Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the First Quarter of 2025; Declares Quarterly Cash Dividend of $0.1425 Per Share and Renews Stock Repurchase Plan
Rhea-AI Summary
Eagle Bancorp Montana reported net income of $3.2 million ($0.41 per diluted share) in Q1 2025, showing a 70.7% increase from $1.9 million in Q1 2024. The company declared a quarterly cash dividend of $0.1425 per share, representing a 3.43% annualized yield.
Key highlights include:
- Net interest margin expanded to 3.74%, up 15 basis points from previous quarter
- Total loans reached $1.52 billion, up 1.7% year-over-year
- Total deposits increased to $1.69 billion, a 3.3% rise from previous year
- Board authorized repurchase of up to 400,000 shares (5% of outstanding shares)
The bank maintained strong credit quality with allowance for credit losses at 1.10% of portfolio loans. Commercial real estate loans grew 5.3% to $666.3 million, while agricultural loans increased 10.7% to $284.6 million. The company's tangible book value per share improved to $17.38, reflecting solid financial performance.
Positive
- Net income increased 70.7% YoY to $3.2M ($0.41/share) in Q1 2025
- Net interest margin expanded to 3.74%, up 41 basis points YoY
- Net interest income grew 11.1% YoY to $16.9M
- Total deposits increased $54.4M (3.3%) YoY to $1.69B
- Book value per share improved to $22.26 from $21.07 YoY
- Allowance for credit losses covers 313.1% of nonperforming loans
- Nonperforming loans decreased to $5.3M from $7.2M YoY
Negative
- Net income declined QoQ from $3.4M to $3.2M
- Revenues decreased 2.1% QoQ to $20.9M
- Mortgage volumes remain low due to elevated rates
- Commercial construction loans decreased 25.5% YoY
- Uninsured deposits at 18% of total deposits ($309M)
- Consumer loans decreased 9.1% YoY
News Market Reaction
On the day this news was published, EBMT gained 1.72%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HELENA, Mont., April 29, 2025 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of
Eagle’s board of directors declared a quarterly cash dividend of
“We produced solid first quarter 2025 operating results, reflecting quarterly deposit growth, a reduction in operating expenses and net interest margin expansion,” said Laura F. Clark, President and CEO. “We are making progress in building our community bank franchise across the state of Montana, highlighted by a steady core deposit base and a well-balanced loan portfolio. We are one of only three publicly traded financial institutions based in Montana, and while market volatility and interest rate cycles continue to impact the overall economy, we remain well positioned in our markets to continue to grow.”
First Quarter 2025 Highlights (at or for the three-month period ended March 31, 2025, except where noted):
- Net income was
$3.2 million , or$0.41 per diluted share, in the first quarter of 2025, compared to$3.4 million , or$0.44 per diluted share, in the preceding quarter, and increased70.7% compared to$1.9 million , or$0.24 per diluted share, in the first quarter a year ago. - Net interest margin (“NIM”) was
3.74% in the first quarter of 2025, a 15-basis point increase compared to3.59% in the preceding quarter and a 41-basis point increase compared to the first quarter a year ago. - Net interest income, before the provision for credit losses, increased
0.7% to$16.9 million in the first quarter of 2025, compared to$16.8 million in the fourth quarter of 2024, and increased11.1% compared to$15.2 million in the first quarter of 2024. - Revenues (net interest income before the provision for credit losses, plus noninterest income) decreased
2.1% to$20.9 million in the first quarter of 2025, compared to$21.4 million in the preceding quarter and increased9.1% compared to$19.2 million in the first quarter a year ago. - Total loans increased
1.7% to$1.52 billion , at March 31, 2025, compared to$1.50 billion a year earlier, and remained unchanged compared to$1.52 billion at December 31, 2024. - Total deposits increased
$54.4 million or3.3% to$1.69 billion at March 31, 2025, compared to a year earlier, and increased$8.7 million or0.5% , compared to December 31, 2024. - The allowance for credit losses represented
1.10% of portfolio loans and313.1% of nonperforming loans at March 31, 2025, compared to1.10% of total portfolio loans and227.6% of nonperforming loans at March 31, 2024. - The Company paid a quarterly cash dividend in the first quarter of
$0.14 25 per share on March 7, 2025, to shareholders of record February 14, 2025.
- The Company’s available borrowing capacity was approximately
$437.4 million at March 31, 2025, compared to$404.0 million at December 31, 2024.
| March 31, 2025 | December 31, 2024 | |||||||
| (Dollars in thousands) | Borrowings Outstanding | Remaining Borrowing Capacity | Borrowings Outstanding | Remaining Borrowing Capacity | ||||
| Federal Home Loan Bank advances | $ | 124,952 | $ | 310,857 | $ | 140,930 | $ | 276,664 |
| Federal Reserve Bank discount window | - | 26,509 | - | 27,349 | ||||
| Correspondent bank lines of credit | - | 100,000 | - | 100,000 | ||||
| Total | $ | 124,952 | $ | 437,366 | $ | 140,930 | $ | 404,013 |
Balance Sheet Results
Total assets were
Eagle originated
Total loans increased
“Our deposit mix has shifted over the last several quarters towards higher yielding deposits due to the higher interest rate environment, a trend that has affected most community banks. However, we have started to experience an ease in deposit pricing following the Fed rate cuts in the second half of 2024, and we anticipate this will continue as CDs continue to reprice,” said Miranda Spaulding, CFO.
Total deposits increased to
FHLB advances and other borrowings decreased to
Shareholders’ equity was
Operating Results
“As anticipated, the higher yields on interest earning assets combined with a lower cost of funds contributed to our 15-basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate continued improvement in our cost of funds based on current Fed rates.”
Eagle’s NIM was
Net interest income, before the provision for credit losses, increased
Total noninterest income decreased
Eagle’s first quarter noninterest expense was
For the first quarter of 2025, the Company recorded income tax expense of
Credit Quality
During the first quarter of 2025, Eagle recorded a
Capital Management
The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was
Stock Repurchase Authority
Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025, representing approximately
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 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”
Forward Looking Statements
This release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as "believe," “will” "expect," "anticipate," "should," "planned," "estimated," and "potential." These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.
The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.
| Balance Sheet | ||||||||||||
| (Dollars in thousands, except per share data) | (Unaudited) | |||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Assets: | ||||||||||||
| Cash and due from banks | $ | 21,360 | $ | 29,824 | $ | 19,479 | ||||||
| Interest bearing deposits in banks | 1,445 | 1,735 | 1,438 | |||||||||
| Total cash and cash equivalents | 22,805 | 31,559 | 20,917 | |||||||||
| Securities available-for-sale, at fair value | 291,661 | 292,590 | 311,227 | |||||||||
| Federal Home Loan Bank ("FHLB") stock | 7,101 | 7,778 | 8,449 | |||||||||
| Federal Reserve Bank ("FRB") stock | 4,131 | 4,131 | 4,131 | |||||||||
| Mortgage loans held-for-sale, at fair value | 6,223 | 13,368 | 9,612 | |||||||||
| Loans: | ||||||||||||
| Real estate loans: | ||||||||||||
| Residential 1-4 family | 149,699 | 153,721 | 157,414 | |||||||||
| Residential 1-4 family construction | 45,508 | 45,701 | 45,026 | |||||||||
| Commercial real estate | 666,265 | 645,962 | 632,452 | |||||||||
| Commercial construction and development | 110,107 | 124,211 | 147,740 | |||||||||
| Farmland | 153,456 | 146,610 | 140,246 | |||||||||
| Other loans: | ||||||||||||
| Home equity | 100,665 | 97,543 | 90,418 | |||||||||
| Consumer | 26,978 | 28,513 | 29,677 | |||||||||
| Commercial | 139,668 | 144,039 | 137,640 | |||||||||
| Agricultural | 131,162 | 134,346 | 116,775 | |||||||||
| Total loans | 1,523,508 | 1,520,646 | 1,497,388 | |||||||||
| Allowance for credit losses | (16,720 | ) | (16,850 | ) | (16,410 | ) | ||||||
| Net loans | 1,506,788 | 1,503,796 | 1,480,978 | |||||||||
| Accrued interest and dividends receivable | 13,271 | 12,890 | 12,038 | |||||||||
| Mortgage servicing rights, net | 15,282 | 15,376 | 15,738 | |||||||||
| Assets held-for-sale, at cost | 960 | 960 | - | |||||||||
| Premises and equipment, net | 101,759 | 101,540 | 97,643 | |||||||||
| Cash surrender value of life insurance, net | 53,573 | 53,232 | 48,218 | |||||||||
| Goodwill | 34,740 | 34,740 | 34,740 | |||||||||
| Core deposit intangible, net | 4,181 | 4,499 | 5,514 | |||||||||
| Other assets | 25,941 | 26,631 | 26,869 | |||||||||
| Total assets | $ | 2,088,416 | $ | 2,103,090 | $ | 2,076,074 | ||||||
| Liabilities: | ||||||||||||
| Deposit accounts: | ||||||||||||
| Noninterest bearing | $ | 411,272 | $ | 419,211 | $ | 408,781 | ||||||
| Interest bearing | 1,278,694 | 1,262,017 | 1,226,818 | |||||||||
| Total deposits | 1,689,966 | 1,681,228 | 1,635,599 | |||||||||
| Accrued expenses and other liabilities | 36,739 | 47,018 | 34,950 | |||||||||
| FHLB advances and other borrowings | 124,952 | 140,930 | 177,540 | |||||||||
| Other long-term debt, net | 59,186 | 59,149 | 59,037 | |||||||||
| Total liabilities | 1,910,843 | 1,928,325 | 1,907,126 | |||||||||
| Shareholders' Equity: | ||||||||||||
| Preferred stock (par value | ||||||||||||
| authorized; no shares issued or outstanding) | - | - | - | |||||||||
| Common stock (par value | ||||||||||||
| 8,507,429 shares issued; 7,977,177, 8,027,177 and 8,016,784 | ||||||||||||
| shares outstanding at March 31, 2025, December 31, 2024, and | ||||||||||||
| March 31, 2024, respectively | 85 | 85 | 85 | |||||||||
| Additional paid-in capital | 108,451 | 108,334 | 108,893 | |||||||||
| Unallocated common stock held by Employee Stock Ownership Plan | (3,867 | ) | (4,011 | ) | (4,440 | ) | ||||||
| Treasury stock, at cost (530,252, 480,252 and 490,645 shares at | ||||||||||||
| March 31, 2025, December 31, 2024 and March 31, 2024, respectively) | (11,517 | ) | (10,761 | ) | (11,124 | ) | ||||||
| Retained earnings | 103,366 | 101,264 | 96,797 | |||||||||
| Accumulated other comprehensive loss, net of tax | (18,945 | ) | (20,146 | ) | (21,263 | ) | ||||||
| Total shareholders' equity | 177,573 | 174,765 | 168,948 | |||||||||
| Total liabilities and shareholders' equity | $ | 2,088,416 | $ | 2,103,090 | $ | 2,076,074 | ||||||
| Income Statement | (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | Three Months Ended | ||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Interest and dividend income: | |||||||||||
| Interest and fees on loans | $ | 23,320 | $ | 23,756 | $ | 21,942 | |||||
| Securities available-for-sale | 2,451 | 2,475 | 2,724 | ||||||||
| FRB and FHLB dividends | 260 | 308 | 247 | ||||||||
| Other interest income | 38 | 148 | 29 | ||||||||
| Total interest and dividend income | 26,069 | 26,687 | 24,942 | ||||||||
| Interest expense: | |||||||||||
| Interest expense on deposits | 6,871 | 7,216 | 6,548 | ||||||||
| FHLB advances and other borrowings | 1,626 | 2,005 | 2,497 | ||||||||
| Other long-term debt | 670 | 676 | 683 | ||||||||
| Total interest expense | 9,167 | 9,897 | 9,728 | ||||||||
| Net interest income | 16,902 | 16,790 | 15,214 | ||||||||
| Provision (recapture) for credit losses | 42 | (36 | ) | (135 | ) | ||||||
| Net interest income after provision for credit losses | 16,860 | 16,826 | 15,349 | ||||||||
| Noninterest income: | |||||||||||
| Service charges on deposit accounts | 389 | 387 | 400 | ||||||||
| Mortgage banking, net | 2,125 | 2,818 | 2,177 | ||||||||
| Interchange and ATM fees | 593 | 675 | 563 | ||||||||
| Appreciation in cash surrender value of life insurance | 350 | 408 | 288 | ||||||||
| Net loss on sale of available-for-sale securities | - | (141 | ) | - | |||||||
| Other noninterest income | 559 | 425 | 524 | ||||||||
| Total noninterest income | 4,016 | 4,572 | 3,952 | ||||||||
| Noninterest expense: | |||||||||||
| Salaries and employee benefits | 9,664 | 9,830 | 9,718 | ||||||||
| Occupancy and equipment expense | 2,302 | 2,194 | 2,099 | ||||||||
| Data processing | 1,330 | 1,715 | 1,525 | ||||||||
| Software subscriptions | 658 | 576 | 528 | ||||||||
| Advertising | 232 | 466 | 253 | ||||||||
| Amortization | 320 | 337 | 369 | ||||||||
| Loan costs | 372 | 372 | 398 | ||||||||
| FDIC insurance premiums | 231 | 287 | 299 | ||||||||
| Professional and examination fees | 520 | 596 | 484 | ||||||||
| Other noninterest expense | 1,377 | 1,323 | 1,360 | ||||||||
| Total noninterest expense | 17,006 | 17,696 | 17,033 | ||||||||
| Income before provision for income taxes | 3,870 | 3,702 | 2,268 | ||||||||
| Provision for income taxes | 631 | 269 | 370 | ||||||||
| Net income | $ | 3,239 | $ | 3,433 | $ | 1,898 | |||||
| Basic earnings per common share | $ | 0.41 | $ | 0.44 | $ | 0.24 | |||||
| Diluted earnings per common share | $ | 0.41 | $ | 0.44 | $ | 0.24 | |||||
| Basic weighted average shares outstanding | 7,812,248 | 7,862,279 | 7,824,928 | ||||||||
| Diluted weighted average shares outstanding | 7,823,636 | 7,868,507 | 7,835,304 | ||||||||
| ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | Three Months Ended or Years Ended | ||||||||||
| March 31, | December 31, | March 31 | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Mortgage Banking Activity (For the quarter): | |||||||||||
| Net gain on sale of mortgage loans | $ | 1,349 | $ | 2,036 | $ | 1,414 | |||||
| Net change in fair value of loans held-for-sale and derivatives | (115 | ) | (3 | ) | (173 | ) | |||||
| Mortgage servicing income, net | 891 | 785 | 936 | ||||||||
| Mortgage banking, net | $ | 2,125 | $ | 2,818 | $ | 2,177 | |||||
| Performance Ratios (For the quarter): | |||||||||||
| Return on average assets | 0.62 | % | 0.65 | % | 0.37 | % | |||||
| Return on average equity | 7.66 | % | 8.12 | % | 4.67 | % | |||||
| Yield on average interest earning assets | 5.76 | % | 5.70 | % | 5.47 | % | |||||
| Cost of funds | 2.54 | % | 2.69 | % | 2.67 | % | |||||
| Net interest margin | 3.74 | % | 3.59 | % | 3.33 | % | |||||
| Core efficiency ratio* | 79.77 | % | 81.26 | % | 86.95 | % | |||||
| Asset Quality Ratios and Data: | As of or for the Three Months Ended | ||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Nonaccrual loans | $ | 2,701 | $ | 3,227 | $ | 5,231 | |||||
| Loans 90 days past due and still accruing | 2,638 | 623 | 1,979 | ||||||||
| Total nonperforming loans | 5,339 | 3,850 | 7,210 | ||||||||
| Other real estate owned and other repossessed assets | 46 | 45 | - | ||||||||
| Total nonperforming assets | $ | 5,385 | $ | 3,895 | $ | 7,210 | |||||
| Nonperforming loans / portfolio loans | 0.35 | % | 0.25 | % | 0.48 | % | |||||
| Nonperforming assets / assets | 0.26 | % | 0.19 | % | 0.35 | % | |||||
| Allowance for credit losses / portfolio loans | 1.10 | % | 1.11 | % | 1.10 | % | |||||
| Allowance for credit losses/ nonperforming loans | 313.17 | % | 437.66 | % | 227.60 | % | |||||
| Gross loan charge-offs for the quarter | $ | 6 | $ | 51 | $ | 1 | |||||
| Gross loan recoveries for the quarter | $ | 4 | $ | 7 | $ | 66 | |||||
| Net loan charge-offs (recoveries) for the quarter | $ | 2 | $ | 44 | $ | (65 | ) | ||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Capital Data (At quarter end): | |||||||||||
| Common shareholders' equity (book value) per share | $ | 22.26 | $ | 21.77 | $ | 21.07 | |||||
| Tangible book value per share** | $ | 17.38 | $ | 16.88 | $ | 16.05 | |||||
| Shares outstanding | 7,977,177 | 8,027,177 | 8,016,784 | ||||||||
| Tangible common equity to tangible assets*** | 6.77 | % | 6.57 | % | 6.32 | % | |||||
| Other Information: | |||||||||||
| Average investment securities for the quarter | $ | 293,273 | $ | 300,088 | $ | 314,129 | |||||
| Average investment securities year-to-date | $ | 293,273 | $ | 306,538 | $ | 314,129 | |||||
| Average loans for the quarter **** | $ | 1,526,774 | $ | 1,533,686 | $ | 1,499,293 | |||||
| Average loans year-to-date **** | $ | 1,526,774 | $ | 1,523,384 | $ | 1,499,293 | |||||
| Average earning assets for the quarter | $ | 1,835,210 | $ | 1,858,078 | $ | 1,830,316 | |||||
| Average earning assets year-to-date | $ | 1,835,210 | $ | 1,850,120 | $ | 1,830,316 | |||||
| Average total assets for the quarter | $ | 2,079,142 | $ | 2,107,357 | $ | 2,066,579 | |||||
| Average total assets year-to-date | $ | 2,079,142 | $ | 2,092,051 | $ | 2,066,579 | |||||
| Average deposits for the quarter | $ | 1,671,349 | $ | 1,671,653 | $ | 1,625,770 | |||||
| Average deposits year-to-date | $ | 1,671,349 | $ | 1,636,390 | $ | 1,625,770 | |||||
| Average equity for the quarter | $ | 169,088 | $ | 169,054 | $ | 162,637 | |||||
| Average equity year-to-date | $ | 169,088 | $ | 164,591 | $ | 162,637 | |||||
| * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition | |||||||||||
| costs and intangible asset amortization, by the sum of net interest income and non-interest income. | |||||||||||
| ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders' equity, | |||||||||||
| less goodwill and core deposit intangible, by common shares outstanding. | |||||||||||
| *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders' | |||||||||||
| equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible. | |||||||||||
| **** Includes loans held for sale | |||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||
| Core Efficiency Ratio | (Unaudited) | ||||||||||
| (Dollars in thousands) | Three Months Ended | ||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Calculation of Efficiency Ratio: | |||||||||||
| Noninterest expense - efficiency ratio numerator | $ | 17,006 | $ | 17,696 | $ | 17,033 | |||||
| Net interest income | 16,902 | 16,790 | 15,214 | ||||||||
| Noninterest income | 4,016 | 4,572 | 3,952 | ||||||||
| Efficiency ratio denominator | 20,918 | 21,362 | 19,166 | ||||||||
| Efficiency ratio (GAAP) | 81.30 | % | 82.84 | % | 88.87 | % | |||||
| Calculation of Core Efficiency Ratio: | |||||||||||
| Noninterest expense | $ | 17,006 | $ | 17,696 | $ | 17,033 | |||||
| Intangible asset amortization | (320 | ) | (337 | ) | (369 | ) | |||||
| Core efficiency ratio numerator | 16,686 | 17,359 | 16,664 | ||||||||
| Net interest income | 16,902 | 16,790 | 15,214 | ||||||||
| Noninterest income | 4,016 | 4,572 | 3,952 | ||||||||
| Core efficiency ratio denominator | 20,918 | 21,362 | 19,166 | ||||||||
| Core efficiency ratio (non-GAAP) | 79.77 | % | 81.26 | % | 86.95 | % | |||||
| Tangible Book Value and Tangible Assets | (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | March 31, | December 31, | March 31, | ||||||||
| 2025 | 2024 | 2024 | |||||||||
| Tangible Book Value: | |||||||||||
| Shareholders' equity | $ | 177,573 | $ | 174,765 | $ | 168,948 | |||||
| Goodwill and core deposit intangible, net | (38,921 | ) | (39,239 | ) | $ | (40,254 | ) | ||||
| Tangible common shareholders' equity (non-GAAP) | $ | 138,652 | $ | 135,526 | $ | 128,694 | |||||
| Common shares outstanding at end of period | 7,977,177 | 8,027,177 | 8,016,784 | ||||||||
| Common shareholders' equity (book value) per share (GAAP) | $ | 22.26 | $ | 21.77 | $ | 21.07 | |||||
| Tangible common shareholders' equity (tangible book value) | |||||||||||
| per share (non-GAAP) | $ | 17.38 | $ | 16.88 | $ | 16.05 | |||||
| Tangible Assets: | |||||||||||
| Total assets | $ | 2,088,416 | $ | 2,103,090 | $ | 2,076,074 | |||||
| Goodwill and core deposit intangible, net | (38,921 | ) | (39,239 | ) | (40,254 | ) | |||||
| Tangible assets (non-GAAP) | $ | 2,049,495 | $ | 2,063,851 | $ | 2,035,820 | |||||
| Tangible common shareholders' equity to tangible assets | |||||||||||
| (non-GAAP) | 6.77 | % | 6.57 | % | 6.32 | % | |||||
| Contacts: | Laura F. Clark, President and CEO (406) 457-4007 Miranda J. Spaulding, SVP and CFO (406) 441-5010 |
FAQ
How much did Eagle Bancorp Montana (EBMT) earn in Q1 2025?
What is Eagle Bancorp Montana's (EBMT) dividend yield and payment for 2025?
How many shares will EBMT repurchase in their 2025 stock buyback plan?
What is EBMT's deposit growth and composition in Q1 2025?
How did Eagle Bancorp's net interest margin (NIM) perform in Q1 2025?
