Business
Eagle Bancorp Montana Earns $2.3 Million, or $0.36 per Diluted Share, in 4Q19 and Record $10.9 Million, or $1.69 Per Diluted Share, for the Year; Declares Regular Quarterly Cash Dividend of $0.095 per Share
HELENA, Mont., Jan. 28, 2020 (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., Jan. 28, 2020 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana, today reported net income increased 61.8% to $2.3 million, or $0.36 per diluted share, in the fourth quarter of 2019, compared to $1.4 million, or $0.26 per diluted share, in the fourth quarter of 2018. In the preceding quarter, net income was a record $4.1 million, or $0.63 per diluted share, reflecting the high level of contribution from mortgage banking and gains from sale of loans. Growth from the two acquisitions completed in the past two years also contributed to record revenues and profits this year. There were $505,000 in acquisition-related expenses in the fourth quarter of 2019, compared to $517,000 in the preceding quarter and $582,000 in the fourth quarter a year ago.\n For the year 2019, net income more than doubled to $10.9 million, or $1.69 per diluted share, compared to $5.0 million, or $0.91 per diluted share, in 2018. There were $2.2 million in acquisition-related expenses for the year, compared to $1.2 million in acquisition-related expenses in 2018. Eagle’s board of directors declared a quarterly cash dividend of $0.095 per share on January 23, 2020. The dividend will be payable March 6, 2020 to shareholders of record February 14, 2020. The current annualized dividend yield is 1.75% based on recent market prices. “We delivered record earnings for 2019, fueled by balance sheet expansion, strong top-line revenue growth, and the successful integration of the two acquisitions completed in the last two years,” said Peter J. Johnson, President and CEO. “Additionally, we completed our acquisition of Western Holding Company of Wolf Point earlier this month. These transactions further solidify our position as the fourth-largest, Montana-based bank and provides us a unique opportunity to expand our market presence and lending activities. While costs associated with the acquisition integration will be higher than normal over the next few quarters, we expect expenses to return to more normalized levels in the latter part of 2020. As with the past two acquisitions, we expect the Western Holding Company of Wolf Point merger will be immediately accretive to earnings per share.” On January 1, 2020, Eagle completed its acquisition of Western Holding Company ...