Northrim Bancorp net income falls 46.8% to $14.4M on higher credit costs; PBCO merger approved

Filed October 30, 2026 · Period ending September 30, 2026 · Compared to 10-Q Oct 27, 2025 · ~2 min read

Key Changes

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  Subsequent event: On July 22, 2026, Northrim announced that it entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PBCO Financial Corporation (“PBCO”), pursuant to which Northrim will acquire PBCO in an all-stock…

  Notes: Subsequent Events verify on EDGAR →
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  Net income fell 46.8% to $14.4 million, or $0.63 per diluted share, from $27.1 million, or $1.20, a year earlier. The decline reflects a higher provision for credit losses and the absence of a $14.2 million gain on asset sales in the prior-year quarter.

  MD&A: Net income decline verify on EDGAR →
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  Nonperforming assets, net of government guarantees, more than tripled to $42.9 million at September 30, 2026 from $11.4 million at December 31, 2025, driven by four loans to two borrowers.

  MD&A: Credit quality deterioration verify on EDGAR →