Eagle Bancorp Montana Earns $3.1 Million, or $0.40 per Diluted Share, in Third Quarter of 2022; Declares Quarterly Cash Dividend of $0.1375 per Share
Eagle Bancorp Montana, Inc. (NASDAQ: EBMT) reported net income of $3.1 million for Q3 2022, a rise from $1.8 million in Q2 but down from $4.7 million a year ago. The increase was driven by strong loan growth of $61.2 million, leading to a total loan portfolio of $1.31 billion, up 48.3% year-over-year. A quarterly dividend of $0.1375 per share was declared, payable on December 2, 2022, yielding 2.95%. The acquisition of First Community added significant assets and contributed positively to results, although the company faced $2.3 million in acquisition costs year-to-date.
- Net income increased to $3.1 million in Q3 2022 from $1.8 million in Q2 2022.
- Total loans rose by 48.3% year-over-year to $1.31 billion.
- Quarterly cash dividend of $0.1375 per share declared, yielding 2.95%.
- Acquisition of First Community contributed positively to operating results.
- Net income decreased compared to $4.7 million in Q3 2021.
- Acquisition costs totaled $2.3 million year-to-date, impacting profitability.
- Noninterest income decreased 44.5% year-over-year, primarily due to reduced mortgage volumes.
HELENA, Mont., Oct. 25, 2022 (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 declared a quarterly cash dividend of
“We delivered solid earnings for the third quarter highlighted by strong organic loan growth and significant non-interest income generation,” said Peter J. Johnson, CEO. “Third quarter loan growth totaled
“In addition to delivering solid organic growth, we are excited to report our first full quarter reflecting our successful merger with First Community. It has been a smooth integration of our banks and we welcome First Community customers, employees and shareholders to our Eagle family,” said Laura F. Clark, President. “We completed the First Community acquisition in the middle of the second quarter of 2022, and the acquisition is already contributing nicely to our operating results. We look forward to the opportunities this merger provides for continued long-term growth.”
Eagle closed its acquisition of First Community on April 30, 2022, in a transaction valued at approximately
Third Quarter 2022 Highlights (at or for the three-month period ended September 30, 2022, except where noted):
- Net income was
$3.1 million , or$0.40 per diluted share, in the third quarter of 2022, compared to$1.8 million , or$0.24 per diluted share, in the preceding quarter, and$4.7 million , or$0.73 per diluted share, in the third quarter a year ago. - Net interest margin (“NIM”) was
4.18% in the third quarter of 2022, compared to4.09% in the preceding quarter, and3.87% in the third quarter a year ago. - Revenues (net interest income before the loan loss provision, plus noninterest income) increased
8.6% to$25.3 million in the third quarter of 2022, compared to$23.3 million in the preceding quarter and decreased modestly compared to$25.4 million in the third quarter a year ago. - The Company recorded a discount on loans acquired from First Community of
$5.4 million at April 30, 2022 of which$4.4 million remained as of September 30, 2022. - Remaining discount on loans from acquisitions prior to 2022 totaled
$762,000 as of September 30, 2022. - The accretion of the loan purchase discount into loan interest income from the First Community, and previous acquisitions, was
$392,000 in the third quarter of 2022, compared to accretion on purchased loans from acquisitions of$790,000 in the preceding quarter. - The allowance for loan losses represented
306.4% of nonperforming loans at September 30, 2022, compared to156.3% a year earlier. - Total loans increased
48.3% to$1.31 billion , at September 30, 2022, compared to$884.9 million a year earlier, and increased4.9% compared to$1.25 billion at June 30, 2022. - Total deposits increased
40.2% to$1.67 billion at September 30, 2022, from$1.19 billion a year ago, and increased1.4% compared to$1.65 billion at June 30, 2022. - Paid a quarterly cash dividend in the third quarter of
$0.13 75 per share on September 2, 2022 to shareholders of record August 12, 2022.
Balance Sheet Results
Eagle’s total assets increased
The investment securities portfolio totaled
Eagle originated
“Organic loan growth was strong, increasing
Total deposits increased
Shareholders’ equity was
Operating Results
“Higher yields on interest earning assets contributed to NIM expansion during the third quarter, expanding nine basis points compared to the preceding quarter and 31 basis points compared to the third quarter a year ago,” said Johnson. “With the additional 150 basis point rate increases enacted by the Federal Reserve during the third quarter, we anticipate continued improvement in our NIM in future quarters.”
Eagle’s NIM was
Eagle’s third quarter revenues increased
Net interest income, before the loan loss provision, increased
Eagle’s total noninterest income increased
Third quarter noninterest expense increased to
For the third quarter of 2022, the income tax provision totaled
Credit Quality
The loan loss provision was
Eagle had no other real estate owned and other repossessed assets on its books at September 30, 2022. This compared to
Net loan recoveries 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) decreased to
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 32 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 current global COVID-19 pandemic, 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; the duration and impact 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; competition among depository and other financial institutions; 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; cyber incidents, or theft or loss of Company or customer data or money; the effect of our recent 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 disclosures include: 1) core efficiency ratio, 2) tangible book value per share, 3) tangible common equity to tangible assets, 4) earnings per diluted share, excluding acquisition costs and 5) return on average assets, excluding acquisition costs. 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.
| Contacts: | Peter J. Johnson, CEO |
| (406) 457-4006 | |
| Laura F. Clark, President | |
| (406) 457-4007 |
| Balance Sheet | ||||||||||||||
| (Dollars in thousands, except per share data) | (Unaudited) | |||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||
| 2022 | 2022 | 2021 | ||||||||||||
| Assets: | ||||||||||||||
| Cash and due from banks | $ | 22,154 | $ | 18,821 | $ | 16,320 | ||||||||
| Interest bearing deposits in banks | 3,043 | 17,608 | 71,609 | |||||||||||
| Federal funds sold | - | 9,606 | 7,011 | |||||||||||
| Total cash and cash equivalents | 25,197 | 46,035 | 94,940 | |||||||||||
| Securities available-for-sale | 351,949 | 384,041 | 240,033 | |||||||||||
| Federal Home Loan Bank ("FHLB") stock | 2,939 | 2,337 | 1,702 | |||||||||||
| Federal Reserve Bank ("FRB") stock | 4,206 | 4,206 | 2,974 | |||||||||||
| Mortgage loans held-for-sale, at fair value | 24,408 | 16,947 | 42,059 | |||||||||||
| Loans: | ||||||||||||||
| Real estate loans: | ||||||||||||||
| Residential 1-4 family | 137,798 | 132,360 | 99,447 | |||||||||||
| Residential 1-4 family construction | 57,467 | 53,869 | 43,474 | |||||||||||
| Commercial real estate | 506,716 | 486,197 | 380,071 | |||||||||||
| Commercial construction and development | 145,300 | 132,585 | 78,058 | |||||||||||
| Farmland | 129,827 | 124,544 | 64,824 | |||||||||||
| Other loans: | ||||||||||||||
| Home equity | 67,409 | 62,445 | 52,990 | |||||||||||
| Consumer | 27,703 | 25,775 | 18,940 | |||||||||||
| Commercial | 130,975 | 128,467 | 95,554 | |||||||||||
| Agricultural | 110,633 | 106,274 | 53,645 | |||||||||||
| Unearned loan fees | (1,674 | ) | (1,564 | ) | (2,098 | ) | ||||||||
| Total loans | 1,312,154 | 1,250,952 | 884,905 | |||||||||||
| Allowance for loan losses | (13,850 | ) | (13,325 | ) | (12,200 | ) | ||||||||
| Net loans | 1,298,304 | 1,237,627 | 872,705 | |||||||||||
| Accrued interest and dividends receivable | 10,778 | 9,504 | 6,218 | |||||||||||
| Mortgage servicing rights, net | 15,141 | 14,809 | 12,941 | |||||||||||
| Assets held-for-sale, at fair value | 2,041 | 2,041 | - | |||||||||||
| Premises and equipment, net | 79,374 | 76,581 | 66,537 | |||||||||||
| Cash surrender value of life insurance, net | 45,845 | 45,563 | 36,265 | |||||||||||
| Goodwill | 34,740 | 34,740 | 20,798 | |||||||||||
| Core deposit intangible, net | 7,895 | 8,226 | 1,919 | |||||||||||
| Other assets | 21,103 | 17,815 | 7,832 | |||||||||||
| Total assets | $ | 1,923,920 | $ | 1,900,472 | $ | 1,406,923 | ||||||||
| Liabilities: | ||||||||||||||
| Deposit accounts: | ||||||||||||||
| Noninterest bearing | 507,034 | 498,834 | 367,127 | |||||||||||
| Interest bearing | 1,167,216 | 1,152,999 | 827,422 | |||||||||||
| Total deposits | 1,674,250 | 1,651,833 | 1,194,549 | |||||||||||
| Accrued expenses and other liabilities | 23,748 | 22,332 | 21,001 | |||||||||||
| FHLB advances and other borrowings | 15,600 | 4,500 | 5,000 | |||||||||||
| Other long-term debt, net | 59,048 | 59,017 | 29,850 | |||||||||||
| Total liabilities | 1,772,646 | 1,737,682 | 1,250,400 | |||||||||||
| Shareholders' Equity: | ||||||||||||||
| Preferred stock (par value | ||||||||||||||
| authorized; no shares issued or outstanding) | - | - | - | |||||||||||
| Common stock (par value | ||||||||||||||
| 8,507,429, 8,507,429 and 7,110,833 shares issued; | ||||||||||||||
| 7,986,890, 8,086,407 and 6,776,703 shares outstanding at September 30, 2022, | ||||||||||||||
| June 30, 2022 and September, 2021, respectively | 85 | 85 | 71 | |||||||||||
| Additional paid-in capital | 109,488 | 109,410 | 80,957 | |||||||||||
| Unallocated common stock held by Employee Stock Ownership Plan | (5,300 | ) | (5,443 | ) | (5,883 | ) | ||||||||
| Treasury stock, at cost (520,539, 421,022 and 334,130 shares at | ||||||||||||||
| September 30, 2022, June 30, 2022 and September 30, 2021, respectively) | (11,627 | ) | (9,691 | ) | (7,631 | ) | ||||||||
| Retained earnings | 89,502 | 87,510 | 84,505 | |||||||||||
| Accumulated other comprehensive (loss) income, net of tax | (30,874 | ) | (19,081 | ) | 4,504 | |||||||||
| Total shareholders' equity | 151,274 | 162,790 | 156,523 | |||||||||||
| Total liabilities and shareholders' equity | $ | 1,923,920 | $ | 1,900,472 | $ | 1,406,923 | ||||||||
| Income Statement | (Unaudited) | (Unaudited) | |||||||||||||||||||||
| (Dollars in thousands, except per share data) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Interest and dividend income: | |||||||||||||||||||||||
| Interest and fees on loans | $ | 16,665 | $ | 14,895 | $ | 11,619 | $ | 42,933 | $ | 33,660 | |||||||||||||
| Securities available-for-sale | 2,555 | 2,011 | 1,094 | 5,863 | 2,989 | ||||||||||||||||||
| FRB and FHLB dividends | 63 | 38 | 62 | 160 | 194 | ||||||||||||||||||
| Other interest income | 59 | 108 | 32 | 206 | 90 | ||||||||||||||||||
| Total interest and dividend income | 19,342 | 17,052 | 12,807 | 49,162 | 36,933 | ||||||||||||||||||
| Interest expense: | |||||||||||||||||||||||
| Interest expense on deposits | 717 | 422 | 350 | 1,451 | 1,118 | ||||||||||||||||||
| FHLB advances and other borrowings | 136 | 15 | 37 | 157 | 152 | ||||||||||||||||||
| Other long-term debt | 602 | 648 | 389 | 1,855 | 1,168 | ||||||||||||||||||
| Total interest expense | 1,455 | 1,085 | 776 | 3,463 | 2,438 | ||||||||||||||||||
| Net interest income | 17,887 | 15,967 | 12,031 | 45,699 | 34,495 | ||||||||||||||||||
| Loan loss provision | 517 | 858 | 255 | 1,654 | 576 | ||||||||||||||||||
| Net interest income after loan loss provision | 17,370 | 15,109 | 11,776 | 44,045 | 33,919 | ||||||||||||||||||
| Noninterest income: | |||||||||||||||||||||||
| Service charges on deposit accounts | 498 | 394 | 318 | 1,223 | 884 | ||||||||||||||||||
| Mortgage banking, net | 4,447 | 5,491 | 11,665 | 16,183 | 33,360 | ||||||||||||||||||
| Interchange and ATM fees | 594 | 621 | 570 | 1,668 | 1,489 | ||||||||||||||||||
| Appreciation in cash surrender value of life insurance | 291 | 250 | 181 | 748 | 512 | ||||||||||||||||||
| Net (loss) gain on sale of available-for-sale securities | - | (6 | ) | 11 | (6 | ) | 11 | ||||||||||||||||
| Other noninterest income | 1,587 | 592 | 608 | 3,236 | 1,798 | ||||||||||||||||||
| Total noninterest income | 7,417 | 7,342 | 13,353 | 23,052 | 38,054 | ||||||||||||||||||
| Noninterest expense: | |||||||||||||||||||||||
| Salaries and employee benefits | 11,699 | 11,431 | 12,262 | 33,511 | 37,093 | ||||||||||||||||||
| Occupancy and equipment expense | 1,946 | 1,817 | 1,665 | 5,441 | 4,746 | ||||||||||||||||||
| Data processing | 1,964 | 1,413 | 1,171 | 4,628 | 3,666 | ||||||||||||||||||
| Advertising | 464 | 303 | 326 | 1,052 | 850 | ||||||||||||||||||
| Amortization | 333 | 440 | 144 | 895 | 431 | ||||||||||||||||||
| Loan costs | 491 | 587 | 654 | 1,624 | 2,126 | ||||||||||||||||||
| FDIC insurance premiums | 93 | 144 | 81 | 330 | 243 | ||||||||||||||||||
| Professional and examination fees | 420 | 356 | 790 | 1,098 | 1,400 | ||||||||||||||||||
| Acquisition costs | 103 | 1,876 | 35 | 2,296 | 35 | ||||||||||||||||||
| Other noninterest expense | 3,151 | 1,679 | 1,672 | 6,783 | 4,460 | ||||||||||||||||||
| Total noninterest expense | 20,664 | 20,046 | 18,800 | 57,658 | 55,050 | ||||||||||||||||||
| Income before provision for income taxes | 4,123 | 2,405 | 6,329 | 9,439 | 16,923 | ||||||||||||||||||
| Provision for income taxes | 1,031 | 634 | 1,583 | 2,360 | 4,231 | ||||||||||||||||||
| Net income | $ | 3,092 | $ | 1,771 | $ | 4,746 | $ | 7,079 | $ | 12,692 | |||||||||||||
| Basic earnings per share | $ | 0.40 | $ | 0.24 | $ | 0.73 | $ | 0.98 | $ | 1.90 | |||||||||||||
| Diluted earnings per share | $ | 0.40 | $ | 0.24 | $ | 0.73 | $ | 0.98 | $ | 1.89 | |||||||||||||
| Basic weighted average shares outstanding | 7,793,485 | 7,410,796 | 6,525,509 | 7,241,520 | 6,691,256 | ||||||||||||||||||
| Diluted weighted average shares outstanding | 7,808,050 | 7,422,022 | 6,544,044 | 7,254,242 | 6,709,376 | ||||||||||||||||||
| ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | Three or Nine Months Ended | ||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2022 | 2022 | 2021 | |||||||||
| Mortgage Banking Activity (For the quarter): | |||||||||||
| Net gain on sale of mortgage loans | $ | 4,192 | $ | 5,219 | $ | 11,503 | |||||
| Net change in fair value of loans held-for-sale and derivatives | (378 | ) | (419 | ) | (35 | ) | |||||
| Mortgage servicing income, net | 633 | 691 | 197 | ||||||||
| Mortgage banking, net | $ | 4,447 | $ | 5,491 | $ | 11,665 | |||||
| Mortgage Banking Activity (Year-to-date): | |||||||||||
| Net gain on sale of mortgage loans | $ | 15,645 | $ | 36,261 | |||||||
| Net change in fair value of loans held-for-sale and derivatives | (1,333 | ) | (3,004 | ) | |||||||
| Mortgage servicing income, net | 1,871 | 103 | |||||||||
| Mortgage banking, net | $ | 16,183 | $ | 33,360 | |||||||
| Performance Ratios (For the quarter): | |||||||||||
| Return on average assets | 0.65 | % | 0.40 | % | 1.37 | % | |||||
| Return on average equity | 7.51 | % | 4.71 | % | 12.09 | % | |||||
| Net interest margin | 4.18 | % | 4.09 | % | 3.87 | % | |||||
| Core efficiency ratio* | 79.94 | % | 76.07 | % | 73.36 | % | |||||
| Performance Ratios (Year-to-date): | |||||||||||
| Return on average assets | 0.55 | % | 1.27 | % | |||||||
| Return on average equity | 6.05 | % | 10.81 | % | |||||||
| Net interest margin | 4.00 | % | 3.88 | % | |||||||
| Core efficiency ratio* | 79.22 | % | 75.24 | % | |||||||
| Asset Quality Ratios and Data: | As of or for the Three Months Ended | ||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2022 | 2022 | 2021 | |||||||||
| Nonaccrual loans | $ | 2,534 | $ | 2,458 | $ | 5,657 | |||||
| Loans 90 days past due and still accruing | 874 | 2,142 | 34 | ||||||||
| Restructured loans, net | 1,112 | 1,112 | 2,116 | ||||||||
| Total nonperforming loans | 4,520 | 5,712 | 7,807 | ||||||||
| Other real estate owned and other repossessed assets | - | 345 | 117 | ||||||||
| Total nonperforming assets | $ | 4,520 | $ | 6,057 | $ | 7,924 | |||||
| Nonperforming loans / portfolio loans | 0.34 | % | 0.46 | % | 0.88 | % | |||||
| Nonperforming assets / assets | 0.23 | % | 0.32 | % | 0.56 | % | |||||
| Allowance for loan losses / portfolio loans | 1.06 | % | 1.07 | % | 1.38 | % | |||||
| Allowance / nonperforming loans | 306.42 | % | 233.28 | % | 156.27 | % | |||||
| Gross loan charge-offs for the quarter | $ | 6 | $ | 247 | $ | 4 | |||||
| Gross loan recoveries for the quarter | $ | 14 | $ | 14 | $ | 49 | |||||
| Net loan (recoveries) charge-offs for the quarter | $ | (8 | ) | $ | 233 | $ | (45 | ) | |||
| September 30, | June 30, | September 30, | |||||||||
| 2022 | 2022 | 2021 | |||||||||
| Capital Data (At quarter end): | |||||||||||
| Tangible book value per share** | $ | 13.60 | $ | 14.82 | $ | 19.74 | |||||
| Shares outstanding | 7,986,890 | 8,086,407 | 6,776,703 | ||||||||
| Tangible common equity to tangible assets*** | 5.77 | % | 6.45 | % | 9.67 | % | |||||
| Other Information: | |||||||||||
| Average total assets for the quarter | $ | 1,913,710 | $ | 1,752,916 | $ | 1,382,186 | |||||
| Average total assets year-to-date | $ | 1,713,892 | $ | 1,614,746 | $ | 1,331,988 | |||||
| Average earning assets for the quarter | $ | 1,699,027 | $ | 1,564,050 | $ | 1,233,500 | |||||
| Average earning assets year-to-date | $ | 1,527,692 | $ | 1,442,703 | $ | 1,188,014 | |||||
| Average loans for the quarter **** | $ | 1,301,358 | $ | 1,157,839 | $ | 926,748 | |||||
| Average loans year-to-date **** | $ | 1,144,459 | $ | 1,066,515 | $ | 905,478 | |||||
| Average equity for the quarter | $ | 164,592 | $ | 150,419 | $ | 157,078 | |||||
| Average equity year-to-date | $ | 156,071 | $ | 151,841 | $ | 156,616 | |||||
| Average deposits for the quarter | $ | 1,656,228 | $ | 1,507,765 | $ | 1,163,979 | |||||
| Average deposits year-to-date | $ | 1,467,111 | $ | 1,373,270 | $ | 1,113,109 | |||||
| * 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. | |||||||||||
| ** 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 | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
| Calculation of Core Efficiency Ratio: | |||||||||||||||||||||
| Noninterest expense | $ | 20,664 | $ | 20,046 | $ | 18,800 | $ | 57,658 | $ | 55,050 | |||||||||||
| Acquisition costs | (103 | ) | (1,876 | ) | (35 | ) | (2,296 | ) | (35 | ) | |||||||||||
| Intangible asset amortization | (333 | ) | (440 | ) | (144 | ) | (895 | ) | (431 | ) | |||||||||||
| Core efficiency ratio numerator | 20,228 | 17,730 | 18,621 | 54,467 | 54,584 | ||||||||||||||||
| Net interest income | 17,887 | 15,967 | 12,031 | 45,699 | 34,495 | ||||||||||||||||
| Noninterest income | 7,417 | 7,342 | 13,353 | 23,052 | 38,054 | ||||||||||||||||
| Core efficiency ratio denominator | 25,304 | 23,309 | 25,384 | 68,751 | 72,549 | ||||||||||||||||
| Core efficiency ratio (non-GAAP) | 79.94 | % | 76.07 | % | 73.36 | % | 79.22 | % | 75.24 | % | |||||||||||
| Tangible Book Value and Tangible Assets | (Unaudited) | ||||||||||||||
| (Dollars in thousands, except per share data) | September 30, | June 30, | September 30, | ||||||||||||
| 2022 | 2022 | 2021 | |||||||||||||
| Tangible Book Value: | |||||||||||||||
| Shareholders' equity | $ | 151,274 | $ | 162,790 | $ | 156,523 | |||||||||
| Goodwill and core deposit intangible, net | (42,635 | ) | (42,966 | ) | (22,717 | ) | |||||||||
| Tangible common shareholders' equity (non-GAAP) | $ | 108,639 | $ | 119,824 | $ | 133,806 | |||||||||
| Common shares outstanding at end of period | 7,986,890 | 8,086,407 | 6,776,703 | ||||||||||||
| Common shareholders' equity (book value) per share (GAAP) | $ | 18.94 | $ | 20.13 | $ | 23.10 | |||||||||
| Tangible common shareholders' equity (tangible book value) | |||||||||||||||
| per share (non-GAAP) | $ | 13.60 | $ | 14.82 | $ | 19.74 | |||||||||
| Tangible Assets: | |||||||||||||||
| Total assets | $ | 1,923,920 | $ | 1,900,472 | $ | 1,406,923 | |||||||||
| Goodwill and core deposit intangible, net | (42,635 | ) | (42,966 | ) | (22,717 | ) | |||||||||
| Tangible assets (non-GAAP) | $ | 1,881,285 | $ | 1,857,506 | $ | 1,384,206 | |||||||||
| Tangible common shareholders' equity to tangible assets | |||||||||||||||
| (non-GAAP) | 5.77 | % | 6.45 | % | 9.67 | % | |||||||||
| Earnings Per Diluted Share, Excluding Acquisition Costs | (Unaudited) | (Unaudited) | |||||||||||||||||||
| (Dollars in thousands, except per share data) | Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
| Net interest income after loan loss provision | $ | 17,370 | $ | 15,109 | $ | 11,776 | $ | 44,045 | $ | 33,919 | |||||||||||
| Noninterest income | 7,417 | 7,342 | 13,353 | 23,052 | 38,054 | ||||||||||||||||
| Noninterest expense | 20,664 | 20,046 | 18,800 | 57,658 | 55,050 | ||||||||||||||||
| Acquisition costs | (103 | ) | (1,876 | ) | (35 | ) | (2,296 | ) | (35 | ) | |||||||||||
| Noninterest expense, excluding acquisition costs (non-GAAP) | 20,561 | 18,170 | 18,765 | 55,362 | 55,015 | ||||||||||||||||
| Income before income taxes | 4,226 | 4,281 | 6,364 | 11,735 | 16,958 | ||||||||||||||||
| Provision for income taxes, excluding acquisition costs | |||||||||||||||||||||
| related taxes (non-GAAP) | 1,057 | 1,129 | 1,592 | 2,934 | 4,240 | ||||||||||||||||
| Net Income, excluding acquisition costs (non-GAAP) | $ | 3,169 | $ | 3,152 | $ | 4,772 | $ | 8,801 | $ | 12,718 | |||||||||||
| Diluted earnings per share (GAAP) | $ | 0.40 | $ | 0.24 | $ | 0.73 | $ | 0.98 | $ | 1.89 | |||||||||||
| Diluted earnings per share, excluding acquisition | |||||||||||||||||||||
| costs (non-GAAP) | $ | 0.41 | $ | 0.42 | $ | 0.73 | $ | 1.21 | $ | 1.90 | |||||||||||
| Return on Average Assets, Excluding Acquisition Costs | (Unaudited) | |||||||||||||
| (Dollars in thousands) | September 30, | June 30, | September 30, | |||||||||||
| 2022 | 2022 | 2021 | ||||||||||||
| For the quarter: | ||||||||||||||
| Net income, excluding acquisition costs (non-GAAP)* | $ | 3,169 | $ | 3,152 | $ | 4,772 | ||||||||
| Average total assets quarter-to-date | $ | 1,913,710 | $ | 1,752,916 | $ | 1,382,186 | ||||||||
| Return on average assets, excluding acquisition costs (non-GAAP) | 0.66 | % | 0.72 | % | 1.38 | % | ||||||||
| Year-to-date: | ||||||||||||||
| Net income, excluding acquisition costs (non-GAAP)* | $ | 8,801 | $ | 5,632 | $ | 12,718 | ||||||||
| Average total assets year-to-date | $ | 1,713,892 | $ | 1,614,746 | $ | 1,331,988 | ||||||||
| Return on average assets, excluding acquisition costs (non-GAAP) | 0.68 | % | 0.70 | % | 1.27 | % | ||||||||
| * See Earnings Per Diluted Share, Excluding Acquisition Costs table for GAAP to non-GAAP reconciliation. | ||||||||||||||
FAQ
What were Eagle Bancorp Montana's Q3 2022 earnings per share (EPS)?
What is the dividend amount declared by EBMT in October 2022?
When will the dividend be payable for EBMT's Q3 2022?
How much did total loans increase for EBMT year-over-year?
What were the total assets of Eagle Bancorp Montana at the end of Q3 2022?
