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 had been a record $4.1 million, or $0.63 per diluted share, showing the advanced level of contribution from home loan 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 current year. There have been $505,000 in acquisition-related costs when you look at the 4th quarter of 2019, when compared with $517,000 into the preceding quarter and $582,000 when you look at the 4th quarter this past year.
When it comes to 12 months 2019, net gain a lot 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 have been $2.2 million in acquisition-related costs for the 12 months, in comparison to $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 dividend is going to be March that is payable 6 2020 to investors of record February 14, 2020. The present annualized dividend yield is 1.75% according to current market costs.
“We delivered record profits for 2019, fueled by stability sheet expansion, strong top-line income development, additionally the effective integration for the two purchases finished in the past 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 once the fourth-largest, Montana-based bank and offers us an original chance to expand our market presence and lending activities. While expenses associated with the purchase integration would be more than normal on the next few quarters, we anticipate costs to return to more normalized levels into the part that is latter of. As aided by the previous two purchases, we anticipate the Western Holding business of Wolf aim merger would be straight away 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 transaction respected at more or less $15.0 million. Into the deal, Eagle acquired one bank that is retail and about $100 million in assets, $77 million in deposits and $41 million in gross loans, centered on Western Holding business of Wolf Point’s September 30, 2019 monetary 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, when compared with $1.4 million, or $0.26 per diluted share, within the 4th quarter of 2018, and decreased 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 typical equity ended up being 7.64%. — web interest margin (“NIM”) improved 7-basis points to 4.22per cent within the 4th quarter of 2019, when compared with 4.15per cent within the preceding quarter, and enhanced 27-basis points in comparison to 3.95per cent 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 last 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 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 income from both the top Muddy Bancorp, Inc. As well as the TwinCo, Inc. Deals had been $536,000 within the fourth 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 this past year. cash advance delaware — 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 concrete shareholders that are common equity ratio of 9.95percent at December 31, 2019. — Declared a cash that is quarterly of $0.095 per share.
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