NORTHRIM BANCORP INC. Files Definitive Proxy Statement

TL;DR

<b>Northrim Bancorp Inc. filed its 2023 proxy statement detailing executive and non-executive equity awards.</b>

AI Summary

NORTHRIM BANCORP INC (NRIM) filed a Proxy Statement (DEF 14A) with the SEC on April 9, 2024. Northrim Bancorp Inc. filed a DEF 14A form on April 9, 2024, for the fiscal year ending December 31, 2023. The filing details equity awards reported, granted, and vested for PEO and Non-PEO members across 2020-2023. Specific data points include equity awards granted during the year (unvested and vested) for PEO members in 2023. It also covers equity awards granted in prior years (unvested and vested) for PEO members in 2023. Information on equity awards that failed to meet vesting conditions for PEO and Non-PEO members in 2023 is provided.

Why It Matters

For investors and stakeholders tracking NORTHRIM BANCORP INC, this filing contains several important signals. This filing provides transparency into the compensation structure and equity grants for key personnel at Northrim Bancorp Inc. Investors can analyze the distribution and vesting of equity awards to assess management's alignment with shareholder interests and company performance.

Risk Assessment

Risk Level: low — NORTHRIM BANCORP INC shows low risk based on this filing. The filing is a routine DEF 14A, providing standard disclosure on executive compensation and equity awards, with no immediate red flags.

Analyst Insight

Review the detailed breakdown of equity awards granted and vested to assess executive compensation trends and potential future dilution.

Key Numbers

• 20231231 — Fiscal Year End (Period of Report)
• 20240409 — Filing Date (Date Filed)
• 2023-01-01 — Reporting Period Start (Equity Awards)
• 2023-12-31 — Reporting Period End (Equity Awards)

Key Players & Entities

• NORTHRIM BANCORP INC (company) — Filer
• 0001163370 (company) — Central Index Key
• 920175752 (company) — IRS Number
• AK (company) — State of Incorporation
• 99524-1489 (company) — ZIP Code

FAQ

Industry Context

Northrim Bancorp Inc. operates within the savings institution sector, federally chartered.

Regulatory Implications

The filing is a DEF 14A, a type of proxy statement required by the SEC for public companies to disclose information related to shareholder meetings and executive compensation.

What Investors Should Do

1. Analyze the specific dollar values and percentages associated with granted and vested equity awards for PEO and Non-PEO members.
2. Compare the equity award details for 2023 against previous years (2020-2022) to identify trends in compensation.
3. Investigate the reasons for any equity awards that failed to meet vesting conditions.

Year-Over-Year Comparison

This filing is a DEF 14A for the fiscal year ending December 31, 2023, providing updated executive compensation and equity award information compared to previous filings.

Filing Documents

• nrim-20240408.htm (DEF 14A) — 942KB
• nrim-20240408_g1.jpg (GRAPHIC) — 189KB
• nrim-20240408_g2.jpg (GRAPHIC) — 46KB
• nrim-20240408_g3.jpg (GRAPHIC) — 82KB
• nrim-20240408_g4.jpg (GRAPHIC) — 83KB
• nrim-20240408_g5.jpg (GRAPHIC) — 77KB
• nrim-20240408_g6.jpg (GRAPHIC) — 511KB
• nrim-20240408_g7.jpg (GRAPHIC) — 245KB
• 0001163370-24-000014.txt (&nbsp;) — 4302KB
• nrim-20240408.xsd (EX-101.SCH) — 3KB
• nrim-20240408_def.xml (EX-101.DEF) — 5KB
• nrim-20240408_lab.xml (EX-101.LAB) — 6KB
• nrim-20240408_pre.xml (EX-101.PRE) — 4KB
• nrim-20240408_htm.xml (XML) — 98KB

Executive Compensation 27

Executive Compensation 27 Director Compensation 46 Interest of Management in Certain Transactions 47

Security Ownership of Certain Beneficial Owners and Management 49

Security Ownership of Certain Beneficial Owners and Management 49 Relationship with the Independent Registered Public Accounting Firm 50 Committee Reports 51 Proposal 2: Advisory Vote on Executive Compensation 53 Proposal 3: Ratification of the Independent Registered Public Accounting Firm 53 Information Concerning Shareholder Proposals 53 Householding 54 2023 Report to Shareholders and Annual Report on Form 10-K 54 Other Matters 54 Exhibit A: Audit Committee Charter 55 Exhibit B: Compensation Committee Charter 58 Exhibit C: Governance and Nominating Committee Charter 60 i NORTHRIM BANCORP, INC. 3111 C Street Anchorage, Alaska 99503 PROXY STATEMENT The Board is soliciting proxies for this year's Annual Meeting. This proxy statement contains important information for you to consider when deciding how to vote on the matters brought before the Annual Meeting. Please read it carefully. The Board set March 28, 2024, as the record date for the Annual Meeting. Shareholders who owned the Company's common stock on that date are entitled to vote online during the Annual Meeting, with each share entitled to one vote. There were 5,499,578 shares of the Company's common stock outstanding as of the record date. Voting materials, which include this proxy statement dated April 16, 2024, a proxy card, the 2023 Annual Report and the Company's Annual Report on Form 10-K, are first being mailed to shareholders on or about April 16, 2024, unless the shareholder has elected electronic delivery. If the shareholder has elected electronic delivery, we have provided a notice of Internet availability of proxy materials which contains instructions on how to access proxy materials via the Internet or how to request a printed set of proxy materials. Additionally, this Proxy Statement, the 2023 Annual Report and the Company's Annual Report on Form 10-K are available at www.northrim.com by clicking the "Investor Relations" link. In accordance with Securities and Ex

View Full Filing

View this DEF 14A filing on SEC EDGAR