July 13, 2020 @ 11:14 am - posted by Aleksey

HELENA, Mont., Jan. 28, 2020 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company, ” “Eagle”), the keeping business of chance Bank of Montana, today reported net gain increased 61.8per cent to $2.3 million, or $0.36 per diluted share, within the 4th quarter of 2019, in comparison to $1.4 million, or $0.26 per diluted share, into the 4th quarter of 2018. When you look at the preceding quarter, net gain ended up being an archive $4.1 million, or $0.63 per diluted share, showing the advanced level of share from home loan banking and gains from purchase of loans. Development through the two purchases finished in the last couple of years additionally contributed to record profits and earnings this present year. There have been $505,000 in acquisition-related costs when you look at the 4th quarter of 2019, in comparison to $517,000 within the quarter that is preceding $582,000 when you look at the 4th quarter last year.

For the 12 months 2019, net gain a lot more than doubled to $10.9 million, or $1.69 per diluted share, in comparison to $5.0 million, or $0.91 per diluted share, in 2018. There have been $2.2 million in acquisition-related costs for the 12 months, when compared with $1.2 million in acquisition-related costs in 2018.

Eagle’s board of directors declared a quarterly cash dividend of $0.095 per share on January 23, 2020. The dividend is supposed to be payable March 6, 2020 to investors of record February 14, 2020. The present annualized dividend yield is 1.75% centered on current market costs.

“We delivered record profits for 2019, fueled by stability sheet expansion, strong revenue that is top-line, while the successful integration associated with the two purchases finished in the very last 2 yrs, ” said Peter J. Johnson, President and CEO. “Additionally, we finished our purchase of Western Holding business of Wolf aim earlier in the day this month. These transactions further solidify our place whilst the fourth-largest, Montana-based bank and offers us a distinctive possibility to expand our market presence and lending activities. While expenses associated with the purchase integration is supposed to be greater than normal on the next few quarters, we expect costs to return to more normalized amounts within the part that is latter of. As using the previous two acquisitions, we expect the Western Holding business of Wolf aim merger should be straight away accretive to profits per share. ”

On January 1, 2020, Eagle finished its purchase of Western Holding business of Wolf aim, and its own wholly owned subsidiary, Western Bank of Wolf Point, in a deal respected at roughly $15.0 million. When you look at the deal, Eagle acquired one retail bank branch and about $100 million in assets, $77 million in deposits and $41 million in gross loans, according to Western Holding business of Wolf Point’s September 30, 2019 economic statements.

On January 1, 2019, Eagle finished its purchase of Big Muddy Bancorp, Inc. As well as its wholly owned subsidiary, their state Bank of Townsend, situated in Townsend, Montana, which included more or less $108 million in assets, $92 million in deposits and $92 million in gross loans.

On 31, 2018, Eagle completed its acquisition of TwinCo Inc., which added approximately $96 million in assets, $82 million in deposits and $55 million in gross loans january.

Fourth Quarter 2019 features (at or even for the three-month duration finished December 31, 2019, except where noted)

– net gain increased 61.8per cent to $2.3 million, or $0.36 per diluted share, in comparison to $1.4 million, or $0.26 per diluted share, into the 4th quarter of 2018, and reduced in comparison to record net income of $4.1 million, or $0.63 per diluted share into the preceding quarter. — Annualized return on typical assets had been 0.89%. — Annualized return on normal equity had been 7.64%. — web interest margin (“NIM”) improved 7-basis points to 4.22per cent when you look at the 4th quarter of 2019, in comparison to 4.15% within the preceding quarter, and enhanced 27-basis points when compared with 3.95per cent when you look at the fourth quarter last year. — profits (web interest earnings ahead of the provision for loan losses, plus non-interest income) increased 48.6percent to $16.5 million, when compared with $11.1 million into the 4th quarter last year. — Purchase discount on loans through the Big Muddy Bancorp, Inc. Profile ended up being $2.8 million at January 1, 2019, (the “acquisition date”) of which $1.3 million stays at the time of December 31, 2019. — buy discount on loans https://speedyloan.net/installment-loans-hi through the Twin Co, Inc. Profile ended up being $1.8 million at January 31, 2018, (the “acquisition date”) of which $836,000 stays at the time of December 31, 2019. — The accretion associated with loan purchase discount into loan interest earnings from both the major Muddy Bancorp, Inc. In addition to TwinCo, Inc. Deals had been $536,000 when you look at the 4th quarter, when compared with $286,000 within the preceding quarter. — Total loans increased 26.3% to $779.2 million at December 31, 2019, when compared with $616.9 million this past year. — Total deposits increased 29.1% to $809.0 million at December 31, 2019, in comparison to $626.6 million last year. — Capital ratios remain well capitalized with a concrete common investors’ equity ratio of 9.95per cent at December 31, 2019. — Declared a cash that is quarterly of $0.095 per share.

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