Eagle Bancorp Montana Earns $3.4 Million, or $0.44 per Diluted Share, in the Fourth Quarter of 2024 and $9.8 Million, or $1.24 per Diluted Share for the Year 2024; Declares Quarterly Cash Dividend of $0.1425 Per Share
Eagle Bancorp Montana (NASDAQ: EBMT) reported Q4 2024 net income of $3.4 million, or $0.44 per diluted share, up 26.7% from Q3 2024 and 58.6% from Q4 2023. Full-year 2024 net income was $9.8 million, or $1.24 per diluted share. The company declared a quarterly dividend of $0.1425 per share, payable March 7, 2025.
Q4 highlights include net interest margin expansion to 3.59%, total loans of $1.52 billion, and total deposits increase of $46.0 million to $1.68 billion. Revenue increased 2.8% to $21.4 million compared to Q3 2024. The allowance for credit losses represented 1.11% of portfolio loans and 437.7% of nonperforming loans.
The company maintains strong credit quality with nonperforming loans at $3.9 million and net loan charge-offs of $44,000 in Q4 2024. The Bank remains well-capitalized with Tier 1 capital to adjusted total average assets at 10.07%.
Eagle Bancorp Montana (NASDAQ: EBMT) ha riportato un utile netto per il quarto trimestre 2024 di 3,4 milioni di dollari, ovvero 0,44 dollari per azione diluita, in aumento del 26,7% rispetto al terzo trimestre 2024 e del 58,6% rispetto al quarto trimestre 2023. L'utile netto per l'intero anno 2024 è stato di 9,8 milioni di dollari, pari a 1,24 dollari per azione diluita. L'azienda ha dichiarato un dividendo trimestrale di 0,1425 dollari per azione, pagabile il 7 marzo 2025.
I punti salienti del quarto trimestre includono l'espansione del margine di interesse netto al 3,59%, un totale di prestiti pari a 1,52 miliardi di dollari e un aumento totale dei depositi di 46 milioni di dollari, arrivando a 1,68 miliardi di dollari. I ricavi sono aumentati del 2,8% a 21,4 milioni di dollari rispetto al terzo trimestre 2024. La svalutazione per perdite su crediti ha rappresentato l'1,11% dei prestiti in portafoglio e il 437,7% dei prestiti non performing.
L'azienda mantiene una solida qualità creditizia con prestiti non performing pari a 3,9 milioni di dollari e perdite nette sui prestiti di 44.000 dollari nel quarto trimestre 2024. La banca rimane ben capitalizzata con un capitale di base al 10,07% rispetto agli attivi medi totali rettificati.
Eagle Bancorp Montana (NASDAQ: EBMT) reportó una utilidad neta en el cuarto trimestre de 2024 de 3.4 millones de dólares, o 0.44 dólares por acción diluida, un aumento del 26.7% en comparación con el tercer trimestre de 2024 y del 58.6% en comparación con el cuarto trimestre de 2023. La utilidad neta del año completo 2024 fue de 9.8 millones de dólares, o 1.24 dólares por acción diluida. La compañía declaró un dividendo trimestral de 0.1425 dólares por acción, que se pagará el 7 de marzo de 2025.
Los aspectos destacados del cuarto trimestre incluyen una expansión del margen de interés neto al 3.59%, un total de préstamos de 1.52 mil millones de dólares y un aumento total de depósitos de 46 millones de dólares a 1.68 mil millones de dólares. Los ingresos aumentaron un 2.8% a 21.4 millones de dólares en comparación con el tercer trimestre de 2024. La provisión para pérdidas crediticias representó el 1.11% de los préstamos en cartera y el 437.7% de los préstamos no rentables.
La empresa mantiene una sólida calidad crediticia con préstamos no rentables por 3.9 millones de dólares y cancelaciones netas de préstamos de 44,000 dólares en el cuarto trimestre de 2024. El banco permanece bien capitalizado con un capital de nivel 1 en el 10.07% de los activos promedio totales ajustados.
Eagle Bancorp Montana (NASDAQ: EBMT)는 2024년 4분기 순이익이 340만 달러, 즉 희석 주당 0.44달러로 전 분기 대비 26.7% 증가하고 2023년 4분기 대비 58.6% 증가했다고 보고했습니다. 2024년 전체 순이익은 980만 달러, 즉 희석 주당 1.24달러였습니다. 회사는 주당 0.1425달러의 분기 배당금을 선언했으며, 이는 2025년 3월 7일에 지급될 예정입니다.
4분기 주요 사항으로는 순이자 마진이 3.59%로 확장되었고, 총 대출이 15억 2천만 달러, 총 예금이 4600만 달러 증가하여 16억 8천만 달러에 달했습니다. 수익은 2024년 3분기와 비교하여 2.8% 증가하여 2140만 달러에 달했습니다. 신용 손실 충당금은 포트폴리오 대출의 1.11% 및 부실 대출의 437.7%에 해당했습니다.
회사는 부실 대출이 390만 달러이고 2024년 4분기 순 대출 상환액이 4만 4천 달러로 강력한 신용 품질을 유지하고 있습니다. 은행은 조정된 총 평균 자산에 대한 Tier 1 자본 비율이 10.07%로 잘 자본화되어 있습니다.
Eagle Bancorp Montana (NASDAQ: EBMT) a déclaré un bénéfice net pour le quatrième trimestre 2024 de 3,4 millions de dollars, soit 0,44 dollar par action diluée, en hausse de 26,7% par rapport au troisième trimestre 2024 et de 58,6% par rapport au quatrième trimestre 2023. Le bénéfice net pour l'année complète 2024 s'élevait à 9,8 millions de dollars, soit 1,24 dollar par action diluée. L'entreprise a déclaré un dividende trimestriel de 0,1425 dollar par action, payable le 7 mars 2025.
Les faits saillants du quatrième trimestre comprennent l'expansion de la marge d'intérêt nette à 3,59%, un total de prêts de 1,52 milliard de dollars et une augmentation des dépôts totaux de 46 millions de dollars, atteignant 1,68 milliard de dollars. Les revenus ont augmenté de 2,8% pour atteindre 21,4 millions de dollars par rapport au troisième trimestre 2024. La provision pour pertes sur créances représentait 1,11% des prêts du portefeuille et 437,7% des prêts non rentables.
L'entreprise maintient une solide qualité de crédit avec des prêts non rentables s'élevant à 3,9 millions de dollars et des annulations nettes de prêts de 44 000 dollars dans le quatrième trimestre 2024. La banque reste bien capitalisée avec un capital de premier niveau de 10,07% par rapport aux actifs totaux moyens ajustés.
Eagle Bancorp Montana (NASDAQ: EBMT) berichtete für das 4. Quartal 2024 einen Nettogewinn von 3,4 Millionen Dollar, bzw. 0,44 Dollar pro verwässerter Aktie, was einem Anstieg von 26,7% im Vergleich zum 3. Quartal 2024 und von 58,6% im Vergleich zum 4. Quartal 2023 entspricht. Der Nettogewinn für das Gesamtjahr 2024 betrug 9,8 Millionen Dollar, beziehungsweise 1,24 Dollar pro verwässerter Aktie. Das Unternehmen erklärte eine quartalsweise Dividende von 0,1425 Dollar pro Aktie, die am 7. März 2025 zahlbar ist.
Zu den Highlights des 4. Quartals gehören eine Expansion der Nettowinde von 3,59%, Gesamtdarlehen von 1,52 Milliarden Dollar und einen Anstieg der Gesamteinlagen um 46 Millionen Dollar auf 1,68 Milliarden Dollar. Die Einnahmen stiegen um 2,8% auf 21,4 Millionen Dollar im Vergleich zum 3. Quartal 2024. Die Rückstellungen für Kreditverluste beliefen sich auf 1,11% der Portfolio-Darlehen und 437,7% der notleidenden Kredite.
Das Unternehmen hält eine starke Kreditqualität mit notleidenden Krediten von 3,9 Millionen Dollar und einem netten Darlehensausfall von 44.000 Dollar im 4. Quartal 2024. Die Bank bleibt gut kapitalisiert mit einem Tier-1-Kapital von 10,07% im Verhältnis zu den angepassten Gesamtdurchschnittsvermögen.
- Net income increased 58.6% YoY to $3.4 million in Q4 2024
- Net interest margin expanded 25 basis points to 3.59% in Q4
- Total deposits increased $46.0 million or 2.8% YoY
- Nonperforming loans decreased significantly from $8.4M to $3.9M YoY
- Full-year net income declined from $10.1M in 2023 to $9.8M in 2024
- Annual revenues decreased from $85.2M in 2023 to $81.2M in 2024
- Mortgage banking income decreased 33.1% YoY to $10.0M in 2024
- Commercial construction and development loans decreased 21.5% YoY
HELENA, Mont., Jan. 28, 2025 (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
“Eagle’s fourth quarter operating results were highlighted by strong quarterly deposit growth, sound revenue generation, and net interest margin expansion,” said Laura F. Clark, President and CEO. “We continue to maintain a stable core deposit base, with non-CDs representing
Fourth Quarter 2024 Highlights (at or for the three-month period ended December 31, 2024, except where noted):
- Net income increased
26.7% to$3.4 million , or$0.44 per diluted share, in the fourth quarter of 2024, compared to$2.7 million , or$0.34 per diluted share, in the preceding quarter, and increased58.6% compared to$2.2 million , or$0.28 per diluted share, in the fourth quarter a year ago. - Net interest margin (“NIM”) was
3.59% in the fourth quarter of 2024, a 25 basis point increase compared to3.34% in the preceding quarter and a 27 basis point increase compared to the fourth quarter a year ago. - Revenues (net interest income before the provision for credit losses, plus noninterest income) increased
2.8% to$21.4 million in the fourth quarter of 2024, compared to$20.8 million in the preceding quarter and increased1.7% compared to$21.0 million in the fourth quarter a year ago. - Total loans increased
2.4% to$1.52 billion , at December 31, 2024, compared to$1.48 billion a year earlier, and decreased0.9% compared to$1.53 billion at September 30, 2024. - Total deposits increased
$46.0 million or2.8% to$1.68 billion at December 31, 2024, compared to a year earlier, and increased$30.7 million or1.9% , compared to September 30, 2024. - The allowance for credit losses represented
1.11% of portfolio loans and437.7% of nonperforming loans at December 31, 2024, compared to1.11% of portfolio loans and195.2% of nonperforming loans at December 31, 2023.
- The Company’s available borrowing capacity was approximately
$404.0 million at December 31, 2024, compared to$398.5 million at December 31, 2023.
| December 31, 2024 | December 31, 2023 | ||||||||||
| (Dollars in thousands) | Borrowings Outstanding | Remaining Borrowing Capacity | Borrowings Outstanding | Remaining Borrowing Capacity | |||||||
| Federal Home Loan Bank advances | $ | 140,930 | $ | 276,664 | $ | 175,737 | $ | 266,017 | |||
| Federal Reserve Bank discount window | - | 27,349 | - | 32,472 | |||||||
| Correspondent bank lines of credit | - | 100,000 | - | 100,000 | |||||||
| Total | $ | 140,930 | $ | 404,013 | $ | 175,737 | $ | 398,489 | |||
- The Company paid a quarterly cash dividend in the fourth quarter of
$0.14 25 per share on December 6, 2024, to shareholders of record November 15, 2024.
Balance Sheet Results
Eagle’s total assets increased
Eagle originated
Total loans increased
“Similar to other community banks, our deposit mix has shifted towards higher yielding deposits over the last several quarters due to the higher interest rate environment. However, the recent Fed rate cuts have started to ease deposit pricing, and we anticipate this will continue as we move through this next rate cycle,” said Miranda Spaulding, CFO.
Total deposits increased to
Shareholders’ equity was
Operating Results
“The higher yields on interest earning assets combined with a lower cost of funds contributed to our 25 basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate additional improvement in our cost of funds over the next several quarters.”
Eagle’s NIM was
Net interest income, before the provision for credit losses, increased
Fourth quarter revenues increased
Total noninterest income decreased
Eagle’s fourth quarter noninterest expense was
For the fourth quarter of 2024, the Company recorded income tax expense of
Credit Quality
Due to muted loan growth and positive economic factors within the CECL modeling, Eagle recorded a recapture in its provision for credit losses of
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, expectations and anticipations; 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; the emergence or continuation of widespread health emergencies or pandemics, 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 impact of volatility in 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 impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration; 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, in this release, including 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, performance trends and financial condition, 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. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.
| Balance Sheet | |||||||||
| (Dollars in thousands, except per share data) | (Unaudited) | ||||||||
| December 31, | September 30, | December 31, | |||||||
| 2024 | 2024 | 2023 | |||||||
| Assets: | |||||||||
| Cash and due from banks | $ | 29,824 | $ | 22,954 | $ | 23,243 | |||
| Interest bearing deposits in banks | 1,735 | 19,035 | 1,302 | ||||||
| Federal funds sold | - | 200 | - | ||||||
| Total cash and cash equivalents | 31,559 | 42,189 | 24,545 | ||||||
| Securities available-for-sale, at fair value | 292,590 | 306,982 | 318,279 | ||||||
| Federal Home Loan Bank ("FHLB") stock | 7,778 | 11,218 | 9,191 | ||||||
| Federal Reserve Bank ("FRB") stock | 4,131 | 4,131 | 4,131 | ||||||
| Mortgage loans held-for-sale, at fair value | 13,368 | 13,429 | 11,432 | ||||||
| Loans: | |||||||||
| Real estate loans: | |||||||||
| Residential 1-4 family | 153,721 | 156,811 | 156,578 | ||||||
| Residential 1-4 family construction | 45,701 | 52,217 | 43,434 | ||||||
| Commercial real estate | 645,962 | 644,019 | 608,691 | ||||||
| Commercial construction and development | 124,211 | 125,323 | 158,132 | ||||||
| Farmland | 146,610 | 145,356 | 142,590 | ||||||
| Other loans: | |||||||||
| Home equity | 97,543 | 93,646 | 86,932 | ||||||
| Consumer | 28,513 | 29,445 | 30,125 | ||||||
| Commercial | 144,039 | 143,190 | 132,709 | ||||||
| Agricultural | 134,346 | 144,645 | 125,298 | ||||||
| Total loans | 1,520,646 | 1,534,652 | 1,484,489 | ||||||
| Allowance for credit losses | (16,850 | ) | (17,130 | ) | (16,440 | ) | |||
| Net loans | 1,503,796 | 1,517,522 | 1,468,049 | ||||||
| Accrued interest and dividends receivable | 12,890 | 14,844 | 12,485 | ||||||
| Mortgage servicing rights, net | 15,376 | 15,443 | 15,853 | ||||||
| Assets held-for-sale, at cost | 960 | 257 | - | ||||||
| Premises and equipment, net | 101,540 | 100,297 | 94,282 | ||||||
| Cash surrender value of life insurance, net | 53,232 | 52,852 | 47,939 | ||||||
| Goodwill | 34,740 | 34,740 | 34,740 | ||||||
| Core deposit intangible, net | 4,499 | 4,834 | 5,880 | ||||||
| Other assets | 26,631 | 26,375 | 28,860 | ||||||
| Total assets | $ | 2,103,090 | $ | 2,145,113 | $ | 2,075,666 | |||
| Liabilities: | |||||||||
| Deposit accounts: | |||||||||
| Noninterest bearing | $ | 419,211 | $ | 419,760 | $ | 418,727 | |||
| Interest bearing | 1,262,017 | 1,230,752 | 1,216,468 | ||||||
| Total deposits | 1,681,228 | 1,650,512 | 1,635,195 | ||||||
| Accrued expenses and other liabilities | 47,018 | 38,593 | 36,462 | ||||||
| FHLB advances and other borrowings | 140,930 | 219,167 | 175,737 | ||||||
| Other long-term debt, net | 59,149 | 59,111 | 58,999 | ||||||
| Total liabilities | 1,928,325 | 1,967,383 | 1,906,393 | ||||||
| Shareholders' Equity: | |||||||||
| Preferred stock (par value | |||||||||
| authorized; no shares issued or outstanding) | - | - | - | ||||||
| Common stock (par value | |||||||||
| 8,507,429 shares issued; 8,027,177, 8,016,784 and 8,016,784 | |||||||||
| shares outstanding at December 31, 2024, September 30, 2024, and | |||||||||
| December 31, 2023, respectively | 85 | 85 | 85 | ||||||
| Additional paid-in capital | 108,334 | 109,040 | 108,819 | ||||||
| Unallocated common stock held by Employee Stock Ownership Plan | (4,011 | ) | (4,154 | ) | (4,583 | ) | |||
| Treasury stock, at cost (480,252, 490,645 and 490,645 shares at | |||||||||
| December 31, 2024, September 30, 2024, and December 31, 2023, respectively) | (10,761 | ) | (11,124 | ) | (11,124 | ) | |||
| Retained earnings | 101,264 | 98,979 | 96,021 | ||||||
| Accumulated other comprehensive loss, net of tax | (20,146 | ) | (15,096 | ) | (19,945 | ) | |||
| Total shareholders' equity | 174,765 | 177,730 | 169,273 | ||||||
| Total liabilities and shareholders' equity | $ | 2,103,090 | $ | 2,145,113 | $ | 2,075,666 | |||
| Income Statement | (Unaudited) | (Unaudited) | ||||||||||||||
| (Dollars in thousands, except per share data) | Three Months Ended | Years Ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Interest and dividend income: | ||||||||||||||||
| Interest and fees on loans | $ | 23,756 | $ | 23,802 | $ | 21,481 | $ | 92,282 | $ | 79,423 | ||||||
| Securities available-for-sale | 2,475 | 2,598 | 2,790 | 10,428 | 11,376 | |||||||||||
| FRB and FHLB dividends | 308 | 266 | 247 | 1,085 | 727 | |||||||||||
| Other interest income | 148 | 94 | 23 | 416 | 89 | |||||||||||
| Total interest and dividend income | 26,687 | 26,760 | 24,541 | 104,211 | 91,615 | |||||||||||
| Interest expense: | ||||||||||||||||
| Interest expense on deposits | 7,216 | 7,190 | 6,090 | 27,838 | 17,857 | |||||||||||
| FHLB advances and other borrowings | 2,005 | 3,084 | 2,569 | 10,211 | 8,562 | |||||||||||
| Other long-term debt | 676 | 684 | 684 | 2,724 | 2,719 | |||||||||||
| Total interest expense | 9,897 | 10,958 | 9,343 | 40,773 | 29,138 | |||||||||||
| Net interest income | 16,790 | 15,802 | 15,198 | 63,438 | 62,477 | |||||||||||
| (Recapture) provision for credit losses | (36 | ) | 277 | 270 | 518 | 1,456 | ||||||||||
| Net interest income after provision for credit losses | 16,826 | 15,525 | 14,928 | 62,920 | 61,021 | |||||||||||
| Noninterest income: | ||||||||||||||||
| Service charges on deposit accounts | 387 | 430 | 444 | 1,645 | 1,757 | |||||||||||
| Mortgage banking, net | 2,818 | 2,602 | 3,718 | 10,014 | 14,970 | |||||||||||
| Interchange and ATM fees | 675 | 662 | 663 | 2,540 | 2,524 | |||||||||||
| Appreciation in cash surrender value of life insurance | 408 | 1,038 | 301 | 2,054 | 1,466 | |||||||||||
| Net loss on sale of available-for-sale securities | (141 | ) | - | - | (141 | ) | (222 | ) | ||||||||
| Other noninterest income | 425 | 251 | 686 | 1,664 | 2,227 | |||||||||||
| Total noninterest income | 4,572 | 4,983 | 5,812 | 17,776 | 22,722 | |||||||||||
| Noninterest expense: | ||||||||||||||||
| Salaries and employee benefits | 9,830 | 9,894 | 11,359 | 39,715 | 42,973 | |||||||||||
| Occupancy and equipment expense | 2,194 | 2,134 | 1,972 | 8,531 | 8,072 | |||||||||||
| Data processing | 1,715 | 1,587 | 1,673 | 6,209 | 5,943 | |||||||||||
| Software subscriptions | 576 | 511 | 519 | 2,127 | 2,064 | |||||||||||
| Advertising | 466 | 277 | 445 | 1,312 | 1,375 | |||||||||||
| Amortization | 337 | 337 | 386 | 1,391 | 1,587 | |||||||||||
| Loan costs | 372 | 385 | 461 | 1,567 | 1,887 | |||||||||||
| FDIC insurance premiums | 287 | 295 | 288 | 1,165 | 1,150 | |||||||||||
| Professional and examination fees | 596 | 438 | 438 | 1,941 | 1,922 | |||||||||||
| Other noninterest expense | 1,323 | 1,412 | 1,350 | 5,348 | 5,116 | |||||||||||
| Total noninterest expense | 17,696 | 17,270 | 18,891 | 69,306 | 72,089 | |||||||||||
| Income before provision for income taxes | 3,702 | 3,238 | 1,849 | 11,390 | 11,654 | |||||||||||
| Provision (benefit) for income taxes | 269 | 529 | (315 | ) | 1,612 | 1,598 | ||||||||||
| Net income | $ | 3,433 | $ | 2,709 | $ | 2,164 | $ | 9,778 | $ | 10,056 | ||||||
| Basic earnings per common share | $ | 0.44 | $ | 0.35 | $ | 0.28 | $ | 1.25 | $ | 1.29 | ||||||
| Diluted earnings per common share | $ | 0.44 | $ | 0.34 | $ | 0.28 | $ | 1.24 | $ | 1.29 | ||||||
| Basic weighted average shares outstanding | 7,862,279 | 7,836,921 | 7,809,274 | 7,838,822 | 7,793,352 | |||||||||||
| Diluted weighted average shares outstanding | 7,868,507 | 7,860,138 | 7,815,022 | 7,853,792 | 7,798,244 | |||||||||||
| ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | ||||||||
| (Dollars in thousands, except per share data) | Three Months Ended or Years Ended | ||||||||
| December 31, | September 30, | December 31, | |||||||
| 2024 | 2024 | 2023 | |||||||
| Mortgage Banking Activity (For the quarter): | |||||||||
| Net gain on sale of mortgage loans | $ | 2,036 | $ | 1,691 | $ | 2,845 | |||
| Net change in fair value of loans held-for-sale and derivatives | (3 | ) | 159 | (40 | ) | ||||
| Mortgage servicing income, net | 785 | 752 | 913 | ||||||
| Mortgage banking, net | $ | 2,818 | $ | 2,602 | $ | 3,718 | |||
| Mortgage Banking Activity (Year-to-date): | |||||||||
| Net gain on sale of mortgage loans | $ | 6,741 | $ | 11,396 | |||||
| Net change in fair value of loans held-for-sale and derivatives | (5 | ) | 194 | ||||||
| Mortgage servicing income, net | 3,278 | 3,380 | |||||||
| Mortgage banking, net | $ | 10,014 | $ | 14,970 | |||||
| Performance Ratios (For the quarter): | |||||||||
| Return on average assets | |||||||||
| Return on average equity | |||||||||
| Yield on average interest earning assets | |||||||||
| Cost of funds | |||||||||
| Net interest margin | |||||||||
| Core efficiency ratio* | |||||||||
| Performance Ratios (Year-to-date): | |||||||||
| Return on average assets | |||||||||
| Return on average equity | |||||||||
| Yield on average interest earning assets | |||||||||
| Cost of funds | |||||||||
| Net interest margin | |||||||||
| Core efficiency ratio* | |||||||||
| * 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 | ||||||||
| December 31, | September 30, | December 31, | |||||||
| 2024 | 2024 | 2023 | |||||||
| Nonaccrual loans | $ | 3,227 | $ | 3,859 | $ | 8,395 | |||
| Loans 90 days past due and still accruing | 623 | 944 | 26 | ||||||
| Total nonperforming loans | 3,850 | 4,803 | 8,421 | ||||||
| Other real estate owned and other repossessed assets | 45 | 4 | 5 | ||||||
| Total nonperforming assets | $ | 3,895 | $ | 4,807 | $ | 8,426 | |||
| Nonperforming loans / portfolio loans | |||||||||
| Nonperforming assets / assets | |||||||||
| Allowance for credit losses / portfolio loans | |||||||||
| Allowance for credit losses/ nonperforming loans | |||||||||
| Gross loan charge-offs for the quarter | $ | 51 | $ | 22 | $ | 11 | |||
| Gross loan recoveries for the quarter | $ | 7 | $ | 5 | $ | 1 | |||
| Net loan charge-offs for the quarter | $ | 44 | $ | 17 | $ | 10 | |||
| December 31, | September 30, | December 31, | |||||||
| 2024 | 2024 | 2023 | |||||||
| Capital Data (At quarter end): | |||||||||
| Common shareholders' equity (book value) per share | $ | 21.77 | $ | 22.17 | $ | 21.11 | |||
| Tangible book value per share** | $ | 16.88 | $ | 17.23 | $ | 16.05 | |||
| Shares outstanding | 8,027,177 | 8,016,784 | 8,016,784 | ||||||
| Tangible common equity to tangible assets*** | |||||||||
| Other Information: | |||||||||
| Average investment securities for the quarter | $ | 300,088 | $ | 305,730 | $ | 306,678 | |||
| Average investment securities year-to-date | $ | 306,538 | $ | 308,688 | $ | 328,533 | |||
| Average loans for the quarter **** | $ | 1,533,686 | $ | 1,547,246 | $ | 1,494,181 | |||
| Average loans year-to-date **** | $ | 1,523,384 | $ | 1,519,951 | $ | 1,436,672 | |||
| Average earning assets for the quarter | $ | 1,858,078 | $ | 1,874,669 | $ | 1,817,419 | |||
| Average earning assets year-to-date | $ | 1,850,120 | $ | 1,847,468 | $ | 1,780,727 | |||
| Average total assets for the quarter | $ | 2,107,357 | $ | 2,116,839 | $ | 2,062,267 | |||
| Average total assets year-to-date | $ | 2,092,051 | $ | 2,086,951 | $ | 2,015,586 | |||
| Average deposits for the quarter | $ | 1,671,653 | $ | 1,622,254 | $ | 1,626,598 | |||
| Average deposits year-to-date | $ | 1,636,390 | $ | 1,624,636 | $ | 1,603,861 | |||
| Average equity for the quarter | $ | 169,054 | $ | 165,162 | $ | 152,516 | |||
| Average equity year-to-date | $ | 164,591 | $ | 163,106 | $ | 158,807 | |||
| ** 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 | Years Ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Calculation of Core Efficiency Ratio: | ||||||||||||||||
| Noninterest expense | $ | 17,696 | $ | 17,270 | $ | 18,891 | $ | 69,306 | $ | 72,089 | ||||||
| Intangible asset amortization | (337 | ) | (337 | ) | (386 | ) | (1,391 | ) | (1,587 | ) | ||||||
| Core efficiency ratio numerator | 17,359 | 16,933 | 18,505 | 67,915 | 70,502 | |||||||||||
| Net interest income | 16,790 | 15,802 | 15,198 | 63,438 | 62,477 | |||||||||||
| Noninterest income | 4,572 | 4,983 | 5,812 | 17,776 | 22,722 | |||||||||||
| Core efficiency ratio denominator | 21,362 | 20,785 | 21,010 | 81,214 | 85,199 | |||||||||||
| Core efficiency ratio (non-GAAP) | ||||||||||||||||
| Tangible Book Value and Tangible Assets | (Unaudited) | ||||||||
| (Dollars in thousands, except per share data) | December 31, | September 30, | December 31, | ||||||
| 2024 | 2024 | 2023 | |||||||
| Tangible Book Value: | |||||||||
| Shareholders' equity | $ | 174,765 | $ | 177,730 | $ | 169,273 | |||
| Goodwill and core deposit intangible, net | (39,239 | ) | (39,574 | ) | $ | (40,620 | ) | ||
| Tangible common shareholders' equity (non-GAAP) | $ | 135,526 | $ | 138,156 | $ | 128,653 | |||
| Common shares outstanding at end of period | 8,027,177 | 8,016,784 | 8,016,784 | ||||||
| Common shareholders' equity (book value) per share (GAAP) | $ | 21.77 | $ | 22.17 | $ | 21.11 | |||
| Tangible common shareholders' equity (tangible book value) | |||||||||
| per share (non-GAAP) | $ | 16.88 | $ | 17.23 | $ | 16.05 | |||
| Tangible Assets: | |||||||||
| Total assets | $ | 2,103,090 | $ | 2,145,113 | $ | 2,075,666 | |||
| Goodwill and core deposit intangible, net | (39,239 | ) | (39,574 | ) | (40,620 | ) | |||
| Tangible assets (non-GAAP) | $ | 2,063,851 | $ | 2,105,539 | $ | 2,035,046 | |||
| Tangible common shareholders' equity to tangible assets | |||||||||
| (non-GAAP) | |||||||||
| Contacts: | Laura F. Clark, President and CEO (406) 457-4007 Miranda J. Spaulding, SVP and CFO (406) 441-5010 |
FAQ
What was Eagle Bancorp Montana's (EBMT) Q4 2024 earnings per share?
What is EBMT's quarterly dividend payment and yield for Q4 2024?
How much did Eagle Bancorp Montana's deposits grow in Q4 2024?
What was EBMT's net interest margin in Q4 2024?
How did EBMT's nonperforming loans change in 2024?
