N o r t h r i m B a n k L o c a t i o n s
ANCHORAGE
Northrim Headquarters
PO Box 241489
Anchorage, AK 99524-1489
907-562-0062
800-478-2265 outside Anchorage
northrim.com
SouthSide Financial Center
8730 Old Seward Highway
West Anchorage Branch &
Small Business Center
2709 Spenard Road
Midtown Financial Center
3111 C Street
Seventh Avenue Branch
517 W. 7th Avenue
Huffman Branch
1501 E. Huffman Road
Jewel Lake Branch
9170 Jewel Lake Road
36th Avenue Branch
811 E. 36th Avenue
EAGLE RivER
WASiLLA
Eagle River Branch
12812 Old Glenn Highway
Wasilla Financial Center
850 E. USA Circle
fAiRBANKS
BELLEvUE, WASHiNGtON
Fairbanks Financial Center
Northrim Funding Services
360 Merhar Avenue
170 120th Avenue N.E., Suite 202
PO Box 50245
Bellevue, WA 98015
425-453-1105
A f f i l i a t e d C o m p a n i e s
Elliott Cove Capital
Management, LLC
1000 2nd Avenue, Suite 1440
Seattle, WA 98104
206-267-2683
elliottcove.com
Residential Mortgage, LLC
Headquarters
100 Calais Drive
Anchorage, AK 99503
907-222-8800
residentialmtg.com
Northrim Benefits Group, LLC
2550 Denali Street, Suite 1502
Pacific Portfolio Consulting,
LLC and Pacific Portfolio
Anchorage, AK 99503
907-263-1401
northrimbenefits.com
Trust Company
two Union Square
601 Union Street, Suite 4343
Seattle, WA 98101
206-623-6641
pacific-portfolio.com
2010 Financial Snapshot
2010
2009
2008
2007
2006
Unaudited (In Thousands Except Per Share Amounts)
Net interest income
Provision for loan losses
Other operating income
Other operating expense
Income before income taxes
Income taxes
Net income
Less: Net income attributable to
noncontrolling interest
Net income attributable to Northrim BanCorp
$44,213
5,583
12,377
37,624
13,383
3,918
9,465
399
$9,066
$46,421
7,066
13,084
41,357
11,082
2,967
8,115
$45,814
7,199
11,354
40,394
9,575
3,122
6,453
$49,830
5,513
9,844
34,953
19,208
7,260
11,948
388
$7,727
370
$6,083
290
$11,658
$47,522
2,564
7,766
31,476
21,248
7,978
13,270
296
$12,974
Earnings per share:
Basic
Diluted
Cash dividends per share
Assets
Portfolio loans
Deposits
Long-term debt
Junior subordinated debentures
Shareholders' equity
$1.42
1.40
0.44
$1.22
1.20
0.40
$0.96
0.95
0.66
$1.82
1.80
0.57
$2.02
1.99
0.45
$1,054,529
671,812
892,136
4,766
18,558
117,122
$1,003,029
655,039
853,108
4,897
18,558
111,020
$1,006,392
711,286
843,252
15,986
18,558
104,648
$1,014,714
714,801
867,376
1,774
18,558
101,391
$925,620
717,056
794,904
2,174
18,558
95,418
Book value per share
Tangible book value per share
Net interest margin (tax equivalent)
Efficiency ratio
Return on assets
Return on equity
Equity/assets
Dividend payout ratio
Nonperforming loans/portfolio loans
Net charge-offs/average loans
Allowance for loan losses/portfolio loans
Nonperforming assets/assets
$18.21
$16.86
4.92%
65.96%
0.90%
7.87%
11.11%
31.41%
1.70%
0.66%
2.14%
2.07%
$17.42
$16.01
5.33%
68.96%
0.79%
7.08%
11.07%
33.18%
2.67%
1.00%
2.00%
3.47%
$16.53
$15.06
5.26%
70.05%
0.62%
5.85%
10.40%
68.93%
3.66%
0.86%
1.81%
3.84%
$16.09
$14.51
5.89%
58.01%
1.24%
11.70%
10.00%
30.54%
1.59%
0.86%
1.64%
1.56%
$15.61
$14.48
5.89%
56.06%
1.46%
14.45%
10.31%
21.43%
0.92%
0.16%
1.69%
0.79%
Tax rate
Number of banking offices
Number of employees (FTE)
Northrim BanCorp, Inc.
27%
11
295
34%
11
290
38%
10
302
29%
10
268
38%
10
277
$740,000
$720,000
$700,000
$680,000
$660,000
$640,000
$620,000
$15,000
$13,000
$11,000
$9,000
$7,000
$5,000
$3,000
$1,100,000
$1,050,000
$1,000,000
$950,000
$900,000
$850,000
$800,000
LOANS
in $ thousands
2006 2007 2008 2009 2010
NET INCOME ATTRIBUTABLE TO
NORTHRIM BANCORP
in $ thousands
2006 2007 2008 2009 2010
ASSETS
in $ thousands
2006 2007 2008 2009 2010
53,1977,392,594,3016,393,955,1977,452594,3016,393,7
TWENTY YEARS
Northrim celebrated our 20th
anniversary in December 2010, and
we continue to execute well on our
original strategies. Good strategy and
execution underpin the value Northrim
provides to our shareholders.
N o r t h r i m B a n k L o c a t i o n s
ANCHORAGE
Northrim Headquarters
PO Box 241489
Anchorage, AK 99524-1489
907-562-0062
800-478-2265 outside Anchorage
northrim.com
SouthSide Financial Center
8730 Old Seward Highway
West Anchorage Branch &
Small Business Center
2709 Spenard Road
Midtown Financial Center
3111 C Street
Seventh Avenue Branch
517 W. 7th Avenue
Huffman Branch
1501 E. Huffman Road
Jewel Lake Branch
9170 Jewel Lake Road
36th Avenue Branch
811 E. 36th Avenue
EAGLE RivER
WASiLLA
Eagle River Branch
12812 Old Glenn Highway
Wasilla Financial Center
850 E. USA Circle
fAiRBANKS
BELLEvUE, WASHiNGtON
Fairbanks Financial Center
Northrim Funding Services
360 Merhar Avenue
170 120th Avenue N.E., Suite 202
PO Box 50245
Bellevue, WA 98015
425-453-1105
A f f i l i a t e d C o m p a n i e s
Elliott Cove Capital
Management, LLC
1000 2nd Avenue, Suite 1440
Seattle, WA 98104
206-267-2683
elliottcove.com
Residential Mortgage, LLC
Headquarters
100 Calais Drive
Anchorage, AK 99503
907-222-8800
residentialmtg.com
Northrim Benefits Group, LLC
2550 Denali Street, Suite 1502
Pacific Portfolio Consulting,
LLC and Pacific Portfolio
Anchorage, AK 99503
907-263-1401
northrimbenefits.com
Trust Company
two Union Square
601 Union Street, Suite 4343
Seattle, WA 98101
206-623-6641
pacific-portfolio.com
$740,000
$720,000
$700,000
$680,000
$660,000
$640,000
$620,000
$15,000
$13,000
$11,000
$9,000
$7,000
$5,000
$3,000
$1,100,000
$1,050,000
$1,000,000
$950,000
$900,000
$850,000
$800,000
LOANS
in $ thousands
2006 2007 2008 2009 2010
NET INCOME ATTRIBUTABLE TO
NORTHRIM BANCORP
in $ thousands
2006 2007 2008 2009 2010
ASSETS
in $ thousands
2006 2007 2008 2009 2010
Northrim BanCorp, Inc.
53,1977,392,594,3016,393,955,1977,452594,3016,393,7 t
r
o
p
e
R
l
a
u
n
n
A
0
1
0
2
2010 Financial Snapshot
2010
2009
2008
2007
2006
Unaudited (In Thousands Except Per Share Amounts)
Net interest income
Provision for loan losses
Other operating income
Other operating expense
Income before income taxes
Income taxes
Net income
Less: Net income attributable to
noncontrolling interest
Net income attributable to Northrim BanCorp
$44,213
5,583
12,377
37,624
13,383
3,918
9,465
399
$9,066
$46,421
7,066
13,084
41,357
11,082
2,967
8,115
$45,814
7,199
11,354
40,394
9,575
3,122
6,453
$49,830
5,513
9,844
34,953
19,208
7,260
11,948
388
$7,727
370
$6,083
290
$11,658
$47,522
2,564
7,766
31,476
21,248
7,978
13,270
296
$12,974
Earnings per share:
Basic
Diluted
Cash dividends per share
Assets
Portfolio loans
Deposits
Long-term debt
Junior subordinated debentures
Shareholders' equity
$1.42
1.40
0.44
$1.22
1.20
0.40
$0.96
0.95
0.66
$1.82
1.80
0.57
$2.02
1.99
0.45
$1,054,529
671,812
892,136
4,766
18,558
117,122
$1,003,029
655,039
853,108
4,897
18,558
111,020
$1,006,392
711,286
843,252
15,986
18,558
104,648
$1,014,714
714,801
867,376
1,774
18,558
101,391
$925,620
717,056
794,904
2,174
18,558
95,418
Book value per share
Tangible book value per share
Net interest margin (tax equivalent)
Efficiency ratio
Return on assets
Return on equity
Equity/assets
Dividend payout ratio
Nonperforming loans/portfolio loans
Net charge-offs/average loans
Allowance for loan losses/portfolio loans
Nonperforming assets/assets
Tax rate
Number of banking offices
Number of employees (FTE)
$18.21
$16.86
4.92%
65.96%
0.90%
7.87%
11.11%
31.41%
1.70%
0.66%
2.14%
2.07%
29%
10
268
$17.42
$16.01
5.33%
68.96%
0.79%
7.08%
11.07%
33.18%
2.67%
1.00%
2.00%
3.47%
27%
11
295
$16.53
$15.06
5.26%
70.05%
0.62%
5.85%
10.40%
68.93%
3.66%
0.86%
1.81%
3.84%
34%
11
290
$16.09
$14.51
5.89%
58.01%
1.24%
11.70%
10.00%
30.54%
1.59%
0.86%
1.64%
1.56%
38%
10
302
$15.61
$14.48
5.89%
56.06%
1.46%
14.45%
10.31%
21.43%
0.92%
0.16%
1.69%
0.79%
38%
10
277
MESSAGE To ShAREhoLDERS
Net income increased 17% over 2009 and assets
grew to $1.05 billion at year end. Northrim’s profits
grew in 2010 due to continuing improvement in
asset quality, growing operational efficiencies, and
important contributions from our affiliated financial
services businesses. Nonperforming assets
declined 37% year-over-year. Northrim continued to
maintain strong capital ratios well above regulatory
requirements, with total capital/risk-adjusted
assets of 15% at year-end 2010.
Alaska has weathered the recession better than
almost any other state in the nation, due largely
to a natural resources-based economy which
continues to benefit from rising commodities and
energy prices. Alaska remains one of the few
states with a stable fiscal foundation – more than
$12 billion in liquid reserves and a Permanent Fund
balance of $38.7 billion.
Northrim celebrated its 20th anniversary in
December 2010, and we continue to execute well
on our original strategies:
Strong balance sheet with emphasis on
capital and liquidity
Diversified income sources
Focus on asset quality
Strategic investments in our business
and our people
Leadership to build Alaska’s economy
Exceptional service and added value
for our customers – we call it
“Customer First Service”
Today’s operating environment for community
banks is challenging. Economic growth is flat
and loan demand remains weak. The resulting
earning asset mix, with more securities and
fewer loans, puts downward pressure on
margins – and while Northrim’s margin remains
high relative to our peers at 4.92%, it is lower
than our historical average. The Dodd-Frank Wall
Street Reform and Consumer Protection Act
(“Dodd-Frank Act”) imposed as a result of the
financial crisis will add significant costs and cut
fee income.
While many community banks are struggling in
this environment, we believe Northrim is well
positioned to meet these challenges by skillful
execution of our strategies with each decision,
large and small, that we make every day.
In the pages of this annual report, we’ll highlight
our strategies in action. Good strategy and
execution underpin the value Northrim provides
to our shareholders.
As always, we appreciate your continued
confidence and support.
Marc Langland
Chairman & CEO
Joe Beedle
President
1
2
$1.05B
Northrim’s assets at year end 2010
15.33%
Total capital/risk-adjusted assets
Demand Deposits
Interest-bearing Demand Deposits
Savings Deposits
Alaska CDs
Money Market Deposits
Time Deposits
3
Demand Deposits
Interest-bearing Demand Deposits
Savings Deposits
Alaska CDs
Money Market Deposits
Time Deposits
DEPOSITSDEPOSITS STRoNG BALANCE ShEET
A robust capital strategy has been the philosophy
of the bank from the beginning. Northrim has had a
stout balance sheet in both good and bad times – it’s
given us the ability to weather loan issues from a
position of strength and the foundation to grow when
we’ve found the right opportunities.
Northrim has one of the highest core deposit ratios
in our peer group according to the Uniform Bank
Performance Report. We don’t solicit deposits
outside of our market area, and we lend money
locally. We continue to have a solid base of local
deposits, with noninterest-bearing demand deposits
at 32% of total deposits. While loan demand has
been slow in the past several years due to the soft
economy, when demand returns we have a good
“inventory” of funds to lend.
TOTAL CAPITAL RATIOS
16%
15%
14%
13%
12%
11%
10%
9%
Minimum Well - Capitalized Ratio
2006 2007 2008 2009 2010
4
Real Estate Term
Commercial
Real Estate Construction
Home Equity Lines and Other
Consumer
Real Estate Term
Real Estate Term
Commercial
Commercial
Real Estate Construction
Real Estate Construction
Home Equity Lines and Other
Home Equity Lines and Other
Consumer
Consumer
NONPERFORMING ASSETS
in $ thousands
$42,000
$36,000
$30,000
$24,000
$18,000
$12,000
$6,000
5
2006 2007 2008 2009 2010
FoCUS oN ASSET QUALITY
Commercial real estate loans accounted for 46%
of Northrim’s loan portfolio and commercial loans
comprised 38% of the portfolio at year end.
The risk profile of the loan portfolio improved as
nonperforming assets declined by $13 million year-
over-year and net charge-offs decreased by $2.6
million, or 38%, during this same time period.
over the last several years, Northrim’s executive
and senior managers have dedicated significant
resources to improve its credit quality by creating a
Quality Assurance Department to provide detailed
and independent underwriting of its largest loans
and to develop processes and procedures to manage
concentrations within its loan portfolio. In addition,
Northrim formed an Executive Loan Management
Group comprised of executive and senior managers
to focus on identifying, analyzing, and resolving its
nonperforming assets. As a result of these efforts,
Northrim reduced its nonperforming assets by
37% in 2010.
our financial strength allowed us to reduce our
other Real Estate owned (oREo) properties without
damaging the market. We put good marketing plans
and experienced people in place and had accurate
assessments of the market and the value of the
properties. Through this process we have gained
a greater understanding of development projects
well beyond what most lenders learn. We’ve used
this knowledge to change our loan policy, look at
the key risk factors that really make a difference in
a development loan – including local government
requirements and restrictions and the skills of the
third parties who are hired to do design and build
work. We remain the largest strategic player in the
residential construction segment going forward and
expect to continue to be a market leader.
LOAN PORTFOLIOLOAN PORTFOLIOLOAN PORTFOLIO 37%
Reduction in nonperforming assets in 2010
2.07%
Percentage of nonperforming assets to total assets
6
STRATEGIC INvESTMENTS
At a time when many community banks
retrenched in the face of the recession,
Northrim continued to make strategic
investments to position us for success.
We completed the first year of a three-
year program to strengthen and improve
our information technology infrastructure
to increase throughput and uptime
for our branches, reduce expense and
overhead, provide better availability
and back-up of our data, provide
greater redundancies, and strengthen
our disaster recovery capabilities. We
also invested in our core system and
customer database to provide better
functionality and information. We made
improvements to our headquarters office
building, which we now own, upgrading
elevators and installing new energy-
efficient cooling equipment.
Northrim signed a five-year agreement
with Intuit, one of the leading providers
of personal and small business financial
services, to continue support and
development of our electronic banking
platform as customers continue to
migrate to self-service options for
their banking needs. We also made
investments in electronic fraud
protection and back-end improvements
to our processes to increase efficiency.
We closed one branch in Fairbanks
when our lease expired, consolidating
our operations in our newest branch
located in a growing retail area. We
also completed a major renovation of
our headquarters branch in Anchorage.
In 2011, we will evaluate our branch
footprint and strategy going forward to
maximize the value of our facilities
and staff.
The company made a significant
investment in Northrim’s brand, including
thorough market research, an updated
logo, and an advertising campaign to
build awareness in our markets, as we
expect to rely more on market share
growth rather than economic growth for
the next several years.
Finally, we continue to invest in good
people who understand the financial
industry, Alaska’s economy and our
customers. We have an engaged and
effective senior management team that
works together to lead the company.
We’ve made strategic hires in many
areas of the bank, and have invested
in continuing education that has
brought new ideas and perspective to
our operations – all while reducing
head count.
7
268
Number of full-time equivalent Northrim
employees, down from 295 in 2009
8
9
LEADERShIP To BUILD
ALASkA’S ECoNoMY
Marc Langland and the late Arne Espe built a new
bank from scratch because they believed customers
wanted a different approach. But, they also wanted
to make a difference in the state; to play a role in
Alaska’s greater economic environment.
Twenty years later, Northrim and its leaders continue
to play key roles in the state’s economy. During this
period, Northrim has invested more than $2.5 million
in Alaska’s universities, including significant financial
support of the Institute of Social and Economic
Research for a multi-year project to model Alaska’s
economy and educate Alaska’s citizens. Northrim’s
managers lead and serve on the boards of Alaska’s
most influential organizations. In 2010, Northrim
launched the Alaskanomics blog to provide news,
analysis, and commentary on Alaska’s economy.
With contributions from economists, business
leaders, policy makers and everyday Alaskans,
Alaskanomics.com aims to engage readers in an
ongoing conversation about the statewide economy,
now and in the future. Northrim sponsors the
Associated General Contractors’ annual construction
spending forecast and the Resource Development
Council’s annual conference on Alaska’s resources.
Northrim and our employees support the
communities we serve in many ways – through
personal and company contributions, individual and
company volunteerism, and community leadership.
$2.5MM
Northrim’s investments in Alaska’s universities
10
INCoME DIvERSITY
Northrim’s strategic focus on developing and growing diverse
sources of non-interest income continues to be successful for the
company, contributing 22% of 2010 revenues.
While bank service charges continue to be pressured by new
consumer regulations, including the Dodd-Frank Act, electronic
banking fees have increased steadily as our customer base has
grown and customers manage more of their financial transactions
electronically. In the next year, however, these fees may be
significantly impacted by regulation. Loan service fees and
purchased receivables income also contribute to the bank’s
noninterest income.
Northrim has invested in financial service affiliates to provide
geographic and industry diversity, grow revenues, and provide the
bank’s customers with a variety of financial services to meet their
individual needs.
In 2010, employee benefit plan income from Northrim Benefits
Group totaled $1.9 million, up from $1.7 million a year ago. We
have been successful in making good referrals of Northrim
business customers who are looking for advice in the changing
health care insurance market, and many of our customers have
benefited from lower premiums.
Income from Northrim’s mortgage affiliate, Residential Mortgage,
contributed $1.4 million to 2010 non-interest income, down from
the near record level of $2.3 million in 2009. historically low
mortgage interest rates generated strong refinancing activity in
2010, which is unlikely to continue in 2011. Residential Mortgage
is the leading mortgage company in Alaska, with strong brand
recognition and an excellent reputation for service, which
complements Northrim’s “Customer First Service” philosophy.
our two wealth management affiliates, Elliott Cove Capital
Management and Pacific Portfolio, also contribute to revenues
and add value to our customer relationships. Elliott Cove provides
investment advisory services to Northrim Bank customers and
other bank customers in the Pacific Northwest, and Pacific
Wealth Advisors provides investment advisory, trust, and wealth
management services to clients in the Pacific Northwest
and Alaska.
11
$14,000
$13,000
$12,000
$11,000
$10,000
$9,000
$8,000
$7,000
Deposit Service Charges
Employee Benefit Plan Income
Purchased Receivable Income
Electronic Banking Fees
Equity in Earnings from Mortgage Affiliate
Rental Income
Gain on Sale of Securities
Other
Merchant Credit Card Transaction Fees
Loan Service Fees
OTHER INCOME
in $ thousands
2006 2007 2008 2009 2010
OTHER INCOME Northrim Benefits Group
(NBG) provides group health
insurance and benefit
plans to businesses and
organizations with two to
1,000 employees. NBG is
based in Anchorage and
assists clients in Alaska and
across the country.
Founded in 1992, Pacific
Portfolio serves affluent
individuals, families,
corporations, foundations
and not-for-profit
organizations. As a fee-only
advisor, the company sells
no investment products,
enabling its team of
professionals to provide
advice in an environment
that is free from conflicts
of interest.
Residential Mortgage, LLC
(“Residential Mortgage”) is
an Alaskan-owned mortgage
company dedicated to
providing professional home
loan financing. Residential
Mortgage has been
affiliated with Northrim
Bank since the company
began operations in 1998.
Northrim Bank helped
found Elliott Cove Capital
Management in 2002.
Elliott Cove provides
investment management
services to a wide range
of individual and corporate
clients throughout the
United States. Their mission
is to provide above-average
returns with below-average
risk through intelligent,
disciplined asset allocation.
12
S e n i o r M a n a g e r s
From left: Suzanne Whittle,
Catherine Claxton, Jim Miller, Sheri
Gower, Blythe Campbell, Dennis
Bingham, Ben Craig, Joe Beedle,
Steve Hartung, Marc Langland, Amber
Zins, Len Horst, Lynn Wolfe, Carolyn
Jennings, Joe Schierhorn, Chris
Knudson, Audrey Amundson, Tara
Tetzlaff, Dan Lowell, Gary Conatser.
Standing from left: Chris Knudson,
Marc Langland, Mark Copeland, Ronald
Davis, John Swalling.
Seated from left: David Wight, Richard
Lowell. Not pictured: Larry Cash, Anthony
Drabek and Irene Sparks Rowan.
B o a r d o f D i r e c t o r s
Marc Langland, Director since 1990
Chairman and CEo
Chris Knudson, Director since 1998
Executive vice President and Coo
Larry S. Cash, Director since 1995
President and CEo, RIM Architects, LLC
since 1986
Mark G. Copeland, Director since 1990
owner of Strategic Analysis, LLC, a
management consulting firm, since 1999.
Member of Copeland, Landye, Bennett and Wolf,
LLP, a law firm, for 30 years prior to that time.
Ronald A. Davis, Director since 1997
CEo and Administrator, Tanana valley Clinic
until his retirement in 1998.
Secretary/Treasurer, Canoe Alaska from 1996
to 1999. vice President, Acordia of Alaska
Insurance from 1999 to 2003.
13
Anthony Drabek, Director since 1991
President and CEo, Natives of kodiak, Inc.,
an Alaska Native corporation, from 1989 to
2010. Chairman and President, koncor Forest
Products Company.
Richard L. Lowell, Director since 1990
President, Ribelin Lowell and Company,
an insurance brokerage firm, from 1985
to 2004.
Irene Sparks Rowan, Director since 1991
Director, klukwan, Inc., an Alaska Native
corporation, 1988 to 2000, and 2009 to 2010.
John C. Swalling, Director since 2002
President and Director, Swalling & Associates,
PC, an accounting firm, since 1991.
David G. Wight, Director since 2006
President and CEo, Alyeska Pipeline Service
Company from 2000 to 2005, following a
40-year career with the Amoco Corporation,
which became BP in 1998.
70
years of combined tenure from the
executive officers at Northrim Bank
Executive Officers
Marc Langland, Chairman & Chief Executive Officer****
Joe Beedle, President
Steve hartung, Chief Credit Officer*
Chris knudson, Chief Operations Officer****
Joe Schierhorn, Chief Financial Officer****
Senior Vice Presidents
Audrey Amundson, Accounting Manager, Controller****
Dennis Bingham, Loan Administration Officer
Blythe Campbell, Marketing & Communications Manager
Catherine Claxton, Commercial Real Estate Loan Manager***
Gary Conatser, Commercial Loan Manager
Len horst, Commercial Loan Manager
Carolyn Jennings, Branch Administration Manager***
Dan Lowell, Northrim Funding Services Manager*
Jim Miller, Senior Credit Officer**
Tara Tetzlaff, Construction Loan Manager***
Suzanne Whittle, Information Services & Compliance Manager**
Lynn Wolfe, Loan Support Services Manager***
Vice Presidents
katie Bates, Electronic Banking Manager*
Tammy Breihahn, Community Development Compliance Officer***
Sig Casiano, Construction Loan Officer
Bill Cessnun, Commercial Loan Officer
Lori Cox, Item Processing Manager*
Ben Craig, Chief Technology Officer
Latosha Dickinson, Assistant Controller
Ray Dinger, Commercial Real Estate Loan Officer**
Mark Edwards, Commercial Loan Officer & Bank Economist
Barb Ervin, Assistant Branch Administrator*
kimberly Farrell Brewington, Commercial Cash Management Officer**
Angela Freeman, Small Business & Consumer Loan Manager*
Sheri Gower, Human Resources Manager**
Glenna hartman, Credit Administration Officer**
Janet holland, Facilities Manager**
Mike hook, Credit Administration Officer
Jesse Janssen, Commercial Loan Officer**
Rich Jerger, Project Manager**
Josh king, Relationship Manager
Paul kirschner, Relationship Manager
Jeanine Lillo, Assistant Controller*
kelly Lykins-Longlet, Risk Management Officer*
kathy Martin, Construction Loan Officer**
heidi Moes, Loan Servicing Officer*
Mary Perez, Sales & Service Manager*
Steve Ponto, Commercial Loan Officer
Mark Renner, Commercial Loan Officer
Sharon Wright, Loan Documentation Officer**
Amber Zins, Internal Audit Manager
Assistant Vice Presidents
Lisa Adams, Operations Manager
Lynn Akers, Branch Sales Manager**
Aracelis Bell, Relationship Manager*
Robin Bettisworth, Audit Supervisor
Erika Bills, Business Development & Retention Officer***
Jay Blury, Marketing Officer
Tori Brandon, Credit Administration Officer***
holly Burns, Operations Manager*
Cindy Cevasco, Business Development & Retention Officer**
Sean Christian, Strategic & Planning Manager*
ken Denny, Security Manager
Anita Devore, Branch Sales Manager II
Esther Fouts, Accounting Supervisor***
Marsha Fry, Commercial Real Estate Portfolio Administrator***
Tina hartley, Special Credits Officer III**
Dawn hoxie, Branch Sales Manager***
Fiona Johnson, Branch Sales Manager II
Tammy kosa, Branch Sales Manager II*
Brigitte Lampert, Branch Sales Manager
kelly McCormack, Small Business Loan Officer
Darci ornellas, Branch Administration Operations Officer
Amy Penrose, Branch Sales Manager II*
Rick Pinkerton, Loan Review Officer*
Fran Ponge, Branch Sales Manager*
heidi Roesler, Human Resources Officer
Paula Sanders-Grau, Commercial Cash Management Officer*
Ben Schulman, Branch Sales Manager II
Bill Simpson, Special Credits Officer III
Rodlynn Smallwood, Branch Sales Manager II
Rina Suesue, Branch Sales Manager*
Mhay Sy, Loan Quality Assurance Officer
Sherry Townsend, Community Development Compliance Officer**
Chris vaughan, Commercial Loan Officer
oziel villasenor, Branch Sales Manager
Sandy Walters, Small Business Loan Officer**
Nancy Wilson, Deposit Compliance Officer*
Cathy Wright, Loan Administration Support Officer**
AVP and above as of 1/31/11: * ≥ Five-year employee, ** ≥ Ten-year employee, *** ≥ Fifteen-year employee, **** ≥ Twenty-year employee
14
Customer First Ser vice
It is part of Northrim’s brand t o p rovide th e ve r y high est level of
ser vice, and it’s called “C ust ome r F irst Se r vic e.” Nort hrim Bank is
committed to providing caring , p rofess iona l, pers ona l atten tion each
time a custom er call s or visits. Each em ploye e signs a pe rsonal pledge
to uphold Northrim’s st an dard s.
The Custom er First Ser vice Award acknowled ges th ose in dividuals who
have dem onstrated the epitom e o f Cust ome r First Ser vice . one or t wo
empl oyees each quarter earn t he re cogn ition t hro ug hou t t he Northrim
Bank organization. Below are the we ll-d eser vin g r ecip ien ts for 2010.
C u s t o m e r F i r s t S e r v i c e Aw a r d W i n n e r s
Back row from left: Leary David, Midtown Financial Center, Terry Lee, Item Processing, Maricel Abella, West Anchorage
Branch, Becci Freeman, Wasilla Financial Center. Front row from left: Rhiannon Calkins, Executive Department,
Carmen Mojica, Electronic Banking, Paula LaBreck, Wasilla Financial Center.
15
Information and Addresses
Annual Meeting:
Thursday, May 19, 2011, 9:00am
Hilton Anchorage Hotel - 500 W. 3rd Avenue
Anchorage, AK
Stock Symbol:
Northrim BanCorp, Inc. (NASDAQ: NRIM)
Auditor:
Moss Adams, LLP
Transfer Agent & Registrar:
American Stock Transfer & Trust Company
800-937-5449, info@amstock.com
Legal Counsel:
Davis Wright Tremaine, LLP
Investor Requests:
For stock information and copies of earnings
& dividend releases, click on “Investor
Information” section at northrim.com
Investor Email Subscription:
Send a request to investors@nrim.com;
Call our Corporate Secretary at 907-261-3301;
or, write Corporate Secretary, Northrim Bank
P.O. Box 241489, Anchorage, AK 99524-1489
Credits:
Photography: Chris Arend Photography
Design: Nerland Agency
Printing: A.T. Publishing & Printing, Inc.
This report has not been approved or
disapproved for accuracy or adequacy by
the Federal Deposit Insurance Corporation,
Federal Reserve Bank, Securities and
Exchange Commission, or any other
regulatory authority.
Member FDIC, Equal Opportunity Lender
Equal Opportunity Employer
This report may include forward-looking
statements, which are not historical facts.
These forward-looking statements describe
management’s expectations about future events
and developments such as future operating
results, growth in loans and deposits, continued
success of the Company’s style of banking, and
the strength of the local economy. All statements
other than statements of historical fact, including
statements regarding industry prospects and
future results of operations or financial position,
made in this report are forward-looking. We use
words such as “anticipate,” “believe,” “expect,”
“intend” and similar expressions in part to help
identify forward-looking statements. Forward-
looking statements reflect management’s
current plans and expectations and are inherently
uncertain. Our actual results may differ
significantly from management’s expectations,
and those variations may be both material and
adverse. Forward-looking statements are subject
to various risks and uncertainties that may
cause our actual results to differ materially and
adversely from our expectations as indicated in
the forward-looking statements. These risks and
uncertainties include: the general condition of,
and changes in, the Alaska economy; factors that
impact our net interest margin; and our ability to
maintain asset quality. Further, actual results may
be affected by competition on price and other
factors with other financial institutions; customer
acceptance of new products and services; the
regulatory environment in which we operate;
and general trends in the local, regional and
national banking industry and economy. Many
of these risks, as well as other risks that may
have a material adverse impact on our operations
and business, are identified in our filings with
the SEC. However, you should be aware that
these factors are not an exhaustive list, and you
should not assume these are the only factors that
may cause our actual results to differ from our
expectations. In addition, you should note that
we do not intend to update any of the forward-
looking statements or the uncertainties that may
adversely impact those statements, other than as
required by law.
16
N o r t h r i m B a n k L o c a t i o n s
ANCHORAGE
Northrim Headquarters
PO Box 241489
Anchorage, AK 99524-1489
907-562-0062
800-478-2265 outside Anchorage
northrim.com
SouthSide Financial Center
8730 Old Seward Highway
West Anchorage Branch &
Small Business Center
2709 Spenard Road
Midtown Financial Center
3111 C Street
Seventh Avenue Branch
517 W. 7th Avenue
Huffman Branch
1501 E. Huffman Road
Jewel Lake Branch
9170 Jewel Lake Road
36th Avenue Branch
811 E. 36th Avenue
EAGLE RivER
WASiLLA
Eagle River Branch
12812 Old Glenn Highway
Wasilla Financial Center
850 E. USA Circle
fAiRBANKS
BELLEvUE, WASHiNGtON
Fairbanks Financial Center
360 Merhar Avenue
Northrim Funding Services
170 120th Avenue N.E., Suite 202
PO Box 50245
Bellevue, WA 98015
425-453-1105
A f f i l i a t e d C o m p a n i e s
Elliott Cove Capital
Management, LLC
1000 2nd Avenue, Suite 1440
Seattle, WA 98104
206-267-2683
elliottcove.com
Residential Mortgage, LLC
Headquarters
100 Calais Drive
Anchorage, AK 99503
907-222-8800
residentialmtg.com
Northrim Benefits Group, LLC
2550 Denali Street, Suite 1502
Anchorage, AK 99503
907-263-1401
northrimbenefits.com
Pacific Portfolio Consulting,
LLC and Pacific Portfolio
Trust Company
two Union Square
601 Union Street, Suite 4343
Seattle, WA 98101
206-623-6641
pacific-portfolio.com
LOANS
in $ thousands
2006 2007 2008 2009 2010
NET INCOME ATTRIBUTABLE TO
NORTHRIM BANCORP
in $ thousands
2006 2007 2008 2009 2010
ASSETS
in $ thousands
$740,000
$720,000
$700,000
$680,000
$660,000
$640,000
$620,000
$15,000
$13,000
$11,000
$9,000
$7,000
$5,000
$3,000
$1,100,000
$1,050,000
$1,000,000
$950,000
$900,000
$850,000
$800,000
Northrim BanCorp, Inc.
2006 2007 2008 2009 2010
53,1977,392,594,3016,393,955,1977,452594,3016,393,7