HELENA, Mont., Jan. 28, 2020 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company, ” “Eagle”), the holding 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 4th quarter of 2019, when compared with $1.4 million, or $0.26 per diluted share, into the 4th quarter of 2018. Within the quarter that is preceding net gain had been 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 days gone by couple of years additionally contributed to record profits and earnings this present year. There have been $505,000 in acquisition-related costs into the 4th quarter of 2019, when compared with $517,000 within the preceding quarter and $582,000 in the 4th quarter this past year.
For the 12 months 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 were $2.2 million in acquisition-related costs when it comes to compared to $1.2 million in acquisition-related expenses in 2018 year.
Eagle’s board of directors declared a quarterly cash dividend of $0.095 per share on January 23, 2020. The dividend would be payable March 6, 2020 to shareholders of record February 14, 2020. The existing annualized dividend yield is 1.75% according to current market costs.
“We delivered record profits for 2019, fueled by stability sheet expansion, strong revenue that is top-line, therefore the effective 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 aim earlier in the day this month. These transactions further solidify our place once the fourth-largest, Montana-based bank and offers us an original possibility to expand our market presence and lending activities. While costs connected with the acquisition integration will likely be greater than normal on the next few quarters, we expect costs to go back to more normalized amounts when you look at the second element of 2020. As aided by the previous two purchases, we anticipate the Western Holding business of Wolf aim merger are going to be accretive to earnings immediately per share. ”
On 1, 2020, Eagle completed its acquisition of Western Holding Company of Wolf Point, and its wholly owned subsidiary, Western Bank of Wolf Point, in a transaction valued at approximately $15.0 million january. Into the deal, Eagle acquired one retail bank branch and about $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 added around $96 million in assets, $82 million in deposits and $55 million in gross loans.
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, 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 preceding quarter. — Annualized return on normal 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, 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 this past year. — profits (web interest earnings ahead of the supply for loan losses, plus non-interest income) increased 48.6percent to $16.5 million, in comparison to $11.1 million into the 4th quarter last 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 from the Twin Co, Inc. Portfolio was $1.8 million at January 31, 2018, (the “acquisition date”) of which $836,000 stays at the time of December 31, 2019. — The accretion regarding the loan purchase discount into loan interest earnings from both the top Muddy Bancorp, Inc. And also the TwinCo, Inc. Transactions had been $536,000 when you look at the fourth quarter, in comparison to $286,000 into 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. — Total deposits increased 29.1% to $809.0 million at December 31, https://speedyloan.net/installment-loans-fl 2019, when compared with $626.6 million this past 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.