, maturing on December 1, 2035.
• The interest rate resets quarterly after December 1, 2030, to the then current three-month SOFR rate plus 348 basis points.

Here's a quick look at the terms of this key funding partnership:

Metric	Amount/Rate
Total Principal Raised	$60.0 million
Fixed Interest Rate Period	First five years (until Dec 1, 2030)
Fixed Annual Interest Rate	6.875%
Floating Rate Basis	Three-month SOFR plus 348 basis points
Maturity Date	December 1, 2035

Placement Agents for Debt Offerings

To execute the November 2025 subordinated notes offering, Northrim BanCorp, Inc. engaged specialized financial intermediaries to facilitate the placement with qualified institutional buyers and institutional accredited investors.

• Keefe, Bruyette & Woods, A Stifel Company served as the lead placement agent for the transaction.
• Hovde Group, LLC acted as the co-placement agent for the offering.

Correspondent Banks for Interbank Services and Liquidity

Northrim BanCorp, Inc. maintains necessary interbank relationships to support its liquidity needs, which is standard for a community bank of its size. As of the end of 2023, the company reported having access to funding through these channels.

• Liquidity is available through existing correspondent banking relationships.
• Credit lines are maintained with the Federal Reserve Bank and the FHLB (Federal Home Loan Bank).
• As of December 31, 2023, liquid assets stood at $575.6 million, with funds available for borrowing under existing lines of credit totaling $742.9 million.

Technology Vendors for Core Banking and Digital Platforms

Northrim BanCorp, Inc. invests in its banking infrastructure to deliver its service promise. While specific vendor names aren't always public, the capabilities they enable are clear.

The bank supports digital customer interaction through services like Online & Mobile Banking and Zelle integration. The company's focus on delivering "Superior Customer First Service" implies ongoing partnerships to maintain and enhance its core banking platform and digital delivery channels.

Local Alaskan Businesses and Community Organizations for Economic Development

A core part of Northrim BanCorp, Inc.'s strategy is deep engagement with the Alaskan economy through targeted lending and community investment, often partnering with local organizations. The latest available data highlights significant 2024 activity in this area.

Northrim BanCorp, Inc. focuses its giving on community and economic development, health and wellness, and higher education.

Partnership/Program Focus	Metric/Amount	Year/Period
Total Community Bank Contributions	Over $1,065,000	2024
Total United Way Contribution (Cumulative)	Over $2.8 million	Since founding (Latest figure)
Affordable Housing Equity Investment	Over $30 million	Past 10 years
Total Affordable Housing Financing/Investment	Approximately $135 million	Past 10 years
SSBCI Loans Accounted For	50 loans totaling over $46 million	2024
SSBCI Loans for SEDI	23 loans	2024
SBA Loans Approved	12 loans totaling over $5 million	2024

The bank also partners with local entities like the Anchorage Economic Development Corporation and Housing Alaskans, a Private Public Partnership. Finance: confirm the 2025 community giving budget by January 31, 2026.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Key Activities

You're looking at the core engine of Northrim BanCorp, Inc., the activities that drive its financial performance, especially as of mid-to-late 2025. These aren't abstract concepts; they are concrete actions tied to specific dollar amounts and operational metrics.

Commercial and Real Estate Loan Origination and Servicing

This is the bread and butter, focusing on growing the loan book and managing the assets on the balance sheet. The growth here directly fuels net interest income. As of June 30, 2025, Portfolio loans stood at $2.20 billion. This represented a 4% increase from the preceding quarter and a significant 17% year-over-year growth. The loan portfolio composition shows a heavy focus on real estate financing, which accounted for circa 68% of the total portfolio.

To give you a clearer picture of where that $2.20 billion is allocated as of the second quarter of 2025, here's the breakdown:

Loan Category	Percentage of Total Portfolio Loans (June 30, 2025)
Commercial Real Estate Loans	51%
Commercial Loans	27%
Residential Real Estate Loans	9%
Construction Loans	8%

The average yield on these portfolio loans was 6.99% in the second quarter of 2025. By September 30, 2025, portfolio loans had ticked up further to $2.22 billion. The bank actively manages this by selling loans; for instance, Northrim BanCorp sold $61 million in consumer mortgages during the second quarter of 2025.

Deposit Gathering and Liability Management

Funding those loans requires gathering stable, low-cost liabilities. Total deposits for Northrim BanCorp, Inc. reached $2.81 billion at June 30, 2025. This was a 14% increase compared to the year prior. The quality of these deposits is key; non-interest bearing demand deposits totaled $777.9 million at that date, making up 28% of all deposits. The average cost for interest-bearing deposits was 2.04% as of June 30, 2025. By the end of the third quarter of 2025, total deposits grew to $2.91 billion, with non-interest bearing deposits hitting $872.1 million (30% of total). Northrim's deposit market share in Alaska increased to 17.53% as of June 30, 2025. Securing these funds helps maintain a healthy balance sheet, evidenced by a loan-to-deposit ratio of just 78% in Q2 2025.

Specialty Finance Operations via Sallyport Commercial Finance

This activity represents a strategic diversification into non-traditional banking revenue. Northrim BanCorp, Inc. acquired Sallyport Commercial Finance, LLC in an all-cash transaction valued at approximately $53.9 million, closing on October 31, 2024. Sallyport specializes in factoring and asset-based lending solutions for small to medium-sized enterprises across the United States and Canada. The expectation was that this acquisition would provide earnings accretion of approximately 15% to Northrim's 2025 operating results. This segment complements Northrim Funding Services, the bank's existing factoring division. The impact of this activity is visible in the asset quality metrics; the increase in nonperforming assets at June 30, 2025, compared to the prior year, is primarily attributed to the Sallyport acquisition.

Home Mortgage Origination and Sales via Residential Mortgage, LLC

The activity through Residential Mortgage, LLC centers on originating mortgages, a portion of which are retained for servicing, while others are sold to generate liquidity and fee income. In the second quarter of 2025, mortgage loan originations totaled $277.1 million. Loans funded for sale during that same quarter amounted to $249.7 million. The servicing portfolio is a key asset here; as of June 30, 2025, Northrim serviced 6,458 loans totaling $1.55 billion. This servicing portfolio saw an increase of $69.3 million in the second quarter of 2025 alone. By September 30, 2025, the servicing portfolio grew to $1.60 billion, servicing 6,475 loans.

Maintaining Regulatory Compliance and Strong Asset Quality

Keeping the books clean and managing credit risk is a non-negotiable activity. Asset quality is monitored closely via the allowance for credit losses. At the end of the second quarter of 2025, the allowance for credit losses on loans stood at 290% of nonperforming loans (net of government guarantees). This coverage ratio was up from 262% three months prior. Profitability metrics reflect operational efficiency and asset performance:

• Return on Average Assets (ROAA) for Q2 2025: 1.48%
• Return on Average Equity (ROAE) for Q2 2025: 16.37%
• Net Interest Margin (NIMTE) remained above the peer average of 3.37% as of June 30, 2025.

The bank's management is focused on these ratios, especially following the Q2 2025 report which showed higher credit loss provisions despite strong loan growth. The core banking operations generated 90% of Q2 2025 revenues from net interest income.

Finance: draft 13-week cash view by Friday.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Key Resources

You're looking at the tangible and intangible assets that power Northrim BanCorp, Inc.'s operations, especially given their focused regional strategy. These resources are what allow Northrim BanCorp to execute its business model day-to-day.

Alaskan Branch Network and Physical Infrastructure

Northrim BanCorp, Inc. maintains a physical presence specifically tailored to its market. This network is a critical resource for customer acquisition and service delivery across the state.

• Northrim Bank operates 20 branches throughout Alaska.
• Branch locations include Anchorage, Eagle River, Fairbanks, Homer, Juneau, Ketchikan, Kodiak, Nome, Sitka, Soldotna, and Wasilla.
• The physical infrastructure supports serving approximately 90% of Alaska's population.

Core Deposit Base and Financial Scale

The scale of the balance sheet, anchored by customer deposits, is fundamental to a bank's lending capacity. You can see the core financial strength in the latest figures available.

Here's a quick look at the scale as of late 2025 data points:

Metric	Amount/Value	Date/Period
Total Assets	$3.31 Billion USD	September 2025
Total Deposits (Core Deposit Base proxy)	$2.81 billion	Q2 2025
Portfolio Loans	$2.20 billion	Q2 2025
Net Interest Margin (NIM)	4.72%	Q2 2025

The loan-to-deposit ratio stood at a healthy 78% at the end of Q2 2025.

Specialized Subsidiaries

Northrim BanCorp, Inc. supports its core banking with wholly-owned subsidiaries that broaden its service offerings and revenue streams. These are key differentiators.

• Residential Mortgage, LLC: A regional home mortgage company.
• Sallyport Commercial Finance, LLC: A specialty finance company providing factoring, asset-based lending, and alternative working capital solutions.
• The acquisition of Sallyport Commercial Finance, LLC was completed on October 31, 2024, in an all-cash transaction valued at approximately $53.9 million.

Deep Local Expertise and Knowledge

This is an intangible but vital resource. Northrim BanCorp, Inc. differentiates itself through its detailed knowledge of Alaska's economy, which informs credit decisions and relationship building.

• The executive team and board possess deep expertise in financial services and in Alaska's regional economy.
• The bank embodies Alaska's frontier spirit and values, focusing on serving the unique needs of Alaskans.

Experienced Employee Base and Management Team

The human capital, from the front-line staff to the executive suite, is essential for delivering the stated 'Superior Customer First Service' philosophy.

Employee counts show a commitment to staffing levels supporting growth:

• The employee base is over 400 employees, maturing from just 21 employees at its start.
• As of October 2025, Northrim Bank had approximately 501 employees.
• As of December 31, 2024, the count was 503 employees.

The management team includes President and Chief Executive Officer, Michael G. Huston.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Value Propositions

You see, Northrim BanCorp, Inc. builds its value proposition around being deeply rooted in Alaska while delivering service quality that backs itself up with a financial promise. They stand behind their service commitment so strongly that they offer the Northrim Superior Customer First Service Guarantee. If you're ever dissatisfied with their performance on any of the guaranteed points, just let them know, and Northrim BanCorp, Inc. will pay you $5 in cash. That's a concrete commitment to service excellence you don't see every day in banking.

This commitment is tied directly to their localized expertise. Northrim Bank operates 20 branches throughout the State of Alaska, and they differentiate themselves by having a detailed understanding of the Alaskan economy. Honestly, this local focus seems to be paying off, as their Alaskan deposit market share rose to 17.5% as of late 2025. They embody Alaska's frontier spirit and values, which resonates with their customer segment.

The breadth of their offering is comprehensive for a regional player. You get full-service commercial and retail banking, covering everything from personal checking and savings to complex treasury management services for businesses. Plus, they layer on wealth management through subsidiaries like Pacific Wealth Advisors, ensuring they can handle your entire financial lifecycle, from day-to-day transactions to long-term investment planning.

Beyond the core bank, Northrim BanCorp, Inc. offers diversified specialty finance. This is where they move beyond traditional lending. They operate Northrim Funding Services, which is their factoring and asset-based lending division located in Washington state, and also own Sallyport Commercial Finance, LLC. This diversification helps them capture revenue streams outside of the standard net interest margin of the bank.

The financial results for the period ending late 2025 clearly show this model is generating significant value. Their profitability metrics are strong, which underpins all these value propositions. Here's the quick math on their recent performance:

Financial Metric	Amount/Value
Q3 2025 Net Income	$27.1 million
Q3 2025 Diluted EPS	$1.20
Return on Average Assets (ROA) (Q3 2025)	3.32%
Return on Average Equity (ROE) (Q3 2025)	35.66%
Trailing Twelve-Month P/E Ratio (as of Nov 2025)	8.93

The service guarantee itself is built on several specific promises that you can rely on:

• Always greet you warmly and make you feel welcome.
• Ensure you wait no longer than five minutes in the teller line.
• Get your statement to you quickly and without errors.
• Always show appreciation for your business with a sincere thank you.

Finance: draft 13-week cash view by Friday.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Customer Relationships

You're running a community bank in a unique market like Alaska; your customer relationships aren't just a feature, they're the core product. Northrim BanCorp, Inc. leans heavily into this personalized approach, which is evident in its physical footprint and stated philosophy.

The foundation of this relationship strategy is the personalized, high-touch service model, which is the hallmark of a community bank feel. Northrim Bank operates 20 branches throughout the State of Alaska, serving approximately 90% of Alaska's population. This physical presence supports the bank's differentiation based on its detailed knowledge of Alaska's economy and its "Customer First Service" philosophy.

For commercial and business clients, the model implies dedicated support, as Northrim BanCorp, Inc. offers a comprehensive suite of commercial banking products and services, including treasury and cash management solutions. This focus on business clients is reflected in the loan portfolio growth, with portfolio loans reaching $2.22 billion as of the third quarter of 2025, up 11% year-over-year, driven partly by new customer relationships.

Transactional service is handled through digital channels, offering convenience alongside the high-touch service. You can use their digital offerings for routine tasks:

• Business Online Banking on desktop or phone.
• Online Account Open for personal accounts in minutes.
• Secure online statements to reduce paper.

Building long-term, trusted relationships is reinforced through active community engagement. Northrim BanCorp, Inc. takes an active part in building the communities it serves, committing time, talents, and financial resources. This commitment is strategic, focusing giving to make meaningful contributions and measure results. The bank's success in this area is measurable by its growing market penetration; Northrim's Alaskan deposit market share rose to 17.5% in Q3 2025, an increase of 531 basis points over the past five years.

Direct, one-to-one interaction remains crucial through the branch network. This physical interaction allows relationship managers to apply their detailed local knowledge, which is key to serving a market like Alaska. The strength of these relationships underpins the bank's financial stability, as evidenced by total deposits reaching $2.91 billion in Q3 2025.

Here's a quick look at the financial scale that supports the trust placed in Northrim BanCorp, Inc. by its customers as of late 2025:

Financial Metric (as of Q3 2025)	Amount
Total Assets (as of September 30, 2025)	$3,312 million
Total Deposits	$2.91 billion
Portfolio Loans	$2.22 billion
Net Interest Income (Q3 2025)	$35.3 million
Q3 2025 Net Income	$27.1 million

The Net Interest Margin (NIM) was 4.88% as of September 30, 2025, showing effective management of earning assets relative to liabilities, which directly impacts the value delivered back to the relationship base through competitive products.

Finance: draft the 13-week cash view by Friday.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Channels

You're looking at how Northrim BanCorp, Inc. gets its products and services into the hands of its customers. It's a mix of traditional brick-and-mortar presence, especially important in Alaska, and digital tools.

The core distribution for Northrim Bank relies heavily on its physical footprint across the state, supplemented by specialized subsidiary offices for lending and finance, and a digital layer for convenience.

Here is a breakdown of the primary channels Northrim BanCorp, Inc. uses to reach its customer segments:

• Northrim Bank branch network spans 20 locations throughout Alaska.
• Residential Mortgage, LLC maintains 12 origination offices as of December 31, 2023, extending reach into the Lower 48 states.
• Northrim Funding Services focuses its asset-based lending and factoring services in Washington state and the Pacific Northwest.
• Digital access is provided via Online and Mobile Banking platforms for retail and treasury management users.
• Customers access cash through thousands of surcharge-free ATMs via the MoneyPass network across Alaska and the United States.

To give you a sense of the scale of the customer base utilizing these channels, total deposits reached $2.81 billion as of June 30, 2025.

You can see the physical and digital channel distribution mapped out here:

Channel Type	Entity	Geographic Scope / Metric	Latest Available Data Point
Physical Branch Network	Northrim Bank	Branches in Alaska (Anchorage, Fairbanks, Juneau, etc.)	20 branches
Specialty Lending Offices	Residential Mortgage, LLC	Origination Offices (Alaska and Lower 48 states)	12 offices (as of 12/31/2023)
Specialty Finance Offices	Northrim Funding Services	Asset-Based Lending/Factoring	Serves businesses in Washington state
Digital Banking	Northrim Bank	Online and Mobile Banking Platforms	Supports customer base with $2.81 billion in total deposits (Q2 2025)
Third-Party Network Access	Northrim Bank	ATM Access	Thousands of surcharge-free ATMs via MoneyPass network

The 20 Northrim Bank branches are strategically located to serve approximately 90% of Alaska's population.

For Northrim Funding Services, direct contact for proposals is available via phone, such as the 425-453-1105 number for the Division Manager.

The mortgage subsidiary, Residential Mortgage, LLC, offers conventional national mortgages and its in-house portfolio program, originating loans for properties in more than a dozen Lower 48 states.

Finance: draft 13-week cash view by Friday.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Customer Segments

You're looking at how Northrim BanCorp, Inc. (NRIM) structures its client base as of late 2025. Honestly, it's a blend of deep local focus and targeted national/international niche services. The core remains the Alaskan community, but the specialty finance arm is definitely broadening the reach.

The customer base for Northrim BanCorp, Inc. is segmented across its Community Banking, Home Mortgage Lending, and Specialty Finance operations. The Community Banking segment serves both business and consumer customers within its primary market areas.

Here is a breakdown of the key customer groups and relevant financial metrics as of the third quarter of 2025 (Q3 2025), unless otherwise noted:

Customer Segment Focus	Primary Service/Product	Relevant Financial Metric (as of Q3 2025 or latest)
Small to medium-sized businesses (B2B) in Alaska	Commercial loans, deposit services, treasury/cash management	Commercial loans comprised 32% of the total loan portfolio
Individuals and families (B2C)	Deposit accounts, consumer loans, wealth management	Total Deposits: $2.91 billion; Non-interest bearing demand deposits: $872.1 million
Commercial clients requiring real estate financing	Commercial Real Estate (CRE) loans, construction loans	Real estate financing represented circa 68% of the total loan portfolio
Specialty finance clients (factoring/asset-based lending)	Factoring, asset-based lending, alternative working capital	Average purchased receivables and loan balances at Sallyport: $71.0 million (Q2 2025)
Retail investors and shareholders	Stock ownership, dividend payments	Quarterly Cash Dividend declared: $0.16 per share (December 5, 2025)

The concentration in real estate financing is a defining characteristic for the commercial lending side of the Community Banking segment. You can see the specific allocation below:

• Commercial Real Estate loans: 51% of total portfolio
• CRE non-owner occupied: 27% of total portfolio
• CRE owner occupied: 20% of total portfolio
• Residential Real Estate loans: 9% of total portfolio
• Construction loans: 8% of total portfolio

The B2C segment is supported by a broad range of deposit products offered through Northrim Bank, which maintains 20 branches across Alaska. These offerings include:

• Noninterest-bearing checking accounts
• Interest-bearing time deposits
• Individual retirement and money market deposit accounts
• Certificates of deposit

The Specialty Finance segment, bolstered by the acquisition of Sallyport Commercial Finance, LLC, extends services beyond Alaska to the United States, Canada, and the United Kingdom. This segment contributes significantly to fee-based income streams:

• Operating income from specialty finance: $6.1 million (Q1 2025)
• Sallyport pre-tax income: $1.3 million (Q2 2025)
• Northrim Funding Services has offered factoring since 2004

Finally, the shareholder base is serviced through corporate actions and performance metrics. As of September 30, 2025, the Market Cap stood at $473 million, with 22.1 million shares outstanding. The latest declared dividend was $0.16 per share payable on December 26, 2025. The stock price closed at $25.05 on December 4, 2025.

For the overall loan book, total portfolio loans reached $2.22 billion at September 30, 2025. Finance: draft the Q4 2025 deposit mix breakdown by end of January 2026.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Cost Structure

When you look at the cost side of Northrim BanCorp, Inc.'s business, you're seeing the necessary expenses to run a regional bank deeply embedded in the Alaskan economy. It's a mix of traditional banking overhead and the cost of money itself.

The most direct cost of funding the balance sheet is the interest paid out. For the second quarter of 2025, the Interest expense on deposits hit $10.3 million. When you combine that with other funding costs, the Total Interest Expense for Q2 2025 was $11.21 million. That's a significant chunk of the cost base right there.

Then there's the cost of the physical footprint. Northrim Bank maintains a network of 20 branches across Alaska. Keeping those locations running-utilities, leases, maintenance-falls under Operating Expenses. For context on the scale of these non-interest costs, the bank reported that Operating Expenses rose 24% to $29.3 million in the first quarter of 2025, driven in part by personnel changes.

Speaking of people, Personnel costs, covering salaries and benefits for that large Alaskan employee base, are a major component of those operating expenses. The Q1 2025 increase was specifically linked to higher salaries and personnel expenses following an acquisition. You have to pay the people who manage the relationships and the risk.

To support digital delivery, there are ongoing Technology and data processing costs. While I don't have a specific dollar amount for Q2 2025 for this line item alone, it's a non-negotiable expense for maintaining and improving digital banking capabilities for your customers.

Finally, we look at the Cost of capital, which is crucial for regulatory standing and future growth. Just recently, in November 2025, Northrim BanCorp completed a private placement of $60.0 million in Subordinated Notes due 2035. These notes carry a fixed annual interest rate of 6.875% for the initial five years. Annually, this new tranche of capital alone adds an interest cost of approximately $4.125 million ($60.0 million multiplied by 6.875%) until the rate resets. The previous Long-Term Debt Interest Expense in Q2 2025 was $903 K, so you can see how this new issuance will impact the cost structure going forward.

Here's a quick look at the hard figures we can pin down for the recent periods:

Cost Component	Period/Rate	Amount (USD)
Interest Expense on Deposits	Q2 2025	$10.3 million
Total Interest Expense	Q2 2025	$11.21 million
Long-Term Debt Interest Expense (Pre-New Notes)	Q2 2025	$903 K
Operating Expenses (Total Non-Interest)	Q1 2025	$29.3 million
Subordinated Notes Principal	November 2025 Issuance	$60.0 million
Subordinated Notes Fixed Interest Rate	First Five Years	6.875%

The branch network size is 20 branches. Personnel expenses are a key driver within the overall operating expense base, which saw a 24% rise in Q1 2025.

You're definitely managing a cost base that reflects both the physical presence in Alaska and the current interest rate environment for funding growth initiatives. Finance: draft 13-week cash view by Friday.

Northrim BanCorp, Inc. (NRIM) - Canvas Business Model: Revenue Streams

You're looking at the core ways Northrim BanCorp, Inc. brings in money, which is pretty standard for a community bank but with a key specialty finance kicker. Honestly, the story here is overwhelmingly about the spread between what they earn on their assets and what they pay for their liabilities. Everything else is supporting cast, but that specialty finance arm is definitely adding a layer of diversification.

Net Interest Income (NII) from loans and investments is the engine room. This is the difference between the interest Northrim BanCorp, Inc. collects on its $2.20 billion in portfolio loans as of Q2 2025 and the interest it pays out on deposits and borrowings. For the second quarter of 2025, NII hit $33.6 million, which the market noted was about 90% of total revenue for that period. That reliance on the net interest margin is central to their valuation. To give you a more recent snapshot, NII actually ticked up to $35.35 million in the third quarter of 2025.

The rest of the revenue comes from non-interest sources, which totaled $16.64 million in Q2 2025. This category is where you see the impact of their strategic moves, like the Sallyport Commercial Finance acquisition.

Here's a breakdown of the key revenue components, primarily using the detailed Q2 2025 figures where available, as the Q3 data includes a large, likely non-recurring, asset sale gain:

Revenue Stream Component	Latest Reported Amount (Q2 2025)	Notes
Net Interest Income (NII)	$33.59 million	Represents about 67% of total Q2 2025 revenue ($50.23 million).
Service Charge Income	$10.67 million	Covers service charges on deposit accounts and treasury management fees.
Other Non-Interest Income	$5.9 million	This bucket includes mortgage banking, purchased receivable income, and trust fees.
Total Non-Interest Income	$16.64 million	Contributed 33% of total Q2 2025 revenues.
Total Revenue	$50.23 million	Total revenue for the second quarter of 2025.

You can see the direct contribution from fee-based activities:

• Service charges on deposit accounts and treasury management fees were $10.67 million in Q2 2025.
• The income from the specialty finance segment, Purchased receivable income from Sallyport Commercial Finance, LLC, contributed to the increase in Other Non-Interest Income in Q2 2025.
• Non-interest income from mortgage banking activities also saw an uptick in Q2 2025 due to higher mortgage activity.
• Wealth management and trust service fees are part of the non-interest income mix, as Northrim BanCorp, Inc. has interests in these businesses.

It's worth noting that the third quarter of 2025 saw Total Non-Interest Income jump to $31.24 million, largely due to a $14.2 million gain from an asset sale by Pacific Wealth Advisors, which is an affiliated company. That's a one-off event, so you shouldn't model that level of non-interest income going forward.

Finance: draft 13-week cash view by Friday.