LEWISTON, Idaho, Oct. 26 /PRNewswire/ -- FirstBank NW Corp.
(Nasdaq: FBNW), the holding company for FirstBank Northwest, announced that
its Board of Directors has declared a regular quarterly cash dividend of
$.09 per common share. The dividend will be paid on December 2, 1999 to
shareholders of record at November 18. This is the ninth consecutive regular
quarterly cash dividend since FirstBank NW's conversion to the stock form of
ownership in July 1997.
"Cash dividends build shareholder value; plus, they demonstrate our
on-going confidence in FirstBank," said Clyde E. Conklin, President and Chief
Executive Officer. "We have made significant investments for long-term growth
during the first half of this year, and are on target with our strategic
plans. New offices and products are expected to begin paying off during the
coming year."
On Wednesday, FirstBank NW reported net income rose to $524,000 for the
three months ended September 30, 1999, resulting in earnings per diluted share
of $.32 - a 19% increase over the year ago period. Net income for the
just-ended six month period was $815,000, or earnings per diluted share of
$.49, compared to $.52 per share one year ago. Due to its on-going program of
stock repurchases, FBNW had approximately 8% fewer shares outstanding.
Net loans rose 14% to $176.9 million, deposits jumped more than 21% to
$149.6 million, and assets rose 11% to $224.6 million at September 30, 1999,
compared to the year before. The company also said its second Washington state
FirstBank Northwest branch will open in mid-November in Liberty Lake, east of
Spokane.
"Our new Salomon Smith Barney Investment Centers in Lewiston and Coeur
d'Alene are off to a good start. Salomon Smith Barney is one of the best known
names in investing and we believe this relatively new relationship offers good
potential. We intend to place investment centers in additional branches over
time," Conklin added.
FirstBank Corp. changed its name to FirstBank NW Corp. following the
company's reincorporation to Washington State from Delaware in early October.
The stock symbol has remained unchanged.
Founded in 1920, FirstBank NW is based in Lewiston, Idaho at the northern
end of Hell's Canyon. With the opening of its Liberty Lake, Washington branch,
FirstBank NW 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 recently placed investment
centers in FirstBank's downtown Lewiston and Coeur d'Alene branches.
Statements concerning future performance, developments or events,
concerning expectations regarding additional Salomon Smith Barney investment
centers, and any other guidance on future periods, constitute forward-looking
statements that are subject to a number of risks and uncertainties. These
include competitive success, the ability to integrate new branches and reduce
expenses, regional economic conditions, interest rate fluctuations, and
government and regulatory actions, which might cause actual results to differ
materially from stated expectations
SOURCE FirstBank NW Corp.
 back to top
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
FirstBank NW Corp., 208-746-9610
|
