LEWISTON, Idaho, Jan. 23 /PRNewswire/ --
FirstBank NW Corp. (Nasdaq: FBNW), the holding company for FirstBank
Northwest, today reported net income of $478,000, or $.33 per diluted share,
in its third fiscal quarter ended December 31, 2000, compared to $507,000, or
$.32 per diluted share, in the like quarter a year ago.
"The Company remains on target to meet our earnings expectations for
fiscal 2001 of $1.25/share, an 18% increase over fiscal 2000 of $1.06/diluted
share," said Clyde E. Conklin, Chief Executive Officer. "Our third quarter
results reflect excellent loan growth, close supervision of funding costs,
steady fee income, and good credit quality. We anticipate continued
performance, meeting our plan based on current economic activity.
"Total loans receivable rose 18% from last year," continued Conklin.
"Much of the growth is a direct result from focusing our efforts on commercial
and agricultural loans." Total loans receivable were $214 million, compared
to $181 million at December 31, 1999.
"Commercial and agricultural loans are 46% of our total loan portfolio,"
added Larry K. Moxley, Executive Vice President and Chief Financial Officer.
"Consumer loans represent 16% of the portfolio while construction loans
represent 3%. Residential real estate loans account for 34% of the total
portfolio."
"Asset quality remains a high priority given the economic slowing
currently being experienced throughout the area. We have enjoyed substantial
loan growth and maintain confidence in the overall credit quality of our
portfolio," said Conklin. "Non-performing loans as a percentage of total
loans is 0.68% as of December 31, 2000 compared to 0.33% for the same period a
year ago, a very manageable level," continued Conklin.
"Our loan growth continues to outpace our deposit growth, therefore we
continue to utilize the FHLB and national CD market to fund the growth. This
has placed constant pressure on our net interest margin," continued Moxley.
Net interest income after the provision for loan losses remained at
$2.2 million for the third quarter, compared to $2.1 million in the third
quarter last year. The net interest margin for the quarter was 3.82% compared
to 4.12% a year ago.
Non-interest income was $625,000 for the third quarter, compared to
$610,000 in the like quarter a year ago. "Increases in service charges and
fees have offset the reduced fee income from sold loans," said Moxley.
Non-interest, or operating expense was $2.16 million for the quarter,
compared to $2.05 million a year ago. FirstBank's efficiency ratio is
74.10% compared to 74.44% a year ago. "Opportunity to become more efficient
as we grow continues to be a priority," said Conklin. The ratio of operating
expense to average assets has declined from 3.71% for the first nine months of
1999, to 3.26% for the like period of December 31, 2000.
FirstBank NW Corp.'s assets increased 13.2% to $276.8 million at
December 31, 2000, from $244.5 million a year ago. At the end of December,
stockholders' equity was $27.3 million and the equity to asset ratio was
9.9% compared to 10.6% a year ago. Book value increased to $18.95 per share at
December 31, 2000, from $16.90 a year ago.
"We maintain that fair value for FirstBank NW Corp. stock will be realized
through continued earnings growth and asset growth in accordance with our
financial plan," said Conklin. "Currently trading at 73% of book and ten
times the trailing four quarters annualized earnings, FirstBank NW Corp. stock
remains a sound investment."
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in 1920,
FirstBank Northwest is based in Lewiston, Idaho. With the opening of its
Liberty Lake branch, FirstBank Northwest operates eight branch locations in
northern Idaho and along the Idaho/Washington border, in addition to
residential loan centers in Lewiston and Coeur d'Alene, Idaho. Salomon Smith
Barney has investment centers in FirstBank's downtown Lewiston, Coeur d'Alene
and Liberty Lake branches. FirstBank Northwest is known as the local
community bank, offering its customers highly personalized service in the many
communities it serves.
Statements concerning future performance, developments or events,
concerning expectations regarding expansion opportunities, technology
efficiencies, new products and services, and any other guidance on future
periods, constitute forward-looking statements which are subject to a number
of risks and uncertainties including interest rate fluctuations, regional
economic conditions, competitive factors, and government and regulatory
actions that might cause actual results to differ materially from stated
expectations.
FIRSTBANK NW CORP
FINANCIAL HIGHLIGHTS
(unaudited) (in thousands except share and per share data)
Three Months Ending Nine Months Ending
Dec 31, Dec 31,
2000 1999 2000 1999
Interest Income 5,292 4,285 15,355 12,493
Interest Expense 2,998 2,137 8,617 6,078
Provision for Loan Losses 76 5 209 213
Net Interest Income After
Provision for Loan Losses 2,218 2,143 6,529 6,202
Non-Interest Income
Gain on sale of loans 196 259 645 878
Mortgage Servicing Fees 57 74 181 203
Service fees and charges 340 247 989 727
Commission and other 32 30 88 76
Total Non-Interest Income 625 610 1,903 1,884
Non-Interest Expenses
Compensation and Related
Expenses 1,272 1,184 3,707 3,546
Occupancy 302 309 923 836
Other 589 560 1,773 1,796
Total Non-Interest Expense 2,163 2,053 6,403 6,178
Income Tax Expense 202 193 623 585
Net Income 478 507 1,406 1,323
Basic Earnings per Share $0.34 $0.33 $1.00 $0.85
Diluted Earnings per Share $0.33 $0.32 $0.97 $0.81
Weighted Average Shares
Outstanding - Basic 1,392,605 1,528,378 1,407,714 1,564,120
Weighted Average Shares
Outstanding - Diluted 1,437,455 1,591,858 1,455,257 1,629,801
Actual Shares Outstanding 1,546,953 1,648,535 1,546,953 1,648,535
December 31, March 31, December 31,
2000 2000 1999
Total Assets 276,810 247,898 244,478
Loans Receivable, net 213,829 187,664 180,999
Mortgage-Backed
Securities 20,206 21,225 21,689
Investment Securities 12,434 11,335 11,327
Deposits 151,618 144,907 145,636
FHLB Advances & Other
Borrowings 95,028 74,578 70,427
Stockholders' Equity 27,294 25,866 25,767
Book Value per Share
(A) $18.95 $17.30 $16.90
FASB 115 Adjustment
after Taxes 339 (548) (626)
Equity/ Total Assets 9.86% 10.43% 10.55%
Tier 1 Capital to
Average Assets 9.36% 10.00% 10.14%
Risk-based Capital to
Risk-Weighted Assets 13.45% 13.10% 14.73%
Number of full-time
Equivalent Employees 111 111 118
(A) Calculation is based on number of shares outstanding at the end of the
period rather than weighted average shares outstanding and excludes
unallocated shares in the employee stock ownership plan (ESOP) 12/00 --
106,314 shares, 3/00 -- 119,705 share
FINANCIAL STATISTICS
(ratios annualized)
Three Months Ended Fiscal Nine Months Ended
December 31, Year Ended December 31,
March 31,
2000 1999 2000 2000 1999
Return on Average
Assets 0.71% 0.88% 0.75% 0.72% 0.79%
Return on Average Equity 7.19% 7.54% 6.36% 7.15% 6.50%
Average Equity/
Average Assets 9.93% 11.67% 11.82% 10.01% 12.20%
Average Equity/
Average Loans 12.89% 15.20% 15.11% 13.05% 15.41%
Efficiency Ratio 74.10% 74.44% 74.38% 74.10% 74.44%
(operating expenses /
revenue)
Operating Expenses /
Average Assets 3.23% 3.56% 3.60% 3.26% 3.71%
Net Interest Margin 3.82% 4.12% 4.15% 3.83% 4.22%
Interest Earning Assets /
Interest Bearing
Liabilities 104.52% 106.27% 107.95% 104.27 108.54%
Nine Months Year Nine Months
Ending Ended Ending
December 31, March 31, December 31,
2000 2000 1999
LOANS
(unaudited) (in thousands except share and per share data)
LOAN ORIGINATIONS:
Residential loan
centers 65,802 77,646 50,347
Consumer loan
centers 16,530 18,859 13,076
Agricultural loan centers 12,159 15,155 17,135
Commercial loan
centers 33,583 41,764 47,980
Total Loan
Origination 128,074 153,424 128,538
LOAN PORTFOLIO ANALYSIS:
Real estate loans:
Residential 74,009 71,796 71,614
Construction 7,065 7,819 7,946
Agricultural 15,481 16,003 15,847
Commercial 34,167 24,988 24,822
Total real
estate loans 130,722 120,606 120,229
Consumer and other loans:
Home equity 27,080 24,626 23,108
Agricultural
operating 12,420 7,467 8,441
Commercial 39,704 32,800 26,731
Other consumer 8,450 7,533 7,531
Total consumer
and other loans 87,654 72,426 65,811
Total Loans
Receivable 218,376 193,032 186,040
Nine Months Year Nine Months
Ending Ended Ending
December 31, March 31, December 31,
2000 2000 1999
ALLOWANCE FOR LOAN LOSSES:
Balance at Beginning
of Period 1,604 1,361 1,361
Provision for Loan
Losses 209 287 213
Charge offs (Net of
Recoveries) 86 44 26
Balance at End of
Period 1,727 1,604 1,548
Loan Loss Allowance /
Net Loans 0.81% 0.83% 0.86%
Loan Loss Allowance /
Non-Performing Loans 118.53% 280.42% 250.89%
NON-PERFORMING
ASSETS:
Nine Months Year Nine Months
Ending Ended Ending
December 31, March 31, December 31,
2000 2000 1999
Accruing Loans - 90
Days Past Due 508 0 84
Non-accrual Loans 949 572 533
Total Non-performing
Loans 1,457 572 617
Restructured Loans on
Accrual 195 198 199
Real Estate Owned
(REO) 113 44 49
Total Non-performing
Assets 1,765 814 865
Total Non-performing
Assets/Total Assets 0.64% 0.33% 0.35%
Loan and REO Loss
Allowance as a % of
Non-
Performing
Assets 97.85% 197.05% 178.96%
AVERAGE BALANCES, INTEREST AVERAGE YIELDS/COSTS
Three Months Ended Fiscal Nine Months Ended
December 31, Year Ended December 31,
March 31,
Average Interest
Earning Assets 249,090 214,647 212,138 243,682 208,285
Average Non-Interest
Earning Assets 18,580 15,918 14,561 17,922 14,040
Total Average
Assets 267,670 230,565 226,699 261,604 222,325
Average Interest
Bearing Liabilities 237,823 201,978 196,511 233,695 191,900
Average Non-Interest
Bearing Liabilities 3,267 1,679 3,393 1,683 3,298
Total Average
Liabilities 241,090 203,657 199,904 235,378 195,198
Total Average Equity 26,580 26,908 26,795 26,226 27,127
Total Average
Liabilities and Equity 267,670 230,565 226,699 261,604 222,325
Interest Rate Yield on
Earning Assets 8.63% 8.10% 8.13% 8.55% 8.11%
Interest Rate Expense
on Interest Bearing
Liabilities 5.03% 4.23% 4.29% 4.92% 4.22%
Interest Rate Spread 3.60% 3.87% 3.84% 3.63% 3.89%
Net Interest Margin 3.82% 4.12% 4.15% 3.83% 4.22%
SOURCE FirstBank NW Corp.
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Related links:
http://www.firstbanknw.com
Company News On-Call:
http://www.prnewswire.com/comp/124037.html or fax,
800-758-5804, ext. 124037
CONTACT:
Larry K. Moxley, Exec. VP & CFP of FirstBank
NW Corp., 208-746-9610
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