4/A: Northrim Bancorp Director Amends SEC Filing to Correctly Report Stock Holdings

Joseph M. Schierhorn, a director at Northrim Bancorp, filed an amendment to a previous SEC Form 4 to correct inaccuracies in reported stock holdings, specifically regarding restricted stock units (RSUs).

Summary

• Joseph M. Schierhorn, a director and Chairman at Northrim Bancorp, filed an amended SEC Form 4 to correct previously reported information.
• The original Form 4, filed on March 29, 2024, contained inaccuracies regarding the amount of stock held, including RSUs that had not yet vested.
• The amended filing clarifies that Schierhorn directly owns 43,942 shares of Northrim common stock.
• Additionally, Schierhorn was granted 1,744 restricted stock units on March 28, 2024, which will vest 100% three years from the grant date.
• These RSUs represent a contingent right to receive one share of Northrim common stock each and were awarded for no consideration.

Sentiment

Score: 6

Explanation: The document is a routine correction of an SEC filing. While the initial error is a slight negative, the correction itself is a positive for transparency. Overall, the sentiment is neutral.

Negatives

• The initial SEC filing contained incorrect information, requiring an amendment.

Future Outlook

The restricted stock units will vest 100% three years from the grant date of March 28, 2024.

Industry Context

This filing is a routine disclosure related to insider stock ownership and is required by the SEC to ensure transparency in the market.

Stakeholder Impact

• The correction of the SEC filing ensures accurate information is available to shareholders and potential investors.

Key Dates

Keywords

SEC Form 4, Amendment, Northrim Bancorp, NRIM, Joseph M. Schierhorn, Director, Restricted Stock Units, RSU, Beneficial Ownership, Stock Holdings