Northrim BanCorp, Inc. Expands Stock Repurchase Program
27 January 2024 - 8:15AM
Northrim BanCorp, Inc. (NASDAQ:NRIM) today announced that its Board
of Directors has authorized for repurchase up to an additional
110,000 shares of its common stock, or approximately 2% of the
currently issued and outstanding shares.
“Northrim’s stock repurchase program has helped
to build long-term value for our shareholders and we feel that it
continues to be a good use of capital to continue building on that
value,” stated Jed Ballard, Chief Financial Officer. “Since 2018,
we have repurchased and retired 1,511,383 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
5.5 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 19 branches in
Anchorage, the Matanuska Valley, Soldotna, Juneau, Fairbanks,
Ketchikan, Sitka, Kodiak, and Nome, and a loan production office in
Homer, 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 |
Northrim BanCorp (NASDAQ:NRIM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Northrim BanCorp (NASDAQ:NRIM)
Historical Stock Chart
From Sep 2023 to Sep 2024