---
schema_version: "secwatch.filing_event.v1"
accession: "0001163370-25-000046"
form_type: "8-K"
ticker: "NRIM"
cik: "0001163370"
company_name: "NORTHRIM BANCORP INC"
filed_at: "2025-11-26T23:59:59+00:00"
generated_at: "2026-05-16T16:25:13.265142+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Northrim BanCorp closes $60M subordinated notes offering at 6.875% fixed rate due 2035

## Summary
- Closed private placement of $60.0M aggregate principal of 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035.
- Notes bear fixed 6.875% for 5 years, then quarterly floating at 3-month SOFR + 348 basis points.
- Notes qualify as Tier 2 regulatory capital; proceeds for general corporate purposes and growth initiatives.
- Keefe, Bruyette & Woods served as lead placement agent; Hovde Group as co-placement agent.

## SEC filing metadata
- accession: 0001163370-25-000046
- form_type: 8-K
- ticker: NRIM
- cik: 0001163370
- company_name: NORTHRIM BANCORP INC
- filed_at: 2025-11-26T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1163370/000116337025000046/0001163370-25-000046-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1163370/000116337025000046/nrim-20251126.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001163370-25-000046
- JSON: https://secwatch.observer/filing/0001163370-25-000046.json
- Plain text: https://secwatch.observer/filing/0001163370-25-000046.txt

## Key facts
- Debt Financings
  NORTHRIM BANCORP INC incurred senior notes of $60.0 million with institutional accredited investors and qualified institutional buyers at 6.875% per year maturing December 1, 2035.
  - Instrument: senior notes
  - Principal: $60.0 million
  - Counterparty: institutional accredited investors and qualified institutional buyers
  - Rate: 6.875% per year
  - Maturity: December 1, 2035
  - Event: incurrence
  source text: the Company issued and sold $60.0 million in aggregate principal amount of its 6.875% Fixed-to-Floating Rate Subordinated Notes due 2035
  evidence_url: https://www.sec.gov/Archives/edgar/data/1163370/000116337025000046/0001163370-25-000046-index.htm

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