Spokane Journal of Business

Composite value of INW public companies rises

While up compared to Q1, year-to-year figures slide

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Spokane-based financial advising company Hart Capital Management Inc. says the composite value of the region’s seven publicly traded companies rose to $10.2 billion in the second quarter, an increase of 5.9%, or $566.8 million, compared to the first-quarter composite. 

The rise marks an increase for the second consecutive quarter. After falling to $9.2 billion at the end of fourth quarter 2018—the lowest value since second quarter 2016’s $9.8 billion—the composite rose to $9.6 billion in this year’s first quarter.

Hart Capital tracks the seven publicly traded companies in the Inland Northwest with its composite and Inland Northwest Index. Those companies are Avista Corp., Clearwater Paper Corp., Hecla Mining Co., Itron Inc., Key Tronic Corp., PotlatchDeltic Corp., and WTB Financial Corp., the holding company for Washington Trust Bank.

While up from the previous quarter, the composite fell $1.9 billion compared with the previous year. About $268.1 million of the decline is due to Northwest Bancorporation Inc. and Idaho Independent Bancorporation Inc. no longer being included in the results. Billings, Mont.-based First Interstate BancSystem Inc. acquired both companies. 

Market capitalization, the total dollar value of outstanding shares of stock, increased for four of the seven companies.

Hecla Mining experienced the largest second-quarter decline, with its market capitalization falling to $875.2 million during the second quarter, for a 22% drop. Concern surrounding the company’s access-to-debt refinancing, low-gold grades at “underperforming” mines in Nevada, and the prolonged strike at the Lucky Friday Mine in Idaho are cited for the decline in the Hart report.

Key Tronic experienced a market capitalization decline from $66.4 million to $53.6 million and Clearwater Paper saw a decline from $321.8 million to $305.5 million.

Itron, Avista, Washington Trust, and PotlatchDeltic each had composite gains. Itron experienced a 34% gain to $2.46 billion; Avista, nearly 10% to $2.93 billion; and Washington Trust, 3.6% to $937 million. PotlatchDeltic saw a 2.8% gain to $263.4 billion.

On a year-to-date basis, Itron is the only company to produce a positive return over the 12-month period ending June 30, with a gain of 4.2%.

The Hart Index uses a methodology similar to that of S&P 500. Hart Capital is an independent, research-focused investment firm that serves the Inland Northwest from its offices in Spokane and Coeur d’Alene. The 21-year-old company now has $400 million in assets under management.

Kevin Blocker
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