In brief: Bank company earnings dip
New branches and staff slightly depressed 2007 annual and fourth-quarter earnings at Northwest Bancorporation, President Randall Fewel said Tuesday.
The Spokane parent of Inland Northwest Bank reported $738,337 in net income for the fourth quarter, off 2 percent from the final quarter of 2006. Per-share earnings fell 1 cent to 31 cents.
For all of 2007, Northwest earned $2,637,760, off 5 percent compared with 2006. Per-share results fell 6 cents to $1.10.
Assets climbed 23 percent year over year to $343.6 million.
Net loans at INB increased 28 percent to $274.7 million. Deposits grew 29 percent to $272.5 million.
Fewel attributed the earnings declines to costs associated with the opening of branches in Spirit Lake and Hayden; construction of a Spokane branch on Francis; and the leasing of 4,000 more square feet at its Paulsen Center headquarters. The bank also hired four more commercial loan officers, bringing the total to 11.
The provision for future loan losses was increased to $420,000 from $360,000 in 2006, but Fewel said the step was taken to accommodate the increase in loan volume, not charge-offs. Net loan losses for all of 2007 were $228,000.
Fewel said he expects loan and asset growth to continue at double-digit rates in 2008.
– Bert Caldwell
S-R to broadcast on Mapleton stations
The Spokesman-Review will begin producing radio news reports that will be broadcast over stations owned by Mapleton Communications LLC in Spokane under an agreement announced Tuesday.
At least four daily newscasts, plus a weekend talk show and a week-in-review program, will be broadcast from the Spokesman-Review building.
Other programming details are still being developed and will be announced in coming weeks, Spokesman-Review Editor Steven A. Smith said.
The broadcasts are set to begin in early spring, according to the announcement. Mapleton’s Spokane stations, which were acquired recently from Citadel Communications, are KGA 1510-AM; KJRB 790-AM; KZBD 105.7-FM; KDRK 93.7-FM; KBBD 103.9-FM; KEYF 101.1-FM; and KEYF 1050-AM.
Together, they operate as RadioSpokane.
– From staff reports
Companies to work free for nonprofits
Some of America’s biggest companies are pledging to work free of charge as part of a $1 billion campaign to be announced at a pro bono summit today.
The campaign’s goal is to get $1 billion in pledges over the next three years from companies that will give employee time to nonprofit groups.
Organized by the President’s Council on Service and Civic Participation, the campaign is designed to help nonprofits fulfill back-office services such as marketing, accounting, technology and management consulting.
More than 120 executives from the business and nonprofit worlds will join government officials, including Labor Secretary Elaine Chao, at the summit in New York.
So far organizers say they have received commitments from 18 companies including General Electric Co., Target Corp., UPS, Citigroup Inc., Intel Corp., IBM Corp. and Accenture.
They plan to announce eight pledges totaling almost $120 million today.
Deloitte & Touche LLP, the accounting and consulting firm, will contribute $50 million in pro bono consulting services over the next three years.
“The message to our people is, if you spend time doing this, it’s just as important to us as the client side,” said Brian Derksen, vice chairman and deputy chief executive at Deloitte.
– Associated Press