LEWISTON, Idaho, March 29 /PRNewswire/ --
FirstBank NW Corp. (Nasdaq: FBNW), the holding company for
FirstBank Northwest, today announced it will repurchase an additional 5%, or
approximately 80,000, of its common shares on the open market if its share
price is less than $10, the price at conversion three years ago. The Office of
Thrift Supervision has approved this and FirstBank's previous repurchase
programs. As of July 3, 2000, FirstBank's third year of operation after
conversion, FBNW will not require approval of the OTS for repurchase programs.
Since July 1998, FirstBank NW has completed repurchases totaling 22%, or
446,000 of its shares, of which 4% has been reissued to fund stock benefit
plans, for a net repurchase of 18%.
"While our stock has increased from its recent lows of $8.50, even at
$10.00 FBNW is selling at less than 60% of book value, which we believe makes
our shares significantly undervalued," said Clyde E. Conklin, President and
Chief Executive Officer. The company's tangible book value was $16.90 per
share at December 31, 1999. The stock was trading at $10.88 at the close of
yesterday's trading.
"At these values, we believe repurchasing our stock is one of the best
investments we can make with our capital," added Conklin. "At the same time,
we're continuing to build our franchise. The full-service Liberty Lake,
Washington branch opened in mid-November and is on target with our internal
projections for deposit and loan growth. The Post Falls, Idaho supermarket
branch, opened last spring is also performing well." Both branches are located
on the I-90 corridor between Spokane, Washington and Coeur d'Alene, Idaho.
FirstBank NW Corp. previously reported continued growth during the first
nine months of fiscal year 2000 as assets increased 20% to $244 million, loans
rose 12% to $181 million and deposits grew 13% to $146 million at
December 31, 1999 compared to prior year results. For the nine months ended
December 31, 1999, FirstBank had net income of $1.3 million, or $.81 per
diluted share.
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in 1920,
FirstBank NW is based in Lewiston, Idaho at the northern end of Hell's Canyon.
With the opening of its Liberty Lake branch, FirstBank NW 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 recently placed investment centers in FirstBank NW's
downtown Lewiston and Coeur d'Alene branches. FirstBank NW 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 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 & CFO of FirstBank
NW Corp., 208-746-9610
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