4/A: Northrim Bancorp Director Corrects Previous SEC Filing Regarding Stock Ownership

Joseph M. Schierhorn, a director at Northrim Bancorp, filed an amended SEC Form 4 to correct inaccuracies in a previous filing regarding his holdings of common stock and restricted stock units.

Summary

• Joseph M. Schierhorn, Chairman and Director of Northrim Bancorp, filed an amendment to a previous Form 4 filing.
• The original filing on March 24, 2023, contained incorrect amounts regarding his holdings, specifically including unvested Restricted Stock Units (RSUs).
• The amended filing corrects these inaccuracies, reflecting the correct amounts of common stock and RSUs beneficially owned.
• As of March 23, 2023, Schierhorn directly owns 38,148 shares of Northrim common stock.
• He also holds 2,568 Restricted Stock Units, which vest 100% three years from the grant date of March 23, 2023.
• These RSUs represent a contingent right to receive one share of Northrim common stock each.
• The RSUs were awarded for no consideration.

Sentiment

Score: 6

Explanation: The document is a routine correction of a previous filing. While the initial error is a slight negative, the correction itself is a positive sign of transparency. Overall, the sentiment is neutral to slightly positive.

Negatives

• The need for an amended filing suggests an initial oversight in reporting stock ownership, which could raise concerns about internal controls.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, ensuring transparency and compliance with SEC regulations.

Comparison to Industry Standards

• Tracking insider transactions is a common practice in financial analysis, with firms like Thomson Reuters and FactSet providing data and analytics on insider trading activity.
• Comparing Schierhorn's holdings and transactions to those of other bank directors and executives can provide insights into management's confidence in the company's prospects.
• Benchmarking Northrim Bancorp's insider activity against peers like First National Bank Alaska or KeyCorp can reveal relative levels of insider ownership and trading.

Stakeholder Impact

• The correction of the filing ensures accurate information is available to shareholders and potential investors.
• Accurate reporting of insider ownership helps maintain investor confidence in the company's governance.

Key Dates

Keywords

Form 4, Amendment, Beneficial Ownership, Restricted Stock Units, Common Stock, Northrim Bancorp, Schierhorn, NRIM, Director