Eagle Bancorp Montana Earns $1.7 Million, or $0.22 per Diluted Share, in the Second Quarter of 2024; Increases Quarterly Cash Dividend to $0.1425 Per Share
Eagle Bancorp Montana (NASDAQ: EBMT) reported net income of $1.7 million, or $0.22 per diluted share, in Q2 2024. The company increased its quarterly cash dividend to $0.1425 per share, payable on September 6, 2024. Key highlights include:
- Net interest margin expanded to 3.41%, an 8 basis point improvement from Q1 2024
- Total loans increased 6.8% year-over-year to $1.52 billion
- Total deposits grew 2.6% year-over-year to $1.62 billion
- Allowance for credit losses represented 330.8% of nonperforming loans
- Tangible book value per share increased to $16.25
The company's performance was driven by disciplined loan growth, strong credit quality, and net interest margin expansion.
Eagle Bancorp Montana (NASDAQ: EBMT) ha riportato un reddito netto di 1,7 milioni di dollari, pari a 0,22 dollari per azione diluita, nel secondo trimestre del 2024. L'azienda ha aumentato il suo dividendo in contante trimestrale a 0,1425 dollari per azione, che sarà pagabile il 6 settembre 2024. I principali punti salienti includono:
- Il margine di interesse netto è aumentato a 3,41%, un miglioramento di 8 punti base rispetto al primo trimestre del 2024
- I prestiti totali sono aumentati del 6,8% rispetto all'anno precedente raggiungendo 1,52 miliardi di dollari
- I depositi totali sono cresciuti del 2,6% rispetto all'anno precedente arrivando a 1,62 miliardi di dollari
- L'accantonamento per perdite su crediti ha rappresentato il 330,8% dei prestiti non performanti
- Il valore contabile tangibile per azione è aumentato a 16,25 dollari
Le performance dell'azienda sono state trainate da una crescita dei prestiti disciplinata, un'alta qualità del credito e un'espansione del margine di interesse netto.
Eagle Bancorp Montana (NASDAQ: EBMT) reportó un ingreso neto de 1.7 millones de dólares, o 0.22 dólares por acción diluida, en el segundo trimestre de 2024. La compañía aumentó su dividendo en efectivo trimestral a 0.1425 dólares por acción, que se pagará el 6 de septiembre de 2024. Los aspectos destacados incluyen:
- El margen de interés neto se amplió al 3.41%, una mejora de 8 puntos básicos respecto al primer trimestre de 2024
- Los préstamos totales aumentaron un 6.8% interanual a 1.52 mil millones de dólares
- Los depósitos totales crecieron un 2.6% interanual a 1.62 mil millones de dólares
- La provisión para pérdidas crediticias representó el 330.8% de los préstamos en mora
- El valor contable tangible por acción aumentó a 16.25 dólares
El rendimiento de la empresa fue impulsado por un crecimiento disciplinado de los préstamos, una sólida calidad crediticia y la expansión del margen de interés neto.
이글 반코프 몬태나 (NASDAQ: EBMT)는 2024년 2분기 순이익 170만 달러, 즉 주당 희석 후 0.22 달러를 보고했습니다. 이 회사는 주당 현금 배당금을 0.1425 달러로 증가시켰으며, 이는 2024년 9월 6일에 지급될 예정입니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 마진이 3.41%로 증가하여 2024년 1분기 대비 8bps 개선되었음
- 총 대출이 전년 동기 대비 6.8% 증가하여 15.2억 달러에 달함
- 총 예금이 전년 동기 대비 2.6% 증가하여 16.2억 달러에 도달함
- 신용 손실 준비금이 부실채권의 330.8%를 차지함
- 주당 유동 자산 가치가 16.25 달러로 증가함
회사의 성과는 체계적인 대출 성장, 강력한 신용 품질 및 순이자 마진의 확장에 의해 주도되었습니다.
Eagle Bancorp Montana (NASDAQ: EBMT) a rapporté un revenu net de 1,7 million de dollars, soit 0,22 dollar par action diluée, au deuxième trimestre 2024. La société a augmenté son dividende en espèces trimestriel à 0,1425 dollar par action, payable le 6 septembre 2024. Les principaux points saillants comprennent :
- La marge d'intérêt nette s'est étendue à 3,41%, une amélioration de 8 points de base par rapport au premier trimestre 2024
- Les prêts totaux ont augmenté de 6,8% d'une année sur l'autre pour atteindre 1,52 milliard de dollars
- Les dépôts totaux ont crû de 2,6% d'une année sur l'autre pour s'établir à 1,62 milliard de dollars
- La provision pour pertes sur créances a représenté 330,8% des prêts non performants
- La valeur comptable tangible par action a augmenté à 16,25 dollars
La performance de l'entreprise a été soutenue par une croissance des prêts disciplinée, une forte qualité de crédit, et une expansion de la marge d'intérêt nette.
Eagle Bancorp Montana (NASDAQ: EBMT) berichtete über einen Nettoverdienst von 1,7 Millionen Dollar, oder 0,22 Dollar pro verwässerter Aktie, im 2. Quartal 2024. Das Unternehmen erhöhte seine quartalsweise Bardividende auf 0,1425 Dollar pro Aktie, zahlbar am 6. September 2024. Zu den wichtigsten Highlights gehören:
- Die Nettozinsspanne erweiterte sich auf 3,41%, eine Verbesserung um 8 Basispunkte im Vergleich zum 1. Quartal 2024
- Die Gesamtvergabe stieg jährlich um 6,8% auf 1,52 Milliarden Dollar
- Die Gesamtguthaben wuchsen jährlich um 2,6% auf 1,62 Milliarden Dollar
- Die Rückstellungen für Kreditausfälle machten 330,8% der notleidenden Kredite aus
- Der buchmäßige Wert pro Aktie stieg auf 16,25 Dollar
Die Unternehmensleistung wurde durch diszipliniertes Kreditwachstum, starke Kreditqualität und die Erweiterung der Nettozinsspanne angetrieben.
- Quarterly cash dividend increased to $0.1425 per share
- Net interest margin expanded by 8 basis points to 3.41%
- Total loans grew 6.8% year-over-year to $1.52 billion
- Total deposits increased 2.6% year-over-year to $1.62 billion
- Allowance for credit losses coverage improved to 330.8% of nonperforming loans
- Tangible book value per share increased to $16.25
- Net income decreased to $1.7 million from $2.0 million in Q2 2023
- Earnings per diluted share declined to $0.22 from $0.26 in Q2 2023
- Noninterest income decreased 31.2% year-over-year
- Net mortgage banking income declined due to lower volumes and margin compression
HELENA, Mont., July 23, 2024 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of
Eagle’s board of directors increased its quarterly cash dividend to
“We produced solid second quarter results, fueled by disciplined loan growth, pristine credit quality metrics and net interest margin expansion, compared to the previous quarter,” said Laura F. Clark, President and CEO. “We continue to attract high quality loans, achieving loan growth of
Second Quarter 2024 Highlights (at or for the three-month period ended June 30, 2024, except where noted):
- Net income was
$1.7 million , or$0.22 per diluted share, in the second quarter of 2024, compared to$1.9 million , or$0.24 per diluted share, in the preceding quarter, and$2.0 million , or$0.26 per diluted share, in the second quarter a year ago. - Net interest margin (“NIM”) was
3.41% in the second quarter of 2024, an eight basis point improvement compared to3.33% in the preceding quarter, and a six basis point contraction compared to3.47% in the second quarter a year ago. - Revenues (net interest income before the provision for credit losses, plus noninterest income) were
$19.9 million in the second quarter of 2024, compared to$19.2 million in the preceding quarter and$21.5 million in the second quarter a year ago. - The accretion of the loan purchase discount into loan interest income from acquisitions was
$304,000 in the second quarter of 2024, compared to accretion on purchased loans from acquisitions of$118,000 in the preceding quarter. - Total loans increased
6.8% to$1.52 billion , at June 30, 2024, compared to$1.42 billion a year earlier, and increased1.3% compared to$1.50 billion at March 31, 2024. - Total deposits increased
2.6% to$1.62 billion at June 30, 2024, compared to$1.58 billion a year earlier, and decreased1.0% compared to$1.64 billion at March 31, 2024. - The allowance for credit losses represented
1.11% of portfolio loans and330.8% of nonperforming loans at June 30, 2024, compared to1.09% of portfolio loans and156.7% of nonperforming loans at June 30, 2023. - The Company’s available borrowing capacity was approximately
$374.5 million at June 30, 2024.
| June 30, 2024 | ||||||||
| (Dollars in thousands) | Borrowings Outstanding | Remaining Borrowing Capacity | ||||||
| Federal Home Loan Bank advances | $ | 195,050 | $ | 245,326 | ||||
| Federal Reserve Bank discount window | - | 29,222 | ||||||
| Federal Reserve Bank Term Funding Program | 20,000 | - | ||||||
| Correspondent bank lines of credit | - | 100,000 | ||||||
| Total | $ | 215,050 | $ | 374,548 | ||||
- The Company paid a quarterly cash dividend in the second quarter of
$0.14 per share on June 7, 2024, to shareholders of record May 17, 2024.
Balance Sheet Results
Eagle’s total assets increased
Eagle originated
Total loans increased
“Our deposit mix continues to shift towards higher yielding deposits due to the higher interest rate environment. However, the increase in our overall cost of deposits has slowed, and we anticipate deposit rates will continue to stabilize over the next several quarters,” said Miranda Spaulding, CFO.
Total deposits increased
Shareholders’ equity was
Operating Results
“Our NIM expanded eight basis points during the second quarter compared to the preceding quarter, boosted by growth and higher yields on interest earning assets in addition to a slowdown in cost of funds expansion,” said Clark. “We anticipate continued improvement in our cost of funds as we continue through this rate cycle.”
Eagle’s NIM was
Net interest income, before the provision for credit losses, increased
Revenues for the second quarter of 2024 increased
Total noninterest income increased
Eagle’s second quarter noninterest expense increased
For the second quarter of 2024, the Company recorded an income tax expense of
Credit Quality
During the second quarter of 2024, Eagle recorded a provision for credit losses of
Net loan charge-offs totaled
Capital Management
The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was
About the Company
Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 29 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 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," “will” "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, mergers, 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 and political events, either nationally or in our market areas, that are worse than expected including the ability of the U.S. Congress to increase the U.S. statutory debt limit, as needed, as well as the impact of the 2024 U.S. presidential election; the emergence or continuation of widespread health emergencies or pandemics including the magnitude and duration of the COVID-19 pandemic, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment, the ultimate extent of the impacts on our business, financial position, results of operations, liquidity and prospects, continued deterioration in general business and economic conditions could adversely affect our revenues and the values of our assets and liabilities, lead to a tightening of credit and increase stock price volatility, and potential impairment charges; the impact of continuing adverse developments affecting the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); 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 that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; our ability to appropriately address social, environmental, and sustainability concerns that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.
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.
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and performance trends, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.
The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Reconciliation of the GAAP and non-GAAP financial measures are presented below.
| Balance Sheet | |||||||||||||||
| (Dollars in thousands, except per share data) | (Unaudited) | ||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||
| Assets: | |||||||||||||||
| Cash and due from banks | $ | 22,361 | $ | 19,479 | $ | 21,878 | |||||||||
| Interest bearing deposits in banks | 1,401 | 1,438 | 1,116 | ||||||||||||
| Total cash and cash equivalents | 23,762 | 20,917 | 22,994 | ||||||||||||
| Securities available-for-sale, at fair value | 306,869 | 311,227 | 325,964 | ||||||||||||
| Federal Home Loan Bank ("FHLB") stock | 10,136 | 8,449 | 10,099 | ||||||||||||
| Federal Reserve Bank ("FRB") stock | 4,131 | 4,131 | 4,131 | ||||||||||||
| Mortgage loans held-for-sale, at fair value | 10,518 | 9,612 | 22,381 | ||||||||||||
| Loans: | |||||||||||||||
| Real estate loans: | |||||||||||||||
| Residential 1-4 family | 157,053 | 157,414 | 133,437 | ||||||||||||
| Residential 1-4 family construction | 50,228 | 45,026 | 49,516 | ||||||||||||
| Commercial real estate | 627,326 | 632,452 | 577,736 | ||||||||||||
| Commercial construction and development | 137,427 | 147,740 | 158,519 | ||||||||||||
| Farmland | 142,353 | 140,246 | 139,290 | ||||||||||||
| Other loans: | |||||||||||||||
| Home equity | 93,213 | 90,418 | 80,333 | ||||||||||||
| Consumer | 29,118 | 29,677 | 30,065 | ||||||||||||
| Commercial | 143,641 | 137,640 | 129,084 | ||||||||||||
| Agricultural | 137,134 | 116,775 | 123,503 | ||||||||||||
| Total loans | 1,517,493 | 1,497,388 | 1,421,483 | ||||||||||||
| Allowance for credit losses | (16,830 | ) | (16,410 | ) | (15,560 | ) | |||||||||
| Net loans | 1,500,663 | 1,480,978 | 1,405,923 | ||||||||||||
| Accrued interest and dividends receivable | 13,195 | 12,038 | 11,194 | ||||||||||||
| Mortgage servicing rights, net | 15,614 | 15,738 | 15,501 | ||||||||||||
| Assets held for sale, at cost | 257 | - | 323 | ||||||||||||
| Premises and equipment, net | 98,397 | 97,643 | 88,760 | ||||||||||||
| Cash surrender value of life insurance, net | 48,529 | 48,218 | 47,520 | ||||||||||||
| Goodwill | 34,740 | 34,740 | 34,740 | ||||||||||||
| Core deposit intangible, net | 5,168 | 5,514 | 6,648 | ||||||||||||
| Other assets | 26,976 | 26,869 | 27,101 | ||||||||||||
| Total assets | $ | 2,098,955 | $ | 2,076,074 | $ | 2,023,279 | |||||||||
| Liabilities: | |||||||||||||||
| Deposit accounts: | |||||||||||||||
| Noninterest bearing | $ | 400,113 | $ | 408,781 | $ | 432,463 | |||||||||
| Interest bearing | 1,218,752 | 1,226,818 | 1,145,904 | ||||||||||||
| Total deposits | 1,618,865 | 1,635,599 | 1,578,367 | ||||||||||||
| Accrued expenses and other liabilities | 35,804 | 34,950 | 32,002 | ||||||||||||
| FHLB advances and other borrowings | 215,050 | 177,540 | 191,260 | ||||||||||||
| Other long-term debt, net | 59,074 | 59,037 | 58,925 | ||||||||||||
| Total liabilities | 1,928,793 | 1,907,126 | 1,860,554 | ||||||||||||
| Shareholders' Equity: | |||||||||||||||
| Preferred stock (par value | |||||||||||||||
| authorized; no shares issued or outstanding) | - | - | - | ||||||||||||
| Common stock (par value | |||||||||||||||
| 8,507,429 shares issued; 8,016,784, 8,016,784 and 7,988,132 | |||||||||||||||
| shares outstanding at June 30, 2024, March 31, 2024 and | |||||||||||||||
| June 30, 2023, respectively | 85 | 85 | 85 | ||||||||||||
| Additional paid-in capital | 108,962 | 108,893 | 109,345 | ||||||||||||
| Unallocated common stock held by Employee Stock Ownership Plan | (4,297 | ) | (4,440 | ) | (4,870 | ) | |||||||||
| Treasury stock, at cost (490,645, 490,645 and 519,297 shares at | |||||||||||||||
| June 30, 2024, March 31, 2024 and June 30, 2023, respectively) | (11,124 | ) | (11,124 | ) | (11,574 | ) | |||||||||
| Retained earnings | 97,413 | 96,797 | 93,462 | ||||||||||||
| Accumulated other comprehensive loss, net of tax | (20,877 | ) | (21,263 | ) | (23,723 | ) | |||||||||
| Total shareholders' equity | 170,162 | 168,948 | 162,725 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 2,098,955 | $ | 2,076,074 | $ | 2,023,279 | |||||||||
| Income Statement | (Unaudited) | (Unaudited) | |||||||||||||||||
| (Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | |||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Interest and dividend income: | |||||||||||||||||||
| Interest and fees on loans | $ | 22,782 | $ | 21,942 | $ | 19,137 | $ | 44,724 | $ | 36,874 | |||||||||
| Securities available-for-sale | 2,631 | 2,724 | 2,949 | 5,355 | 5,792 | ||||||||||||||
| FRB and FHLB dividends | 264 | 247 | 161 | 511 | 268 | ||||||||||||||
| Other interest income | 145 | 29 | 25 | 174 | 46 | ||||||||||||||
| Total interest and dividend income | 25,822 | 24,942 | 22,272 | 50,764 | 42,980 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Interest expense on deposits | 6,884 | 6,548 | 4,155 | 13,432 | 6,615 | ||||||||||||||
| FHLB advances and other borrowings | 2,625 | 2,497 | 2,179 | 5,122 | 3,321 | ||||||||||||||
| Other long-term debt | 681 | 683 | 674 | 1,364 | 1,352 | ||||||||||||||
| Total interest expense | 10,190 | 9,728 | 7,008 | 19,918 | 11,288 | ||||||||||||||
| Net interest income | 15,632 | 15,214 | 15,264 | 30,846 | 31,692 | ||||||||||||||
| Provision (recapture) for credit losses | 412 | (135 | ) | 319 | 277 | 598 | |||||||||||||
| Net interest income after provision (recapture) for credit losses | 15,220 | 15,349 | 14,945 | 30,569 | 31,094 | ||||||||||||||
| Noninterest income: | |||||||||||||||||||
| Service charges on deposit accounts | 428 | 400 | 527 | 828 | 866 | ||||||||||||||
| Mortgage banking, net | 2,417 | 2,177 | 3,864 | 4,594 | 6,914 | ||||||||||||||
| Interchange and ATM fees | 640 | 563 | 641 | 1,203 | 1,218 | ||||||||||||||
| Appreciation in cash surrender value of life insurance | 320 | 288 | 503 | 608 | 783 | ||||||||||||||
| Net gain (loss) on sale of available-for-sale securities | - | - | 2 | - | (222 | ) | |||||||||||||
| Net gain on sale/disposal of premises and equipment | 24 | - | 70 | 24 | 83 | ||||||||||||||
| Other noninterest income | 440 | 524 | 597 | 964 | 1,233 | ||||||||||||||
| Total noninterest income | 4,269 | 3,952 | 6,204 | 8,221 | 10,875 | ||||||||||||||
| Noninterest expense: | |||||||||||||||||||
| Salaries and employee benefits | 10,273 | 9,718 | 11,084 | 19,991 | 20,777 | ||||||||||||||
| Occupancy and equipment expense | 2,104 | 2,099 | 2,071 | 4,203 | 4,144 | ||||||||||||||
| Data processing | 1,382 | 1,525 | 1,572 | 2,907 | 2,784 | ||||||||||||||
| Advertising | 316 | 253 | 309 | 569 | 590 | ||||||||||||||
| Amortization | 348 | 369 | 397 | 717 | 815 | ||||||||||||||
| Loan costs | 412 | 398 | 464 | 810 | 909 | ||||||||||||||
| FDIC insurance premiums | 284 | 299 | 393 | 583 | 561 | ||||||||||||||
| Professional and examination fees | 423 | 484 | 592 | 907 | 1,076 | ||||||||||||||
| Other noninterest expense | 1,765 | 1,888 | 1,908 | 3,653 | 3,667 | ||||||||||||||
| Total noninterest expense | 17,307 | 17,033 | 18,790 | 34,340 | 35,323 | ||||||||||||||
| Income before provision for income taxes | 2,182 | 2,268 | 2,359 | 4,450 | 6,646 | ||||||||||||||
| Provision for income taxes | 444 | 370 | 344 | 814 | 1,389 | ||||||||||||||
| Net income | $ | 1,738 | $ | 1,898 | $ | 2,015 | $ | 3,636 | $ | 5,257 | |||||||||
| Basic earnings per common share | $ | 0.22 | $ | 0.24 | $ | 0.26 | $ | 0.46 | $ | 0.67 | |||||||||
| Diluted earnings per common share | $ | 0.22 | $ | 0.24 | $ | 0.26 | $ | 0.46 | $ | 0.67 | |||||||||
| Basic weighted average shares outstanding | 7,830,925 | 7,824,928 | 7,789,559 | 7,827,926 | 7,789,872 | ||||||||||||||
| Diluted weighted average shares outstanding | 7,845,272 | 7,835,304 | 7,793,410 | 7,840,288 | 7,792,937 | ||||||||||||||
| ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | Three or Six Months Ended | ||||||||||
| June 30, | March 31, | June 30, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| Mortgage Banking Activity (For the quarter): | |||||||||||
| Net gain on sale of mortgage loans | $ | 1,600 | $ | 1,414 | $ | 2,757 | |||||
| Net change in fair value of loans held-for-sale and derivatives | 12 | (173 | ) | 324 | |||||||
| Mortgage servicing income, net | 805 | 936 | 783 | ||||||||
| Mortgage banking, net | $ | 2,417 | $ | 2,177 | $ | 3,864 | |||||
| Mortgage Banking Activity (Year-to-date): | |||||||||||
| Net gain on sale of mortgage loans | $ | 3,014 | $ | 4,960 | |||||||
| Net change in fair value of loans held-for-sale and derivatives | (161 | ) | 305 | ||||||||
| Mortgage servicing income, net | 1,741 | 1,649 | |||||||||
| Mortgage banking, net | $ | 4,594 | $ | 6,914 | |||||||
| Performance Ratios (For the quarter): | |||||||||||
| Return on average assets | 0.33 | % | 0.37 | % | 0.40 | % | |||||
| Return on average equity | 4.30 | % | 4.67 | % | 4.99 | % | |||||
| Yield on average interest earning assets | 5.64 | % | 5.47 | % | 5.06 | % | |||||
| Cost of funds | 2.78 | % | 2.67 | % | 2.06 | % | |||||
| Net interest margin | 3.41 | % | 3.33 | % | 3.47 | % | |||||
| Core efficiency ratio* | 85.22 | % | 86.95 | % | 85.68 | % | |||||
| Performance Ratios (Year-to-date): | |||||||||||
| Return on average assets | 0.35 | % | 0.53 | % | |||||||
| Return on average equity | 4.49 | % | 6.49 | % | |||||||
| Yield on average interest earning assets | 5.55 | % | 4.96 | % | |||||||
| Cost of funds | 2.73 | % | 1.71 | % | |||||||
| Net interest margin | 3.37 | % | 3.66 | % | |||||||
| Core efficiency ratio* | 86.06 | % | 81.07 | % | |||||||
| * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition | |||||||||||
| costs and intangible asset amortization, by the sum of net interest income and non-interest income. | |||||||||||
| ADDITIONAL FINANCIAL INFORMATION | |||||||||||
| (Dollars in thousands, except per share data) | |||||||||||
| Asset Quality Ratios and Data: | As of or for the Three Months Ended | ||||||||||
| June 30, | March 31, | June 30, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| Nonaccrual loans | $ | 4,012 | $ | 5,231 | $ | 9,561 | |||||
| Loans 90 days past due and still accruing | 1,076 | 1,979 | 369 | ||||||||
| Total nonperforming loans | 5,088 | 7,210 | 9,930 | ||||||||
| Other real estate owned and other repossessed assets | 4 | - | - | ||||||||
| Total nonperforming assets | $ | 5,092 | $ | 7,210 | $ | 9,930 | |||||
| Nonperforming loans / portfolio loans | 0.34 | % | 0.48 | % | 0.70 | % | |||||
| Nonperforming assets / assets | 0.24 | % | 0.35 | % | 0.49 | % | |||||
| Allowance for credit losses / portfolio loans | 1.11 | % | 1.10 | % | 1.09 | % | |||||
| Allowance for credit losses/ nonperforming loans | 330.78 | % | 227.60 | % | 156.70 | % | |||||
| Gross loan charge-offs for the quarter | $ | 12 | $ | 1 | $ | 55 | |||||
| Gross loan recoveries for the quarter | $ | 10 | $ | 66 | $ | 206 | |||||
| Net loan charge-offs (recoveries) for the quarter | $ | 2 | $ | (65 | ) | $ | (151 | ) | |||
| June 30, | March 31, | June 30, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| Capital Data (At quarter end): | |||||||||||
| Common shareholders' equity (book value) per share | $ | 21.23 | $ | 21.07 | $ | 20.37 | |||||
| Tangible book value per share** | $ | 16.25 | $ | 16.05 | $ | 15.19 | |||||
| Shares outstanding | 8,016,784 | 8,016,784 | 7,988,132 | ||||||||
| Tangible common equity to tangible assets*** | 6.33 | % | 6.32 | % | 6.12 | % | |||||
| Other Information: | |||||||||||
| Average investment securities for the quarter | $ | 306,207 | $ | 314,129 | $ | 343,634 | |||||
| Average investment securities year-to-date | $ | 310,168 | $ | 314,129 | $ | 344,330 | |||||
| Average loans for the quarter **** | $ | 1,513,313 | $ | 1,499,293 | $ | 1,407,316 | |||||
| Average loans year-to-date **** | $ | 1,506,303 | $ | 1,499,293 | $ | 1,387,153 | |||||
| Average earning assets for the quarter | $ | 1,837,418 | $ | 1,830,316 | $ | 1,766,706 | |||||
| Average earning assets year-to-date | $ | 1,833,867 | $ | 1,830,316 | $ | 1,745,870 | |||||
| Average total assets for the quarter | $ | 2,077,448 | $ | 2,066,579 | $ | 1,998,957 | |||||
| Average total assets year-to-date | $ | 2,072,013 | $ | 2,066,579 | $ | 1,973,167 | |||||
| Average deposits for the quarter | $ | 1,625,882 | $ | 1,625,770 | $ | 1,580,343 | |||||
| Average deposits year-to-date | $ | 1,625,826 | $ | 1,625,770 | $ | 1,592,879 | |||||
| Average equity for the quarter | $ | 161,533 | $ | 162,637 | $ | 161,534 | |||||
| Average equity year-to-date | $ | 162,084 | $ | 162,637 | $ | 161,910 | |||||
| ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders' equity, | |||||||||||
| less goodwill and core deposit intangible, by common shares outstanding. | |||||||||||
| *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders' | |||||||||||
| equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible. | |||||||||||
| **** Includes loans held for sale | |||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||
| Core Efficiency Ratio | (Unaudited) | (Unaudited) | |||||||||||||||||||
| (Dollars in thousands) | Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Calculation of Core Efficiency Ratio: | |||||||||||||||||||||
| Noninterest expense | $ | 17,307 | $ | 17,033 | $ | 18,790 | $ | 34,340 | $ | 35,323 | |||||||||||
| Intangible asset amortization | (348 | ) | (369 | ) | (397 | ) | (717 | ) | (815 | ) | |||||||||||
| Core efficiency ratio numerator | 16,959 | 16,664 | 18,393 | 33,623 | 34,508 | ||||||||||||||||
| Net interest income | 15,632 | 15,214 | 15,264 | 30,846 | 31,692 | ||||||||||||||||
| Noninterest income | 4,269 | 3,952 | 6,204 | 8,221 | 10,875 | ||||||||||||||||
| Core efficiency ratio denominator | 19,901 | 19,166 | 21,468 | 39,067 | 42,567 | ||||||||||||||||
| Core efficiency ratio (non-GAAP) | 85.22 | % | 86.95 | % | 85.68 | % | 86.06 | % | 81.07 | % | |||||||||||
| Tangible Book Value and Tangible Assets | (Unaudited) | ||||||||||||||
| (Dollars in thousands, except per share data) | June 30, | March 31, | June 30, | ||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||
| Tangible Book Value: | |||||||||||||||
| Shareholders' equity | $ | 170,162 | $ | 168,948 | $ | 162,725 | |||||||||
| Goodwill and core deposit intangible, net | (39,908 | ) | (40,254 | ) | (41,388 | ) | |||||||||
| Tangible common shareholders' equity (non-GAAP) | $ | 130,254 | $ | 128,694 | $ | 121,337 | |||||||||
| Common shares outstanding at end of period | 8,016,784 | 8,016,784 | 7,988,132 | ||||||||||||
| Common shareholders' equity (book value) per share (GAAP) | $ | 21.23 | $ | 21.07 | $ | 20.37 | |||||||||
| Tangible common shareholders' equity (tangible book value) | |||||||||||||||
| per share (non-GAAP) | $ | 16.25 | $ | 16.05 | $ | 15.19 | |||||||||
| Tangible Assets: | |||||||||||||||
| Total assets | $ | 2,098,955 | $ | 2,076,074 | $ | 2,023,279 | |||||||||
| Goodwill and core deposit intangible, net | (39,908 | ) | (40,254 | ) | (41,388 | ) | |||||||||
| Tangible assets (non-GAAP) | $ | 2,059,047 | $ | 2,035,820 | $ | 1,981,891 | |||||||||
| Tangible common shareholders' equity to tangible assets | |||||||||||||||
| (non-GAAP) | 6.33 | % | 6.32 | % | 6.12 | % | |||||||||
Contacts: Laura F. Clark, President and CEO
(406) 457-4007
Miranda J. Spaulding, SVP and CFO
(406) 441-5010
FAQ
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