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, when compared with $1.4 million, or $0.26 per diluted share, when you look at the 4th quarter of 2018. Into the quarter that is preceding net gain was accurate documentation $4.1 million, or $0.63 per diluted share, showing the higher level of share from home loan banking and gains from purchase of loans. Growth from the two purchases finished in the last two years additionally contributed to record profits and earnings this current year. There have been $505,000 in acquisition-related costs into the fourth quarter of 2019, when compared with $517,000 into the preceding quarter and $582,000 within the 4th quarter this past 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 quarterly money dividend of $0.095 per share on January 23, 2020. The dividend will soon be March that is payable 6 2020 to investors of record February 14, 2020. The existing annualized dividend yield is 1.75% predicated on current market costs.
“We delivered record profits for 2019, fueled by stability sheet expansion, strong top-line income development, plus the successful integration associated with two purchases finished in the past couple of years, ” said Peter J. Johnson, President and CEO. “Additionally, we finished our purchase of Western Holding business of Wolf Point early 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 chance to expand our market presence and lending activities. While expenses connected with the acquisition integration is likely to be greater than normal throughout the next few quarters, we anticipate expenses to come back to more normalized levels within the part that is latter of. As with all the previous two purchases, we anticipate the Western Holding Company of Wolf aim merger are going to be accretive to earnings immediately per share. ”
On January 1, 2020, Eagle completed its purchase of Western Holding business of Wolf aim, and its own wholly owned subsidiary money key , Western Bank of Wolf aim, in a deal respected at roughly $15.0 million. Into 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 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 features (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 fourth quarter of 2018, and reduced in comparison to record net gain of $4.1 million, or $0.63 per diluted share within the preceding quarter. — Annualized return on typical assets had been 0.89%. — Annualized return on normal equity had been 7.64%. — web interest margin (“NIM”) improved 7-basis points to 4.22per cent into the 4th quarter of 2019, in comparison to 4.15per cent within the preceding quarter, and enhanced 27-basis points when compared with 3.95% within the fourth quarter this past year. — profits (web interest earnings ahead of the provision for loan losings, plus non-interest income) increased 48.6% 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 January 1, 2019, (the “acquisition date”) of which $1.3 million continues to be at the time of December 31, 2019. — 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 associated with the loan purchase discount into loan interest earnings from both the major Muddy Bancorp, Inc. Together with TwinCo, Inc. Deals had been $536,000 into the fourth quarter, in comparison to $286,000 into the quarter that is preceding. — Total loans increased 26.3% to $779.2 million at December 31, 2019, when compared with $616.9 million this past 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 9.95per cent at December 31, 2019. — Declared a cash that is quarterly of $0.095 per share.