| The Board of Directors of Pacific Northwest Bancorp has authorized the purchase of up to 5 percent of its outstanding shares of common stock in the open market over the next twelve months.
“The Board of Directors believes that our stock represents a good investment opportunity. The share repurchases will provide good use of capital and increase the returns for our shareholders,” said Patrick M. Fahey, President and Chief Executive Officer. As of Dec. 31, there were approximately 15.6 million shares of common stock outstanding.
The bank also announced improved fourth-quarter earnings of $7 million, or $0.44 per diluted share, which exceeded analysts’ expectations and represents a 14 percent increase over the $6.1 million, or $0.39 per diluted share for the previous quarter. It’s also a 111 percent increase from $3.3 million or $0.21 per diluted share for the same period last year.
Annual earnings for 2001 were $22.1 million, or $1.40 per diluted share, compared to $6.3 million or $0.40 per diluted share in 2000. | 
