LEWISTON, Idaho, July 23 /PRNewswire/ -- FirstBank Corp. (Nasdaq: FBNW),
the holding company for FirstBank Northwest, told shareholders at its first
annual meeting as a public company that management intends to build on this
year's successes and extend its growth. Since becoming publicly owned,
FirstBank's stock has doubled from $10 per share to about $20, while total
assets rose from $137 million to more than $183 million, due solely to
internal growth.
"Our strategy includes using FirstBank's abundant capital to expand both
through acquisitions and internally. If successful, we will reduce our
capital position from its current 16.5% level to a more normal 8-9% range. We
are building to exceed $350 million in assets by 2003, and improve return on
equity to the 11-13% range," said Clyde E. Conklin, President and Chief
Executive Officer.
Shareholders at the annual meeting, held in Clarkston, WA, approved the
adoption of FirstBank's 1998 Stock Option Plan as well as its Management
Recognition and Development Plan. Larry K. Moxley, Executive Vice President
and Chief Financial Officer of FirstBank Corp., and William J. Larson, a
partner in the Quality Inn and Convention Center in Lewiston, were re-elected
to the company's Board of Directors.
In connection with the adoption of the Management Recognition and
Development plan, the Board of Directors approved the repurchase of up to
5%, or 99,187 shares, of FirstBank's common stock, subject to approval of the
Office of Thrift Supervision. FirstBank will use 79,350 of the shares to be
repurchased to fund the Management Recognition and Development Plan.
Following the annual meeting, the Board of Directors declared a quarterly
cash dividend of $.08 per share -- its fourth consecutive cash dividend as a
public company. The dividend will be paid September 3, 1998 to shareholders
of record as of August 20. FirstBank Corp. converted to the stock form of
ownership on July 1, 1997.
"Hosting our first annual meeting as a public company was very gratifying.
We're excited to share FirstBank's successes with shareholders. All areas of
our business are performing extremely well," Conklin, noted. "Our conversion
to stock ownership, followed by the conversion to a Washington-chartered
savings bank, is providing our company with substantial additional operating
flexibility and growth opportunities."
On Tuesday, FirstBank reported net income doubled during its first fiscal
quarter of 1999 to $451,000, or $.25 per share, from $225,000 in the year-ago
quarter. Assets increased 26% and loans rose 25% over year-ago levels.
"Our lending teams have been very successful in growing loan volumes,"
Conklin noted. "Total loan originations in the June quarter were 41% above
year ago levels. Commercial loans have shown exceptional growth with
commercial real estate loans triple last year's and commercial non-real estate
loans up more than seven-fold.
"Even as loans grew dramatically, our non-performing assets declined to
just 0.35% of total assets, attesting to our team's lending experience and the
care we have given to ensuring high loan quality," he added.
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 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,
concerning expectations regarding asset and loan growth, improvement in return
on equity, use of capital and expansion opportunities, and any other guidance
on future periods, constitute forward-looking statements, which are subject to
a number of risks and uncertainties. These include regional economic
conditions, success in making acquisitions and/or expanding internally, 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 or
fax, 800-758-5804, ext. 124037
CONTACT:
Larry K. Moxley, Chief Financial Officer of
FirstBank Corp., 208-746-9610
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