Jason Criqui
About Jason Criqui
Jason Criqui (age 50) is Executive Vice President and Chief Banking Officer of Northrim Bank, elevated to CBO in 2024 after serving as EVP Chief Lending Officer in 2023; he joined Northrim in 2014 and is a graduate of Emporia State University and the Pacific Coast Banking School . 2024 company performance used for incentive alignment included net income of $36.971 million and total assets of $3.042 billion, with pay plans explicitly tied to relative TSR and ROAA versus a 1–5B asset bank peer set . His compensation framework combines fixed salary, annual profit-sharing driven by segment pre-tax income vs budget and peer ROAA rank, and multi-year equity (time-based RSUs and PSUs) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Northrim Bank | VP, Commercial Loan Officer | 2014–2018 | Frontline commercial lending and client coverage |
| Northrim Bank | SVP, Commercial Loan Manager | 2018–2023 | Managed commercial lending unit |
| Northrim Bank | EVP, Chief Lending Officer | 2023–2024 | Oversaw enterprise lending strategy |
| Northrim Bank | EVP, Chief Banking Officer | 2024–Present | Bank-wide banking operations leadership |
External Roles
| Organization | Role | Years |
|---|---|---|
| Resource Development Council | Board Member | Active (as of 2025) |
| Providence Alaska Foundation | Board Member | Active (as of 2025) |
Fixed Compensation
| Component | 2024 Amount |
|---|---|
| Base Salary | $278,020 |
| 401(k) Company Match | $18,503 |
| SERP Company Contribution (10% of salary per agreement) | $25,107 |
| SERP Aggregate Balance (12/31/2024) | $38,706 |
Performance Compensation
Annual Profit Sharing and Targets
| Metric | Plan Mechanic | Threshold | Target | Maximum | 2024 Payout |
|---|---|---|---|---|---|
| Profit Sharing (non-equity) | 60% Community Banking pre-tax income vs budget; 40% consolidated ROAA rank vs 1–5B bank peers; funding 0–150% with minimum capital/asset quality gates | $29,192 | $97,307 | $145,961 | $136,230 |
| Plan Gates (must meet to fund) | Regulatory capital and classified asset thresholds; acceptable exam results | — | — | — | Plan funded aggregate $5.3M; NEOs received ~$1.0M total |
Long-Term Equity Awards (3/28/2024 grants)
| Award Type | Grant Date | Units (Threshold/Target/Max) | Time-Based RSUs | Fair Value | Performance Metrics | Weighting | Vesting |
|---|---|---|---|---|---|---|---|
| PSUs | 3/28/2024 | 362 / 723 / 1,085 | — | Included in total | Relative TSR; ROAA vs SNL U.S. Banks $1–$5B | TSR 50%; ROAA 50% | 3-year performance period; payout 50/100/150% at 70th/45th/25th percentiles |
| RSUs (time-based) | 3/28/2024 | — | 723 | $73,160 | N/A | N/A | Cliff vest on 3rd anniversary of grant |
Notes:
- RSUs/PSUs accrue dividend equivalents payable only upon vesting per company policy .
- Equity awards are on a predetermined annual schedule and not timed to MNPI; no single-trigger vesting; acceleration only if awards are not assumed and committee acts at discretion .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 4,791 shares (<1% of outstanding); includes 493 shares in 401(k) |
| Unvested RSUs (12/31/2024) | 3,527 units; value $274,894 at $77.94/share |
| Scheduled RSU Vest | 2,040 on 03/23/2026; 1,487 on 03/29/2027 |
| Stock Options | None outstanding/unvested; no unexercised options |
| 2024 Stock Vested | 1,199 shares vested from 2021 RSUs; value $101,999 |
| Hedging/Pledging Policy | Hedging prohibited; pledging strongly discouraged; insider trading policy applies |
| Ownership Guidelines | Company does not require executives to meet share ownership multiples (directors have separate guidelines) |
Employment Terms
| Provision | Terms |
|---|---|
| 2024 Agreement Role | EVP, Chief Banking Officer; base salary set at $290,000 per agreement; eligible for Profit Sharing and SERP (10% of salary) |
| Contract Term | New agreements effective Jan 1, 2025; auto-renew annually unless notice 90 days before Jan 1 |
| Non-Compete | 1-year post-termination and 1-year post-change-of-control closing; prohibits competitive employment/ownership |
| Severance (without cause / for good reason) | Cash: 1× highest base salary over prior 3 years; health/insurance continuation for 1 year; age/service credit under SERP/DCP |
| Change-of-Control (double-trigger within 730 days) | Cash: 2× highest base salary + 2× average profit share over prior 3 years; benefits continuation for 2 years; age/service credit |
| Potential Payments Illustration (12/31/2024) | Without Cause: $290,000 cash; $37,233 benefits. Change-in-Control: $754,940 cash; $74,466 benefits. Death: RSU payout $274,894; Disability: $170,000 cash + RSU payout $274,894; benefits as shown |
| Clawback | Compensation Recovery Policy adopted 2023; recovery of erroneously awarded incentive comp after restatement (applies to cash/equity) |
Investment Implications
- Pay-for-performance alignment: Strong link to relative TSR and ROAA, with PSUs weighted 50/50 and profit-sharing funded by segment pre-tax results and peer ROAA ranking; equity accrues dividend equivalents only upon vesting, limiting windfalls .
- Retention and selling pressure: Material unvested RSUs (3,527 units) vesting in Mar-2026 and Mar-2027 create potential liquidity events; no stock options outstanding reduces near-term exercise-driven selling risk .
- Governance and risk controls: No single-trigger equity acceleration; double-trigger severance with defined multiples; hedging prohibited and pledging discouraged; clawback policy in place .
- Ownership alignment: Beneficial ownership is below 1% with no executive ownership mandate; however, multi-year PSUs/RSUs and SERP contributions provide long-term alignment; 2024 say-on-pay support was ~94%, indicating shareholder acceptance of pay design .
Overall, Criqui’s incentives emphasize risk-adjusted profitability and shareholder returns relative to peers, with staggered RSU vesting windows that investors should monitor for potential insider liquidity, and with retention risk mitigated by double-trigger change-of-control economics and annual auto-renewing agreements .