Northrim BanCorp (NRIM) Acquisition presentation summary

Strategic rationale and market expansion

• Entry into Oregon and the Pacific Northwest, expanding into attractive banking markets with a combined $4.2B in assets and $3.5B in deposits.

• Creates a larger, more diversified franchise across two complementary Western U.S. footprints.

• Strengthens funding base with stable, low-cost core deposits and positions for future growth and revenue diversification.

• Adds experienced management and deep community relationships from PBCO.

PBCO profile and financials

• Headquartered in Medford, Oregon, with 11 branches and $610M in low-cost deposits (1.35%).

• Only remaining commercial bank headquartered in Southern Oregon and 5th largest community bank in Oregon.

• Steelhead Finance division contributes 14% of revenue, focused on factoring for trucking industry clients.

• Relationship-based model serving small and medium businesses; strong asset quality and efficiency ratios.

• CEO Julia Beattie to remain as Oregon Market President post-merger.

Transaction structure and financial impact

• Fixed exchange ratio: 1.160x NRIM shares for each PBCO share; 100% stock consideration, $167.3M implied value.

• Pro forma ownership: 78.9% NRIM, 21.1% PBCO; one board seat added for PBCO.

• Expected EPS accretion of 3.5% in 2028, with manageable TBV dilution (2.5%) and earnback in under 2.4 years.

• Estimated cost savings of 24% of non-interest expense, with $4.1M in 2027 and $6.3M in 2028.

• Transaction expected to close in Q4 2026 or early Q1 2027, subject to shareholder and regulatory approvals.