Eagle Bancorp Montana, Inc (EBMT) has reported 17.93 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $0.76 million, or $0.20 a share in the quarter, compared with $0.65 million, or $0.17 a share for the same period last year. Revenue during the quarter grew 14.71 percent to $8.39 million from $7.31 million in the previous year period. Net interest income for the quarter rose 12.63 percent over the prior year period to $5.48 million. Non-interest income for the quarter rose 10.77 percent over the last year period to $3.21 million.
Eagle Bancorp Montana has made provision of $0.30 million for loan losses during the quarter, down 33.11 percent from $0.45 million in the same period last year.
Net interest margin improved 26 basis points to 3.61 percent in the quarter from 3.35 percent in the last year period. Efficiency ratio for the quarter deteriorated to 84.36 percent from 82.90 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“We started the year with another quarter of consistent profitability, supported by a stable net interest margin, strong loan and deposit growth, while maintaining asset quality,” said Peter J. Johnson, President and Chief executive officer. “Western Montana continues to benefit from a strong economy, and we are well positioned to grow the profitability of the bank and claim additional market share in our markets.”
Deposits stood at $526.28 million as on Mar. 31, 2017, up 6.45 percent compared with $494.39 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $95.74 million or 18.19 percent of total deposits on Mar. 31, 2017, compared with $90.52 million or 18.31 percent of total deposits on Mar. 31, 2016.
Investments stood at $127.37 million as on Mar. 31, 2017, down 12.30 percent or $17.86 million from year-ago. Shareholders equity was at $60.04 million as on Mar. 31, 2017.
Return on average assets moved up 5 basis points to 0.46 percent in the quarter from 0.41 percent in the last year period. At the same time, return on average equity increased 71 basis points to 5.19 percent in the quarter from 4.48 percent in the last year period.
Nonperforming assets moved down 19.79 percent or $0.58 million to $2.36 million on Mar. 31, 2017 from $2.94 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.35 percent in the quarter, down from 0.46 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
