| Oak Harbor-based Pacific Northwest Bancorp, which operates four branches in Kitsap County, recently announced record quarterly earnings of $7.6 million or $0.48 per diluted share for the first quarter of 2002, and 85 percent increase compared to $4.1 million or $/026 diluted share for the same quarter last year, and a 9 percent increase compared to $7.0 million, or $0.44 per diluted share last quarter.
“We continued our focus on asset/liability management initiatives and extended maturities of certificates of deposit and borrowings to take advantage of the current low interest rates and to become less sensitive to the effect of interest rate changes in the future,” said Patrick M. Fahey, President and Chief Executive Officer. “Asset quality continued to be a high priority this quarter in light of our region’s current economic conditions. We also implemented a capital plan that include the repurchase of up to 5 percent of the outstanding common stock, which should increase returns to shareholders,” Fahey added. |
