Northrim Bancorp Inc · 8-K · Thaler Agent · Thaler

Exhibit 99.1

exhibit991q32026.htm

Mike Huston, President and CEO (907) 261-8750

Jed Ballard, Chief Financial Officer (907) 261-3539

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NEWS RELEASE Northrim BanCorp Earns $14.4 Million, or $0.63 Per Diluted Share, in Third Quarter 2026 ANCHORAGE, Alaska - October 15, 2026 - Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $14.4 million, or $0.63 per diluted share, in the third quarter of 2026, compared to $15.3 million, or $0.68 per diluted share, in the second quarter of 2026, and $27.1 million, or $1.20 per diluted share, in the third quarter a year ago. The decrease in the third quarter 2026 profitability as compared to the third quarter a year ago was mostly due to an increase in provision for credit losses in the third quarter of 2026, as well as the gain on sale of certain assets by Pacific Wealth Advisors in the third quarter of 2025.

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Dividends per share in the third quarter of 2026 increased to $0.17 per share as compared to $0.16 per share in the second quarter of 2026 and the third quarter of 2025.

“Record net interest income, strong deposit growth and a net interest margin above 5% drove a 21% increase in pre-provision net revenue in the third quarter,” said Mike Huston, Northrim's President and Chief Executive Officer. “Our earnings this quarter were reduced by a higher provision for credit losses tied to a single relationship in our Specialty Finance segment. Credit quality across our Community Banking portfolio remains solid, and we continue to see the benefits of our diversified business model, including a strong quarter from our Home Mortgage Lending segment.”

“We continue to make progress toward completing our acquisition of PBCO Financial Corporation, which we announced in July,” continued Mr. Huston. “The combination is intended to extend our relationship-driven banking model into attractive markets in Southern Oregon and the Willamette Valley and create a company with more than $4 billion in assets. We look forward to welcoming the customers and employees of People’s Bank of Commerce to Northrim.”

Northrim BanCorp Earns $14.4 Million, or $0.63 per Diluted Share in 3Q26

October 15, 2026 3 of 32

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Significant Recent Events On July 22, 2026, Northrim entered into a definitive merger agreement to acquire PBCO Financial Corporation (“PBCO”), the holding company for People’s Bank of Commerce, in an all-stock transaction. Under the terms of the agreement, at the effective time of the merger, shareholders of PBCO will receive 1.16 shares of Northrim common stock for each PBCO common share they own. The transaction is expected to close in the first quarter of 2027 and is subject to closing conditions, including Northrim and PBCO shareholder and regulatory approvals.

Alaska Economic Update (Note: sources for information included in this section are included on page 15.)

Alaska’s seasonally adjusted unemployment rate was 4.3% in August of 2026, compared to 4.1% for the United States, according to the Alaska Department of Labor and Workforce Development. This was an improvement in Alaska from 4.6% in May of 2026. Alaska had a total of 356,100 payroll jobs in August of 2026, not including uniformed military. Year over year, the private sector grew by 800 jobs or 0.3%, while the government sector declined by 2.2%, a loss of 1,700 jobs. The Federal component lost 1,300 jobs, or 8.6% since August of 2025, the State decreased 400 jobs or 1.7%, and Local government was unchanged. The largest private sector growth came from Oil & Gas, up 600 direct jobs or 6.7%. This is the highest paying sector in Alaska. Transportation, Warehousing and Utilities grew 1,300 jobs or 4.4% and Other Services added 300 jobs or 2.4%.

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