Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,”
“Eagle”), the holding company of Opportunity Bank of Montana (the
“Bank”), today reported net income of $2.0 million, or $0.26
per diluted share, in the second quarter of 2023, compared to $3.2
million, or $0.42 per diluted share, in the preceding quarter, and
$1.8 million, or $0.24 per diluted share, in the second quarter of
2022. In the first six months of 2023, net income was $5.3 million,
or $0.67 per diluted share, compared to $4.0 million, or $0.57 per
diluted share, in the first six months of 2022.
Eagle’s board of directors increased its
quarterly cash dividend to $0.14 per share on July 20, 2023. The
dividend will be payable September 1, 2023 to shareholders of
record August 11, 2023. The current dividend represents an
annualized yield of 4.34% based on recent market prices.
“Eagle’s second quarter operating results were
fueled by improved revenue generation compared to the prior quarter
and loan growth,” said Laura F. Clark, President and CEO. “Total
loans increased $170.5 million, or 13.6%, over the last 12 months,
while growing $44.1 million, or 3.2%, during the second quarter. We
were surprised by loan demand during the second quarter, and remain
positive about the opportunities in our markets, as loan pipelines
and overall business activity remain solid. Additionally, our
acquisition of First Community Bancorp, Inc., and its subsidiary,
First Community Bank (“First Community”), which was completed
during the second quarter of 2022, is contributing positively to
operating results. The transaction was valued at $38.6 million and
added approximately $370 million in assets, $321 million in
deposits and $191 million in loans. While our outlook for the
second half of 2023 remains uncertain as the full effect of the
higher interest rate environment continues to impact funding costs
and our net interest margin, we are encouraged by customer loan
demand and are well positioned for stable growth throughout the
remainder of the year.”
On January 1, 2023, Eagle implemented the
Current Expected Credit Losses (“CECL”) standard. The adoption
resulted in a $700,000 increase to the allowance for credit losses,
a $1.5 million increase to the allowance for unfunded loan
commitments, and a net-of-tax cumulative effect adjustment of $1.6
million which decreased the beginning balance of retained
earnings.
Second Quarter 2023 Highlights
(at or for the three-month period ended June 30, 2023, except where
noted):
- Net income was $2.0 million, or
$0.26 per diluted share, in the second quarter of 2023, compared to
$3.2 million, or $0.42 per diluted share, in the preceding quarter,
and $1.8 million, or $0.24 per diluted share, in the second quarter
a year ago.
- Net interest margin (“NIM”) was
3.47% in the second quarter of 2023, compared to 3.86% in the
preceding quarter, and 4.09% in the second quarter a year ago.
- Revenues (net interest income
before the provision for credit losses, plus noninterest income)
increased 1.7% to $21.5 million in the second quarter of 2023,
compared to $21.1 million in the preceding quarter and decreased
7.9% compared to $23.3 million in the second 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 $3.5 million remained as of June 30, 2023.
- The remaining discount on loans
from acquisitions prior to 2022 totaled $640,000 as of
June 30, 2023.
- The accretion of the loan purchase
discount into loan interest income from acquisitions, was $309,000
in the second quarter of 2023, compared to accretion on purchased
loans from acquisitions of $354,000 in the preceding quarter.
- The allowance for credit losses
represented 1.09% of portfolio loans and 156.3% of nonperforming
loans at June 30, 2023. The allowance for loan losses represented
1.07% and 233.3% of nonperforming loans at June 30, 2022.
- Total loans increased 13.6% to
$1.42 billion, at June 30, 2023, compared to $1.25 billion a year
earlier, and increased 3.2% compared to $1.38 billion at March 31,
2023.
- Total deposits decreased 4.4% to
$1.58 billion at June 30, 2023, from $1.65 billion a year ago, and
decreased 1.8% compared to $1.61 billion at March 31, 2023.
- Available borrowing capacity was
approximately $315.6 million:
| |
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|
June 30, 2023 |
|
(Dollars in thousands) |
|
|
Borrowings Outstanding |
Remaining Borrowing Capacity |
|
Federal Home Loan Bank advances |
$ |
191,260 |
$ |
198,600 |
|
Federal Reserve Bank discount window |
|
- |
|
32,000 |
|
Correspondent bank lines of credit |
|
- |
|
85,000 |
|
Total |
|
|
|
$ |
191,260 |
$ |
315,600 |
|
|
- The Company paid a quarterly cash
dividend in the second quarter of $0.1375 per share on June 2, 2023
to shareholders of record May 12, 2023.
Balance Sheet ResultsEagle’s
total assets increased 6.5% to $2.02 billion at June 30, 2023,
compared to $1.90 billion a year ago, and increased 2.0% from $1.98
billion three months earlier. “Surpassing $2 billion in total
assets is a significant achievement for us, affirming our strength
and growth of our Company. We credit this milestone to both organic
growth and our acquisition strategy, and it wouldn’t have been
possible without our highly talented team of dedicated bankers,”
said Clark.
The investment securities portfolio totaled
$326.0 million at June 30, 2023, compared to $384.0 million a
year ago, and $349.4 million at March 31, 2023.
Eagle originated $101.9 million in new
residential mortgages during the quarter and sold $84.8 million in
residential mortgages, with an average gross margin on sale of
mortgage loans of approximately 3.25%. This production compares to
residential mortgage originations of $69.6 million in the preceding
quarter with sales of $62.4 million and an average gross margin on
sale of mortgage loans of approximately 3.53%.
Total loans increased $170.5 million or 13.6%
compared to a year ago, and $44.1 million or 3.2% from three months
earlier. Commercial real estate loans increased 18.8% to $577.7
million at June 30, 2023, compared to $486.2 million a year
earlier. Agricultural and farmland loans increased 13.9% to $262.8
million at June 30, 2023, compared to $230.8 million a year
earlier. Commercial construction and development loans increased
19.6% to $158.5 million, compared to $132.6 million a year
ago. Residential mortgage loans increased modestly to $133.4
million, compared to $132.4 million a year earlier. Commercial
loans increased modestly to $129.1 million, compared to $128.5
million a year ago. Home equity loans increased 28.6% to $80.3
million, residential construction loans decreased 8.1% to
$49.5 million, and consumer loans increased 16.6% to $30.1
million, compared to a year ago.
“Total deposits declined $29.2 million on the
linked quarter, as competition in our markets is increasing and
deposit pricing pressures persist. Although total interest-bearing
deposits have not fluctuated as widely as noninterest-bearing
deposits, we experienced a significant shift in the mix of
interest-bearing deposits, which is driving up the overall cost of
funds. Despite the noted quarterly deposit contraction, we were
encouraged to see deposit balances stabilize near the end of the
second quarter and have not seen fallout in our overall customer
base,” said Miranda Spaulding, CFO.
Total deposits decreased 4.4% to $1.58 billion
at June 30, 2023, compared to $1.65 billion at June 30, 2022, and
decreased slightly by 1.8% from $1.61 billion at March 31, 2023.
Noninterest-bearing checking accounts represented 27.4%,
interest-bearing checking accounts represented 14.2%, savings
accounts represented 15.5%, money market accounts comprised 20.3%
and time certificates of deposit made up 22.5% of the total deposit
portfolio at June 30, 2023. The average cost of deposits was
1.05% in the second quarter of 2023, compared to 0.62% in the
preceding quarter and 0.11% in the second quarter of 2022. The
estimated amount of uninsured deposits at June 30, 2023 was $265.28
million, or 17% of total deposits, compared to $292.05 million, or
18% of total deposits, at March 31, 2023.
Shareholders’ equity was $162.7 million at June
30, 2023, compared to $162.8 million a year earlier and
$163.0 million three months earlier. Book value per share was
$20.37 at June 30, 2023, compared to $20.13 a year earlier and
$20.36 three months earlier. Tangible book value per share, a
non-GAAP financial measure calculated by dividing shareholders’
equity, less goodwill and core deposit intangible, by common shares
outstanding, was $15.19 at June 30, 2023, compared to $14.82 a year
earlier and $15.14 three months earlier.
Operating Results
“Higher funding costs outpaced asset yields
during the quarter, resulting in a 39 basis-point reduction in NIM
during the second quarter, compared to the preceding quarter,” said
Clark. “We anticipate funding costs starting to stabilize over the
next few quarters.”
Eagle’s NIM was 3.47% in the second quarter of
2023, compared to 3.86% in the preceding quarter, and 4.09% in the
second quarter a year ago. The interest accretion on acquired loans
totaled $309,000 and resulted in a seven basis-point increase in
the NIM during the second quarter of 2023, compared to $354,000 and
an eight basis-point increase in the NIM during the preceding
quarter. Funding costs for the second quarter increased to 2.06%
compared to 1.33% in the first quarter of 2023 and 0.39% in the
second quarter of 2022. Average yields on interest earning assets
for the second quarter increased to 5.06% from 4.87% in the first
quarter of 2023 and 4.37% in the second quarter a year ago. For the
first six months of 2023, the NIM was 3.66% compared to 3.89% for
the first six months of 2022.
Second quarter revenues increased 1.7% to $21.5
million, compared to $21.1 million in the preceding quarter and
decreased 7.9% compared to $23.3 million in the second quarter a
year ago. In the first six months of 2023, revenues were $42.6
million, compared to $43.4 million in the first six months of 2022.
The decrease compared to the first six months a year ago was
largely due to lower volumes in mortgage banking activity.
Eagle’s net interest income, before the
provision for credit losses, decreased 7.1% to $15.3 million in the
second quarter, compared to $16.4 million in the first quarter of
2023, and decreased 4.4% compared to $16.0 million in the second
quarter of 2022. Year-to-date, net interest income increased 14.0%
to $31.7 million, compared to $27.8 million in the same period one
year earlier.
Total noninterest income increased 32.8% to $6.2
million in the second quarter of 2023, compared to $4.7 million in
the preceding quarter, and decreased 15.5% compared to $7.3 million
in the second quarter a year ago. Net mortgage banking, the largest
component of noninterest income, totaled $3.9 million in the second
quarter of 2023, compared to $3.1 million in the preceding quarter
and $5.5 million in the second quarter a year ago. In the first six
months of 2023, noninterest income decreased 30.4% to $10.9
million, compared to $15.6 million in the first six months of 2022.
Net mortgage banking revenue decreased 41.1% to $6.9 million in the
first six months of 2023, compared to $11.7 million in the first
six months of 2022. These decreases were driven by a decline in net
gain on sale of mortgage loans.
Second quarter noninterest expense increased
13.7% to $18.8 million, compared to $16.5 million in the preceding
quarter and decreased 6.3% compared to $20.0 million in the second
quarter a year ago. In the first six months of 2023, noninterest
expense decreased 4.5% to $35.3 million, compared to $37.0 million
in the first six months of 2022. The decrease year-over-year was
largely due to acquisition costs in the first six months of
2022.
For the second quarter of 2023, the income tax
provision totaled $344,000, for an effective tax rate of 14.6%,
compared to $1.0 million for an effective tax rate of 24.4% in the
preceding quarter, and $634,000, for an effective tax rate of 26.4%
in the second quarter of 2022. The year-to-date effective tax rate
was 20.9% for 2023 compared to 25.0% for the same period in 2022.
The anticipated effective tax rate for 2023 is lower due to the
increase in proportion of tax exempt income compared to the pretax
earnings.
Credit Quality
Beginning January 1, 2023, the Company adopted
Accounting Standards Update No. 2016-13, Financial Instruments –
Credit Losses (Topic 326), which replaced the former “incurred
loss” model for recognizing credit losses with an “expected loss”
model referred to as the CECL model. Utilizing CECL may have an
impact on our allowance for credit losses going forward and may
result in a lack of comparability between 2023 and 2022 quarterly
periods.
The provision for credit losses was $319,000 in
the second quarter of 2023, compared to $279,000 in the preceding
quarter and $858,000 in the second quarter a year ago. The
allowance for credit losses represented 156.3% of nonperforming
loans at June 30, 2023, compared to 210.6% three months earlier and
233.3% a year earlier. Nonperforming loans were $10.0 million at
June 30, 2023, $7.1 million at March 31, 2023, and
$5.7 million a year earlier.
Eagle had no other real estate owned and other
repossessed assets on its books at June 30, 2023, or at
March 31, 2023. This compared to $345,000 at
June 30, 2022.
Net loan recoveries totaled $151,000 in the
second quarter of 2023, compared to net loan recoveries of $21,000
in the preceding quarter and net loan charge-offs of $233,000 in
the second quarter a year ago. The allowance for credit losses was
$15.6 million, or 1.09% of total loans, at June 30, 2023, compared
to $15.0 million, or 1.09% of total loans, at March 31, 2023, and
$13.3 million, or 1.07% of total loans, a year ago.
Capital ManagementThe 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
6.12% at June 30, 2023 from 6.45% a year ago and 6.25% three months
earlier. Shareholders’ equity has been impacted by an accumulated
other comprehensive loss related to securities available-for-sale.
These unrealized losses are primarily a result of rapid increases
in interest rates. As of June 30, 2023, the Bank’s regulatory
capital was in excess of all applicable regulatory requirements and
is deemed well capitalized. The Bank’s Tier 1 capital to adjusted
total average assets was 9.77% as of June 30, 2023.
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 31 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 StatementsThis
release may contain certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, and may be identified
by the use of such words as "believe," “will” "expect,"
"anticipate," "should," "planned," "estimated," and "potential."
These forward-looking statements include, but are not limited to
statements of our goals, intentions and expectations; statements
regarding our business plans, prospects, mergers, growth and
operating strategies; statements regarding the asset quality of our
loan and investment portfolios; and estimates of our risks and
future costs and benefits. These forward-looking statements are
based on current beliefs and expectations of our management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
beyond our control. In addition, these forward-looking statements
are subject to assumptions with respect to future business
strategies and decisions that are subject to change. These factors
include, but are not limited to, changes in laws or government
regulations or policies affecting financial institutions, including
changes in regulatory fees and capital requirements; general
economic conditions and political events, either nationally or in
our market areas, that are worse than expected; the emergence or
continuation of widespread health emergencies or pandemics
including the magnitude and duration of the COVID-19 pandemic,
including but not limited to vaccine efficacy and immunization
rates, new variants, steps taken by governmental and other
authorities to contain, mitigate and combat the pandemic, adverse
effects on our employees, customers and third-party service
providers, the increase in cyberattacks in the current
work-from-home environment, the ultimate extent of the impacts on
our business, financial position, results of operations, liquidity
and prospects, continued deterioration in general business and
economic conditions could adversely affect our revenues and the
values of our assets and liabilities, lead to a tightening of
credit and increase stock price volatility, and potential
impairment charges; the impact of 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. 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
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; our ability to appropriately address
social, environmental, and sustainability concerns that may arise
from our business activities; 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
MeasuresIn 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 related taxes and 5) return
on average assets, excluding acquisition costs and related taxes.
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.
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Balance Sheet |
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|
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
|
|
(Unaudited) |
|
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| |
|
|
|
|
|
June 30, |
March 31, |
June 30, |
|
|
|
|
|
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
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| |
|
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|
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|
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Assets: |
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
|
|
|
$ |
21,878 |
|
$ |
18,087 |
|
$ |
18,821 |
|
|
| |
Interest bearing deposits in banks |
|
|
|
1,116 |
|
|
1,348 |
|
|
17,608 |
|
|
| |
Federal
funds sold |
|
|
|
|
|
- |
|
|
- |
|
|
9,606 |
|
|
| |
|
Total cash and cash equivalents |
|
|
22,994 |
|
|
19,435 |
|
|
46,035 |
|
|
| |
Securities available-for-sale |
|
|
|
|
325,964 |
|
|
349,423 |
|
|
384,041 |
|
|
| |
Federal Home Loan Bank ("FHLB") stock |
|
|
|
10,099 |
|
|
7,360 |
|
|
2,337 |
|
|
| |
Federal Reserve Bank ("FRB") stock |
|
|
|
4,131 |
|
|
4,131 |
|
|
4,206 |
|
|
| |
Mortgage loans held-for-sale, at fair value |
|
|
|
22,381 |
|
|
9,927 |
|
|
16,947 |
|
|
| |
Loans: |
|
|
|
|
|
|
|
|
| |
Real estate loans: |
|
|
|
|
|
|
|
| |
Residential 1-4 family |
|
|
|
|
133,437 |
|
|
135,615 |
|
|
132,360 |
|
|
| |
Residential 1-4 family
construction |
|
|
|
49,516 |
|
|
61,190 |
|
|
53,869 |
|
|
| |
Commercial real estate |
|
|
|
|
577,736 |
|
|
544,618 |
|
|
486,197 |
|
|
| |
Commercial construction and
development |
|
|
158,519 |
|
|
165,912 |
|
|
132,585 |
|
|
| |
Farmland |
|
|
|
|
|
139,290 |
|
|
138,910 |
|
|
124,544 |
|
|
| |
Other loans: |
|
|
|
|
|
|
|
|
| |
Home equity |
|
|
|
|
|
80,333 |
|
|
78,321 |
|
|
62,445 |
|
|
| |
Consumer |
|
|
|
|
|
30,065 |
|
|
28,996 |
|
|
25,775 |
|
|
| |
Commercial |
|
|
|
|
|
129,084 |
|
|
131,252 |
|
|
128,467 |
|
|
| |
Agricultural |
|
|
|
|
|
123,503 |
|
|
92,609 |
|
|
106,274 |
|
|
| |
Unearned loan fees (1) |
|
|
|
|
- |
|
|
- |
|
|
(1,564 |
) |
|
| |
|
Total
loans |
|
|
|
|
1,421,483 |
|
|
1,377,423 |
|
|
1,250,952 |
|
|
| |
Allowance for credit losses (2) |
|
|
|
|
(15,560 |
) |
|
(15,000 |
) |
|
(13,325 |
) |
|
| |
|
Net
loans |
|
|
|
|
1,405,923 |
|
|
1,362,423 |
|
|
1,237,627 |
|
|
| |
Accrued interest and dividends receivable |
|
|
|
11,194 |
|
|
10,427 |
|
|
9,504 |
|
|
| |
Mortgage servicing rights, net |
|
|
|
|
15,501 |
|
|
15,875 |
|
|
14,809 |
|
|
| |
Assets held-for-sale, at fair value |
|
|
|
323 |
|
|
1,305 |
|
|
2,041 |
|
|
| |
Premises and equipment, net |
|
|
|
|
88,760 |
|
|
86,614 |
|
|
76,581 |
|
|
| |
Cash surrender value of life insurance, net |
|
|
|
47,520 |
|
|
47,985 |
|
|
45,563 |
|
|
| |
Goodwill |
|
|
|
|
|
34,740 |
|
|
34,740 |
|
|
34,740 |
|
|
| |
Core deposit intangible, net |
|
|
|
|
6,648 |
|
|
7,043 |
|
|
8,226 |
|
|
| |
Other
assets |
|
|
|
|
|
27,101 |
|
|
26,048 |
|
|
17,815 |
|
|
| |
|
Total
assets |
|
|
|
$ |
2,023,279 |
|
$ |
1,982,736 |
|
$ |
1,900,472 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
| |
Deposit
accounts: |
|
|
|
|
|
|
|
|
| |
Noninterest bearing |
|
|
|
|
432,463 |
|
|
460,195 |
|
|
498,834 |
|
|
| |
Interest bearing |
|
|
|
|
|
1,145,904 |
|
|
1,147,343 |
|
|
1,152,999 |
|
|
| |
|
Total deposits |
|
|
|
1,578,367 |
|
|
1,607,538 |
|
|
1,651,833 |
|
|
| |
Accrued expenses and other liabilities |
|
|
|
32,002 |
|
|
30,765 |
|
|
22,332 |
|
|
| |
FHLB advances and other borrowings |
|
|
|
191,260 |
|
|
122,530 |
|
|
4,500 |
|
|
| |
Other long-term debt, net |
|
|
|
|
58,925 |
|
|
58,887 |
|
|
59,017 |
|
|
| |
|
Total liabilities |
|
|
|
1,860,554 |
|
|
1,819,720 |
|
|
1,737,682 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
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; 20,000,000 shares authorized; |
|
|
|
|
| |
8,507,429 shares issued; 7,988,132, 8,006,033 and 8,086,407 |
|
|
|
|
| |
shares outstanding at June 30, 2023, March 31, 2023 and |
|
|
|
|
| |
June 30, 2022, respectively |
|
|
|
|
85 |
|
|
85 |
|
|
85 |
|
|
| |
Additional paid-in capital |
|
|
|
|
109,345 |
|
|
109,265 |
|
|
109,410 |
|
|
| |
Unallocated common stock held by Employee Stock Ownership Plan |
|
(4,870 |
) |
|
(5,013 |
) |
|
(5,443 |
) |
|
| |
Treasury stock, at cost (519,297, 501,396 and 421,022 shares
at |
|
|
|
|
| |
June 30, 2023, March 31, 2023 and June 30, 2022, respectively) |
|
(11,574 |
) |
|
(11,343 |
) |
|
(9,691 |
) |
|
| |
Retained
earnings |
|
|
|
|
|
93,462 |
|
|
92,547 |
|
|
87,510 |
|
|
| |
Accumulated other comprehensive loss, net of tax |
|
|
(23,723 |
) |
|
(22,525 |
) |
|
(19,081 |
) |
|
| |
|
Total shareholders' equity |
|
|
162,725 |
|
|
163,016 |
|
|
162,790 |
|
|
| |
|
Total liabilities and shareholders' equity |
$ |
2,023,279 |
|
$ |
1,982,736 |
|
$ |
1,900,472 |
|
|
| |
|
|
|
|
|
|
|
|
|
| (1) Unearned loan fees
are included in individual loan categories for June 30, 2023 and
March 31, 2023. |
|
|
| (2) Allowance for
credit losses on loans at June 30, 2023 and March 31, 2023;
allowance for loan losses for prior periods. |
|
| |
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
(Dollars in thousands, except per share data) |
|
|
Three Months Ended |
|
Six Months Ended |
|
| |
|
|
|
|
|
|
June 30, |
March 31, |
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
|
2023 |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
| |
Interest and fees on loans |
|
|
$ |
19,137 |
$ |
17,737 |
|
$ |
14,895 |
|
|
$ |
36,874 |
|
$ |
26,268 |
|
|
| |
Securities available-for-sale |
|
|
|
2,949 |
|
2,843 |
|
|
2,011 |
|
|
|
5,792 |
|
|
3,308 |
|
|
| |
FRB and FHLB dividends |
|
|
|
161 |
|
107 |
|
|
38 |
|
|
|
268 |
|
|
97 |
|
|
| |
Other interest income |
|
|
|
25 |
|
21 |
|
|
108 |
|
|
|
46 |
|
|
147 |
|
|
| |
|
Total interest and dividend income |
|
|
|
22,272 |
|
20,708 |
|
|
17,052 |
|
|
|
42,980 |
|
|
29,820 |
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
| |
Interest expense on deposits |
|
|
|
4,155 |
|
2,460 |
|
|
422 |
|
|
|
6,615 |
|
|
734 |
|
|
| |
FHLB advances and other borrowings |
|
|
|
2,179 |
|
1,142 |
|
|
15 |
|
|
|
3,321 |
|
|
21 |
|
|
| |
Other long-term debt |
|
|
|
674 |
|
678 |
|
|
648 |
|
|
|
1,352 |
|
|
1,253 |
|
|
| |
|
Total interest expense |
|
|
|
7,008 |
|
4,280 |
|
|
1,085 |
|
|
|
11,288 |
|
|
2,008 |
|
|
|
Net interest income |
|
|
|
|
15,264 |
|
16,428 |
|
|
15,967 |
|
|
|
31,692 |
|
|
27,812 |
|
|
|
Provision for credit losses (1) |
|
|
|
319 |
|
279 |
|
|
858 |
|
|
|
598 |
|
|
1,137 |
|
|
| |
|
Net interest income after provision for credit losses |
|
|
14,945 |
|
16,149 |
|
|
15,109 |
|
|
|
31,094 |
|
|
26,675 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
| |
Service charges on deposit accounts |
|
|
|
527 |
|
339 |
|
|
394 |
|
|
|
866 |
|
|
725 |
|
|
| |
Mortgage banking, net |
|
|
|
3,864 |
|
3,050 |
|
|
5,491 |
|
|
|
6,914 |
|
|
11,736 |
|
|
| |
Interchange and ATM fees |
|
|
|
641 |
|
577 |
|
|
621 |
|
|
|
1,218 |
|
|
1,074 |
|
|
| |
Appreciation in cash surrender value of life insurance |
|
|
503 |
|
280 |
|
|
250 |
|
|
|
783 |
|
|
457 |
|
|
| |
Net gain (loss) on sale of available-for-sale securities |
|
|
2 |
|
(224 |
) |
|
(6 |
) |
|
|
(222 |
) |
|
(6 |
) |
|
| |
Net gain on sale/disposal of premises and equipment |
|
|
70 |
|
13 |
|
|
- |
|
|
|
83 |
|
|
- |
|
|
| |
Other noninterest income |
|
|
|
597 |
|
636 |
|
|
592 |
|
|
|
1,233 |
|
|
1,649 |
|
|
| |
|
Total noninterest income |
|
|
|
6,204 |
|
4,671 |
|
|
7,342 |
|
|
|
10,875 |
|
|
15,635 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
| |
Salaries and employee benefits |
|
|
|
11,084 |
|
9,693 |
|
|
11,431 |
|
|
|
20,777 |
|
|
21,812 |
|
|
| |
Occupancy and equipment expense |
|
|
|
2,071 |
|
2,073 |
|
|
1,817 |
|
|
|
4,144 |
|
|
3,495 |
|
|
| |
Data processing |
|
|
|
1,572 |
|
1,212 |
|
|
1,413 |
|
|
|
2,784 |
|
|
2,664 |
|
|
| |
Advertising |
|
|
|
|
309 |
|
281 |
|
|
303 |
|
|
|
590 |
|
|
588 |
|
|
| |
Amortization |
|
|
|
|
397 |
|
418 |
|
|
440 |
|
|
|
815 |
|
|
562 |
|
|
| |
Loan costs |
|
|
|
|
464 |
|
445 |
|
|
587 |
|
|
|
909 |
|
|
1,133 |
|
|
| |
FDIC insurance premiums |
|
|
|
393 |
|
168 |
|
|
144 |
|
|
|
561 |
|
|
237 |
|
|
| |
Professional and examination fees |
|
|
|
592 |
|
484 |
|
|
356 |
|
|
|
1,076 |
|
|
678 |
|
|
| |
Acquisition costs |
|
|
|
- |
|
- |
|
|
1,876 |
|
|
|
- |
|
|
2,193 |
|
|
| |
Other noninterest expense |
|
|
|
1,908 |
|
1,759 |
|
|
1,679 |
|
|
|
3,667 |
|
|
3,632 |
|
|
| |
|
Total noninterest expense |
|
|
|
18,790 |
|
16,533 |
|
|
20,046 |
|
|
|
35,323 |
|
|
36,994 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
|
2,359 |
|
4,287 |
|
|
2,405 |
|
|
|
6,646 |
|
|
5,316 |
|
|
|
Provision for income taxes |
|
|
|
344 |
|
1,045 |
|
|
634 |
|
|
|
1,389 |
|
|
1,329 |
|
|
|
Net income |
|
|
|
|
$ |
2,015 |
$ |
3,242 |
|
$ |
1,771 |
|
|
$ |
5,257 |
|
$ |
3,987 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
$ |
0.26 |
$ |
0.42 |
|
$ |
0.24 |
|
|
$ |
0.67 |
|
$ |
0.57 |
|
|
|
Diluted earnings per share |
|
|
$ |
0.26 |
$ |
0.42 |
|
$ |
0.24 |
|
|
$ |
0.67 |
|
$ |
0.57 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
|
|
7,789,559 |
|
7,790,188 |
|
|
7,410,796 |
|
|
|
7,789,872 |
|
|
6,960,963 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding |
|
|
|
7,793,410 |
|
7,792,467 |
|
|
7,422,022 |
|
|
|
7,792,937 |
|
|
6,973,233 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Provision for
credit losses on loans for the quarter ended June 30, 2023 and
March 31, 2023; provision for loan losses for prior periods. |
|
|
| |
|
|
|
ADDITIONAL FINANCIAL INFORMATION |
(Unaudited) |
|
(Dollars in thousands, except per share data) |
Three or Six Months Ended |
| |
|
|
June 30, |
March 31, |
June 30, |
|
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
Mortgage Banking Activity (For the quarter): |
|
|
|
| |
Net gain on sale of mortgage loans |
$ |
2,757 |
|
$ |
2,203 |
|
$ |
5,219 |
|
| |
Net change in fair value of loans held-for-sale and
derivatives |
|
324 |
|
|
(19 |
) |
|
(419 |
) |
| |
Mortgage servicing income, net |
|
783 |
|
|
866 |
|
|
691 |
|
| |
|
Mortgage banking, net |
$ |
3,864 |
|
$ |
3,050 |
|
$ |
5,491 |
|
| |
|
|
|
|
|
|
Mortgage Banking Activity (Year-to-date): |
|
|
|
| |
Net gain on sale of mortgage loans |
$ |
4,960 |
|
|
$ |
11,452 |
|
| |
Net change in fair value of loans held-for-sale and
derivatives |
|
305 |
|
|
|
(954 |
) |
| |
Mortgage servicing income, net |
|
1,649 |
|
|
|
1,238 |
|
| |
|
Mortgage banking, net |
$ |
6,914 |
|
|
$ |
11,736 |
|
| |
|
|
|
|
|
|
Performance Ratios (For the quarter): |
|
|
|
| |
Return on average assets |
|
0.40 |
% |
|
0.67 |
% |
|
0.40 |
% |
| |
Return on average equity |
|
4.99 |
% |
|
7.99 |
% |
|
4.71 |
% |
| |
Yield on average interest earning assets |
|
5.06 |
% |
|
4.87 |
% |
|
4.37 |
% |
| |
Cost of
funds |
|
|
2.06 |
% |
|
1.33 |
% |
|
0.39 |
% |
| |
Net interest margin |
|
3.47 |
% |
|
3.86 |
% |
|
4.09 |
% |
| |
Core efficiency ratio* |
|
85.68 |
% |
|
76.38 |
% |
|
76.07 |
% |
| |
|
|
|
|
|
|
Performance Ratios (Year-to-date): |
|
|
|
| |
Return on average assets |
|
0.53 |
% |
|
|
0.49 |
% |
| |
Return on average equity |
|
6.47 |
% |
|
|
5.25 |
% |
| |
Yield on average interest earning assets |
|
4.96 |
% |
|
|
4.17 |
% |
| |
Cost of
funds |
|
|
1.71 |
% |
|
|
0.39 |
% |
| |
Net interest margin |
|
3.66 |
% |
|
|
3.89 |
% |
| |
Core efficiency ratio* |
|
81.07 |
% |
|
|
78.81 |
% |
| |
|
|
|
|
|
| * The core efficiency
ratio is a non-GAAP ratio that is calculated by dividing
non-interest expense, exclusive of acquisition |
|
costs and intangible asset amortization, by the sum of net interest
income and non-interest income. |
|
|
| |
|
|
|
|
|
|
ADDITIONAL FINANCIAL INFORMATION |
|
|
|
|
(Dollars in thousands, except per share data) |
|
|
|
| |
|
|
|
|
|
|
Asset Quality Ratios and Data: |
As of or for the Three Months Ended |
| |
|
|
June 30, |
March 31 |
June 30 |
| |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
| |
Nonaccrual
loans |
|
$ |
9,561 |
|
$ |
5,882 |
|
$ |
2,458 |
|
| |
Loans 90 days past due and still accruing |
|
369 |
|
|
1,241 |
|
|
2,142 |
|
| |
Restructured loans, net |
|
- |
|
|
- |
|
|
1,112 |
|
| |
|
Total
nonperforming loans |
|
9,930 |
|
|
7,123 |
|
|
5,712 |
|
| |
Other real estate owned and other repossessed assets |
|
- |
|
|
- |
|
|
345 |
|
| |
|
Total
nonperforming assets |
$ |
9,930 |
|
$ |
7,123 |
|
$ |
6,057 |
|
| |
|
|
|
|
|
| |
Nonperforming loans / portfolio loans |
|
0.70 |
% |
|
0.52 |
% |
|
0.46 |
% |
| |
Nonperforming assets / assets |
|
0.49 |
% |
|
0.36 |
% |
|
0.32 |
% |
| |
Allowance for credit losses / portfolio loans |
|
1.09 |
% |
|
1.09 |
% |
|
1.07 |
% |
| |
Allowance for credit losses/ nonperforming loans |
|
156.70 |
% |
|
210.59 |
% |
|
233.28 |
% |
| |
Gross loan charge-offs for the quarter |
$ |
55 |
|
$ |
1 |
|
$ |
247 |
|
| |
Gross loan recoveries for the quarter |
$ |
206 |
|
$ |
22 |
|
$ |
14 |
|
| |
Net loan (recoveries) charge-offs for the quarter |
$ |
(151 |
) |
$ |
(21 |
) |
$ |
233 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
June 30, |
March 31, |
June 30, |
| |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
Capital Data (At quarter end): |
|
|
|
| |
Common shareholders' equity (book value) per share |
$ |
20.37 |
|
$ |
20.36 |
|
$ |
20.13 |
|
| |
Tangible book value per share** |
$ |
15.19 |
|
$ |
15.14 |
|
$ |
14.82 |
|
| |
Shares outstanding |
|
7,988,132 |
|
|
8,006,033 |
|
|
8,086,407 |
|
| |
Tangible common equity to tangible assets*** |
|
6.12 |
% |
|
6.25 |
% |
|
6.45 |
% |
| |
|
|
|
|
|
|
Other Information: |
|
|
|
|
| |
Average investment securities for the quarter |
$ |
343,634 |
|
$ |
345,033 |
|
$ |
347,168 |
|
| |
Average investment securities year-to-date |
$ |
344,330 |
|
$ |
345,033 |
|
$ |
310,273 |
|
| |
Average loans for the quarter **** |
$ |
1,407,316 |
|
$ |
1,366,766 |
|
$ |
1,157,839 |
|
| |
Average loans year-to-date **** |
$ |
1,387,153 |
|
$ |
1,366,766 |
|
$ |
1,066,515 |
|
| |
Average earning assets for the quarter |
$ |
1,766,706 |
|
$ |
1,724,802 |
|
$ |
1,564,050 |
|
| |
Average earning assets year-to-date |
$ |
1,745,870 |
|
$ |
1,724,802 |
|
$ |
1,442,703 |
|
| |
Average total assets for the quarter |
$ |
1,998,957 |
|
$ |
1,947,091 |
|
$ |
1,752,916 |
|
| |
Average total assets year-to-date |
$ |
1,973,750 |
|
$ |
1,947,091 |
|
$ |
1,614,746 |
|
| |
Average deposits for the quarter |
$ |
1,580,343 |
|
$ |
1,605,566 |
|
$ |
1,507,765 |
|
| |
Average deposits year-to-date |
$ |
1,592,879 |
|
$ |
1,605,566 |
|
$ |
1,373,270 |
|
| |
Average equity for the quarter |
$ |
161,534 |
|
$ |
162,278 |
|
$ |
150,419 |
|
| |
Average equity year-to-date |
$ |
162,493 |
|
$ |
162,278 |
|
$ |
151,841 |
|
| |
|
|
|
|
|
|
** The tangible book value per share is a non-GAAP ratio that is
calculated by dividing shareholders' equity, |
|
|
less goodwill and core deposit intangible, by common shares
outstanding. |
|
|
|
|
*** The tangible common equity to tangible assets is a non-GAAP
ratio that is calculated by dividing shareholders' |
|
|
equity, less goodwill and core deposit intangible, by total assets,
less goodwill and core deposit intangible. |
|
|
**** Includes loans held for sale |
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Core Efficiency Ratio |
(Unaudited) |
|
(Unaudited) |
|
|
(Dollars in thousands) |
Three Months Ended |
|
Six Months Ended |
|
| |
|
|
|
|
June 30, |
March 31, |
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
|
Calculation of Core Efficiency Ratio: |
|
|
|
|
|
|
|
| |
Noninterest expense |
$ |
18,790 |
|
$ |
16,533 |
|
$ |
20,046 |
|
|
$ |
35,323 |
|
$ |
36,994 |
|
|
| |
Acquisition costs |
|
- |
|
|
- |
|
|
(1,876 |
) |
|
|
- |
|
|
(2,193 |
) |
|
| |
Intangible asset amortization |
|
(397 |
) |
|
(418 |
) |
|
(440 |
) |
|
|
(815 |
) |
|
(562 |
) |
|
| |
|
Core efficiency ratio numerator |
|
18,393 |
|
|
16,115 |
|
|
17,730 |
|
|
|
34,508 |
|
|
34,239 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income |
|
15,264 |
|
|
16,428 |
|
|
15,967 |
|
|
|
31,692 |
|
|
27,812 |
|
|
| |
Noninterest income |
|
6,204 |
|
|
4,671 |
|
|
7,342 |
|
|
|
10,875 |
|
|
15,635 |
|
|
| |
|
Core efficiency ratio denominator |
|
21,468 |
|
|
21,099 |
|
|
23,309 |
|
|
|
42,567 |
|
|
43,447 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Core efficiency ratio (non-GAAP) |
|
85.68 |
% |
|
76.38 |
% |
|
76.07 |
% |
|
|
81.07 |
% |
|
78.81 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value and Tangible Assets |
|
(Unaudited) |
|
|
(Dollars in thousands, except per share data) |
|
June 30, |
March 31, |
June 30, |
|
| |
|
|
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
Tangible Book Value: |
|
|
|
|
|
|
|
| |
Shareholders' equity |
|
|
$ |
162,725 |
|
$ |
163,016 |
|
$ |
162,790 |
|
|
| |
Goodwill and core deposit intangible, net |
|
|
(41,388 |
) |
|
(41,783 |
) |
|
(42,966 |
) |
|
| |
|
Tangible common shareholders' equity (non-GAAP) |
$ |
121,337 |
|
$ |
121,233 |
|
$ |
119,824 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Common shares outstanding at end of period |
|
7,988,132 |
|
|
8,006,033 |
|
|
8,086,407 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Common shareholders' equity (book value) per share (GAAP) |
$ |
20.37 |
|
$ |
20.36 |
|
$ |
20.13 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Tangible common shareholders' equity (tangible book value) |
|
|
|
|
| |
|
per share (non-GAAP) |
|
|
$ |
15.19 |
|
$ |
15.14 |
|
$ |
14.82 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Tangible Assets: |
|
|
|
|
|
|
|
| |
Total assets |
|
|
|
$ |
2,023,279 |
|
$ |
1,982,736 |
|
$ |
1,900,472 |
|
|
| |
Goodwill and core deposit intangible, net |
|
|
(41,388 |
) |
|
(41,783 |
) |
|
(42,966 |
) |
|
| |
|
Tangible assets (non-GAAP) |
|
$ |
1,981,891 |
|
$ |
1,940,953 |
|
$ |
1,857,506 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Tangible common shareholders' equity to tangible assets |
|
|
|
|
| |
|
(non-GAAP) |
|
|
|
|
6.12 |
% |
|
6.25 |
% |
|
6.45 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
Earnings Per Diluted Share, Excluding Acquisition Costs and
Related Taxes |
(Unaudited) |
|
(Unaudited) |
|
|
(Dollars in thousands, except per share data) |
Three Months Ended |
|
Six Months Ended |
|
| |
|
|
|
|
June 30, |
March 31, |
June 30, |
|
June 30, |
|
| |
|
|
|
|
2023 |
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
$ |
14,945 |
$ |
16,149 |
$ |
15,109 |
|
|
$ |
31,094 |
$ |
26,675 |
|
|
|
Noninterest income |
|
|
|
6,204 |
|
4,671 |
|
7,342 |
|
|
|
10,875 |
|
15,635 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
|
|
18,790 |
|
16,533 |
|
20,046 |
|
|
|
35,323 |
|
36,994 |
|
|
|
|
Acquisition costs |
|
|
|
- |
|
- |
|
(1,876 |
) |
|
|
- |
|
(2,193 |
) |
|
|
Noninterest expense, excluding acquisition costs (non-GAAP) |
|
18,790 |
|
16,533 |
|
18,170 |
|
|
|
35,323 |
|
34,801 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes, excluding acquisition costs |
|
2,359 |
|
4,287 |
|
4,281 |
|
|
|
6,646 |
|
7,509 |
|
|
|
Provision for income taxes, excluding acquisition costs |
|
|
|
|
|
|
|
| |
related taxes (non-GAAP) |
|
|
344 |
|
1,045 |
|
1,129 |
|
|
|
1,389 |
|
1,877 |
|
|
|
Net Income, excluding acquisition costs and related taxes
(non-GAAP) |
$ |
2,015 |
$ |
3,242 |
$ |
3,152 |
|
|
$ |
5,257 |
$ |
5,632 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share (GAAP) |
|
$ |
0.26 |
$ |
0.42 |
$ |
0.24 |
|
|
$ |
0.67 |
$ |
0.57 |
|
|
|
Diluted earnings per share, excluding acquisition costs and
related |
|
|
|
|
|
|
|
| |
taxes (non-GAAP) |
|
$ |
0.26 |
$ |
0.42 |
$ |
0.42 |
|
|
$ |
0.67 |
$ |
0.81 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets, Excluding Acquisition Costs and
Related Taxes |
(Unaudited) |
|
|
(Dollars in thousands) |
|
|
June 30, |
March 31, |
June 30, |
|
|
|
|
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
For the quarter: |
|
|
|
|
|
|
| |
Net income, excluding acquisition costs and related taxes
(non-GAAP)* |
$ |
2,015 |
|
$ |
3,242 |
|
$ |
3,152 |
|
|
| |
Average total assets quarter-to-date |
|
|
$ |
1,998,957 |
|
$ |
1,947,091 |
|
$ |
1,752,916 |
|
|
| |
Return on average assets, excluding acquisition costs and related
taxes (non-GAAP) |
|
0.40 |
% |
|
0.67 |
% |
|
0.72 |
% |
|
| |
|
|
|
|
|
|
|
|
|
Year-to-date: |
|
|
|
|
|
|
| |
Net income, excluding acquisition costs and related taxes
(non-GAAP)* |
$ |
5,257 |
|
$ |
3,242 |
|
$ |
5,632 |
|
|
| |
Average total assets year-to-date |
|
|
$ |
1,973,750 |
|
$ |
1,947,091 |
|
$ |
1,614,746 |
|
|
| |
Return on average assets, excluding acquisition costs and related
taxes (non-GAAP) |
|
0.53 |
% |
|
0.67 |
% |
|
0.70 |
% |
|
| |
|
|
|
|
|
|
|
|
| * See Earnings Per
Diluted Share, Excluding Acquisition Costs and Related Taxes table
for GAAP to non-GAAP reconciliation. |
|
| |
|
|
|
|
|
|
|
|
| Contacts: |
|
Laura F.
Clark, President and CEO |
| |
|
(406) 457-4007 |
| |
|
Miranda J. Spaulding, SVP and CFO |
| |
|
(406) 441-5010 |
| |
|
|
Grafico Azioni Eagle Bancorp Montana (NASDAQ:EBMT)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Eagle Bancorp Montana (NASDAQ:EBMT)
Storico
Da Gen 2024 a Gen 2025
