Business
Eagle Bancorp Montana Earns a Record $6.4 Million, or $0.94 per Diluted Share, in Third Quarter 2020; Declares Quarterly Cash Dividend of $0.0975 per Share
HELENA, Montana, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity
About this update from Eagle Bancorp Montana, Inc.
[{"type":"text","content":"HELENA, Montana, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana, today reported net income in the third quarter of 2020 increased 55.4% to $6.4 million, or $0.94 per diluted share, compared to $4.1 million, or $0.63 per diluted share, in the third quarter a year ago, reflecting the high level of contributions from mortgage banking and gains from sale of loans. Net income increased 11.2% when compared to $5.7 million, or $0.84 per diluted share, in the preceding quarter. In the first nine months of 2020, net income increased 88.0% to $16.0 million, or $2.35 per diluted share, compared to $8.5 million, or $1.32 per diluted share, in the first nine months of 2019.\n Eagle’s board of directors declared a quarterly cash dividend of $0.0975 per share on October 22, 2020. The dividend will be payable December 4, 2020 to shareholders of record November 13, 2020. The current annualized dividend yield is 2.04% based on recent market prices. “Our record third quarter results were highlighted by higher mortgage banking operations, as a result of the historically low interest rate environment, and substantial gains from loan sales. Despite a highly competitive market, our loan growth has been substantial, and our loan pipeline remains strong,” said Peter J. Johnson, President and CEO. “We remain focused on supporting our customers, communities and employees while prudently managing risk. While our third quarter operating performance was strong, we continued to see the impact of the COVID-19 pandemic and its consequences on our Montana communities. During the third quarter the Montana Board of Investments (MBOI) began offering 12-months of interest payment assistance to qualified borrowers. We are closely monitoring borrowers and businesses we service and are providing debt service relief for those who have been impacted.” COVID-19 Preparations as of September 30, 2020: Industry Exposure: Eagle’s exposure, as a percentage of total loans, to some of the industries with business revenues dramatically impacted by the pandemic include health care and social assistance (28.89%), hotels and lodging (28.51%), bars and restaurants (18.59%), casinos (8.83%), and nursing homes (3.21%).Loan Accommodations: The bank has offered multiple accommodati...