Ballard Jed W 4
4 · NORTHRIM BANCORP INC · Filed Mar 25, 2026
Research Summary
AI-generated summary of this filing
Northrim (NRIM) CFO Jed Ballard Exercises Stock Awards
What Happened
Jed W. Ballard, EVP and CFO of Northrim Bancorp (NRIM), converted/settled vested equity awards on March 23, 2026. The filing shows two "acquired" derivative conversions totaling 15,025 shares (6,010 + 9,015) at $0 exercise price. To cover tax obligations, 3,860 shares were withheld/disposed at $22.85 each (1,664 and 2,196 shares), totaling about $88,201. The report also records additional derivative settlement entries of 5,344 and 9,015 shares (no cash proceeds), which reflect award settlement mechanics rather than open-market sales. Based on the reported acquired and withheld entries, Ballard received a net ~11,165 shares after tax withholding.
Key Details
- Transaction date: March 23, 2026; Form 4 filed March 25, 2026 (timely filing).
- Acquired (conversion/exercise): 6,010 and 9,015 shares at $0.00 (total 15,025).
- Shares withheld for taxes (Disposition code F): 1,664 and 2,196 shares at $22.85 each; cash value ~ $38,022 and $50,179 (total ≈ $88,201).
- Additional derivative settlement entries: 5,344 and 9,015 shares shown as disposed with $0 proceeds (reflecting award settlement).
- Footnotes: PSUs vested at 150% based on three‑year performance vs. peers; RSU grant fully vested; some shares issued for dividend equivalents (666 and 999 shares). No exercise price applied to these conversions.
- Shares owned after the transactions are not provided in the excerpt of the filing.
Context
- These transactions are compensation-related (vesting/settlement of restricted and performance stock units), not open-market purchases or discretionary sales. Withholding of shares to cover taxes is a common, routine practice and should not be interpreted as a directional market bet.
- The PSU payout at 150% indicates the earned performance multiplier for the three-year performance period, per the filing.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-03-23+6,010→ 25,172 total - Tax Payment
Common Stock
[F2]2026-03-23$22.85/sh−1,664$38,022→ 23,508 total - Exercise/Conversion
Common Stock
[F3][F4]2026-03-23+9,015→ 32,523 total - Tax Payment
Common Stock
[F2]2026-03-23$22.85/sh−2,196$50,179→ 30,327 total - Exercise/Conversion
Restricted Stock Units
[F5][F6]2026-03-23−5,344→ 0 total→ Common Stock (5,344 underlying) - Exercise/Conversion
Performance Stock Units
[F5][F4][F7]2026-03-23−9,015→ 0 total→ Common Stock (9,015 underlying)
Footnotes (7)
- [F1]Includes 666 shares issued for payment of dividends under the Northrim BanCorp, Inc. Stock Option Plan.
- [F2]Shares withheld by the Company at the request of the Reporting Person to pay taxes due following the expiration of the applicable restriction period, under the terms of the Northrim BanCorp, Inc. Stock Incentive Plan.
- [F3]Under the terms of the Northrim BanCorp, Inc. Stock Incentive Plan, the underlying securities were earned (150 percent) based on the Companys performance relative to an industry peer group over a three-year performance period. Determination of the percentage of the award earned was made by the Compensation Committee on March 23, 2026, and calculation of the underlying shares to be delivered, net of withholding, was completed on March 23, 2026.
- [F4]Includes 999 shares issued for the payment of dividends under the Northrim BanCorp, Inc. Stock Incentive Plan.
- [F5]No conversion or exercise price applies.
- [F6]The total grant of restricted stock units vested on March 23, 2026.
- [F7]Performance stock units vested at 150 percent based on the Companys performance relative to an industry peer group over a three-year performance period.