8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 29, 2004

AMERICANWEST BANCORPORATION

(Exact name of registrant as specified in its charter)

Washington	0-18561	91-1259511
(State of other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

9506 North Newport Highway

Spokane, Washington 99218-1200

(Address of principal executive offices, including Zip Code)

(509) 467-6993

(Registrant’s telephone number, including area code)

ITEM 5. Other Events and Required FD Disclosure.

On January 29, 2004, AmericanWest Bancorporation (NASDAQ:AWBC) announced earnings of $3.5 million or $0.36 per diluted share and earnings of $14.0 million or $1.47 per diluted share, respectively, for the quarter and year ended December 31, 2003. A copy of the press release announcing the results is attached hereto as Exhibit 99.1 and incorporated herein by this reference.

The Company also announced a 10% stock dividend to be issued February 20, 2004 to shareholders of record on February 9, 2004, and the appointment of two new directors to AmericanWest Bancorporation’s board of directors, Gary Bolyard and Craig Eerkes. Copies of the press releases announcing the 10% stock dividend and the two new directors are attached hereto as Exhibits 99.2 and 99.3, respectively.

ITEM 7. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Exhibits.

The following exhibits are furnished herewith:

Exhibit Number	Description
99.1	Press Release reporting results of operations for the quarter and fiscal year ended December 31, 2003.
99.2	Press Release announcing 10% stock dividend.
99.3	Press Release announcing two new directors.

ITEM 12. Results of Operations and Financial Condition.

On January 29, 2004, AmericanWest Bancorporation (NASDAQ:AWBC) announced earnings of $3.5 million or $0.36 per diluted share and earnings of $14.0 million or $1.47 per diluted share, respectively, for the quarter and year ended December 31, 2003. A copy of the press release announcing the results is attached hereto as Exhibit 99.1 and incorporated herein by this reference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: January 30, 2004

AMERICANWEST BANCORPORATION
By:	/s/    WESLEY E. COLLEY
	Wesley E. Colley
	President and CEO

2

EX-99.1

EXHIBIT 99.1

AMERICANWEST BANCORPORATION
CONTACT:	Wes Colley	President and CEO
	Tim Cassels	Vice President and CFO
	(509) 467-6993

NEWS RELEASE

AMERICANWEST BANCORPORATION COMPLETES RECORD YEAR

SPOKANE, WA – January 29, 2004 – AmericanWest Bancorporation (Nasdaq:AWBC) today announced that net income for the fourth quarter of 2003 increased to $3.5 million or $.36 per diluted share in comparison to $2.9 million or $.33 per diluted share as reported for the fourth quarter of 2002. For the year ending December 31, 2003 net income was $14.0 million or $1.47 per diluted share, compared to $10.9 million, or $1.21 per diluted share for the same period last year. Per share figures for 2003 have been adjusted for a 10% stock dividend issued February 14, 2003.

“2003 was a successful year for AmericanWest that included the integration of Bank of Latah, the opening of four new branches, and improved profitability,” said Wes Colley, President and CEO. “We are looking forward to 2004 as we explore opportunities to strengthen our profitability and continue our growth.”

Total assets at December 31, 2003 increased to $1.0 billion from $916.8 million at December 31, 2002. Loans rose to $863.7 million from $764.9 million at December 31, 2002. Deposits increased to $871.1 million at year-end 2003 compared to $766.3 million the year before.

Net interest income of $15.2 million for the fourth quarter of 2003 increased from $12.8 million in net interest income reported for the fourth quarter of 2002. Similarly, net interest income for the year ending December 31, 2003 increased to $56.8 million from $44.1 million for the same period last year. The increase in net interest income was due to the increase in earning assets related to the acquisition of Latah Bancorporation, internal growth, and a lower cost of funds. The net interest margin for the year-end 2003 increased to 6.47% from 6.18% one year ago. The increase is due to a decrease in the cost of funds, which was offset by a decrease in earning asset yields.

Noninterest income decreased slightly to $1.5 million for the fourth quarter of 2003, compared to $1.6 million for the same period last year. Noninterest income for the year ending December 31, 2003 increased to $6.2 million, compared to $5.4 million one year ago. The increase for the year is primarily attributed to the acquisition of Latah Bancorporation and its subsidiary, Bank of Latah, along with increased service fees and mortgage banking activity.

Noninterest expense increased to $8.7 million in the fourth quarter of 2003 and $35.1 million for the year ending December 31, 2003 from $8.0 million and $27.6 million in the same period last year, respectively.

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AWBC – 2002 Earnings

January 29, 2004

Page Two

These increases are primarily due to the acquisition of Latah Bancorporation and its subsidiary, Bank of Latah, in the third quarter of 2002 and increased incentive compensation.

“AWBC’s corporate efficiency ratio remained stable at 55.8% compared to 55.7% in 2002,” said Colley. “We continue to consolidate ‘back room’ operations to improve productivity and efficiency throughout our organization.”

Total nonperforming assets decreased to $19.9 million, or 1.95% of total assets in 2003, compared to $21.4 million, or 2.34% of total assets in 2002. The allowance for loan losses was $12.5 million – equal to 1.42% of total loans at December 31, 2003 compared to 1.32% at December 31, 2002.

Shareholder equity rose to $96.2 million at December 31, 2003 compared to $81.1 million at the end of 2002. In 2003, AWBC repurchased 61,960 shares for $1.1 million. For the year ended 2003, return on average assets was 1.47%. Return on average equity was 15.87% in 2003.

AmericanWest Bancorporation is a community bank holding company with 41 branch offices – 33 in Central and Eastern Washington and 8 in Northern Idaho.

This release contains certain forward-looking statements within the Private Securities Litigation Reform Act of 1995 (PSLRA), including statements about the financial condition, results of operations, future financial targets and earnings outlook of the Company. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Those factors include, but are not limited to, impact of the current national and regional economy on small business loan demand in the Company’s market, loan delinquency rates, changes in portfolio composition, the bank’s ability to attract quality commercial business, interest rate movements and the impact on margins such movement may cause, changes in the demographic make-up of the Company’s market, fluctuation in demand for the Company’s products and services, the Company’s ability to attract and retain qualified people, regulatory changes, competition with other banks and financial institutions, and other factors. For a discussion of factors that could cause actual results to differ, please see the Company’s reports on Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. Words such as “targets,” “expects,” “anticipates,” “believes,” other similar expressions or future or conditional verbs such as “will,” “may,” “should,” “would,” and “could” are intended to identify such forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereto. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. This statement is included for the express purpose of protecting the Company under PLSRA’s safe harbor provisions.

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AWBC – 2002 Earnings

January 29, 2004

Page Three

	Fourth Quarter Ended December 31,				Year Ended December 31,
FINANCIAL HIGHLIGHTS	2003		2002		2003		2002
	(unaudited) ($ in thousand except per share)
Interest Income	$	18,714	$	16,912	$	71,248	$	59,202
Interest Expense	$	3,469	$	4,162	$	14,486	$	15,110
Net Interest Income	$	15,245	$	12,750	$	56,762	$	44,092
Provision for Loan Losses	$	2,741	$	1,843	$	6,324	$	5,663
Noninterest Income	$	1,486	$	1,584	$	6,176	$	5,384
Noninterest Expense	$	8,654	$	8,022	$	35,120	$	27,560
Income Before Income Tax	$	5,336	$	4,469	$	21,494	$	16,253
Income Tax	$	1,875	$	1,559	$	7,508	$	5,354
Net Income	$	3,461	$	2,910	$	13,986	$	10,899
Basic Earnings Per Share*	$	0.38	$	0.33	$	1.53	$	1.25
Diluted Earnings Per Share*	$	0.36	$	0.31	$	1.47	$	1.21
Basic Weighted Average Shares Outstanding*		9,169		8,873		9,133		8,750
Diluted Weighted Average Shares Outstanding*		9,521		9,357		9,522		9,014

BALANCE SHEET	December 31, 2003			December 31, 2002
Total Assets	$	1,021,779		$	916,831
Net Loans	$	863,718		$	764,938
Securities	$	40,726		$	48,173
Deposits	$	871,125		$	766,335
Borrowings	$	47,471		$	63,696
Shareholders’ Equity	$	96,198		$	81,130
Book Value Per Share*	$	10.45		$	9.12
Tangible Book Value Per Share*	$	8.83		$	7.41
FINANCIAL RATIOS: (Annualized)	December 31, 2003			December 31, 2002
Return on Average Assets		1.47	%		1.41	%
Return on Average Equity		15.87	%		15.08	%
Efficiency Ratio		55.80	%		55.70	%
Operating Expense to Average Assets		3.70	%		3.55	%
Net Interest Margin to Average Earning Assets		6.47	%		6.18	%

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AWBC – 2002 Earnings

January 29, 2004

Page Four

ALLOWANCE FOR LOAN LOSSES:	December 31, 2003			December 31, 2002
	($ in thousands)
Balance Beginning of Period	$	10,272		$	6,624
Balances Acquired	$	—		$	878
Provision for Loan Losses	$	6,324		$	5,663
Net Charge Offs	$	(4,143	)	$	(2,893	)
Balance End of Period	$	12,453		$	10,272
Allowance for Loan Losses to Total Loans		1.42	%		1.32	%
Allowance for Loan Losses to Nonperforming Loans		99.40	%		75.76	%
NONPERFORMING ASSETS:	December 31, 2003			December 31, 2002
	($ in thousands)
Accruing Loans – 90 days past due	$	43		$	244
Nonaccrual Loans	$	12,485		$	13,315
Total Nonperforming Loans	$	12,528		$	13,559
Foreclosed Assets	$	7,408		$	7,873
Total Nonperforming Assets	$	19,936		$	21,432
Total Nonperforming Assets to Total Assets		1.95	%		2.34	%

* All per share figures have been adjusted for a 10% stock dividend February 14, 2003.

EX-99.2

EXHIBIT 99.2

AMERICANWEST BANCORPORATION
CONTACT:	Wes Colley
	President and Chief Executive Officer
	(509) 467-6993

NEWS RELEASE

AMERICANWEST BANCORPORATION DECLARES 10% STOCK DIVIDEND

SPOKANE, WA – January 28, 2004 – AmericanWest Bancorporation (Nasdaq:AWBC) today announced its Board of Directors declared a 10% stock dividend to be issued February 20, 2004 to shareholders of record on February 9, 2004.

As a result of the dividend, shareholders will receive 10 additional shares for every 100 shares currently owned. AmericanWest Bancorporation now has approximately 9.2 million shares outstanding and will have approximately 10.1 million shares outstanding after payment of the stock dividend. Fractional shares of .5 or more will be rounded up and less than .5 will be rounded down.

AmericanWest Bancorporation is a community bank holding company with 41 branch offices – 33 in Central and Eastern Washington and 8 in Northern Idaho.

Statements concerning future performance, developments or events, and any other guidance on future periods constitute forward-looking statements subject to a number of risks and uncertainties. These include efficiency improvements, increased loan loss reserve, loan and savings product demand, changes in the banking regulatory environment, the effect of changing economic conditions throughout the U.S., as well as Eastern and Central Washington State, and other risk factors detailed in the Company’s Securities and Exchange Commission filings.

EX-99.3

EXHIBIT 99.3

AMERICANWEST BANCORPORATION
CONTACT:	Wes Colley
	President and Chief Executive Officer
	(509) 467-6993

NEWS RELEASE

AMERICANWEST BANCORPORATION APPOINTS TWO NEW DIRECTORS TO BOARD

SPOKANE, WA – January 30, 2004 – AmericanWest Bancorporation (Nasdaq:AWBC) today announced its Board of Directors has appointed Gary Bolyard and Craig Eerkes to the board of AmericanWest Bancorporation.

Mr. Bolyard is a retired banker with 37 years of experience. For 21 years he served as President of two banks – First Mutual Bank and Central Washington Bank. He was also President of Central Washington Bancorp. When Central Washington Bank was sold to InterWest Bancorp, the last three years of his career were spent as Vice Chairman of Corporate Development. He retired from that position in 1999. During his career, Mr. Bolyard served as a Director on seven bank boards, most recently with Pacific Northwest Bank and Bancorp until October 2003.

“Gary brings to our board prior bank board experience and invaluable experience and knowledge in the banking business,” said Wes Colley, President and Chief Executive Officer.

Mr. Bolyard is a life-long resident of Washington State. He is a graduate of the University of Washington and has completed advanced studies in finance at the University of Indiana and Brown University. During his career, Mr. Bolyard has served on numerous Community and Civic Boards.

Craig Eerkes is the President of Sun Pacific Energy, Inc. – a Tri-Cities based retail and wholesale petroleum company with stores and customers located throughout Washington State. Mr. Eerkes has served on three bank boards. He was instrumental in founding American National Bank in Kennewick, Washington in 1980 and served as Chairman of the bank from 1984 until its sale to First Hawaiian Bank in 1996, at which time he became Vice Chairman of the Northwest Region. During 2000, he also served as a Board Member of Columbia Trust Bank.

“Craig brings twenty years of prior bank board experience and a shared philosophy with AmericanWest Bancorporation. In addition to his vast business and bank board experience, he also has experience as a Commercial Loan Banker,” said Colley.

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AWBC – Director Appointments

January 30, 2004

Page Two

Mr. Eerkes is also a life-long resident of Washington State. He is a past President of the Western Petroleum Marketers Association and is currently Vice Chairman of the Petroleum Marketers Association of America and a Director of Western Mutual Insurance.

AmericanWest Bancorporation is a community bank holding company with 41 branch offices – 33 in Central and Eastern Washington and 8 in Northern Idaho.

This release contains certain forward-looking statements within the Private Securities Litigation Reform Act of 1995 (PSLRA), including statements about the financial condition, results of operations, future financial targets and earnings outlook of the Company. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Those factors include, but are not limited to, impact of the current national and regional economy on small business loan demand in the Company’s market, loan delinquency rates, changes in portfolio composition, the bank’s ability to attract quality commercial business, interest rate movements and the impact on margins such movement may cause, changes in the demographic make-up of the Company’s market, fluctuation in demand for the Company’s products and services, the Company’s ability to attract and retain qualified people, regulatory changes, competition with other banks and financial institutions, and other factors. For a discussion of factors that could cause actual results to differ, please see the Company’s reports on Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. Words such as “targets,” “expects,” “anticipates,” “believes,” other similar expressions or future or conditional verbs such as “will,” “may,” “should,” “would,” and “could” are intended to identify such forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereto. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. This statement is included for the express purpose of protecting the Company under PLSRA’s safe harbor provisions