Business
Eagle Bancorp Montana Earns $2.6 Million, or $0.34 per Diluted Share, in the Third Quarter of 2023; Declares Quarterly Cash Dividend of $0.14 Per Share
HELENA, Mont., Oct. 24, 2023 (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., Oct. 24, 2023 (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 $2.6 million, or $0.34 per diluted share, in the third quarter of 2023, compared to $2.0 million, or $0.26 per diluted share, in the preceding quarter, and $3.1 million, or $0.40 per diluted share, in the third quarter of 2022. In the first nine months of 2023, net income increased 11.5% to $7.9 million, or $1.01 per diluted share, compared to $7.1 million, or $0.98 per diluted share, in the first nine months of 2022. Eagle’s board of directors declared a quarterly cash dividend to $0.14 per share on October 19, 2023. The dividend will be payable December 1, 2023 to shareholders of record November 10, 2023. The current dividend represents an annualized yield of 4.81% based on recent market prices. “We delivered solid third quarter earnings, fueled by net interest income generation and higher loan production,” said Laura F. Clark, President and CEO. “Total loans increased $163.6 million, or 12.5%, over the last 12 months, while growing $54.3 million, or 3.8%, on the linked quarter. We were encouraged by loan demand during the third quarter, and remain positive about the opportunities in our markets, as loan pipelines and overall business activity remain solid. While the high interest rate environment continues to impact funding costs and our net interest margin, we are well positioned with a strong balance sheet to weather the remainder of this economic cycle.” Third Quarter 2023 Highlights (at or for the three-month period ended September 30, 2023, except where noted): Net income was $2.6 million, or $0.34 per diluted share, in the third quarter of 2023, compared to $2.0 million, or $0.26 per diluted share, in the preceding quarter, and $3.1 million, or $0.40 per diluted share, in the third quarter a year ago.Net interest margin (“NIM”) was 3.41% in the third quarter of 2023, compared to 3.47% in the preceding quarter, and 4.18% in the third quarter a year ago.Revenues (net interest income before the provision for credit losses, plus noninterest income) were $21.6 million in the third quarter of 2023, compared to $21.5 million in the preceding quarter and $25.3 million in the third quarter a year ago.The accretion of th...