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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, 2020

 

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 small business issuer 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)

 

(406) 442-3080


(Issuer's telephone number)

 

Website address: www.opportunitybank.com

 

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 ☒

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock par value $0.01 per share

EBMT

Nasdaq Global Market

 

 

 

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

6,756,107 shares outstanding

As of October 30, 2020

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

 

TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

PAGE

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

 

Consolidated Statements of Financial Condition as of September 30, 2020 and December 31, 2019

1

 

 

 

 

Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019

3

 

 

 

 

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

5

 

 

 

 

Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2020 and 2019

6

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

7

 

 

 

 

Notes to the Unaudited Consolidated Financial Statements

9

 

 

 

Item 2.

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

35

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

 

 

 

Item 4.

Controls and Procedures

52

 

 

 

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

53

Item 1A. Risk Factors 53

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4. 

Mine Safety Disclosures

53

Item 5.

Other Information

54

Item 6. 

Exhibits

54

 

 

 

Signatures

55

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

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 current global COVID-19 pandemic;

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

estimates of our risks and future costs and benefits.

 

These forward-looking statements are based on current beliefs and expectations of 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 negative impacts and disruptions resulting from the continuing outbreak of the novel coronavirus, or COVID-19, and the steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, 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 financial institutions;

 

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;

 

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

 

changes or volatility in the securities markets;

 

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;

 

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;

 

possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises;

 

the level of future deposit insurance premium assessments;

 

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 Item 1A, “Risk Factors” and Item 7, “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, 2019, 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
 

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

  

September 30,

  

December 31,

 
  

2020

  

2019

 

ASSETS:

        

Cash and due from banks

 $19,879  $18,094 

Interest bearing deposits in banks

  7,672   4,284 

Federal funds sold

  45,260   2,540 

Total cash and cash equivalents

  72,811   24,918 
         

Securities available-for-sale, at fair value

  165,353   126,875 

Federal Home Loan Bank ("FHLB") stock

  2,817   4,683 

Federal Reserve Bank ("FRB") stock

  2,974   2,526 

Mortgage loans held-for-sale, at fair value

  41,484   25,612 

Loans receivable, net of allowance for loan losses of $11,300 at September 30, 2020 and $8,600 at December 31, 2019

  837,178   770,635 

Accrued interest and dividends receivable

  6,615   4,577 

Mortgage servicing rights, net

  9,518   8,739 

Premises and equipment, net

  54,450   40,082 

Cash surrender value of life insurance, net

  27,064   23,608 

Goodwill

  20,798   15,836 

Core deposit intangible, net

  2,505   2,786 

Other assets

  11,461   3,383 
         

Total assets

 $1,255,028  $1,054,260 

 

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

 

- 1 -

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Continued)

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

  

September 30,

  

December 31,

 
  

2020

  

2019

 

LIABILITIES:

        

Deposit accounts:

        

Noninterest bearing

 $295,058  $200,035 

Interest bearing

  703,272   608,958 

Total deposits

  998,330   808,993 
         

Accrued expenses and other liabilities

  18,419   9,825 

Deferred tax liability, net

  1,367   492 

FHLB advances and other borrowings

  59,777   88,350 

Other long-term debt:

        

Principal amount

  30,155   25,155 

Unamortized debt issuance costs

  (383)  (214)

Total other long-term debt, net

  29,772   24,941 
         

Total liabilities

  1,107,665   932,601 
         

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; 7,110,833 and 6,714,983 shares issued; 6,756,107 and 6,423,033 shares outstanding at September 30, 2020 and December 31, 2019, respectively)

  71   67 

Additional paid-in capital

  77,612   68,826 

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

  (185)  (311)

Treasury stock, at cost

  (4,630)  (3,643)

Retained earnings

  69,478   55,391 

Accumulated other comprehensive income, net of tax

  5,017   1,329 

Total shareholders' equity

  147,363   121,659 
         

Total liabilities and shareholders' equity

 $1,255,028  $1,054,260 

 

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

 

- 2 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

CONSOLIDATED STATEMENTS OF INCOME

 (Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2020

  

2019

  

2020

  

2019

 

INTEREST AND DIVIDEND INCOME:

                

Interest and fees on loans

 $11,340  $10,731  $33,832  $31,378 
Securities available-for-sale  874   916   2,853   2,802 
FHLB and FRB dividends  95   107   284   297 
Other interest income  30   19   134   55 

Total interest and dividend income

  12,339   11,773   37,103   34,532 
                 

INTEREST EXPENSE:

                

Deposits

  779   1,022   3,063   2,733 
FHLB advances and other borrowings  261   692   1,066   1,942 
Other long-term debt  521   360   1,296   1,089 

Total interest expense

  1,561   2,074   5,425   5,764 
                 

NET INTEREST INCOME

  10,778   9,699   31,678   28,768 
                 

Loan loss provision

  854   694   2,751   1,995 
                 

NET INTEREST INCOME AFTER LOAN LOSS PROVISION

  9,924   9,005   28,927   26,773 
                 

NONINTEREST INCOME:

                

Service charges on deposit accounts

  282   329   814   882 
Net gain on sale of loans  11,101   5,492   24,432   11,451 
Mortgage banking, net  2,204   1,390   7,164   2,477 
Interchange and ATM fees  407   364   1,123   977 
Appreciation in cash surrender value of life insurance  160   254   480   571 
Net gain on sale of available-for-sale securities  -   -   1,068   49 
Net gain on sale/disposal of premises and equipment  -   438   4   438 
Other noninterest income  817   153   1,888   772 

Total noninterest income

  14,971   8,420   36,973   17,617 

 

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

 

- 3 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2020

  

2019

  

2020

  

2019

 

NONINTEREST EXPENSE:

                

Salaries and employee benefits

 $11,325  $7,555  $28,274  $20,057 
Occupancy and equipment expense  1,280   1,152   3,677   3,229 
Data processing  1,168   933   3,507   2,715 
Advertising  208   320   624   800 
Amortization  165   254   495   761 
Loan costs  566   242   1,211   554 
Federal Deposit Insurance Corporation ("FDIC") insurance premiums  75   (36)  147   79 
Postage  76   90   260   237 
Professional and examination fees  389   182   1,081   767 
Acquisition costs  -   517   157   1,693 
Other noninterest expense  1,093   1,015   4,893   2,826 

Total noninterest expense

  16,345   12,224   44,326   33,718 
                 

INCOME BEFORE PROVISION FOR INCOME TAXES

  8,550   5,201   21,574   10,672 
                 

Provision for income taxes

  2,170   1,096   5,532   2,137 
                 

NET INCOME

 $6,380  $4,105  $16,042  $8,535 
                 

BASIC EARNINGS PER COMMON SHARE

 $0.94  $0.64  $2.36  $1.33 
                 

DILUTED EARNINGS PER COMMON SHARE

 $0.94  $0.63  $2.35  $1.32 

 

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

 

- 4 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)

(Unaudited)

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2020

  

2019

  

2020

  

2019

 
                 

NET INCOME

 $6,380  $4,105  $16,042  $8,535 
                 

OTHER COMPREHENSIVE INCOME (LOSS):

                
Change in fair value of investment securities available-for-sale  1,263   1,166   6,074   4,617 

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

  -   -   (1,068)  (49)
Change in fair value of loans held-for-sale  -   -   -   296 
Reclassification for net realized gains on loans held-for-sale  -   -   -   (605)

Total other comprehensive income

  1,263   1,166   5,006   4,259 
                 

Income tax (provision) benefit related to:

                
Investment securities  (332)  (307)  (1,318)  (1,203)
Loans held-for-sale  -   -   -   82 

Total income tax provision

  (332)  (307)  (1,318)  (1,121)
                 

COMPREHENSIVE INCOME

 $7,311  $4,964  $19,730  $11,673 

 

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

 

- 5 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

For the Three and Nine Months Ended September 30, 2020 and 2019

(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

  

INCOME (LOSS)

  

TOTAL

 
                                 

Balance, July, 1 2020

 $-  $71  $77,506  $(227) $(3,664) $63,757  $4,086  $141,529 

Net income

  -   -   -   -   -   6,380   -   6,380 
Other comprehensive income  -   -   -   -   -   -   931   931 
Dividends paid ($0.0975 per share)  -   -   -   -   -   (659)  -   (659)

Stock compensation expense

  -   -   78   -   -   -   -   78 
ESOP shares allocated (4,154 shares)  -   -   28   42   -   -   -   70 
Treasury stock purchased (61,495 shares at $15.70 average cost per share)  -   -   -   -   (966)  -   -   (966)

Balance, September 30, 2020

 $-  $71  $77,612  $(185) $(4,630) $69,478  $5,017  $147,363 
                                 

Balance, July, 1 2019

 $-  $67  $68,535  $(393) $(3,850) $50,167  $1,168  $115,694 

Net income

  -   -   -   -   -   4,105   -   4,105 

Other comprehensive income

  -   -   -   -   -   -   859   859 

Dividends paid ($0.095 per share)

  -   -   -   -   -   (608)  -   (608)
Stock compensation expense  -   -   330   -   -   -   -   330 

ESOP shares allocated (4,154 shares)

  -   -   29   41   -   -   -   70 

Balance, September 30, 2019

 $-  $67  $68,894  $(352) $(3,850) $53,664  $2,027  $120,450 
                                 
Balance, January 1, 2020 $-  $67  $68,826  $(311) $(3,643) $55,391  $1,329  $121,659 

Net income

  -   -   -   -   -   16,042   -   16,042 

Other comprehensive income

  -   -   -   -   -   -   3,688   3,688 
Dividends paid  -   -   -   -   -   (1,955)  -   (1,955)

Stock issued in connection with Western Holding Company of Wolf Point acquisition

  -   4   8,463   -   -   -   -   8,467 

Stock compensation expense

  -   -   226   -   -   -   -   226 
ESOP shares allocated (12,462 shares)  -   -   97   126   -   -   -   223 
Treasury stock purchased (62,776 shares at $15.73 average cost per share)  -   -   -   -   (987)  -   -   (987)

Balance, September 30, 2020

 $-  $71  $77,612  $(185) $(4,630) $69,478  $5,017  $147,363 
                                 
Balance, January 1, 2019 $-  $57  $52,051  $(477) $(2,640) $46,926  $(1,111) $94,806 

Net income

  -   -   -   -   -   8,535   -   8,535 
Other comprehensive income  -   -   -   -   -   -   3,138   3,138 

Dividends paid

  -   -   -   -   -   (1,797)  -   (1,797)

Stock issued in connection with Big Muddy Bancorp, Inc. acquisition

  -   10   16,425   -   -   -   -   16,435 
Stock compensation expense  -   -   330   -   -   -   -   330 

ESOP shares allocated (12,462 shares)

  -   -   88   125   -   -   -   213 

Treasury stock purchased (70,000 shares at $17.29 average cost per share)

  -   -   -   -   (1,210)  -   -   (1,210)

Balance, September 30, 2019

 $-  $67  $68,894  $(352) $(3,850) $53,664  $2,027  $120,450 

 

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

 

- 6 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

(Unaudited)

 

  

Nine Months Ended

 
  

September 30,

 
  

2020

  

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

        

Net income

 $16,042  $8,535 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

        

Loan loss provision

  2,751   1,995 

Impairment of servicing rights

  878   - 

Depreciation

  1,813   1,308 

Net amortization of investment securities premiums and discounts

  749   704 

Amortization of mortgage servicing rights

  2,476   1,113 

Amortization of right-of-use assets

  347   354 

Amortization of core deposit intangible and tax credits

  495   761 

Compensation expense related to restricted stock awards

  226   330 

ESOP compensation expense for allocated shares

  223   213 

Deferred income tax provision

  22   417 

Net gain on sale of loans

  (24,432)  (11,451)
Originations of loans held-for-sale  (636,767)  (345,699)

Proceeds from sales of loans held-for-sale

  645,327   339,245 

Net gain on sale of available-for-sale securities

  (1,068)  (49)

Net loss on sale of real estate owned and other repossessed assets

  9   18 

Net gain on sale/disposal of premises and equipment

  (4)  (438)

Net appreciation in cash surrender value of life insurance

  (480)  (572)

Net change in:

        

Accrued interest and dividends receivable

  (1,030)  (583)

Other assets

  (7,807)  (571)

Accrued expenses and other liabilities

  3,936   741 

Net cash provided by (used in) operating activities

  3,706   (3,629)
         

CASH FLOWS FROM INVESTING ACTIVITIES:

        

Activity in available-for-sale securities:

        

Sales

  18,149   53,257 

Maturities, principal payments and calls

  32,553   9,998 

Purchases

  (40,145)  (51,464)

FHLB stock redeemed

  2,081   1,108 

FRB stock purchased

  (373)  (493)

Net cash received from acquisitions

  5,044   6,901 

Loan origination and principal collection, net

  (30,040)  (50,189)
Proceeds from bank owned life insurance  -   519 
Purchases of bank owned life insurance  (845)  - 

Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans

  28</