Northrim BanCorp Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K reports the results of the Annual Meeting of Shareholders held on May 20, 2010. Northrim BanCorp Inc. is incorporated in Alaska and operates as a bank holding company.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and shareholder voting outcomes.
Material Changes and Voting Results
Of 6,386,925 shares outstanding, 5,819,543 shares (91.1%) were represented, constituting a quorum. All ten director nominees were elected for one-year terms expiring in 2011. The voting results for the directors were as follows:
| Director | For | Withheld | Total Shares |
|---|---|---|---|
| R. Marc Langland | 3,175,430 | 1,914,083 | 6,386,925 |
| Larry S. Cash | 4,311,171 | 778,342 | 6,386,925 |
| Mark G. Copeland | 4,384,668 | 704,845 | 6,386,925 |
| Ronald A. Davis | 4,998,375 | 91,138 | 6,386,925 |
| Anthony Drabek | 4,933,314 | 156,199 | 6,386,925 |
| Christopher N. Knudson | 3,753,376 | 1,336,137 | 6,386,925 |
| Richard L. Lowell | 4,998,384 | 91,129 | 6,386,925 |
| Irene Sparks Rowan | 4,998,315 | 91,198 | 6,386,925 |
| John C. Swalling | 4,965,581 | 123,932 | 6,386,925 |
| David G. Wight | 5,028,170 | 61,343 | 6,386,925 |
Shareholders approved two additional proposals:
- Proposal 2: Approval of the 2010 Stock Incentive Plan (4,874,464 For; 200,783 Against; 14,266 Abstain).
- Proposal 3: Ratification of Moss Adams LLP as the registered public accountants for the fiscal year ending December 31, 2010 (5,773,874 For; 35,328 Against; 10,341 Abstain).
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items.
Key Facts for Investor Verification
- Verify the specific terms and share limits of the newly approved 2010 Stock Incentive Plan.
- Confirm the tenure and compensation of the newly elected directors, particularly those with significant "withheld" votes (e.g., R. Marc Langland and Christopher N. Knudson).
- Review the full 2009 Annual Report (10-K) for the financial metrics absent from this 8-K filing.