Eagle Bancorp Montana Inc. (EBMT) has reported a 64.47 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.45 million, or $0.37 a share in the quarter, compared with $0.88 million, or $0.22 a share for the same period last year. Revenue during the quarter surged 34.55 percent to $9.71 million from $7.22 million in the previous year period. Net interest income for the quarter rose 14.28 percent over the prior year period to $5.56 million. Non-interest income for the quarter rose 70.84 percent over the last year period to $4.60 million.
Eagle Bancorp Montana Inc has made provision of $0.45 million for loan losses during the quarter, up 31.78 percent from $0.34 million in the same period last year.
Net interest margin improved 20 basis points to 3.61 percent in the quarter from 3.41 percent in the last year period. Efficiency ratio for the quarter improved to 73.98 percent from 83.17 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“We achieved record 2016 earnings, along with strong fourth quarter earnings of $1.4 million,” said Peter J. Johnson, president and chief executive officer. “We continue to produce solid loan and core deposit growth, which highlights our ability to deepen and grow customer relationships, as well as gain new customers and market share. With steady balance sheet growth and significant and ongoing improvements in revenue generation, we are continuing to produce and retain earnings while paying appropriate dividends to increase value for our shareholders.”
Assets outpace liabilities growth
Total assets stood at $673.92 million as on Dec. 31, 2016, up 7.66 percent compared with $626 million on Dec. 31, 2015. On the other hand, total liabilities stood at $614.47 million as on Dec. 31, 2016, up 4.17 percent from $589.85 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $461.39 million as on Dec. 31, 2016, up 15.52 percent compared with $399.39 million on Dec. 31, 2015. Deposits stood at $512.80 million as on Dec. 31, 2016, up 6.13 percent compared with $483.18 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $82.88 million or 16.16 percent of total deposits on Dec. 31, 2016, compared with $77.03 million or 15.94 percent of total deposits on Dec. 31, 2015.
Investments stood at $128.59 million as on Dec. 31, 2016, down 11.86 percent or $17.30 million from year-ago. Shareholders equity stood at $59.46 million as on Dec. 31, 2016, up 7.22 percent or $4.01 million from year-ago.
Return on average assets moved up 29 basis points to 0.86 percent in the quarter from 0.57 percent in the last year period. At the same time, return on average equity increased 318 basis points to 9.57 percent in the quarter from 6.39 percent in the last year period.
Nonperforming assets moved down 37.10 percent or $1.17 million to $1.98 million on Dec. 31, 2016 from $3.14 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.29 percent in the quarter, down from 0.50 percent in the last year period.
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