Business
Eagle Bancorp Montana Earns $1.8 Million, or $0.24 per Diluted Share, in Second Quarter of 2022; Increases Quarterly Cash Dividend by 10% to $0.1375 per Share
HELENA, Mont., July 26, 2022 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank
About this update from Eagle Bancorp Montana, Inc.
[{"type":"text","content":"HELENA, Mont., July 26, 2022 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $1.8 million, or $0.24 per diluted share, in the second quarter of 2022, compared to $2.2 million, or $0.34 per diluted share, in the preceding quarter, and $2.7 million, or $0.39 per diluted share, in the second quarter a year ago. Second quarter results were impacted by $1.9 million in acquisition costs associated with its merger of First Community Bancorp, Inc., and its subsidiary, First Community Bank (“First Community”). This compared to $317,000 in acquisition costs during the first quarter of 2022, and no acquisition costs in the second quarter a year ago. In the first six months of 2022, net income was $4.0 million, or $0.57 per diluted share, compared to $7.9 million, or $1.17 per diluted share, in the first six months of 2021. Eagle’s board of directors increased its quarterly cash dividend by 10% to $0.1375 per share on July 21, 2022. The dividend will be payable September 2, 2022 to shareholders of record August 12, 2022. The current dividend represents an annualized yield of 2.81% based on recent market prices. “The highlight of the second quarter was completing the acquisition of First Community,” said Peter J. Johnson, CEO. “In the transaction, we acquired nine branches and two mortgage loan production offices. In addition, we added approximately $370 million in assets, $321 million in deposits and $191 million in loans, substantially impacting our balance sheet for the second quarter of 2022. First Community is a highly experienced agriculture and commercial lender with a 130-year operating history in Montana and deep roots in the communities it serves. This merger complements our franchise and positions us well in key commercial and agricultural markets across Montana.” Eagle closed its acquisition of First Community on April 30, 2022 in a transaction valued at approximately $38.6 million. “The acquisition of First Community brings our total to four completed mergers within the last five years,” said Laura F. Clark, President. “All four transactions further solidify our position as the fourth-largest Montana-based bank and provide us with a unique opportunity to expand our market presence and lending ac...