Q2 2020 Hart Charts Press Release

For Immediate Release

July 14, 2020

S&P 500 Index Beats Hart Capital Inland Northwest Index

Hart Capital Management, Inc. has released its Second Quarter 2020 Hart Capital Inland Northwest Index & Composite (the Hart Charts). The Index, which tracks seven 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 12.7% over the last three months, compared to the S&P 500 which grew by 20.0% in the quarter.

For the Hart Capital Inland Northwest Index all but one company rose in the second quarter, thanks to a broad market rebound for U.S. stocks. Leading the Index in the quarter was KeyTronic (KTCC) with an 82.1% gain, followed by Hecla Mining Company (HL) at 79.7%, and Clearwater Paper (CLW) with a 65.7% increase. The only performer in the red was Avista (AVA) which declined 14.4% in the period, in line with a general sell-off of Utility stocks.

Year to Date, Clearwater Paper Corporation (CLW) was the standout performer with a 69.1% gain and was the only Company in the Index that appreciated for the period. W.T.B Financial Corporation (WTBFB) lost 27.2% for the six months, due to concerns of heightening credit losses, and lower interest margins.

Over the trailing twelve months, Clearwater Paper Corporation (CLW) has seen the largest appreciation in share price out of INW index companies with an impressive 95.4% gain. The company has benefitted in increased demand for various paper products during Q2, resulting from COVID-19 related shifts in consumer demand. Hecla Mining has also seen their share price rise considerably in the last year, appreciating 81.7% in the trailing twelve months.

The Hart Capital Composite, which measures each component by its total market value, increased by $1.5 billion, or 16.4% in the second quarter. The growth in the Composite was led by Hecla Mining (HL) with a $768 million gain. Avista was the only company in the INW Composite to have a lower market capitalization at the end of the second quarter, losing $410.1 million in market capitalization. Over the trailing twelve months, the Composite gained $540.1 million, or a gain of 5.3%.

A copy of the most recent Hart Charts has been included with this release for review. View 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. The Hart Capital Composite reflects the value of publicly traded companies in the Inland Northwest. It does not directly reflect the investment positions that Hart Capital Management makes on behalf of its clients.

For detailed information related to Hart Capital Management, Inc. or the Hart Charts, please contact us directly. Our website can be found at www.hartcap.com.

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

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