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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, 2025

☐ 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 $1 per share, outstanding at July 28, 2025 was 5,522,667.


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	51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	69
Item 4.	Controls and Procedures	70

Part II	OTHER INFORMATION
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70


Item 5.	Other Information	71
Item 6.	Exhibits	71
SIGNATURES		72

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, 2024.

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS

NORTHRIM BANCORP, INC.

Consolidated Balance Sheets

(Unaudited)


	June 30, 2025	December 31, 2024
(In Thousands, Except Share Data)
ASSETS
Cash and due from banks	$43,734	$42,101
Interest bearing deposits in other banks	97,549	20,635
Marketable equity securities	8,747	8,719
Investment securities available for sale, at fair value	429,421	478,617
Investment securities held to maturity, at amortized cost	36,750	36,750
Investment in Federal Home Loan Bank stock	8,343	5,331

Loans held for sale	127,116	59,957
Loans	2,202,115	2,129,263
Allowance for credit losses, loans	(22,585)	(22,020)
Net loans	2,179,530	2,107,243
Purchased receivables, net	109,098	74,078
Mortgage servicing rights, at fair value	27,506	26,439

Premises and equipment, net	36,501	37,757
Operating lease right-of-use assets	7,033	7,455
Goodwill	49,874	50,018
Other intangible assets, net	950	950
Other assets	81,608	85,819
Total assets	$3,243,760	$3,041,869
LIABILITIES
Deposits:
Demand	$777,948	$706,225
Interest-bearing demand	1,196,048	1,108,404
Savings	248,141	250,900
Money market	196,166	196,290
Certificates of deposit less than $250,000	195,292	201,296
Certificates of deposit $250,000 and greater	195,575	217,074
Total deposits	2,809,170	2,680,189

Borrowings	63,026	23,045
Junior subordinated debentures	10,310	10,310
Operating lease liabilities	7,077	7,487
Other liabilities	63,958	53,722
Total liabilities	2,953,541	2,774,753
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, 5,522,271 and 5,518,210 issued and outstanding at June 30, 2025 and December 31, 2024, respectively	5,522	5,518
Additional paid-in capital	9,837	9,311
Retained earnings	277,255	259,311
Accumulated other comprehensive loss, net of tax	(2,395)	(7,024)
Total shareholders' equity	290,219	267,116
Total liabilities and shareholders' equity	$3,243,760	$3,041,869

See notes to consolidated financial statements

NORTHRIM BANCORP, INC.

Consolidated Statements of Income

(Unaudited)


	Three Months Ended		Six Months Ended
	June 30,		June 30,
(In Thousands, Except Per Share Data)	2025	2024	2025	2024
Interest and Dividend Income
Interest and fees on loans and loans held for sale	$40,519	$32,367	$77,989	$62,817
Interest on investment securities available for sale	3,026	3,556	5,978	7,274
Dividends on marketable equity securities	146	227	291	470
Interest on investment securities held to maturity	473	470	946	952
Dividends on Federal Home Loan Bank stock	120	57	225	134
Interest on deposits in other banks	515	232	931	1,070
Total Interest and Dividend Income	44,799	36,909	86,360	72,717
Interest Expense
Interest expense on deposits	10,304	9,476	20,239	18,656

Interest expense on borrowings	809	287	1,047	373
Interest expense on junior subordinated debentures	94	93	185	188
Total Interest Expense	11,207	9,856	21,471	19,217
Net Interest Income	33,592	27,053	64,889	53,500
Provision (benefit) for credit losses	1,976	(120)	567	29
Net Interest Income After Provision for Credit Losses	31,616	27,173	64,322	53,471
Other Operating Income
Mortgage banking income	7,400	5,884	11,651	9,915
Purchased receivable income	5,897	1,242	12,047	2,587
Bankcard fees	1,153	1,105	2,227	2,022
Service charges on deposit accounts	726	572	1,403	1,121



Unrealized gain (loss) on marketable equity securities	78	(60)	28	254
Other income	1,386	834	2,324	1,522
Total Other Operating Income	16,640	9,577	29,680	17,421
Other Operating Expense
Salaries and other personnel expense	20,854	16,627	38,077	32,044
Data processing expense	3,366	2,601	6,470	5,260
Occupancy expense	2,104	1,843	3,993	3,805
Professional and outside services	1,113	726	2,228	1,481
Marketing expense	1,042	690	1,714	1,203
Insurance expense	756	692	1,773	1,471
Compensation expense - Sallyport acquisition payments	600	—	1,200	—



OREO expense, net rental income and gains on sale	2	2	5	(389)
Other expense	2,651	2,013	5,199	3,957
Total Other Operating Expense	32,488	25,194	60,659	48,832
Income Before Provision for Income Taxes	15,768	11,556	33,343	22,060
Provision for income taxes	3,990	2,536	8,241	4,841


Net Income	$11,778	$9,020	$25,102	$17,219
Earnings Per Share, Basic	$2.13	$1.64	$4.54	$3.13
Earnings Per Share, Diluted	$2.09	$1.62	$4.47	$3.10
Weighted Average Common Shares Outstanding, Basic	5,521,811	5,500,588	5,520,905	5,500,083
Weighted Average Common Shares Outstanding, Diluted	5,611,558	5,558,580	5,611,734	5,562,025

See notes to consolidated financial statements

NORTHRIM BANCORP, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)

2010


	Three Months Ended June 30,		Six Months Ended June 30,
(In Thousands)	2025	2024	2025	2024
Net income	$11,778	$9,020	$25,102	$17,219
Other comprehensive income (loss), net of tax:
Securities available for sale:
Unrealized holding gains arising during the period	$2,628	$2,806	$6,602	$3,098



Derivatives and hedging activities:
Unrealized holding gains (losses) arising during the period	(99)	56	(343)	328
Foreign currency translation income (loss)	145	—	150	—
Income tax expense related to unrealized (gains) losses	(719)	(814)	(1,779)	(974)
Other comprehensive income, net of tax	1,955	2,048	4,630	2,452
Comprehensive income	$13,733	$11,068	$29,732	$19,671

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, 2024	5,513	$5,513	$9,605	$236,037	($16,437)	$234,718
Cash dividend on common stock ($0.61 per share)	—	—	—	(3,388)	—	(3,388)
Stock-based compensation expense	—	—	208	—	—	208
Exercise of stock options and vesting of restricted stock units, net	1	1	(27)	—	—	(26)
Repurchase of common stock	(14)	(14)	(774)	—	—	(788)
Other comprehensive income, net of tax	—	—	—	—	404	404


Net income	—	—	—	8,199	—	8,199
Balance as of March 31, 2024	5,500	$5,500	$9,012	$240,848	($16,033)	$239,327
Cash dividend on common stock ($0.61 per share)	—	—	—	(3,393)	—	(3,393)
Stock-based compensation expense	—	—	219	—	—	219
Exercise of stock options and vesting of restricted stock units, net	2	2	(23)	—	—	(21)

Other comprehensive income, net of tax	—	—	—	—	2,048	2,048
Net income	—	—	—	9,020	—	9,020
Balance as of June 30, 2024	5,502	$5,502	$9,208	$246,475	($13,985)	$247,200
Cash dividend on common stock ($0.62 per share)	—	—	—	(3,458)	—	(3,458)
Stock-based compensation expense	—	—	265	—	—	265
Exercise of stock options and vesting of restricted stock units, net	—	—	(13)	—	—	(13)

Other comprehensive income, net of tax	—	—	—	—	7,231	7,231
Net income	—	—	—	8,825	—	8,825
Balance as of September 30, 2024	5,502	$5,502	$9,460	$251,842	($6,754)	$260,050
Cash dividend on common stock ($0.62 per share)	—	—	—	(3,458)	—	(3,458)
Stock-based compensation expense	—	—	221	—	—	221
Exercise of stock options and vesting of restricted stock units, net	16	16	(370)	—	—	(354)

Other comprehensive loss, net of tax	—	—	—	—	(270)	(270)
Net income	—	—	—	10,927	—	10,927
Balance as of December 31, 2024	5,518	$5,518	$9,311	$259,311	($7,024)	$267,116

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, 2025	5,518	$5,518	$9,311	$259,311	($7,024)	$267,116
Cash dividend on common stock ($0.64 per share)	—	—	—	(3,573)	—	(3,573)
Stock-based compensation expense	—	—	232	—	—	232
Exercise of stock options and vesting of restricted stock units, net	3	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	5,521	$5,521	$9,523	$269,062	($4,350)	$279,756
Cash dividend on common stock ($0.64 per share)	—	—	—	(3,585)	—	(3,585)
Stock-based compensation expense	—	—	327	—	—	327
Exercise of stock options and vesting of restricted stock units, net	1	1	(13)	—	—	(12)

Other comprehensive gain, net of tax	—	—	—	—	1,955	1,955
Net income	—	—	—	11,778	—	11,778
Balance as of June 30, 2025	5,522	$5,522	$9,837	$277,255	($2,395)	$290,219

See notes to consolidated financial statements

NORTHRIM BANCORP, INC.

Consolidated Statements of Cash Flows

(Unaudited)


	Six Months Ended June 30,
(In Thousands)	2025	2024
Operating Activities:
Net income	$25,102	$17,219
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:


Depreciation and amortization of premises and equipment	1,780	1,815

Amortization of investment security premium, net of discount accretion	55	228
Unrealized (gain) loss on marketable equity securities	(28)	(254)

Stock-based compensation	559	427

Deferred loan fees and amortization, net of costs	671	(238)
Provision for credit losses	567	29

Additions to home mortgage servicing rights carried at fair value	(2,740)	(1,619)
Change in fair value of home mortgage servicing rights carried at fair value	1,673	106
Change in fair value of commercial servicing rights carried at fair value	193	145
Change in fair value of loans held for sale	(60)	—
Gain on sale of loans	(6,671)	(5,168)
Proceeds from the sale of loans held for sale	336,860	187,879
Origination of loans held for sale	(358,179)	(236,663)
Gain on sale of other real estate owned	—	(392)



Net changes in assets and liabilities:
(Increase) in accrued interest receivable	(1,072)	(1,092)
Decrease in other assets	12,297	1,915
Increase (decrease) in other liabilities	1,117	(8,381)
Net Cash Provided (Used) by Operating Activities	12,124	(44,044)
Investing Activities:
Investment in securities:
Purchases of investment securities available for sale	(24,691)	(9,977)
Purchases of marketable equity securities	—	(1,964)
Purchases of FHLB stock	(21,588)	(11,775)

Proceeds from sales/calls/maturities of securities available for sale	80,433	65,823
Proceeds from calls of marketable equity securities	—	2,989


Proceeds from redemption of FHLB stock	18,576	9,826
(Increase) decrease in purchased receivables, net	(35,081)	11,120
Increase in loans, net	(112,738)	(109,573)
Proceeds from the sale of loans	—	23,469
Proceeds from sale of other real estate owned	—	392



Sallyport Commercial Finance, LLC acquisition, net of cash received	144	—
Purchases of premises and equipment	(524)	(1,934)
Net Cash (Used) Provided by Investing Activities	(95,469)	(21,604)
Financing Activities:
Increase (decrease) in deposits	128,981	(21,249)

Increase in borrowings	39,981	30,286
Repurchase of common stock	—	(788)
Proceeds from the issuance of common stock	(1)	—

Cash dividends paid	(7,069)	(6,709)
Net Cash Provided (Used) by Financing Activities	161,892	1,540
Net Change in Cash and Cash Equivalents	78,547	(64,108)
Cash and Cash Equivalents at Beginning of Period	62,736	118,530
Cash and Cash Equivalents at End of Period	$141,283	$54,422


Supplemental Information:
Income taxes paid	$5,020	$1,488
Interest paid	$21,590	$18,722
Noncash commitments to invest in Low Income Housing Tax Credit Partnerships	$13,407	$—



Non-cash lease liability arising from obtaining right of use assets	$—	$288
Cash dividends declared but not paid	$89	$72

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 it's 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 June 30, 2025 are not necessarily indicative of the results anticipated for the year ending December 31, 2025. 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, 2024.

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, 2024. There have been no significant changes in our application of these accounting policies in 2025.

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 December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 improve transparency of income tax disclosures related to rate reconciliation and income taxes paid disclosures by requiring consistent categories and greater disaggregation of information in rate reconciliation, and by requiring disclosure of income taxes paid disaggregated by jurisdiction. The amendments in ASU 2023-09 allow investors to better assess, in their capital allocation decisions, how an entity's worldwide operations and related tax risks and tax planning and operations opportunities affect its income tax rate and prospects for future cash flow. ASU 2023-09 is effective for the Company for fiscal years beginning after December 15, 2024 and may be applied on a prospective or retrospective basis. The Company intends to adopt ASU 2023-09 prospectively and we expect the adoption to expand our disclosures around Income Taxes.

2. Business Combinations

On October 31, 2024, the Company completed the acquisition of 100% of the equity interest in Sallyport Commercial Finance, LLC (“SCF” or “Sallyport”) in a cash transaction that is valued at approximately $53.9 million. The primary reason for the acquisition was to expand the Company's presence in the specialty finance industry. SCF provides factoring, asset based lending, and alternative working capital solutions to small and medium sized enterprises in the United States, and, to a lesser extent, in Canada and the United Kingdom through its subsidiaries. SCF will operate as a wholly-owned subsidiary of the Bank, and is expected to complement the products currently offered by Northrim Funding Services, a factoring division of the Bank.

The consideration transferred or transferable to the former owners of SCF and the assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting and were recorded at their estimated fair values as of the October 31, 2024 acquisition date. The Company paid $47.9 million in cash on October 31, 2024 when the acquisition was completed. The Company had pre-existing loans to SCF which totaled $12.0 million. The fair value of these loans approximated their carrying value, and as a result of the acquisition, the loans were effectively settled at their carrying value, resulting in no gain or loss. The fair value of the loans were considered as part of the total purchase consideration in the transaction. Estimated fair values recorded in the transaction are subject to change for up to one year after the closing date of the acquisition. The application of the acquisition method of accounting resulted in the initial recognition of goodwill in the amount of $35.0 million. No other intangibles were identified. In February 2025, in accordance with the terms of the purchase agreement, the Company determined the final value of consideration transferred to the former owners of SCF. The final value of consideration transferred decreased $144,000 to $47.7 million from $47.9 million, which decreased goodwill to $34.9 million.

The former owners of SCF (the “sellers”) will receive additional cash proceeds (the “earn-out payments”) of up to $6.0 million. The earn-out payments of $2.0 million per year are payable on each of the first three anniversaries of the closing date. The purchase agreement provides for the these earn-out payments to be paid to the sellers in future periods, provided that certain principal employees of SCF, including certain of the sellers, have not been terminated for cause or terminated their employment for good reason. The earn-out payments have not been included in acquisition consideration and are being expensed as compensation expense during the periods in which they are being earned based on management's determination that payment of these amounts is probable.

A summary of the net assets acquired and the estimated fair value adjustments are presented below:


(In Thousands)			October 31, 2024

Cost basis net assets			$29,638
Cash payment made			(47,855)
Pre-existing debt effectively settled			(12,000)
Fair value adjustments:
Net loans			(1,260)
Net purchased receivables			(3,524)
Goodwill			($35,001)

The $35.0 million of goodwill recorded in connection with the acquisition of SCF represents the excess purchase price over the estimated fair value of the net assets acquired, and resulted from the expected decrease in funding costs and, to a lesser extent, expected operational efficiencies. All of the goodwill is expected to be deductible for tax purposes.

A summary of the assets acquired and liabilities assumed at their estimated fair values are presented below:


(In Thousands)			October 31, 2024

Assets Acquired:
Cash and equivalents			$7,197
Loans, net			9,158
Purchased receivables, net			48,034
Premises and equipment			54
Right-of-use assets			44
Other assets			1,642
Total assets acquired			$66,129

Liabilities Assumed:
Borrowings			$40,207
Lease liability			47
Other liabilities			1,021
Total liabilities assumed			$41,275

The fair value of assets acquired and liabilities assumed approximates book value as of the acquisition date as all loans and borrowings have variable interest rates. Purchased receivables have an average life of less than 45 days. Some of the assets acquired exhibited evidence of credit deterioration at the acquisition date. These assets were designated as purchased credit deteriorated (“PCD”) assets in accordance with U.S. GAAP. The following table presents PCD loan and purchased receivable activity at the date of acquisition:


(In Thousands)	Loans	Purchased Receivables
Unpaid principal balance	$10,418	$51,558
ACL at acquisition	(1,260)	(3,524)
Total	$9,158	$48,034

Based on an evaluation in accordance with Rule 3-05 and Rule 11-01(b) of Regulations S-X, the acquisition of SCF does not meet the significance thresholds requiring separate financial statement disclosure.

The operations of SCF are included in our operating results from October 31, 2024, and added revenue of $2.6 million, non-interest expense of $1.5 million, and net income of $943,000, before taxes, for the year ended December 31, 2024. SCF’s results of operations prior to the acquisition are not included in our operating results. Additionally, deal-related costs of $1.1 million for the year ended December 31, 2024 have been incurred and expensed in connection with the acquisition of Sallyport and recognized within professional and outside services expense on the Consolidated Statements of Income.

The following tables present unaudited pro forma results of operations for the three and six-month periods ended June 30, 2024 as if the acquisition of SCF had occurred on January 1, 2024. The proforma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2024, primarily due to the Company's lower cost of funding as compared to SCF.


(In Thousands, except per share data)	Three Months Ended June 30, 2024
	(Unaudited)
	Company	SCF1	Pro Forma Adjustments3	Pro Forma Combined
Net interest and other income	$36,630	$4,795		$41,425
Net income	9,020	1,103	(314)	9,809
Earnings Per Share, Basic	$1.64			$1.78
Earnings Per Share, Diluted	$1.62			$1.76
Weighted Average Shares Outstanding, Basic	5,500,588			5,500,588
Weighted Average Shares Outstanding, Diluted	5,558,580			5,558,580


(In Thousands, except per share data)	Six Months Ended June 30, 2024
	(Unaudited)
	Company	SCF2	Pro Forma Adjustments3	Pro Forma Combined
Net interest and other income	$70,921	$9,993		$80,914
Net income	17,219	2,133	(606)	18,746
Earnings Per Share, Basic	$3.13			$3.41
Earnings Per Share, Diluted	$3.10			$3.37
Weighted Average Shares Outstanding, Basic	5,500,083			5,500,083
Weighted Average Shares Outstanding, Diluted	5,562,025			5,562,025

1SCF represents unaudited results from April 1 to June 30 for 2024.

2SCF represents unaudited results from January 1 to June 30 for 2024.

3Proforma adjustments include a provision for income taxes using the Company's statutory rate.

3. Investment Securities

Marketable Equity Securities

The Company held marketable equity securities with fair values of $8.7 million at both June 30, 2025 and December 31, 2024. 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 June 30,		Six Months Ended June 30,
(In Thousands)	2025	2024	2024	2023
Unrealized gain (loss) on marketable equity securities	$78	($60)	$28	$254

Total	$78	($60)	$28	$254

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, 2025
Securities available for sale
U.S. Treasury and government sponsored entities	$388,946	$1,353	($6,259)	$—	$384,040

U.S. Agency mortgage-backed securities	4,975	1	—		4,976
Corporate bonds	5,006	—	(132)	—	4,874
Collateralized loan obligations	35,480	51	—	—	35,531
Total securities available for sale	$434,407	$1,405	($6,391)	$—	$429,421


(In Thousands)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
June 30, 2025
Securities held to maturity
Corporate bonds	$36,750	$375	($1,086)	$36,039
Allowance for credit losses	—	—	—	—
Total securities held to maturity, net of ACL	$36,750	$375	($1,086)	$36,039


(In Thousands)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Allowance for Credit Losses	Fair Value
December 31, 2024
Securities available for sale
U.S. Treasury and government sponsored entities	$444,370	$294	($11,733)	$—	$432,931


Corporate bonds	9,009	9	(223)	—	8,795
Collateralized loan obligations	36,827	66	(2)	—	36,891
Total securities available for sale	$490,206	$369	($11,958)	$—	$478,617


(In Thousands)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
December 31, 2024
Securities held to maturity
Corporate bonds	$36,750	$175	($1,175)	$35,750
Allowance for credit losses	—	—	—	—
Total securities held to maturity, net of ACL	$36,750	$175	($1,175)	$35,750

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, 2025 and December 31, 2024 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, 2025
Securities available for sale
U.S. Treasury and government sponsored entities	$19,615	($86)	$288,411	($6,173)	$308,026	($6,259)
Corporate bonds	—	—	4,874	(132)	4,874	(132)
Collateralized loan obligations	—	—	—	—	—	—



Total	$19,615	($86)	$293,285	($6,305)	$312,900	($6,391)
Securities Held to Maturity
Corporate bonds	$—	$—	$10,664	($1,086)	$10,664	($1,086)
Total	$—	$—	$10,664	($1,086)	$10,664	($1,086)

December 31, 2024
Securities available for sale
U.S. Treasury and government sponsored entities	$44,262	($422)	$358,446	($11,311)	$402,708	($11,733)
Corporate bonds	—	—	4,786	(223)	4,786	(223)
Collateralized loan obligations	—	—	4,993	(2)	4,993	(2)


Total	$44,262	($422)	$368,225	($11,536)	$412,487	($11,958)
Securities Held to Maturity
Corporate bonds	$—	$—	$20,575	($1,175)	$20,575	($1,175)
Total	$—	$—	$20,575	($1,175)	$20,575	($1,175)

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 June 30, 2025, the Company had two 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 32 available for sale securities without an ACL with unrealized losses at June 30, 2025 that have been in a loss position for more than twelve months. At June 30, 2025, 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. 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, 2025, 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 June 30, 2025 and December 31, 2024, carrying amounts of $192.6 million and $177.4 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 June 30, 2025, 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
June 30, 2025
US Treasury and government sponsored entities
Within 1 year	$162,488	$159,812
1-5 years	216,900	214,494
5-10 years	9,558	9,734
Total	$388,946	$384,040
U.S. Agency mortgage-backed securities



Over 10 years	$4,975	$4,976
Total	$4,975	$4,976
Corporate bonds
Within 1 year	$10,000	$10,006
1-5 years	5,006	4,874
5-10 years	26,750	26,033
Total	$41,756	$40,913
Collateralized loan obligations

5-10 years	$35,480	$35,531
Over 10 years	—	—
Total	$35,480	$35,531

There were no proceeds from sales of investment securities for the three and six-month periods ending June 30, 2025 and 2024.

A summary of interest income for the three and six-month periods ending June 30, 2025 and 2024, on available for sale investment securities are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
(In Thousands)	2025	2024	2025	2024
US Treasury and government sponsored entities	$2,415	$2,499	$4,739	$5,068
U.S. Agency mortgage-backed securities	49	—	53	—
Other	562	1,057	1,186	2,203
Total taxable interest income	$3,026	$3,556	$5,978	$7,271
Municipal securities	$—	$—	$—	$3
Total tax-exempt interest income	$—	$—	$—	$3
Total	$3,026	$3,556	$5,978	$7,274

4. 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, 2025 and December 31, 2024. 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 Current Expected Credit Losses (“CECL”) methodology to assess credit risk, for the periods indicated:


	June 30, 2025			December 31, 2024
(In Thousands)	Amortized Cost	Unpaid Principal	Difference	Amortized Cost	Unpaid Principal	Difference
Commercial & industrial loans	$486,231	$488,621	($2,390)	$437,922	$440,163	($2,241)
Commercial real estate:
Owner occupied properties	445,497	447,561	(2,064)	418,092	420,060	(1,968)
Non-owner occupied and multifamily properties	692,573	696,766	(4,193)	615,662	619,431	(3,769)
Residential real estate:
1-4 family residential properties secured by first liens	206,825	206,905	(80)	270,966	270,535	431
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	60,611	60,118	493	49,160	48,857	303
1-4 family residential construction loans	35,777	36,005	(228)	39,516	39,789	(273)
Other construction, land development and raw land loans	186,007	187,442	(1,435)	212,561	214,068	(1,507)
Obligations of states and political subdivisions in the US	31,479	31,477	2	29,471	29,468	3
Agricultural production, including commercial fishing	46,340	46,535	(195)	45,840	46,069	(229)
Consumer loans	7,663	7,570	93	7,638	7,562	76
Other loans	3,112	3,120	(8)	2,435	2,448	(13)
Total	2,202,115	2,212,120	(10,005)	2,129,263	2,138,450	(9,187)
Allowance for credit losses	(22,585)			(22,020)
Net loans	$2,179,530	$2,212,120	($10,005)	$2,107,243	$2,138,450	($9,187)

The difference between the amortized cost and unpaid principal balance is net deferred origination fees totaling $10.0 million at June 30, 2025 and $9.2 million at December 31, 2024.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $9.7 million and $8.4 million at June 30, 2025 and December 31, 2024, 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 June 30,	Beginning Balance	Credit Loss Expense (Benefit)	Charge-offs	Recoveries	Ending Balance
	(In Thousands)
2025
Commercial & industrial loans	$7,387	$268	($152)	$5	$7,508
Commercial real estate:
Owner occupied properties	2,442	(171)	—	—	2,271
Non-owner occupied and multifamily properties	3,956	227	—	—	4,183
Residential real estate:
1-4 family residential properties secured by first liens	4,056	637	—	—	4,693
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	769	152	—	7	928
1-4 family residential construction loans	219	51	—	—	270
Other construction, land development and raw land loans	1,706	602	—	—	2,308
Obligations of states and political subdivisions in the US	123	12	—	—	135
Agricultural production, including commercial fishing	187	10	—	—	197
Consumer loans	71	11	(3)	3	82
Other loans	6	4	—	—	10
Total	$20,922	$1,803	($155)	$15	$22,585
2024
Commercial & industrial loans	$4,052	($22)	$—	$17	$4,047
Commercial real estate:
Owner occupied properties	2,893	70	—	—	2,963
Non-owner occupied and multifamily properties	3,419	80	—	—	3,499
Residential real estate:
1-4 family residential properties secured by first liens	3,425	64	—	—	3,489
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	581	80	—	4	665
1-4 family residential construction loans	159	21	—	—	180
Other construction, land development and raw land loans	2,675	(149)	—	—	2,526
Obligations of states and political subdivisions in the US	105	(5)	—	—	100
Agricultural production, including commercial fishing	156	(4)	—	5	157
Consumer loans	60	1	—	—	61
Other loans	8	(1)	—	—	7
Total	$17,533	$135	$—	$26	$17,694


Six Months Ended June 30,	Beginning Balance	Credit Loss Expense (Benefit)	Charge-offs	Recoveries	Ending Balance
	(In Thousands)
2025
Commercial & industrial loans	$5,800	$1,818	($189)	$79	$7,508
Commercial real estate:
Owner occupied properties	2,944	(673)	—	—	2,271
Non-owner occupied and multifamily properties	3,967	216	—	—	4,183
Residential real estate:
1-4 family residential properties secured by first liens	4,364	329	—	—	4,693
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	775	139	—	14	928
1-4 family residential construction loans	230	40	—	—	270
Other construction, land development and raw land loans	3,589	(1,281)	—	—	2,308
Obligations of states and political subdivisions in the US	106	29	—	—	135
Agricultural production, including commercial fishing	169	25	—	3	197
Consumer loans	71	24	(16)	3	82
Other loans	5	5	—	—	10
Total	$22,020	$671	($205)	$99	$22,585
2024
Commercial & industrial loans	$3,438	$532	$—	$77	$4,047
Commercial real estate:
Owner occupied properties	2,867	96	—	—	2,963
Non-owner occupied and multifamily properties	3,294	205	—	—	3,499
Residential real estate:
1-4 family residential properties secured by first liens	3,470	19	—	—	3,489
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	551	104	—	10	665
1-4 family residential construction loans	191	(11)	—	—	180
Other construction, land development and raw land loans	3,127	(601)	—	—	2,526
Obligations of states and political subdivisions in the US	80	20	—	—	100
Agricultural production, including commercial fishing	168	9	(25)	5	157
Consumer loans	81	(21)	—	1	61
Other loans	3	4	—	—	7
Total	$17,270	$356	($25)	$93	$17,694

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


Six Months Ended June 30,

(In Thousands)	2025	2024	2023	2022	2021	Prior	Total
2025
Commercial & industrial loans	$—	$152	$—	$—	$37	$—	$189










Consumer loans	—	—	6	—	—	10	16

Total	$—	$152	$6	$—	$37	$10	$205

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.


June 30, 2025	2025	2024	2023	2022	2021	Prior	Total
	(In Thousands)
Commercial & industrial loans
Pass	$53,042	$97,462	$67,047	$106,048	$36,135	$81,015	$440,749
Criticized	766	3,819	6,779	16,615	10,467	7,036	45,482
Total commercial & industrial loans	$53,808	$101,281	$73,826	$122,663	$46,602	$88,051	$486,231

Commercial real estate:
Owner occupied properties
Pass	$22,786	$83,781	$47,458	$70,085	$57,289	$142,440	$423,839


Criticized	6,002	—	—	3,739	—	11,917	21,658
Total commercial real estate owner occupied properties	$28,788	$83,781	$47,458	$73,824	$57,289	$154,357	$445,497

Non-owner occupied and multifamily properties
Pass	$50,479	$119,227	$67,539	$140,597	$79,591	$224,118	$681,551
Criticized	—	—	—	1,152	—	9,870	11,022
Total commercial real estate non-owner occupied and multifamily properties	$50,479	$119,227	$67,539	$141,749	$79,591	$233,988	$692,573

Residential real estate:
1-4 family residential properties secured by first liens
Pass	$963	$68,021	$87,706	$35,881	$3,060	$10,181	$205,812
Criticized	—	—	518	314	—	181	1,013
Total residential real estate 1-4 family residential properties secured by first liens	$963	$68,021	$88,224	$36,195	$3,060	$10,362	$206,825

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens
Pass	$11,047	$20,250	$12,358	$5,880	$2,671	$7,957	$60,163
Criticized	—	—	372	—	—	76	448
Total residential real estate 1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	$11,047	$20,250	$12,730	$5,880	$2,671	$8,033	$60,611

1-4 family residential construction loans
Pass	$14,542	$12,561	$413	$—	$—	$8,261	$35,777
Criticized	—	—	—	—	—	—	—
Total residential real estate 1-4 family residential construction loans	$14,542	$12,561	$413	$—	$—	$8,261	$35,777

Other construction, land development and raw land loans
Pass	$27,388	$61,777	$64,431	$14,141	$9,042	$7,653	$184,432
Criticized	—	—	—	—	28	1,547	1,575
Total other construction, land development and raw land loans	$27,388	$61,777	$64,431	$14,141	$9,070	$9,200	$186,007

Obligations of states and political subdivisions in the US
Pass	$—	$3,530	$—	$27,949	$—	$—	$31,479
Criticized	—	—	—	—	—	—	—
Total obligations of states and political subdivisions in the US	$—	$3,530	$—	$27,949	$—	$—	$31,479

Agricultural production, including commercial fishing
Pass	$1,490	$8,035	$9,311	$7,882	$15,274	$4,211	$46,203
Criticized	—	—	—	—	137	—	137
Total agricultural production, including commercial fishing	$1,490	$8,035	$9,311	$7,882	$15,411	$4,211	$46,340

Consumer loans
Pass	$1,713	$2,368	$1,893	$596	$57	$1,007	$7,634
Criticized	—	—	—	4	—	25	29
Total consumer loans	$1,713	$2,368	$1,893	$600	$57	$1,032	$7,663

Other loans
Pass	$—	$—	$1,496	$94	$280	$1,242	$3,112
Criticized	—	—	—	—	—	—	—
Total other loans	$—	$—	$1,496	$94	$280	$1,242	$3,112

Total loans
Pass	$183,450	$477,012	$359,652	$409,153	$203,399	$488,085	$2,120,751
Criticized	6,768	3,819	7,669	21,824	10,632	30,652	81,364
Total loans	$190,218	$480,831	$367,321	$430,977	$214,031	$518,737	$2,202,115

Total pass loans	$183,450	$477,012	$359,652	$409,153	$203,399	$488,085	$2,120,751
Government guarantees	(9,133)	(40,990)	(19,032)	(4,967)	(12,838)	(17,871)	(104,831)
Total pass loans, net of government guarantees	$174,317	$436,022	$340,620	$404,186	$190,561	$470,214	$2,015,920


Total criticized loans	$6,768	$3,819	$7,669	$21,824	$10,632	$30,652	$81,364
Government guarantees	—	—	(1,568)	(17,056)	(9,427)	(12,722)	(40,773)
Total criticized loans, net government guarantees	$6,768	$3,819	$6,101	$4,768	$1,205	$17,930	$40,591


December 31, 2024	2024	2023	2022	2021	2020	Prior	Total
	(In Thousands)
Commercial & industrial loans
Pass	$112,361	$70,871	$120,377	$37,628	$10,581	$40,288	$392,106
Criticized	201	3,386	16,888	14,973	5,759	4,609	45,816
Total commercial & industrial loans	$112,562	$74,257	$137,265	$52,601	$16,340	$44,897	$437,922

Commercial real estate:
Owner occupied properties
Pass	$68,074	$48,655	$74,611	$64,234	$74,662	$74,987	$405,223
Criticized	—	—	492	—	348	12,029	12,869
Total commercial real estate owner occupied properties	$68,074	$48,655	$75,103	$64,234	$75,010	$87,016	$418,092

Non-owner occupied and multifamily properties
Pass	$114,879	$70,806	$104,924	$73,008	$65,592	$175,349	$604,558
Criticized	—	—	1,166	30	—	9,908	11,104
Total commercial real estate non-owner occupied and multifamily properties	$114,879	$70,806	$106,090	$73,038	$65,592	$185,257	$615,662

Residential real estate:
1-4 family residential properties secured by first liens
Pass	$103,919	$108,642	$43,562	$3,279	$4,228	$6,978	$270,608
Criticized	—	205	—	—	—	153	358
Total residential real estate 1-4 family residential properties secured by first liens	$103,919	$108,847	$43,562	$3,279	$4,228	$7,131	$270,966

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens
Pass	$18,946	$13,553	$5,116	$2,695	$2,097	$6,083	$48,490
Criticized	—	372	—	—	—	298	670
Total residential real estate 1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	$18,946	$13,925	$5,116	$2,695	$2,097	$6,381	$49,160

1-4 family residential construction loans
Pass	$25,458	$4,118	$2,353	$—	$—	$7,587	$39,516
Criticized	—	—	—	—	—	—	—
Total residential real estate 1-4 family residential construction loans	$25,458	$4,118	$2,353	$—	$—	$7,587	$39,516

Other construction, land development and raw land loans
Pass	$63,430	$60,693	$51,809	$25,836	$1,236	$7,942	$210,946
Criticized	—	—	—	—	—	1,615	1,615
Total other construction, land development and raw land loans	$63,430	$60,693	$51,809	$25,836	$1,236	$9,557	$212,561

Obligations of states and political subdivisions in the US
Pass	$—	$—	$29,471	$—	$—	$—	$29,471
Criticized	—	—	—	—	—	—	—
Total obligations of states and political subdivisions in the US	$—	$—	$29,471	$—	$—	$—	$29,471

Agricultural production, including commercial fishing
Pass	$8,097	$8,776	$8,380	$15,847	$3,109	$1,631	$45,840
Criticized	—	—	—	—	—	—	—
Total agricultural production, including commercial fishing	$8,097	$8,776	$8,380	$15,847	$3,109	$1,631	$45,840

Consumer loans
Pass	$3,346	$2,377	$717	$75	$252	$820	$7,587


Criticized	—	45	5	—	—	1	51
Total consumer loans	$3,346	$2,422	$722	$75	$252	$821	$7,638

Other loans
Pass	$—	$345	$122	$285	$1,683	$—	$2,435
Criticized	—	—	—	—	—	—	—
Total other loans	$—	$345	$122	$285	$1,683	$—	$2,435

Total loans
Pass	$518,510	$388,836	$441,442	$222,887	$163,440	$321,665	$2,056,780
Criticized	201	4,008	18,551	15,003	6,107	28,613	72,483
Total loans	$518,711	$392,844	$459,993	$237,890	$169,547	$350,278	$2,129,263

Total pass loans	$518,510	$388,836	$441,442	$222,887	$163,440	$321,665	$2,056,780
Government guarantees	(35,244)	(12,421)	(7,727)	(13,785)	(1,591)	(17,276)	(88,044)
Total pass loans, net of government guarantees	$483,266	$376,415	$433,715	$209,102	$161,849	$304,389	$1,968,736

Total criticized loans	$201	$4,008	$18,551	$15,003	$6,107	$28,613	$72,483
Government guarantees	—	(1,640)	(14,816)	(13,476)	(5,183)	(7,963)	(43,078)
Total criticized loans, net government guarantees	$201	$2,368	$3,735	$1,527	$924	$20,650	$29,405

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, 2025
Commercial & industrial loans	$795	$70	$1,499	$2,364	$483,867	$486,231	$—
Commercial real estate:
Owner occupied properties	—	—	217	217	445,280	445,497	—
Non-owner occupied and multifamily properties	—	—	—	—	692,573	692,573	—
Residential real estate:
1-4 family residential properties secured by first liens	—	468	197	665	206,160	206,825	—
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	69	65	372	506	60,105	60,611	—
1-4 family residential construction loans	—	—	—	—	35,777	35,777	—
Other construction, land development and raw land loans	—	—	1,490	1,490	184,517	186,007	—
Obligations of states and political subdivisions in the US	—	—	—	—	31,479	31,479	—
Agricultural production, including commercial fishing	—	—	—	—	46,340	46,340	—
Consumer loans	24	25	—	49	7,614	7,663	—
Other loans	—	—	—	—	3,112	3,112	—
Total	$888	$628	$3,775	$5,291	$2,196,824	$2,202,115	$—
December 31, 2024
Commercial & industrial loans	$718	$—	$1,558	$2,276	$435,646	$437,922	$—
Commercial real estate:
Owner occupied properties	—	492	224	716	417,376	418,092	—
Non-owner occupied and multifamily properties	—	—	—	—	615,662	615,662	—
Residential real estate:
1-4 family residential properties secured by first liens	712	323	205	1,240	269,726	270,966	—
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	—	—	466	466	48,694	49,160	17
1-4 family residential construction loans	—	—	94	94	39,422	39,516	—
Other construction, land development and raw land loans	—	—	1,432	1,432	211,129	212,561	—
Obligations of states and political subdivisions in the US	—	—	—	—	29,471	29,471	—
Agricultural production, including commercial fishing	—	—	—	—	45,840	45,840	—
Consumer loans	—	—	—	—	7,638	7,638	—
Other loans	—	—	—	—	2,435	2,435	—
Total	$1,430	$815	$3,979	$6,224	$2,123,039	$2,129,263	$17

Nonaccrual loans: Nonaccrual loans net of government guarantees totaled $7.8 million and $7.5 million at June 30, 2025 and December 31, 2024, 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.


	June 30, 2025		December 31, 2024
(In Thousands)	Nonaccrual	Nonaccrual With No ACL	Nonaccrual	Nonaccrual With No ACL

Commercial & industrial loans	$5,484	$5,484	$4,983	$4,760
Commercial real estate:
Owner occupied properties	217	217	224	224

Residential real estate:
1-4 family residential properties secured by first liens	197	197	233	—
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	448	372	550	466
1-4 family residential construction loans	—	—	94	94
Other construction, land development and raw land loans	1,490	1,490	1,432	1,432


Consumer loans	25	—	—	—

Total nonaccrual loans	7,861	7,760	7,516	6,976
Government guarantees on nonaccrual loans	(70)	(70)	—	—
Net nonaccrual loans	$7,791	$7,690	$7,516	$6,976

There was no interest on nonaccrual loans reversed through interest income during the three or six-month periods ending June 30, 2025 or June 30, 2024.

There was no interest earned on nonaccrual loans with a principal balance during the six-month periods ending June 30, 2025 and June 30, 2024. However, the Company recognized interest income of $45,000 and $32,000 in the three-month periods ending June 30, 2025 and 2024, respectively, and $87,000 and $234,000 in the six-month periods ending June 30, 2025 and 2024, 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 June 30, 2025

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 June 30, 2024

Term Modification

Term and payment modifications

Total Modifications

Percentage of Class of Financing Receivable

(In Thousands)

Commercial & industrial loans

$—

—

Total

$—

—


	Six Months Ended June 30, 2025
	Term 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	0.73	%










Total	$—	$3,252	$3,252	0.15	%


	Six Months Ended June 30, 2024
	Term Modification	Term and payment modifications	Total Modifications	Percentage of Class of Financing Receivable
(In Thousands)
Commercial & industrial loans	$5,396	$265	$5,661	1.36	%












Total	$5,396	$265	$5,661	0.30	%

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 June 30, 2025
	Principal Forgiveness	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (months)
(In Thousands)

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


	Three Months Ended June 30, 2024
	Principal Forgiveness	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (months)
(In Thousands)
Commercial & industrial loans	$—	—	%	0


	Six Months Ended June 30, 2025
	Principal Forgiveness	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (months)
(In Thousands)

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


	Six Months Ended June 30, 2024
	Principal Forgiveness	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (months)
(In Thousands)
Commercial & industrial loans	$—	8	%	7

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:


	June 30, 2025	December 31, 2024
(In Thousands)
Commercial & industrial loans	$768	$5,075
Commercial real estate:
Owner occupied properties	3,468	224

Residential real estate:

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	372	466
1-4 family residential construction loans	—	94
Other construction, land development and raw land loans	1,490	1,432




Total	$6,098	$7,291

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

Three Months Ended June 30, 2025

Six Months Ended June 30, 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

$—

1-4 family residential construction loans

—

Other construction, land development and raw land loans

—

Total

$—


	Three Months Ended June 30, 2024	Six Months Ended June 30, 2024
	Term modification		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	$—		$112
1-4 family residential construction loans	—		109
Other construction, land development and raw land loans	—		968




Total	$—		$1,189

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:


	June 30, 2025
	Greater Than 89 Days Past Due	Total Past Due	Current	Total
(In Thousands)
Commercial & industrial loans	$—	$—	$768	$768
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	372	372	—	372

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




Total	$2,079	$2,079	$4,019	$6,098


	June 30, 2024
	Total Past Due	Current	Total
(In Thousands)
Commercial & industrial loans	$—	$5,394	$5,394
Commercial real estate:
Owner occupied properties	—	242	242

Residential real estate:

1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens	—	108	108
1-4 family residential construction loans	—	106	106
Other construction, land development and raw land loans	—	1,512	1,512




Total	$—	$7,362	$7,362

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.

5. 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 eight nonperforming purchased receivables with a balance of $4.0 million as of June 30, 2025 and there were four nonperforming purchased receivable with a balance of $3.8 million as of December 31, 2024 for which management was not accruing income.

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


(In Thousands)	June 30, 2025	December 31, 2024
Purchased receivables	$112,530	$77,727
Allowance for credit losses - purchased receivables	(3,432)	(3,649)
Total	$109,098	$74,078

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


	Three Months Ended June 30,		Six Months Ended June 30,
(In Thousands)	2025	2024	2025	2024
Balance at beginning of period	$3,695	$—	$3,649	$—
Charge-offs	(281)	—	(281)	—
Recoveries	—	—	—	—
Charge-offs net of recoveries	(281)	—	(281)	—
Provision for purchased receivables	18	—	64	—
Balance at end of period	$3,432	$—	$3,432	$—

6. Servicing Rights

Mortgage servicing rights

The following table details the activity in the Company's mortgage servicing rights (“MSR”) for the three and six-month periods ended June 30, 2025 and 2024:


	Three Months Ended March 31,		Six Months Ended June 30,
(In Thousands)	2025	2024	2025	2024

Balance, beginning of period	$26,814	$20,055	$26,439	$19,564
Additions for new MSR capitalized	1,510	1,103	2,740	1,619
Changes in fair value:
Due to changes in model inputs of assumptions (1)	(355)	239	(677)	528
Other (2)	(463)	(320)	(996)	(634)
Balance, end of period	$27,506	$21,077	$27,506	$21,077

(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 June 30, 2025 and December 31, 2024:


(In Thousands)			June 30, 2025			December 31, 2024

NORTHRIM BANCORP INC 10-Q