Q1 2019 Hart Charts Press Release

For Immediate Release

May 2, 2019

Banking Sector Strength Props Up Local Index of Publicly Traded Companies

Hart Capital Management, Inc. has released its First Quarter 2019 Hart Capital Inland Northwest Index & Composite (the Hart Charts). The Index, which tracks eight 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), increased 1.8% over the last three months, compared to the S&P 500 that gained 13.1%. During the same period, the Composite rose $453.1 million, or 4.9%.

PotlatchDeltic Corp (PCH), leading the way for the quarter, produced a 19.4% gain as the company directly benefited from a 30% rise in lumber prices in January. W.T.B. Financial Corporation (WTBFB) and Idaho Independent Bank (IIBK) were the other two leaders, gaining 12.2% and 10.9%, respectively. The remaining companies in the Index produced negative returns in the quarter, with Clearwater Paper Corp (CLW) coming in last with a loss of 20.1% due to declining profits.

For the trailing twelve months, Idaho Independent Bank (IIBK) led the way with a gain of 53.1% after spiking 40.5% on its October 11th announcement that it would be acquired by First Interstate BancSystem, Inc. (FIBK) of Billings, MT. The acquisition was completed on April 8th. As a result, the Hart Charts will have one less constituent going forward since FIBK is not based in the Inland Northwest. W.T.B. Financial Corporation (WTBFB), up 2.1%, was the only other company in the Index to produce a positive return in the period. Clearwater Paper Corp (CLW) was the laggard during this period, losing 47.4% in the period.

The Hart Capital Composite fell $2.90 billion, or 23.2% over the trailing twelve months. However, $95.9 million of the loss can be attributed to Northwest Bancorporation, Inc. being acquired by First Interstate BancSystem, Inc. (FIBK). The all-stock transaction was valued at approximately $160.9 million in aggregate, or $21.03 per share.

View a copy of the most recent Hart Charts here.

Hart Capital Management, Inc. is an independent, research-focused investment firm that serves the Inland Northwest from its offices in Spokane, Washington and Coeur d’Alene, Idaho.

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

Contact: Craig Hart, (509) 444-7007, [email protected]

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