Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock trades on the NASDAQ Global Select Stock Market under the symbol, “NRIM.” At March 8, 2024, the number of shareholders of record of our common stock was 206. As many of our shares of common stock are held of record in "street name" by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of beneficial holders of our common stock represented by these record holders.
Repurchase of Securities
The Company repurchased 55,786 shares during the three-month period ended December 31, 2023 at an average price of $44.90 per share.
Total Number of Shares (or Units) Purchased Average Price Paid per Shares (or Unit) Total Number of Shares (or Units) Purchased as Part of the Publicly Announced Plans or Programs Maximum Number (1) (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Period (a) (b) (c) (d)
Month No. 1
October 1, 2023 - October 31, 2023
22,000 $40.00 22,000 110,113
Month No. 2
November 1, 2023 - November 30, 2023
28,854 $47.42 28,854 81,259
Month No. 3
December 1, 2023 - December 31, 2023
4,932 $52.04 4,932 76,327
Total 55,786 $44.90 55,786 76,327
(1) At December 31, 2023, there were 76,327 shares available for repurchase under the previously announced stock repurchase program. The Company repurchased 208,673 shares in 2023 and 333,724 shares in 2022. On January 26, 2024, the Company announced that its Board of Directors had authorized the repurchase of up to an additional 110,000 shares of common stock. The Company intends to continue to repurchase its stock from time to time depending upon market conditions, but we can make no assurances that we will continue this program.
Equity Compensation Plan Information
The following table sets forth information regarding securities authorized for issuance under the Company’s equity plans as of December 31, 2023. Additional information regarding the Company’s equity plans is presented in Note 21 of the Notes to Consolidated Financial Statements included in Part II. Item 8 of this report.
Plan Category Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) Weighted-Average Exercise Price of Outstanding Options,
Warrants and Rights Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
Equity compensation plans approved by security holders 1
157,484 $23.29 218,461
Total 157,484 $23.29 218,461
1 Consists of the Company's 2023 Stock Incentive Plan, which replaced the 2020 Stock Incentive Plan (the "2020 Plan")
We do not have any equity compensation plans that have not been approved by our shareholders.
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Stock Performance Graph
The graph shown below depicts the total return to shareholders during the period beginning after December 31, 2018, and ending December 31, 2023. The definition of total return includes appreciation in market value of the stock, as well as the actual cash and stock dividends paid to shareholders. The comparable indices utilized are the Russell 3000 Index, representing approximately 98% of the U.S. equity market, and the S&P U.S. Small Cap Banks Index, comprised of publicly traded banks with a market capitalization between $58 million to $20.5 billion and average of $1.7 billion, which are located in the United States. The graph assumes that the value of the investment in the Company’s common stock and each of the two indices was $100 on December 31, 2018, and that all dividends were reinvested.
Period Ending
Index 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23
Northrim BanCorp, Inc. 100.00 120.60 111.94 148.29 193.85 213.99
Russell 3000 100.00 131.02 158.39 199.03 160.80 202.54
S&P U.S. SmallCap Banks 100.00 125.46 113.94 158.62 139.85 140.55
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ITEM 6. [RESERVED]