# EDGAR Filing Document

**Accession Number:** 0001163370
**File Stem:** 0001163370-23-000007
**Filing Date:** 2023-1
**Character Count:** 7803
**Document Hash:** 319c7129fe79fcc9f79c5c360a0a6fe0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001163370-23-000007.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001163370-23-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230127

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHRIM BANCORP INC
- **CENTRAL INDEX KEY:** 0001163370
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **IRS NUMBER:** 920175752
- **STATE OF INCORPORATION:** AK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-33501
- **FILM NUMBER:** 23564008

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 241489
- **CITY:** ANCHORAGE
- **STATE:** AK
- **ZIP:** 99524-1489

?xml version="1.0" ? nrim-20230127

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): January 27, 2023

Northrim BanCorp, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

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| | | | | |
|:---|:---|:---|:---|:---|
| Alaska | Alaska | Alaska | 0-33501 | 92-0175752 |
| ________________________<br>(State or other jurisdiction | ________________________<br>(State or other jurisdiction | ________________________<br>(State or other jurisdiction | _____________<br>(Commission | _________________<br>(I.R.S. Employer |
| of incorporation) | of incorporation) | of incorporation) | File Number) | Identification No.) |
| 3111 C Street, | Anchorage, | Alaska |  | 99503 |
| ___________________________________<br>(Address of principal executive offices) | ___________________________________<br>(Address of principal executive offices) | ___________________________________<br>(Address of principal executive offices) |  | ___________<br>(Zip Code) |

---

Registrant's telephone number, including area code: 907- 562-0062

Not Applicable

___________________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

<u>TITLE OF EACH CLASS</u> <u>TRADING SYMBOL</u> <u>NAME OF EXCHANGE</u> <br>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.126-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;◻

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**Item 8.01 Other Events.**

On January 27, 2023, Northrim BanCorp, Inc. (the "Company") announced by press release that the Board of Directors approved and authorized for repurchase up to an additional 285,000 shares of its common stock, or approximately 5% of the currently issued and outstanding shares.

A copy of the press release is attached hereto as Exhibit 99.1.

**Item 9.01 Financial Statements and Exhibits.**

(a) Financial statements – not applicable

(b) Proforma financial information – not applicable

(c) Shell company transactions – not applicable

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| | |
|:---|:---|
| <u>(d) Exhibit No.</u> | <u>Description</u> |
| 99.1 | Press Release dated January 27, 2023 |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | Northrim BanCorp, Inc. | Northrim BanCorp, Inc. |
| *January 27, 2023* | *By:* | */s/ Jed W. Ballard* |
|  |  | *Name: Jed W. Ballard* |
|  |  | *Title: EVP, Chief Financial Officer* |

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**Exhibit Index**

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](exhibit991stockrepurchase2.htm)</u> | <u>[Press Release dated January 27, 2023](exhibit991stockrepurchase2.htm)</u> |

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## Exhibit 99.1

**Exhibit 99.1**

![nrimpra08.jpg](nrimpra08.jpg)

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

---

<u>NEWS RELEASE</u>

**<u>Northrim BanCorp, Inc. Expands Stock Repurchase Program</u>**

ANCHORAGE, Alaska - January 27, 2023 - 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.

**<u>About Northrim BanCorp</u>**

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.

**<u>www.northrim.com</u>**

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

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