4/A: Northrim Bancorp EVP, CFO Jed W. Ballard Amends Form 4 Filing to Correctly Report Securities Ownership

Jed W. Ballard, EVP and CFO of Northrim Bancorp Inc., filed an amendment to a previous Form 4 to correct inaccuracies in reported securities ownership, specifically regarding restricted stock units (RSUs).

Summary

• Jed W. Ballard, the EVP and CFO of Northrim Bancorp Inc., filed an amended Form 4 with the SEC.
• The amendment corrects errors in the original Form 4 filed on March 29, 2024, which inadvertently reported incorrect amounts of securities held, including unvested RSU awards.
• The corrected filing shows that Ballard directly owns 4,763 shares of Northrim common stock.
• Ballard was also granted 902 restricted stock units on March 28, 2024, which will vest 100% three years from the grant date.
• Each RSU represents a contingent right to receive one share of Northrim common stock.
• The original filing incorrectly indicated the market price of Northrim common stock on the date of grant, but the RSUs were awarded for no consideration.

Sentiment

Score: 7

Explanation: The document is a routine correction of a regulatory filing. It doesn't contain any information that would significantly impact investor sentiment positively or negatively. The grant of RSUs is a standard practice.

Positives

• The amendment ensures accurate reporting of securities ownership by a key executive.
• The grant of RSUs aligns the executive's interests with the long-term performance of the company.

Industry Context

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

Key Dates

Keywords

Form 4, Amendment, Securities Ownership, Restricted Stock Units, RSU, Northrim Bancorp, NRIM, Jed W. Ballard, EVP, CFO