Northrim BanCorp Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Northrim BanCorp, Inc. on September 1, 2015, regarding events occurring on August 27, 2015. The registrant is a holding company for Northrim Bank, a wholly owned subsidiary based in Anchorage, Alaska.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report does not contain financial statements or pro forma financial information.
Material Changes
The primary material change reported is the amendment of the Bank's nonqualified deferred compensation plans. On August 27, 2015, the Board of Directors of Northrim Bank approved amendments to the Supplemental Executive Retirement Plan and the Supplemental Executive Retirement Deferred Compensation Plan. These amendments are effective as of January 1, 2015.
Guidance, Outlook, and Risks
The filing does not contain management guidance, outlook, or general risk factors. The specific operational change involves the Supplemental Executive Retirement Plan, which now provides for a distribution of benefits upon a termination resulting from disability. No unusual items or contingencies were disclosed in this report.
Key Facts for Investor Verification
- Amendments to executive compensation plans were approved on August 27, 2015, with retroactive effectiveness to January 1, 2015.
- The changes specifically address benefit distributions in the event of termination due to disability.
- Full text of the amended plans is available in Exhibits 10.1 and 10.2 attached to the filing.
- No financial performance data is included in this specific 8-K report.