Northrim Bancorp Inc 8-K, filed Feb 1, 2021
Northrim Bancorp Inc (NRIM)
8-K
2021-02-01
For: 2021-02-01
View Original
Added on
April 11, 2026
About this 8-K
Northrim Bancorp Inc filed this 8-K on February 1, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act: None
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.126-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01 Other Events.
On February 1, 2021, Northrim BanCorp, Inc. (the "Company") announced by press release that the Board of Directors approved and authorized for repurchase up to an additional 313,000 shares of its common stock, or approximately 5% of the currently issued and outstanding shares.
A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements – not applicable
(b) Proforma financial information – not applicable
(c) Shell company transactions – not applicable
| (d) Exhibit No. | Description | |||||||
| 99.1 | Press Release dated February 1, 2021 | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Northrim BanCorp, Inc. | ||||||||||||||
| February 1, 2021 | By: | /s/ Jed W. Ballard | ||||||||||||
| Name: Jed W. Ballard | ||||||||||||||
| Title: EVP, Chief Financial Officer | ||||||||||||||
Exhibit Index
| Exhibit No. | Description | |||||||
Exhibit 99.1
| Contact: | Joe Schierhorn, President, CEO, and COO | ||||
| (907) 261-3308 | |||||
| Jed Ballard, Chief Financial Officer | |||||
| (907) 261-3539 | |||||
| NEWS RELEASE | ||||||||||||||
Northrim BanCorp, Inc. Expands Stock Rerpuchase Program
ANCHORAGE, Alaska - February 1, 2021 - Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors has authorized for repurchase up to an additional 313,000 shares of its common stock, or approximately 5% of the currently issued and outstanding shares. Prior to the increase, no shares remained available for repurchase under Northrim’s stock repurchase program.
“Repurchasing shares of Northrim stock is an excellent use of capital, and is a means for building long-term value for our shareholders,” stated Jed Ballard, Chief Financial Officer. “This addition to our previous repurchase authorization allows us to buy back up to an additional $11 million in stock based on current market pricing. Since inception of the stock repurchase plan, we have repurchased and retired 1,436,927 shares, which we believe contributes to our return on equity and long-term growth in earnings per share.”
The company intends to repurchase its shares in the open market or privately negotiated transactions, as permitted under applicable rules and regulations. The repurchase program may be modified, suspended or terminated by the Board of Directors at any time without notice. The extent to which the company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, including targets whereby repurchases are accretive to earnings while maintaining capital ratios that exceed the guidelines for a well-capitalized financial institution. The company currently has 6.3 million shares of common stock outstanding.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 16 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, Fairbanks, Ketchikan, and Sitka, and a loan production office in Kodiak, serving 90% of Alaska’s population; and an asset based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.
www.northrim.com
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Note Transmitted on GlobeNewswire on February 1, 2021, at 12:15 pm Alaska Standard Time.