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TheStreet Open House

Eagle Bancorp Montana Earns $474,000, Or $0.12 Per Diluted Share In Second Fiscal Quarter; Declares Regular Quarterly Cash Dividend Of $0.0725 Per Share

HELENA, Mont., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq:EBMT), (the "Company," "Eagle"), the holding company of American Federal Savings Bank, today reported net income was $474,000, or $0.12 per diluted share, in the second fiscal quarter ended December 31, 2013, compared to $667,000, or $0.17 per diluted share in the preceding quarter and a net loss of $40,000, or $0.01 per diluted share, in the second quarter a year ago. In the first six months of fiscal 2014, Eagle's net income increased 199% to $1.1 million, or $0.29 per diluted share compared to $382,000, or $0.10 per diluted share, in the first six months of fiscal 2013.

"Our improving earnings trend gained further momentum in the second quarter of fiscal 2014," said Peter J. Johnson, President and CEO. "The steady economy in Montana has increased loan demand from local retail and business customers, with an increase in both commercial and mortgage loans aided in part by the increased retail presence that resulted from our 2012 branch acquisition. Our total loans increased $14.2 million, or 6% at December 31, 2013, compared to three months earlier, while our net interest margin increased 17 basis points compared to the preceding quarter. Additionally, our deposit growth continued and credit quality remains strong."

The Company also announced its board of directors has declared its regular quarterly cash dividend of $0.0725 per share payable March 7, 2014 to shareholders of record February 14, 2014.

Second Quarter Fiscal 2014 Highlights

  • Net income was $474,000, or $0.12 per diluted share.
  • Revenues (net interest income before the provision for loan losses, plus non-interest income) increased 30% to $6.27 million in the second quarter, compared to $4.83 million in the second quarter a year ago.
  • Second quarter net interest margin was 3.32%, a 17 basis point improvement compared to 3.15% three months earlier.
  • Total loans increased 6.0% to $249.5 million at December 31, 2013, compared to $235.4 million three months earlier and increased 15.6% compared to $215.8 million a year earlier.
  • Total deposits increased 1% to $432.2 million at the end of December compared to $428.3 million three months earlier and increased 4.2% compared to $414.7 million a year earlier.
  • Nonperforming assets continue to be maintained at a low level and totaled only $1.35 million, or 0.26% of total assets at December 31, 2013, compared to $1.5 million, or 0.28% of total assets three months earlier and $2.7 million, or 0.53% of total assets a year ago.
  • Other Real Estate Owned (OREO) declined during the quarter to $419,000.
  • Nonperforming loans were $931,000, or 0.37% of total loans at December 31, 2013, compared to $959,000, or 0.41% of total loans, three months earlier. Nonperforming loans were $1.5 million, or 0.70% of total loans a year ago.
  • Capital ratios remain strong with a Tier 1 leverage ratio of 10.07% at December 31, 2013.
  • Declared a regular quarterly cash dividend of $0.0725 per share.

Balance Sheet Results

"Loan activity continued to improve, with the majority of the growth coming from the increase in commercial loans and residential loans," said Johnson.

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