Northrim BanCorp appoints new board member

ANCHORAGE - Northrim BanCorp, Inc. (NASDAQ: NRIM), a banking institution that has delivered an impressive 71% return to shareholders over the past year, has announced the appointment of Shauna Hegna to its Board of Directors, adding her extensive experience in shareholder services, communications, and government affairs to the company's leadership. Hegna, who has been serving as the President of Koniag since 2017, brings a wealth of knowledge and a track record of leadership and community involvement to Northrim BanCorp.

Koniag, an Alaska Native regional corporation, is a significant player in the state's economy, ranking seventh on the Alaska Business Top 49ers list. Hegna's previous roles include Chief Administrative Officer for the Alaska Native Tribal Health Consortium and Vice President of Shareholder Services for Afognak Native Corporation, both of which underscore her commitment to supporting Alaskan communities.

Her efforts have not gone unnoticed, as evidenced by her induction into the YWCA Women of Achievement in 2022 and being named one of Alaska's Top Forty Under 40 in 2007. Hegna's educational background includes bachelor's and master's degrees from the University of Alaska, and a graduate certificate in Alaska Native Executive Leadership from Alaska Pacific University.

"I am honored to join Northrim's Board of Directors and collaborate with a talented team that carries a strong legacy of supporting Alaska's businesses and communities," said Hegna, expressing her enthusiasm for the new role.

Northrim BanCorp is the holding company for Northrim Bank, which operates 20 branches across Alaska. With a market capitalization of $473 million and a strong dividend track record spanning 30 consecutive years, the company prides itself on its in-depth understanding of the local economy and a customer-first service philosophy. According to InvestingPro analysis, the bank maintains a healthy financial position with a good overall health score and appears slightly undervalued based on Fair Value metrics. Northrim Bank also has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, and Residential Mortgage Holding Company, LLC, as well as an affiliated company, Pacific Wealth Advisors, LLC. For investors seeking deeper insights, InvestingPro offers 11 additional investment tips and comprehensive financial metrics for NRIM.

The information for this article is based on a press release statement from Northrim BanCorp, Inc.

In other recent news, Northrim BanCorp, an Alaska-based banking institution, finalized its acquisition of Sallyport Commercial Finance, a firm offering financial services to small and medium-sized businesses. The cash-only transaction, valued at approximately $53.9 million, is set to enhance Northrim's earnings by an estimated 15% in fiscal year 2025. Sallyport, having surpassed $5 billion in debts factored as of 2023, will operate as a wholly-owned subsidiary, supplementing Northrim's existing factoring division.

The acquisition aligns with Northrim's history of investing in financial enterprises, as part of its growth and diversification strategy. The company's CEO, Mike Huston, expressed appreciation for Sallyport's business quality and noted the common core values between the two firms. Sallyport's executive management team, boasting over a century of combined industry experience, will maintain their current roles.

These recent developments indicate a strengthening of Northrim's service offerings and market position, as suggested by the company's advisory team. The acquisition's integration and expected benefits are subject to risks and uncertainties.

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