Q1 2018 Hart Charts Press Release

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For Immediate Release

April 11, 2018

Inland Northwest Index Outpaces S&P Index in First Quarter 2018

Hart Capital Management, Inc. has released its First Quarter 2018 Hart Capital Inland Northwest Index & Composite (the Hart Charts). The Index, which tracks nine of the largest and most influential publicly traded companies in the Inland Northwest in a methodology similar to that of the Standard & Poor’s 500 (S&P 500), decreased 0.1% over the last three months, compared to the S&P 500 that fell 1.2% in the same period.

For the quarter, Idaho Independent Bank (IIBK) led the Index, returning 12.4%. The company’s stock accelerated its upward trajectory after it reported significant loan and deposit growth and an increase in net interest margin. The other top performers in the quarter were Itron, Inc. (ITRI) and PotlatchDeltic Corporation (PCH), rising 4.9% and 4.3%, respectively. Clearwater Paper Corporation (CLW) was the weakest performer with a decline of 13.9%. Avista (AVA), currently the largest company in the group by market cap, will continue to be in the index until its pending merger with Canada’s Hydro One closes later this year.

For the twelve-month period ending March 30, W.T.B. Financial Corporation (WTBFB), Idaho Independent Bank (IIBK) and Avista Corporation (AVA) led the Index, increasing 34.9%, 32.7%, and 29.3%, respectively. WTBFB’s strong performance can be attributed to both a strong financial performance and the potential benefits of the tax reform bill. Clearwater Paper Corporation (CLW) was the worst performer in the Index, declining 29.7% in the same period. The company’s performance in the year has been impacted by many issues such as prolonged facilities maintenance, hurricanes, and higher input costs.

The Hart Capital Management Composite rose $1.2 billion, or 10.7% in the first quarter. The increase was almost entirely due to the completion of the merger between Potlatch and Deltic Timber (now renamed PotlatchDeltic Corp) on February 20. Itron, Inc. (ITRI) led the Composite over the trailing twelve months, contributing $1.5 billion to the Composite’s $2.1 billion rise over this period.

A copy of the most recent Hart Charts has been included with this release for review.

Hart Capital Management, Inc. is an independent, research-focused investment firm that serves the Inland Northwest from its headquarters in Spokane, Washington.

For detailed information related to Hart Capital Management, Inc. or the Hart Charts, please contact us directly.


Craig Hart, (509) 444-7007, craig@hartcap.com

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