LEWISTON, Idaho, Dec. 8 /PRNewswire/ -- FirstBank NW Corp. (Nasdaq: FBNW),
the holding company for FirstBank Northwest, today announced it will
repurchase an additional 5%, or approximately 84,400, of its common shares on
the open market. This is the company's fifth stock repurchase since July
1998. The repurchase program, which has been approved by the Office of Thrift
Supervision, may (or may not) begin immediately and will be completed over
time during the next 12 months. FirstBank has completed repurchases totaling
approximately 19% of its shares over the past 18 months, of which 4% was
reissued to fund stock benefit plans.
"Our company's strong performance and undervalued stock lead us to believe
that acquisition of FBNW shares is among the best uses of our corporate
capital. At its current price of $13.25, FBNW stock trades at just 80% of
FirstBank NW's tangible book value of $16.63," said Clyde E. Conklin,
President and Chief Executive Officer. As of September 30, 1999, FirstBank
NW's consolidated capital equaled 11.93% of total assets. The repurchased
shares will be held in Treasury until they are needed to fund future stock
options exercised or needed for other purposes.
"Contributions from new branches combined with solid growth in
agricultural, commercial and consumer loan originations have brought strong
results," he noted. For the first half of fiscal 2000 (ended 9/30/99)
FirstBank NW deposits jumped more than 21% from year ago levels to
$149.6 million, while net loans gained 14% to $176.9 million, and assets rose
11% to $224.6 million. Net income was $524,000 for second quarter of fiscal
2000, and earnings per diluted share rose nearly 19% to $.32 from $.27 per
diluted share one year ago, based approximately 8% fewer shares outstanding
due to stock repurchases.
"Over the past year FirstBank NW has invested heavily in new technology,
has both expanded and streamlined the corporate infrastructure, and has
implemented other programs to prepare our company for long term growth,"
Conklin added. "We are ready to provide our customers with the best possible
services going into the new millennium." The bank's newest branch opened in
Liberty Lake -- a suburb of Spokane -- in November. It is FirstBank
Northwest's second branch in Washington.
FirstBank NW Corp. is the parent of FirstBank Northwest. 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 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 NW's
downtown Lewiston and Coeur d'Alene branches. FirstBank NW 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, 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
FirstBank Corp., 208-746-9610
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