Business
Eagle Bancorp Montana Earns $3.1 Million, or $0.40 per Diluted Share, in Third Quarter of 2022; Declares Quarterly Cash Dividend of $0.1375 per Share
HELENA, Mont., Oct. 25, 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., Oct. 25, 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 $3.1 million, or $0.40 per diluted share, in the third quarter of 2022, compared to $1.8 million, or $0.24 per diluted share, in the preceding quarter, and $4.7 million, or $0.73 per diluted share, in the third quarter a year ago. Second quarter 2022 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”). In the first nine months of 2022, net income was $7.1 million, or $0.98 per diluted share, compared to $12.7 million, or $1.89 per diluted share, in the first nine months of 2021. Year-to-date results included $2.3 million in acquisition costs related to the First Community acquisition, compared to $35,000 in acquisition related expenses during the first nine months of 2021. Eagle’s board of directors declared a quarterly cash dividend of $0.1375 per share on October 20, 2022. The dividend will be payable December 2, 2022 to shareholders of record November 10, 2022. The current dividend represents an annualized yield of 2.95% based on recent market prices. “We delivered solid earnings for the third quarter highlighted by strong organic loan growth and significant non-interest income generation,” said Peter J. Johnson, CEO. “Third quarter loan growth totaled $61.2 million and was well diversified across all of our loan categories. Additionally, our net interest margin improved both year-over-year and on a linked quarter basis as we took advantage of interest rate increases enacted by the Federal Reserve. We remain well positioned for growth throughout the rest of the year.” “In addition to delivering solid organic growth, we are excited to report our first full quarter reflecting our successful merger with First Community. It has been a smooth integration of our banks and we welcome First Community customers, employees and shareholders to our Eagle family,” said Laura F. Clark, President. “We completed the First Community acquisition in the middle of the second quarter of 2022, and the acquisition is already contributing nicely to our operating results. We look forward to the opportunities this m...