HELENA, Mont., Jan. 28, 2020 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company, ” “Eagle”), the keeping business of chance Bank of Montana, today reported net gain increased 61.8per cent to $2.3 million, or $0.36 per diluted share, when you look at the 4th quarter of 2019, in comparison to $1.4 million, or $0.26 per diluted share, into the 4th quarter of 2018. When you look at the quarter that is preceding net gain ended up being a record $4.1 million, or $0.63 per diluted share, showing the higher level of share from mortgage banking and gains from purchase of loans. Development through the two purchases finished in days gone by couple of years additionally contributed to record profits and earnings this present year. There have been $505,000 in acquisition-related costs into the 4th quarter of 2019, in comparison to $517,000 into the preceding quarter and $582,000 when you look at the 4th quarter last year.
For the 12 months 2019, net gain a lot more than doubled to $10.9 million, or $1.69 per diluted share, in comparison to $5.0 million, or $0.91 per diluted share, in 2018. There have been $2.2 million in acquisition-related costs when it comes to compared to $1.2 million in acquisition-related expenses in 2018 year.
Eagle’s board of directors declared a quarterly money dividend of $0.095 per share on January 23, 2020. The dividend will undoubtedly be payable March 6, 2020 to investors of record February 14, 2020. The present annualized dividend yield is 1.75% according to current market rates.
“We delivered record profits for 2019, fueled by stability sheet expansion, strong revenue that is top-line, and also the effective integration for the two purchases finished in the final couple of years, ” said Peter J. Johnson, President and CEO. “Additionally, we completed our purchase of Western Holding Company of Wolf aim earlier in the day this month. These transactions further solidify our place once the fourth-largest, Montana-based bank and offers us an original chance to expand our market presence and lending activities. While costs connected with the purchase integration is likely to be greater than normal within the next few quarters, we anticipate expenses to come back to more normalized amounts into the second element of 2020. As utilizing the previous two purchases, we anticipate the Western Holding business of Wolf aim merger will likely be straight away accretive to profits per share. ”
On January 1, 2020, Eagle finished its acquisition of Western Holding business of Wolf aim, as well as its wholly owned subsidiary, Western Bank of Wolf aim, in a deal respected at around $15.0 million. Into the deal, Eagle acquired one retail bank branch and about $100 million in assets, $77 million in deposits and $41 million in gross loans, according to Western Holding business of Wolf Point’s September 30, 2019 economic statements.
The State Bank of Townsend, located in Townsend, Montana, which added approximately $108 million in assets, $92 million in deposits and $92 million in gross loans on January 1, 2019, Eagle completed its acquisition of Big Muddy Bancorp, Inc. And its wholly owned subsidiary.
On 31, 2018, Eagle completed its acquisition of TwinCo Inc., which added approximately $96 million in assets, $82 million in deposits and $55 million in gross loans january.
Fourth Quarter 2019 shows (at or even for the period that is three-month December 31, 2019, except where noted)
— net gain increased 61.8per cent to $2.3 million, or $0.36 per diluted share, in comparison to $1.4 million, or $0.26 per diluted share, within the 4th quarter of 2018, and reduced in comparison to record net gain of $4.1 million, or $0.63 per diluted share within the preceding quarter. — Annualized return on typical assets had been 0.89%. — Annualized return on typical equity had been 7.64%. — web interest margin (“NIM”) improved 7-basis points to 4.22per cent into the 4th quarter of 2019, when compared with 4.15per cent within the preceding quarter, and enhanced 27-basis points when compared with 3.95per cent into the 4th quarter last year. — profits (web interest income prior to the supply for loan losings, plus non-interest income) increased 48.6percent to $16.5 is money key legit million, in comparison to $11.1 million into the 4th quarter this past year. — buy discount on loans through the Big Muddy Bancorp, Inc. Profile ended up being $2.8 million at January 1, 2019, (the “acquisition date”) of which $1.3 million continues to be at the time of December 31, 2019. — buy discount on loans through the Twin Co, Inc. Profile had been $1.8 million at 31, 2018, (the “acquisition date”) of which $836,000 remains as of December 31, 2019 january. — The accretion regarding the loan purchase discount into loan interest income from both the major Muddy Bancorp, Inc. Plus the TwinCo, Inc. Deals ended up being $536,000 when you look at the 4th quarter, when compared with $286,000 within the preceding quarter. — Total loans increased 26.3% to $779.2 million at December 31, 2019, when compared with $616.9 million last year. — Total deposits increased 29.1% to $809.0 million at December 31, 2019, in comparison to $626.6 million this past year. — Capital ratios remain well capitalized with a concrete common investors’ equity ratio of 9.95per cent at December 31, 2019. — Declared a cash that is quarterly of $0.095 per share.
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