Northrim BanCorp expands stock repurchase program

Northrim BanCorp 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."