Eagle Bancorp Montana Q3 profit falls, loan growth lifts interest income
EBMT•Eagle Bancorp Montana reported Q3 net income of $3.01 million and EPS of $0.38, both down year over year and sequentially. Net interest income rose 7% year over year to $19.99 million as record loan growth supported income.
1. Quarterly results
Eagle Bancorp Montana said Q3 net income and EPS declined year over year and from the prior quarter, to $3.01 million and $0.38, respectively. Net interest income increased 7% year over year and 4% from the prior quarter to $19.99 million, supported by record loan growth across its markets and lending lines.
2. Outlook and credit
The company expects loan growth to support earnings in coming periods and plans to focus on loan and deposit pricing to protect net interest margin amid rising rates. It recorded a higher provision for credit losses due to loan growth, not borrower deterioration, and said its core deposit base supported lending.
