LEWISTON, Idaho, Oct. 19 /PRNewswire/ --
FirstBank NW Corp. (Nasdaq: FBNW), the holding company for FirstBank
Northwest, today reported solid net income of $533,175, or $.37 per diluted
share, in its second fiscal quarter ended September 30, 2000, compared to
$523,610, or $.32 per diluted share, in the like quarter a year ago.
FirstBank also announced its Board of Directors has declared a regular
quarterly cash dividend of $.10 per common share. The dividend will be paid
November 30, 2000 to shareholders of record at November 16. This marks the
13th regular quarterly cash dividend since FirstBank's conversion to the stock
form of ownership in July 1997.
"The first half of fiscal 2001 is right on target," said Clyde E. Conklin,
Chief Executive Officer. "Our second quarter results reflect continued close
supervision of funding costs, fee income, and credit quality. We anticipate
continued performance, meeting our plan based on current economic activity.
"Total loans receivable rose 12% from last year," continued Conklin. "Much of
the growth is a direct result from focusing our efforts on commercial and
agricultural loans." Total loans receivable were $205 million, compared to
$184 million at September 30, 1999.
"Commercial and agricultural loans are 43% of our total loan portfolio,"
added Larry K. Moxley, Executive Vice President and Chief Financial Officer.
"Consumer loans represent 17% of the portfolio while construction loans remain
at 4%. Residential real estate loans now account for 36% of the total
portfolio."
"Our asset quality remains high with this good loan growth as
non-performing assets are .51% of assets at September 30, 2000," said Moxley.
"We believe the loan loss allowance is adequate at 147.36% of non-performing
loans and .81% of total loans in our portfolio.
"Our growth in lending has outpaced our deposit growth, so our borrowings
from the FHLB continue to increase. This has caused our net interest margin
to slip," continued Moxley. Net interest income after the provision for loan
losses was $2.2 million for the second quarter, compared to $2.0 million in
the year ago quarter. The net interest margin for the quarter was 3.84%
compared to 4.46% a year ago.
Non-interest income was $709,000 for the second quarter, compared to
$708,000 in the like quarter a year ago. "Increases in service charges and
fees have offset the reduced fee income from sold loans," said Moxley.
Non-interest, or operating expense was $2.1 million for the quarter,
compared to $2 million a year ago. FirstBank's efficiency ratio is 70.73%
compared to 70.48% a year ago. "Opportunity to become more efficient as we
grow continues to be a priority," said Conklin. The ratio of operating
expense to average assets has declined from 3.53% for the first six months of
1999, to 3.27% for the like period of September 30, 2000.
FirstBank NW Corp.'s assets increased 17% to $261 million at
September 30, 2000, from $224 million a year ago. At the end of September,
stockholders' equity was $26.0 million and the equity to asset ratio was
10% compared to 11.9% a year ago. Book value increased to $18.14 per share at
September 30, 2000, from $16.63 a year ago.
"We don't believe the fair value of our stock is being reflected by the
marketplace," said Conklin. "Since July 1998, we have completed stock
repurchases totaling 26%, or 512,000 of FBNW shares, of which 4% has been
reissued to fund employee stock benefit plans, for a net repurchase of
22%."
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in 1920,
FirstBank Northwest is based in Lewiston, Idaho. With the opening of its
Liberty Lake branch, FirstBank Northwest 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 has investment centers in FirstBank's downtown Lewiston and Coeur
d'Alene branches. FirstBank Northwest 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 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.
FIRSTBANK NW CORP
FINANCIAL HIGHLIGHTS
(unaudited) (in thousands except share and per share data)
Three Months Six Months
Ending Ending
Sept 30, Sept 30,
2000 1999 2000 1999
Interest Income 5,213 4,130 10,063 8,207
Interest Expense 2,944 2,039 5,619 3,941
Provision for Loan
Losses 32 73 134 208
Net Interest Income
After Provision for
Loan Losses 2,237 2,018 4,310 4,058
Non-Interest Income 709 708 1,278 1,274
Non-Interest Expense 2,106 1,973 4,239 4,126
Income Tax Expense 307 229 421 391
Net Income 533 524 928 815
Basic Earnings
per Share $0.38 $0.33 $0.66 $0.52
Diluted Earnings
per Share $0.37 $0.32 $0.63 $0.49
Weighted Average
Shares Outstanding
- Basic 1,395,559 1,565,035 1,415,310 1,582,188
Weighted Average
Shares Outstanding
- Diluted 1,446,947 1,639,000 1,470,862 1,659,270
September 30, March 31, September 30,
2000 2000 1999
Total Assets 260,855 247,898 224,621
Loans Receivable, net 198,768 187,664 176,869
Mortgage-Backed Securities 20,086 21,225 15,539
Investment Securities 11,848 11,335 6,666
Deposits 150,820 144,907 149,562
FHLB Advances & Other
Borrowings 80,390 74,578 45,652
Stockholders' Equity 26,023 25,866 26,801
Book Value per Share $18.14 $17.30 $16.63
Equity/ Total Assets 9.98% 10.43% 11.93%
Spread 3.62% 3.84% 3.98%
Tier 1 Capital to Average
Assets 9.32% 10.00% 9.73%
Risk-based Capital to
Risk-Weighted Assets 14.04% 13.10% 15.38%
Number of full-time
Equivalent Employees 112 111 106
FINANCIAL STATISTICS
(ratios annualized)
Three Months Fiscal Six Months
Ended Year Ended
September 30, Ended September 30,
2000 1999 March 31, 2000 1999
2000
Return on Average
Assets 0.81% 0.94% 0.75% 0.72% 0.73%
Return on Average
Equity 8.20% 7.70% 6.36% 7.13% 6.38%
Average Equity/
Average Assets 9.89% 12.18% 11.82% 10.06% 11.63%
Average Equity/
Average Loans 12.89% 15.21% 15.11% 13.13% 14.48%
Efficiency
Ratio 70.73% 70.48% 74.38% 74.09 74.48%
(operating expenses/
revenue)
Operating Expenses/
Average Assets 3.20% 3.75% 3.60% 3.27% 3.53%
Net Interest
Margin 3.84% 4.46% 4.16% 3.83 4.39%
Interest Earning
Assets/Interest
Bearing
Liabilities 104.53% 108.47% 107.95% 104.24 108.07%
Six Months Year Six Months
Ending Ended Ending
September 30, March 31, September 30,
2000 2000 1999
LOANS
(unaudited) (in thousands except share and per share data)
LOAN ORIGINATIONS:
Residential loan centers 34984 77646 48954
Consumer loan centers 9563 18859 13076
Agricultural loan centers 7662 15155 5063
Commercial loan centers 23910 41764 17978
Total Loan Origination 76119 153424 85071
LOAN PORTFOLIO ANALYSIS:
Real estate loans:
Residential 72,940 75,464 74,775
Construction 8,071 4,150 8,136
Agricultural 16,113 15,819 16,718
Commercial 29,557 24,988 23,585
Total real estate loans 126,681 120,421 123,214
Consumer and other loans:
Home equity 26,057 23,895 21,562
Agricultural operating 10,347 7,652 10,236
Commercial 32,423 32,800 21,062
Other consumer 9,216 8,264 7,336
Total consumer
and other loans 78,043 72,611 60,196
Total Loans Receivable 204,724 193,032 183,410
Six Months Year Six Months
Ending Ended Ending
September 30, March 31, September 30,
2000 2000 1999
ALLOWANCE FOR LOAN LOSSES:
Balance at Beginning of Period 1,604 1,361 1361
Provision for Loan Losses 133 287 208
Charge offs (Net of Recoveries) 119 44 22
Balance at End of Period 1,618 1,604 1,547
Loan Loss Allowance/
Net Loans 0.81% 0.83% 0.87%
Loan Loss Allowance/
Non-Performing Loans 147.36% 280.42% 229.53%
NON-PERFORMING ASSETS:
Six Months Year Six Months
Ending Ended Ending
30-Sep-00 March 31, 2000 30-Sep-99
Accruing Loans
- 90 Days Past Due 0 0 284
Non-accrual Loans 1,098 572 390
Total Non-performing Loans 1,098 572 674
Restructured Loans on Accrual 196 198 199
Real Estate Owned (REO) 26 44 68
Total Non-performing Assets 1,320 814 941
Total Non-performing Assets/
Total Assets 0.51% 0.33% 0.42%
Loan and REO Loss Allowance
as a % of Non-
Performing Assets 122.58% 194.42% 164.40%
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, Exec. VP & CFO of FirstBank
NW Corp., 208-746-9610
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