Northrim BanCorp, Inc. Expands Stock Repurchase Program
ANCHORAGE, Alaska, Jan. 26, 2024 (GLOBE NEWSWIRE) -- 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
“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
| Contact: | Joe Schierhorn, President, CEO, and COO |
| (907) 261-3308 | |
| Jed Ballard, Chief Financial Officer | |
| (907) 261-3539 |
