Northrim Bank
| File:Logo for Northrim Bank.png Northrim_Bank_Building.jpg | |
 | |
| Public company | |
| Traded as | NASDAQ: NRIM |
| ISIN | 🆔 |
| Industry | Banking Financial Services |
| Founded 📆 | |
| Founders 👔 | Marc Langland, Arnold Espe |
| Headquarters 🏙️ | Anchorage, Alaska |
Number of locations | 16 branches |
Area served 🗺️ | Alaska, United States |
Key people | Joe Schierhorn, chairman, president, CEO |
| Products 📟 | Checking Accounts Savings Accounts Money Market Accounts Personal and Commercial Loans Online Banking Mortgage Loans Credit Cards Debit Cards Investment and Plan Products |
| Total assets | $2.1 billion (2020)[1] |
| Members | |
Number of employees | 430 (2019) |
| Subsidiaries | Residential Mortgage, Northrim Funding Service, Northrim Investment Services, Pacific Portfolio Wealth Advisors
|
| 🌐 Website | northrim |
| 📇 Address | |
| 📞 telephone | |
Northrim BanCorp (NASDAQ: NRIM) is the holding company for a community bank, subsidiaries, affiliates and divisions headquartered in Anchorage, Alaska. Northrim Bank is a full-service community bank with 16 branches across Alaska in Anchorage, the Matanuska Valley, Soldotna, Juneau, Fairbanks, Ketchikan and Sitka. Northrim holdings include the wholly-owned subsidiary Residential Mortgage (home mortgage lending), Northrim Funding Services (receivables financing), Northrim Investment Services (investment services), and partial interest in Pacific Portfolio Wealth Advisors (financial advice).[2]
Northrim generates maximum revenue from its community banking segment. The company offers checking, savings and money market accounts; debit cards and credit cards. It also includes loans and credit lines, mortgage loans, investment and plan products.[3]
History
Northrim opened December 4, 1990, amid crashing oil prices and a stalled economy in Alaska. During this period, 13 state financial institutions failed.[4]
The bank was co-founded by Marc Langland and Arnold Espe with $8 million in capital and 21 employees. Bank offices were housed in trailers located on a parking lot that later became the site of the company's headquarters in Midtown Anchorage.[5]
The bank grew rapidly with assets growing to $50 million in its first year. It took advantage of automated phone banking in 1991, off-site ATMs in 1995, and internet banking services in 1999.[6] In a major move in 1999, Northrim acquired eight Bank of America branches in Anchorage, Eagle River and Wasilla, boosting its workforce and customer base. In 2007, it purchased Alaska First Bank and Trust.[7] In 2014 the bank acquired Alaska Pacific Bancshares and 100% of Residential Mortgage. Northrim added Alaska branches in east Anchorage and Soldotna in 2019.[8]
Today, Northrim has more than 400 employees and more than $1.6 billion in assets.[9]
The bank sponsors economic research and forecast reports. It employs an in-house economist and publishes a blog at Alaskanomics.com to provide news, analysis and commentary on Alaska’s economy.[10]
Key dates
1990: Opened
1998: Invested in startup of Residential Mortgage
1999: Acquired eight Bank of America branches
2002: Invested in Elliot Cove Capital Management
2004: Established Northrim Funding Services
2005: Invested in Northrim Benefits Group
2006: Invested in Pacific Wealth Advisors
2007: Acquired First Bank & Trust
2008: Total assets crossed the $1 billion mark
2014: Acquired Alaska Pacific Bancshares; acquired 100% Residential Mortgage
2015: Divested of equity interest in Elliot Cove Capital Management; retained customer products
2017: Sold assets of Northrim Benefits Group
2019: Opened branches on the Kenai Peninsula and east Anchorage
2020: Opened Loan Production Office in Kodiak
References
- ↑ "Honoring 30 Years 1990-2020, 2020 Annual Report" (PDF). Northrim Bancorp Inc. Northrim Bancorp. January 1, 2021. Retrieved May 28, 2021.
- ↑ "2019 Annual Report" (PDF). Northrim Bancorp Inc. Northrim Bancorp. January 1, 2020. Retrieved May 28, 2020.
- ↑ "Northrim Bancorp Inc. (NRIM)". Morningstar. Morningstar. July 27, 2020. Retrieved July 27, 2020.
- ↑ "About us". Northrim. Northrim Bank. July 27, 2020. Retrieved July 27, 2020.
- ↑ DeMarban, Alex (December 4, 2015). "Northrim Bank co-founder retiring after 50 years working in Alaska". Anchorage Daily News. Anchorage, Alaska. Retrieved July 27, 2020.
- ↑ DeMarban, Alex (December 4, 2015). "Northrim Bank co-founder retiring after 50 years working in Alaska". Anchorage Daily News. Anchorage, Alaska. Retrieved July 27, 2020.
- ↑ DeMarban, Alex (December 4, 2015). "Northrim Bank co-founder retiring after 50 years working in Alaska". Anchorage Daily News. Anchorage, Alaska. Retrieved July 27, 2020.
- ↑ "Northrim Bancorp Investor Presentation". Anchorage, Alaska: Northrim Bank. May 1, 2020: 29. Retrieved July 27, 2020.
- ↑ "2019 Annual Report" (PDF). Northrim Bancorp Inc. Northrim Bancorp. January 1, 2020. Retrieved May 28, 2020.
- ↑ "2019 Annual Report" (PDF). Northrim Bancorp Inc. Northrim Bancorp. January 1, 2020. Retrieved May 28, 2020.
External links
- Official website
- Business data for Northrim Bancorp Inc.: Google Finance
- Yahoo! Finance
- Bloomberg
- Reuters
- SEC filings
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