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, into the fourth quarter of 2019, when compared with $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 an archive $4.1 million, or $0.63 per diluted share, reflecting the advanced 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 earnings this season. 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 quarter that is preceding $582,000 into the 4th quarter last year.
When it comes to 12 months 2019, net income significantly 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 for the compared to $1.2 million in acquisition-related expenses in 2018 year.
Eagle’s board of directors declared a cash that is quarterly of $0.095 per share on January 23, 2020. The dividend should be payable March 6, 2020 to shareholders of record February 14, 2020. The existing annualized dividend yield is 1.75% predicated on present market rates.
“We delivered record profits for 2019, fueled by stability sheet expansion, strong top-line income development, therefore the effective integration associated with the two purchases finished in the very last 2 yrs, ” said Peter J. Johnson, President and CEO. “Additionally, we completed our purchase of Western Holding business of Wolf aim early in the day this month. These transactions further solidify our place due to the fact fourth-largest, Montana-based bank and offers us an original chance to expand our market presence and lending activities. While expenses associated with the acquisition integration may be more than normal within the next few quarters, we anticipate costs to come back to more normalized amounts into the second section of 2020. As with all the previous two purchases, we anticipate the Western Holding business of Wolf aim merger will likely be instantly accretive to profits per share. ”
On January 1, 2020, Eagle completed its purchase of Western Holding Company of Wolf aim, as well as its wholly owned subsidiary, Western Bank of Wolf Point, in a deal respected at more or less $15.0 million. Within the deal, Eagle acquired one bank that is retail and around $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 installment loans ct statements.
On January 1, 2019, Eagle completed its purchase of Big Muddy Bancorp, Inc. And its own wholly owned subsidiary, their state Bank of Townsend, based in Townsend, Montana, which included more or less $108 million in assets, $92 million in deposits and $92 million in gross loans.
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 61.8% to $2.3 million, or $0.36 per diluted share, in comparison to $1.4 million, or $0.26 per diluted share, when you look at 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 typical equity had been 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 3.95per cent when you look at the 4th quarter last year. — profits (web interest earnings prior to the supply for loan losings, plus non-interest income) increased 48.6percent to $16.5 million, when compared with $11.1 million into the 4th quarter last 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. — Purchase discount on loans through the Twin Co, Inc. Profile ended up being $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 associated with loan purchase discount into loan interest earnings from both the major Muddy Bancorp, Inc. Additionally the TwinCo, Inc. Deals had been $536,000 within 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, when compared with $626.6 million last 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.