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Eagle Bancorp Montana Earns $907,000 In Third Quarter; Increases Regular Quarterly Cash Dividend

Stocks in this article: EBMT

HELENA, Mont., April 30, 2013 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq:EBMT), (the "Company," "Eagle"), the holding company of American Federal Savings Bank, today reported earnings increased 38% to $907,000, or $0.23 per diluted share, in the third fiscal quarter ended March 31, 2013, compared to $658,000, or $0.17 per diluted share, in the third quarter a year ago. In the second fiscal quarter ended December 31, 2012 Eagle reported a loss of $40,000, or $0.01 per diluted share. In the first nine months of fiscal year 2013 Eagle earned $1.3 million, or $0.33 per diluted share, compared to $1.6 million, or $0.40 per diluted share, in the first nine months of fiscal year 2012.

The Company also announced its board of directors has increased its regular quarterly cash dividend 1.75% to $0.0725 per share payable June 7, 2013 to shareholders of record May 17, 2013.

"While we generated record net interest income and noninterest income, our third quarter performance was negatively impacted by acquisition costs associated with our purchase of seven branch locations from Sterling Savings Bank in November 2012," stated Peter J. Johnson, President and CEO. "We believe that all acquisition costs have been accounted for and we expect expenses to return to more normalized levels before our fiscal year end."

Eagle's closed acquisition added approximately $41.2 million in loans and $181.6 million in deposits to the bank and more than doubled its franchise to 13 branches, while extending its branch network throughout Southern Montana. 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.

Third Quarter Fiscal 2013 Highlights

  • Net income of $907,000, or $0.23 per diluted share.
  • Eagle's revenues (net interest income before the provision for loan losses, plus non-interest income) increased 68% to $6.85 million in the third quarter, compared to $4.6 million in the third quarter a year ago.
  • Nonperforming assets improved to $2.1 million, or 0.41% of total assets at March 31, 2013, compared to $2.7 million, or 0.53% of total assets three months earlier and $5.4 million, or 1.62% of total assets a year ago.
  • Nonperforming loans declined to $1.0 million, or 0.47% of total loans at March 31, 2013 compared to $1.5 million, or 0.70% of total loans three months earlier and $3.5 million, or 1.95% of total loans a year ago.
  • Total loans increased 19% to $212.7 million at March 31, 2013 compared to $179.0 million a year earlier.
  • Total deposits increased 92% to $421.6 million at March 31, 2013 compared to $220.2 million a year ago.
  • Capital ratios remain strong with a Tier 1 leverage ratio of 9.80%.
  • Increased its regular quarterly cash dividend to $0.0725 per share.

Balance Sheet Results

"Although the loan portfolio did shrink slightly compared to the preceding quarter end, we are encouraged by the increase in construction loan originations, which is usually an indicator the housing economy is improving in our local markets," said Johnson. "Additionally, the percentage of purchased loans in our mortgage lending department has also picked up in recent months, which is another leading indicator of improvement in our local housing market." Largely due to the $41.2 million in new loans from the acquisition, total loans increased 18.9% to $212.7 million at March 31, 2013 compared to $179.0 million a year earlier. Commercial real estate loans increased 21.9% to $80.2 million at March 31, 2013 compared to $65.8 million a year earlier and residential mortgage loans increased 3.7% to $65.6 million compared to $63.2 million a year earlier. Commercial loans increased 15.7% to $17.4 million and home equity loans increased 48.2% to $36.1 million compared to a year ago.

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