Business
Eagle Bancorp Montana Earns Record $4.1 Million, or $0.63 Per Diluted Share, in Third Quarter 2019; Declares Regular Quarterly Cash Dividend of $0.095 per Share
HELENA, Mont., Oct. 22, 2019 (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. 22, 2019 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana, today reported net income increased 26.4% to $4.1 million, or $0.63 per diluted share, in the third quarter of 2019, compared to $3.2 million, or $0.51 per diluted share, in the second quarter of 2019, and increased 151.5% when compared to $1.6 million, or $0.30 per diluted share, in the third quarter of 2018. There were $517,000 in acquisition-related expenses in the third quarter of 2019, compared to $5,000 in the preceding quarter and $222,000 in the third quarter a year ago.\n In the first nine months of 2019, net income increased 141.2% to $8.5 million, or $1.32 per diluted share, compared to $3.5 million, or $0.65 per diluted share, in the first nine months of 2018. There were $1.7 million in acquisition-related expenses in the first nine months of the year, compared to $587,000 in acquisition-related expenses in the first nine months of 2018. Eagle’s board of directors declared a quarterly cash dividend of $0.095 per share on October 17, 2019. The dividend will be payable December 6, 2019 to shareholders of record November 15, 2019. The current annualized dividend yield is 2.15% based on recent market prices. “We again delivered record earnings for the quarter, fueled by higher revenues, an above average net interest margin of 4.15%, an annualized return on average assets of 1.60% and an annualized return on average equity of 13.86%,” stated Peter J. Johnson, President and CEO. “In addition to generating solid organic operating results, our successful acquisition of Big Muddy Bancorp, Inc. earlier this year, coupled with our acquisition of TwinCo, Inc. the prior year, along with a meaningful increase in gain on sale of mortgages, contributed to record revenues. Further, we are confident that our recently announced merger of Western Holding Company of Wolf Point, and its wholly owned subsidiary, Western Bank of Wolf Point, will provide tremendous opportunities to continue generating strong revenue growth going forward. We expect this merger, like our earlier two acquisitions, will result in significant benefits to our expanding group of clients, communities, employees and shareholders as we expand our presence into the northeastern portion of Montana.” Th...