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Eagle Bancorp Montana Reports Second Quarter Results; Highlighted By Branch Acquisition; Declares Regular Quarterly Cash Dividend

Stocks in this article: EBMT

HELENA, Montana, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq:EBMT), (the "Company," "Eagle"), the holding company of American Federal Savings Bank, today reported it lost $40,000, or $0.01 per diluted share, in the second fiscal quarter ended December 31, 2012, compared to net income of $487,000, or $0.12 per diluted share, in the second quarter a year ago. In the first quarter ended September 30, 2012 Eagle earned $422,000, or $0.11 per diluted share. In the first six months of fiscal year 2013 Eagle earned $382,000, or $0.10 per diluted share, compared to $915,000, or $0.23 per diluted share, in the first six months of fiscal year 2012.

The Company also announced its board of directors has declared a regular quarterly cash dividend of $0.07125 per share payable March 1, 2013 to shareholders of record February 8, 2013.

"The highlight of the second quarter was completing the acquisition of seven branch banking locations from Sterling Savings Bank," stated Peter J. Johnson, President and CEO. "The closed acquisition added approximately $41.2 million in loans and $181.6 million in deposits to the bank and more than doubled our franchise to 13 branches, while extending our branch network throughout Southern Montana. While our earnings were adversely affected by $731,000 in acquisition costs, we expect expenses to return to more normal levels as the majority of the acquisition costs have already been recorded during the last six months.

Of the seven branches acquired six are in new markets for Eagle, including two in Missoula, one in Billings, and one each in Hamilton, Livingston and Big Timber. The seventh is in Bozeman where Eagle already has a presence.

Second Quarter Fiscal 2013 Highlights

  • Eagle Bancorp completed its acquisition of seven banking locations from Sterling Savings Bank at the end of November.
  • Eagle's revenues (net interest income before the provision for loan losses, plus non-interest income) increased 14% to $4.83 million, compared to $4.23 million in the preceding quarter. In the second quarter a year ago, Eagle's revenues were $3.91 million.
  • Nonperforming assets improved to $2.7 million, or 0.53% of total assets at December 31, 2012, compared to $4.2 million, or 1.32% of total assets three months earlier and $5.6 million, or 1.69% of total assets a year ago.
  • Nonperforming loans declined to $1.5 million, or 0.70% of total loans at December 31, 2012 compared to $2.3 million, or 1.36% of total loans three months earlier and $3.6 million, or 1.95% of total loans a year ago.
  • Total loans increased 17% to $215.8 million at December 31, 2012 compared to $184.0 million a year earlier.
  • Total deposits increased 93% to $414.7 million at December 31, 2012 compared to $215.2 million a year ago. 
  • Capital ratios remain strong with a Tier 1 leverage ratio of 9.90%.
  • Declared regular quarterly cash dividend of $0.07125 per share.

Balance Sheet Results

"While we had some modest organic loan growth during the quarter the overall growth in the loan portfolio was due to the $41.2 million in new loans from the acquisition," said Johnson. Total loans increased 17.3% to $215.8 million at December 31, 2012 compared to $184.0 million a year earlier.  Commercial real estate loans increased 21.8% to $83.1 million at December 31, 2012 compared to $68.2 million a year earlier and residential mortgage loans increased 2.9% to $66.8 million compared to $65.0 million a year earlier. Commercial loans increased 23.2% to $15.4 million and home equity loans increased 46.1% to $37.9 million compared to a year ago.

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