A Milestone Year for Northrim Bank

Celebrating 35 years of service to Alaskans, honoring the legacy of a long-time leader and looking ahead to a strong future

This December marks a dual milestone for Northrim Bank: the institution’s 35th anniversary and the retirement of Chairman Joe Schierhorn, who has been part of the Bank since the day it opened its doors.

Northrim turns 35 on December 4, 2025, and December 31 will mark Schierhorn’s last day at the helm. After nearly four decades of service to Alaska’s banking and business community, Schierhorn plans to travel and spend more time with his family, including his wife, Nancy, their children and new granddaughter.

Schierhorn’s retirement, announced in August, is part of a long-planned leadership transition. On January 1, 2026, President and CEO Mike Huston will succeed Schierhorn as Chairman of the Board of Northrim Bank and Northrim BanCorp, Inc., in addition to his current responsibilities.

“Northrim has benefited from Joe’s vision, financial knowledge and community leadership through many years of dedicated service,” Huston said. “His integrity, commitment and work ethic have made a lasting impact and helped ensure the long-term success of our organization. We will miss Joe’s leadership but know he will continue to be an advocate for Alaska.”

Honoring a Founding Leader

Schierhorn was among Northrim’s original team members when the Bank first opened in Anchorage in 1990. His career in banking began with Key Bank in 1988, but it was at Northrim where he found his professional home. Starting as Vice President, Commercial Loan Officer and Regulatory Compliance Manager, Schierhorn went on to serve in several key leadership roles, including Executive Vice President and Chief Financial Officer from 2001 to 2013, President and CEO of the Company from 2017 to 2024, and Chairman of the Company and the Bank since 2018.

After graduating from high school in Fairbanks, Schierhorn earned his Bachelor of Arts in English from Stanford University, followed by a Juris Doctor and Master of Management from Willamette University School of Law and Atkinson Graduate School of Management. A CPA and attorney, he also graduated from the Pacific Coast Banking School.

Beyond his professional success, Schierhorn has been recognized as a distinguished Alaska business and civic leader. In 2025, he was inducted into the Alaska Business Hall of Fame and honored as a Diamond Donor by the United Way of Anchorage. His extensive service includes leadership roles with the Alaska Bankers Association, Pacific Bankers Management Institute, Anchorage Chamber of Commerce, Anchorage Rotary Club and numerous other statewide economic and educational organizations.

Together with his wife, Nancy, Schierhorn has exemplified the values of family, philanthropy and community involvement. The couple is known for their support of nonprofits and the arts, their enthusiasm for ice hockey and Alaska’s outdoors, and their steadfast belief in giving back.

“It has been an honor to be part of the Bank since its inception,” Schierhorn said. “We’ve invested in Alaska, connected with our community and built a culture of customer first service. I’m retiring with confidence that Northrim will continue to be a vibrant, growing part of our community.”

Continuing a Legacy of Leadership

As Northrim celebrates its 35th year, the Bank’s next chapter is already well underway. The transition in leadership from Schierhorn to Huston reflects a deliberate and thoughtful succession plan — one grounded in stability, experience and shared values. Huston brings both a deep understanding of the industry and a proven history with the Bank, ensuring that Northrim’s Superior Customer First Service culture and Alaska focus will remain at its core.

Huston joined Northrim in 2017 as Executive Vice President and Chief Lending Officer. He became President in 2022 and was appointed President and CEO in 2024. Prior to joining Northrim, Huston spent more than 25 years in banking, including time as Executive Vice President and Chief Banking Officer at First Interstate Bank in Billings, Montana.

Huston holds a Bachelor of Science in Finance from Arizona State University and is a graduate of the Pacific Coast Banking School. Actively involved in community and economic initiatives, he currently serves as Vice Chair of Housing Alaskans: A Public-Private Partnership and is on the Executive Committee of the Anchorage Economic Development Corporation. Additionally, he serves on the Anchorage Mayor’s Homeless Leadership Council.

“Mike has brought a wealth of experience to the organization,” Schierhorn said. “His collaborative leadership style has resulted in growth and success throughout the Bank. He continuously exhibits a commitment to our customers, employees and the communities we serve.”

From Humble Beginnings to Statewide Reach

Northrim Bank first opened on December 4, 1990, in a trailer in the parking lot of 3111 C Street in Anchorage. With 21 employees and assets of $13.2 million, the Bank set out to provide a local, customer-focused alternative at a time when Alaska’s financial landscape was still recovering from the upheavals of the 1980s.

By 1991, the Bank moved into its current headquarters and began earning a reputation for innovation. That year, Northrim became the first bank in Alaska to introduce automated phone banking and PC-based business banking. By 1994, it reached $100 million in loans, employed over 100 Alaskans and launched a School Business Partnership with Fairview Elementary that continues today.

In 1995, Northrim installed its first off-site ATM and became the first bank in the state with a website. A year later, the Bank expanded to Fairbanks, marking the start of its statewide footprint.

The late 1990s and early 2000s saw major growth. Northrim invested in Residential Mortgage, LLC, in 1998 and completed the acquisition of eight Bank of America branches in 1999, increasing staff to more than 230 employees and ending that year with $504 million in assets. In 2001, Northrim BanCorp, Inc. was established as the Bank’s holding company, along with the introduction of its enduring tagline, “Proud to be Alaskan.”

Over the next two decades, Northrim continued to grow strategically — acquiring Alaska First Bank & Trust in 2007, expanding its financial services portfolio with investments in Pacific Wealth Advisors and Elliott Cove Capital Management, establishing Northrim Funding Services in Washington, and launching Alaskanomics.com in 2011 to share economic insights with Alaskans.

In 2014, Northrim completed the acquisition of five Alaska Pacific Bank branches, extending its footprint into Southeast Alaska and further establishing itself as a truly statewide institution. That same year, the Company purchased the remaining interest in Residential Mortgage, making it a wholly owned subsidiary and strengthening its presence in the home lending market.

Continued expansion on the Kenai Peninsula followed, with a loan production office opening in Soldotna in 2018 and a full-service Financial Center debuting there in 2019. Together, these milestones reflect Northrim’s steady, deliberate approach to growth — expanding its reach while maintaining the local focus and Superior Customer First Service philosophy that have defined the Bank since its earliest days.

Resilience and Growth Through Challenge

Through the Great Recession, oil price fluctuations and the COVID-19 pandemic, Northrim has remained focused on Alaska. One of its most significant chapters came in 2020, when the Bank played a leading role in helping Alaska’s small businesses navigate the Paycheck Protection Program (PPP) in the midst of the pandemic.

In an inspiring display of teamwork and commitment, Northrim processed 5,800 PPP loans totaling $615 million — roughly 30 percent of all loans approved in Alaska — helping nearly 2,900 local businesses receive critical funding. The Bank’s swift response and willingness to serve both customers and non-customers alike earned it recognition as SBA’s Community Lender of the Year and solidified its reputation as Alaska’s Community Bank.

That same spirit of steady growth and community focus continued in the years that followed. The Bank expanded into Nome, Kodiak and Homer; acquired specialty finance company Sallyport Commercial Finance, LLC; and saw Residential Mortgage grow its regional market share across the lower 48. In 2024, Northrim’s stock price reached a record high of $91.72 — an indicator of both confidence and stability in an evolving economic climate.

Investing in Alaska’s Communities

Just as Schierhorn’s personal philosophy emphasizes giving back, Northrim’s community investment has remained a core part of its identity — from the financial resources of the Bank to the time and talents of its employees. In 2024, the Bank and its employees donated more than $1.2 million to organizations across the state, including a record $162,000 raised for the United Way of Anchorage, the highest total in the Bank’s history.

In recognition of Schierhorn’s service and leadership, and as a continuing example of its support of higher education, Northrim also made a $150,000 contribution to the Langland Northrim Alaskan Leadership Endowment with the University of Alaska Foundation. The fund provides tuition assistance and support for top MBA and MPA students with a focus on leadership in finance and economics.

From economic development and education to community nonprofits, Northrim’s contributions continue to make an impact across Alaska’s diverse communities. “As throughout our history, Northrim will continue to support local communities and work with our customers to ensure that Alaskans thrive,” Huston said.

Honoring the Past, Building the Future

From its beginnings in a trailer in a midtown Anchorage parking lot to a full-service financial institution with 20 branches across the state — from Southeast to the Interior to Western Alaska — Northrim has come a long way. What started with 21 employees and $13.2 million in assets has grown to more than 500 team members and over $3 billion in assets, along with two wholly owned affiliates and investments in additional financial ventures. The scale may have changed, but the focus remains the same: serving Alaskans with integrity, expertise and a deep commitment to community.

As Northrim looks ahead to its next chapter, that founding purpose continues to guide its work “For 35 years, Northrim has grown with Alaska — investing in people, businesses and communities,” Huston said. “That’s the foundation Joe helped build, and it’s the one we’ll continue to strengthen for decades to come.”

The Bank will celebrate its 35th anniversary and Schierhorn’s retirement with a community event on December 3 at Anchorage’s Bear Tooth Theatre.