Eagle Bancorp Montana ( (EBMT) ) has released its Q3 earnings. Here is a breakdown of the information Eagle Bancorp Montana presented to its investors.
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Eagle Bancorp Montana, Inc., headquartered in Helena, Montana, operates as a bank holding company for Opportunity Bank of Montana, providing a range of financial services through its network of 29 banking offices across Montana.
In the third quarter of 2024, Eagle Bancorp Montana reported a net income of $2.7 million, or $0.34 per diluted share, marking an improvement from the previous quarter’s net income of $1.7 million. The company also declared a quarterly cash dividend of $0.1425 per share, translating to an annualized yield of 3.49%.
Key highlights from the quarter include a 4.4% increase in revenues to $20.8 million compared to the previous quarter, despite a year-over-year decline. Total deposits grew by 2.2% to $1.65 billion, while total loans increased by 1.1% over the linked quarter to $1.53 billion. A noteworthy point is the slight contraction in the net interest margin to 3.34%, attributed to increased funding costs.
Eagle Bancorp’s strategic focus on maintaining a strong deposit franchise and disciplined loan pricing has facilitated growth in total assets, which rose to $2.15 billion by the end of September 2024, representing a year-over-year increase. The bank remains well-capitalized with ample borrowing capacity and is positioned for continued growth into 2025.
Looking ahead, Eagle Bancorp’s management anticipates stabilization in deposit rates following recent Federal Reserve rate cuts, which could further strengthen its financial standing and aid in navigating the current economic landscape.