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HELENA, Mont., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq:EBMT), (the "Company," "Eagle"), the holding company of American Federal Savings Bank, today reported it earned $876,000, or $0.22 per diluted share, for the first fiscal quarter ended September 30, 2010, compared to $844,000, or $0.18 per diluted share, for the first quarter a year ago. All per share data has been adjusted to reflect the April 5, 2010 stock conversion.
The Company also announced its board of directors has declared a quarterly cash dividend $0.07 per share, to be paid November 26, 2010 to shareholders of record on November 5, 2010.
"For the first quarter we had solid net interest income growth, reflecting a reduction in deposit costs and strong mortgage refinance activity. We also continue to grow the balance sheet with total assets, net loans and total deposits all increasing at September 30, 2010 compared to a year ago," stated Pete Johnson, President and Chief Executive Officer. "Despite the current economic environment we are optimistic that the strength of our franchise and our healthy capital position will provide the foundation for future opportunities."
First Quarter 2011 Highlights
Net income was $876,000, or $0.22 per diluted share.
Net loans increased 5.6% to $178.2 million year-over-year, with a 35.9% increase in commercial real estate loans compared to a year ago.
Total deposits increased by 4.6% compared to a year ago with core deposits up 11.5%.
The efficiency ratio was 67.3% for the quarter.
Nonperforming loans totaled $1.9 million, or 1.07% of total loans.
Capital ratios remain strong with a Tier 1 leverage ratio of 17.1%.
Declared regular quarterly cash dividend of $0.07 per share.
Balance Sheet Results
Total assets increased 10% to $330.8 million at September 30, 2010, compared with $300.7 million at September 30, 2009. Net loans increased 5.6% to $178.2 million at September 30, 2010 compared with $168.2 million a year earlier.