Business
Eagle Bancorp Montana Earns $4.7 Million, or $0.73 per Diluted Share, in Third Quarter of 2021; Declares Quarterly Cash Dividend of $0.125 per Share
HELENA, Mont., Oct. 26, 2021 (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. 26, 2021 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana, today reported net income in the third quarter of 2021 of $4.7 million, or $0.73 per diluted share, compared to $6.4 million, or $0.94 per diluted share, in the third quarter a year ago, and $2.7 million, or $0.39 per diluted share, in the preceding quarter. In the first nine months of 2021, net income was $12.7 million, or $1.89 per diluted share, compared to $16.0 million, or $2.35 per diluted share, in the first nine months of 2020. Eagle’s board of directors declared a quarterly cash dividend of $0.125 per share on October 21, 2021. The dividend will be payable December 3, 2021 to shareholders of record November 12, 2021. The current annualized dividend yield is 2.25% based on recent market prices. “We reported strong third quarter earnings, fueled by net interest income growth, higher loan production, strong quarterly deposit growth and an expanding net interest margin,” said Peter J. Johnson, President and CEO. “In addition to generating solid organic operating results, we are confident that our recently announced proposed merger of First Community Bancorp, Inc., and its subsidiary, First Community Bank (‘First Community’), will provide tremendous opportunities to continue generating strong revenue growth post closing of the transaction. First Community is an experienced agriculture and commercial lender with a 130-year operating history in Montana and deep roots in the communities it serves. This transaction will expand our presence across the state of Montana and build on our reputation as an experienced and preferred agricultural lender across the state. We expect this merger, like our earlier three acquisitions, will result in significant benefits to our expanding group of clients, communities, employees and shareholders.” On October 1, 2021 Eagle announced that it had reached an agreement to acquire First Community Bancorp, Inc. and its subsidiary, First Community Bank. The acquisition of $374 million of First Community assets will further solidify Eagle’s position as the fourth largest Montana-based bank with over $1.7 billion in pro forma assets and add $307 million in deposits and $220 million in gross loans, based on June 30, 2021 information. He...