Eagle Bancorp Montana, Inc. (NASDAQ:EBMT), (the “Company,”
“Eagle”), the holding company of Opportunity Bank of Montana, today
reported second quarter net income of $1.1 million, or $0.27 per
diluted share, compared to $1.3 million, or $0.32 per diluted
share, in the second quarter a year ago. In the preceding
quarter, Eagle earned $763,000, or $0.20 per diluted share.
In the first six months of 2017, net income was $1.8 million, or
$0.47 per diluted share, compared to $1.9 million, or $0.49 per
diluted share, in the first six months of 2016.
Eagle’s board of directors increased its regular
quarterly cash dividend by 12.5% to $0.09 per share. The
dividend will be payable September 1, 2017 to shareholders of
record August 11, 2017. The current annualized yield is 1.76%
at recent market prices.
“During the first half of 2017 we generated solid
operating results while growing the loan portfolio and expanding
our net interest margin,” said Peter J. Johnson, President and CEO.
“We have both the infrastructure and banking teams in place to
continue to grow and gain market share. We are pleased to be
able to increase our quarterly cash dividend for over seventeen
consecutive years.”
Second Quarter 2017 Highlights (at
or for the three-month period ended June 30, 2017, except where
noted)
- Net income grew 39.7% to $1.1 million, or $0.27 per diluted
share in the second quarter, compared to $763,000, or $0.20 per
diluted share in the preceding quarter, and was down compared to
$1.3 million, or $0.32 per diluted share, in the second quarter of
2016.
- Net interest margin was 3.65%, which was up four basis points
compared to the preceding quarter and a 34 basis point improvement
compared to the second quarter a year ago.
- Revenues (net interest income before the provision for loan
losses, plus non-interest income) increased 8.0% to $9.5 million
compared to $8.7 million in the same period a year ago.
- Total loans increased 14.5% to $508.1 million at June 30, 2017,
compared to $443.9 million a year earlier.
- Commercial real estate loans increased 22.5% to $246.0 million,
or 48.4% of total loans at June 30, 2017, compared to $200.8
million, or 45.2% of total loans a year earlier.
- Capital ratios remain strong with a tangible shareholders’
equity ratio of 11.29% at June 30, 2017.
- Increased quarterly cash dividend by 12.5% to $0.09 per
share.
Balance Sheet Results
“New loan originations were up during the quarter,
and loan demand remains strong. We are benefiting from a
healthy local economy and a seasoned lending team,” said
Johnson. Total loans increased 3.9% to $508.1 million at June
30, 2017, compared to $488.9 million three months earlier and
increased 14.5% compared to $443.9 million a year
earlier.
Eagle originated $84.3 million in new residential
mortgages during the quarter, excluding construction loans, and
sold $73.3 million in residential mortgages, with an average gross
margin on sale of mortgage loans of approximately 3.00%. This
production compares to residential mortgage originations of $51.7
million in the preceding quarter with sales of $56.6 million.
Commercial real estate loans increased 22.5% to
$246.0 million at June 30, 2017, compared to $200.8 million a year
earlier, while residential mortgage loans decreased 4.6% to
$110.9 million compared to $116.2 million a year
earlier. Commercial loans increased 18.9% to $58.2 million,
home equity loans increased 3.0% to $49.3 million and construction
loans increased 79.7% to $29.4 million, compared to a year ago.
Eagle’s total deposits increased modestly to $514.3
million at June 30, 2017, compared to $508.9 million a year earlier
but decreased compared to $526.3 million at March 31, 2017.
As of quarter-end, checking and money market accounts represent
53.8%, savings accounts represent 17.2%, and CDs comprise 29.0% of
the total deposit portfolio.
Total assets increased 7.1% to $710.2 million at
June 30, 2017, compared to $663.3 million a year earlier and
increased 3.9% compared to $683.7 million three months
earlier. Shareholders’ equity increased 3.5% to $62.1 million
at June 30, 2017, compared to $60.0 million three months earlier
and increased 5.3% compared to $59.0 million one year
earlier. Tangible book value was $14.37 per share at June 30,
2017, compared to $13.81 per share at March 31, 2017, and $13.63
per share a year earlier.
Operating Results
“Our net interest margin improved four basis points
compared to the preceding quarter and expanded 34 basis points
compared to the year ago quarter, largely due to profitable loan
growth,” Johnson said. Eagle’s net interest margin was 3.65%
in the second quarter, compared to 3.61% in the preceding quarter,
and 3.31% in the second quarter a year ago. Year-to-date,
Eagle’s net interest margin improved 30 basis points to 3.63%
compared to 3.33% in the first six months of 2016. Funding
costs for the second quarter were up 12 basis points while asset
yields were up 46 basis points compared to a year ago. The
investment securities portfolio decreased to $123.2 million at June
30, 2017, compared to $140.4 million a year ago, which had a
positive impact on the average yields on earning assets.
Eagle’s second quarter revenues increased to $9.5
million, compared to $8.7 million in both the preceding quarter and
the second quarter a year ago. Year-to-date, revenues
increased 9.9% to $18.1 million compared to $16.5 million in the
first six months of 2016. Net interest income before the
provision for loan loss increased 19.0% to $5.9 million in the
second quarter compared to $4.9 million in the second quarter one
year ago, and increased 7.2% compared to $5.5 million in the
preceding quarter. In the first six months of the year, net
interest income increased 15.8% to $11.4 million, compared to $9.8
million in the first six months of 2016.
Noninterest income decreased 6.2% to $3.6 million
in the second quarter, compared to $3.8 million in the second
quarter a year ago, but increased 11.3% compared to $3.2 million in
the preceding quarter. The net gain on sale of mortgage loans
totaled $2.3 million in the second quarter, compared to $1.8
million in the preceding quarter and $2.4 million in the second
quarter a year ago. In the first six months of 2017,
noninterest income increased modestly to $6.8 million compared to
$6.7 million in the first six months one year ago.
Second quarter noninterest expenses were $7.6
million, compared to $7.4 million in the preceding quarter and $6.7
million in the year ago quarter. Year-to-date, noninterest
expenses totaled $15.1 million compared to $13.2 million in the
same period a year earlier. Higher compensation expenses
contributed to the majority of the year-over-year
increase.
Credit Quality
Second quarter provision for loan losses was
$302,000, compared to $301,000 in the preceding quarter and
$459,000 in the second quarter a year ago. The allowance for
loan losses represented 309.2% of nonperforming loans at June 30,
2017, compared to 300.1% three months earlier and 196.0% a year
earlier.
Nonperforming loans (NPLs) were $1.7 million at the
end of the second quarter, which was unchanged compared to three
months earlier, and down 22.2% compared to $2.2 million a year
earlier.
Eagle’s net charge-offs were $152,000 in the second
quarter, compared to net loan recoveries of $4,000 in the preceding
quarter and net charge-offs of $139,000 in the second quarter a
year ago. The allowance for loan losses was $5.2 million, or
1.03% of total loans at June 30, 2017, compared to $5.1 million, or
1.04% of total loans at March 31, 2017 and $4.3 million, or 0.96%
of total loans a year ago.
Total OREO and other repossessed assets was
$493,000 at June 30, 2017, compared to $668,000 at March 31, 2017
and $565,000 a year ago. Nonperforming assets (NPAs),
consisting of nonperforming loans, OREO and other repossessed
assets, loans delinquent 90 days or more, and restructured loans,
were $2.2 million at June 30, 2017 or 0.31% of total assets,
compared to $2.4 million, or 0.35% of total assets three months
earlier and $2.7 million, or 0.41% of total assets a year
earlier.
Capital Management
Eagle Bancorp Montana continues to be well
capitalized with the ratio of shareholders’ equity to tangible
asset of 11.29% at June 30, 2017. (Shareholders’ equity, plus
trust preferred securities, subordinated debt and senior debt, less
goodwill and core deposit intangible to tangible assets).
On February 13, 2017, the Company completed the
issuance of $10 million of senior unsecured debt. The net
proceeds of $9.8 million was used as capital contribution to its
bank subsidiary to support growth.
Stock Repurchase
Eagle announced that its Board of Directors has
authorized the repurchase of up to 100,000 shares of its common
stock, representing approximately 2.6% of outstanding shares. Under
the plan, shares may be purchased by the company on the open market
or in privately negotiated transactions. The extent to which the
company repurchases its shares and the timing of such repurchase
will depend upon market conditions and other corporate
considerations.
About the Company
Eagle Bancorp Montana, Inc. is a bank holding
company headquartered in Helena, Montana and is the holding company
of Opportunity Bank, a community bank established in 1922 that
serves consumers and small businesses in Montana through 13 banking
offices. Additional information is available on the bank’s website
at www.opportunitybank.com. The shares of Eagle Bancorp
Montana, Inc. are traded on the NASDAQ Global Select Market under
the symbol “EBMT.”
Forward Looking Statements
This release may contain certain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, and
may be identified by the use of such words as "believe," "expect,"
"anticipate," "should," "planned," "estimated," and "potential."
These forward-looking statements include, but are not limited to
statements of our goals, intentions and expectations; statements
regarding our business plans, prospects, growth and operating
strategies; statements regarding the asset quality of our loan and
investment portfolios; and estimates of our risks and future costs
and benefits. These forward-looking statements are based on current
beliefs and expectations of our management and are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, many of which are beyond our
control. In addition, these forward-looking statements are subject
to assumptions with respect to future business strategies and
decisions that are subject to change. These factors include, but
are not limited to, changes in laws or government regulations or
policies affecting financial institutions, including changes in
regulatory fees and capital requirements; general economic
conditions, either nationally or in our market areas, that are
worse than expected; competition among depository and other
financial institutions; loan demand or residential and commercial
real estate values in Montana; inflation and changes in the
interest rate environment that reduce our margins or reduce the
fair value of financial instruments; adverse changes in the
securities markets; and other economic, governmental, competitive,
regulatory and technological factors that may affect our
operations. Because of these and other uncertainties, our actual
future results may be materially different from the results
indicated by these forward-looking statements. All information set
forth in this press release is current as of the date of this
release and the company undertakes no duty or obligation to update
this information.
Balance Sheet |
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data) |
|
|
(Unaudited) |
|
|
|
|
|
|
June 30, |
March 31, |
June 30, |
|
|
|
|
|
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
|
|
$ |
7,244 |
|
$ |
5,353 |
|
$ |
5,579 |
|
|
Interest-bearing deposits with banks |
|
|
|
1,797 |
|
|
813 |
|
|
844 |
|
|
|
Total cash
and cash equivalents |
|
|
9,041 |
|
|
6,166 |
|
|
6,423 |
|
|
Securities
available-for-sale, at market value |
|
|
|
123,191 |
|
|
127,212 |
|
|
140,449 |
|
|
FHLB stock, at
cost |
|
|
|
|
|
4,841 |
|
|
3,344 |
|
|
3,735 |
|
|
FRB stock |
|
|
|
|
|
871 |
|
|
871 |
|
|
871 |
|
|
Investment
in Eagle Bancorp Statutory Trust I |
|
|
|
155 |
|
|
155 |
|
|
155 |
|
|
Loans
held-for-sale |
|
|
|
|
|
16,206 |
|
|
8,432 |
|
|
21,246 |
|
|
Loans: |
|
|
|
|
|
|
|
|
|
Residential
mortgage (1-4 family) |
|
|
110,906 |
|
|
112,872 |
|
|
116,207 |
|
|
|
Commercial
loans |
|
|
|
58,230 |
|
|
54,614 |
|
|
48,982 |
|
|
|
Commercial
real estate |
|
|
|
246,005 |
|
|
234,467 |
|
|
200,848 |
|
|
|
Construction loans |
|
|
|
29,440 |
|
|
24,118 |
|
|
16,382 |
|
|
|
Consumer
loans |
|
|
|
15,293 |
|
|
14,786 |
|
|
14,618 |
|
|
|
Home equity |
|
|
|
|
49,266 |
|
|
49,037 |
|
|
47,842 |
|
|
|
Unearned
loan fees |
|
|
|
(1,008 |
) |
|
(1,036 |
) |
|
(951 |
) |
|
|
Total loans |
|
|
|
508,132 |
|
|
488,858 |
|
|
443,928 |
|
|
Allowance
for loan losses |
|
|
|
|
(5,225 |
) |
|
(5,075 |
) |
|
(4,260 |
) |
|
|
Net loans |
|
|
|
|
502,907 |
|
|
483,783 |
|
|
439,668 |
|
|
Accrued
interest and dividends receivable |
|
|
|
2,174 |
|
|
2,101 |
|
|
2,274 |
|
|
Mortgage
servicing rights, net |
|
|
|
|
6,127 |
|
|
5,892 |
|
|
5,196 |
|
|
Premises
and equipment, net |
|
|
|
|
20,040 |
|
|
19,750 |
|
|
17,965 |
|
|
Cash
surrender value of life insurance |
|
|
|
14,289 |
|
|
14,191 |
|
|
14,683 |
|
|
Real estate
and other assets acquired in settlement of loans, net |
|
493 |
|
|
668 |
|
|
565 |
|
|
Goodwill |
|
|
|
|
|
7,034 |
|
|
7,034 |
|
|
7,034 |
|
|
Core
deposit intangible |
|
|
|
|
328 |
|
|
356 |
|
|
449 |
|
|
Deferred
tax asset, net |
|
|
|
|
1,132 |
|
|
2,036 |
|
|
313 |
|
|
Other assets |
|
|
|
|
|
1,385 |
|
|
1,686 |
|
|
2,310 |
|
|
|
Total assets |
|
|
|
$ |
710,214 |
|
$ |
683,677 |
|
$ |
663,336 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Deposit accounts: |
|
|
|
|
|
|
|
|
Noninterest
bearing |
|
|
|
|
|
91,811 |
|
|
95,737 |
|
|
88,327 |
|
|
Interest bearing |
|
|
|
|
|
422,454 |
|
|
430,548 |
|
|
420,555 |
|
|
|
Total
deposits |
|
|
|
514,265 |
|
|
526,285 |
|
|
508,882 |
|
|
Accrued
expense and other liabilities |
|
|
|
4,867 |
|
|
4,309 |
|
|
5,000 |
|
|
FHLB
advances and other borrowings |
|
|
|
104,182 |
|
|
68,266 |
|
|
75,491 |
|
|
Long-term debt,
net |
|
|
|
|
|
24,778 |
|
|
24,782 |
|
|
14,959 |
|
|
|
Total
liabilities |
|
|
|
648,092 |
|
|
623,642 |
|
|
604,332 |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Preferred
stock (no par value; 1,000,000 shares authorized; |
|
|
|
|
none
issued or outstanding) |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
Common
stock (par value $0.01; 8,000,000 shares authorized; |
|
|
|
|
4,083,127 shares issued; 3,811,409, 3,811,409 and 3,779,464
shares outstanding |
|
|
|
|
|
|
|
at
June 30, 2017, March 31, 2017 and June 30, 2016, respectively) |
|
41 |
|
|
41 |
|
|
41 |
|
|
Additional
paid-in capital |
|
|
|
|
22,444 |
|
|
22,407 |
|
|
22,168 |
|
|
Unallocated
common stock held by employee stock ownership plan (ESOP) |
|
(725 |
) |
|
(767 |
) |
|
(891 |
) |
|
Treasury
stock, at cost (271,718, 271,718 and 303,663 shares at |
|
|
|
|
June
30, 2017, March 31, 2017 and June 30, 2016, respectively) |
|
(2,971 |
) |
|
(2,971 |
) |
|
(3,321 |
) |
|
Retained earnings |
|
|
|
|
|
42,460 |
|
|
41,699 |
|
|
38,626 |
|
|
Accumulated
other comprehensive income (loss) |
|
|
873 |
|
|
(374 |
) |
|
2,381 |
|
|
|
Total
shareholders' equity |
|
|
62,122 |
|
|
60,035 |
|
|
59,004 |
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
710,214 |
|
$ |
683,677 |
|
$ |
663,336 |
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
Three Months Ended |
|
Years Ended |
|
|
|
|
|
|
|
June 30, |
March 31, |
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
Interest
and dividend Income: |
|
|
|
|
|
|
|
|
|
Interest
and fees on loans |
|
|
$ |
6,174 |
|
$ |
5,570 |
|
$ |
4,955 |
|
$ |
11,744 |
|
$ |
9,792 |
|
Securities
available-for-sale |
|
|
|
714 |
|
|
729 |
|
|
740 |
|
|
1,443 |
|
|
1,487 |
|
FRB and
FHLB dividends |
|
|
|
36 |
|
|
40 |
|
|
35 |
|
|
76 |
|
|
66 |
|
Interest on
deposits with banks |
|
|
|
1 |
|
|
- |
|
|
1 |
|
|
1 |
|
|
1 |
|
Other
interest income |
|
|
|
- |
|
|
1 |
|
|
- |
|
|
1 |
|
|
3 |
|
|
Total
interest and dividend income |
|
|
|
6,925 |
|
|
6,340 |
|
|
5,731 |
|
|
13,265 |
|
|
11,349 |
Interest
Expense: |
|
|
|
|
|
|
|
|
|
|
Interest
expense on deposits |
|
|
|
376 |
|
|
380 |
|
|
381 |
|
|
756 |
|
|
736 |
|
FHLB
advances and other borrowings |
|
|
|
322 |
|
|
205 |
|
|
212 |
|
|
527 |
|
|
413 |
|
Long-term
debt |
|
|
|
347 |
|
|
272 |
|
|
195 |
|
|
619 |
|
|
389 |
|
|
Total
interest expense |
|
|
|
1,045 |
|
|
857 |
|
|
788 |
|
|
1,902 |
|
|
1,538 |
Net
interest income |
|
|
|
|
5,880 |
|
|
5,483 |
|
|
4,943 |
|
|
11,363 |
|
|
9,811 |
Loan loss
provision |
|
|
302 |
|
|
301 |
|
|
459 |
|
|
603 |
|
|
909 |
|
Net
interest income after loan loss provision |
|
|
5,578 |
|
|
5,182 |
|
|
4,484 |
|
|
10,760 |
|
|
8,902 |
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
239 |
|
|
232 |
|
|
211 |
|
|
471 |
|
|
410 |
|
Net gain on
sale of loans |
|
|
2,263 |
|
|
1,825 |
|
|
2,438 |
|
|
4,088 |
|
|
4,156 |
|
Mortgage
loan servicing fees |
|
|
509 |
|
|
547 |
|
|
442 |
|
|
1,056 |
|
|
805 |
|
Wealth
management income |
|
|
|
180 |
|
|
141 |
|
|
159 |
|
|
321 |
|
|
295 |
|
Interchange
and ATM fees |
|
|
|
228 |
|
|
206 |
|
|
223 |
|
|
434 |
|
|
425 |
|
Appreciation in cash surrender value of life insurance |
|
|
126 |
|
|
124 |
|
|
113 |
|
|
250 |
|
|
225 |
|
Net (loss)
gain on sale of available-for-sale securities |
|
|
(14 |
) |
|
- |
|
|
84 |
|
|
(14 |
) |
|
84 |
|
Net (loss)
gain on sale of real estate owned and other repossessed
property |
|
(24 |
) |
|
(1 |
) |
|
12 |
|
|
(25 |
) |
|
12 |
|
Other
noninterest income |
|
|
63 |
|
|
134 |
|
|
124 |
|
|
197 |
|
|
290 |
|
Total
noninterest income |
|
|
3,570 |
|
|
3,208 |
|
|
3,806 |
|
|
6,778 |
|
|
6,702 |
|
|
|
|
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
4,586 |
|
|
4,433 |
|
|
3,916 |
|
|
9,019 |
|
|
7,606 |
|
Occupancy
and equipment expense |
|
|
672 |
|
|
717 |
|
|
671 |
|
|
1,389 |
|
|
1,460 |
|
Data
processing |
|
|
566 |
|
|
567 |
|
|
463 |
|
|
1,133 |
|
|
1,011 |
|
Advertising |
|
|
269 |
|
|
189 |
|
|
150 |
|
|
458 |
|
|
338 |
|
Amortization of mortgage servicing fees |
|
|
262 |
|
|
262 |
|
|
285 |
|
|
524 |
|
|
513 |
|
Amortization of core deposit intangible and tax credits |
|
|
107 |
|
|
107 |
|
|
111 |
|
|
214 |
|
|
223 |
|
Federal
insurance premiums |
|
|
36 |
|
|
84 |
|
|
123 |
|
|
120 |
|
|
206 |
|
Postage |
|
|
51 |
|
|
48 |
|
|
34 |
|
|
99 |
|
|
88 |
|
Legal,
accounting and examination fees |
|
|
200 |
|
|
85 |
|
|
61 |
|
|
285 |
|
|
159 |
|
Consulting
fees |
|
|
59 |
|
|
49 |
|
|
34 |
|
|
108 |
|
|
117 |
|
Write-down
on real estate owned and other repossessed property |
|
9 |
|
|
36 |
|
|
- |
|
|
45 |
|
|
- |
|
Other
noninterest expense |
|
|
803 |
|
|
862 |
|
|
838 |
|
|
1,665 |
|
|
1,513 |
|
Total
noninterest expense |
|
|
7,620 |
|
|
7,439 |
|
|
6,686 |
|
|
15,059 |
|
|
13,234 |
|
|
|
|
|
|
|
Income
before income taxes |
|
|
|
1,528 |
|
|
951 |
|
|
1,604 |
|
|
2,479 |
|
|
2,370 |
Income tax
provision |
|
|
|
462 |
|
|
188 |
|
|
340 |
|
|
650 |
|
|
459 |
Net
income |
|
|
|
|
$ |
1,066 |
|
$ |
763 |
|
$ |
1,264 |
|
$ |
1,829 |
|
$ |
1,911 |
|
|
|
|
|
|
|
Basic
earnings per share |
|
|
$ |
0.28 |
|
$ |
0.20 |
|
$ |
0.34 |
|
$ |
0.48 |
|
$ |
0.51 |
Diluted
earnings per share |
|
|
$ |
0.27 |
|
$ |
0.20 |
|
$ |
0.32 |
|
$ |
0.47 |
|
$ |
0.49 |
Weighted
average shares |
|
|
|
|
|
|
|
|
outstanding
(basic EPS) |
|
|
3,811,409 |
|
|
3,811,409 |
|
|
3,779,464 |
|
|
3,811,409 |
|
|
3,779,464 |
Weighted
average shares |
|
|
|
|
|
|
|
|
outstanding
(diluted EPS) |
|
|
3,869,885 |
|
|
3,875,677 |
|
|
3,873,171 |
|
|
3,872,765 |
|
|
3,873,171 |
|
|
|
|
Financial Ratios and Other Data |
|
|
|
(Dollars in
thousands, except per share data) |
|
|
|
(Unaudited) |
|
June 30 |
March 31 |
June 30 |
|
|
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
Asset
Quality: |
|
|
|
|
|
Nonaccrual loans |
|
$ |
1,611 |
|
$ |
651 |
|
$ |
2,040 |
|
|
Loans 90
days past due |
|
79 |
|
|
998 |
|
|
89 |
|
|
Restructured loans, net |
|
- |
|
|
42 |
|
|
44 |
|
|
|
Total nonperforming
loans |
|
1,690 |
|
|
1,691 |
|
|
2,173 |
|
|
Other real
estate owned and other repossessed assets |
|
493 |
|
|
668 |
|
|
565 |
|
|
|
Total nonperforming
assets |
$ |
2,183 |
|
$ |
2,359 |
|
$ |
2,738 |
|
|
Nonperforming loans / portfolio loans |
|
0.33 |
% |
|
0.35 |
% |
|
0.49 |
% |
|
Nonperforming assets / assets |
|
0.31 |
% |
|
0.35 |
% |
|
0.41 |
% |
|
Allowance
for loan losses / portfolio loans |
|
1.03 |
% |
|
1.04 |
% |
|
0.96 |
% |
|
Allowance /
nonperforming loans |
|
309.17 |
% |
|
300.12 |
% |
|
196.04 |
% |
|
Gross loan
charge-offs for the quarter |
$ |
189 |
|
$ |
9 |
|
$ |
148 |
|
|
Gross loan
recoveries for the quarter |
$ |
37 |
|
$ |
13 |
|
$ |
9 |
|
|
Net loan
charge-offs for the quarter |
$ |
152 |
|
$ |
(4 |
) |
$ |
139 |
|
|
|
|
|
|
|
Capital
Data (At quarter end): |
|
|
|
|
Tangible
book value per share |
$ |
14.37 |
|
$ |
13.81 |
|
$ |
13.63 |
|
|
Shares
outstanding |
|
3,811,409 |
|
|
3,811,409 |
|
|
3,779,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability Ratios (For the quarter): |
|
|
|
|
Efficiency ratio* |
|
|
79.50 |
% |
|
84.36 |
% |
|
75.15 |
% |
|
Return on
average assets |
|
0.61 |
% |
|
0.46 |
% |
|
0.78 |
% |
|
Return on
average equity |
|
6.97 |
% |
|
5.19 |
% |
|
8.76 |
% |
|
Net interest
margin |
|
|
3.65 |
% |
|
3.61 |
% |
|
3.31 |
% |
|
|
|
|
|
|
Profitability Ratios (Year-to-date): |
|
|
|
|
Efficiency ratio * |
|
|
81.83 |
% |
|
84.36 |
% |
|
78.79 |
% |
|
Return on
average assets |
|
0.54 |
% |
|
0.46 |
% |
|
0.60 |
% |
|
Return on
average equity |
|
6.10 |
% |
|
5.19 |
% |
|
6.68 |
% |
|
Net interest
margin |
|
|
3.63 |
% |
|
3.61 |
% |
|
3.33 |
% |
|
|
|
|
|
|
Other
Information |
|
|
|
|
|
Average
total assets for the quarter |
$ |
700,682 |
|
$ |
662,541 |
|
$ |
649,585 |
|
|
Average
total assets year to date |
$ |
682,486 |
|
$ |
662,541 |
|
$ |
641,188 |
|
|
Average
earning assets for the quarter |
$ |
644,885 |
|
$ |
607,048 |
|
$ |
596,479 |
|
|
Average
earning assets year to date |
$ |
626,791 |
|
$ |
607,048 |
|
$ |
589,432 |
|
|
Average
loans for the quarter ** |
$ |
512,138 |
|
$ |
474,439 |
|
$ |
448,158 |
|
|
Average
loans year to date ** |
$ |
493,393 |
|
$ |
474,439 |
|
$ |
438,283 |
|
|
Average
equity for the quarter |
$ |
61,134 |
|
$ |
58,752 |
|
$ |
57,746 |
|
|
Average
equity year to date |
$ |
59,959 |
|
$ |
58,752 |
|
$ |
57,257 |
|
|
Average
deposits for the quarter |
$ |
512,736 |
|
$ |
515,851 |
|
$ |
493,879 |
|
|
Average
deposits year to date |
$ |
515,054 |
|
$ |
515,851 |
|
$ |
487,463 |
|
|
|
|
|
|
|
* The
efficiency ratio is a non-GAAP ratio that is calculated by dividing
non-interest expense, exclusive of |
intangible
asset amortization, by the sum of net interest income and
non-interest income. |
|
** includes
loans held for sale |
|
|
|
|
|
|
|
|
|
Contacts:
Peter J. Johnson, President and CEO
(406) 457-4006
Laura F. Clark, SVP and CFO
(406) 457-4007
Eagle Bancorp Montana (NASDAQ:EBMT)
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Eagle Bancorp Montana (NASDAQ:EBMT)
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From Apr 2023 to Apr 2024