LEWISTON, Idaho, June 28 /PRNewswire/ -- FirstBank Corp. (Nasdaq: FBNW),
the holding company for FirstBank Northwest, today announced it will
repurchase an additional 5%, or approximately 90,000, of its common shares on
the open market. The repurchase program, which has been approved by the
Office of Thrift Supervision, may not begin immediately and will be completed
over time during the next 12 months. Since July 1998, FirstBank has completed
repurchases totaling 14%, or 272,805, of its shares of which 4% has been
reissued to fund stock benefit plans.
"Despite strong operating performance, FBNW stock continues to trade
around $15 per share, or just 92% of FirstBank's tangible book value of
$16.22. At this price, we believe our shares are significantly undervalued,"
said Clyde E. Conklin, President and Chief Executive Officer. "As noted
recently, total assets in the first two months of fiscal 2000 grew nearly
5% to approximately $215 million at May 31, compared to $206 million at
March 31, 1999 -- due mainly to solid growth in agricultural, commercial and
consumer loan originations. First fiscal quarter results will be reported in
mid-July.
"We continue to have ample capital to grow FirstBank Northwest and build
shareholder value," Conklin added. "We were pleased to present our story to
an investors conference in New York City last week. The conference featured
small undervalued community banks such as FirstBank, which simply have not
been favored by investors in recent months. We were encouraged by the large
audience and the apparent renewal of interest in this sector."
FirstBank Corp.'s assets gained 13% to $206.7 million, net loans rose
14% to $165.6 million, and deposits increased 16% to $133.3 million in fiscal
1999. Net income advanced 19% to $2.0 million or $1.13 per share, diluted,
for the year ended March 31, 1999, compared to net income of $1.7 million, or
$.93 per share, pro forma, diluted, in fiscal 1998. Fewer shares were
outstanding in fiscal 1999 due to the company's program of stock repurchases.
FirstBank Corp. is the parent of FirstBank Northwest, headquartered in
Lewiston, Idaho at the northern end of Hell's Canyon. Founded in 1920, the
Bank converted to a Washington State savings bank charter February 2, 1998.
FirstBank currently operates seven branch locations along the Idaho/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 changes in
investor sentiment, trends in loan originations, 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
Len Cereghino & Co., 208-746-9610, for FirstBank Corp.
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