Eagle Bancorp Montana Inc. (EBMT) has reported 240.12 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.77 million, or $0.46 a share in the quarter, compared with $0.52 million, or $0.14 a share for the same period last year.
Revenue during the quarter surged 37 percent to $9.64 million from $7.04 million in the previous year period. Net interest income for the quarter rose 22.29 percent over the prior year period to $5.42 million. Non-interest income for the quarter rose 61.02 percent over the last year period to $4.69 million.
Eagle Bancorp Montana has made provision of $0.47 million for loan losses during the quarter, up 52.26 percent from $0.31 million in the same period last year.
Net interest margin improved 27 basis points to 3.55 percent in the quarter from 3.28 percent in the last year period. Efficiency ratio for the quarter improved to 69.70 percent from 86.79 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We produced record operating results during the quarter, with strong revenue growth, robust mortgage production, double digit annualized loan growth and an improved net interest margin," said Peter J. Johnson, president and chief executive officer. "Our focus on gathering core deposits, growing the loan portfolio and expanding our customer base throughout Montana continues to gain momentum. We continue to improve upon our performance metrics with a return on average assets of 1.07%, a return on average equity of 11.82% and an improved efficiency ratio of 69.70%, for the third quarter of 2016. This solid financial performance is a reflection of the hard work of our employees and their commitment to our customers."
Liabilities outpace assets growthTotal assets stood at $674.50 million as on Sep. 30, 2016, up 10.32 percent compared with $611.41 million on Sep. 30, 2015. On the other hand, total liabilities stood at $614.46 million as on Sep. 30, 2016, up 10.32 percent from $556.98 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $456.85 million as on Sep. 30, 2016, up 17.67 percent compared with $388.24 million on Sep. 30, 2015. Deposits stood at $515.28 million as on Sep. 30, 2016, up 7.10 percent compared with $481.13 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $89.24 million or 17.32 percent of total deposits on Sep. 30, 2016, compared with $82.84 million or 17.22 percent of total deposits on Sep. 30, 2015.
Investments stood at $133.91 million as on Sep. 30, 2016, down 9.28 percent or $13.71 million from year-ago. Shareholders equity stood at $60.04 million as on Sep. 30, 2016, up 10.31 percent or $5.61 million from year-ago.
Return on average assets moved up 72 basis points to 1.07 percent in the quarter from 0.35 percent in the last year period. At the same time, return on average equity increased 795 basis points to 11.82 percent in the quarter from 3.87 percent in the last year period.
Nonperforming assets moved up 8.01 percent or $0.17 million to $2.28 million on Sep. 30, 2016 from $2.11 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.34 percent in the quarter, down from 0.35 percent in the last year period.
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