NORTHRIM BANCORP INC
For the period ended Dec 31, 2025. Filed Mar 6, 2026.
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FY2025 · Filed Mar 6, 2026
NRIM$23.90-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (In Thousands) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating Activities: | |||
| Net income | $64,608 | $36,971 | $25,394 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
| Gain on sale of securities, net | (1) | (112) | — |
| Depreciation and amortization of premises | 3,534 | 3,610 | 3,294 |
| Amortization of debt issuance costs | 14 | — | — |
| Intangible asset amortization | — | — | 17 |
| Amortization of investment security premium, net of discount accretion | (37) | 368 | 483 |
| Unrealized (gain) on marketable equity securities | (169) | (465) | (120) |
| Deferred tax (income) expense | (1,506) | (152) | 580 |
| Stock-based compensation | 1,734 | 913 | 937 |
| Deferral of loan fees and amortization, net of costs | 977 | 631 | (54) |
| Provision for credit losses | 3,910 | 3,293 | 3,842 |
| Origination of home mortgage servicing rights carried at fair value | (4,817) | (4,748) | (3,616) |
| Purchases of home mortgage servicing rights carried at fair value | — | (2,328) | — |
| Change in fair value of home mortgage servicing rights carried at fair value | 3,782 | 201 | 2,687 |
| Change in fair value of commercial servicing rights carried at fair value | 334 | 52 | 62 |
| Gain on sale of loans | (16,777) | (13,994) | (7,828) |
| Proceeds from the sale of loans held for sale | 851,911 | 595,164 | 379,546 |
| Origination of loans held for sale | (776,032) | (609,153) | (376,154) |
| Gain on sale of other real estate owned | — | (392) | (929) |
| Impairment on other real estate owned | — | — | 123 |
| Gain on sale of Pacific Wealth Advisors | (14,486) | — | — |
| Net changes in assets and liabilities: | |||
| Decrease (increase) in accrued interest receivable | (1,040) | 456 | (2,021) |
| Decrease (increase) in other assets | 23,462 | (13,503) | 5,347 |
| (Decrease) increase in other liabilities | (64) | (5,539) | 7,185 |
| Net Cash Provided (Used) by Operating Activities | 139,337 | (8,727) | 38,775 |
| Investing Activities: | |||
| Investment in securities: | |||
| Purchases of investment securities available for sale | (96,439) | (49,464) | (26,030) |
| Purchases of marketable equity securities | — | (1,964) | (2,297) |
| Purchases of FHLB stock | (22,584) | (32,353) | (5,703) |
| Proceeds from sales/calls/maturities of securities available for sale | 165,367 | 221,159 | 82,398 |
| Proceeds from sales of marketable equity securities | 481 | 6,973 | — |
| Proceeds from calls/maturities of securities held to maturity | 10,000 | — | — |
| Proceeds from redemption of FHLB stock | 21,151 | 30,002 | 6,539 |
| (Increase) decrease in purchased receivables, net | (27,606) | 10,672 | (16,848) |
| Increase in loans, net | (268,474) | (341,764) | (287,893) |
| Proceeds from sale of other real estate owned | — | 392 | 1,079 |
| Sallyport Commercial Finance, LLC acquisition, net of cash received | 144 | (40,658) | — |
| Purchases of premises and equipment | (5,469) | (620) | (6,166) |
| Net Cash Used by Investing Activities | (223,429) | (197,625) | (254,921) |
| Financing Activities: | |||
| Increase (decrease) in deposits | 132,840 | 195,134 | 97,844 |
| Proceeds from borrowings | 562,910 | 697,553 | 194,500 |
| Repayments of borrowings | (573,150) | (728,390) | (194,920) |
| Proceeds from the issuance of subordinated debt | 60,000 | — | — |
| Payment of debt issuance costs | (1,400) | — | — |
| Proceeds from the issuance of common stock | 609 | 801 | 555 |
| Repurchase of common stock | — | (789) | (9,044) |
| Cash dividends paid | (14,547) | (13,751) | (13,609) |
| Net Cash Provided by Financing Activities | 167,262 | 150,558 | 75,326 |
| Net Change in Cash and Cash Equivalents | 83,170 | (55,794) | (140,820) |
| Cash and Cash Equivalents at Beginning of Year | 62,736 | 118,530 | 259,350 |
| Cash and Cash Equivalents at End of Year | $145,906 | $62,736 | $118,530 |
| Supplemental Information: | |||
|---|---|---|---|
| Income taxes paid | $17,591 | $6,720 | $2,031 |
| Interest paid | $42,555 | $40,482 | $28,547 |
| Noncash commitments to invest in Low Income Housing Tax Credit Partnerships | $13,407 | $— | $14,273 |
| Transfer of loans to other real estate owned | $— | $— | $273 |
| Non-cash lease liability arising from obtaining right of use assets | $— | $250 | $423 |
| Cash dividends declared but not paid | $203 | $101 | $110 |
| Acquisitions: | |||
| Assets acquired | $— | $66,129 | $— |
| Liabilities assumed | $— | ($41,275) | $— |
| Pre-existing debt settlement | $— | $12,000 | $— |
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