Eagle Bancorp Montana, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 26, 2017 at 05:00 pm
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Eagle Bancorp Montana, Inc. reported unaudited earnings results for the fourth quarter and full year ended of December 31, 2016. For the quarter, the company's net income increased 64.5% to $1.4 million, or $0.37 per diluted share, compared to $881,000, or $0.22 per diluted share, in the fourth quarter a year ago. Revenues (net interest income before the provision for loan losses, plus non-interest income) increased 34.4% to $10.2 million compared to $7.6 million in the same period a year ago. Net interest income was $5,561,000 compared to $5,421,000 a year ago. Net interest income after loan loss provision was $5,109,000 compared to $4,523,000 a year ago. Income before income taxes was $2,082,000 compared to $814,000 a year ago. Tangible book value per share was $13.65. Return on average assets was 0.86% compared to 0.57% a year ago. Return on average equity was 9.57% compared to 6.39% a year ago.
For the full year of 2016, the company reported net income increased 98.9% to $5.1 million, or $1.32 per diluted share, in 2016, compared to $2.6 million, or $0.67 per diluted share, in 2015. Revenues increased 23.5% to $36.8 million, compared to $29.8 million in 2015. Net interest income before the provision for loan loss increased 2.6% to $5.6 million in the fourth quarter compared to $5.4 million in the preceding quarter, and increased 14.3% compared to $4.9 million in the fourth quarter a year ago. Net interest income increased 15.4% to $20.8 million, compared to $18.0 million in 2015. Net interest income after loan loss provision was $18,960,000 compared to $16,708,000 a year ago. Income before income taxes was $6,931,000 compared to $2,743,000 a year ago.
For the quarter, the company's net charge-offs totaled $332,000, compared to $82,000 in the preceding quarter and $23,000 in the fourth quarter a year ago.
Eagle Bancorp Montana, Inc. is the bank holding company of Opportunity Bank of Montana (the Bank). It provides loan and deposit services to customers who are predominantly small businesses and individuals throughout Montana. It is a diversified lender with a focus on residential mortgage loans, commercial real estate mortgage loans, commercial business loans, agricultural loans and second mortgage/home equity loan products. It offers a variety of deposit accounts. Deposit account terms vary, primarily as to the required minimum balance amount, the amount of time that the funds must remain on deposit and the applicable interest rate. Its current deposit products include certificates of deposit accounts ranging in terms from 90 days to five years, as well as, checking, savings and money market accounts. Individual retirement account (IRA) certificates are included in certificates of deposit. It also originates in commercial real estate, home equity, and consumer and commercial loans.
Eagle Bancorp Montana, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016