---
schema_version: "secwatch.filing_event.v1"
accession: "0001163370-24-000012"
form_type: "8-K"
ticker: "NRIM"
cik: "0001163370"
company_name: "NORTHRIM BANCORP INC"
filed_at: "2024-03-29T23:59:59+00:00"
generated_at: "2026-06-04T05:12:14.387710+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Northrim BanCorp promotes Huston to President/CEO; Schierhorn resigns as CEO but remains Chairman

## Summary
- Joseph Schierhorn resigns as President, CEO, COO of Northrim BanCorp and CEO of Northrim Bank effective April 6, 2024; remains Chairman.
- Michael Huston promoted to President, CEO, COO of BanCorp and President/CEO of Bank, effective April 6, 2024.
- Huston receives annual base salary of $535,000 with increases to profit share, equity comp, and SERP contributions.
- Schierhorn's base salary reduced to $200,000; no longer eligible for profit sharing, equity comp, or SERP.

## SEC filing metadata
- accession: 0001163370-24-000012
- form_type: 8-K
- ticker: NRIM
- cik: 0001163370
- company_name: NORTHRIM BANCORP INC
- filed_at: 2024-03-29T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1163370/000116337024000012/0001163370-24-000012-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1163370/000116337024000012/nrim-20240329.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001163370-24-000012
- JSON: https://secwatch.observer/filing/0001163370-24-000012.json
- Plain text: https://secwatch.observer/filing/0001163370-24-000012.txt

## Key facts
- Executive change
  Michael G. Huston was appointed as President, Chief Executive Officer and Chief Operating Officer of the Company and President and Chief Executive Officer of the Bank at NORTHRIM BANCORP INC.
  - Action: appointed
  - Role: President, Chief Executive Officer and Chief Operating Officer of the Company and President and Chief Executive Officer of the Bank
  source text: In connection with Mr. Schierhorn's resignation, Michael G. Huston, age 56, will be appointed to the position of President, Chief Executive Officer and Chief Operating Officer of the Company and President and Chief Executive Officer of the Bank, effective April 6, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1163370/000116337024000012/0001163370-24-000012-index.htm
- Executive change
  Joseph M. Schierhorn resigned as President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank at NORTHRIM BANCORP INC.
  - Action: resigned
  - Role: President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank
  source text: On March 29, 2024, Northrim BanCorp, Inc. (the “Company”) and Northrim Bank (the “Bank”) announced by press release that Mr. Joseph M. Schierhorn intends to resign from his position as President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank, effective April 6, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1163370/000116337024000012/0001163370-24-000012-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.