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Pacific Northwest Bancorp Announces First Quarter Financial Results.



Business Editors

SEATTLE Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. , Wash.--(BUSINESS WIRE)--April 17, 2003

Pacific Northwest For names and places containing the slightly longer word 'northwestern' (or variants), see .

Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast.
 Bancorp (Nasdaq:PNWB) today announced quarterly earnings of $8.4 million or $0.48 per diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 share for the first quarter of 2003, a 57 percent increase compared to $5.3 million, or $0.32 per diluted share last quarter, and an 11 percent increase compared to $7.6 million or $0.48 per diluted share for the same quarter last year.

Highlights for the first quarter of 2003:

-- Commercial loan portfolio continued to grow. Commercial loans

increased to $1.44 billion or 70.2 percent of total loans from

$1.12 billion or 60.9 percent as of March 31, 2002.

-- Asset quality remained stable despite our stagnant stagnant /stag·nant/ (stag´nant)
1. motionless; not flowing or moving.

2. inactive; not developing or progressing.
 economy.

Non-performing assets decreased $4.0 million or 17.7 percent

from March 31, 2002.

-- Allowance for loan losses was 1.33 percent of total loans

receivable, up from 1.16 percent as of March 31, 2002.

Allowance for loan losses represented 222.7 percent of

non-accrual loans, compared to 125.7 percent one year ago.

-- Completed the first full quarter of operation after the

acquisition of Bank of the Northwest. After successfully

completing the systems integration in a timely and efficient

manner, our focus has been to increase our presence and market

share in the Oregon Oregon, city, United States
Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products.
 markets.

-- Announced a stock repurchase plan stock repurchase plan

1. See buyback.

2. See self-tender.
 to buy back up to five

percent of the outstanding common stock.

"We have maintained strong asset quality in the current challenging economic environment," said Patrick M. Fahey Fahey is a surname and may refer to:
  • Brandon Fahey, American baseball player
  • Brian Fahey, British musical director
  • David M. Fahey, American professor of history
  • Frank Fahey, Irish politician
  • Jeff Fahey, American actor
, Chairman, President and Chief Executive Officer. "We have focused our efforts on establishing new customer relationships during the first quarter. We believe our high service levels and commercial banking expertise is a desired alternative for businesses operating in the Pacific Northwest. Our goal is to increase shareholder value," Fahey added.

Management discussion and analysis included in this release are presented for the consolidated financial statements Consolidated Financial Statements

The combined financial statements of a parent company and its subsidiaries.

Notes:
Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge
 of Pacific Northwest Bancorp and subsidiaries, which are collectively referred to as PNWB.

RESULTS OF OPERATIONS

Return on average shareholders' equity Shareholders' Equity

A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares.
 was 12.64 percent for the quarter ended March 31, 2003, compared to 8.77 percent for the quarter ended December December: see month.  31, 2002 and 15.06 percent for the quarter ended March 31, 2002. Return on average assets was 1.08 percent for the quarter ended March 31, 2003, compared to 0.70 percent for the quarter ended December 31, 2002 and 1.11 percent for the quarter ended March 31, 2002.

Net interest income was $27.3 million for the quarter ended March 31, 2003, compared to $27.1 million for the quarter ended December 31, 2002 and $27.3 million for the quarter ended March 31, 2002. Net interest margin was 3.88 percent for the quarter ended March 31, 2003, compared to 3.94 percent for the quarter ended December 31, 2002 and 4.26 percent for the quarter ended March 31, 2002. Net interest margin decreased during the first quarter of 2003 as a result of PNWB's asset sensitive position in the current low interest rate environment. Loans continued to reprice at lower rates and the proceeds from investments that matured, were called or prepaid pre·pay  
tr.v. pre·paid, pre·pay·ing, pre·pays
To pay or pay for beforehand.



pre·payment n.
 were reinvested at lower yields. Net interest margin from the first quarter of 2002 also decreased as a result of management's implementation of the bank owned life insurance (BOLI BOLI Bank-Owned Life Insurance
BOLI Bureau of Labor and Industries
) strategy in April of 2002.

The provision for losses on loans was $1.3 million for the quarter ended March 31, 2003, compared to $1.3 million for the quarter ended December 31, 2002 and $1.7 million for the quarter ended March 31, 2002. The level of the provision was based on management's evaluation of the Pacific Northwest regional economy and its impact on the loan portfolio. The level of provision is lower than the first quarter of 2002 as a result of our quarterly assessment of the risk inherent within our loan portfolio in consideration with the level of the allowance for losses on loans. Management continues to assess the level of the provision for losses on loans based on the known and inherent risk characteristics in the loan portfolio. These risk characteristics include changes in the size and composition of the loan portfolio, delinquency delinquency

Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported.
 levels, actual loan loss experience, detailed analysis of individual loans for which full collectibility may not be assured, and current economic conditions in PNWB's market area.

Non-interest income was $5.5 million for the quarter ended March 31, 2003, compared to $5.6 million for the quarter ended December 31, 2002 (excluding $1.5 million loss on sale of securities) and $4.6 million for the quarter ended March 31, 2002. The increase from the first quarter 2002 was primarily due to the $585,000 tax-exempt income Tax-exempt income

Dividends and interest not subject to federal and, in some cases, state and local income taxes.
 from BOLI that management obtained in April 2002 and higher service fees. Service fees increased to $3.8 million from the $3.6 million for the previous quarter and the $3.2 million for the same quarter in 2002 primarily as a result of the Bank of the Northwest acquisition completed November November: see month.  13, 2002.

Gain on sale of loans was $404,000 for the quarter ended March 31, 2003, compared to $694,000 for the quarter ended December 31, 2002 and $748,000 for the quarter ended March 31, 2002. Gain on sale of loans decreased due to the outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management.  of the residential mortgage lending function beginning in the first quarter of 2003. This was done to reduce mortgage banking business risk and improve operational efficiencies. As a result, PNWB expects gain on sale of loans to decrease further for the remainder of 2003.

Non-interest expense was $19.0 million for the quarter ended March 31, 2003, as compared to $21.8 million for the quarter ended December 31, 2002 and $18.6 million for the quarter ended March 31, 2002. Non-interest expense for the quarter ended December 31, 2002 included expenses related to merger, conversion and severance The act of dividing, or the state of being divided.

The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when
, mortgage banking exit costs and branch consolidation costs totaling $2.5 million.

Compensation and employee benefits expense was $10.1 million for the quarter ended March 31, 2003, compared to $9.8 million for both quarters ended December 31 and March 31, 2002. The increases from prior periods were primarily due to the Bank of the Northwest acquisition, partially offset by the elimination of an internal mortgage banking operation and decreased levels of variable compensation expense.

General and administrative expenses were $3.9 million for the quarter ended March 31, 2003, compared to $4.8 million for the quarter ended December 31, 2002 and $4.3 million for the quarter ended March 31, 2002. The decrease in general and administrative expense from last quarter reflects lower advertising expense and lower levels of various other expenses as a result of the outsourcing of the mortgage banking function. The decrease from first quarter 2002 was primarily due to lower mortgage banking related expenses.

FINANCIAL CONDITION

PNWB's consolidated con·sol·i·date  
v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates

v.tr.
1. To unite into one system or whole; combine:
 assets were $3.12 billion as of March 31, 2003, compared to $3.13 billion as of December 31, 2002, and $2.74 billion as of March 31, 2002. The increase in assets from March 31, 2002, was primarily due to the Bank of the Northwest acquisition.

Net loans receivable were $2.01 billion as of March 31, 2003, compared to $2.00 billion as of December 31, 2002 and $1.80 billion as of March 31, 2002. The increase in net loans receivable from March 31, 2002 was primarily due to the Bank of the Northwest acquisition. Total commercial loans increased to $1.44 billion or 70.2 percent of total gross loans as of March 31, 2003, compared to $1.39 billion or 68.3 percent as of December 31, 2002 and $1.12 billion or 60.9 percent as of March 31, 2002. We continued to experience moderate commercial loan growth despite the sluggish economic conditions in our market area. Single-family sin·gle-fam·i·ly
adj.
Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. 
 mortgage loans outstanding decreased to $201.5 million as of March 31, 2003 compared to $231.2 million as of December 31, 2002 and $293.8 million as of March 31, 2002. The decreases were primarily due to early payoffs associated with the current interest rate environment and management's decision not to retain single-family mortgage loans in our loan portfolio.

ASSET QUALITY

Total non-performing assets were $18.7 million or 0.60 percent of total assets as of March 31, 2003, compared to $19.1 million or 0.61 percent of total assets as of December 31, 2002, and $22.7 million or 0.83 percent of total assets as of March 31, 2002. The decrease from the first quarter 2002 was mostly attributable attributable

emanating from or pertaining to attribute.


attributable proportion
see attributable risk (below).

attributable risk
 to loans that were paid current or paid off in the single-family mortgage and agriculture loan categories, partially offset by an increase in non-accrual commercial loans. Management continues to emphasize monitoring the classification and delinquency level of loans and selling other real estate owned Real Estate Owned

Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most
 in a timely manner.

PNWB's allowance for losses on loans was $27.1 million or 1.33 percent of loans receivable as of March 31, 2003, compared to $26.9 million or 1.33 percent of loans receivable as of December 31, 2002, and $21.1 million or 1.16 percent of loans receivable as of March 31, 2002. Net charge-offs were $1.1 million for the quarter ended March 31, 2003, compared to $783,000 for the quarter ended December 31, 2002 and $724,000 for the quarter ended March 31, 2002. This represented 0.22 percent of average loans receivable on an annualized annualized

Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared.
 basis, compared to the 0.16 percent for both the previous quarter and the same quarter one year ago. The allowance for losses on loans is maintained at a level considered sufficient to provide for estimated losses based upon the evaluation of known and inherent risks in the loan portfolio and upon management's continuing analysis of factors underlying the quality of the loan portfolio.

Management has assessed, and will continue to assess on an on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis"
ongoing

current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position"
 basis, the impact of the Pacific Northwest regional economy on the credit risk in the loan portfolio. Currently, management is not aware of any unusually large loan concentrations in industries negatively impacted by the current economy. Management will continue to closely monitor PNWB's credit quality and focus on identifying potential problem credits and any loss exposure in a timely manner. Industry concentrations and related limits will continue to be subject to on-going assessments.

Headquartered in Seattle, WA, Pacific Northwest Bancorp is a Washington Washington, town, England
Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area.
 based bank holding company providing financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.
 through its commercial banking subsidiary, Pacific Northwest Bank. Pacific Northwest Bank operates 58 Financial Centers in the Pacific Northwest, including the metropolitan areas of Seattle and Bellevue, Washington Bellevue is a rapidly growing city in King County, Washington, U.S., across Lake Washington from Seattle. Long known as a suburb or satellite city of Seattle,[1] it is now categorized as an edge city or a boomburb. , and Portland Portland, town, England
Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested.
, Oregon, and other areas of western and central Washington Central Washington is a region of the United States defined as the western half of Eastern Washington, or those counties lying east of the Cascade Mountains but west of the 119th meridian. . Pacific Northwest Bank offers a wide range of financial services to businesses and individuals in its market area, including investment products available through its subsidiary, Pacific Northwest Financial Services, Inc. and insurance products available through its subsidiary, Pacific Northwest Insurance Agency, Inc. Press releases, along with additional information, may also be found at PNWB's web site: http://www.pnwbank.com.

This press release contains certain "forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995 ("PSLRA PSLRA Private Securities Litigation Reform Act
PSLRA Public Service Labour Relations Act (Canada) 
"). This statement is included for the express purpose of availing PNWB of the protections of the safe harbor Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
 provisions of the PSLRA. The forward-looking statements contained herein are subject to factors, risks and uncertainties that may cause actual results to differ materially from those projected. The following items are among the factors that could cause actual results to differ materially from the forward-looking statements: general economic conditions, including their impact on capital expenditures; business conditions in the banking industry; recent world events and their impact on interest rates, businesses and customers; the regulatory reg·u·late  
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates
1. To control or direct according to rule, principle, or law.

2.
 environment; new legislation; vendor quality and efficiency; employee retention factors; rapidly changing technology and evolving banking industry standards; competitive factors, including increased competition with community, regional and national financial institutions; fluctuating fluc·tu·ate  
v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates

v.intr.
1. To vary irregularly. See Synonyms at swing.

2. To rise and fall in or as if in waves; undulate.

v.
 interest rate environments; higher than expected loan delinquencies; and similar matters. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only at the date of this release. PNWB undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.
     2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or
 that arise after the date of this release. Readers should carefully review the risk factors described in this and other documents PNWB files from time to time with the Securities and Exchange Commission, including PNWB's annual report on Form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.


Form 10-K

See 10-K.
 for the year ended December 31, 2002.

              PACIFIC NORTHWEST BANCORP AND SUBSIDIARIES
                      Financial Data (unaudited)
       (Dollars in thousands except per share and share amounts)

                                             Quarter ended
                                    Mar. 31,    Dec. 31,    Mar. 31,
                                      2003        2002        2002
                                   ----------- ----------- -----------
FINANCIAL RATIOS:
Return on average assets                 1.08%       0.70%       1.11%
Return on average equity                12.64%       8.77%      15.06%
Return on average tangible
 equity                                 17.78%      11.58%      16.64%
Efficiency ratio                        57.92%      69.86%      58.23%
NET INTEREST MARGIN
Total yield on earnings assets           6.11%       6.38%       7.00%
Total cost of funds                      2.55%       2.75%       3.13%
Net interest spread                      3.56%       3.63%       3.87%
Net interest margin                      3.88%       3.94%       4.26%
ALLOWANCE FOR LOSSES ON LOANS
Balance at beginning of period        $26,940     $22,785     $20,123
Provision for losses on loans           1,250       1,250       1,700
Allowance acquired                         --       3,688          --
Loans charged off, net of
 recoveries                            (1,110)       (783)       (724)
                                   ----------- ----------- -----------
Balance at end of period              $27,080     $26,940     $21,099
Net loan charge-offs
 (annualized) as a percentage of
 average loans                           0.22%       0.16%       0.16%
Allowance for losses on loans as a
 percentage of:
  Total loans receivable                 1.33%       1.33%       1.16%
  Non-accrual loans                    222.70%     226.14%     125.73%


                                    Mar. 31,    Dec. 31,    Mar. 31,
                                      2003        2002        2002
                                   ----------- ----------- -----------
SHAREHOLDERS' EQUITY
Book value per share                   $15.80      $15.57      $12.89
Tangible book value per share          $11.21      $10.92      $11.74
Equity to assets                         8.54%       8.37%       7.28%
Shares outstanding                 16,859,146  16,799,472  15,453,581
NON-PERFORMING ASSETS
Non-accrual loans                     $12,160     $11,913     $16,781
Other real estate                       6,548       7,152       5,943
                                   -----------    --------    --------
Total non-performing assets           $18,708     $19,065     $22,724
As a percentage of total assets          0.60%       0.61%       0.83%


                                    Mar. 31,    Dec. 31,    Mar. 31,
                                      2003        2002        2002
                                   ----------- ----------- -----------
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
ASSETS
Cash and due from banks               $83,750    $100,002     $60,163
Federal funds sold                     15,620         950      11,455
Securities available for sale         787,308     788,546     732,959
Net loans receivable                2,014,989   2,002,813   1,803,165
Loans held for sale                    12,218      25,621      34,277
Other real estate                       6,548       7,152       5,943
Premises and equipment                 45,071      48,082      50,008
Goodwill                               67,732      67,732      16,137
Other intangible assets                 9,722      10,505       1,752
Bank owned life insurance              57,581      56,995          --
Other assets                           18,568      18,611      21,916
                                   ----------- ----------- -----------
Total assets                       $3,119,107  $3,127,009  $2,737,775
LIABILITIES
Non-interest-bearing deposits        $359,848    $345,571    $263,459
Interest-bearing deposits           1,717,245   1,708,739   1,437,412
                                   ----------- ----------- -----------
Total deposits                      2,077,093   2,054,310   1,700,871
FHLB advances                         566,066     609,581     647,035
Securities sold under
 agreements to repurchase             121,627     120,706     115,629
Trust preferred securities             52,000      48,000      37,500
Other borrowings                       10,067      10,072      12,077
Other liabilities                      25,796      22,727      25,432
                                   ----------- ----------- -----------
Total liabilities                   2,852,649   2,865,396   2,538,544
SHAREHOLDERS' EQUITY
Paid in capital                        65,818      64,995      22,244
Retained earnings                     198,967     192,942     178,365
Accumulated other comprehensive
 income (loss)                          1,673       3,676      (1,378)
                                   ----------- ----------- -----------
Total shareholders' equity            266,458     261,613     199,231
                                   ----------- ----------- -----------
Total liabilities and shareholders'
 equity                            $3,119,107  $3,127,009  $2,737,775


                                             Quarter ended
                                    Mar. 31,    Dec. 31,    Mar. 31,
                                      2003        2002        2002
                                   ----------- ----------- -----------
CONSOLIDATED STATEMENT OF OPERATIONS
INTEREST INCOME
Loans receivable                      $34,570     $34,578     $34,509
Securities available for sale           8,464       9,374      10,400
Other                                      19          63           7
                                   ----------- ----------- -----------
Total interest income                  43,053      44,015      44,916
INTEREST EXPENSE
Deposits                                7,770       8,990       8,877
FHLB advances and other
 borrowings                             6,184       6,181       6,574
Securities sold under
 agreements to repurchase                 733         730       1,195
Trust preferred securities              1,044       1,047         926
                                   ----------- ----------- -----------
Total interest expense                 15,731      16,948      17,572
Net interest income before
 provision for losses on
 loans                                 27,322      27,067      27,344
Provision for losses on loans           1,250       1,250       1,700
                                   ----------- ----------- -----------
Net interest income after
 provision for losses on loans         26,072      25,817      25,644
NON-INTEREST INCOME
Service fees                            3,836       3,647       3,177
Gain on sale of loans                     404         694         748
Investment product fees and
 insurance commissions                    427         316         328
Bank owned life insurance income          585         646          --
Loss on sale of securities                 (2)     (1,465)         --
Other                                     260         303         332
                                   ----------- ----------- -----------
Total non-interest income               5,510       4,141       4,585


                                    Mar. 31,    Dec. 31,    Mar. 31,
                                      2003        2002        2002
                                   ----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and employee benefits    $10,105      $9,761      $9,819
General and administrative              3,903       4,836       4,265
Occupancy and equipment                 3,201       3,022       3,121
Data processing                         1,454       1,531       1,385
Merger, conversion and integration
 expenses                                  --       1,025          --
Severance and employment
 agreements                               212         963          --
Mortgage banking exit costs                --         272          --
Branch consolidation                       --         260          --
Other real estate owned                   142         133           2
                                   ----------- ----------- -----------
Total non-interest expense             19,017      21,803      18,592
Income before income taxes            $12,565      $8,155     $11,637
INCOME TAX EXPENSE                      4,182       2,824       4,073
                                   ----------- ----------- -----------
NET INCOME                             $8,383      $5,331      $7,564
BASIC NET INCOME  PER SHARE             $0.50       $0.33       $0.49
DILUTED NET INCOME  PER SHARE           $0.48       $0.32       $0.48
Basic weighted average shares
 outstanding                       16,851,985  15,955,904  15,534,568
Diluted weighted average shares
 outstanding                       17,544,337  16,464,739  15,848,757


                                             Quarter ended
                                   -----------------------------------
                                    Mar. 31,    Dec. 31,    Mar. 31,
                                      2003        2002        2002
                                   ----------- ----------- -----------
AVERAGE BALANCES
Average securities                    805,164     837,586     742,558
Average loans, gross                2,028,899   1,957,857   1,839,789
Average interest-earning assets     2,834,063   2,795,443   2,582,347
Average total assets                3,099,050   3,040,933   2,728,517
Average non-interest-
 bearing deposits                     302,717     299,091     226,639
Average interest-bearing
 deposits                           1,680,221   1,698,299   1,387,649
Average total deposits              1,982,938   1,997,390   1,614,288
Average borrowings                    826,399     773,824     887,330
Average shareholders' equity          265,216     243,162     200,943
COPYRIGHT 2003 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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