Eagle Bancorp Montana reports $1.7 million net income, $0.22 per share, with solid loan growth.

From GlobeNewswire: 2024-07-23 10:00:00

Eagle Bancorp Montana, Inc. reported a second-quarter net income of $1.7 million, with diluted earnings of $0.22 per share – a decrease from the previous quarter. Loan growth remained strong at 6.8% year-over-year, contributing to an increase in net interest margin. The company’s quarterly cash dividend was raised to $0.1425 per share.

Key financial highlights for the second quarter of 2024 include a net interest margin of 3.41% and revenues totaling $19.9 million. Total loans increased to $1.52 billion, while total deposits reached $1.62 billion. The allowance for credit losses represented 1.11% of portfolio loans, with a borrowing capacity of $374.5 million.

The residential mortgage portfolio saw an increase of $60.6 million in new loans, with commercial real estate loans up 8.6% and agricultural loans up 6.4%. Total loans grew by 6.8% compared to the previous year. Deposit mix has shifted towards higher yielding accounts, with noninterest-bearing checking accounting for 24.7% of total deposits.

Eagle Bancorp’s net interest margin saw an improvement, reaching 3.41% in the second quarter of 2024. Funding costs slightly increased to 2.78%, while average yields on interest earning assets rose to 5.64%. The company’s shareholders’ equity was $170.2 million, with book value per share at $21.23.

Overall, Eagle Bancorp Montana, Inc. experienced solid second-quarter results with steady loan growth, healthy credit quality metrics, and an expansion in net interest margin. The company remains well-positioned for growth in the Montana financial market, with strong deposit levels and improved cost of funds.



Read more at GlobeNewswire:: Eagle Bancorp Montana Earns $1.7 Million, or $0.22 per