This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
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.
On April 5, 2010, the Company completed its second-step conversion from the partially-public mutual holding company structure to the fully publicly-owned stock holding company structure. As part of that transaction it also completed a related stock offering. Following the conversion and offering, Eagle Bancorp Montana became the stock holding company for American Federal Savings Bank, and both Eagle Financial MHC and Eagle Bancorp ceased to exist. The Company sold a total of 2,464,274 shares of common stock at a purchase price of $10.00 per share in the offering for gross proceeds of $24.6 million. Concurrent with the completion of the offering, shares of Eagle Bancorp common stock owned by the public were exchanged. Stockholders of Eagle Bancorp received 3.800 shares of the Eagle Bancorp Montana's common stock for each share of Eagle Bancorp common stock that they owned immediately prior to completion of the transaction.