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Investor Presentation Fourth Quarter 2025 Nasdaq: NRIM 1
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Northrim Overview 2 $3.3 billion community bank founded in 1990 to provide financial services to Alaskan residents and businesses • Superior customer first service • Strong balance sheet • Solid net interest margin; pricing reflects quality service • Focus on asset quality • Diversified revenue sources • Leadership to build Alaska’s economy 1990 1999 2000 2007 2008 2014 2020 2021 Founded Acquired Bank of America Branches Wells Fargo acquisition of National Bank of Alaska Assets exceed $1 Billion Acquired Alaska First Bank & Trust Acquired Alaska Pacific Bankshares Acquired 100% of Residential Mortgage, LLC Assets exceed $2 Billion Originated approx. 5,800 ($613M) PPP loans (2,300 to new customers) Anchorage HQ & 9 Branches Nome Fairbanks Soldotna Kodiak Juneau Sitka Ketchikan Legend Scale:100mi Branches: 20 2022 Opened Nome branch 2023 Opened Kodiak branch Opened Homer LPO Homer 2024 Opened Homer Financial Center Acquired Sallyport Commercial Finance, LLC Assets exceed $3 billion 1998 Original investor in Residential Mortgage, LCC at 24% Wasilla 2025 & 2024 Piper Sandler Bank & Thrift Sm-All Stars
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4th Quarter 2025 | Financial Highlights1 1Non-GAAP financial measures. Refer to Appendix to this presentation for a reconciliation. 2After the reclassification of $100.4 million 1-4 family residential properties secured by first liens to loans held for sale in Q1 ' 25 3Loan growth year-over-year, excluding the reclassification of $100.4 million 1-4 family residential properties secured by first liens to loans held for sale was 12.53% 3 Earnings & Profitability Q4-25 Q3-25 Q4-24 Earnings per Share $0.55 $1.20 $0.49 Net Income (in Thousands) $12,441 $27,065 $10,927 Tax Equivalent Net Interest Margin 4.75% 4.88% 4.47% ROAA 1.50% 3.32% 1.43% ROAE 15.16% 35.66% 16.32% Dividends per Share $0.16 $0.16 $0.16 Balance Sheet & Capital Total Loans (in Millions) $2,295 2 $2,219 $2,129 Total Deposits (in Millions) $2,813 $2,906 $2,680 Total Capital / Risk Adjusted Assets 13.86% 11.56% 10.94% Shareholders' Equity / Total Assets 9.92% 9.53% 8.78% TCE / TA 8.51% 8.12% 7.23% Tangible Book Value per Share $12.47 $11.99 $9.79 Asset Quality NPAs / Total Assets, net govt guarantees 0.35% 0.41% 0.38% Total Loan ACL/Portfolio Loans 1.03% 1.05% 1.03% Net Income $12.441 million EPS $0.55 ROAA 1.50% ROAE 15.16% Loan Growth 7.81% YoY 3 NIMTE 4.75% Portfolio Loan Yield 6.95% Cost of IB Deposits 1.91%
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Credit Quality – Non-Performing Assets (“NPAs”)Shareholder Value and Capital 4 Year # Shares Average Price Avg Repurchase Price / TBV 2019 1,390,704 $9.04 1.27x 2020 1,308,000 $7.63 0.99x 2021 1,117,104 $10.33 1.17x 2022 1,334,896 $10.61 1.18x 2023 834,692 $10.84 1.16x 2024 60,136 $13.12 1.32x 2025 — $— — Total 6,045,532 $9.61 Share Repurchase Activity * Cash dividend of $0.16 per share payable on March 13, 2026 21% of shares repurchased since 2019 Repurchase activity increased EPS by ~25% 8.4% CAGR TBV/share, since 2015 Tangible book value per share is a non-GAAP financial measure - see Non-GAAP reconciliations in Appendix *payable in March 2026
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Regulatory Capital Ratios
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Investment Opportunity 6 Unique Banking Environment Provides Opportunities to Gain Market Share • Northrim deposit market share has increased by 727 basis points since 2018 Alaska Banking Environment Drives Higher Yields on Loans and Lower Deposit Costs • Northrim loan yields averaged 5.82% over last 10 years vs 5.09% in the U.S. (as of 12/31/2024) • Northrim interest-bearing deposits costs averaged 63 bps over last 10 years vs 91 bps in the U.S. (as of 12/31/2024) • Increasingly diverse economy Experienced Management Team Delivering Asset and Profitability Growth • Branch expansion strategy benefiting from competitor pull back • Adding additional team members has enhanced loan and deposit originations • Credit culture has positioned bank for potential economic downturn New and Repricing Loans Will Drive Stable / Improving NIM • 30% of loans mature or reprice in the next three months, 15% of loans mature or reprice in four to twelve months, and 29% of loans mature or reprice in one to three years • 26% of deposits are non-interest bearing Capital Management • Repurchased ~20% of outstanding shares in last 6 years • Increased dividend by 100% in last 4 years as income has grown, currently at $0.16 / share / quarter
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Capital Investment Drives Economic Growth - Partial List of Projects 7 • $6 billion in various federal infrastructure projects over the next 5 years • $250 million port of Nome • $170 million Lowell Creek flood diversion in Seward • $88 million Moose Creek dam in North Pole to protect Fairbanks • $46 million UAA Center for Homeland Security Awareness in the Arctic $107 million runway extension at JBER in the Defense Authorization Bill Coast Guard – $600 million over 5 years for Kodiak, Juneau and Sitka Juneau land conveyance and $125 million to finance icebreaker ship Telecom – GCI & Quintillion fiber optics projects, $100 million from Feds Manh Choh gold mine near Tok - 500 mining, 200 transportation jobs Graphite One - $37 million Department of Defense grant $9.3 million HUD grant for Alaska Native Community housing Alaska Energy Authority - $413 million rail belt electric grid update
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Oil and Gas Development Drives Economic Growth 8 Future Oil Development Projects • Alaska North Slope oil production averaged 461,000 barrels per day (bpd) in 2024 • Santos and Repsol making $2.6 billion investment in Pikka Project (80k bpd, 768 million recoverable barrels, 2,600 construction jobs, 500 permanent jobs) • ConocoPhillips $8 billion investment in Willow Project (180k bpd, 600 million recoverable barrels, 2,500 construction jobs, 300 permanent jobs) • Multiple additional projects have increased production while generating thousands of jobs and bringing in billions of dollars of investments
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Alaska's Mining Sector Contributes Substantially to the State's Economy • $1.8 billion spent on goods and services to support Alaska's mines, with $1.1 billion directly to Alaska businesses. • $145 million paid in local and state government revenues. • $240 million in royalty payments to Alaska Native corporations in 2025, bringing the cumulative total to $3.6 billion since 1989. • 12,400 total direct, indirect, and induced jobs by the mining sector, paying an average wage of $123,000–twice the state average for all other employment sectors. • Renewed focus on domestic sources for precious metals and rare earth elements for EVs and military applications. These benefits are generated from seven large and approximately 300 small-scale placer mining operations that produce gold, silver, zinc, lead, germanium, and coal.
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Steady Loan Growth Supported by Increasing Market Share Portfolio Loans Outstanding ($2.30 billion) Loan Composition (12/31/2025) 10 YTD Portfolio Loan Yield: 6.99% 1After the reclassification of $100.4 million 1-4 family residential properties secured by first liens to loans held for sale in the first quarter of 2025. 1
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Diversified Loan Portfolio Limits Concentration Risk Special Industries as Percentage of Total Portfolio Loans ($2.30 billion) 11 • Legal lending limit was $50.4 million as of December 31, 2025 • 8 relationships totaling $215.4 million in portfolio loans have total direct and indirect commitments greater than 50% of the legal lending limit
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Commercial Real Estate Non-Owner Occupied Portfolio Details 12 Property Type ($ millions) Amount Outstanding Number of Properties Avg Balance % of CRE Non-Owner Occupied Portfolio Apartments $160.4 97 $1.7 21 % Retail Centers $98.8 38 $2.6 13 % Office, Class A or B $96.2 51 $1.9 13 % Hotels $90.4 28 $3.2 12 % Office / Warehouse $76.8 45 $1.7 10 % Mini Warehouse / Self Storage $49.0 20 $2.5 6 % Warehouse $47.0 23 $2.0 6 % Other $149.0 151 $1.0 19 % Total $767.6 453 $1.7 100 % CRE Non-owner Occupied Portfolio Metrics (12/31/2025) Average Loan Size $1.69 million Nonaccrual $0.00 million Special Mention $0.00 million / 0.00% of CRE Non-Owner Occupied Adversely Classified $9.74 million / 1.27% of CRE Non-Owner Occupied • 25% of Non-Owner Occupied CRE includes 26 properties outside of Alaska • 24% of Non-Owner Occupied CRE are Fixed Rate loans
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Deposit Franchise also Benefiting from Increasing Market Share Steady Market Share Growth Driving Deposits Deposit Composition (12/31/2025) 13 YTD Cost IB Deposits: 1.99%
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Deposit Concentrations Deposit Relationships by Size (12/31/2025) 14 Deposit Portfolio as of December 31, 2025: • 32 deposit customers with balances greater than $10 million totaling $707.8 million or 25% of total deposits. • Approximately 34,000 deposit customers with average balance of $62,000. • Uninsured deposits totaled $1.073 billion or 38% of total deposits.
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Net Interest Margin Driven by Asset Yields and Low Cost Liabilities • Three Fed rate cuts in the second half of 2025 impacting loan yields ◦ 18 bps decrease since Q3 2025 • Deposit franchise provides low cost financing ◦ 26% non-interest bearing deposits in Q4 2025 • Strong NIM supports profitability ◦ NIM up 64 bps since Q4 2023 15
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Credit Quality – Non-Performing Assets (“NPAs”)Solid Credit and a History of Low Charge-Offs 16 • Nonperforming loans have remained relatively low for past 5 years • Historically low charge-offs ◦ 0.01% Net Charge-offs / Loans 6-year average (2020-2025) • ACL / Nonperforming loans demonstrates a quality loan portfolio ◦ 0.07% loans currently 30-89 days past due Avg: 0.01%
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Credit Quality – Non-Performing Assets (“NPAs”)Special Mention and Adversely Classified Loans and Net Charge-Off History 17 Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management. 1 Peer consists of 16 specific peer banks in Northrim's peer group as of 12/31/2024. 1 1
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Operating Expenses Mitigated by Attractive Market Dynamics • Alaskan operating expenses are higher than mainland banks ◦ 1,300 miles from Nome to Ketchikan (1,400 miles from New York to Dallas) ◦ 6 branches only accessible by boat or plane • Alaskan loan yields are higher and deposit costs are lower ◦ Top 4 banks have 90% deposit market share ◦ Last new market entrant was in 2000 when Wells Fargo acquired National Bank of Alaska 1 Community Banking Net Operating Expense ratio is a non-GAAP financial measure - see Non-GAAP reconciliations in Appendix 2 Peer consists of SNL US Banks with assets between $1B and $5B. Data is not yet available for 2025. 18 Higher Operating Expenses... ...Are Balanced by Higher Loan Yields and Lower Deposit Costs which Drive Attractive NIM NIM Peer NIM2 1
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Noninterest Income Supported by Multiple Business Lines 19 Treasury Management and Deposit Solutions Specialty Finance Home Mortgage Lending and Residential Mortgage, LLC • Includes bankcard fees and service charges on deposit accounts • Payables Automation • Fraud Mitigation • Account Reconciliation Tools • Receivables Automation • Treasury Tools • Merchant Fees • Purchased receivable income • Northrim Funding Services: Bellevue-based factoring business founded in 2004 • Sallyport Commercial Finance, LLC: acquired October 31, 2024 • Higher risk-adjusted returns • Includes mortgage servicing • Largest mortgage originator in AK • Majority of loans serviced are Alaska Housing Finance Corporation (AHFC) mortgages • $1.63B servicing portfolio acts as hedge against origination volume • Expanding mortgage originations into lower 48 states 2024 2025 Q4-24 Q4-25 $7.3M $8.6M $1.9M $2.2M 2024 2025 Q4-24 Q4-25 $7.1M $25.8M $3.5M $6.5M 2024 2025 Q4-24 Q4-25 $24.0M $25.2M $7.0M $6.3M Business Line Description Operating Income 2025 ($77.2M)
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Diversification has Enhanced Results Over the Long Term 20 • Community Banking earnings have grown due to rising rates and successful expansion strategy • Mortgage Lending tends to be more cyclical, but has been a strong contributor over the longer term
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Appendix
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22 Balance Sheet 2022 2023 2024 2025 2024 Q4 2025 Q4 Total Assets $2,674,318 $2,807,497 $3,041,869 $3,290,273 $3,041,869 $3,290,273 Portfolio Loans 1,501,785 1,789,497 2,129,263 2,295,499 2,129,263 2,295,499 Deposits 2,387,211 2,485,055 2,680,189 2,813,029 2,680,189 2,813,029 Shareholders' Equity 218,629 234,718 267,116 326,544 267,116 326,544 Common Shares Outstanding (millions) 22.803 22.052 22.073 22.112 22.073 22.112 Consolidated Capital (%) Equity / Assets 8.18% 8.36% 8.78% 9.92% 8.78% 9.92% Tangible Common Equity / Tang. Assets2 7.62% 7.84% 7.23% 8.51% 7.23% 8.51% Book Value per Share $9.59 $10.64 $12.10 $14.77 $12.10 $14.77 TBV Per Share2 $8.89 $9.92 $9.79 $12.47 $9.79 $12.47 Asset Quality Nonperfoming loans, net govt. guarantees $6,430 $5,002 $7,533 $11,329 $7,533 $11,329 Nonperforming assets, net govt. guarantees 6,430 5,002 11,598 11,396 11,598 11,396 Net charge-offs (recoveries) / average loans (0.08)% — % (0.01)% 0.08% — % 0.02% ACL / Portfolio loans 0.92% 0.97 % 1.03% 1.03% 1.03% 1.03% Profitability Net Income $30,741 $25,394 $36,971 $64,608 $10,927 $12,441 ROAA 1.16% 0.94 % 1.29% 2.02% 1.43% 1.50% ROAE 13.68% 11.17 % 14.70% 21.72% 16.32% 15.16% Net Interest Margin 3.85% 4.14 % 4.28% 4.69% 4.41% 4.70% Community Banking Net Operating Exp. / Avg Assets2 2.65 % 3.06 % 3.18% 3.40% Diluted EPS $1.32 $1.12 $1.66 $2.87 $0.49 $0.55 Financial Highlights1 1. In thousands, except per share data and shares outstanding. 2. Non-GAAP financial measures. Refer to Appendix to this presentation for a reconciliation. Periods presented prior to 2024 have not been restated for the change in segments.
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23 Non-GAAP Reconciliation (In thousands) 2022 2023 2024 2025 2024 Q4 2025 Q4 Shareholders' Equity $218,629 $234,718 $267,116 $326,544 $267,116 $326,544 Total Assets 2,672,041 2,807,497 3,041,869 3,290,273 3,041,869 3,290,273 Total Shareholders' Equity to Total Assets Ratio 8.18% 8.36% 8.78% 9.92% 8.78% 9.92% Shareholders' Equity $218,629 $234,718 $267,116 $326,544 $267,116 $326,544 Less: Goodwill and Other Intangible Assets 15,984 15,967 50,968 50,824 50,968 50,824 Tangible Common Shareholders' Equity $202,645 $218,751 $216,148 $275,720 $216,148 $275,720 Total Assets $2,674,318 $2,807,497 $3,041,869 $3,290,273 $3,041,869 $3,290,273 Less: Goodwill and Other Intangible Assets 15,984 15,967 50,968 50,824 50,968 50,824 Tangible assets $2,658,334 $2,791,530 $2,990,901 $3,239,449 $2,990,901 $3,239,449 Tangible Common Equity to Tangible Assets Ratio 7.62% 7.84% 7.23% 8.51% 7.23% 8.51% 2020 2021 2022 2023 2024 2025 Operating Expense, Community Banking Segment $57,614 $58,647 $63,902 $70,684 $73,085 $82,400 Avg Earning Assets, Consolidated $1,758,839 $2,260,778 $2,469,383 $2,491,651 $2,647,615 $2,891,393 Less: Avg Consumer Mortgages 131,810 224,613 227,101 Less: Avg Loans Held for Sale 105,287 101,752 51,566 41,644 68,790 107,286 Less: Avg Purchased Receivables 38,697 98,987 Less: Avg Interest-bearing Cash, RML 5,325 5,435 7,726 6,651 8,982 7,816 Less: Avg Purchased Receivable Loans 7,001 23,218 Avg Earning Assets, Community Banking Segment $1,648,227 $2,153,591 $2,410,091 $2,311,546 $2,299,532 $2,426,985 Community Banking Operating Exp / Avg Earning Assets 3.50% 2.72% 2.65% 3.06% 3.18% 3.40%
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24 Non-GAAP Reconciliation 2011 2012 2013 2014 2015 2016 Shareholders' Equity $125,435 $136,353 $144,318 $164,441 $177,214 $186,712 Divided by Common Shares Outstanding 25,867 26,047 26,151 27,417 27,509 27,592 Book Value per Share $4.85 $5.23 $5.52 $6.00 $6.44 $6.77 Shareholders' Equity $125,435 $136,353 $144,318 $164,441 $177,214 $186,712 Less: Goodwill and Other Intangible Assets 8,421 8,170 7,942 24,035 23,776 16,324 Tangible Common Shareholders' Equity $117,014 $128,183 $136,376 $140,406 $153,438 $170,388 Divided by Common Shares Outstanding 25,867 26,047 26,151 27,417 27,509 27,592 Tangible Book Value per Share $4.52 $4.93 $5.21 $5.11 $5.58 $6.18 2017 2018 2019 2020 2021 2022 Shareholders' Equity $192,802 $205,947 $207,117 $221,575 $237,817 $218,629 Divided by Common Shares Outstanding 27,488 27,533 26,235 25,004 24,059 22,803 Book Value per Share $7.01 $7.48 $7.89 $8.86 $9.88 $9.59 Shareholders' Equity $192,802 $205,947 $207,117 $221,575 $237,817 $218,629 Less: Goodwill and Other Intangible Assets 16,224 16,154 16,094 16,046 16,009 15,984 Tangible Common Shareholders' Equity $176,578 $189,793 $191,023 $205,529 $221,808 $202,645 Divided by Common Shares Outstanding 27,488 27,533 26,235 25,004 24,059 22,803 Tangible Book Value per Share $6.42 $6.89 $7.28 $8.22 $9.22 $8.89 2023 2024 2025 2024 Q4 2025 Q3 2025 Q4 Shareholders' Equity $234,718 $267,993 $326,544 $267,993 $315,663 $326,544 Divided by Common Shares Outstanding 22,052 22,073 22,112 22,073 22,091 22,112 Book Value per Share $10.63 $12.14 $14.77 $12.14 $14.29 $14.77 Shareholders' Equity $234,718 $267,993 $326,544 $267,993 $315,663 $326,544 Less: Goodwill and Other Intangible Assets 15,967 50,968 50,824 50,968 50,824 50,824 Tangible Common Shareholders' Equity $218,751 $217,025 $275,720 $217,025 $264,839 $275,720 Divided by Common Shares Outstanding 22,052 22,073 22,112 22,073 22,091 22,112 Tangible Book Value per Share $9.92 $9.83 $12.47 $9.83 $11.99 $12.47