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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from_____to____

Commission File Number 000-33501

NORTHRIM BANCORP, INC.

(Exact name of registrant as specified in its charter)


Alaska						92-0175752
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

3111 C Street

Anchorage, Alaska 99503

(Address of principal executive offices) (Zip Code)

(907) 562-0062

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None


TITLE OF EACH CLASS			TRADING SYMBOL			NAME OF EXCHANGE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

ý Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

ý Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer ¨ Accelerated Filer ý Non-accelerated Filer ¨

Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ý No

The number of shares of the issuer’s Common Stock, par value $0.25 per share, outstanding at May 1, 2026 was 22,244,766.


TABLE OF CONTENTS

Part I	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Consolidated Balance Sheets	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Changes in Shareholders' Equity	6
	Consolidated Statements of Cash Flows	8
	Notes to the Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4.	Controls and Procedures	64

Part II	OTHER INFORMATION
Item 1.	Legal Proceedings	64
Item 1A.	Risk Factors	65
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65


Item 5.	Other Information	66
Item 6.	Exhibits	66
SIGNATURES		67

PART I. FINANCIAL INFORMATION

These consolidated financial statements should be read in conjunction with the consolidated financial statements, accompanying notes and other relevant information included in Northrim BanCorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS

NORTHRIM BANCORP, INC.

Consolidated Balance Sheets

(Unaudited)


	March 31, 2026	December 31, 2025
(In Thousands, Except Share Data)
ASSETS
Cash and due from banks	$33,030	$36,042
Interest bearing deposits in other banks	121,907	109,864
Marketable equity securities	10,145	8,392
Investment securities available for sale, at fair value	418,447	420,661
Investment securities held to maturity, at amortized cost	31,750	26,750
Investment in Federal Home Loan Bank stock	7,060	6,764

Loans held for sale	81,179	100,323
Loans	2,358,702	2,295,499
Allowance for credit losses, loans	(24,812)	(23,737)
Net loans	2,333,890	2,271,762
Purchased receivables, net	105,029	101,642
Mortgage servicing rights, at fair value	28,426	27,474
Other real estate owned, net	1,036	—
Premises and equipment, net	41,728	39,692
Operating lease right-of-use assets	11,749	5,911
Goodwill	49,874	49,874
Other intangible assets, net	950	950
Other assets	78,708	84,172
Total assets	$3,354,908	$3,290,273
LIABILITIES
Deposits:
Demand	$826,445	$721,925
Interest-bearing demand	1,215,182	1,242,546
Savings	243,667	250,006
Money market	197,402	195,793


Certificates of deposit	391,050	402,759
Total deposits	2,873,746	2,813,029

Borrowings	81,652	81,729
Operating lease liabilities	11,857	5,941
Other liabilities	51,844	63,030
Total liabilities	3,019,099	2,963,729
SHAREHOLDERS' EQUITY
Preferred stock, $1 par value, 2,500,000 shares authorized, none issued or outstanding	—	—
Common stock, $0.25 par value, 40,000,000 shares authorized, 22,244,766 and 22,111,637 issued and outstanding at March 31, 2026 and December 31, 2025, respectively	5,561	5,528
Additional paid-in capital	10,363	10,822
Retained earnings	319,660	309,575
Accumulated other comprehensive income, net of tax	225	619
Total shareholders' equity	335,809	326,544
Total liabilities and shareholders' equity	$3,354,908	$3,290,273

See notes to consolidated financial statements

NORTHRIM BANCORP, INC.

Consolidated Statements of Income

(Unaudited)


	Three Months Ended
	March 31,
(In Thousands, Except Per Share Data)	2026	2025
Interest and Dividend Income
Interest and fees on loans and loans held for sale	$39,977	$37,470
Interest on investment securities available for sale	3,005	2,952
Dividends on marketable equity securities	157	145
Interest on investment securities held to maturity	466	473
Dividends on Federal Home Loan Bank stock	146	105
Interest on deposits in other banks	1,145	416
Total Interest and Dividend Income	44,896	41,561
Interest Expense
Interest expense on deposits	8,997	9,935

Interest expense on borrowings	79	237
Interest expense on subordinated debentures	1,159	92
Total Interest Expense	10,235	10,264
Net Interest Income	34,661	31,297
Provision (benefit) for credit losses	960	(1,409)
Net Interest Income After Provision (Benefit) for Credit Losses	33,701	32,706
Other Operating Income
Mortgage banking income	6,461	4,251
Purchased receivable income	6,132	6,150
Bankcard fees	1,089	1,074
Service charges on deposit accounts	811	677
Unrealized (loss) on marketable equity securities	(256)	(50)



Other income	642	938
Total Other Operating Income	14,879	13,040
Other Operating Expense
Salaries and other personnel expense	19,506	17,223
Data processing expense	3,305	3,104
Occupancy expense	2,104	1,889
Professional and outside services	1,159	1,115
Marketing expense	901	672
Compensation expense - Sallyport acquisition payments	500	600
Insurance expense	404	1,017



OREO expense, net rental income and gains on sale	12	3
Other expense	2,731	2,548
Total Other Operating Expense	30,622	28,171
Income Before Provision for Income Taxes	17,958	17,575
Provision for income taxes	4,283	4,251


Net Income	$13,675	$13,324
Earnings Per Share, Basic	$0.62	$0.60
Earnings Per Share, Diluted	$0.61	$0.60
Weighted Average Common Shares Outstanding, Basic	22,166,888	22,079,992
Weighted Average Common Shares Outstanding, Diluted	22,577,720	22,432,408

See notes to consolidated financial statements

NORTHRIM BANCORP, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)

2010


	Three Months Ended March 31,
(In Thousands)	2026	2025
Net income	$13,675	$13,324
Other comprehensive income (loss), net of tax:
Securities available for sale:
Unrealized holding (losses) gains arising during the period	($623)	$3,974



Derivatives and hedging activities:
Unrealized holding gains (losses) arising during the period	6	(244)
Foreign currency translation income	48	5
Income tax expense related to net unrealized losses (gains)	175	(1,061)
Other comprehensive (loss) income, net of tax	(394)	2,674
Comprehensive income	$13,281	$15,998

See notes to consolidated financial statements

NORTHRIM BANCORP, INC.

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)


	Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss), net of Tax	Total
	Number of Shares	Par Value
(In Thousands)
Balance as of January 1, 2025	22,071	$5,518	$9,311	$259,311	($7,024)	$267,116
Cash dividend on common stock ($0.16 per share)	—	—	—	(3,573)	—	(3,573)
Stock-based compensation expense	—	—	232	—	—	232
Exercise of stock options and vesting of restricted stock units, net	12	3	(20)	—	—	(17)

Other comprehensive income, net of tax	—	—	—	—	2,674	2,674


Net income	—	—	—	13,324	—	13,324
Balance as of March 31, 2025	22,083	$5,521	$9,523	$269,062	($4,350)	$279,756
Cash dividend on common stock ($0.16 per share)	—	—	—	(3,585)	—	(3,585)
Stock-based compensation expense	—	—	327	—	—	327
Exercise of stock options and vesting of restricted stock units, net	4	1	(13)	—	—	(12)

Other comprehensive income, net of tax	—	—	—	—	1,955	1,955
Net income	—	—	—	11,778	—	11,778
Balance as of June 30, 2025	22,087	$5,522	$9,837	$277,255	($2,395)	$290,219
Cash dividend on common stock ($0.16 per share)	—	—	—	(3,591)	—	(3,591)
Stock-based compensation expense	—	—	363	—	—	363
Exercise of stock options and vesting of restricted stock units, net	4	1	(17)	—	—	(16)

Other comprehensive income, net of tax	—	—	—	—	1,623	1,623
Net income	—	—	—	27,065	—	27,065
Balance as of September 30, 2025	22,091	$5,523	$10,183	$300,729	($772)	$315,663
Cash dividend on common stock ($0.16 per share)	—	—	—	(3,595)	—	(3,595)
Stock-based compensation expense	—	—	812	—	—	812
Exercise of stock options and vesting of restricted stock units, net	21	5	(173)	—	—	(168)

Other comprehensive income, net of tax	—	—	—	—	1,391	1,391
Net income	—	—	—	12,441	—	12,441
Balance as of December 31, 2025	22,112	$5,528	$10,822	$309,575	$619	$326,544

See notes to consolidated financial statements

NORTHRIM BANCORP, INC.

Consolidated Statements of Changes in Shareholders’ Equity

(Continued)

(Unaudited)


	Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss), net of Tax	Total
	Number of Shares	Par Value
(In Thousands)
Balance as of January 1, 2026	22,112	$5,528	$10,822	$309,575	$619	$326,544
Cash dividend on common stock ($0.16 per share)	—	—	—	(3,590)	—	(3,590)
Stock-based compensation expense	—	—	310	—	—	310
Exercise of stock options and vesting of restricted stock units, net	133	33	(769)	—	—	(736)

Other comprehensive loss, net of tax	—	—	—	—	(394)	(394)

Net income	—	—	—	13,675	—	13,675
Balance as of March 31, 2026	22,245	$5,561	$10,363	$319,660	$225	$335,809

See notes to consolidated financial statements

NORTHRIM BANCORP, INC.

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In Thousands)	2026	2025
Operating Activities:
Net income	$13,675	$13,324
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:


Depreciation and amortization of premises and equipment	855	895

Depreciation of debt issuance costs	35	—
Amortization of investment security premium, net of discount accretion	(118)	50
Unrealized loss on marketable equity securities	256	50
Deferred tax (benefit) expense	1,729	—
Stock-based compensation	310	232

Deferred loan fees and amortization, net of costs	(605)	502
Provision for credit losses	960	(1,409)
Additions to home mortgage servicing rights carried at fair value	(1,079)	(1,230)
Change in fair value of home mortgage servicing rights carried at fair value	127	855
Change in fair value of commercial servicing rights carried at fair value	2	73
Change in fair value of loans held for sale	—	1,161
Gain on sale of loans	(2,997)	(2,740)
Proceeds from the sale of loans held for sale	145,525	110,907
Origination of loans held for sale	(123,384)	(108,499)





Net changes in assets and liabilities:
Increase in accrued interest receivable	(1,663)	(1,887)
Decrease in other assets	5,763	2,836
(Decrease) increase in other liabilities	(12,174)	1,420
Net Cash Provided by Operating Activities	27,217	16,540
Investing Activities:
Investment in securities:
Purchases of investment securities available for sale	(54,986)	(15,187)
Purchases of marketable equity securities	(2,009)	—
Purchases of FHLB stock	(421)	(7,472)
Purchases of investment securities held to maturity	(15,000)	—
Proceeds from sales/calls/maturities of securities available for sale	56,693	34,631

Proceeds from sales/calls/maturities of securities held to maturity	10,000	—


Proceeds from redemption of FHLB stock	125	7,461
Increase in purchased receivables, net	(3,383)	(21,457)
Increase in loans, net	(63,845)	(96,010)





Sallyport Commercial Finance, LLC acquisition, net of cash received	—	144
Purchases of premises and equipment	(2,891)	(208)
Net Cash (Used) by Investing Activities	(75,717)	(98,098)
Financing Activities:
Increase in deposits	60,717	97,788

Decrease in borrowings	(112)	(9,909)

Proceeds from the issuance of common stock	483	—

Cash dividends paid	(3,557)	(3,534)
Net Cash Provided by Financing Activities	57,531	84,345
Net Change in Cash and Cash Equivalents	9,031	2,787
Cash and Cash Equivalents at Beginning of Period	145,906	62,736
Cash and Cash Equivalents at End of Period	$154,937	$65,523



Supplemental Information:
Income taxes paid	$1	$193
Interest paid	$9,228	$10,345

Transfer of loans to other real estate owned	$1,036	$—


Non-cash lease liability arising from obtaining right of use assets	$6,426	$—
Cash dividends declared but not paid	$33	$39

See notes to consolidated financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies

The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements have not been audited, and they include the accounts of the Company and its wholly-owned subsidiaries, and the wholly owned subsidiaries of Northrim Bank (the “Bank”). Significant intercompany balances have been eliminated in consolidation. As of December 31, 2024, the Company had one wholly-owned business trust subsidiary, Northrim Statutory Trust 2 (“Trust 2”), that was formed to issue trust preferred securities and related common securities of Trust 2. The Company has not consolidated the accounts of Trust 2 in its consolidated financial statements in accordance with U.S. GAAP. As a result, the junior subordinated debentures issued by the Company to Trust 2 are reflected on the Company’s consolidated balance sheet as junior subordinated debentures.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company determined that it operates in three primary operating segments: Community Banking, Home Mortgage Lending, and Specialty Finance. The Company has evaluated subsequent events and transactions for potential recognition or disclosure. Operating results for the interim period ended March 31, 2026 are not necessarily indicative of the results anticipated for the year ending December 31, 2026. These consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company’s significant accounting policies are discussed in Note 1 to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes in our application of these accounting policies in 2026, except for the addition of the following item.

Subordinated Debt: The Company’s subordinated debt is recorded at its contractual principal amount net of unamortized debt issuance costs and original issue discounts or premiums, if any. The debt is subordinate in right of payment to all existing and future senior indebtedness of the Company, as defined in the related indenture or credit agreement. Debt issuance costs incurred in connection with subordinated debt are deferred and presented as a direct deduction from the carrying amount of the related debt and are amortized over the term of the debt using the effective interest method. Interest expense related to subordinated debt includes cash interest and the amortization of debt issuance costs and is recognized in interest expense in the consolidated statements of income.

Common Stock Split

On September 18, 2025, the Company effected a four-for-one forward stock split of its common stock, a proportionate increase the number of authorized shares of the common stock from 10,000,000 to 40,000,000 and proportionate decrease in the par value of the common stock from $1.00 per share to $0.25 per share. All share, equity award and per share amounts presented throughout this Quarterly Report of Form 10-Q have been retrospectively adjusted to reflect the common stock split.

Reclassification of Prior Period Presentation

Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or total shareholders' equity.

Recent Accounting Pronouncements

Accounting pronouncements to be implemented in future periods

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). This updated mandates that public business entities provide detailed disclosures in the notes to the financial statements, breaking down specific expense categories such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense cation. The objective is to enhance transparency, enabling investors to gain a clearer understanding of the nature and impact of these expenses on the Company's financial performance. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and may be applied on a prospective or retrospective basis. The Company intends to adopt ASU 2024-03 prospectively and does not believe that the adoption will have a material impact on the Company's consolidated financial statements.

In November 2025, the FASB issued ASU 2025‑08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans (“ASU 2025-08”). The amendments in ASU 2025‑08 are intended to simplify and improve the accounting for acquired loans under the Current Expected Credit Losses (“CECL”) model by expanding the use of the “gross‑up” approach currently applied only to purchased credit deteriorated (“PCD”) assets. Under prior generally accepted accounting principles, entities were required to distinguish between PCD and non‑PCD acquired loans, resulting in differing Day 1 accounting and concerns about complexity, comparability, and perceived double‑counting of credit losses for non‑PCD loans. ASU 2025‑08 creates a new category of “purchased seasoned loans,” defined as acquired loans—in a business combination or acquired more than 90 days after origination—other than credit cards, that meet certain criteria. These loans must now be accounted for using the gross‑up approach. This method requires an entity to recognize an allowance for expected credit losses at the acquisition date with a corresponding increase to the loan’s amortized cost basis, eliminating Day 1 credit loss expense while reducing subsequent interest income. Existing guidance for PCD assets remains unchanged. ASU 2025‑08 is effective for the Company for interim and annual reporting periods beginning after December 15, 2026 and must be applied prospectively to loans acquired after the adoption date. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025‑08 but does not expect the adoption to have a material effect on its consolidated financial statements.

In November 2025, FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025‑09”). The amendments in ASU 2025‑09 clarify and expand certain aspects of hedge accounting to better align financial reporting with the economics of an entity’s risk‑management activities. The ASU addresses stakeholder feedback following the implementation of prior hedge accounting guidance and issues arising from the global transition away from LIBOR. The amendments include targeted improvements across several areas of hedge accounting. Among the key changes, ASU 2025‑09 (i) expands the ability to aggregate forecasted transactions with similar risk exposures in cash flow hedges, (ii) introduces a model that facilitates hedge accounting for forecasted interest payments on “choose‑your‑rate” debt instruments, (iii) broadens hedge accounting for forecasted purchases and sales of nonfinancial assets, and (iv) updates guidance related to net written options used as hedging instruments. These improvements are intended to reduce complexity, increase consistency, and enhance the decision‑usefulness of hedge accounting outcomes. ASU 2025‑09 is effective for the Company for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025‑09 and does not expect the adoption to have a material effect on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025‑11”). The amendments are intended to improve the clarity and navigability of interim reporting requirements within Topic 270 by clarifying when interim reporting guidance applies, enhancing the organization of required interim disclosures, and specifying the form and content of interim financial statements. The guidance responds to stakeholder feedback that existing interim reporting requirements were difficult to navigate because of the historical origins and accumulated amendments within Topic 270. ASU 2025‑11 adds a disclosure principle requiring entities to disclose events that occur after the end of the most recent annual reporting period that have a material impact on the entity. The amendments also introduce a comprehensive list of required interim disclosures drawn from various Codification topics and clarify the presentation requirements for interim financial statements, including condensed financial statements and accompanying footnotes. Importantly, the ASU does not change the fundamental nature of interim reporting nor expand or reduce existing disclosure requirements; rather, it improves clarity and consistency across entities that issue interim financial statements in accordance with generally accepted accounting principles. ASU 2025‑11 is effective for the Company for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2025‑11 and does not expect the adoption to have a material effect on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025‑12, Codification Improvements (“ASU 2025‑12”). This Update is part of the FASB’s ongoing project to address stakeholder‑identified issues in the Accounting Standards Codification. The amendments consist of technical corrections, clarifications, and other incremental improvements intended to enhance the clarity, consistency, and usability of U.S. GAAP. These Codification improvements are not expected to significantly affect current accounting practices or impose substantial costs on most entities. The amendments span a wide range of Topics and include clarifications to diluted earnings‑per‑share calculations, updates to disclosure requirements for certain lease receivables, refinements to the calculation of reference amounts for beneficial interests, clarification of permissible methods for treasury stock retirements, and guidance regarding the transfer and measurement of receivables arising from contracts with customers. Although the updates are largely non‑substantive, certain clarifications may affect how entities apply existing guidance where the prior Codification language was ambiguous or inconsistent. ASU 2025‑12 is effective for the Company for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025‑12 and does not expect the adoption to have a material effect on its consolidated financial statements.

2. Investment Securities

Marketable Equity Securities

The Company held marketable equity securities with fair values of $10.1 million at March 31, 2026 and $8.4 million at December 31, 2025, respectively. The realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income were as follows:


	Three Months Ended March 31,
(In Thousands)	2026	2025
Unrealized (loss) on marketable equity securities	($256)	($50)

Total	($256)	($50)

Debt securities

Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, estimated fair value, and the Allowance for Credit Losses (“ACL”) of debt securities and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities at the periods indicated:


(In Thousands)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Allowance for Credit Losses	Fair Value
March 31, 2026
Securities available for sale
U.S. Treasury and government sponsored entities	$383,307	$928	($2,215)	$—	$382,020

U.S. Agency mortgage-backed securities	4,706	2	—		4,708
Corporate bonds	5,001	—	(23)	—	4,978
Collateralized loan obligations	26,728	31	(18)	—	26,741
Total securities available for sale	$419,742	$961	($2,256)	$—	$418,447


(In Thousands)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Allowance for Credit Losses	Fair Value
March 31, 2026
Securities held to maturity
Corporate bonds	$31,750	$—	($1,066)	$—	$30,684
Total securities held to maturity	$31,750	$—	($1,066)	$—	$30,684


(In Thousands)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Allowance for Credit Losses	Fair Value
December 31, 2025
Securities available for sale
U.S. Treasury and government sponsored entities	$389,391	$1,717	($2,371)	$—	$388,737

U.S. Agency mortgage-backed securities	4,797	1	—		4,798
Corporate bonds	5,003	—	(51)	—	4,952
Collateralized loan obligations	22,141	33	—	—	22,174
Total securities available for sale	$421,332	$1,751	($2,422)	$—	$420,661


(In Thousands)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Allowance for Credit Losses	Fair Value
December 31, 2025
Securities held to maturity
Corporate bonds	$26,750	$426	($578)	$—	$26,598
Total securities held to maturity	$26,750	$426	($578)	$—	$26,598

Gross unrealized losses on available for sale securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2026 and December 31, 2025 were as follows:


	Less Than 12 Months		More Than 12 Months		Total
(In Thousands)	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
March 31, 2026
Securities available for sale
U.S. Treasury and government sponsored entities	$103,212	($598)	$187,086	($1,617)	$290,298	($2,215)
Corporate bonds	—	—	4,978	(23)	4,978	(23)
Collateralized loan obligations	4,982	(18)	—	—	4,982	(18)



Total	$108,194	($616)	$192,064	($1,640)	$300,258	($2,256)
Securities Held to Maturity
Corporate bonds	$4,773	($227)	$10,911	($839)	$15,684	($1,066)
Total	$4,773	($227)	$10,911	($839)	$15,684	($1,066)

December 31, 2025
Securities available for sale
U.S. Treasury and government sponsored entities	$19,992	($8)	$236,387	($2,363)	$256,379	($2,371)
Corporate bonds	—	—	4,592	(51)	4,592	(51)



Total	$19,992	($8)	$240,979	($2,414)	$260,971	($2,422)
Securities Held to Maturity
Corporate bonds	$—	$—	$11,172	($578)	$11,172	($578)
Total	$—	$—	$11,172	($578)	$11,172	($578)

Management evaluates available for sale debt securities and securities held to maturity in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At March 31, 2026, the Company had 16 available for sale securities in an unrealized loss position without an ACL that have been in a loss position for less than twelve months. There were 22 available for sale securities without an ACL with unrealized losses at March 31, 2026 that have been in a loss position for more than twelve months. At March 31, 2026, the Company had two held to maturity securities in an unrealized loss position without an ACL that have been in a loss position for more than twelve months. There was one held to maturity security without an ACL with an unrealized loss at March 31, 2026 that had been in a loss position for less than twelve months. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2026, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, primarily changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company's Consolidated Statements of Income.

At March 31, 2026 and December 31, 2025, carrying amounts of $214.9 million and $210.3 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of available for sale and held to maturity debt securities at March 31, 2026, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


(In Thousands)	Amortized Cost	Fair Value
March 31, 2026
U.S. Treasury and government sponsored entities
Within 1 year	$178,702	$177,310
1-5 years	194,866	194,828
5-10 years	9,739	9,882
Total	$383,307	$382,020
U.S. Agency mortgage-backed securities


5-10 years	$4,706	$4,708

Total	$4,706	$4,708
Corporate bonds

1-5 years	$20,001	$19,978
5-10 years	16,750	15,684
Total	$36,751	$35,662
Collateralized loan obligations

5-10 years	$7,728	$7,739
Over 10 years	19,000	19,002
Total	$26,728	$26,741

There were no proceeds from sales of investment securities for the three-month periods ending March 31, 2026 and 2025.

A summary of interest income for the three-month periods ending March 31, 2026 and 2025, on available for sale investment securities are as follows:


	Three Months Ended March 31,
(In Thousands)	2026	2025
U.S. Treasury and government sponsored entities	$2,615	$2,324
U.S. Agency mortgage-backed securities	58	4
Other	332	624
Total taxable interest income	$3,005	$2,952

Total tax-exempt interest income	$—	$—
Total	$3,005	$2,952

3. Loans and Allowance for Credit Losses

Loans Held for Sale

Loans held for sale are comprised entirely of 1-4 family residential mortgage loans as of March 31, 2026 and December 31, 2025. The Company designates loans held for sale as either carried at fair value or the lower of cost or fair value at loan level at origination.

Loans Held for Investment

The following table presents amortized cost and unpaid principal balance of loans, categorized by the segments used in the Company's CECL methodology to assess credit risk, for the periods indicated:


	March 31, 2026			December 31, 2025
(In Thousands)	Amortized Cost	Unpaid Principal	Difference	Amortized Cost	Unpaid Principal	Difference
Commercial & industrial loans	$462,998	$465,172	($2,174)	$450,826	$453,153	($2,327)
Commercial real estate:
Owner occupied properties	435,148	436,979	(1,831)	433,157	435,050	(1,893)
Non-owner occupied and multifamily properties	765,781	770,325	(4,544)	763,180	767,617	(4,437)
Residential real estate:
1-4 family residential properties secured by first liens	264,662	264,555	107	243,185	243,167	18
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	71,207	70,464	743	67,116	66,470	646
1-4 family residential construction loans	38,679	38,900	(221)	39,059	39,311	(252)
Other construction, land development and raw land loans	176,715	178,029	(1,314)	173,589	175,261	(1,672)
Obligations of states and political subdivisions in the US	32,312	32,311	1	32,434	32,433	1
Agricultural production, including commercial fishing	50,133	50,371	(238)	47,445	47,682	(237)
Consumer loans	9,205	9,097	108	9,763	9,659	104
Other loans	51,862	52,058	(196)	35,745	35,860	(115)
Total	2,358,702	2,368,261	(9,559)	2,295,499	2,305,663	(10,164)
Allowance for credit losses	(24,812)			(23,737)
Net loans	$2,333,890	$2,368,261	($9,559)	$2,271,762	$2,305,663	($10,164)

The difference between the amortized cost and unpaid principal balance is net deferred origination fees totaling $9.6 million at March 31, 2026 and $10.2 million at December 31, 2025.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $11.1 million and $9.6 million at March 31, 2026 and December 31, 2025, respectively, and is included in other assets in the Consolidated Balance Sheets.

Allowance for Credit Losses

The table below presents activity in the ACL related to loans held for investment for the periods indicated.


Three Months Ended March 31,	Beginning Balance	Credit Loss Expense (Benefit)	Charge-offs	Recoveries	Ending Balance
	(In Thousands)
2026
Commercial & industrial loans	$6,707	($123)	($250)	$37	$6,371
Commercial real estate:
Owner occupied properties	2,207	291	—	—	2,498
Non-owner occupied and multifamily properties	4,440	812	—	—	5,252
Residential real estate:
1-4 family residential properties secured by first liens	5,712	508	—	—	6,220
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	1,041	39	—	3	1,083
1-4 family residential construction loans	324	(137)	—	—	187
Other construction, land development and raw land loans	2,839	(224)	—	—	2,615
Obligations of states and political subdivisions in the US	143	(3)	—	—	140
Agricultural production, including commercial fishing	202	9	—	1	212
Consumer loans	114	(10)	(2)	—	102
Other loans	8	124	—	—	132
Total	$23,737	$1,286	($252)	$41	$24,812
2025
Commercial & industrial loans	$5,800	$1,550	($37)	$74	$7,387
Commercial real estate:
Owner occupied properties	2,944	(502)	—	—	2,442
Non-owner occupied and multifamily properties	3,967	(11)	—	—	3,956
Residential real estate:
1-4 family residential properties secured by first liens	4,364	(308)	—	—	4,056
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	775	(13)	—	7	769
1-4 family residential construction loans	230	(11)	—	—	219
Other construction, land development and raw land loans	3,589	(1,883)	—	—	1,706
Obligations of states and political subdivisions in the US	106	17	—	—	123
Agricultural production, including commercial fishing	169	16	—	2	187
Consumer loans	71	12	(13)	1	71
Other loans	5	1	—	—	6
Total	$22,020	($1,132)	($50)	$84	$20,922

The following table shows gross charge-offs by year of loan origination for the periods indicated:


Three Months Ended March 31,

(In Thousands)	2026	2025	2024	2023	2022	Prior	Total
2026
Commercial & industrial loans	$—	$—	$250	$—	$—	$—	$250










Consumer loans	—	—	—	2	—	—	2

Total	$—	$—	$250	$2	$—	$—	$252

Credit Quality Information

As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management utilizes a loan risk grading system called the Asset Quality Rating (“AQR”) system to assign a risk classification to each of its loans. The risk classification is a dual rating system that contemplates both probability of default and risk of loss given default. Loans are graded on a scale of 1 to 10 and, loans graded 1 – 6 are considered “pass” grade loans. Loans graded 7 or higher are considered “criticized” loans. A description of the general characteristics of the AQR risk classifications are as follows:

Pass grade loans – 1 through 6: The borrower demonstrates sufficient cash flow to fund debt service, including acceptable profit margins, cash flows, liquidity and other balance sheet ratios. Historic and projected performance indicates that the borrower is able to meet obligations under most economic circumstances. The borrower has competent management with an acceptable track record. The category does not include loans with undue or unwarranted credit risks that constitute identifiable weaknesses.

Criticized loans:

Special Mention – 7: A “special mention” credit has weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset at some future date.

Substandard – 8: A “substandard” credit is inadequately protected by the current worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful – 9: An asset classified “doubtful” has all the weaknesses inherent in one that is classified "substandard-8" with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. The loan has substandard characteristics, and available information suggests that it is unlikely that the loan will be repaid in its entirety.

Loss – 10: An asset classified “loss” is considered uncollectible and of such little value that its continuance on the books is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may be affected in the future.

The following tables present the Company's portfolio of risk-rated loans by grade and by year of origination. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below.


March 31, 2026	2026	2025	2024	2023	2022	Prior	Total
	(In Thousands)
Commercial & industrial loans
Pass	$33,053	$114,312	$68,658	$60,931	$72,704	$68,154	$417,812
Criticized	—	1,018	3,368	6,528	16,876	17,396	45,186
Total commercial & industrial loans	$33,053	$115,330	$72,026	$67,459	$89,580	$85,550	$462,998

Commercial real estate:
Owner occupied properties
Pass	$24,693	$36,665	$73,810	$43,573	$63,385	$173,442	$415,568


Criticized	—	6,002	—	—	3,651	9,927	19,580
Total commercial real estate owner occupied properties	$24,693	$42,667	$73,810	$43,573	$67,036	$183,369	$435,148

Non-owner occupied and multifamily properties
Pass	$7,570	$122,470	$143,470	$67,331	$136,715	$278,449	$756,005
Criticized	—	—	—	—	1,143	8,633	9,776
Total commercial real estate non-owner occupied and multifamily properties	$7,570	$122,470	$143,470	$67,331	$137,858	$287,082	$765,781

Residential real estate:
1-4 family residential properties secured by first liens
Pass	$26,958	$67,982	$52,748	$72,543	$32,516	$11,248	$263,995
Criticized	—	—	—	499	—	168	667
Total residential real estate 1-4 family residential properties secured by first liens	$26,958	$67,982	$52,748	$73,042	$32,516	$11,416	$264,662

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens
Pass	$5,517	$21,491	$18,573	$9,846	$5,936	$9,331	$70,694
Criticized	—	—	—	430	—	83	513
Total residential real estate 1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	$5,517	$21,491	$18,573	$10,276	$5,936	$9,414	$71,207

1-4 family residential construction loans
Pass	$3,283	$20,715	$5,253	$65	$—	$9,363	$38,679
Criticized	—	—	—	—	—	—	—
Total residential real estate 1-4 family residential construction loans	$3,283	$20,715	$5,253	$65	$—	$9,363	$38,679

Other construction, land development and raw land loans
Pass	$2,671	$63,796	$33,710	$39,143	$13,383	$16,281	$168,984
Criticized	—	—	—	—	6,277	1,454	7,731
Total other construction, land development and raw land loans	$2,671	$63,796	$33,710	$39,143	$19,660	$17,735	$176,715

Obligations of states and political subdivisions in the US
Pass	$—	$—	$4,603	$—	$27,709	$—	$32,312
Criticized	—	—	—	—	—	—	—
Total obligations of states and political subdivisions in the US	$—	$—	$4,603	$—	$27,709	$—	$32,312

Agricultural production, including commercial fishing
Pass	$2,770	$3,364	$8,757	$7,931	$8,872	$18,439	$50,133
Criticized	—	—	—	—	—	—	—
Total agricultural production, including commercial fishing	$2,770	$3,364	$8,757	$7,931	$8,872	$18,439	$50,133

Consumer loans
Pass	$893	$3,691	$1,752	$1,494	$434	$939	$9,203
Criticized	—	—	—	—	2	—	2
Total consumer loans	$893	$3,691	$1,752	$1,494	$436	$939	$9,205

Other loans
Pass	$14,085	$—	$—	$331	$35,683	$1,763	$51,862
Criticized	—	—	—	—	—	—	—
Total other loans	$14,085	$—	$—	$331	$35,683	$1,763	$51,862

Total loans
Pass	$121,493	$454,486	$411,334	$303,188	$397,337	$587,409	$2,275,247
Criticized	—	7,020	3,368	7,457	27,949	37,661	83,455
Total loans	$121,493	$461,506	$414,702	$310,645	$425,286	$625,070	$2,358,702

Total pass loans	$121,493	$454,486	$411,334	$303,188	$397,337	$587,409	$2,275,247
Government guarantees	(16,430)	(18,033)	(33,420)	(4,818)	(4,649)	(28,447)	(105,797)
Total pass loans, net of government guarantees	$105,063	$436,453	$377,914	$298,370	$392,688	$558,962	$2,169,450


Total criticized loans	$—	$7,020	$3,368	$7,457	$27,949	$37,661	$83,455
Government guarantees	—	—	—	(1,928)	(16,734)	(22,470)	(41,132)
Total criticized loans, net government guarantees	$—	$7,020	$3,368	$5,529	$11,215	$15,191	$42,323


December 31, 2025	2025	2024	2023	2022	2021	Prior	Total
	(In Thousands)
Commercial & industrial loans
Pass	$140,717	$73,544	$61,463	$64,841	$24,046	$40,558	$405,169
Criticized	—	3,540	5,905	16,590	12,845	6,777	45,657
Total commercial & industrial loans	$140,717	$77,084	$67,368	$81,431	$36,891	$47,335	$450,826

Commercial real estate:
Owner occupied properties
Pass	$34,589	$70,158	$61,563	$67,334	$52,207	$126,589	$412,440
Criticized	6,002	—	—	3,674	—	11,041	20,717
Total commercial real estate owner occupied properties	$40,591	$70,158	$61,563	$71,008	$52,207	$137,630	$433,157

Non-owner occupied and multifamily properties
Pass	$136,992	$119,749	$68,208	$138,103	$67,826	$221,420	$752,298
Criticized	—	—	—	1,143	—	9,739	10,882
Total commercial real estate non-owner occupied and multifamily properties	$136,992	$119,749	$68,208	$139,246	$67,826	$231,159	$763,180

Residential real estate:
1-4 family residential properties secured by first liens
Pass	$67,166	$53,573	$75,846	$33,276	$2,953	$9,684	$242,498
Criticized	—	—	514	—	—	173	687
Total residential real estate 1-4 family residential properties secured by first liens	$67,166	$53,573	$76,360	$33,276	$2,953	$9,857	$243,185

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens
Pass	$21,690	$18,943	$10,356	$5,820	$2,924	$6,866	$66,599
Criticized	—	—	430	—	—	87	517
Total residential real estate 1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	$21,690	$18,943	$10,786	$5,820	$2,924	$6,953	$67,116

1-4 family residential construction loans
Pass	$23,151	$5,946	$—	$—	$—	$9,962	$39,059
Criticized	—	—	—	—	—	—	—
Total residential real estate 1-4 family residential construction loans	$23,151	$5,946	$—	$—	$—	$9,962	$39,059

Other construction, land development and raw land loans
Pass	$53,248	$45,743	$38,772	$13,462	$9,175	$5,455	$165,855
Criticized	—	—	—	6,277	26	1,431	7,734
Total other construction, land development and raw land loans	$53,248	$45,743	$38,772	$19,739	$9,201	$6,886	$173,589

Obligations of states and political subdivisions in the US
Pass	$—	$4,569	$—	$27,864	$—	$1	$32,434
Criticized	—	—	—	—	—	—	—
Total obligations of states and political subdivisions in the US	$—	$4,569	$—	$27,864	$—	$1	$32,434

Agricultural production, including commercial fishing
Pass	$3,142	$8,770	$7,950	$8,924	$14,908	$3,631	$47,325
Criticized	—	—	—	—	120	—	120
Total agricultural production, including commercial fishing	$3,142	$8,770	$7,950	$8,924	$15,028	$3,631	$47,445

Consumer loans
Pass	$4,757	$1,848	$1,646	$507	$32	$969	$9,759


Criticized	—	—	2	2	—	—	4
Total consumer loans	$4,757	$1,848	$1,648	$509	$32	$969	$9,763

Other loans
Pass	$—	$—	$639	$33,315	$588	$1,203	$35,745
Criticized	—	—	—	—	—	—	—
Total other loans	$—	$—	$639	$33,315	$588	$1,203	$35,745

Total loans
Pass	$485,452	$402,843	$326,443	$393,446	$174,659	$426,338	$2,209,181
Criticized	6,002	3,540	6,851	27,686	12,991	29,248	86,318
Total loans	$491,454	$406,383	$333,294	$421,132	$187,650	$455,586	$2,295,499

Total pass loans	$485,452	$402,843	$326,443	$393,446	$174,659	$426,338	$2,209,181
Government guarantees	(17,804)	(29,791)	(19,923)	(4,766)	(10,173)	(17,368)	(99,825)
Total pass loans, net of government guarantees	$467,648	$373,052	$306,520	$388,680	$164,486	$408,970	$2,109,356

Total criticized loans	$6,002	$3,540	$6,851	$27,686	$12,991	$29,248	$86,318
Government guarantees	—	—	(1,641)	(16,831)	(11,567)	(12,300)	(42,339)
Total criticized loans, net government guarantees	$6,002	$3,540	$5,210	$10,855	$1,424	$16,948	$43,979

Past Due Loans: The following tables present an aging of contractually past due loans as of the periods presented:


(In Thousands)	30-59 Days Past Due	60-89 Days Past Due	Greater Than 90 Days Past Due	Total Past Due	Current	Total	Greater Than 90 Days Past Due Still Accruing
March 31, 2026
Commercial & industrial loans	$—	$728	$1,020	$1,748	$461,250	$462,998	$—
Commercial real estate:
Owner occupied properties	481	—	—	481	434,667	435,148	—
Non-owner occupied and multifamily properties	—	—	1,143	1,143	764,638	765,781	—
Residential real estate:
1-4 family residential properties secured by first liens	1,645	—	188	1,833	262,829	264,662	—
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	70	—	372	442	70,765	71,207	—
1-4 family residential construction loans	—	—		—	38,679	38,679	—
Other construction, land development and raw land loans	—	—	1,654	1,654	175,061	176,715	—
Obligations of states and political subdivisions in the US	—	—	—	—	32,312	32,312	—
Agricultural production, including commercial fishing	—	—	—	—	50,133	50,133	—
Consumer loans	3	—	—	3	9,202	9,205	—
Other loans	—	—	—	—	51,862	51,862	—
Total	$2,199	$728	$4,377	$7,304	$2,351,398	$2,358,702	$—
December 31, 2025
Commercial & industrial loans	$190	$—	$1,500	$1,690	$449,136	$450,826	$—
Commercial real estate:
Owner occupied properties	—	—	—	—	433,157	433,157	—
Non-owner occupied and multifamily properties	—	—	—	—	763,180	763,180	—
Residential real estate:
1-4 family residential properties secured by first liens	1,505	—	514	2,019	241,166	243,185	—
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	194	—	372	566	66,550	67,116	—
1-4 family residential construction loans	—	—	—	—	39,059	39,059	—
Other construction, land development and raw land loans	—	277	1,377	1,654	171,935	173,589	—
Obligations of states and political subdivisions in the US	—	—	—	—	32,434	32,434	—
Agricultural production, including commercial fishing	—	—	—	—	47,445	47,445	—
Consumer loans	—	2	—	2	9,761	9,763	—
Other loans	—	—	—	—	35,745	35,745	—
Total	$1,889	$279	$3,763	$5,931	$2,289,568	$2,295,499	$—

Nonaccrual loans: Nonaccrual loans net of government guarantees totaled $14.2 million and $12.0 million at March 31, 2026 and December 31, 2025, respectively. The following table presents loans on nonaccrual status and loans on nonaccrual status for the periods presented for which there was no related ACL. All loans with no ACL are individually evaluated for credit losses in the Company's CECL methodology.


	March 31, 2026			December 31, 2025
(In Thousands)	Nonaccrual	Nonaccrual With No ACL	ACL on Nonaccrual	Nonaccrual	Nonaccrual With No ACL	ACL on Nonaccrual

Commercial & industrial loans	$6,079	$2,022	$1,841	$4,251	$1,641	$1,248
Commercial real estate:
Owner occupied properties	4,994	2,652	69	5,134	2,725	86
Non-owner occupied and multifamily properties	1,143	—	379	—	—	—
Residential real estate:
1-4 family residential properties secured by first liens	499	188	47	514	—	60
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	412	372	1	415	372	1

Other construction, land development and raw land loans	1,654	1,654	—	1,654	1,654	—




Total nonaccrual loans	14,781	6,888	2,337	11,968	6,392	1,395
Government guarantees on nonaccrual loans	(567)	(567)	—	—	—	—
Net nonaccrual loans	$14,214	$6,321	$2,337	$11,968	$6,392	$1,395

There was no interest on nonaccrual loans reversed through interest income during the three-month periods ending March 31, 2026 or March 31, 2025.

There was no interest earned on nonaccrual loans with a principal balance during the three-month periods ending March 31, 2026 and March 31, 2025. However, the Company recognized interest income of $68,000 and $42,000 in the three-month periods ending March 31, 2026 and 2025, respectively, related to interest collected on nonaccrual loans whose principal had been paid down to zero.

Loan Modifications: The Company modifies loans to borrowers experiencing financial difficulty as a normal part of our business. These modifications include providing term extensions/modifications, payment modifications, interest rate modifications, or, on rare occasions, principal forgiveness. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL. The Company may provide multiple types of concessions on any one loan.

The following table shows the amortized cost basis of the loans that were both experiencing financial difficulty and modified during the periods indicated, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented below:

Three Months Ended March 31, 2026

Payment Modification

Term and payment modifications

Total Modifications

Percentage of Class of Financing Receivable

(In Thousands)

Commercial real estate:

Owner occupied properties

$—

—

Total

$—

—


	Three Months Ended March 31, 2025
	Payment Modification	Term and payment modifications	Total Modifications	Percentage of Class of Financing Receivable
(In Thousands)

Commercial real estate:
Owner occupied properties	$—	$3,252	$3,252	0.76	%










Total	$—	$3,252	$3,252	0.15	%

The Company has no outstanding unfunded commitments to the borrowers included in the previous table.

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty as of the dates indicated:


	Three Months Ended March 31, 2026
	Principal Forgiveness	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (months)
(In Thousands)

Commercial real estate:
Owner occupied properties	$—	—	%	0


	Three Months Ended March 31, 2025
	Principal Forgiveness	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (months)
(In Thousands)

Commercial real estate:
Owner occupied properties	$—	—	%	33

The following table presents the amortized cost basis of loans to borrowers experiencing financial difficulty as of the dates indicated. These are loans that have been modified within twelve months of the dates indicated:


(In Thousands)	March 31, 2026	December 31, 2025
Commercial & industrial loans	$219	$142
Commercial real estate:
Owner occupied properties	3,171	3,193

Residential real estate:

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	372	372
1-4 family residential construction loans	—	—
Other construction, land development and raw land loans	1,376	1,376




Total	$5,138	$5,083

The following table presents the amortized cost basis of loans that had a payment default during the periods indicated and were modified in the twelve months before default to borrowers experiencing financial difficulty:


	Three Months Ended March 31, 2026
	Term modification	Term and payment modification
(In Thousands)

Commercial real estate:
Owner occupied properties	$—	$733

Residential real estate:

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	372	—

Other construction, land development and raw land loans	1	—




Total	$1,748	$733

Three Months Ended March 31, 2025

Term modification

(In Thousands)

Residential real estate:

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens

$—

Total

$—

The Company monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the payment performance of loans that have been modified in the last twelve months as of the date indicated:


	March 31, 2026
	Greater Than 89 Days Past Due	Total Past Due	Current	Total
(In Thousands)
Commercial & industrial loans	$—	$—	$219	$219
Commercial real estate:
Owner occupied properties	—	—	3,171	3,171

Residential real estate:

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	372	372	—	372

Other construction, land development and raw land loans	1,376	1,376	—	1,376




Total	$1,748	$1,748	$3,390	$5,138


	March 31, 2025
	60-89 Days Past Due		Greater Than 89 Days Past Due	Total Past Due	Current	Total
(In Thousands)
Commercial & industrial loans	$	—	$—	$—	$4,318	$4,318
Commercial real estate:
Owner occupied properties	—		217	217	3,251	3,468

Residential real estate:

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	—		460	460	—	460

Other construction, land development and raw land loans	—		1,490	1,490	—	1,490




Total	$—		$2,167	$2,167	$7,569	$9,736

Upon the Company's determination that a modified loan (or a portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL is adjusted by the same amount.

4. Purchased Receivables

Purchased receivables are carried at their principal amount outstanding, net of an ACL, and have a maturity of less than one year. Income on purchased receivables is accrued and recognized on the principal amount outstanding using an effective interest method except when management believes doubt exists as to the collectability of the income or principal. There were no nonperforming purchased receivables as of March 31, 2026 and there was one nonperforming purchased receivable with a balance of $67,000 as of December 31, 2025 for which management was not accruing income.

The following table summarizes the components of net purchased receivables for the dates indicated:


(In Thousands)	March 31, 2026	December 31, 2025
Purchased receivables	$105,029	$101,642
Allowance for credit losses - purchased receivables	—	—
Total	$105,029	$101,642

The following table sets forth information regarding changes in the ACL on purchased receivables for the periods indicated:


	Three Months Ended March 31,
(In Thousands)		2026	2025
Balance at beginning of period		$—	$3,649

Charge-offs		—	—
Recoveries		5	—
Charge-offs net of recoveries		5	—
(Benefit) / provision for purchased receivables		(5)	46
Balance at end of period		$—	$3,695

5. Servicing Rights

Mortgage servicing rights

The following table details the activity in the Company's mortgage servicing rights (“MSR”) for the three-month periods ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(In Thousands)	2026	2025

Balance, beginning of period	$27,474	$26,439
Additions for new MSR capitalized	1,079	1,230
Changes in fair value:
Due to changes in model inputs of assumptions (1)	463	(322)
Other (2)	(590)	(533)
Balance, end of period	$28,426	$26,814

(1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.

(2) Represents changes due to collection/realization of expected cash flows over time.

The following table details information related to our serviced mortgage loan portfolio as of March 31, 2026 and December 31, 2025:


(In Thousands)	March 31, 2026		December 31, 2025

Balance of mortgage loans serviced for others	$1,642,195		$1,629,528
Weighted average rate of note	4.80	%	4.77	%
MSR as a percentage of serviced loans	1.73	%	1.69	%

The Company recognized servicing fees of $1.6 million and $1.5 million during the three-month periods ending March 31, 2026 and 2025, respectively, which includes contractually specified servicing fees and ancillary fees as a component of other noninterest income in the Company's Consolidated Statements of Income.

The following table outlines the weighted average key assumptions used in measuring the fair value of MSRs and the sensitivity of the current fair value of MSRs to immediate adverse changes in those assumptions as of the dates indicated. See Note 9 for additional information on key assumptions for MSR fair value determinations.


(In Thousands)	March 31, 2026		December 31, 2025

Fair value of MSRs	$28,426		$27,474
Expected weighted-average life (in years)	9.08		8.82

Key assumptions:
Constant prepayment rate1	9.65	%	10.01	%
Impact on fair value from 10% adverse change	($1,044)		($1,022)
Impact on fair value from 25% adverse change	($2,482)		($2,427)
Discount rate	10.01	%	10.97	%
Impact on fair value from 100 basis point increase	($1,109)		($871)
Impact on fair value from 200 basis point increase	($2,134)		($1,864)
Cost to service assumptions ($ per loan)	$81		$81
Impact on fair value from 10% adverse change	($243)		($239)
Impact on fair value from 25% adverse change	($608)		($597)

1Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.

These sensitivities in the preceding table are hypothetical and caution should be exercised when relying on this data. Changes in value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in the assumption to the change in the value may not be linear. Also, the effect of a variation in a particular assumption on the value of the MSR held is calculated independently without changing any other assumptions. In reality, changes in one factor may result in changes in others, which might magnify or counteract the sensitivities.

Commercial servicing rights

The commercial servicing rights asset (“CSR”) has a carrying value of $2.4 million at March 31, 2026 and $2.3 million at December 31, 2025, respectively, and is included in other assets and carried at fair value on the Company's Consolidated Balance Sheets. Total commercial loans serviced for others were $298.4 million and $296.2 million at March 31, 2026 and December 31, 2025, respectively. Key assumptions used in measuring the fair value of the CSR as of March 31, 2026 and December 31, 2025 include a constant prepayment rate of 11.71% and a discount rate of 12.00%.

6. Leases

The Company's lease commitments consist primarily of agreements to lease land and office facilities that it occupies to operate several of its retail branch locations that are classified as operating leases and are recognized on the balance sheet as right-of-use (“ROU”) assets and lease liabilities. As of March 31, 2026, the Company has operating lease ROU assets of $11.7 million and operating lease liabilities of $11.9 million. As of December 31, 2025, the Company had operating lease ROU assets of $5.9 million and operating lease liabilities of $5.9 million. The Company did not have any agreements that are classified as finance leases as of March 31, 2026 or December 31, 2025.

The Company entered into a new seven year lease for the headquarters building for Residential Mortgage in the first quarter of 2026. Upon commencement, the operating lease ROU assets increased $6.3 million and the operating lease liabilities increased $6.4 million.

The following table presents additional information about the Company's operating leases for the periods indicated:


		Three Months Ended March 31,
(In Thousands)			2026		2025
Lease Cost
	Operating lease cost(1)		$721		$708
	Short term lease cost(1)		70		86
	Total lease cost		$791		$794

Other information
	Operating leases - operating cash flows		$574		$687
	Weighted average lease term - operating leases, in years		10.16		11.35
	Weighted average discount rate - operating leases		3.89	%	3.75	%
(1)	Expenses are classified within occupancy expense on the Consolidated Statements of Income.

The table below reconciles the remaining undiscounted cash flows for the next five years for each twelve-month period presented (unless otherwise indicated) and the total of the subsequent remaining years to the operating lease liabilities recorded on the balance sheet:


(In Thousands)			Operating Leases
2026 (Nine months)			$1,605
2027			2,087
2028			1,849
2029			1,705
2030			1,378
Thereafter			5,834
Total minimum lease payments			$14,458
Less: amount of lease payment representing interest			(2,601)
Present value of future minimum lease payments			$11,857

7. Derivatives

Derivatives swaps related to community banking activities: Interest rate swaps

The Company enters into commercial loan interest rate swap agreements with commercial banking customers which are offset with a corresponding swap agreement with a third party financial institution (“counterparty”). The Company has agreements with its counterparties that contain provisions that provide that if the Company fails to maintain its status as a “well-capitalized” institution under applicable regulatory guidelines, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. These agreements also require that the Company and the counterparty collateralize any fair value shortfalls that exceed $250,000 with eligible collateral, which includes cash and securities backed with the full faith and credit of the federal government. Similarly, the Company could be required to settle its obligations under the agreement if specific regulatory events occur, such as if the Company were issued a prompt corrective action directive or a cease and desist order, or if certain regulatory ratios fall below specified levels. The Company pledged $598,000 as of March 31, 2026 and $596,000 as of December 31, 2025, in available for sale securities to collateralize fair value shortfalls on interest rate swap agreements.

At March 31, 2026, the notional amount of interest rate swaps is made up of 27 variable to fixed rate swaps to commercial loan customers totaling $178.0 million with a fair value of negative $8.1 million and 27 fixed to variable rate swaps with a counterparty totaling $178.0 million with a fair value of $8.1 million. Changes in fair value from these 27 interest rate swaps offset each other in the three-month periods ending March 31, 2026. The Company recognized zero and $129,000 in fee income related to interest rate swaps in the three-month periods ending March 31, 2026 and 2025, respectively. Interest rate swap income is recorded in other operating income on the Consolidated Statements of Income. None of these interest rate swaps are designated as hedging instruments.

The Company has an interest rate swap to hedge the variability in cash flows arising out of a portion of its junior subordinated debentures, which is floating rate debt, by swapping the cash flows with an interest rate swap which receives floating and pays fixed. The Company has designated this interest rate swap as a hedging instrument. The interest rate swap effectively fixes the Company's interest payments on the $10.0 million of junior subordinated debentures held under Northrim Statutory Trust 2 at 3.72% through its maturity date. The floating rate that the dealer pays is equal to the three month CME SOFR plus tenor spread adjustment 0.26% plus 1.37%, which reprices quarterly on the payment date. This rate was 5.31% as of March 31, 2026. The Company pledged $130,000 in cash to collateralize initial margin and fair value exposure of our counterparty on this interest rate swap as of March 31, 2026 and December 31, 2025. The fair value of this interest rate swap was $1.4 million as of both March 31, 2026 and December 31, 2025, which is included in other assets on the Consolidated Balance Sheet. Changes in the fair value of this interest rate swap are reported in other comprehensive income on the Consolidated Statements of Income. The unrealized gain, net of tax on this interest rate swap was $1.0 million as of March 31, 2026 and December 31, 2025.

Derivatives related to home mortgage banking activities: Interest rate lock commitments and retail interest rate contracts

The Company also uses derivatives to hedge the risk of changes in the fair values of interest rate lock commitments. The Company enters into commitments to originate residential mortgage loans at specific rates; the value of these commitments are detailed in the table below as “interest rate lock commitments”. The Company also hedges the interest rate risk associated with its residential mortgage loan commitments, which are referred to as “retail interest rate contracts” in the table below. Market risk with respect to commitments to originate loans arises from changes in the value of contractual positions due to changes in interest rates. Residential Mortgage, LLC (“RML”) had commitments to originate mortgage loans held for sale totaling $85.8 million and $45.7 million at March 31, 2026 and December 31, 2025, respectively. The fair value of these interest rate lock commitments was $1.6 million and $923,000 at March 31, 2026 and December 31, 2025, respectively. Changes in the value of RML's interest rate derivatives are recorded in mortgage banking income on the Consolidated Statements of Income. None of these derivatives are designated as hedging instruments.

The following table presents the fair value of derivatives not designated as hedging instruments at March 31, 2026 and December 31, 2025:


(In Thousands)	Asset Derivatives
		March 31, 2026	December 31, 2025
	Balance Sheet Location	Fair Value	Fair Value

Interest rate swaps	Other assets	$8,057	$7,999
Interest rate lock commitments	Other assets	1,580	923
Retail interest rate contracts	Other assets	58	—
Total		$9,695	$8,922


(In Thousands)	Liability Derivatives
		March 31, 2026	December 31, 2025
	Balance Sheet Location	Fair Value	Fair Value

Interest rate swaps	Other liabilities	$8,057	$7,999
Retail interest rate contracts	Other liabilities	—	50
Total		$8,057	$8,049

The following table presents the net gains (losses) of derivatives not designated as hedging instruments for periods indicated below:


		Three Months Ended March 31,
(In Thousands)	Income Statement Location		2026	2025
Retail interest rate contracts	Mortgage banking income		$70	($309)
Interest rate lock commitments	Mortgage banking income		613	880
Total			$683	$571

Our derivative transactions with counterparties under International Swaps and Derivative Association master agreements include “right of set-off” provisions. “Right of set-off” provisions are legally enforceable rights to offset recognized amounts and there may be an intention to settle such amounts on a net basis. We do not offset such financial instruments for financial reporting purposes.

The following table summarizes the derivatives that have a right of offset as of March 31, 2026 and December 31, 2025:


March 31, 2026				Gross amounts not offset in the Statement of Financial Position
(In Thousands)	Gross amounts of recognized assets and liabilities	Gross amounts offset in the Statement of Financial Position	Net amounts of assets and liabilities presented in the Statement of Financial Position	Financial Instruments	Collateral Posted	Net Amount
Asset Derivatives
Interest rate swaps	$8,057	$—	$8,057	$—	$—	$8,057
Retail interest rate contracts	58	—	58	—	—	58

Liability Derivatives
Interest rate swaps	$8,057	$—	$8,057	$—	$8,057	$—


December 31, 2025				Gross amounts not offset in the Statement of Financial Position
(In Thousands)	Gross amounts of recognized assets and liabilities	Gross amounts offset in the Statement of Financial Position	Net amounts of assets and liabilities presented in the Statement of Financial Position	Financial Instruments	Collateral Posted	Net Amount
Asset Derivatives
Interest rate swaps	$7,999	$—	$7,999	$—	$—	$7,999


Liability Derivatives
Interest rate swaps	$7,999	$—	$7,999	$—	$7,999	$—
Retail interest rate contracts	50	—	50	—	—	50

8 . Subordinated Debt

Junior Subordinated Debentures

In December of 2005, the Company formed a wholly-owned Connecticut statutory business trust subsidiary, Northrim Statutory Trust 2 (the “Trust 2”), which issued $10 million of guaranteed undivided beneficial interests in the Company’s Junior Subordinated Deferrable Interest Debentures (“Trust Preferred Securities 2”). These debentures qualify as Tier 1 capital under Federal Reserve Board guidelines. All of the common securities of Trust 2 are owned by the Company. The proceeds from the issuance of the common securities and the Trust Preferred Securities 2 were used by Trust 2 to purchase $10.3 million of junior subordinated debentures of the Company. Trust 2 is not consolidated in the Company’s financial statements in accordance with GAAP; therefore, the Company has recorded its investment in Trust 2 as an other asset and the subordinated debentures as a liability. The debentures, which represent the sole asset of Trust 2, accrue and pay distributions quarterly at a variable rate of 90-day CME SOFR plus tenor spread adjustment 0.26% plus 1.37% per annum, adjusted quarterly, of the stated liquidation value of $1,000 per capital security as of December 31, 2024. The interest rate on these debentures was 5.31% at March 31, 2026 compared to 5.35% at December 31, 2025. The interest cost to the Company on these debentures was $138,000 and $154,000 in the first quarters of 2026, and 2025, respectively. The Company has entered into contractual arrangements which, taken collectively, fully and unconditionally guarantee payment of: (i) accrued and unpaid distributions required to be paid on the Trust Preferred Securities 2; (ii) the redemption price with respect to any Trust Preferred Securities 2 called for redemption by Trust 2; and (iii) payments due upon a voluntary or involuntary dissolution, winding up or liquidation of Trust 2. The Trust Preferred Securities 2 are mandatorily redeemable upon maturity of the debentures on March 15, 2036, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the debentures purchased by Trust 2 in whole or in part, on or after March 15, 2011. As specified in the indenture, if the debentures are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest.

Subordinated Debentures

In November of 2025, the Company issued and sold $60.0 million in aggregate principal amount of its 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035 (the “Subordinated Notes”). The Subordinated Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The Subordinated Notes mature on December 1, 2035 and bear interest at a fixed rate of 6.875% per year, from November 26, 2025 to, but excluding, December 1, 2030 or the date of earlier redemption, payable semi-annually in arrears. From and including December 1, 2030 to, but excluding, the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month SOFR, plus 3.48% per annum, payable quarterly in arrears. As provided in the Subordinated Notes, the interest rate on the Subordinated Notes during the applicable floating rate period may be determined based on a rate other than three-month term SOFR. The interest cost to the Company on these debentures was $1.0 million in the first quarter of 2026. The Company incurred debt issuance costs of $1.4 million which will amortize through December 1, 2035. The amortization expense amounted to $35,000 in the first quarter of 2026. Prior to December 1, 2030, the Company may redeem the Subordinated Notes, in whole but not in part, only under certain limited circumstances set forth in the indenture governing the Subordinated Notes. On or after December 1, 2030, the Company may redeem the Subordinated Notes, in whole or in part, at its option, on any interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the Subordinated Notes being redeemed, together with any accrued and unpaid interest on the Subordinated Notes being redeemed to, but excluding, the date of redemption. The Subordinated Notes are not subject to redemption at the option of the holder. Principal and interest on the Subordinated Notes are subject to acceleration only in limited circumstances in the case of certain bankruptcy and insolvency-related events with respect to the Company. The Subordinated Notes are unsecured, subordinated obligations of the Company, are not obligations of, and are not guaranteed by, any subsidiary of the Company, and rank junior in right of payment to the Company’s current and future senior indebtedness. The Subordinated Notes are intended to qualify as Tier 2 capital of the Company for regulatory capital purposes.

9. Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Investment securities available for sale and marketable equity securities: Fair values are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments.

Servicing rights: MSR and CSR are measured at fair value on a recurring basis. These assets are classified as Level 3 as quoted prices are not available. In order to determine the fair value of MSR and CSR, the present value of net expected future cash flows is estimated. Assumptions used include market discount rates,

Interest rate swaps: The fair value of the interest rate swap agreements is determined using standard valuation models that calculate the present value of expected future cash flows. These valuation models incorporate observable market inputs, including contractual terms, interest rate yield curves, forward interest rates, and credit risk adjustments. The Company classifies its interest rate swaps within Level 2 of the fair value hierarchy.

Interest rate lock commitments: The fair value of the interest rate lock commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3.

Retail interest rate contracts: Retail interest rate contracts are valued in a model, which uses as its basis a discounted cash flow technique incorporating credit valuation adjustments to reflect nonperformance risk in the measurement of fair value. Although the Company has determined that the majority of inputs used to value its retail interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2026, the Company has assessed the significance of the impact of these adjustments on the overall valuation of its retail interest rate contracts and has determined that they are not significant to the overall valuation. As a result, the Company has classified its retail interest rate contract valuations in Level 2 of the fair value hierarchy.

Commitments to extend credit and standby letters of credit: The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligation with the counterparties at the reporting date.

Assets Subject to Nonrecurring Adjustment to Fair Value

The Company is also required to measure certain assets such as equity method investments, goodwill, intangible assets, impaired loans, and Other Real Estate Owned (“OREO”) at fair value on a nonrecurring basis in accordance with GAAP. Any nonrecurring adjustments to fair value usually result from the write-down of individual assets.

The Company uses either in-house evaluations or external appraisals to estimate the fair value of OREO and impaired loans as of each reporting date. In-house appraisals are considered Level 3 inputs and external appraisals are considered Level 2 inputs. The Company’s determination of which method to use is based upon several factors. The Company takes into account compliance with legal and regulatory guidelines, the amount of the loan, the size of the assets, the location and type of property to be valued and how critical the timing of completion of the analysis is to the assessment of value. Those factors are balanced with the level of internal expertise, internal experience and market information available, versus external expertise available such as qualified appraisers, brokers, auctioneers and equipment specialists.

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Estimated fair values as of the periods indicated, whether or not recognized or recorded at fair value on a recurring basis in the Consolidated Balance Sheets, are as follows:


	March 31, 2026		December 31, 2025
(In Thousands)	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Financial assets:
Level 1 inputs:
Cash, due from banks and deposits in other banks	$154,937	$154,937	$145,906	$145,906
Investment securities available for sale	219,622	219,622	201,412	201,412
Marketable equity securities	10,145	10,145	8,392	8,392

Level 2 inputs:
Investment securities available for sale	198,825	198,825	214,451	214,451
Loans held for sale	81,179	81,179	100,323	100,323
Interest rate swaps	8,057	8,057	7,999	7,999
Interest rate swap - junior subordinated debt	1,442	1,442	1,437	1,437
Retail interest rate contracts	58	58	—	—

Level 3 inputs:
Investment securities held to maturity	31,750	30,684	26,750	26,750
Loans	2,358,702	2,281,431	2,295,499	2,225,114
Purchased receivables, net	105,029	105,029	101,642	101,642
Interest rate lock commitments	1,580	1,580	923	912
Mortgage servicing rights	28,426	28,426	27,474	27,474
Commercial servicing rights	2,359	2,359	2,342	2,342

Financial liabilities:
Level 2 inputs:
Time deposits	$391,050	$392,932	$402,759	$405,317
Borrowings	12,693	10,153	12,805	10,361
Interest rate swaps	8,057	8,057	7,999	7,999
Retail interest rate contracts	—	—	50	50

Level 3 inputs:
Junior subordinated debentures	10,310	10,720	10,310	10,950
Subordinated debentures	58,649	57,801	58,614	58,614

The following table sets forth the balances as of the periods indicated of assets and liabilities measured at fair value on a recurring basis:


(In Thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
March 31, 2026
Assets:
Available for sale securities
U.S. Treasury and government sponsored entities	$382,020	$219,622	$162,398	$—

U.S. Agency mortgage-backed securities	4,708	—	4,708	—
Corporate bonds	4,978	—	4,978	—
Collateralized loan obligations	26,741	—	26,741	—
Total available for sale securities	$418,447	$219,622	$198,825	$—
Marketable equity securities	$10,145	$10,145	$—	$—
Total marketable equity securities	$10,145	$10,145	$—	$—
Loans held for sale	$81,179	$—	$81,179	$—
Interest rate swaps	9,499	—	9,499	—
Interest rate lock commitments	1,580	—	—	1,580
Mortgage servicing rights	28,426	—	—	28,426
Commercial servicing rights	2,359	—	—	2,359
Retail interest rate contracts	58	—	58	—
Total other assets	$123,101	$—	$90,736	$32,365
Liabilities:
Interest rate swaps	$8,057	$—	$8,057	$—

Total other liabilities	$8,057	$—	$8,057	$—
December 31, 2025
Assets:
Available for sale securities
U.S. Treasury and government sponsored entities	$388,737	$201,412	$187,325	$—

U.S. Agency mortgage-backed securities	4,798	—	4,798	—
Corporate bonds	4,952	4,952	—	—
Collateralized loan obligations	22,174	—	22,174	—
Total available for sale securities	$420,661	$206,364	$214,297	$—
Marketable equity securities	$8,392	$8,392	$—	$—
Total marketable securities	$8,392	$8,392	$—	$—
Loans held for sale	$100,323	$—	$100,323	$—
Interest rate swaps	9,436	—	9,436	—
Interest rate lock commitments	923	—	—	923
Mortgage servicing rights	27,474	—	—	27,474
Commercial servicing rights	2,342	—	—	2,342

Total other assets	$140,498	$—	$109,759	$30,739
Liabilities:
Interest rate swaps	$7,999	$—	$7,999	$—
Retail interest rate contracts	50	—	50	—
Total other liabilities	$8,049	$—	$8,049	$—

The following tables provide a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three-month periods ended March 31, 2026 and 2025:

(In Thousands)

Beginning balance

Change included in earnings

Purchases and issuances

Sales and settlements

Ending balance

Net change in unrealized gains (losses) relating to items held at end of period

Three Months Ended March 31, 2026

Interest rate lock commitments

$923

($529)

$4,255

($3,069)

$1,580

NORTHRIM BANCORP INC 10-Q