Northrim BanCorp Inc said this week its Board of Directors had authorized the repurchase of up to additional 110,000 shares of its common stock – about 2% of the company’s issued and outstanding shares.
At present, Northrim BanCorp has 5.5 million shares of common stock outstanding.
“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,” Jed Ballard, the company’s Chief Financial Officer, said in a press release.
“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.”
Northrim BanCorp intends to buy back its shares in the open market or in privately negotiated transactions, as allowed under applicable regulations.
The share repurchase program may be modified, suspended or discontinued by the Board of Directors at any time without notice.
The extent and the timing of share repurchases will depend on market conditions and other corporate considerations, Northrim said.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
