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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 March 31, 2021

 

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

6,775,447 shares outstanding

As of April 30, 2021

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

 

TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

PAGE

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

 

Condensed Consolidated Statements of Financial Condition as of March 31, 2021 and December 31, 2020

1

 

 

 

 

Condensed Consolidated Statements of Income for the three months ended March 31, 2021 and 2020

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020

5

 

 

 

 

Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2021 and 2020

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020

7

 

 

 

 

Notes to the Unaudited Condensed Consolidated Financial Statements

9

 

 

 

Item 2.

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

28

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

 

 

 

Item 4.

Controls and Procedures

40

 

 

 

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

41

Item 1A. Risk Factors 41

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

41

Item 3.

Defaults Upon Senior Securities

41

Item 4. 

Mine Safety Disclosures

41

Item 5.

Other Information

42

Item 6. 

Exhibits

42

 

 

 

Signatures

43

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

Cautionary Note Regarding Forward-Looking Statements 

 

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

 

statements of our goals, intentions and expectations;

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

statements regarding the 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;
 

the need to retain capital for strategic or regulatory reasons;

 

changes in consumer spending, borrowing and savings habits;

 

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

 

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, 2020, any subsequent Reports on Form 10-Q and Form 8-K, and other filings with the SEC. We do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur, or of which we hereafter become aware.

 

 

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES
 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

  

March 31,

  

December 31,

 
  

2021

  

2020

 

ASSETS:

        

Cash and due from banks

 $17,199  $14,455 

Interest-bearing deposits in banks

  87,165   47,733 

Federal funds sold

  6,859   7,614 

Total cash and cash equivalents

  111,223   69,802 
         

Securities available-for-sale

  180,276   162,946 

Federal Home Loan Bank ("FHLB") stock

  1,977   2,060 

Federal Reserve Bank ("FRB") stock

  2,974   2,974 

Mortgage loans held-for-sale, at fair value

  60,609   54,615 

Loans receivable, net of allowance for loan losses of $11,900 at March 31, 2021 and $11,600 at December 31, 2020

  817,439   829,503 

Accrued interest and dividends receivable

  5,451   5,765 

Mortgage servicing rights, net

  11,320   10,105 

Premises and equipment, net

  61,971   58,762 

Cash surrender value of life insurance, net

  27,911   27,753 

Goodwill

  20,798   20,798 

Core deposit intangible, net

  2,202   2,343 
Deferred tax asset, net  154   - 

Other assets

  7,116   10,208 
         

Total assets

 $1,311,421  $1,257,634 

 

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

 

- 1 -

 

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Continued)

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

  

March 31,

  

December 31,

 
  

2021

  

2020

 

LIABILITIES:

        

Deposit accounts:

        

Noninterest-bearing

 $331,589  $318,389 

Interest-bearing

  761,815   714,694 

Total deposits

  1,093,404   1,033,083 
         

Accrued expenses and other liabilities

  20,513   24,295 

Deferred tax liability, net

  -   457 

FHLB advances and other borrowings

  11,862   17,070 

Other long-term debt:

        

Principal amount

  30,155   30,155 

Unamortized debt issuance costs

  (344)  (364)

Total other long-term debt, net

  29,811   29,791 
         

Total liabilities

  1,155,590   1,104,696 
         

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 shares issued; 6,775,447 shares outstanding at March 31, 2021 and December 31, 2020, respectively)

  71   71 

Additional paid-in capital

  77,744   77,602 

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

  (103)  (145)

Treasury stock, at cost

  (4,423)  (4,423)

Retained earnings

  78,586   73,982 

Accumulated other comprehensive income, net of tax

  3,956   5,851 

Total shareholders' equity

  155,831   152,938 
         

Total liabilities and shareholders' equity

 $1,311,421  $1,257,634 

 

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

 

- 2 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 (Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

   

Three Months Ended

 
   

March 31,

 
   

2021

   

2020

 

INTEREST AND DIVIDEND INCOME:

               

Interest and fees on loans

  $ 11,029     $ 11,432  

Securities available-for-sale

    877       1,027  

FHLB and FRB dividends

    69       94  

Other interest income

    26       78  

Total interest and dividend income

    12,001       12,631  
                 

INTEREST EXPENSE:

               

Deposits

    402       1,339  

FHLB advances and other borrowings

    70       463  

Other long-term debt

    390       352  

Total interest expense

    862       2,154  
                 

NET INTEREST INCOME

    11,139       10,477  
                 

Loan loss provision

    299       670  
                 

NET INTEREST INCOME AFTER LOAN LOSS PROVISION

    10,840       9,807  
                 

NONINTEREST INCOME:

               

Service charges on deposit accounts

    273       316  

Net gain on sale of mortgage loans

    14,277       5,411  

Mortgage banking, net

    (2,514 )     1,602  

Interchange and ATM fees

    425       337  

Appreciation in cash surrender value of life insurance

    158       160  

Other noninterest income

    774       478  

Total noninterest income

  $ 13,393     $ 8,304  

 

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

 

- 3 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Continued)

(Dollars in Thousands, Except for Per Share Data)

(Unaudited)

 

   

Three Months Ended

 
   

March 31,

 
   

2021

   

2020

 

NONINTEREST EXPENSE:

               

Salaries and employee benefits

  $ 12,086     $ 7,682  

Occupancy and equipment expense

    1,430       1,209  

Data processing

    1,297       1,250  

Advertising

    273       249  

Amortization

    144       164  

Loan costs

    722       247  

Federal Deposit Insurance Corporation ("FDIC") insurance premiums

    81       69  

Postage

    95       98  

Professional and examination fees

    282       285  

Acquisition costs

    -       128  

Other noninterest expense

    803       1,467  

Total noninterest expense

    17,213       12,848  
                 

INCOME BEFORE PROVISION FOR INCOME TAXES

    7,020       5,263  
                 

Provision for income taxes

    1,755       1,336  
                 

NET INCOME

  $ 5,265     $ 3,927  
                 

BASIC EARNINGS PER SHARE

  $ 0.78     $ 0.58  
                 

DILUTED EARNINGS PER SHARE

  $ 0.78     $ 0.57  

 

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

 

- 4 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)

(Unaudited)

 

   

Three Months Ended

 
   

March 31,

 
   

2021

   

2020

 
                 

NET INCOME

  $ 5,265     $ 3,927  
                 

OTHER ITEMS OF COMPREHENSIVE (LOSS) INCOME BEFORE TAX:

               

Change in fair value of securities available-for-sale

    (2,572 )     205  

Income tax benefit (provision) related to securities available-for-sale

    677       (54 )
                 
COMPREHENSIVE INCOME   $ 3,370     $ 4,078  

 

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

 

- 5 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

For the Three Months Ended March 31, 2021 and 2020

(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 at January 1, 2021 $-  $71  $77,602  $(145) $(4,423) $73,982  $5,851  $152,938 

Net income

  -   -   -   -   -   5,265   -   5,265 
Other comprehensive loss  -   -   -   -   -   -   (1,895)  (1,895)
Dividends paid ($0.0975 per share)  -   -   -   -   -   (661)  -   (661)

Stock compensation expense

  -   -   90   -   -   -   -   90 
ESOP shares allocated (4,154 shares)  -   -   52   42   -   -   -   94 

Balance at March 31, 2021

 $-  $71  $77,744  $(103) $(4,423) $78,586  $3,956  $155,831 
                                 
Balance at January 1, 2020 $-  $67  $68,826  $(311) $(3,643) $55,391  $1,329  $121,659 

Net income

  -   -   -   -   -   3,927   -   3,927 

Other comprehensive income

  -   -   -   -   -   -   151   151 

Dividends paid ($0.095 per share)

  -   -   -   -   -   (648)  -   (648)

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

  -   4   8,463   -   -   -   -   8,467 
Stock compensation expense  -   -   70   -   -   -   -   70 

ESOP shares allocated (4,154 shares)

  -   -   40   42   -   -   -   82 

Balance at March 31, 2020

 $-  $71  $77,399  $(269) $(3,643) $58,670  $1,480  $133,708 
                                 

 

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

 

- 6 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

(Unaudited)

 

   

Three Months Ended

 
   

March 31,

 
   

2021

   

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

               

Net income

  $ 5,265     $ 3,927  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Loan loss provision

    299       670  

(Recovery) impairment of mortgage servicing rights

    (677 )     153  

Depreciation

    649       574  

Net amortization of investment securities premiums and discounts

    238       280  

Amortization of mortgage servicing rights

    994       511  

Amortization of core deposit intangible and tax credits

    144       164  

Amortization of right-of-use assets

    128       117  

Compensation expense related to restricted stock awards

    90       70  

ESOP compensation expense for allocated shares

    94       82  

Deferred income tax provision (benefit)

    66       (23 )

Net gain on sale of loans

    (14,277 )     (5,411 )
Originations of loans held-for-sale     (267,168 )     (132,225 )

Proceeds from sales of loans held-for-sale

    275,451       138,061  

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

    9       -  

Net gain on sale/disposal of premises and equipment

    -       (4 )

Net appreciation in cash surrender value of life insurance

    (158 )     (160 )

Net change in:

               

Accrued interest and dividends receivable

    314       256  

Other assets

    3,084       (6,042 )

Accrued expenses and other liabilities

    (614 )     2,688  

Net cash provided by operating activities

    3,931       3,688  
                 

CASH FLOWS FROM INVESTING ACTIVITIES:

               

Activity in available-for-sale securities:

               

Maturities, principal payments and calls

    2,355       4,106  

Purchases

    (25,663 )     (1,500 )

FHLB stock redeemed (purchased)

    83       (263 )

Net cash received from acquisitions

    -       5,044  

Loan origination and principal collection, net

    10,233       (371 )

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

    16       -  

Purchases of premises and equipment, net

    (3,986 )     (11,596 )

Net cash used in investing activities

  $ (16,962 )   $ (4,580 )

 

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

 

- 7 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in Thousands)

(Unaudited)

 

   

Three Months Ended

 
   

March 31,

 
   

2021

   

2020

 

CASH FLOWS FROM FINANCING ACTIVITIES:

               

Net increase (decrease) in deposits

  $ 60,321     $ (7,340 )

Net short-term advances from FHLB and other borrowings

    -       7,910  

Long-term advances from FHLB and other borrowings

    -       10,000  

Payments on long-term FHLB and other borrowings

    (5,208 )     (14,175 )

Dividends paid

    (661 )     (648 )

Net cash provided by (used in) financing activities

    54,452       (4,253 )
                 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

    41,421       (5,145 )
                 

CASH AND CASH EQUIVALENTS, beginning of period

    69,802       24,918  
                 

CASH AND CASH EQUIVALENTS, end of period

  $ 111,223     $ 19,773  
                 
                 

SUPPLEMENTAL CASH FLOW INFORMATION:

               

Cash paid during the period for interest

  $ 1,415     $ 2,172  

Cash paid during the period for income taxes

    -       -  
                 

NONCASH INVESTING AND FINANCING ACTIVITIES:

               

(Decrease) increase in fair value of securities available-for-sale

  $ (2,572 )   $ 205  

Mortgage servicing rights recognized

    1,532       943  

Loans transferred to real estate and other assets acquired in foreclosure

    -       34  

Stock issued in connection with acquisitions

    -       8,467  

 

See Note 2. Mergers and Acquisitions for additional information related to assets acquired and liabilities assumed in acquisitions.

 

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

 
- 8 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

 

NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization

 

Eagle Bancorp Montana, Inc. (“Eagle” or the “Company”), is a Delaware corporation that holds 100% of the capital stock of Opportunity Bank of Montana (“OBMT” or the “Bank”), formerly American Federal Savings Bank (“AFSB”). The Bank was founded in 1922 as a Montana chartered building and loan association and has conducted operations and maintained its administrative office in Helena, Montana since that time. In 1975, the Bank adopted a federal thrift charter and in October 2014 converted to a Montana chartered commercial bank and became a member bank in the Federal Reserve System.

 

In September 2017, the Company entered into an Agreement and Plan of Merger with TwinCo, Inc. ("TwinCo"), a Montana corporation, and TwinCo’s wholly-owned subsidiary, Ruby Valley Bank, a Montana chartered commercial bank to acquire 100% of TwinCo’s equity voting interests. On January 31, 2018, TwinCo merged with and into Eagle, with Eagle continuing as the surviving corporation. Ruby Valley Bank operated two branches in Madison County, Montana.

 

In August 2018, the Company entered into an Agreement and Plan of Merger with Big Muddy Bancorp, Inc. (“BMB”), a Montana corporation and BMB’s wholly-owned subsidiary, The State Bank of Townsend (“SBOT”), a Montana chartered commercial bank to acquire 100% of BMB’s equity voting interests. On January 1, 2019, BMB merged with and into Eagle, with Eagle continuing as the surviving corporation. SBOT operated four branches in Townsend, Dutton, Denton and Choteau, Montana.

 

In  August 2019, the Company entered into an Agreement and Plan of Merger ("Merger Agreement") with Western Holding Company of Wolf Point (“WHC”), a Montana corporation, and WHC’s wholly-owned subsidiary, Western Bank of Wolf Point, a Montana chartered commercial bank (“WB”). The Merger Agreement provided that, upon the terms and subject to the conditions set forth in the Merger Agreement, WHC would merge with and into Eagle, with Eagle continuing as the surviving corporation. The merger closed on  January 1, 2020. WB operated one branch in Wolf Point, Montana. In addition, Western Financial Services, Inc. ("WFS") was acquired through the WHC merger. WFS facilitates deferred payment contracts for Bank customers that produce agricultural products.

 

The Bank currently has 23 full service branches. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities. The Bank also operates certain branches under the names Dutton State Bank, Farmers State Bank of Denton and The State Bank of Townsend.

 

Basis of Financial Statement Presentation and Use of Estimates

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). It is recommended that these unaudited interim condensed consolidated financial statements be read in conjunction with the Company’s Annual Report on Form 10-K with all of the audited information and footnotes required by U.S. GAAP for complete financial statements for the year ended December 31, 2020, as filed with the SEC on March 10, 2021. In the opinion of management, all normal adjustments and recurring accruals considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included.

 

The results of operations for the three-month period ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending  December 31, 2021 or any other period. In preparing condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated statement of financial condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, mortgage servicing rights, the fair value of financial instruments, the valuation of goodwill and deferred tax assets and liabilities.

 

Principles of Consolidation

 

The condensed consolidated financial statements include Eagle, the Bank, Eagle Bancorp Statutory Trust I (the “Trust”) and WFS. All significant intercompany transactions and balances have been eliminated in consolidation.

  

Reclassifications 

 

Certain prior period amounts were reclassified to conform to the presentation for 2021. These reclassifications had no impact on net income or shareholders’ equity.

 

Subsequent Events 

 

The Company has evaluated events and transactions subsequent to March 31, 2021 for recognition and/or disclosure.

 

- 9 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
 

NOTE 2. MERGERS AND ACQUISITIONS

 

Effective January 1, 2020, Eagle completed its previously announced merger with WHC. At the effective time of the Merger, WHC merged with and into Eagle, with Eagle continuing as the surviving corporation. The acquisition closed after receipt of approvals from regulatory authorities, approval of WHC shareholders and the satisfaction of other closing conditions. The total consideration paid was $14,967,000 and included cash consideration of $6,500,000 and common stock issued of $8,467,000.

 

This transaction was accounted for under the acquisition method of accounting.

 

All of the assets acquired and liabilities assumed were recognized at their acquisition-date fair value, while transaction costs and restructuring costs associated with the business combinations were expensed as incurred. Determining the fair value of assets and liabilities is a complicated process involving significant judgement regarding methods and assumptions used to calculate estimated fair values. The excess of the acquisition consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill. The goodwill recorded is not deductible for federal income tax purposes.

 

The following table summarizes the fair values of the assets acquired and liabilities assumed, consideration paid and the resulting goodwill.

 

  

WHC

 
  

January 1,

 
  

2020

 
  

(In Thousands)

 

Assets acquired:

    

Cash and cash equivalents

 $11,544 

Securities available-for-sale

  43,710 

Loans receivable

  43,424 

Premises and equipment

  740 

Cash surrender value of life insurance

  2,131 

Core deposit intangible

  208 

Other assets

  1,874 

Total assets acquired

 $103,631 
     

Liabilities assumed:

    

Deposits

 $86,572 

Accrued expenses and other liabilities

  4,554 

Other borrowings

  2,500 

Total liabilities assumed

 $93,626 
     

Net assets acquired

 $10,005 
     

Consideration paid:

    

Cash

 $6,500 

Common stock issued (395,850 shares)

  8,467 

Total consideration paid

 $14,967 
     

Goodwill resulting from acquisition

 $4,962 

 

Goodwill recorded for the WHC acquisition during the three months ended March 31, 2020 was $4,962,000.

 

WHC investments were written up $425,000 to fair value on the date of acquisition based on market prices obtained from an independent third party.

 

- 10 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 

NOTE 2. MERGERS AND ACQUISITIONS – continued

 

For acquisitions, the fair value analysis of the loan portfolios resulted in a valuation adjustment for each loan based on an amortization schedule of expected cash flow. Individual amortization schedules were used for each loan over a certain amount and those with specifically identified loss exposure. The remainder of the loans were grouped by type and risk rating into loan pools (based on loan type, fixed or variable interest rate, revolving or term payments and risk rating). Yield inputs for the amortization schedules included contractual interest rates, estimated prepayment speeds, liquidity adjustments and market yields. Credit inputs for the amortization schedules included probability of payment default, loss given default rates and individually identified loss exposure.             

  

The total accretable discount on WHC acquired loans was $1,166,000 as of January 1, 2020. During the year ended December 31, 2020, accretion of the loan discount was $560,000. During the three months ended March 31, 2021, accretion of the loan discount was $49,000. The remaining accretable loan discount was $557,000 as of  March 31, 2021.One impaired loan was acquired through the WHC acquisition with an insignificant balance as of January 1, 2020.

 

Fair value adjustments of $590,000 were recorded for WHC related to premises and equipment. The Company used independent third party appraisals in the determination of the fair value of acquired assets.

 

Core deposit intangible assets of $208,000 were recorded for WHC and are being amortized using an accelerated method over the estimated useful lives of the related deposits of 10 years from date of acquisition. For acquisitions, the core deposit intangible value is a function of the difference between the cost of the acquired core deposits and the alternative cost of funds. These cash flow streams were discounted to present value. The fair value of other deposit accounts acquired were valued by estimating future cash flows to be received or paid from individual or homogenous groups of assets and liabilities and then discounting those cash flows to a present value using rates of return that were available in financial markets for similar financial instruments on or near the acquisition date.

 

Direct costs related to the acquisition were expensed as incurred. There were no acquisition costs recorded during the three months ended March 31, 2021. The Company recorded acquisition costs related to WHC of $157,000 during the year ended  December 31, 2020. Acquisition costs included professional fees and data processing expenses incurred related to the acquisitions.

 

Operations of acquired entities have been included in the condensed consolidated financial statements since date of acquisition. The Company does not consider them as separate reporting segments and does not track the amount of revenues and net income attributable since acquisition. As such, it is impracticable to determine such amounts for the period from acquisition date through March 31, 2021. The accompanying condensed consolidated statements of income include the results of operations of WHC since the January 1, 2020 acquisition date.

 

- 11 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
 

NOTE 3. INVESTMENT SECURITIES

 

The amortized cost and fair values of securities, together with unrealized gains and losses, were as follows:

 

  

March 31, 2021

  

December 31, 2020

 
      

Gross

          

Gross

     
  

Amortized

  

Unrealized

  

Fair

  

Amortized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

(Losses)

  

Value

  

Cost

  

Gains

  

(Losses)

  

Value

 
  

(In Thousands)

 

Available-for-Sale:

                                

U.S. government obligations

 $2,081  $25  $-  $2,106  $2,214  $31  $-  $2,245 
U.S. treasury obligations  22,550   482   -   23,032   5,153   504   -   5,657 

Municipal obligations

  93,965   4,085   (385)  97,665   92,914   6,175   (1)  99,088 

Corporate obligations

  10,572   179   (8)  10,743   10,579   91   (7)  10,663 

Mortgage-backed securities

  6,921   156   -   7,077   7,513   161   (5)  7,669 

Collateralized mortgage obligations

  32,673   739   (35)  33,377   30,339   852   (2)  31,189 

Asset-backed securities

  6,145   131   -   6,276   6,293   142   -   6,435 

Total

 $174,907  $5,797  $(428) $180,276  $155,005  $7,956  $(15) $162,946 

 

For the three months ended March 31, 2021 and 2020, there were no sales of available-for-sale securities. As a result, there were no associated gross gains or losses.

 

The amortized cost and fair value of securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

  

March 31, 2021

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(In Thousands)

 
         

Due in one year or less

 $5,287  $5,345 

Due from one to five years

  13,224   13,774 

Due from five to ten years

  35,339   36,006 

Due after ten years

  81,463   84,697 
   135,313   139,822 

Mortgage-backed securities

  6,921   7,077 

Collateralized mortgage obligations

  32,673   33,377 

Total

 $174,907  $180,276 

 

As of March 31, 2021 and  December 31, 2020, securities with a fair value of $21,129,000 and $19,716,000, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.

 

The Company’s investment securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve or more months were as follows:

 

  

March 31, 2021

 
  

Less Than 12 Months

  

12 Months or Longer

 
      

Gross

      

Gross

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

 
  

(In Thousands)

 

Municipal obligations

 $16,498  $(384) $130  $(1)

Corporate obligations

  1,992   (8)  -   - 

Mortgage-backed securities and collateralized mortgage obligations

  5,153   (35)  -   - 

Total

 $23,643  $(427) $130  $(1)

 

- 12 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

NOTE 3. INVESTMENT SECURITIES continued

 

  

December 31, 2020

 
  

Less Than 12 Months

  

12 Months or Longer

 
      

Gross

      

Gross

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

 
  

(In Thousands)

 

Municipal obligations

 $282  $(1) $-  $- 

Corporate obligations

  4,243   (7)  -   - 

Mortgage-backed securities and collateralized mortgage obligations

  3,180   (2)  1,501   (5)

Total

 $7,705  $(10) $1,501  $(5)

 

Unrealized losses associated with investments are believed to be caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of the securities and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. The Company does not intend to sell the securities, and it is not likely to be required to sell these securities prior to maturity. Based on the Company's evaluation of these securities, no other-than-temporary impairment was recorded for the three months ended March 31, 2021 or the year ended December 31, 2020. As of March 31, 2021 and December 31, 2020, there were, respectively, 22 and 8 securities in unrealized loss positions that were considered to be temporarily impaired and therefore an impairment charge has not been recorded. 

 

 

NOTE 4. LOANS RECEIVABLE

 

Loans receivable consisted of the following:

 

  

March 31,

  

December 31,

 
  

2021

  

2020

 
  

(In Thousands)

 

Real estate loans:

        

Residential 1-4 family

 $136,506  $157,092 

Commercial real estate

  464,082   447,867 
         

Other loans:

        

Home equity

  53,270   56,563 

Consumer

  19,424   20,168 

Commercial

  158,598   161,451 
         

Total

  831,880   843,141 
         

Deferred loan fees, net

  (2,541)  (2,038)

Allowance for loan losses

  (11,900)  (11,600)

Total loans, net

 $817,439  $829,503 

 

Within the commercial real estate loan category above, $10,882,000 and $11,084,000 was guaranteed by the United States Department of Agriculture Rural Development at  March 31, 2021 and  December 31, 2020, respectively. Also within the loan categories above, $6,137,000 and $6,533,000 was guaranteed by the United States Department of Agriculture Farm Service Agency at  March 31, 2021 and  December 31, 2020, respectively. In addition, within the commercial loan category above, $30,303,000 and $29,581,000 was guaranteed by the Small Business Administration ("SBA") under their Payroll Protection Program ("PPP") at  March 31, 2021 and December 31, 2020, respectively. Deferred loan fees, net includes $1,318,000 and $613,000 of remaining deferred fees related to the PPP at  March 31, 2021. and  December 31, 2020, respectively. 

 

- 13 -

EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 

NOTE 4. LOANS RECEIVABLE – continued

 

Allowance for loan losses activity was as follows:

 

  

Residential

  

Commercial

  

Home

             
  

1-4 Family

  

Real Estate

  

Equity

  

Consumer

  

Commercial

  

Total

 
  

(In Thousands)

 

Allowance for loan losses:

                        

Beginning balance, January 1, 2021

 $1,506  $6,951  $515  $364  $2,264  $11,600 

Charge-offs

  -   (10)  -   (2)  (6)  (18)

Recoveries

  -   2   -   4   13   19 

Provision

  36   188   6   3   66   299 

Ending balance, March 31, 2021

 $1,542  $7,131  $521  $369  $2,337  $11,900 
                         

Ending balance, March 31, 2021 allocated to loans individually evaluated for impairment

 $296  $-  $-  $-