10-Q 1 ebmt20230930_10q.htm FORM 10-Q ebmt20230930_10q.htm
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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____.

 

Commission file number 1-34682

 

Eagle Bancorp Montana, Inc.


(Exact name of registrant as specified in its charter)

 

Delaware

27-1449820

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

1400 Prospect Avenue, Helena, MT 59601


(Address of principal executive offices) (Zip code)

 

(406) 442-3080


(Registrant's telephone number, including area code)

 

Not Applicable


(Former name, former address and former fiscal year, if changed since last report)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer     ☐

Accelerated filer       ☐

Non-accelerated filer       ☒

Smaller reporting company  

 

Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (defined in Rule 12b-2 of the Exchange Act). Yes No ☒

 

 

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:

 

Common stock, par value $0.01 per share

7,988,132 shares outstanding

As of October 31, 2023

 

 

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

PAGE

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

 

Condensed Consolidated Statements of Financial Condition as of September 30, 2023 and December 31, 2022

1

 

 

 

 

Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022

5

 

 

 

 

Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2023 and 2022

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

 

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

28

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

 

 

 

Item 4.

Controls and Procedures

42

 

 

 

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

43

Item 1A. Risk Factors 43

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4. 

Mine Safety Disclosures

43

Item 5.

Other Information

44

Item 6. 

Exhibits

44

 

 

 

Signatures

45

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

Cautionary Note Regarding Forward-Looking Statements 

 

This report includes “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future. These forward-looking statements include, but are not limited to:

 

statements of our goals, intentions and expectations;

statements regarding our business plans, prospects, growth and operating strategies;

statements regarding the asset quality of our loan and investment portfolios; and

estimates of our risks and future costs and benefits.

 

These forward-looking statements are based on current beliefs and expectations of the management of Eagle Bancorp Montana, Inc. (“Eagle” or the “Company”) and Opportunity Bank of Montana (“OBMT” or the “Bank”), Eagle’s wholly-owned subsidiary, 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.

 

The following factors, among others, could cause the Company’s actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

 

changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;

 

the emergence or continuation of widespread health emergencies or pandemics, including the magnitude and duration of the ongoing novel coronavirus, or COVID-19, and its impacts on the economies and communities we serve, which may likely have an adverse impact on our credit portfolio, goodwill, stock price, borrowers and the economy as a whole both globally and domestically;

 

local, regional, national and international economic and market conditions and events and the impact they may have on us, our customers and our assets and liabilities;

 

competition among depository and other traditional and non-traditional financial service providers;

 

risks related to the concentration of our business in Montana, including risks associated with changes in the prices, values and sales volume of residential and commercial real estate in Montana;

 

inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments or reduces loan demand;

 

our ability to attract deposits and other sources of funding or liquidity;

  the impact of adverse developments affecting the U.S. banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto;
  the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global 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;
  uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements;
  the risks related to the transition and physical impacts of climate change;
  our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Company’s sustainability strategy or commitments generally;
 

changes or volatility in the securities markets that lead to impairment in the value of our investment securities and goodwill;

 

our ability to implement our growth strategy, including identifying and consummating suitable acquisitions, raising additional capital to finance such transactions, entering new markets, possible failures in realizing the anticipated benefits from such acquisitions and an inability of our personnel, systems and infrastructure to keep pace with such growth;

 

the effect of acquisitions we may make, if any, including, without limitation, the failure to achieve expected revenue growth and/or expense savings from such acquisitions;

 

risks related to the integration of any businesses we have acquired or expect to acquire, including exposure to potential asset quality and credit quality risks and unknown or contingent liabilities, the time and costs associated with integrating systems, technology platforms, procedures and personnel;

 

potential impairment on the goodwill we have recorded or may record in connection with business acquisitions;

 

political developments, uncertainties or instability;

  our ability to enter new markets successfully and capitalize on growth opportunities;
  the need to retain capital for strategic or regulatory reasons;
  changes in consumer spending, borrowing and savings habits;
 

our ability to continue to increase and manage our commercial and residential real estate, multi-family and commercial business loans;

 

the level of future deposit insurance premium assessments;

  our ability to implement new technologies and maintain secure and reliable technology systems;
 

our ability to develop and maintain secure and reliable information technology systems, effectively defend ourselves against cyberattacks, or recover from breaches to our cybersecurity infrastructure;

 

the failure of assumptions underlying the establishment of allowance for possible loan losses and other estimates;

 

changes in the financial performance and/or condition of our borrowers and their ability to repay their loans when due; and

 

the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.

 

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. For a further list and description of various risks, relevant factors and uncertainties that could cause future results or events to differ materially from those expressed or implied in our forward-looking statements, see the Part II, Item 1A, “Risk Factors” and Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections contained elsewhere in this report, as well as our Annual Report on Form 10-K for the year ended December 31, 2022, any subsequent Reports on Form 10-Q and Form 8-K, and other filings with the SEC. We do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur, or of which we hereafter become aware.

 

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

  

September 30,

  

December 31,

 
  

2023

  

2022

 

ASSETS:

        

Cash and due from banks

 $19,743  $19,321 

Interest-bearing deposits in banks

  1,040   2,490 

Total cash and cash equivalents

  20,783   21,811 
         

Securities available-for-sale, at fair value (amortized cost of $350,754 at September 30, 2023 and $385,275 at December 31, 2022)

  308,786   349,495 

Federal Home Loan Bank ("FHLB") stock

  10,438   5,089 

Federal Reserve Bank ("FRB") stock

  4,131   4,131 

Mortgage loans held-for-sale, at fair value

  17,880   8,250 

Loans receivable, net of allowance for credit losses of $16,230 at September 30, 2023 and $14,000 at December 31, 2022 (1)

  1,459,543   1,339,678 

Accrued interest and dividends receivable

  13,657   11,284 

Mortgage servicing rights, net

  15,738   15,412 

Assets held-for-sale, at fair value

  -   1,305 

Premises and equipment, net

  92,979   84,323 

Cash surrender value of life insurance, net

  47,647   47,724 

Goodwill

  34,740   34,740 

Core deposit intangible, net

  6,264   7,459 

Other assets

  30,478   17,683 
         

Total assets

 $2,063,064  $1,948,384 
         

(1) Allowance for credit losses at September 30, 2023; allowance for loan losses for prior period.

        

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Continued)

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

  

September 30,

  

December 31,

 
  

2023

  

2022

 

LIABILITIES:

        

Deposit accounts:

        

Noninterest-bearing

 $435,655  $468,955 

Interest-bearing

  1,179,823   1,166,317 

Total deposits

  1,615,478   1,635,272 
         

Accrued expenses and other liabilities

  31,597   26,458 

FHLB advances and other borrowings

  199,757   69,394 

Other long-term debt:

        

Principal amount

  60,155   60,155 

Unamortized debt issuance costs

  (1,193)  (1,311)

Total other long-term debt, net

  58,962   58,844 
         

Total liabilities

  1,905,794   1,789,968 
         

SHAREHOLDERS' EQUITY:

        

Preferred stock (par value $0.01 per share; 1,000,000 shares authorized; no shares issued or outstanding)

  -   - 

Common stock (par value $0.01 per share; 20,000,000 shares authorized; 8,507,429 shares issued at September 30, 2023 and December 31, 2022; 7,988,132 and 8,006,033 shares outstanding at September 30, 2023 and December 31, 2022), respectively

  85   85 

Additional paid-in capital

  109,422   109,164 

Unallocated common stock held by Employee Stock Ownership Plan ("ESOP")

  (4,727)  (5,156)

Treasury stock, at cost (519,297 and 501,396 shares at September 30, 2023 and December 31, 2022, respectively)

  (11,574)  (11,343)

Retained earnings

  94,979   92,023 

Accumulated other comprehensive loss, net of tax

  (30,915)  (26,357)

Total shareholders' equity

  157,270   158,416 
         

Total liabilities and shareholders' equity

 $2,063,064  $1,948,384 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 (Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

INTEREST AND DIVIDEND INCOME:

                               

Interest and fees on loans

  $ 21,068     $ 16,665     $ 57,942     $ 42,933  

Securities available-for-sale

    2,794       2,555       8,586       5,863  

FHLB and FRB dividends

    212       63       480       160  

Other interest income

    20       59       66       206  

Total interest and dividend income

    24,094       19,342       67,074       49,162  
                                 

INTEREST EXPENSE:

                               

Deposits

    5,152       717       11,767       1,451  

FHLB advances and other borrowings

    2,672       136       5,993       157  

Other long-term debt

    683       602       2,035       1,855  

Total interest expense

    8,507       1,455       19,795       3,463  
                                 

NET INTEREST INCOME

    15,587       17,887       47,279       45,699  
                                 

Provision for credit losses (1)

    588       517       1,186       1,654  
                                 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

    14,999       17,370       46,093       44,045  
                                 

NONINTEREST INCOME:

                               

Service charges on deposit accounts

    447       498       1,313       1,223  

Mortgage banking, net

    4,338       4,447       11,252       16,183  

Interchange and ATM fees

    643       594       1,861       1,668  

Appreciation in cash surrender value of life insurance

    382       291       1,165       748  

Net loss on sale of available-for-sale securities

    -       -       (222 )     (6 )

Net gain on sale/disposal of premises and equipment

    -       -       83       -  

Other noninterest income

    225       416       1,458       1,104  

Total noninterest income

  $ 6,035     $ 6,246     $ 16,910     $ 20,920  
                                 

(1) Provision for credit losses for the three and nine months ended September 30, 2023; provision for loan losses for the three and nine months ended September 30, 2022.

                               

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

NONINTEREST EXPENSE:

                               

Salaries and employee benefits

  $ 10,837     $ 11,699     $ 31,614     $ 33,511  

Occupancy and equipment expense

    1,956       1,946       6,100       5,441  

Data processing

    1,486       1,964       4,270       4,628  

Advertising

    340       464       930       1,052  

Amortization

    386       333       1,201       895  

Loan costs

    517       491       1,426       1,624  

Federal Deposit Insurance Corporation ("FDIC") insurance premiums

    301       93       862       330  

Professional and examination fees

    408       420       1,484       1,098  

Acquisition costs

    -       103       -       2,296  

Other noninterest expense

    1,644       1,980       5,311       4,651  

Total noninterest expense

    17,875       19,493       53,198       55,526  
                                 

INCOME BEFORE PROVISION FOR INCOME TAXES

    3,159       4,123       9,805       9,439  
                                 

Provision for income taxes

    524       1,031       1,913       2,360  
                                 

NET INCOME

  $ 2,635     $ 3,092     $ 7,892     $ 7,079  
                                 

BASIC EARNINGS PER COMMON SHARE

  $ 0.34     $ 0.40     $ 1.01     $ 0.98  
                                 

DILUTED EARNINGS PER COMMON SHARE

  $ 0.34     $ 0.40     $ 1.01     $ 0.98  

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in Thousands)

(Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 
                                 

NET INCOME

  $ 2,635     $ 3,092     $ 7,892     $ 7,079  
                                 

OTHER ITEMS OF COMPREHENSIVE LOSS BEFORE TAX:

                               

Change in fair value of investment securities available-for-sale

    (9,763 )     (16,009 )     (6,410 )     (46,657 )

Reclassification for net realized loss on investment securities available-for-sale

    -       -       222       6  

Total other comprehensive loss

    (9,763 )     (16,009 )     (6,188 )     (46,651 )
                                 

Income tax benefit related to securities available-for-sale

    2,571       4,216       1,630       12,284  
                                 

COMPREHENSIVE (LOSS) INCOME

  $ (4,557 )   $ (8,701 )   $ 3,334     $ (27,288 )

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

For the Three and Nine Months Ended September 30, 2023 and 2022

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

                          

ACCUMULATED

     
          

ADDITIONAL

  

UNALLOCATED

          

OTHER

     
  

PREFERRED

  

COMMON

  

PAID-IN

  

ESOP

  

TREASURY

  

RETAINED

  

COMPREHENSIVE

     
  

STOCK

  

STOCK

  

CAPITAL

  

SHARES

  

STOCK

  

EARNINGS

  

(LOSS) INCOME

  

TOTAL

 
                                 

Balance at June 30, 2023

 $-  $85  $109,345  $(4,870) $(11,574) $93,462  $(23,723) $162,725 

Net income

  -   -   -   -   -   2,635   -   2,635 

Other comprehensive loss

  -   -   -   -   -   -   (7,192)  (7,192)

Dividends paid ($0.140 per share)

  -   -   -   -   -   (1,118)  -   (1,118)

Stock compensation expense

  -   -   143   -   -   -   -   143 

ESOP shares allocated (5,997 shares)

  -   -   (66)  143   -   -   -   77 

Balance at September 30, 2023

 $-  $85  $109,422  $(4,727) $(11,574) $94,979  $(30,915) $157,270 
                                 

Balance at June 30, 2022

 $-  $85  $109,410  $(5,443) $(9,691) $87,510  $(19,081) $162,790 

Net income

  -   -   -   -   -   3,092   -   3,092 

Other comprehensive loss

  -   -   -   -   -   -   (11,793)  (11,793)

Dividends paid ($0.1375 per share)

  -   -   -   -   -   (1,100)  -   (1,100)

Stock compensation expense

  -   -   135   -   -   -   -   135 

ESOP shares allocated (5,997 shares)

  -   -   (57)  143   -   -   -   86 

Treasury stock purchased (99,517 shares at $19.45 average cost per share)

  -   -   -   -   (1,936)  -   -   (1,936)

Balance at September 30, 2022

 $-  $85  $109,488  $(5,300) $(11,627) $89,502  $(30,874) $151,274 
                                 

Balance at December 31, 2022

 $-  $85  $109,164  $(5,156) $(11,343) $92,023  $(26,357) $158,416 

Net income

  -   -   -   -   -   7,892   -   7,892 

New credit standard (Topic 326) - impact in year of adoption

  -   -   -   -   -   (1,616)  -   (1,616)

Other comprehensive loss

  -   -   -   -   -   -   (4,558)  (4,558)

Dividends paid ($0.415 per share)

  -   -   -   -   -   (3,320)  -   (3,320)

Stock compensation expense

  -   -   432   -   -   -   -   432 

ESOP shares allocated (17,991 shares)

  -   -   (174)  429   -   -   -   255 

Treasury stock purchased (17,901 shares at $12.89 average cost per share)

  -   -   -   -   (231)  -   -   (231)

Balance at September 30, 2023

 $-  $85  $109,422  $(4,727) $(11,574) $94,979  $(30,915) $157,270 
                                 

Balance at December 31, 2021

 $-  $71  $80,832  $(5,729) $(7,321) $85,383  $3,493  $156,729 

Net income

  -   -   -   -   -   7,079   -   7,079 

Other comprehensive loss

  -   -   -   -   -   -   (34,367)  (34,367)

Dividends paid ($0.3875 per share)

  -   -   -   -   -   (2,960)  -   (2,960)

Stock issued in connection with First Community Bancorp, Inc. acquisition

  -   14   28,337   -   -   -   -   28,351 

Stock compensation expense

  -   -   405   -   -   -   -   405 

ESOP shares allocated (17,991 shares)

  -   -   (86)  429   -   -   -   343 

Treasury stock purchased (204,517 shares at $21.05 average cost per share)

  -   -   -   -   (4,306)  -   -   (4,306)

Balance at September 30, 2022

 $-  $85  $109,488  $(5,300) $(11,627