Business
Eagle Bancorp Montana Earns $5.7 Million, or $0.84 per Diluted Share, in Second Quarter 2020; Increases Quarterly Cash Dividend by 2.7% to $0.0975 per Share and Renews Stock Repurchase Plan
HELENA, Montana, July 28, 2020 (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, Montana, July 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 in the second quarter of 2020 increased 78.1% to $5.7 million, or $0.84 per diluted share, compared to $3.2 million, or $0.51 per diluted share, in the second quarter a year ago, reflecting the high level of contributions from mortgage banking and gains from sale of loans. Net income increased 46.0% when compared to $3.9 million, or $0.57 per diluted share, in the preceding quarter. In the first six months of 2020, net income increased 118.1% to $9.7 million, or $1.41 per diluted share, compared to $4.4 million, or $0.69 per diluted share, in the first six months of 2019.\n Eagle’s board of directors increased its quarterly cash dividend by 2.7% to $0.0975 per share on July 23, 2020. The dividend will be payable September 4, 2020 to shareholders of record August 14, 2020. The current annualized dividend yield is 2.50% based on recent market prices. “Higher mortgage banking operations due to the historically low interest rate environment contributed to record second quarter earnings,” said Peter J. Johnson, President and CEO. “While our second quarter operating performance was strong, we continued to see the impact of the COVID-19 pandemic and its consequences on our Montana communities. When Montana entered its Phase 2 reopening June 1, 2020, we reopened our branch lobbies; however, due to increased COVID-19 cases throughout the state, we closed some branch lobbies again on July 10. In addition, effective July 16 Montana implemented a mandatory mask directive for indoor areas open to the public. To keep our employees, and communities safe and healthy, we have made accommodations for employees to work from home when feasible while keeping drive-ups open and scheduling in-person appointments. We are closely monitoring borrowers and businesses we service and are providing debt service relief for those who have been impacted.” COVID-19 Preparations as of June 30, 2020: Industry Exposure: Restaurants, lodging, schools, childcare, health care and entertainment industries, among others, have seen a dramatic change in revenues for their business. Eagle’s 5 largest concentrations by industry, as a percentage of total loans, are lessors of non...