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 61.8% to $2.3 million, or $0.36 per diluted share, when you look at the 4th quarter of 2019, when compared with $1.4 million, or $0.26 per diluted share, into the 4th quarter of 2018. Within the preceding quarter, net gain had been accurate documentation $4.1 million, or $0.63 per diluted share, reflecting the higher level of share from home loan banking and gains from sale of loans. Development through the two purchases finished in the last couple of years also contributed to record profits and earnings this current year. There have been $505,000 in acquisition-related costs into the 4th quarter of 2019, in comparison to $517,000 into the quarter that is preceding $582,000 into the 4th quarter this past year.
For the year 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 12 months, when compared with $1.2 million in acquisition-related costs in 2018.
Eagle’s board of directors declared a quarterly money dividend of $0.095 per share on January 23, 2020. The https://speedyloan.net/installment-loans-mi dividend will soon be March that is payable 6 2020 to investors of record February 14, 2020. The present annualized dividend yield is 1.75% predicated on present market costs.
“We delivered record profits for 2019, fueled by stability sheet expansion, strong revenue that is top-line, in addition to effective integration for the two acquisitions finished in the final couple of years, ” 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 because the fourth-largest, Montana-based bank and offers us a distinctive possibility to expand our market presence and lending activities. While costs related to the purchase integration is likely to be more than normal on the next few quarters, we expect costs to return to more normalized amounts into the part that is latter of. As using the previous two purchases, we anticipate the Western Holding business of Wolf aim merger is likely to be instantly accretive to profits per share. ”
On January 1, 2020, Eagle finished its purchase of Western Holding business of Wolf aim, and its own wholly owned subsidiary, Western Bank of Wolf aim, in a deal respected at about $15.0 million. Within 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 January 31, 2018, Eagle finished its purchase of TwinCo Inc., which included about $96 million in assets, $82 million in deposits and $55 million in gross loans.
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, when compared with $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 quarter that is preceding. — Annualized return on typical assets had been 0.89%. — Annualized return on normal equity ended up being 7.64%. — Net 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 3.95% into the 4th quarter this past year. — profits (web interest earnings ahead of the supply for loan losings, plus non-interest income) increased 48.6percent to $16.5 million, when compared with $11.1 million within the 4th quarter this past year. — buy discount on loans through the Big Muddy Bancorp, Inc. Profile had been $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 had been $1.8 million at January 31, 2018, (the “acquisition date”) of which $836,000 continues to be at the time of December 31, 2019. — The accretion for the loan purchase discount into loan interest earnings from both the top Muddy Bancorp, Inc. And also the TwinCo, Inc. Deals ended up being $536,000 when you look at the 4th quarter, when compared with $286,000 into the quarter that is preceding. — Total loans increased 26.3% to $779.2 million at December 31, 2019, in comparison to $616.9 million this past year. — Total deposits increased 29.1% to $809.0 million at December 31, 2019, in comparison to $626.6 million last year. — Capital ratios remain well capitalized with a tangible common investors’ equity ratio of 9.95percent at December 31, 2019. — Declared a cash that is quarterly of $0.095 per share.
