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Northrim Bank Is Focused On Serving Alaskans

Apr 1, 2024 | Finance, Monitor

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Northrim has been rooted in Alaska since inception in 1990 – and we have remained focused on serving Alaskans and strengthening our state ever since. We understand the opportunities and challenges of living and working here, and are committed to proactively serving the unique needs of Alaskans and the businesses that power the Last Frontier. This Alaska focus, adaptability and responsiveness has provided a strong foundation for the Bank’s growth.

Expanding our Footprint

Northrim has a sincere appreciation for our customers. We want to build lasting customer relationships through professional, prompt and caring service, something we call Superior Customer First Service. Expanding our branch network into new areas of Alaska is one example of how we support that mission.

We are always looking for additional ways to serve Alaskans. So, while we offer the convenience and security of online and mobile banking, we also understand that our customers want the benefits of an in-person branch – and we strive to offer them that balance.

In 2023, Northrim opened financial centers in Kodiak and Nome after previously establishing loan production offices in these areas. In Kodiak, we have been a part of the community since early 2020 and are honored to meet the needs of the community through our full service branch now. This financial center is our 19th branch location and also the new home for Residential Mortgage on the island.

An important hub for the people and businesses of Northwest Alaska, we celebrated the opening of our Nome Financial Center in the Summer of 2023. Also in the Summer of 2023, we entered the Homer market, opening a loan production office in the southcentral Alaska town located at the southern tip of the Kenai Peninsula. Our full-service branch in Homer opens in March 2024 and we look forward to offering additional services to that community.

We continue to expand within Alaska to meet the needs of Alaskans and look forward to reaching new communities in the coming year.

Focused on Employees

The Bank’s success is closely tied to the success of our more-than 400 employees and we place a high priority on monitoring and responding to the needs of our people. Driven by our vision to be an employer of choice, we focus on providing competitive salaries and top-tier benefits for our employees so we can recruit and retain key performers. We are proud to be recognized by the Alaska Journal of Commerce as one of the Best Workplaces in Alaska in 2023. This was our second year in a row to achieve this recognition.

Leader in Financial Expertise, Products and Services

Treasury Management Services

In today’s economic climate, businesses must constantly evolve and improve their customers’ experience by identifying growth opportunities. The Northrim Treasury Management team is growing and delivering new and enhanced services and solutions to our customers faster.

Commercial Purchase Card

Northrim’s Commercial Purchase Card program is designed to increase efficiency by:

  • simplifying your purchasing oversight.
  • reducing your number of purchase orders and checks.
  • streamlining your payment process.
  • providing a comprehensive picture of general business expenses.
  • generating easy-to-access management reports.

Integrated Payables

Send vendor payments in a single, secure online payment file from your accounting system to Northrim, which then processes and executes payments by ACH, check, virtual card (vCard) or wire on your behalf.

This new payment solution, accessed through Northrim’s Business Online Banking, can:

  • increase efficiency by eliminating the manual process of printing and mailing checks.
  • convert check transactions to vCard transactions, which may be eligible for revenue share.
  • save money by lowering the costs associated with printing and mailing checks.
  • implement controls to combat fraud, including submit, review and release capability.

Cash Sweeps

Unlike banks with risky practices that have been in the news recently, Northrim has a conservative strategy that includes strong liquidity and credit quality, exceeding the regulatory requirements of a well-capitalized bank, a diversified investment portfolio and the ability to borrow if needed. Northrim is also part of the IntraFi® network and offers IntraFi Cash Service (ICS), a convenient and safe cash management solution that provides access to FDIC insurance on deposits above $250,000 placed into demand deposit accounts that often provide prime-like returns with a Treasury- or federal government-like risk profile. Your funds are sent from your demand deposit account at Northrim into deposit accounts at other IntraFi network banks in amounts below $250,000, the standard FDIC insurance maximum. As a result, you can access FDIC insurance coverage from many institutions to safeguard all your money while working directly with Northrim. You do not pay a fee to use this service.

There are representatives of Treasury Management available to serve customers at Northrim locations around the state.

Awards & Recognition

Northrim consistently appears in Top 49ers, Alaska Business Magazine’s list of Alaska businesses, all of which were founded within the state and continue to operate their headquarters here. Ranked by gross revenue, Northrim was 30 on the most recent list. We also appear in Alaska Business Magazine’s Corporate 100, a list representing the top businesses in Alaska ranked by their number of Alaska-based employees.

Northrim was the largest participant in the 2023 State Small Business Credit Initiative in Alaska that empowered small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. Alaska is allocate to receive roughly $59 million over the course of the 10-year program. The Alaska Small Business Development Center is the administrative lead for the program for the state and deploys the funding to lenders and investment funds. Northrim accounted for 13 loans totaling over $16 million in this program in 2023.

Northrim was named the 2023 SBA Alaska 504 Third Party Lender of the Year. This award recognizes Northrim Bank’s commitment to providing financial assistance to Alaska’s small business owners which resulted in the approval of 11 SBA 504 loans totaling $10,518,078 during FY2023.

“We are honored to be named the 2023 SBA Alaska 504 Third Party Lender of the Year for the third consecutive year. At Northrim we remain focused on serving the needs of small businesses throughout the state. We understand the unique opportunities and challenges of living and working in Alaska where our local lenders provide flexible and customized solutions. We value our work with the SBA Alaska office to support small businesses around the state,” said Mike Huston, President, Northrim Bank. “We focus on listening and responding to the needs of the small business community and The SBA Loan Guarantee program provides us with additional opportunities and resources.”

Adding Value for Our Customers, Communities and Shareholders

Northrim’s annual community summits are an opportunity for business customers and prospects to connect with the bank and enjoy presentations of data and analysis about the state’s economy along with information about Bank products and services that help local businesses achieve their goals. This year, Northrim hosted these summits in Anchorage, Fairbanks, Soldotna, Kodiak, Sitka and Juneau.

In addition to our core community banking activities, Northrim has interests in other businesses, including home mortgage lending, purchased receivables financing and wealth management. These investments allow us to provide additional services to our customers. With offices throughout Alaska, our wholly-owned subsidiary, Residential Mortgage Lending, LLC, provides financing and refinancing for prospective and current homeowners.

Northrim Funding Services, a division of the Bank, purchases the accounts receivable of capital-constrained small to mid-size businesses, as well as businesses experiencing rapid growth or change. The division also offers financial solutions to transition customers back to other bank lending programs.

Northrim Investment Services offers investment services through Elliott Cove Capital Management and insurance products via Elliott Cove Insurance Agency. Through this relationship, our business and individual customers can access a range of relevant financial products and services.

Pacific Wealth Advisors is the holding company for Pacific Portfolio Consulting, LLC, and Pacific Portfolio Trust Company (Pacific Portfolio). Founded in 1992 and part of the Northrim family since 2006, Pacific Portfolio is an independent wealth management and investment advisor serving high-net-worth individuals and families, institutions, foundations, and trustee- or participant-directed retirement plans in Alaska and the Pacific Northwest.

Supporting the Community

Everyone at Northrim takes their commitment to Alaska seriously and is honored to be able to help our communities with contributions throughout the year. Northrim focuses its corporate giving on organizations that help in community and economic development, programs to strengthen low income families, and higher education. During 2023, Northrim Bank contributed over $1,000,000 to organizations throughout Alaska.

Northrim employees shared their generous spirit by participating in the annual United Way Campaign and raised $153,000 in support of local communities throughout Alaska and in Washington State.

Volunteerism throughout the Bank is very important and employees throughout the Bank, from executive management to frontline employees, are encouraged to be active volunteers in their communities where they live. In 2023, Northrim employees volunteered over 2,500 hours in their local communities.

Northrim Bank is proud to be Alaskan and we are committed to serving the unique needs of Alaskans and the businesses that power the Last Frontier.

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