Redwood Financial, Inc. First Quarter Earnings And Announcement of 5% Stock Repurchase Program REDWOOD FALLS, Minn., Nov. 19 /PRNewswire/ -- Redwood Financial, Inc. (OTC Pink Sheets: REDW) (the "Company"), the parent holding company of HomeTown Bank has announced net earnings for the first fiscal quarter ended September 30, 2003. For the three months ended September 30, 2003, the Company recorded net earnings of $161,424. Basic and diluted earnings per share were $0.32 per share, and $0.29 per share, respectively. Comparatively, for the three months ended September 30, 2002, the Company recorded net earnings of $147,100. Basic and diluted earnings per share were $0.28 per share, and $0.27 per share, respectively. At September 30, 2003, the Company reported total consolidated assets and consolidated stockholders' equity of $80.8 million and $9.6 million, respectively. HomeTown Bank is headquartered in Redwood Falls, Minnesota and operates through its main office in Redwood Falls and its branch offices located in Redwood Falls and Olivia, Minnesota. The Bank's deposits are insured up to maximum legal limits by the Federal Deposit Insurance Corporation (FDIC). In addition, the Company further announces its intention to repurchase shares of the Company's common stock. Mr. Paul W. Pryor, President, said the Company has been authorized by the Board of Directors to repurchase up to 25,930 shares (approximately 5% of its currently outstanding shares) of common stock. DATASOURCE: Redwood Financial, Inc. CONTACT: Paul W. Pryor of Redwood Financial, Inc., +1-507-644-4663, or fax: +1-507-644-4664 Web site: http://www.redwoodfinancial.com/

Copyright