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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 March 31, 2024
   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 CLASSTRADING SYMBOLNAME 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 May 3, 2024 was 5,499,578.




1


PART I. FINANCIAL INFORMATION
These consolidated financial statements should be read in conjunction with the consolidated financial statements, accompanying notes and other relevant information included in Northrim BanCorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 1. FINANCIAL STATEMENTS
2


CONSOLIDATED FINANCIAL STATEMENTS
NORTHRIM BANCORP, INC.
Consolidated Balance Sheets
(Unaudited)
 March 31,
2024
December 31,
2023
(In Thousands, Except Share Data)
ASSETS  
Cash and due from banks$30,159 $27,457 
Interest bearing deposits in other banks50,205 91,073 
Investment securities available for sale, at fair value592,479 637,936 
Marketable equity securities13,467 13,153 
Investment securities held to maturity, at amortized cost36,750 36,750 
Investment in Federal Home Loan Bank stock3,236 2,980 
Loans held for sale43,818 31,974 
Loans1,811,135 1,789,497 
Allowance for credit losses, loans(17,533)(17,270)
Net loans1,793,602 1,772,227 
Purchased receivables, net37,698 36,842 
Mortgage servicing rights, at fair value20,055 19,564 
Premises and equipment, net40,836 40,693 
Operating lease right-of-use assets8,867 9,092 
Goodwill15,017 15,017 
Other intangible assets, net950 950 
Other assets72,421 71,789 
Total assets$2,759,560 $2,807,497 
LIABILITIES  
Deposits:  
Demand$714,244 $749,683 
Interest-bearing demand889,581 927,291 
Savings246,902 255,338 
Money market209,785 221,492 
Certificates of deposit less than $250,000207,645 189,106 
Certificates of deposit $250,000 and greater165,926 142,145 
Total deposits2,434,083 2,485,055 
Borrowings13,569 13,675 
Junior subordinated debentures10,310 10,310 
Operating lease liabilities8,884 9,092 
Other liabilities53,387 54,647 
Total liabilities2,520,233 2,572,779 
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, 5,499,578 and 5,513,459 issued and outstanding at March 31, 2024 and December 31, 2023, respectively
5,500 5,513 
Additional paid-in capital9,012 9,605 
Retained earnings240,848 236,037 
Accumulated other comprehensive loss, net of tax(16,033)(16,437)
Total shareholders' equity239,327 234,718 
Total liabilities and shareholders' equity$2,759,560 $2,807,497 
See notes to consolidated financial statements
3


NORTHRIM BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
Three Months Ended
March 31,
(In Thousands, Except Per Share Data)20242023
Interest and Dividend Income
Interest and fees on loans and loans held for sale$30,450 $23,694 
Interest on investment securities available for sale3,718 3,934 
Dividends on marketable equity securities243 168 
Interest on investment securities held to maturity482 474 
Dividends on Federal Home Loan Bank stock77 36 
Interest on deposits in other banks838 1,489 
Total Interest and Dividend Income35,808 29,795 
Interest Expense
Interest expense on deposits9,180 4,583 
Interest expense on borrowings86 87 
Interest expense on junior subordinated debentures95 93 
Total Interest Expense9,361 4,763 
Net Interest Income26,447 25,032 
Provision for credit losses
149 360 
Net Interest Income After Provision for Credit Losses
26,298 24,672 
Other Operating Income
Mortgage banking income4,031 2,008 
Purchased receivable income1,345 977 
Bankcard fees917 908 
Service charges on deposit accounts549 457 
Unrealized gain (loss) on marketable equity securities
314 (223)
Other income688 781 
Total Other Operating Income7,844 4,908 
Other Operating Expense
Salaries and other personnel expense15,417 15,484 
Data processing expense2,659 2,355 
Occupancy expense1,962 1,943 
Professional and outside services755 722 
Insurance expense779 557 
Marketing expense513 564 
Intangible asset amortization expense 4 
OREO expense, net rental income and gains on sale(391)26 
Other operating expense1,944 1,854 
Total Other Operating Expense23,638 23,509 
Income Before Provision for Income Taxes10,504 6,071 
Provision for income taxes2,305 1,241 
Net Income $8,199 $4,830 
Earnings Per Share, Basic$1.49 $0.85 
Earnings Per Share, Diluted$1.48 $0.84 
Weighted Average Common Shares Outstanding, Basic
5,499,578 5,691,432 
Weighted Average Common Shares Outstanding, Diluted
5,554,930 5,757,458 
See notes to consolidated financial statements
4


NORTHRIM BANCORP, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
2010
Three Months Ended March 31,
(In Thousands)20242023
Net income$8,199 $4,830 
Other comprehensive income (loss), net of tax:  
   Securities available for sale:  
         Unrealized holding gains arising during the period
$292 $8,119 
Derivatives and hedging activities:
     Unrealized holding gains (losses) arising during the period
272 (299)
Income tax expense related to unrealized (gains)
(160)(2,223)
Other comprehensive income, net of tax
404 5,597 
Comprehensive income
$8,603 $10,427 
 
See notes to consolidated financial statements

5


NORTHRIM BANCORP, INC.
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
 Common StockAdditional Paid-in Capital Retained EarningsAccumulated Other Comprehensive Income (Loss), net of Tax Total
 Number of SharesPar Value
(In Thousands)
Balance as of January 1, 20235,701 $5,701 $17,784 $224,225 ($29,081)$218,629 
Cash dividend on common stock ($0.60 per share)
— — — (3,444)— (3,444)
Stock-based compensation expense— — 140 — — 140 
Repurchase of common stock(28)(28)(1,299)— — (1,327)
Other comprehensive gain, net of tax
— — — — 5,597 5,597 
Net income— — — 4,830 — 4,830 
Balance as of March 31, 20235,673 $5,673 $16,625 $225,611 ($23,484)$224,425 
Cash dividend on common stock ($0.60 per share)
— — — (3,432)— (3,432)
Stock-based compensation expense— — 225 — — 225 
Repurchase of common stock(62)(62)(2,439)— — (2,501)
Other comprehensive loss, net of tax— — — — (2,958)(2,958)
Net income— — — 5,577 — 5,577 
Balance as of June 30, 20235,611 $5,611 $14,411 $227,756 ($26,442)$221,336 
Cash dividend on common stock ($0.60 per share)
— — — (3,384)— (3,384)
Stock-based compensation expense— — 254 — — 254 
Exercise of stock options and vesting of restricted stock units, net— — (12)— — (12)
Repurchase of common stock(63)(63)(2,648)— — (2,711)
Other comprehensive gain, net of tax
— — — — 1,402 1,402 
Net income— — — 8,374 — 8,374 
Balance as of September 30, 20235,548 $5,548 $12,005 $232,746 ($25,040)$225,259 
Cash dividend on common stock ($0.60 per share)
— — — (3,322)— (3,322)
Stock-based compensation expense— — 318 — — 318 
Exercise of stock options and vesting of restricted stock units, net21 21 (269)— — (248)
Repurchase of common stock(56)(56)(2,449)— — (2,505)
Other comprehensive gain, net of tax
— — — — 8,603 8,603 
Net income— — — 6,613 — 6,613 
Balance as of December 31, 20235,513 $5,513 $9,605 $236,037 ($16,437)$234,718 
 See notes to consolidated financial statements





6


NORTHRIM BANCORP, INC.
Consolidated Statements of Changes in Shareholders’ Equity
(Continued)
(Unaudited)
 Common StockAdditional Paid-in Capital Retained EarningsAccumulated Other Comprehensive Income (Loss), net of Tax Total
 Number of SharesPar Value
(In Thousands)
Balance as of January 1, 20245,513 $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, net1 1 (27)— — (26)
Repurchase of common stock(14)(14)(774)— — (788)
Other comprehensive gain, net of tax
— — — — 404 404 
Net income— — — 8,199 — 8,199 
Balance as of March 31, 20245,500 $5,500 $9,012 $240,848 ($16,033)$239,327 
See notes to consolidated financial statements
7


NORTHRIM BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
(In Thousands)20242023
Operating Activities:  
Net income$8,199 $4,830 
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:  
Depreciation and amortization of premises and equipment897 789 
Amortization of software288 287 
Intangible asset amortization 4 
Amortization of investment security premium, net of discount accretion111 130 
Unrealized (gain) loss on marketable equity securities(314)223 
Stock-based compensation208 140 
Deferred loan fees and amortization, net of costs(316)15 
Provision for credit losses149 360 
Additions to home mortgage servicing rights carried at fair value(517)(463)
Change in fair value of home mortgage servicing rights carried at fair value26 795 
Change in fair value of commercial servicing rights carried at fair value144 123 
Gain on sale of loans(1,979)(1,305)
Proceeds from the sale of loans held for sale74,459 55,583 
Origination of loans held for sale(84,324)(50,725)
Gain on sale of other real estate owned(392) 
Net changes in assets and liabilities:  
(Increase) in accrued interest receivable(1,303)(941)
Decrease in other assets2,345 1,222 
(Decrease) in other liabilities(3,226)(6,718)
Net Cash (Used) Provided by Operating Activities(5,545)4,349 
Investing Activities:  
Investment in securities:  
Purchases of investment securities available for sale (6,000)
Purchases of FHLB stock(266)(6)
Proceeds from sales/calls/maturities of securities available for sale45,640 13,285 
Proceeds from redemption of FHLB stock10 70 
Increase in purchased receivables, net
(856)(1,196)
 Increase in loans, net
(21,280)(33,630)
Proceeds from sale of other real estate owned392  
Purchases of software (90)
Purchases of premises and equipment(1,040)(1,131)
Net Cash Provided (Used) by Investing Activities
22,600 (28,698)
Financing Activities:  
(Decrease) in deposits
(50,972)(90,938)
(Decrease) in borrowings(106)(104)
Repurchase of common stock(788)(1,327)
Cash dividends paid(3,355)(3,421)
Net Cash Used by Financing Activities
(55,221)(95,790)
Net Change in Cash and Cash Equivalents(38,166)(120,139)
Cash and Cash Equivalents at Beginning of Period118,530 259,350 
Cash and Cash Equivalents at End of Period$80,364 $139,211 
8


Supplemental Information:  
Interest paid$9,173 $4,650 
Transfer of loans to other real estate owned$ $273 
Non-cash lease liability arising from obtaining right of use assets$ $160 
Cash dividends declared but not paid$33 $23 
 
See notes to consolidated financial statements
9


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies
The accompanying unaudited consolidated financial statements and corresponding footnotes have been prepared by Northrim BanCorp, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The year-end Consolidated Balance Sheet data was derived from the Company's audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Company owns a 100% interest in Residential Mortgage Holding Company, LLC, the parent company of Residential Mortgage, LLC (collectively “RML”) and consolidates their balance sheets and income statement into its financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company determined that it operates in two primary operating segments: Community Banking and Home Mortgage Lending. The Company has evaluated subsequent events and transactions for potential recognition or disclosure. Operating results for the interim period ended March 31, 2024 are not necessarily indicative of the results anticipated for the year ending December 31, 2024. 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, 2023.
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, 2023. There have been no significant changes in our application of these accounting policies in 2024.
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 implemented in 2024
In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”). Under current GAAP, an entity can only elect to apply the proportional amortization method to investments in low income housing tax credit (“LIHTC”) structures. The amendments in ASU 2023-02 allow entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions are met. ASU 2023-02 provides amendments to paragraph Accounting Standards Codification (“ASC”) 323-740-25-1, which sets forth the conditions needed to apply the proportional amortization method. The amendments make certain limited changes to those conditions to clarify their application to a broader group of tax credit investment programs. However, the conditions in substance remain consistent with current GAAP. The amendments in this ASU 2023-02 also eliminate certain LIHTC-specific guidance to align the accounting more closely for LIHTCs with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution guidance in paragraph ASC 323-740-25-3 applies only to tax equity investments accounted for using the proportional amortization method. The Company adopted ASU 2023-02 on January 1, 2024. The adoption of ASU 2023-02 did not have a material impact on the Company's consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Under current GAAP, public entities are required to report a measure of segment profit or loss. The amendments in ASU 2023-07 do not change or remove this requirement, nor does it change how an entity identifies its operating segments. The amendments in ASU 2023-07 improve reportable segment disclosure requirement, primarily through enhanced disclosures about significant segment expenses. The Company adopted ASU 2023-07 on January 1, 2024. The adoption of ASU 2023-07 did not have a material impact on the Company's consolidated financial statements.
10


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 does not believe that the adoption of ASU 2023-09 will have a material impact on the Company's consolidated financial statements.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements ("ASU 2024-02"). ASU 2024-02 contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous an not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas. FASB Concepts Statement are nonauthoritative. Removing all references to Concepts Statements in the guidance is intended to simplify the Codification and draw a distinction between authoritative and nonauthoritative literature. ASU 2024-02 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 does not believe that the adoption of ASU 2024-02 will have a material impact on the Company's consolidated financial statements.


2. Investment Securities
Marketable Equity Securities
The Company held marketable equity securities with fair values of $13.5 million and $13.2 million at March 31, 2024 and December 31, 2023, respectively. The gross realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income were as follows:
Three Months Ended March 31,
(In Thousands)20242023
Unrealized gain (loss) on marketable equity securities$314 ($223)
Gain on sale of marketable equity securities, net  
   Total$314 ($223)

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 CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2024    
Securities available for sale    
U.S. Treasury and government sponsored entities$548,304 $228 ($23,751)$ $524,781 
Corporate bonds9,013 46 (389) 8,670 
Collateralized loan obligations59,201 72 (245) 59,028 
Total securities available for sale$616,518 $346 ($24,385)$ $592,479 
11


(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2024
Securities held to maturity
Corporate bonds$36,750 $ ($3,409)$33,341 
   Allowance for credit losses — — — 
Total securities held to maturity, net of ACL$36,750 $ ($3,409)$33,341 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2023    
Securities available for sale    
U.S. Treasury and government sponsored entities$587,639 $451 ($23,965)$ $564,125 
Municipal securities820  (4) 816 
Corporate bonds14,014 28 (418) 13,624 
Collateralized loan obligations59,795 12 (436) 59,371 
Total securities available for sale$662,268 $491 ($24,823)$ $637,936 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2023
Securities held to maturity
Corporate bonds$36,750 $ ($3,337)$33,413 
   Allowance for credit losses — — — 
Total securities held to maturity, net of ACL$36,750 $ ($3,337)$33,413 

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 March 31, 2024 and December 31, 2023 were as follows:

Less Than 12 MonthsMore Than 12 MonthsTotal
(In Thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
March 31, 2024
Securities available for sale
     U.S. Treasury and government sponsored entities$24,811 ($258)$489,713 ($23,493)$514,524 ($23,751)
     Corporate bonds  4,626 (389)4,626 (389)
     Collateralized loan obligations11,653 (96)14,845 (149)26,498 (245)
          Total$36,464 ($354)$509,184 ($24,031)$545,648 ($24,385)
December 31, 2023:
Securities available for sale
     U.S. Treasury and government sponsored entities$9,997 ($3)$528,574 ($23,962)$538,571 ($23,965)
     Corporate bonds  6,599 (418)6,599 (418)
     Collateralized loan obligations3,909 (91)43,149 (345)47,058 (436)
     Municipal securities  816 (4)816 (4)
          Total$13,906 ($94)$579,138 ($24,729)$593,044 ($24,823)

12


Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At March 31, 2024, the Company had 64 available for sale securities in an unrealized loss position without an ACL. At March 31, 2024, the Company had five held to maturity securities in an unrealized loss position without an ACL. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2024, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, primarily changes in interest rates, and therefore no losses have been recognized in the Company's Consolidated Statements of Income.

At March 31, 2024 and December 31, 2023, carrying amounts of $172.6 million and $180.1 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of debt securities at March 31, 2024, 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 CostFair Value
US Treasury and government sponsored entities  
Within 1 year$154,803 $150,935 
1-5 years393,501 373,846 
Total$548,304 $524,781 
Corporate bonds  
1-5 years$19,013 $18,436 
5-10 years26,750 23,575 
Total$45,763 $42,011 
Collateralized loan obligations
5-10 years$40,201 $40,068 
Over 10 years19,000 18,960 
Total$59,201 $59,028 

There were no proceeds from sales of investment securities for the three-month periods ending March 31, 2024 and 2023.
A summary of interest income for the three-month periods ending March 31, 2024 and 2023, on available for sale investment securities are as follows:
Three Months Ended March 31,
(In Thousands)20242023
US Treasury and government sponsored entities$2,569 $2,795 
Other1,146 1,135 
Total taxable interest income$3,715 $3,930 
Municipal securities$3 $4 
Total tax-exempt interest income$3 $4 
Total$3,718 $3,934 
13



3.  Loans and Allowance for Credit Losses
Loans Held for Sale
Loans held for sale are comprised entirely of 1-4 family residential mortgage loans as of March 31, 2024 and December 31, 2023. 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:
March 31, 2024December 31, 2023
(In Thousands)Amortized CostUnpaid PrincipalDifferenceAmortized CostUnpaid PrincipalDifference
Commercial & industrial loans$396,994 $398,734 ($1,740)$411,387 $413,293 ($1,906)
Commercial real estate:
Owner occupied properties370,899 372,507 (1,608)366,741 368,357 (1,616)
Non-owner occupied and multifamily properties526,269 529,904 (3,635)515,528 519,115 (3,587)
Residential real estate:
1-4 family residential properties secured by first liens218,848 218,552 296 203,738 203,534 204 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens35,683 35,460 223 33,996 33,783 213 
1-4 family residential construction loans27,538 27,751 (213)30,976 31,239 (263)
Other construction, land development and raw land loans152,162 153,537 (1,375)148,373 149,788 (1,415)
Obligations of states and political subdivisions in the US30,254 30,256 (2)30,407 30,409 (2)
Agricultural production, including commercial fishing43,457 43,691 (234)41,007 41,237 (230)
Consumer loans6,506 6,444 62 6,241 6,180 61 
Other loans2,525 2,539 (14)1,103 1,118 (15)
Total1,811,135 1,819,375 (8,240)1,789,497 1,798,053 (8,556)
Allowance for credit losses(17,533)(17,270)
$1,793,602 $1,819,375 ($8,240)$1,772,227 $1,798,053 ($8,556)
The difference between the amortized cost and unpaid principal balance is net deferred origination fees totaling $8.2 million at March 31, 2024 and $8.6 million at December 31, 2023.
Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $8.4 million and $7.4 million at March 31, 2024 and December 31, 2023, respectively, and is included in other assets in the Consolidated Balance Sheets.
Amortized cost in the above table includes $1.9 million and $2.8 million as of March 31, 2024 and December 31, 2023, respectively, in Paycheck Protection Program loans administered by the U.S. Small Business Administration within the Commercial & industrial loan segment.



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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 March 31,Beginning BalanceCredit Loss Expense (Benefit)Charge-offsRecoveriesEnding Balance
(In Thousands)
2024    
Commercial & industrial loans$3,438 $554 $ $60 $4,052 
Commercial real estate:
Owner occupied properties2,867 26   2,893 
Non-owner occupied and multifamily properties3,294 125   3,419 
Residential real estate:
1-4 family residential properties secured by first liens3,470 (45)  3,425 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens551 24  6 581 
1-4 family residential construction loans191 (32)  159 
Other construction, land development and raw land loans3,127 (452)  2,675 
Obligations of states and political subdivisions in the US80 25   105 
Agricultural production, including commercial fishing168 13 (25) 156 
Consumer loans81 (22) 1 60 
Other loans3 5   8 
Total$17,270 $221 ($25)$67 $17,533 
2023
Commercial & industrial loans$2,914 $101 $ $65 $3,080 
Commercial real estate:
Owner occupied properties3,094 (316)  2,778 
Non-owner occupied and multifamily properties3,615 (441)  3,174 
Residential real estate:
1-4 family residential properties secured by first liens1,413 813   2,226 
1-4 family residential properties secured by junior liens and revolving secured by 1-4 family first liens389 (4) 7 392 
1-4 family residential construction loans312 (52)  260 
Other construction, land development and raw land loans1,803 122   1,925 
Obligations of states and political subdivisions in the US79 27   106 
Agricultural production, including commercial fishing145 5   150 
Consumer loans68 5 (14)2 61 
Other loans6 (1)  5 
Total$13,838 $259 ($14)$74 $14,157 


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The following table shows gross charge-offs by year of loan origination for the periods indicated:
Three Months Ended March 31,
(In Thousands)20242023202220212020PriorTotal
2024
Agricultural production, including commercial fishing$ $ $25 $ $ $ $25 
Total$ $ $25 $ $ $ $25 
Credit Quality Information
As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management utilizes a loan risk grading system called the Asset Quality Rating (“AQR”) system to assign a risk classification to each of its loans. The risk classification is a dual rating system that contemplates both probability of default and risk of loss given default. Loans are graded on a scale of 1 to 10 and, loans graded 1 – 6 are considered “pass” grade loans. Loans graded 7 or higher are considered “classified” loans. A description of the general characteristics of the AQR risk classifications are as follows:
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.

Classified loans:
Special Mention – 7: A “special mention” credit has weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset at some future date.

Substandard – 8: A “substandard” credit is inadequately protected by the current worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Northrim Bank will sustain some loss if the deficiencies are not corrected.

Doubtful – 9: An asset classified “doubtful” has all the weaknesses inherent in one that is classified "substandard-8" with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. The loan has substandard characteristics, and available information suggests that it is unlikely that the loan will be repaid in its entirety.

Loss – 10: An asset classified “loss” is considered uncollectible and of such little value that its continuance on the books is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may be affected in the future.

The following tables present the Company's portfolio of risk-rated loans by grade and by year of origination. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below.