Redwood Financial, Inc. First Quarter Earnings And Announcement of 5% Stock Repurchase Program
November 19 2003 - 12:08PM
PR Newswire (US)
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/
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