Eagle Bancorp Montana Earns $537,000 In Fourth Quarter; Increases Regular Quarterly Cash Dividend
HELENA, Mont., July 22, 2010 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq:EBMT), (the "Company," "Eagle"), the stock holding company of American Federal Savings Bank, today reported it earned $537,000, or $0.14 per diluted share, for the fourth fiscal quarter ended June 30, 2010, compared to $905,000, or $0.20 per diluted share, for the fourth quarter a year ago. For the fiscal year, net income was $2.4 million, or $0.54 per diluted share, compared to $2.4 million, or $0.52 per diluted share, in fiscal 2009. All per share data has been adjusted to reflect the April 5, 2010 stock conversion.
The Company also announced its board of directors has increased its quarterly cash dividend 2.3% to $0.07 per share, to be paid August 27, 2010 to shareholders of record on August 6, 2010.
"Our underlying business performance for the quarter was strong and reflects continued operating improvements in the bank," stated Pete Johnson, President and Chief Executive Officer. "Substantial deposit growth and continued changes in the mix of our funding costs resulted in an expansion of our net interest income by 8.0% during the quarter compared to the fourth quarter a year ago. Our ongoing improvements continued to enhance our positive operating earnings. We are also delighted that our recent stock offering was so well received by our stockholders, customers and community."Fourth Quarter 2010 Highlights
- Completed second-step conversion and successful stock offering.
- Net income was $537,000, or $0.14 per diluted share.
- Net interest margin was 3.42 %.
- Total deposits increased by 5.7% compared to a year ago with core deposits up 12.0%.
- The efficiency ratio was 76.6% for the quarter.
- Nonperforming loans totaled $2.4 million, or 1.42% of total loans.
- Capital ratios remain strong with a Tier 1 leverage ratio of 17.3%.
- Increased regular quarterly cash dividend 2.3% to $0.07 per share.
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