LEWISTON, Idaho, Oct. 22 /PRNewswire-FirstCall/ --
FirstBank NW Corp. (Nasdaq: FBNW), the holding company for FirstBank
Northwest, announced it will initiate a 5% stock repurchase program as
authorized by the Board of Directors at the October 17, 2002 board meeting.
Shares to be repurchased total 69,300 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 stockholder's interests. Stock repurchases
are recognized as excellent vehicles to enhance trading liquidity and stock
value. Currently, FirstBank's stock is trading at approximately 85% of book
value. We anticipate repurchases within this authorization to be managed over
the next year as our operating plan is executed."
Since July 1998, FirstBank NW Corp. has completed repurchases totaling
33%, or 662,828 shares, of which 4% has been reissued to fund stock benefit
plans, for a net repurchase of 29%, or 580,158 shares.
FirstBank recently reported fiscal quarter end September 30, 2002 results
reflecting an 8.8% growth in net income and 11.6% growth in Earnings Per Share
(EPS). FirstBank also grew total assets by 11.9% to $325.8 million from
$291.2 million at September 30, 2001.
In addition, a cash dividend of $.15/share was reported for stockholders
of record on November 14, 2002, to be paid on November 28, 2002.
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 $18.95 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.
 back to top
Related links:
http://www.fbnw.com
CONTACT:
Larry K. Moxley, Exec. VP & CFO of FirstBank
NW Corp., +1-208-746-9610
|
