Business Context and Reporting Period
This Form 8-K Current Report was filed by Northrim BanCorp, Inc. on November 22, 2017. The filing discloses a planned leadership transition within the company's executive management team effective January 1, 2018.
Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The report focuses exclusively on personnel changes.
Material Changes
- Departure of CFO: Latosha M. Frye will transition from her role as Chief Financial Officer (CFO) effective January 1, 2018. She will remain with the company as Senior Vice President, Corporate Accounting Manager.
- Appointment of New CFO: Jed Ballard, age 39, was appointed as Executive Vice President and Chief Financial Officer, effective January 1, 2018.
- Reason for Change: The transition is not due to any disagreement regarding the company's operations, policies, or practices.
Management Commentary and Background
New CFO Profile: Mr. Ballard is a Certified Public Accountant with 16 years of experience at KPMG, including 5 years as a Senior Manager in the Anchorage office. His expertise covers financial reporting for industries central to the Alaska economy, such as real estate, petroleum, natural resources, construction, mining, fisheries, and tourism. He holds a degree in Business Administration with a major in Accounting from the University of Alaska Fairbanks (2001).
Compensation and Agreements: Mr. Ballard will enter into an employment agreement effective January 2018. The filing states there are no family relationships with current directors or officers and no material transactions requiring disclosure under Item 404(a) of Regulation S-K.
Key Facts for Investor Verification
- Verify the effective date of the CFO transition (January 1, 2018).
- Confirm the new role of outgoing CFO Latosha M. Frye (Senior Vice President, Corporate Accounting Manager).
- Review the attached press release (Exhibit 99.1) for additional details on the appointment.
- Note that no financial performance data is included in this specific filing.