Hedges help drive income for Kaiser

“First-quarter income for Kaiser Aluminum Corp. more than doubled, but hedges on metals prices accounted for much of the gain.

Net sales increased 2 percent, to $399 million, mostly on 8 percent growth in fabricated metal products manufactured at the company’s Trentwood rolling Mill in Spokane Valley.

Chairman Jack Hockema said two of three planned expansions at the mill are completed; work on the last expansion is due to begin in June and last four months. He told analysts Kaiser is selling everything it can produce at the mill, although net income slipped $1 million to $40 million, mostly due to higher energy costs.

Net income for the quarter was $39.1 million, or $1.92 per share, compared with $17.1 million, or 85 cents per share, for the first quarter of 2007.

“Rapid-fire reductions in interest rates contributed to lower first-quarter earnings at Northwest Bancorporation, parent of Inland Northwest Bank.

The Spokane-based bank reported net income of $440,000, or 18 cents per share, compared with $495,000, or 21 cents per share, for the same quarter in 2007.

Assets, at $352.1 million as of March 31, have increased 2.5 percent since Dec. 31 and 18.7 percent since March 31, 2007. Deposits, at $289.4 million, were up 6.2 percent for the quarter and 22.9 percent year-over-year. Net loans, at $291.7 million, increased 5.3 percent for the year so far, 32.6 percent compared with a year ago.

Net interest margin declined to 3.92 percent from 4.26 percent from the 2007 quarter because of cuts in the Federal funds rate.

The bank charged off $38,000 in loans so far in 2008. Total non-performing assets totaled $644,000, up from $570,000 a year ago.

“Coeur d’Alene Mines Corp. reported lower first quarter income on Monday, citing costs at a Mexican silver project.

The company reported income of $4.7 million, or 1 cent per share, during the first quarter. The results compared to 2007 first quarter income of $13.8 million, or 5 cents per share.

The company spent $5.8 million on pre-development work at the Palmarejo project in Mexico. About 140 workers are onsite, along with 450 construction workers. The open-pit mine is expected to start producing early next year. Annual silver output is estimated at 10.4 million ounces.

“Hecla Mining Co., of Coeur d’Alene, reported improved first-quarter income of $12.1 million, or 10 cents per share, on revenues of $46 million.

The results, released Monday, compared to 2007 first quarter results of $8 million in income, or 7 cents per share, on revenue of $54.6 million.