Northrim BanCorp, Inc. Expands Stock Repurchase Program

Rhea-AI Summary

Northrim BanCorp, Inc. (NASDAQ:NRIM) has authorized the repurchase of an additional 300,000 shares of its common stock, representing about 5% of its outstanding shares. This decision allows for a potential buyback of up to $13 million based on current market prices. The company's repurchase program, initiated to enhance shareholder value, has already led to the retirement of 1,749,927 shares. Share repurchases will occur in the open market or through negotiated transactions, contingent on market conditions and corporate financial considerations.

Positive

• Authorization of repurchase for 300,000 shares, enhancing shareholder value.
• Potential buyback worth up to $13 million, indicating strong financial health.
• Previously repurchased 1,749,927 shares, contributing to return on equity.

Negative

• None.

ANCHORAGE, Alaska, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board of Directors has authorized for repurchase up to an additional 300,000 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. “This addition to our previous repurchase authorization allows us to buy back up to an additional $13 million in stock based on current market pricing. Since inception of the stock repurchase plan, we have repurchased and retired 1,749,927 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 6.1 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 17 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

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

FAQ

What is the recent stock buyback announcement by Northrim BanCorp?

Northrim BanCorp announced the buyback of an additional 300,000 shares, representing about 5% of its outstanding shares, potentially valued at $13 million.

How many shares has Northrim BanCorp repurchased to date?

Since the inception of the stock repurchase plan, Northrim BanCorp has repurchased and retired 1,749,927 shares.

What is the impact of the stock repurchase program on Northrim BanCorp's stock price?

The repurchase program is expected to support the stock price by increasing earnings per share and enhancing shareholder value.

What factors influence Northrim BanCorp's share repurchases?

Share repurchases will depend on market conditions, corporate financial considerations, and goals for accretive earnings.