Northrim BanCorp, Inc. Expands Stock Repurchase Program

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ: NRIM) announced a stock repurchase authorization of 285,000 shares, equating to roughly 5% of its outstanding shares. This decision follows a previous period where no shares were available for repurchase. CFO Jed Ballard emphasized that this program has historically increased shareholder value, with 2,049,927 shares repurchased to date. The repurchase will be conducted in the open market or via private transactions, depending on market conditions and maintaining capital adequacy. Northrim currently has 5.7 million shares outstanding.

Positive

• Authorized repurchase of 285,000 shares to enhance shareholder value.
• Since inception, 2,049,927 shares repurchased, demonstrating commitment to return on equity.
• Share buyback program aligns with maintaining robust capital ratios.

Negative

• None.

ANCHORAGE, Alaska, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors has authorized for repurchase up to an additional 285,000 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.

“Northrim’s stock repurchase program has helped to build long-term value for our shareholders and we feel that it continues to be an excellent use of capital to continue building on that value,” stated Jed Ballard, Chief Financial Officer. “Since inception of the stock repurchase plan, we have repurchased and retired 2,049,927 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 5.7 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 18 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, Fairbanks, Ketchikan, Sitka, and Nome, 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

Note Transmitted on GlobeNewswire on January 27, 2023, at 12:15 pm Alaska Standard Time.

Contact:	Joe Schierhorn, President, CEO, and COO
	(907) 261-3308
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

FAQ

What is the purpose of Northrim BanCorp's stock repurchase program?

The stock repurchase program aims to enhance shareholder value and improve return on equity.

How many shares has Northrim BanCorp repurchased since the program's inception?

Northrim BanCorp has repurchased 2,049,927 shares since starting the stock repurchase program.

What percentage of Northrim's shares does the new buyback represent?

The new buyback represents approximately 5% of Northrim BanCorp's currently issued and outstanding shares.

When was the stock repurchase program announced?

The stock repurchase program was announced on January 27, 2023.

What is the total number of shares outstanding for Northrim BanCorp?

Northrim BanCorp currently has 5.7 million shares of common stock outstanding.