Hart Capital Management Inc.’s Inland Northwest Composite, which tracks the aggregate market value of 11 publicly traded companies in the region, fell 8 percent in the third quarter to $7.03 billion, from $7.64 billion in the second quarter 2015. 

It marked the third consecutive quarter the 11 companies’ composite value has declined. At the end of the 2011 first quarter, Hart Capital recorded a record $13.6 billion composite for 15 publicly traded companies based in this area.

A separate index, which tracks publicly traded companies in the Inland Northwest in a methodology similar to the Standard & Poor’s 500, fell 7.7 percent in the last three months, lagging the S&P 500, which decreased 6.9 percent during the same time period.

In the last three-month period, five of the tracked companies experienced an increase in market capitalization. Avista Corp., of Spokane, rebounded from a $222.2 million second-quarter drop in market capitalization to a $162.7 million increase. Avista was the top positive contributor among the 11 companies for the latest quarter.

Inland Northwest Bank parent Northwest Bancorporation Inc., of Spokane, and Red Lion Hotels Corp., of Spokane, recorded market cap gains of $22.5 million and $17.5 million, respectively, trailing Avista in second and third place.

Companies that experienced big decreases in quarter-to-quarter market value included Potlatch Corp., of Spokane, down $265.6 million; Hecla Mining Co., of Coeur d’Alene, down $246.4 million; Clearwater Paper Corp., of Spokane, down $191.7 million; and Itron Inc., of Spokane, down $107.2 million.

Ambassadors Group Inc. led the Inland Northwest index with an 11.5 percent increase in stock price from the second to third quarter after announcing it will be closing.

It said earlier this week that it intends to file a certificate of dissolution with the Delaware Secretary of State and to close its stock transfer books and discontinue recording transfers of its common stock as of the close of business on Oct.23.  It also said it plans to file a Form 25 with the Securities and Exchange Commission on that date to delist its common stock from the NASDAQ stock exchange.

The company’s dissolution was approved by stockholders on Oct. 13. In connection with the dissolution, the company’s board has approved an initial liquidating distribution of $2.85 per share of the company’s common stock. The distribution will be paid on or about Oct. 29 to stockholders of record as of the effective date of the certificate of dissolution.

The other top performers in the Hart Capital index were Red Lion Hotels and Avista, rising 11 percent and 8.5 percent, respectively. Hecla Mining was the weakest performer with a decline of 25.1 percent. This was only third reporting period that the Inland Northwest index has lagged the return of the S&P index for the aggregate period since its inception in 2002, Hart Capital says.

Avista, Itron, and Potlatch are the largest publicly traded companies here, with market capitalizations of $2.07 billion, $1.22 billion, and $1.17 billion, respectively, at the end of the third quarter.

Four publicly traded companies formerly based here have been dropped from the list over the last several years. They include Coeur Mining Inc., of Coeur d’Alene, which moved its headquarters to Chicago; Intermountain Community Bancorp, which merged with Tacoma, Wash.-based Columbia Banking System Inc.; Sterling Financial Corp., which merged with Portland-based Umpqua Holdings Corp.; and Sandpoint-based Coldwater Creek Inc., which shut down after filing for bankruptcy.