LEWISTON, Idaho, Feb. 3 /PRNewswire/ -- FirstBank Corp. (Nasdaq: FBNW),
the holding company for FirstBank Northwest, today announced it will
repurchase an additional 5%, or approximately 94,268, of its common shares on
the open market. The repurchase program, which has been approved by the
Office of Thrift Supervision, will begin immediately. FirstBank recently
completed repurchases totaling 9%, or 178,537, of its shares.
"Our stock is selling at just 91% of book value, which we think makes our
shares significantly undervalued," said Clyde E. Conklin, President and Chief
Executive Officer. The company's tangible book value was $16.05 per share at
December 31, 1998, and the stock was trading at $14.63 at the close of today's
trading.
"Last year's conversion to public ownership provided us with ample capital
to grow FirstBank Northwest and build shareholder value," he added. "We are
opening new branches in the Spokane/Coeur d'Alene corridor over the next
several months and have some other exciting business prospects and new
products underway."
FirstBank Corp. previously reported solid gains for the first nine months
of fiscal 1999, as net income increased 19%, assets rose 11%, loans rose
12% and deposits gained 16% over the year before. For the nine months ended
December 31, 1998, FirstBank had net income of $1.5 million or $.82 per share
(diluted), compared to net income of $1.2 million or $.64 per share a year
ago.
"The money and time we've invested in new products and services is paying
off," Conklin said. "FirstBank's strategy to emphasize commercial and
agricultural lending has boosted the more profitable side of our loan
portfolio, which in turn has added to fee income. Loan originations increased
32% to $136.8 million for the nine months, while the total loan portfolio grew
more than 17% to $174.9 million at December 31, 1998. And simultaneous with
this substantial loan growth, nonperforming assets declined to just 0.36% of
total assets, reflecting our emphasis on quality lending."
FirstBank Corp. is the parent of FirstBank Northwest, headquartered in
Lewiston, Idaho at the northern end of Hell's Canyon. Total assets were
$203.6 million at December 31, 1998, up from $183.3 million a year ago.
Founded in 1920, the Bank converted from its charter as a federal stock
savings bank to a Washington State savings bank charter February 2, 1998.
FirstBank currently operates six branch locations along the Idaho/ Eastern
Washington border. FirstBank also has two residential loan centers located in
Lewiston and Coeur d'Alene. The Bank 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, and any
other guidance on future periods, constitute forward-looking statements, which
are subject to a number of risks and uncertainties. These include success in
opening new branches and marketing new products, regional economic conditions,
and government and regulatory actions, which might cause actual results to
differ materially from stated expectations.
SOURCE FirstBank 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, Chief Financial Officer of
FirstBank Corp., 208-746-9610
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