HELENA, Mont., Jan. 28, 2020 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company, ” “Eagle”), the keeping business of Opportunity Bank of Montana, today reported net gain increased 61.8% to $2.3 million, or $0.36 per diluted share, into the 4th quarter of 2019, in comparison to $1.4 million, or $0.26 per diluted share, within the 4th quarter of 2018. Within the preceding quarter, net gain ended up being an archive $4.1 million, or $0.63 per diluted share, showing the higher level of share from home loan banking and gains from sale www.speedyloan.net/installment-loans-ct of loans. Development through the two purchases finished in days gone by couple of years additionally contributed to record profits and profits this current year. There have been $505,000 in acquisition-related costs within the 4th quarter of 2019, in comparison to $517,000 into the preceding quarter and $582,000 into the 4th quarter this past year.
For the year 2019, net gain significantly more than doubled to $10.9 million, or $1.69 per diluted share, when compared with $5.0 million, or $0.91 per diluted share, in 2018. There were $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 are going to be March that is payable 6 2020 to investors of record February 14, 2020. The existing annualized dividend yield is 1.75% considering present market costs.
“We delivered record profits for 2019, fueled by balance sheet expansion, strong top-line income development, additionally the successful integration for the two purchases finished in the final 2 yrs, ” said Peter J. Johnson, President and CEO. “Additionally, we finished our purchase of Western Holding business of Wolf aim previously this month. These transactions further solidify our place while the fourth-largest, Montana-based bank and offers us a distinctive possibility to expand our market presence and lending activities. While expenses associated with the purchase integration is more than normal on the next few quarters, we anticipate costs to go back to more normalized amounts into the second element of 2020. As utilizing the previous two acquisitions, we anticipate the Western Holding business of Wolf aim merger are going to be accretive to earnings immediately 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 Point, in a deal respected at roughly $15.0 million. Into the deal, Eagle acquired one retail bank branch and roughly $100 million in assets, $77 million in deposits and $41 million in gross loans, predicated on 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 and 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, when compared with $1.4 million, or $0.26 per diluted share, into the 4th quarter of 2018, and reduced in comparison to record net gain of $4.1 million, or $0.63 per diluted share when you look at the quarter that is preceding. — Annualized return on typical assets had been 0.89%. — Annualized return on typical equity ended up being 7.64%. — web interest margin (“NIM”) improved 7-basis points to 4.22per cent when you look at the 4th quarter of 2019, when compared with 4.15per cent when you look at the preceding quarter, and enhanced 27-basis points in comparison to 3.95per cent within the 4th quarter this past year. — profits (net interest earnings ahead of the supply for loan losings, plus non-interest income) increased 48.6percent to $16.5 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 1, 2019, (the “acquisition date”) of which $1.3 million remains as of December 31, 2019 january. — buy discount on loans through the Twin Co, Inc. Profile ended up being $1.8 million at 31, 2018, (the “acquisition date”) of which $836,000 remains as of December 31, 2019 january. — The accretion associated with loan purchase discount into loan interest earnings from both the top Muddy Bancorp, Inc. Additionally the TwinCo, Inc. Deals ended up being $536,000 into the 4th quarter, when compared with $286,000 within the quarter that is preceding. — 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, when compared with $626.6 million this past year. — Capital ratios remain well capitalized having a concrete common investors’ equity ratio of 9.95percent at December 31, 2019. — Declared a quarterly money dividend of $0.095 per share.