Business
Eagle Bancorp Montana Earns $3.2 Million, or $0.42 per Diluted Share, in the First Quarter of 2023; Declares Quarterly Cash Dividend of $0.1375 per Share and Renews Stock Repurchase Plan
HELENA, Mont., April 25, 2023 (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 25, 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 $3.2 million, or $0.42 per diluted share, in the first quarter of 2023, compared to $3.6 million, or $0.47 per diluted share, in the preceding quarter, and $2.2 million, or $0.34 per diluted share, in the first quarter a year ago. Eagle’s board of directors declared a quarterly cash dividend of $0.1375 per share on April 20, 2023. The dividend will be payable June 2, 2023 to shareholders of record May 12, 2023. The current dividend represents an annualized yield of 3.97% based on recent market prices. “We delivered strong first quarter 2023 earnings, despite the current challenges facing the banking industry,” said Laura F. Clark, President and CEO. “First quarter loan growth totaled $23.7 million and was well diversified across our loan categories. Additionally, our acquisition of First Community Bank (“First Community”), which was completed during the second quarter of 2022, is contributing positively to operating results. The transaction was valued at approximately $38.6 million and added approximately $370 million in assets, $321 million in deposits and $191 million in loans. While our outlook for the remainder of 2023 remains cautious, and we anticipate a leaner loan pipeline as recessionary concerns continue and deposit pricing pressures persist, we are well positioned for stable growth in the year ahead.” On January 1, 2023, Eagle implemented the Current Expected Credit Losses (“CECL”) standard, which resulted in a $700,000 increase to the allowance for credit losses and was offset in shareholders’ equity and deferred tax assets. First Quarter 2023 Highlights (at or for the three-month period ended March 31, 2023, except where noted): Net income was $3.2 million, or $0.42 per diluted share, in the first quarter of 2023, compared to $3.6 million, or $0.47 per diluted share, in the preceding quarter, and $2.2 million, or $0.34 per diluted share, in the first quarter a year ago.Net interest margin (“NIM”) was 3.86% in the first quarter of 2023, compared to 4.10% in the preceding quarter, and 3.64% in the first quarter a year ago.Revenues (net interest income before the provision for credit losses, plus noninterest ...