Redwood Financial, Inc. Third Quarter Earnings and Authorization Stock Repurchase Program

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Oct 21, 2015, 03:16 ET

REDWOOD FALLS, Minn., Oct. 21, 2015 /PRNewswire/ -- Redwood Financial, Inc. (the "Company") (OTC-PINK: REDW), the parent holding company of HomeTown Bank has announced net earnings for the third quarter ended September 30, 2015. For the nine months ended September 30, 2015, the Company recorded net earnings of $1,949,186. Basic and diluted earnings per share were $4.26 per share, and $4.23 per share, respectively. Comparatively, for the nine months ended September 30, 2014, the Company recorded net earnings of $1,771,818. Basic and diluted earnings per share were $3.84 per share, and $3.84 per share, respectively.

At September 30, 2015, the Company reported total consolidated assets and consolidated stockholders' equity of $245.0 million and $28.3 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 Olivia, Henderson, St Peter, Le Sueur, Cleveland, Jordan, Waconia and Shakopee 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. Dean K Toft, CEO, said the Company has been authorized by the Board of Directors to repurchase up to 44,647 shares (approximately 10% of its currently outstanding shares) of common stock. The repurchases are expected to be made in open-market transactions, subject to the availability of stock, market conditions, the trading price of the stock and the Company's financial performance. Such repurchased shares shall be recorded as treasury stock, thereby available in the future for general corporate and other purposes. The Company may terminate the repurchase program at any time.

SOURCE Redwood Financial, Inc.