FirstBank NW Corp. of Clarkston, Wash., announced Friday that earnings for its first fiscal quarter rose 19.3%, to $1.9 million.
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The $843 million-asset company increased loan demand, specifically for construction lending in Boise and commercial real estate lending in Boise and Couer d'Alene in Idaho and in Spokane, was the main reason for the profit increase.
FirstBank's net loans of $602 million in the three months that ended June 30 topped the year-earlier period by 29%, and its net interest margin rose slightly, to 4.47%. Interest income rose 27%, to $12 million.
