Item 2.02 Results from Operations and Financial Condition.
On April 27, 2020, Northrim BanCorp, Inc. (the "Company") announced by press
release its earnings for the first quarter ended March 31, 2020.
A copy of the press release is attached hereto as Exhibit 99.1.
Item 8.01 Other Events.
Recent market events caused by the global outbreak of COVID-19 have impacted the
financial markets and significantly disrupted U.S. and global economies. The
Company's Board of Directors (the "Board") unanimously approved a temporary
suspension of the Company's previously announced stock repurchase program
effective as of March 26, 2020. The Board determined that it was in the best
interest of the Company to suspend the stock repurchase program in order to
preserve financial flexibility and liquidity given the potential prolonged
impact of COVID-19. Stock repurchases will be reevaluated by the Board based on
circumstances and expectations in the future and the Board has the ability to
reinstate repurchases as circumstances warrant.
On January 27, 2020, the Board authorized the repurchase of up to an additional
327,000 shares of the Company's common stock. In the first quarter of 2020, the
Company repurchased 192,709 shares, bringing the total number of shares
available and authorized for repurchase under the stock repurchase program to
134,291.
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements - not applicable
(b) Proforma financial information - not applicable
(c) Shell company transactions - not applicable
(d) Exhibit No. Description
99.1 Press Release dated April 27, 2020
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