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Press release content from Globe Newswire. The AP news staff was not involved in its creation. Northrim BanCorp, Inc. Expands Stock Repurchase Program Northrim BanCorp IncFebruary 1, 2021 GMT ANCHORAGE, Alaska, Feb. 01, 2021 (GLOBE NEWSWIRE) Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that its Board of Directors has authorized for repurchase up to an additional 313,000 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. “Repurchasing shares of Northrim stock is an excellent use of capital, and is a means for building long-term value for our shareholders,” stated Jed Ballard, Chief Financial Officer. “This addition to our previous repurchase authorization allows us to buy back up to an additional $11 million in stock based on current market pricing. Since inception of the stock repurchase plan, ....
State bank leaders reported strong profits in the third quarter primarily because of near-unprecedented mortgage lending. Northrim Bank Chief Financial Officer Jed Ballard said the activity first came in the form of mortgage refinances this year but has shifted to actual home purchases. We made $12 million and not too many years ago that would ve been our net income for the year, Ballard said of the third quarter. Northrim workers also celebrated the bank s 30th birthday on Dec. 4, Ballard said. The bank opened in late 1990 in a trailer in the parking lot of its current Midtown Anchorage headquarters and 21 original employees; current CEO Joe Schierhorn among them, according to Ballard. ....