LEWISTON, Idaho, May 22 /PRNewswire/ -- FirstBank NW Corp. (Nasdaq: FBNW),
the holding company for FirstBank Northwest, announced it will initiate a 10%
stock repurchase program as authorized by the Board of Directors at the
May 17, 2001 board meeting. Shares to be repurchased total 150,000 shares.
"This repurchase is consistent with the board's ongoing capital management
plan," said Clyde E. Conklin, President and Chief Executive Officer. "We
evaluate all options on a regular basis in order to assure we are consistent
with our operating plan and our stockholders' interests. Stock repurchases
are recognized as excellent vehicles to enhance trading liquidity and stock
value. Currently, FirstBank's stock is trading at approximately 75% of book
value. We anticipate repurchases within this authorization to be managed over
the next fiscal year as our operating plan is executed."
Since July 1998, FirstBank NW Corp. has completed repurchases totaling
26%, or 516,000 shares, of which 4% has been reissued to fund stock benefit
plans, for a net repurchase of 22%, or 440,000 shares.
FirstBank recently reported fiscal year end March 31, 2001 results
reflecting a 10.4% growth in net income and 22.6% growth in Earnings Per Share
(EPS). FirstBank also grew total assets by 13.4% to $281.1 million from
$247.9 million at March 31, 2000.
In addition, a cash dividend of $.10/share was reported for stockholders
of record on May 15, 2001, to be paid on May 30, 2001.
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in
1920, FirstBank Northwest is based in Lewiston, Idaho and operates eight
branch locations in northern Idaho and eastern Washington along the
Idaho/Washington border. FirstBank Northwest is known as the local community
bank, offering its customers highly personalized service in the many
communities it serves. FBNW shares closed at $14.45 per share yesterday.
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.
SOURCE FirstBank NW Corp.
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Related links:
http://www.fbnw.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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