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Eagle Bancorp Montana Reports Net Income Of $644,000 In Second Quarter Fiscal 2011

HELENA, Mon., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq:EBMT), (the "Company," "Eagle"), the holding company of American Federal Savings Bank, today reported net income of $644,000, or $0.17 per diluted share, for the second fiscal quarter ended December 31, 2010, compared to $553,000, or $0.12 per diluted share, for the second quarter a year ago. For the first six months of fiscal 2011, Eagle reported net income of $1.5 million, of $0.39 per diluted share, compared to $1.4 million, or $0.30 per diluted share, for the same period 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 of $0.07 per share, to be paid February 25, 2011 to shareholders of record on February 4, 2011.

"Eagle's second quarter profits remain solid and consistent, despite the current economic environment," stated Pete Johnson, President and Chief Executive Officer. "We are attracting core deposits and continuing to meet the lending needs of our customers, which is evident with the growth in the balance sheet at December 31, 2010 compared to a year ago. Total assets, net loans and total deposits all increased during the quarter, while our asset quality remains sound and we continue to build reserves.  We remain optimistic that the strength of our franchise and our healthy capital position will provide the foundation for future growth opportunities."

Second Quarter 2011 Highlights

  • Net income was $644,000 or $0.17 per diluted share.
  • Net interest margin was 3.56%.
  • Nonperforming assets were $3.9 million, or 1.16% of total assets
  • Nonperforming loans totaled $2.4 million, or 1.25% of total loans.
  • Net loans increased 10.1% to $188.6 million at 12/31/10, compared to $171.0 million a year earlier.
  • Commercial real estate loans increased 55.0% year-over-year to $61.1 million and now comprise 32.1% of the total loan portfolio.
  • Non-interest bearing checking accounts increased 5.4% to $18.7 million, compared to $17.7 million a year ago.
  • 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

Net loans increased 10% to $188.6 million at December 31, 2010 compared with $171.3 million a year earlier.  

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