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, into the fourth quarter of 2019, in comparison to $1.4 million, or $0.26 per diluted share, into the 4th quarter of 2018. Within the quarter that is preceding net income ended up being accurate documentation $4.1 million, or $0.63 per diluted share, showing the advanced level of share from home loan banking and gains from purchase of loans. Development through the two purchases finished in the last couple of years additionally contributed to record profits and profits this present year. There have been $505,000 in acquisition-related costs within the 4th quarter of 2019, when compared with $517,000 into the quarter that is preceding $582,000 into 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, when compared with $5.0 million, or $0.91 per diluted share, in 2018. There have been $2.2 million in acquisition-related expenses for the 12 months, in comparison to $1.2 million in acquisition-related costs in 2018.
Eagle’s board of directors declared a cash that is quarterly of $0.095 per share on January 23, 2020. The dividend will undoubtedly be March that is payable 6 2020 to investors of record February 14, 2020. The present annualized dividend yield is 1.75% centered on present market costs.
“We delivered record profits for 2019, fueled by stability sheet expansion, strong revenue that is top-line, therefore the effective integration regarding 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 earlier in the day this month. These transactions further solidify our place due to the fact 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 going to be more than normal throughout the next few quarters, we anticipate costs to return to more normalized amounts into the second section of 2020. As utilizing the previous two purchases, we anticipate the Western Holding https://speedyloan.net/installment-loans-de business of Wolf aim merger is going to be accretive to earnings immediately per share. ”
On January 1, 2020, Eagle finished its purchase of Western Holding business of Wolf aim, and its wholly owned subsidiary, Western Bank of Wolf aim, in a deal respected at roughly $15.0 million. Into the deal, Eagle acquired one retail bank branch and around $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 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 features (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, when you look at the fourth quarter of 2018, and reduced compared to record net gain of $4.1 million, or $0.63 per diluted share when you look at the preceding quarter. — Annualized return on typical assets ended up being 0.89%. — Annualized return on normal 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, in comparison to 4.15per cent into the preceding quarter, and enhanced 27-basis points when compared with 3.95% within the 4th quarter this past year. — profits (web interest earnings prior to the supply for loan losings, plus non-interest income) increased 48.6percent to $16.5 million, in comparison to $11.1 million within the fourth quarter last year. — buy discount on loans from 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 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 income from both the major Muddy Bancorp, Inc. While the TwinCo, Inc. Deals had been $536,000 into the 4th quarter, in comparison to $286,000 within the preceding quarter. — Total loans increased 26.3% to $779.2 million at December 31, 2019, in comparison to $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 cash that is quarterly of $0.095 per share.