PFF of California Completes $18M Buyback

PFF Bancorp has completed an $18 million stock repurchase.

It bought back 942,281 shares of common at average weighted price of $19.07.

The $2.6 billion-asset company has repurchased 10% of its shares since converting to common stock in March 1996. It had 18.7 million outstanding shares on June 30.

PFF reported net income of $3.7 million for the quarter ended June 30, up 54% from the same period last year. The company earned only $2.7 million for the entire fiscal year ended March 31, after a one-time assessment to recapitalize the thrift insurance fund.

PFF is the holding company for PFF Bank and Trust, which has 23 branches and three trust offices.

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