Business
Eagle Bancorp Montana Earns $1.9 Million, or $0.24 per Diluted Share, in the First Quarter of 2024 Declares Quarterly Cash Dividend of $0.14 Per Share and Renews Stock Repurchase Plan
HELENA, Mont., April 23, 2024 (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, Mont., April 23, 2024 (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 $1.9 million, or $0.24 per diluted share, in the first quarter of 2024, compared to $2.2 million, or $0.28 per diluted share, in the preceding quarter, and $3.2 million, or $0.42 per diluted share, in the first quarter of 2023. Eagle’s board of directors declared a quarterly cash dividend to $0.14 per share on April 18, 2024. The dividend will be payable June 7, 2024, to shareholders of record May 17, 2024. The current dividend represents an annualized yield of 4.40% based on recent market prices. “Eagle’s first quarter operating results reflect disciplined loan growth and lower noninterest expenses as we continue to navigate the challenges impacting the banking industry,” said Laura F. Clark, President and CEO. “Our team has done an excellent job of attracting high quality loans, achieving loan growth of 8.7% year-over-year, while maintaining strong asset quality metrics. Additionally, we experienced net interest margin retention compared to the linked quarter, even with the inverted yield curve. While the “higher for longer” interest rate environment continues to present a challenge, we are well positioned with a strong balance sheet for future growth opportunities in the year ahead.” First Quarter 2024 Highlights (at or for the three-month period ended March 31, 2024, except where noted): Net income was $1.9 million, or $0.24 per diluted share, in the first quarter of 2024, compared to $2.2 million, or $0.28 per diluted share, in the preceding quarter, and $3.2 million, or $0.42 per diluted share, in the first quarter a year ago.Net interest margin (“NIM”) was 3.33% in the first quarter of 2024, a one basis point improvement compared to 3.32% in the preceding quarter, and a 53-basis point contraction compared to 3.86% in the first quarter a year ago.Revenues (net interest income before the provision for credit losses, plus noninterest income) were $19.2 million in the first quarter of 2024, compared to $21.0 million in the preceding quarter and $21.1 million in the first quarter a year ago.The accretion of the loan purchase discount into loan interest income from acquisitions was $118,000 in the first quarter of 202...