Eagle Bancorp Montana Earns a Record $6.4 Million, or $0.94 per Diluted Share, in Third Quarter 2020; Declares Quarterly Cash Dividend of $0.0975 per Share
Eagle Bancorp Montana, Inc. (NASDAQ: EBMT) reported a significant increase in net income for Q3 2020, rising 55.4% to $6.4 million ($0.94 per diluted share), driven by strong mortgage banking performance and loan sales. Year-to-date, net income surged 88.0% to $16.0 million ($2.35 per diluted share). A quarterly cash dividend of $0.0975 per share was declared, payable on December 4, 2020. Despite COVID-19 challenges, total loans and deposits increased by 12.6% and 26.5%, respectively, highlighting robust financial health and a strong loan pipeline.
- Net income increased 55.4% to $6.4 million in Q3 2020.
- Year-to-date net income rose 88.0% to $16.0 million.
- Quarterly cash dividend of $0.0975 per share declared.
- Total loans increased 12.6% to $848.5 million.
- Total deposits grew 26.5% to $998.3 million.
- Strong growth in mortgage banking and loan sales.
- Provision for loan losses was $854,000 due to economic slowdown from COVID-19.
- Net interest margin decreased to 3.83% from 4.15% a year ago.
- Nonperforming loans increased to $7.5 million year-over-year.
HELENA, Montana, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana, today reported net income in the third quarter of 2020 increased
Eagle’s board of directors declared a quarterly cash dividend of
“Our record third quarter results were highlighted by higher mortgage banking operations, as a result of the historically low interest rate environment, and substantial gains from loan sales. Despite a highly competitive market, our loan growth has been substantial, and our loan pipeline remains strong,” said Peter J. Johnson, President and CEO. “We remain focused on supporting our customers, communities and employees while prudently managing risk. While our third quarter operating performance was strong, we continued to see the impact of the COVID-19 pandemic and its consequences on our Montana communities. During the third quarter the Montana Board of Investments (MBOI) began offering 12-months of interest payment assistance to qualified borrowers. We are closely monitoring borrowers and businesses we service and are providing debt service relief for those who have been impacted.”
COVID-19 Preparations as of September 30, 2020:
- Industry Exposure: Eagle’s exposure, as a percentage of total loans, to some of the industries with business revenues dramatically impacted by the pandemic include health care and social assistance (
28.89% ), hotels and lodging (28.51% ), bars and restaurants (18.59% ), casinos (8.83% ), and nursing homes (3.21% ). - Loan Accommodations: The bank has offered multiple accommodation options to its clients, including 90-day deferrals, interest only payments, and forbearances. As of September 30, 2020, remaining loan modifications for 66 borrowers represented
$55.3 million in loans or6.51% of total loans, compared to 315 borrowers, representing$125.7 million or15.0% of total loans, three months earlier. Approximately56.14% of loans originally modified, or 249 borrowers, are now performing according to the loan agreements, and an estimated additional 34 borrowers, representing$26.8 million in loans, are expected to return to normal status before year end. The bank qualified 26 borrowers for the MBOI program representing$23.7 million in loans, which are included in the third quarter modification totals. There remain approximately 76 forbearances approved for residential mortgage loans, of which 68 are sold and serviced. Utilization of credit lines were83.4% at the end of the third quarter, compared to83.4% at the end of the previous quarter, which aligns with historical usage rates. - Small Business Administration (SBA) Paycheck Protection Program (PPP): Eagle began taking loan applications from its small business clients immediately after the program was implemented in April 2020, and as of the close of the program, Eagle had helped 758 of its customers receive
$45.2 million in SBA PPP loans. Eagle is now starting to process applications for PPP loan forgiveness for customers, with 569 loans, representing$9.9 million , qualifying for the streamlined PPP loan forgiveness application. - Provision for Loan Losses: Due to the economic slowdown resulting from the COVID-19 pandemic, Eagle recorded total provision for loan losses of
$854,000 for the third quarter of 2020 with$404,000 related to economic slowdown and$450,000 related to loan growth. - Deposit Accommodations: The Bank halted deposit fees associated with early withdrawal requests to assist depositors with funding needs.
- Liquidity Changes: Through the quarter ended September 30, 2020, the liquidity level remained consistent with the prior quarters. Eagle used Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) as a partial source of funding for its SBA PPP loans.
Third Quarter 2020 Highlights (at or for the three-month period ended September 30, 2020, except where noted)
- Net income increased
55.4% to$6.4 million , or$0.94 per diluted share, in the third quarter of 2020, compared to$4.1 million , or$0.63 per diluted share, in the third quarter of 2019, and increased11.2% compared to$5.7 million , or$0.84 per diluted share in the preceding quarter. - Annualized return on average assets was
2.05% . - Annualized return on average equity was
17.77% . - Net interest margin (“NIM”) was
3.83% in the third quarter of 2020, compared to3.85% in the preceding quarter, and4.15% in the third quarter a year ago. - Revenues (net interest income before the provision for loan losses, plus non-interest income) increased
6.7% to a record$25.7 million in the third quarter of 2020, compared to$24.1 million in the previous quarter, and increased42.1% compared to$18.1 million in the third quarter a year ago. - Purchase discount on loans from the Western Holding Company of Wolf Point portfolio was
$1.2 million at January 1, 2020, (the “acquisition date”) of which$654,000 remained as of September 30, 2020. - Purchase discount on loans from acquisitions prior to 2020 totaled
$1.3 million as of September 30, 2020. - The accretion of the loan purchase discount into loan interest income from the Western Holding Company of Wolf Point, and previous acquisitions was
$467,000 in the third quarter of 2020, compared to interest accretion on purchased loans from acquisitions of$357,000 in the preceding quarter. - The allowance for loan losses represented
151.0% of nonperforming loans at September 30, 2020, compared to221.0% a year earlier. - Total loans increased
12.6% to$848.5 million at September 30, 2020, compared to$753.6 million a year earlier. - Total deposits increased
26.5% to$998.3 million at September 30, 2020, compared to$789.5 million a year ago. - Eagle remained well capitalized with a tangible common shareholders’ equity ratio of
10.07% at September 30, 2020. - Declared a quarterly cash dividend of
$0.09 75 per share.
Recent Events
On June 10, 2020, Eagle issued
Acquisitions
On January 1, 2020, Eagle completed its acquisition of Western Holding Company of Wolf Point, and its wholly owned subsidiary, Western Bank of Wolf Point, in a transaction valued at approximately
On January 1, 2019, Eagle completed its acquisition of Big Muddy Bancorp, Inc. and its wholly owned subsidiary, The State Bank of Townsend, located in Townsend, Montana, which added approximately
Balance Sheet Results
Total assets increased
“Our recent acquisitions and SBA PPP loans have supported strong balance sheet growth, with total loans increasing
Eagle originated
Commercial real estate loans decreased
Total deposits increased
Shareholders’ equity increased
Operating Results
Eagle’s NIM was
Eagle’s third quarter revenues were
Net interest income, before the provision for loan losses, increased
Noninterest income increased
Eagle’s third quarter noninterest expenses were
For the third quarter of 2020, the income tax provision totaled
Credit Quality
“Even though we continue to operate with sound credit quality metrics and minimal charge-offs, we recorded a substantial provision for loan losses during the third quarter based on the impact of the pandemic on our Montana markets,” Johnson said. The provision for loan losses was
Nonperforming loans (“NPLs”) were
Eagle’s total other real estate owned (“OREO”) and other repossessed assets improved to
Net loan charge-offs totaled
Capital Management
Eagle Bancorp Montana, Inc. continues to be well capitalized with the ratio of tangible common shareholders’ equity to tangible assets of
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 23 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 with Western Bank of Wolf Point, Ruby Valley Bank and The State Bank of Townsend, 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 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 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; 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; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; cyber incidents, or theft or loss of Company or customer data or money; the effect of our acquisitions of Western Bank of Wolf Point, Ruby Valley Bank and The State Bank of Townsend, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations 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 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. 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, President and CEO |
| (406) 457-4006 | |
| Laura F. Clark, EVP and CFO | |
| (406) 457-4007 |
| Balance Sheet | ||||||||||||
| (Dollars in thousands, except per share data) | (Unaudited) | |||||||||||
| September 30, | June 30, | September 30, | ||||||||||
| 2020 | 2020 | 2019 | ||||||||||
| Assets: | ||||||||||||
| Cash and due from banks | $ | 19,879 | $ | 12,555 | $ | 9,697 | ||||||
| Interest bearing deposits in banks | 7,672 | 11,028 | 3,589 | |||||||||
| Federal funds sold | 45,260 | 29,305 | - | |||||||||
| Total cash and cash equivalents | 72,811 | 52,888 | 13,286 | |||||||||
| Securities available-for-sale | 165,353 | 174,526 | 136,383 | |||||||||
| FHLB stock | 2,817 | 4,057 | 4,167 | |||||||||
| FRB stock | 2,974 | 2,601 | 2,526 | |||||||||
| Mortgage loans held-for-sale, at fair value | 41,484 | 57,715 | 24,913 | |||||||||
| Loans: | ||||||||||||
| Real estate loans: | ||||||||||||
| Residential 1-4 family | 110,021 | 111,954 | 110,291 | |||||||||
| Residential 1-4 family construction | 42,814 | 38,864 | 32,776 | |||||||||
| Commercial real estate | 308,485 | 320,634 | 317,829 | |||||||||
| Commercial construction and development | 56,927 | 53,388 | 51,647 | |||||||||
| Farmland | 67,061 | 58,609 | 46,681 | |||||||||
| Other loans: | ||||||||||||
| Home equity | 61,460 | 58,755 | 56,537 | |||||||||
| Consumer | 20,694 | 20,231 | 19,012 | |||||||||
| Commercial | 123,303 | 122,182 | 73,059 | |||||||||
| Agricultural | 60,308 | 58,823 | 46,893 | |||||||||
| Unearned loan fees | (2,595 | ) | (2,611 | ) | (1,156 | ) | ||||||
| Total loans | 848,478 | 840,829 | 753,569 | |||||||||
| Allowance for loan losses | (11,300 | ) | (10,500 | ) | (8,200 | ) | ||||||
| Net loans | 837,178 | 830,329 | 745,369 | |||||||||
| Accrued interest and dividends receivable | 6,615 | 6,075 | 5,318 | |||||||||
| Mortgage servicing rights, net | 9,518 | 8,334 | 8,218 | |||||||||
| Premises and equipment, net | 54,450 | 52,897 | 38,628 | |||||||||
| Cash surrender value of life insurance, net | 27,064 | 26,058 | 23,460 | |||||||||
| Goodwill | 20,798 | 20,798 | 15,710 | |||||||||
| Core deposit intangible, net | 2,505 | 2,669 | 2,961 | |||||||||
| Other assets | 11,461 | 9,487 | 1,282 | |||||||||
| Total assets | $ | 1,255,028 | $ | 1,248,434 | $ | 1,022,221 | ||||||
| Liabilities: | ||||||||||||
| Deposit accounts: | ||||||||||||
| Noninterest bearing | 295,058 | 271,259 | 199,086 | |||||||||
| Interest bearing | 703,272 | 684,185 | 590,375 | |||||||||
| Total deposits | 998,330 | 955,444 | 789,461 | |||||||||
| Accrued expenses and other liabilities | 18,419 | 20,458 | 10,266 | |||||||||
| Deferred tax liability, net | 1,367 | 541 | 420 | |||||||||
| FHLB advances and other borrowings | 59,777 | 90,786 | 76,699 | |||||||||
| Other long-term debt, net | 29,772 | 39,676 | 24,925 | |||||||||
| Total liabilities | 1,107,665 | 1,106,905 | 901,771 | |||||||||
| Shareholders' Equity: | ||||||||||||
| Preferred stock (par value | ||||||||||||
| authorized; no shares issued or outstanding) | - | - | - | |||||||||
| Common stock (par value | ||||||||||||
| 7,110,833, 7,110,833 and 6,714,983 shares issued; | ||||||||||||
| 6,756,107, 6,817,602 and 6,403,693 shares outstanding at | ||||||||||||
| September 30, 2020, June 30, 2020 and September 30, 2019, respectively) | 71 | 71 | 67 | |||||||||
| Additional paid-in capital | 77,612 | 77,506 | 68,894 | |||||||||
| Unallocated common stock held by Employee Stock Ownership Plan | (185 | ) | (227 | ) | (352 | ) | ||||||
| Treasury stock, at cost (354,726, 293,231 and 311,290 shares at | ||||||||||||
| September 30, 2020, June 30, 2020 and September 30, 2019, respectively) | (4,630 | ) | (3,664 | ) | (3,850 | ) | ||||||
| Retained earnings | 69,478 | 63,757 | 53,664 | |||||||||
| Accumulated other comprehensive income, net of tax | 5,017 | 4,086 | 2,027 | |||||||||
| Total shareholders' equity | 147,363 | 141,529 | 120,450 | |||||||||
| Total liabilities and shareholders' equity | $ | 1,255,028 | $ | 1,248,434 | $ | 1,022,221 | ||||||
| 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, | ||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||
| Interest and dividend income: | |||||||||||||
| Interest and fees on loans | $ | 11,340 | $ | 11,060 | $ | 10,731 | $ | 33,832 | $ | 31,378 | |||
| Securities available-for-sale | 874 | 952 | 916 | 2,853 | 2,802 | ||||||||
| FRB and FHLB dividends | 95 | 95 | 107 | 284 | 297 | ||||||||
| Other interest income | 30 | 26 | 19 | 134 | 55 | ||||||||
| Total interest and dividend income | 12,339 | 12,133 | 11,773 | 37,103 | 34,532 | ||||||||
| Interest expense: | |||||||||||||
| Interest expense on deposits | 779 | 945 | 1,022 | 3,063 | 2,733 | ||||||||
| FHLB advances and other borrowings | 261 | 342 | 692 | 1,066 | 1,942 | ||||||||
| Other long-term debt | 521 | 423 | 360 | 1,296 | 1,089 | ||||||||
| Total interest expense | 1,561 | 1,710 | 2,074 | 5,425 | 5,764 | ||||||||
| Net interest income | 10,778 | 10,423 | 9,699 | 31,678 | 28,768 | ||||||||
| Loan loss provision | 854 | 1,227 | 694 | 2,751 | 1,995 | ||||||||
| Net interest income after loan loss provision | 9,924 | 9,196 | 9,005 | 28,927 | 26,773 | ||||||||
| Noninterest income: | |||||||||||||
| Service charges on deposit accounts | 282 | 216 | 329 | 814 | 882 | ||||||||
| Net gain on sale of loans | 11,101 | 7,920 | 5,492 | 24,432 | 11,451 | ||||||||
| Mortgage banking, net | 2,204 | 3,358 | 1,390 | 7,164 | 2,477 | ||||||||
| Interchange and ATM fees | 407 | 379 | 364 | 1,123 | 977 | ||||||||
| Appreciation in cash surrender value of life insurance | 160 | 160 | 254 | 480 | 571 | ||||||||
| Net gain on sale of available-for-sale securities | - | 1,068 | - | 1,068 | 49 | ||||||||
| Net gain on sale/disposal of premises and equipment | - | - | 438 | 4 | 438 | ||||||||
| Other noninterest income | 817 | 597 | 153 | 1,888 | 772 | ||||||||
| Total noninterest income | 14,971 | 13,698 | 8,420 | 36,973 | 17,617 | ||||||||
| Noninterest expense: | |||||||||||||
| Salaries and employee benefits | 11,325 | 9,267 | 7,555 | 28,274 | 20,057 | ||||||||
| Occupancy and equipment expense | 1,280 | 1,188 | 1,152 | 3,677 | 3,229 | ||||||||
| Data processing | 1,168 | 1,089 | 933 | 3,507 | 2,715 | ||||||||
| Advertising | 208 | 167 | 320 | 624 | 800 | ||||||||
| Amortization | 165 | 166 | 254 | 495 | 761 | ||||||||
| Loan costs | 566 | 398 | 242 | 1,211 | 554 | ||||||||
| FDIC insurance premiums | 75 | 3 | (36 | ) | 147 | 79 | |||||||
| 76 | 86 | 90 | 260 | 237 | |||||||||
| Professional and examination fees | 389 | 407 | 182 | 1,081 | 767 | ||||||||
| Acquisition costs | - | 29 | 517 | 157 | 1,693 | ||||||||
| Other noninterest expense | 1,093 | 2,333 | 1,015 | 4,893 | 2,826 | ||||||||
| Total noninterest expense | 16,345 | 15,133 | 12,224 | 44,326 | 33,718 | ||||||||
| Income before provision for income taxes | 8,550 | 7,761 | 5,201 | 21,574 | 10,672 | ||||||||
| Provision for Income taxes | 2,170 | 2,026 | 1,096 | 5,532 | 2,137 | ||||||||
| Net income | $ | 6,380 | $ | 5,735 | $ | 4,105 | $ | 16,042 | $ | 8,535 | |||
| Basic earnings per share | $ | 0.94 | $ | 0.84 | $ | 0.64 | $ | 2.36 | $ | 1.33 | |||
| Diluted earnings per share | $ | 0.94 | $ | 0.84 | $ | 0.63 | $ | 2.35 | $ | 1.32 | |||
| Basic weighted average shares outstanding | 6,776,417 | 6,818,494 | 6,403,693 | 6,804,495 | 6,420,711 | ||||||||
| Diluted weighted average shares outstanding | 6,813,739 | 6,855,856 | 6,425,380 | 6,833,929 | 6,442,934 | ||||||||
| ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | Three or Nine Months Ended | ||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| Mortgage Banking Activity (For the quarter): | |||||||||||
| Mortgage servicing (loss) income, net | $ | (39 | ) | $ | (345 | ) | $ | 193 | |||
| Net gain on mortgage banking derivatives | 2,961 | 2,155 | 1,393 | ||||||||
| Net (loss) gain on fair value of loans held-for-sale | (718 | ) | 1,548 | (196 | ) | ||||||
| Mortgage banking, net | $ | 2,204 | $ | 3,358 | $ | 1,390 | |||||
| Mortgage Banking Activity (Year-to-date): | |||||||||||
| Mortgage servicing (loss) income, net | $ | (156 | ) | $ | (117 | ) | $ | 805 | |||
| Net gain on mortgage banking derivatives | $ | 6,363 | 3,402 | 864 | |||||||
| Net gain on fair value of loans held-for-sale | $ | 957 | 1,675 | 808 | |||||||
| Mortgage banking, net | $ | 7,164 | $ | 4,960 | $ | 2,477 | |||||
| Performance Ratios (For the quarter): | |||||||||||
| Return on average assets | 2.05 | % | 1.89 | % | 1.60 | % | |||||
| Return on average equity | 17.77 | % | 16.66 | % | 13.86 | % | |||||
| Net interest margin | 3.83 | % | 3.85 | % | 4.15 | % | |||||
| Core efficiency ratio* | 62.84 | % | 61.93 | % | 63.21 | % | |||||
| Performance Ratios (Year-to-date): | |||||||||||
| Return on average assets | 1.78 | % | 1.63 | % | 1.14 | % | |||||
| Return on average equity | 15.51 | % | 14.31 | % | 10.02 | % | |||||
| Net interest margin | 3.91 | % | 3.95 | % | 4.26 | % | |||||
| Core efficiency ratio* | 63.62 | % | 64.09 | % | 67.40 | % | |||||
| Asset Quality Ratios and Data: | As of or for the Three Months Ended | ||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| Nonaccrual loans | $ | 5,600 | $ | 5,632 | $ | 3,691 | |||||
| Loans 90 days past due and still accruing | 57 | 666 | - | ||||||||
| Restructured loans, net | 1,825 | 2,132 | 20 | ||||||||
| Total nonperforming loans | 7,482 | 8,430 | 3,711 | ||||||||
| Other real estate owned and other repossessed assets | 25 | 57 | 91 | ||||||||
| Total nonperforming assets | $ | 7,507 | $ | 8,487 | $ | 3,802 | |||||
| Nonperforming loans / portfolio loans | 0.88 | % | 1.00 | % | 0.49 | % | |||||
| Nonperforming assets / assets | 0.60 | % | 0.68 | % | 0.37 | % | |||||
| Allowance for loan losses / portfolio loans | 1.33 | % | 1.25 | % | 1.09 | % | |||||
| Allowance / nonperforming loans | 151.03 | % | 124.56 | % | 220.96 | % | |||||
| Gross loan charge-offs for the quarter | $ | 82 | $ | 11 | $ | 252 | |||||
| Gross loan recoveries for the quarter | $ | 27 | $ | 34 | $ | 8 | |||||
| Net loan charge-offs (recoveries) for the quarter | $ | 55 | $ | (23 | ) | $ | 244 | ||||
| ADDITIONAL FINANCIAL INFORMATION (Continued) | (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | September 30, | June 30, | September 30, | ||||||||
| 2020 | 2020 | 2019 | |||||||||
| Capital Data (At quarter end): | |||||||||||
| Tangible book value per share** | $ | 18.36 | $ | 17.32 | $ | 15.89 | |||||
| Shares outstanding | 6,756,107 | 6,817,602 | 6,403,693 | ||||||||
| Tangible common equity to tangible assets*** | 10.07 | % | 9.64 | % | 10.14 | % | |||||
| Other Information: | |||||||||||
| Average total assets for the quarter | $ | 1,244,918 | $ | 1,214,876 | $ | 1,027,898 | |||||
| Average total assets year-to-date | $ | 1,203,719 | $ | 1,183,120 | $ | 998,475 | |||||
| Average earning assets for the quarter | $ | 1,115,606 | $ | 1,086,301 | $ | 926,987 | |||||
| Average earning assets year-to-date | $ | 1,079,527 | $ | 1,061,488 | $ | 902,640 | |||||
| Average loans for the quarter **** | $ | 902,543 | $ | 867,374 | $ | 779,770 | |||||
| Average loans year-to-date **** | $ | 870,114 | $ | 853,900 | $ | 753,541 | |||||
| Average equity for the quarter | $ | 143,608 | $ | 137,693 | $ | 118,512 | |||||
| Average equity year-to-date | $ | 137,880 | $ | 135,017 | $ | 113,614 | |||||
| Average deposits for the quarter | $ | 971,043 | $ | 931,656 | $ | 757,327 | |||||
| Average deposits year-to-date | $ | 931,043 | $ | 911,042 | $ | 741,363 | |||||
| * 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 | |||||||||||
| Core Efficiency Ratio | (Unaudited) | (Unaudited) | |||||||||||||||||
| (Dollars in thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
| Calculation of Core Efficiency Ratio: | |||||||||||||||||||
| Noninterest expense | $ | 16,345 | $ | 15,133 | $ | 12,224 | $ | 44,326 | $ | 33,718 | |||||||||
| Acquisition costs | - | (29 | ) | (517 | ) | (157 | ) | (1,693 | ) | ||||||||||
| Intangible asset amortization | (165 | ) | (166 | ) | (254 | ) | (495 | ) | (761 | ) | |||||||||
| Core efficiency ratio numerator | 16,180 | 14,938 |
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"name": "Eagle Bancorp Montana Earns a Record $6.4 Million, or $0.94 per Diluted Share, in Third Quarter 2020; Declares Quarterly Cash Dividend of $0.0975 per Share FAQs",
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{
"@type": "Question",
"name": "What is the dividend amount declared by Eagle Bancorp Montana (EBMT)?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Eagle Bancorp Montana declared a quarterly cash dividend of $0.0975 per share."
}
},
{
"@type": "Question",
"name": "When is the dividend payable for EBMT?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The dividend will be payable on December 4, 2020."
}
},
{
"@type": "Question",
"name": "What was the net income for Eagle Bancorp Montana in Q3 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Net income for Q3 2020 was $6.4 million."
}
},
{
"@type": "Question",
"name": "How much did total loans increase for EBMT?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Total loans increased by 12.6% to $848.5 million."
}
},
{
"@type": "Question",
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FAQ
What is the dividend amount declared by Eagle Bancorp Montana (EBMT)?
Eagle Bancorp Montana declared a quarterly cash dividend of $0.0975 per share.
When is the dividend payable for EBMT?
The dividend will be payable on December 4, 2020.
What was the net income for Eagle Bancorp Montana in Q3 2020?
Net income for Q3 2020 was $6.4 million.
How much did total loans increase for EBMT?
Total loans increased by 12.6% to $848.5 million.
What was the annualized dividend yield for EBMT?
The current annualized dividend yield is 2.04%.
Eagle Bancorp Montana, Inc
NASDAQ:EBMTEBMT RankingsEBMT Latest NewsEBMT Stock Data
133.78M
7.31M
7.84%
41.8%
0.15%
Banks - Regional
State Commercial Banks
United States of America
HELENA
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