かぶたん ロゴ
英語
エドガーで原本を確認する
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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 June 30, 2022
☐    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 and post 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 $1 per share, outstanding at August 5, 2022 was 5,681,089.



TABLE OF CONTENTS
     
Part  I FINANCIAL INFORMATION  
Item 1. Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
Part II OTHER INFORMATION  
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1


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, 2021.

ITEM 1. FINANCIAL STATEMENTS
2


CONSOLIDATED FINANCIAL STATEMENTS
NORTHRIM BANCORP, INC.
Consolidated Balance Sheets
(Unaudited)
  June 30,
2022
December 31,
2021
(In Thousands, Except Share Data)
ASSETS    
Cash and due from banks $24,035  $20,805 
Interest bearing deposits in other banks 312,888  625,022 
Investment securities available for sale, at fair value 612,027  426,684 
Marketable equity securities 9,122  8,420 
Investment securities held to maturity, at amortized cost 29,750  20,000 
Investment in Federal Home Loan Bank stock 3,824  3,107 
Loans held for sale 63,080  73,650 
Loans 1,405,709  1,413,886 
Allowance for credit losses, loans (11,537) (11,739)
Net loans 1,394,172  1,402,147 
Purchased receivables, net 15,277  6,987 
Mortgage servicing rights, at fair value 16,301  13,724 
Other real estate owned, net 5,638  5,638 
Premises and equipment, net 37,106  37,164 
Operating lease right-of-use assets 9,875  11,001 
Goodwill 15,017  15,017 
Other intangible assets, net 980  992 
Other assets 62,062  54,361 
Total assets $2,611,154  $2,724,719 
LIABILITIES    
Deposits:    
Demand $830,156  $887,824 
Interest-bearing demand 666,283  692,683 
Savings 349,208  348,164 
Money market 319,843  314,996 
Certificates of deposit less than $250,000 96,630  100,851 
Certificates of deposit $250,000 and greater 73,270  77,113 
Total deposits 2,335,390  2,421,631 
Borrowings 14,302  14,508 
Junior subordinated debentures 10,310  10,310 
Operating lease liabilities 9,846  10,965 
Other liabilities 26,017  29,488 
Total liabilities 2,395,865  2,486,902 
SHAREHOLDERS' EQUITY    
Preferred stock, $1 par value, 2,500,000 shares authorized, none issued or outstanding
—  — 
Common stock, $1 par value, 10,000,000 shares authorized, 5,681,089 and 6,014,813 issued and outstanding at June 30, 2022 and December 31, 2021, respectively
5,681  6,015 
Additional paid-in capital 17,716  31,162 
Retained earnings 211,232  204,046 
Accumulated other comprehensive loss, net of tax (19,340) (3,406)
Total shareholders' equity 215,289  237,817 
Total liabilities and shareholders' equity $2,611,154  $2,724,719 
See notes to consolidated financial statements
3


NORTHRIM BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(In Thousands, Except Per Share Data) 2022 2021 2022 2021
Interest and Dividend Income    
Interest and fees on loans and loans held for sale $19,807  $18,963  $38,075  $38,387 
Interest on investment securities available for sale 1,926  815  3,061  1,593 
Dividends on marketable equity securities 113  126  225  213 
Interest on investment securities held to maturity 352  265  625  511 
Dividends on Federal Home Loan Bank stock 28  23  56  46 
Interest on deposits in other banks 766  61  1,008  99 
Total Interest and Dividend Income 22,992  20,253  43,050  40,849 
Interest Expense    
Interest expense on deposits 599  879  1,174  1,828 
Interest expense on borrowings 87  88  173  148 
Interest expense on junior subordinated debentures 94  94  187  188 
Total Interest Expense 780  1,061  1,534  2,164 
Net Interest Income 22,212  19,192  41,516  38,685 
Provision (benefit) for credit losses 463  (427) 313  (1,915)
Net Interest Income After Provision (Benefit) for Credit Losses 21,749  19,619  41,203  40,600 
Other Operating Income    
Mortgage banking income 5,900  11,360  12,882  24,982 
Bankcard fees 927  879  1,731  1,619 
Purchased receivable income 566  575  968  1,107 
Service charges on deposit accounts 402  308  776  598 
Gain on sale of marketable equity securities, net —  31  —  31 
Keyman life insurance proceeds —  —  2,002  — 
Unrealized (loss) gain on marketable equity securities (810) 178  (1,232) 94 
Other income 822  801  1,503  1,597 
Total Other Operating Income 7,807  14,132  18,630  30,028 
Other Operating Expense    
Salaries and other personnel expense 15,401  14,917  29,507  29,645 
Data processing expense 2,311  2,206  4,303  4,241 
Occupancy expense 1,748  1,869  3,474  3,529 
Marketing expense 814  672  1,239  1,076 
Professional and outside services 708  642  1,430  1,266 
Insurance expense 516  329  1,082  643 
OREO expense, net rental income and gains on sale 19  47  11 
Intangible asset amortization expense 12  18 
Other operating expense 1,715  1,645  3,285  3,234 
Total Other Operating Expense 23,238  22,336  44,339  43,663 
Income Before Provision for Income Taxes 6,318  11,415  15,494  26,965 
Provision for income taxes 1,523  3,070  3,473  6,439 
Net Income $4,795  $8,345  $12,021  $20,526 
Earnings Per Share, Basic $0.83  $1.34  $2.05  $3.30 
Earnings Per Share, Diluted $0.83  $1.33  $2.03  $3.27 
Weighted Average Shares Outstanding, Basic 5,750,873  6,206,913  5,844,455  6,213,392 
Weighted Average Shares Outstanding, Diluted 5,805,870  6,277,265  5,902,287  6,280,369 
See notes to consolidated financial statements
4


NORTHRIM BANCORP, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
2010
Three Months Ended June 30, Six Months Ended June 30,
(In Thousands) 2022 2021 2022 2021
Net income $4,795  $8,345  $12,021  $20,526 
Other comprehensive income (loss), net of tax:    
   Securities available for sale:    
         Unrealized holding (losses) arising during the period ($7,715) ($90) ($24,017) ($1,608)
Derivatives and hedging activities:
     Unrealized holding (losses) gains arising during the period 827  (587) 1,754  673 
Income tax benefit related to unrealized gains and losses 1,958  189  6,329  266 
Other comprehensive (loss), net of tax (4,930) (488) (15,934) (669)
Comprehensive (loss) income ($135) $7,857  ($3,913) $19,857 
 
See notes to consolidated financial statements

5


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, 2021 6,251  $6,251  $41,808  $173,498  $18  $221,575 
Cash dividend on common stock ($0.37 per share)
—  —  —  (2,313) —  (2,313)
Stock-based compensation expense —  —  280  —  —  280 
Exercise of stock options and vesting of restricted stock units, net 17  17  (295) —  —  (278)
Repurchase of common stock (61) (61) (2,151) —  —  (2,212)
Other comprehensive loss, net of tax —  —  —  —  (181) (181)
Cumulative effect of adoption of ASU 2016-13 —  —  —  2,400  —  2,400 
Net income —  —  —  12,181  —  12,181 
Balance as of March 31, 2021 6,207  $6,207  $39,642  $185,766  ($163) $231,452 
Cash dividend on common stock ($0.37 per share)
—  —  —  (2,320) —  (2,320)
Stock-based compensation expense —  —  229  —  —  229 
Other comprehensive loss, net of tax —  —  —  —  (488) (488)
Net income —  —  —  8,345  —  8,345 
Balance as of June 30, 2021 6,207  $6,207  $39,871  $191,791  ($651) $237,218 
Cash dividend on common stock ($0.38 per share)
—  —  —  (2,384) —  (2,384)
Stock-based compensation expense —  —  232  —  —  232 
Repurchase of common stock (30) (30) (1,174) —  —  (1,204)
Other comprehensive loss, net of tax —  —  —  —  (265) (265)
Net income —  —  —  8,877  —  8,877 
Balance as of September 30, 2021 6,177  $6,177  $38,929  $198,284  ($916) $242,474 
Cash dividend on common stock ($0.38 per share)
—  —  —  (2,352) —  (2,352)
Stock-based compensation expense —  —  332  —  —  332 
Exercise of stock options and vesting of restricted stock units, net 26  26  (169) —  —  (143)
Repurchase of common stock (188) (188) (7,930) —  —  (8,118)
Other comprehensive loss, net of tax —  —  —  —  (2,490) (2,490)
Net income —  —  —  8,114  —  8,114 
Balance as of December 31, 2021 6,015  $6,015  $31,162  $204,046  ($3,406) $237,817 
 See notes to consolidated financial statements





6


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, 2022 6,015  $6,015  $31,162  $204,046  ($3,406) $237,817 
Cash dividend on common stock ($0.41 per share)
—  —  —  (2,471) —  (2,471)
Stock-based compensation expense —  —  187  —  —  187 
Repurchase of common stock (133) (133) (5,790) —  —  (5,923)
Other comprehensive loss, net of tax —  —  —  —  (11,004) (11,004)
Net income —  —  —  7,226  —  7,226 
Balance as of March 31, 2022 5,882  $5,882  $25,559  $208,801  ($14,410) $225,832 
Cash dividend on common stock ($0.41 per share)
—  —  —  (2,364) —  (2,364)
Stock-based compensation expense —  —  190  —  —  190 
Repurchase of common stock (201) (201) (8,033) —  —  (8,234)
Other comprehensive loss, net of tax —  —  —  —  (4,930) (4,930)
Net income —  —  —  4,795  —  4,795 
Balance as of June 30, 2022 5,681  $5,681  $17,716  $211,232  ($19,340) $215,289 
See notes to consolidated financial statements
7


NORTHRIM BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June 30,
(In Thousands) 2022 2021
Operating Activities:    
Net income $12,021  $20,526 
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:    
Gain on sale of securities, net —  (31)
Depreciation and amortization of premises and equipment 1,585  1,632 
Amortization of software 587  574 
Intangible asset amortization 12  18 
Amortization of investment security premium, net of discount accretion 347  223 
Unrealized loss (gain) on marketable equity securities 1,232  (94)
Deferred tax (benefit) expense —  958 
Stock-based compensation 377  509 
Deferred loan fees and amortization, net of costs (3,247) 5,710 
Provision (benefit) for credit losses 313  (1,915)
Additions to home mortgage servicing rights carried at fair value (2,115) (3,193)
Change in fair value of home mortgage servicing rights carried at fair value (462) 1,576 
Change in fair value of commercial servicing rights carried at fair value 48  76 
Gain on sale of loans (8,569) (21,265)
Proceeds from the sale of loans held for sale 353,737  648,901 
Origination of loans held for sale (334,598) (587,277)
Gain on sale of other real estate owned —  (189)
Proceeds from keyman life insurance (2,002) — 
Net changes in assets and liabilities:    
(Increase) in accrued interest receivable (1,271) 132 
Decrease in other assets 3,324  6,277 
(Decrease) in other liabilities (6,010) (4,698)
Net Cash Provided by Operating Activities 15,309  68,450 
Investing Activities:    
Investment in securities:    
Purchases of investment securities available for sale (214,703) (173,968)
Purchases of marketable equity securities (1,937) (493)
Purchases of FHLB stock (727) (570)
Purchases of investment securities held to maturity (9,750) (10,000)
Proceeds from sales/calls/maturities of securities available for sale 5,000  82,575 
Proceeds from sales of marketable equity securities —  47 
Proceeds from redemption of FHLB stock 10 
(Increase) decrease in purchased receivables, net (8,290) 1,422 
Decrease (increase) in loans, net 11,116  (49,921)
Proceeds from sale of other real estate owned —  679 
 Proceeds from keyman life insurance 2,002  — 
Purchases of software (14) (76)
Purchases of premises and equipment (1,527) (1,732)
Net Cash (Used) by Investing Activities (218,820) (152,030)
Financing Activities:    
(Decrease) increase in deposits (86,241) 321,457 
(Decrease) in borrowings (206) (137)
Repurchase of common stock (14,157) (2,212)
Proceeds from the issuance of common stock — 
Cash dividends paid (4,789) (4,613)
Net Cash (Used) Provided by Financing Activities (105,393) 314,500 
Net Change in Cash and Cash Equivalents (308,904) 230,920 
8


Cash and Cash Equivalents at Beginning of Period 645,827  115,965 
Cash and Cash Equivalents at End of Period $336,923  $346,885 
Supplemental Information:    
Income taxes paid $40  $1,852 
Interest paid $1,471  $2,132 
Transfer of loans to other real estate owned $—  $274 
Non-cash lease liability arising from obtaining right of use assets $—  $79 
Cash dividends declared but not paid $46  $45 
 
See notes to consolidated financial statements
9


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies
The accompanying unaudited consolidated financial statements and corresponding footnotes have been prepared by Northrim BanCorp, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The year-end Consolidated Balance Sheet data was derived from the Company's audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Company owns a 100% interest in Residential Mortgage Holding Company, LLC, the parent company of Residential Mortgage, LLC (collectively "RML") and consolidates their balance sheets and income statement into its financial statements. 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 two primary operating segments: Community Banking and Home Mortgage Lending. The Company has evaluated subsequent events and transactions for potential recognition or disclosure. Operating results for the interim period ended June 30, 2022 are not necessarily indicative of the results anticipated for the year ending December 31, 2022. 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, 2021.
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, 2021. There have been no significant changes in our application of these accounting policies in 2022.
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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Report of Financial Reporting ("ASU 2020-04"). ASU 2020-04 was issued to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The last expedient is a one-time election to sell or transfer debt securities classified as held to maturity. The expedients are in effect from March 12, 2020, through December 31, 2022. The Company will be able to use the expedients in this guidance to manage through the transition away from LIBOR, specifically for our loan portfolio, derivative contracts, and bond portfolio.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, ("ASU 2021-01"). The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments clarify certain optional expedients and exceptions in Topic 848 for contract modifications apply to derivatives that are affected by the discounting transition.
10



LIBOR is a widely-referenced benchmark rate, which is published in five currencies and a range of tenors, and seeks to estimate the cost at which banks can borrow on an unsecured basis from other banks. The administrator of LIBOR, ICE Benchmark Administration, ceased the publication of one-week and two-month LIBOR, as well as all non-US Dollar LIBOR tenors as of January 1, 2022. 1-month, 3-month, 6-month, and 12-month US Dollar LIBOR will continue to be published through and will remain available for use in legacy contracts or as otherwise enumerated by financial regulators until June 30, 2023. The Company has some assets and liabilities referenced to 1-month, 3-month, and 12-month US Dollar LIBOR, such as commercial loans, derivatives, debt securities, and junior subordinated debentures. As of June 30, 2022, we had approximately $179.1 million of assets, including $101.0 million in commercial loans and $78.1 million in debt securities, and $10.0 million of liabilities in the form of our junior subordinated debentures linked to USD LIBOR. These amounts exclude derivative assets and liabilities on our consolidated balance sheet. As of June 30, 2022, the notional amount of our USD LIBOR-linked interest rate derivative contracts was $150.8 million. Of this amount, $70.0 million in notional value represent commercial loan interest rate swap agreements with commercial banking customers. An additional $70.8 million in notional value represent corresponding swap agreements with third party financial institutions that offset the commercial loan swaps. Swap agreements with third party institutions are $80.0 million, including an interest rate swap agreement for $10.0 million in notional value related to our junior subordinated debentures. Each of the USD LIBOR-linked amounts referenced above are expected to vary in future periods as current contracts expire with potential replacement contracts using an alternative reference rate.

In an effort to mitigate the risks associated with a transition away from LIBOR, our Asset Liability Committee has undertaken initiatives to: (i) develop more robust fallback language and disclosures related to the LIBOR transition, (ii) develop a plan to seek to amend legacy contracts to reference such fallback language or alternative reference rates, (iii) enhance systems to support commercial loans, securities, and derivatives linked to the Secured Overnight Financing Rate and other alternative reference rates, (iv) develop and evaluate internal guidance, policies and procedures focused on the transition away from LIBOR to alternative reference rate products, and (v) prepare and disseminate internal and external communications regarding the LIBOR transition.

ASU 2021-01 is not expected to have a material impact on the Company's consolidated financial statements.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings ("TDRs") by creditors while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs which includes an assessment of whether the creditor has granted a concession, an entity must evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Additionally, for public business entities, ASU 2022-02 requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6. ASU 2022-02 is effective for the Company for fiscal years beginning after December 15, 2022. The Company may elect to apply the updated guidance on TDR recognition and measurement by using a modified retrospective transition method, which would result in a cumulative-effect adjustment to retained earnings, or to adopt the amendments prospectively. The Company intends to elect to adopt the updated guidance on TDR recognition and measurement prospectively; therefore the guidance will be applied to modifications occurring after the date of adoption. The amendments on TDR disclosures and vintage disclosures must be adopted prospectively. The Company does not believe that ASU 2022-02 will have a material impact on the Company's consolidated financial statements.



11



2. Investment Securities
Marketable Equity Securities
The Company held marketable equity securities with fair values of $9.1 million and $8.4 million at June 30, 2022 and December 31, 2021, respectively. The gross 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 June 30, Six Months Ended June 30,
(In Thousands) 2022 2021 2022 2021
Unrealized (loss) gain on marketable equity securities ($810) $178  ($1,232) $94 
Gain on sale of marketable equity securities, net —  31  —  31 
   Total ($810) $209  ($1,232) $125 

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
June 30, 2022        
Securities available for sale        
U.S. Treasury and government sponsored entities $546,885  $115  ($25,661) $—  $521,339 
Municipal securities 820  —  (13) —  807 
Corporate bonds 32,709  (708) —  32,003 
Collateralized loan obligations 59,432  —  (1,554) —  57,878 
Total securities available for sale $639,846  $117  ($27,936) $—  $612,027 
(In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
June 30, 2022
Securities held to maturity
Corporate bonds $29,750  $—  ($3,379) $26,371 
   Allowance for credit losses —  —  —  — 
Total securities held to maturity, net of ACL $29,750  $—  ($3,379) $26,371 
(In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value
December 31, 2021        
Securities available for sale        
U.S. Treasury and government sponsored entities $345,514  $333  ($4,367) $—  $341,480 
Municipal securities 820  20  —  —  840 
Corporate bonds 32,721  302  (77) —  32,946 
Collateralized loan obligations 51,431  (22) —  51,418 
Total securities available for sale $430,486  $664  ($4,466) $—  $426,684 
12


(In Thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
December 31, 2021
Securities held to maturity
Corporate bonds $20,000  $—  ($836) $19,164 
   Allowance for credit losses —  —  —  — 
Total securities held to maturity, net of ACL $20,000  $—  ($836) $19,164 

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 June 30, 2022 and December 31, 2021 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
June 30, 2022
Securities available for sale
     U.S. Treasury and government sponsored entities $372,559  ($18,154) $102,375  ($7,507) $474,934  ($25,661)
     Corporate bonds 28,584  (708) —  —  28,584  (708)
     Collateralized loan obligations 57,878  (1,554) —  —  57,878  (1,554)
     Municipal securities 807  (13) —  —  807  (13)
          Total $459,828  ($20,429) $102,375  ($7,507) $562,203  ($27,936)
December 31, 2021:
Securities available for sale
     U.S. Treasury and government sponsored entities $292,845  ($4,012) $21,743  ($355) $314,588  ($4,367)
     Corporate bonds 4,953  (77) —  —  4,953  (77)
     Collateralized loan obligations 29,470  (22) —  —  29,470  (22)
          Total $327,268  ($4,111) $21,743  ($355) $349,011  ($4,466)

Management evaluates available for sale debt securities 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 June 30, 2022, the Company had 79 available for sale securities in an unrealized loss position without an ACL. At June 30, 2022, the Company had four held to maturity securities in an unrealized loss position without an ACL. 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 June 30, 2022, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company's Consolidated Statements of Income.

At June 30, 2022 and December 31, 2021, $54.7 million and $59.5 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of debt securities at June 30, 2022, 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. 
13


(In Thousands) Amortized Cost Fair Value
US Treasury and government sponsored entities    
1-5 years $546,885  $521,339 
Total $546,885  $521,339 
Corporate bonds    
1-5 years $40,694  $38,967 
5-10 years 21,765  21,258 
Total $62,459  $60,225 
Collateralized loan obligations
1-5 years $5,000  $4,786 
5-10 years 26,940  26,405 
Over 10 years 27,492  26,687 
Total $59,432  $57,878 
Municipal securities    
1-5 years $820  $807 
Total $820  $807 

There were no proceeds from sales of investment securities for the three and six-month periods ending June 30, 2022 and 2021.
A summary of interest income for the three and six-month periods ending June 30, 2022 and 2021, on available for sale investment securities are as follows:
Three Months Ended June 30, Six Months Ended June 30,
(In Thousands) 2022 2021 2022 2021
US Treasury and government sponsored entities $1,432  $516  $2,238  $1,016 
Other 489  294  814  568 
Total taxable interest income $1,921  $810  $3,052  $1,584 
Municipal securities $5  $5  $9  $9 
Total tax-exempt interest income $5  $5  $9  $9 
Total $1,926  $815  $3,061  $1,593 
14



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 June 30, 2022 and December 31, 2021.
Loans Held for Investment
The following table presents amortized cost and unpaid principal balance of loans for the periods indicated:
June 30, 2022 December 31, 2021
(In Thousands) Amortized Cost Unpaid Principal Difference Amortized Cost Unpaid Principal Difference
Commercial & industrial loans $394,841  $397,154  ($2,313) $448,338  $454,106  ($5,768)
Commercial real estate:
Owner occupied properties 313,174  314,761  (1,587) 300,200  301,623  (1,423)
Non-owner occupied and multifamily properties 446,592  449,987  (3,395) 435,311  438,631  (3,320)
Residential real estate:
1-4 family residential properties secured by first liens 37,298  37,346  (48) 32,542  32,602  (60)
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens 21,953  21,821  132  19,610  19,489  121 
1-4 family residential construction loans 43,915  44,215  (300) 36,222  36,542  (320)
Other construction, land development and raw land loans 87,163  87,669  (506) 88,094  88,604  (510)
Obligations of states and political subdivisions in the US 24,005  24,152  (147) 16,403  16,565  (162)
Agricultural production, including commercial fishing 29,482  29,638  (156) 27,959  28,082  (123)
Consumer loans 4,092  4,054  38  4,801  4,763  38 
Other loans 3,194  3,208  (14) 4,406  4,422  (16)
Total 1,405,709  1,414,005  (8,296) 1,413,886  1,425,429  (11,543)
Allowance for credit losses (11,537) (11,739)
$1,394,172  $1,414,005  ($8,296) $1,402,147  $1,425,429  ($11,543)
The difference between the amortized cost and unpaid principal balance is net deferred origination fees totaling $8.3 million and $11.5 million at June 30, 2022 and December 31, 2021, respectively.
Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $5.3 million and $5.5 million at June 30, 2022 and December 31, 2021, respectively, and was included in other assets in the Consolidated Balance Sheets.
Amortized cost in the above table includes $31.9 million and $118.2 million as of June 30, 2022 and December 31, 2021, respectively, in Paycheck Protection Program ("PPP") loans administered by the U.S. Small Business Administration ("SBA") within the Commercial & industrial loan segment.

15


Allowance for Credit Losses
The activity in the ACL related to loans held for investment is as follows:
Three Months Ended June 30, Beginning Balance Credit Loss Expense (Benefit) Charge-offs Recoveries Ending Balance
(In Thousands)
2022        
Commercial & industrial loans $2,901  $123  ($166) $103  $2,961 
Commercial real estate:
Owner occupied properties 2,513  60  —  —  2,573 
Non-owner occupied and multifamily properties 3,063  44  —  —  3,107 
Residential real estate:
1-4 family residential properties secured by first liens 510  110  —  —  620 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens 301  17  —  327 
1-4 family residential construction loans 210  21  —  —  231 
Other construction, land development and raw land loans 1,550  (88) —  —  1,462 
Obligations of states and political subdivisions in the US 52  —  —  59 
Agricultural production, including commercial fishing 128  (8) —  127 
Consumer loans 75  (12) —  64 
Other loans (1) —  — 
Total $11,310  $273  ($166) $120  $11,537 
2021
Commercial & industrial loans $4,269  $105  ($110) $27  $4,291 
Commercial real estate:
Owner occupied properties 3,366  (28) —  3,340 
Non-owner occupied and multifamily properties 3,704  137  —  —  3,841 
Residential real estate:
1-4 family residential properties secured by first liens 813  (183) —  —  630 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens 342  (12) —  10  340 
1-4 family residential construction loans 260  (29) —  —  231 
Other construction, land development and raw land loans 1,821  (151) —  —  1,670 
Obligations of states and political subdivisions in the US 36  —  —  39 
Agricultural production, including commercial fishing 46  —  57 
Consumer loans 104  (10) —  —  94 
Other loans —  — 
Total $14,764  ($161) ($110) $46  $14,539 
16


Six Months Ended June 30, Beginning Balance Credit Loss Expense (Benefit) Charge-offs Recoveries Ending Balance
(In Thousands)
2022        
Commercial & industrial loans $3,027  $279  ($461) $116  $2,961 
Commercial real estate:
Owner occupied properties 3,176  (603) —  —  2,573 
Non-owner occupied and multifamily properties 2,930  177  —  —  3,107 
Residential real estate:
1-4 family residential properties secured by first liens 439  181  —  —  620 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens 215  91  —  21  327 
1-4 family residential construction loans 120  111  —  —  231 
Other construction, land development and raw land loans 1,635  (173) —  —  1,462 
Obligations of states and political subdivisions in the US 32  27  —  —  59 
Agricultural production, including commercial fishing 91  21  —  15  127 
Consumer loans 67  (4) —  64 
Other loans (1) —  — 
Total $11,739  $106  ($461) $153  $11,537 
2021
Commercial & industrial loans $4,348  $4  ($273) $212  $4,291 
Commercial real estate:
Owner occupied properties 3,579  (243) —  3,340 
Non-owner occupied and multifamily properties 4,944  (1,103) —  —  3,841 
Residential real estate:
1-4 family residential properties secured by first liens 673  (43) —  —  630 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens 419  (99) —  20  340 
1-4 family residential construction loans 454  (223) —  —  231 
Other construction, land development and raw land loans 1,994  (324) —  —  1,670 
Obligations of states and political subdivisions in the US 44  (5) —  —  39 
Agricultural production, including commercial fishing 49  (7) —  15  57 
Consumer loans 118  (26) —  94 
Other loans —  — 
Total $16,625  ($2,066) ($273) $253  $14,539 
At June 30, 2022, as compared to March 31, 2022 and December 31, 2021, the Company forecasted a lower unemployment rate over the reasonable and supportable forecast period. In the second quarter, the ACL increased because an increase in loan balances more than offset the decrease in the forecast for unemployment, changes in the characteristics of loans, and a decrease in the ACL for loans individually evaluated. In the six months ending June 30, 2022, the ACL decreased as compared to the same six month period of 2021 because the decrease in the forecast for unemployment and changes in the characteristics of loans were only partially offset by increases in loan balances.
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 "classified" loans. A description of the general characteristics of the AQR risk classifications are as follows:
17


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 Company has competent management with an acceptable track record. The category does not include loans with undue or unwarranted credit risks that constitute identifiable weaknesses.

Classified 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 Northrim 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.

June 30, 2022 2022 2021 2020 2019 2018 Prior Total
(In Thousands)
Commercial & industrial loans
Pass $97,229  $126,148  $50,617  $21,259  $29,661  $57,889  $382,803 
Classified 2,689  5,459  —  119  2,950  821  12,038 
Total commercial & industrial loans $99,918  $131,607  $50,617  $21,378  $32,611  $58,710  $394,841 
Commercial real estate:
Owner occupied properties
Pass $35,493  $70,745  $81,000  $38,694  $13,415  $65,980  $305,327 
Classified —  —  1,331  —  498  6,018  7,847 
Total commercial real estate owner occupied properties $35,493  $70,745  $82,331  $38,694  $13,913  $71,998  $313,174 
Non-owner occupied and multifamily properties
Pass $26,141  $82,850  $74,798  $56,709  $33,807  $161,854  $436,159 
Classified —  —  —  277  10,150  10,433 
Total commercial real estate non-owner occupied and multifamily properties $26,141  $82,850  $74,798  $56,986  $33,813  $172,004  $446,592 
Residential real estate:
1-4 family residential properties secured by first liens
Pass $8,410  $9,846  $6,490  $3,402  $494  $8,373  $37,015 
Classified —  —  —  —  90  193  283 
Total residential real estate 1-4 family residential properties secured by first liens $8,410  $9,846  $6,490  $3,402  $584  $8,566  $37,298 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens
Pass $3,219  $5,467  $2,570  $2,861  $3,447  $4,109  $21,673 
Classified —  —  —  —  270  10  280 
18


Total residential real estate 1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens $3,219  $5,467  $2,570  $2,861  $3,717  $4,119  $21,953 
1-4 family residential construction loans
Pass $21,804  $8,522  $441  $481  $—  $12,558  $43,806 
Classified —  —  —  —  —  109  109 
Total residential real estate 1-4 family residential construction loans $21,804  $8,522  $441  $481  $—  $12,667  $43,915 
Other construction, land development and raw land loans
Pass $5,651  $41,340  $19,578  $9,402  $3,396  $5,945  $85,312 
Classified —  —  —  —  369  1,482  1,851 
Total other construction, land development and raw land loans $5,651  $41,340  $19,578  $9,402  $3,765  $7,427  $87,163 
Obligations of states and political subdivisions in the US
Pass $285  $9,669  $2,667  $1,864  $282  $9,238  $24,005 
Classified —  —  —  —  —  —  — 
Total obligations of states and political subdivisions in the US $285  $9,669  $2,667  $1,864  $282  $9,238  $24,005 
Agricultural production, including commercial fishing
Pass $3,549  $18,683  $3,764  $678  $1,073  $1,735  $29,482 
Classified —  —  —  —  —  —  — 
Total agricultural production, including commercial fishing $3,549  $18,683  $3,764  $678  $1,073  $1,735  $29,482 
Consumer loans
Pass $770  $499  $541  $397  $306  $1,570  $4,083 
Classified —  —  —  —  — 
Total consumer loans $770  $499  $541  $397  $306  $1,579  $4,092 
Other loans
Pass $568  $1,143  $1,598  $408  $—  ($523) $3,194 
Classified —  —  —  —  —  —  — 
Total other loans $568  $1,143  $1,598  $408  $—  ($523) $3,194 
Total loans
Pass $203,119  $374,912  $244,064  $136,155  $85,881  $328,728  $1,372,859 
Classified 2,689  5,459  1,331  396  4,183  18,792  32,850 
Total loans $205,808  $380,371  $245,395  $136,551  $90,064  $347,520  $1,405,709 
Total pass loans $203,119  $374,912  $244,064  $136,155  $85,881  $328,728  $1,372,859 
Government guarantees (4,441) (62,412) (11,051) (13,290) (3,117) (4,898) (99,209)
Total pass loans, net of government guarantees $198,678  $312,500  $233,013  $122,865  $82,764  $323,830  $1,273,650 
Total classified loans $2,689  $5,459  $1,331  $396  $4,183  $18,792  $32,850 
Government guarantees (2,420) (4,913) (1,198) —  —  (9,818) (18,349)
Total classified loans, net government guarantees $269  $546  $133  $396  $4,183  $8,974  $14,501 

December 31, 2021 2021 2020 2019 2018 2017 Prior Total
(In Thousands)
Commercial & industrial loans
Pass $227,376  $54,478  $29,846  $37,339  $23,205  $44,554  $416,798 
Classified 18,853  714  3,564  3,118  517  4,774  31,540 
Total commercial & industrial loans $246,229  $55,192  $33,410  $40,457  $23,722  $49,328  $448,338 
Commercial real estate:
Owner occupied properties
Pass $81,533  $83,975  $39,254  $14,841  $14,452  $57,717  $291,772 
Classified —  1,399  —  522  —  6,507  8,428 
19


Total commercial real estate owner occupied properties $81,533  $85,374  $39,254  $15,363  $14,452  $64,224  $300,200 
Non-owner occupied and multifamily properties
Pass $77,205  $77,961  $61,147  $34,307  $19,833  $154,561  $425,014 
Classified —  —  —  10  10,286  10,297 
Total commercial real estate non-owner occupied and multifamily properties $77,205  $77,961  $61,147  $34,317  $30,119  $154,562  $435,311 
Residential real estate:
1-4 family residential properties secured by first liens
Pass $7,756  $8,023  $3,689  $531  $1,466  $8,812  $30,277 
Classified 417  1,077  472  90  —  209  2,265 
Total residential real estate 1-4 family residential properties secured by first liens $8,173  $9,100  $4,161  $621  $1,466  $9,021  $32,542 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens
Pass $5,806  $2,535  $3,229  $3,464  $259  $4,046  $19,339 
Classified —  —  —  259  —  12  271 
Total residential real estate 1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens $5,806  $2,535  $3,229  $3,723  $259  $4,058  $19,610 
1-4 family residential construction loans
Pass $21,409  $1,056  $1,707  $62  $—  $11,879  $36,113 
Classified —  —  —  —  109  —  109 
Total residential real estate 1-4 family residential construction loans $21,409  $1,056  $1,707  $62  $109  $11,879  $36,222 
Other construction, land development and raw land loans
Pass $39,624  $26,458  $11,044  $3,315  $139  $5,544  $86,124 
Classified —  —  —  460  —  1,510  1,970 
Total other construction, land development and raw land loans $39,624  $26,458  $11,044  $3,775  $139  $7,054  $88,094 
Obligations of states and political subdivisions in the US
Pass $4,120  $812  $1,875  $343  $2,733  $6,520  $16,403 
Classified —  —  —  —  —  —  — 
Total obligations of states and political subdivisions in the US $4,120  $812  $1,875  $343  $2,733  $6,520  $16,403 
Agricultural production, including commercial fishing
Pass $19,970  $3,929  $810  $1,118  $741  $1,391  $27,959 
Classified —  —  —  —  —  —  — 
Total agricultural production, including commercial fishing $19,970  $3,929  $810  $1,118  $741  $1,391  $27,959 
Consumer loans
Pass $873  $815  $653  $403  $291  $1,766  $4,801 
Classified —  —  —  —  —  —  — 
Total consumer loans $873  $815  $653  $403  $291  $1,766  $4,801 
Other loans
Pass $2,028  $1,645  $430  $95  $—  $208  $4,406 
Classified —  —  —  —  —  —  — 
Total other loans $2,028  $1,645  $430  $95  $—  $208  $4,406 
Total loans
Pass $487,700  $261,687  $153,684  $95,818  $63,119  $296,998  $1,359,006 
Classified 19,270  3,190  4,036  4,459  10,912  13,013  54,880 
Total loans $506,970  $264,877  $157,720  $100,277  $74,031  $310,011  $1,413,886 
Total pass loans $487,700  $261,687  $153,684  $95,818  $63,119  $296,998  $1,359,006 
Government guarantees (145,713) (12,725) (14,429) (3,299) (306) (6,562) (183,034)
Total pass loans, net of government guarantees $341,987  $248,962  $139,255  $92,519  $62,813  $290,436  $1,175,972 
Total classified loans $19,270  $3,190  $4,036  $4,459  $10,912  $13,013  $54,880 
20


Government guarantees (7,201) (1,259) —  —  —  (10,571) (19,031)
Total classified loans, net government guarantees $12,069  $1,931  $4,036  $4,459  $10,912  $2,442  $35,849 


21



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
June 30, 2022            
Commercial & industrial loans $246  $132  $387  $765  $394,076  $394,841  $— 
Commercial real estate:
     Owner occupied properties 737  1,076  1,813  311,361  313,174  — 
     Non-owner occupied and multifamily properties —  —  —  —  446,592  446,592  — 
Residential real estate:
     1-4 family residential properties secured by first liens 65  —  147  212  37,086  37,298  — 
     1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens —  —  133  133  21,820  21,953  — 
     1-4 family residential construction loans —  —  109  109  43,806  43,915  — 
Other construction, land development and raw land loans —  —  1,546  1,546  85,617  87,163  — 
Obligations of states and political subdivisions in the US —  —  —  —  24,005  24,005  — 
Agricultural production, including commercial fishing —  —  —  —  29,482  29,482  — 
Consumer loans —  —  —  —  4,092  4,092  — 
Other loans —  —  —  —  3,194  3,194  — 
Total $1,048  $132  $3,398  $4,578  $1,401,131  $1,405,709  $— 
December 31, 2021
Commercial & industrial loans $206  $51  $469  $726  $447,612  $448,338  $— 
Commercial real estate:
     Owner occupied properties 12  —  1,176  1,188  299,012  300,200  — 
     Non-owner occupied and multifamily properties —  —  —  —  435,311  435,311  — 
Residential real estate:
     1-4 family residential properties secured by first liens —  —  90  90  32,452  32,542  — 
     1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens —  —  139  139  19,471  19,610  — 
     1-4 family residential construction loans —  —  109  109  36,113  36,222  — 
Other construction, land development and raw land loans —  —  1,636  1,636  86,458