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Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that its Board of Directors has authorized the repurchase of up to an additional 285,000 shares of its common stock, or approximately 5% of the shares currently issued and outstanding. Prior to the increase, there were no shares available for repurchase under Northrim’s share repurchase programme.
“Northrim’s share buyback program has helped build long-term value for our shareholders and we believe it continues to be an excellent use of capital to continue to build on that value,” said Jed Ballard, chief financial officer. “Since the inception of the share repurchase plan, we have repurchased and retired 2,049,927 shares, which we believe contributes to our return on capital and long-term earnings-per-share growth.”
The company intends to repurchase its shares on the open market or in privately negotiated transactions, as permitted by applicable rules and regulations. The buyback 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 on market conditions and other corporate considerations, including targets at which repurchases increase earnings while maintaining capital ratios that exceed guidelines for an institution. well capitalized financial The company currently has 5.7 million common shares outstanding.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 18 branches in Anchorage, Matanuska Valley, Soldotna, Juneau, Fairbanks, Ketchikan, Sitka and Nome, and a loan origination 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 is distinguished by its detailed knowledge of the Alaskan economy and its philosophy of “Customer Service First”. Pacific Wealth Advisors, LLC is an affiliate of Northrim BanCorp.
Story broadcast by GlobeNewswire on January 27, 2023 at 12:15 pm Alaska Standard Time.
|Contact:||Joe Schierhorn, President, CEO and COO|
|Jed Ballard, CFO|
Source: Northrim BanCorp Inc.