This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Eagle Bancorp Montana Earns $667,000, Or $0.17 Per Diluted Share In First Fiscal Quarter; Declares Regular Quarterly Cash Dividend Of $0.0725 Per Share

Stocks in this article: EBMT

HELENA, Mont., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq:EBMT), (the "Company," "Eagle"), the holding company of American Federal Savings Bank, today reported that strong balance sheet growth and an improved net interest margin contributed to higher first quarter profits. Net income increased 58% to $667,000, or $0.17 per diluted share, in the first fiscal quarter ended September 30, 2013, compared to $422,000, or $0.11 per diluted share, in the first quarter a year ago. In the fourth fiscal quarter ended June 30, 2013 Eagle reported net income of $684,000, or $0.17 per diluted share.

The Company also announced its board of directors has declared its regular quarterly cash dividend of $0.0725 per share payable December 6, 2013 to shareholders of record November 15, 2013.

"Our first quarter profits are a direct result of the sustained growth in our balance sheet and improved net interest margin. Our substantial loan and deposit growth, both through acquisition and organic growth, has strengthened our revenue generating capacity and contributed to this quarter's margin expansion. It also highlights that our strategy of utilizing investment roll-off to fund new loan growth is working," said Peter J. Johnson, President and CEO. "Much of this growth can be attributed to our successful acquisition of seven branch locations from Sterling Savings Bank. In November we closed on our acquisition of seven branch locations from Sterling Savings Bank, adding approximately $41.2 million in loans and $181.6 million in deposits and more than doubling our franchise to 13 branches, while extending our branch network throughout Southern Montana. The acquisition also provided two new mortgage loan origination locations in Bozeman and Missoula, and a wealth management division which has already provided a solid contribution to noninterest income."

First Quarter Fiscal 2014 Highlights

  • Net income of $667,000, or $0.17 per diluted share.
  • Eagle's revenues (net interest income before the provision for loan losses, plus non-interest income) increased 59% to $6.72 million in the first quarter, compared to $4.23 million in the first quarter a year ago.
  • First quarter net interest margin was 3.15%, a 22 basis point improvement compared to 2.93% three months earlier.
  • Total loans increased 8.6% to $235.3 million at September 30, 2013, compared to $216.7 million three months earlier and increased 39.3% compared to $168.9 million a year earlier.
  • Total deposits increased 2.5% to $428.3 million at the end of September compared to $417.8 million three months earlier and increased 93.9% compared to $220.9 million a year earlier.
  • Nonperforming assets continue to be maintained at a low level and totaled only $1.5 million, or 0.28% of total assets at September 30, 2013, compared to $1.3 million, or 0.26% of total assets three months earlier and $4.2 million, or 1.32% of total assets a year ago.
  • Other Real Estate Owned (OREO) declined during the quarter to $496,000.
  • Nonperforming loans were $959,000, or 0.41% of total loans at September 30, 2013, compared to $773,000, or 0.36% of total loans, three months earlier. Nonperforming loans were $2.3 million, or 1.36% of total loans a year ago.
  • Capital ratios remain strong with a Tier 1 leverage ratio of 10.10%.
  • Declared a regular quarterly cash dividend of $0.0725 per share.

Balance Sheet Results

"Loan growth increased 8.6% quarter-over-quarter, with commercial loans up 23.6% over the same time period," said Johnson. "Additionally, in residential mortgages, purchase activity still remains a good portion of our lending activity, and this is not as rate sensitive as refinance activity."

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,802.82 +24.67 0.14%
S&P 500 2,068.71 +7.48 0.36%
NASDAQ 4,757.7510 +9.3550 0.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs