Hart Capital Management Inc.'s Inland Northwest Composite, which gauges the aggregate market value of 15 publicly traded companies in the region, declined compared with the record high set in the previous quarter. Still, it's well ahead of a year earlier.
The Spokane-based investment firm reported earlier this month that as of June 30, the composite fell to $11.8 billion, down about $1.8 billion from a record high in the previous quarter.
During the three-month period, only three of the 15 companies showed an increase in value. Avista Corp., of Spokane, had a $159 million increase in market capitalization, which made it the top positive contributor.
WTB Financial Corp., the Spokane-based parent of Washington Trust Bank, had an $8 million value increase, and the value of Northwest Bancorporation Inc., Inland Northwest Bank's parent, rose by $2 million.
Coeur d'Alene Mines Corp. suffered the largest drop in value, losing $934 million in market capitalization. Other companies that experienced large decreases in quarter-to-quarter market value included Itron Inc., down $326.7 million, and Hecla Mining Co., down $200.1 million.
While the composite decreased compared with the previous quarter, it still was up 28 percent, or $2.6 billion, compared with the second quarter of 2010. Throughout the past 12-month period, the total market value of the Inland Northwest companies has been higher than it had been at any point during the previous two years.
In addition to the composite, Hart Capital operates an Inland Northwest Index, which tracks the same 15 companies in an index methodology similar to that of the Standard & Poor's Index.
Like the composite, the Inland Northwest index declined in quarter-to-quarter comparisons but is well above the year-earlier period.
Comparatively, the S&P 500 Index decreased marginally during the second quarter of this year.
Stock in Northwest Bancorp increased by the greatest percentage during the second quarter, increasing in value by 15 percent, followed by an 11 percent increase in Avista stock and a 3 percent rise in WTB Financial.
Sandpoint-based retailer Cold-water Creek Inc. had the worst performing stock, with its stock price falling in value by 47 percent during the three-month period. Coeur d'Alene Mines stock price fell 30 percent in value during the same time period, and Idaho Independent Bank's stock price fell 27 percent.
While Coeur's stock fell dramatically during the quarter, the stock has risen in value faster than any of the other companies in year-to-year comparisons, increasing 54 percent during the 12-month period.
As was the case for the quarterly comparison, Coldwater Creek's stock price fell most precipitously during the 12-month period ending June 30, with a 59 percent decline.
Sterling Financial Corp. wasn't far behind, with 56 percent decrease in stock price.
The 15 companies included in both the composite and the index are Ambassadors Group Inc., Clearwater Paper Corp., Coeur d'Alene Mines, Coldwater Creek, Hecla Mining, Idaho Independent Bank, Intermountain Community Bancorp., Itron, Key Tronic Corp., WTB Financial, Northwest Bancorp., Potlatch Corp., Red Lion Hotels Corp., and Sterling Financial.
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