Eagle Bancorp Montana(EBMT) - 2019 Q1 - Quarterly Report

Financial Performance - Net interest income after loan loss provision rose to $8,771,000 for the three months ended March 31, 2019, up from $6,345,000 in the same period of 2018, representing an increase of about 38.3%[20] - Net income for the three months ended March 31, 2019, was $1,183,000, compared to $573,000 for the same period in 2018, indicating a year-over-year growth of approximately 106.3%[23] - Basic earnings per share (EPS) for the three months ended March 31, 2019, was $0.18, up from $0.11 in the same period of 2018, representing a growth of 63.6%[23] - Comprehensive income for the same period was $2,308 million, a significant recovery from a loss of $1,291 million in the prior year[25] - The company reported a total of $2,861,000 in loans past due 30-89 days as of March 31, 2019, which is a slight increase from $2,032,000 at December 31, 2018[72] Asset Growth - Total assets increased to $979,603,000 as of March 31, 2019, compared to $853,903,000 at December 31, 2018, reflecting a growth of approximately 14.7%[14] - Loans receivable net of deferred loan fees increased to $720,920,000 as of March 31, 2019, from $610,333,000 at December 31, 2018, showing a growth of approximately 18.1%[14] - Total deposits increased to $741,045,000 as of March 31, 2019, from $626,611,000 at December 31, 2018, marking a rise of about 18.2%[17] - The total shareholders' equity increased to $112,292 million as of March 31, 2019, up from $94,806 million at the beginning of the year[27] Expense Management - Noninterest expense for the three months ended March 31, 2019, was $11,268,000, compared to $8,324,000 in the same period of 2018, reflecting an increase of approximately 35.5%[23] - The provision for loan losses was $604,000 for the three months ended March 31, 2019, compared to $502,000 in the same period of 2018, indicating an increase of about 20.4%[20] Investment Activities - The company reported net cash used in investing activities of $11,695 million in Q1 2019, compared to $5,881 million in Q1 2018, indicating increased investment outflows[31] - The total amortized cost of investment securities was $140,437 as of March 31, 2019, with a fair value of $140,161, reflecting a slight decrease in value[44] Mergers and Acquisitions - The company acquired Big Muddy Bancorp, Inc., issuing 10 million shares and $16,425 million in paid-in capital[27] - The company merged with Big Muddy Bancorp, Inc. on January 1, 2019, expanding its operations and branch network[37] - The total consideration paid for the acquisition of Big Muddy Bancorp, Inc. was $16.44 million, primarily related to common stock issued[180] Loan Portfolio - Total loans increased to $729,103,000 as of March 31, 2019, up from $721,714,000 at December 31, 2018, representing a growth of approximately 1.1%[71] - The total amount of troubled debt restructured loans was $23,000, with no charge-off incurred, indicating effective management of restructured loans[82] - The total nonperforming loans to total loans ratio increased to 0.73% as of March 31, 2019, compared to 0.61% at December 31, 2018[199] Cash Flow - Cash flows from operating activities provided $1,283 million in Q1 2019, down from $2,107 million in Q1 2018[31] - Cash and cash equivalents at the end of the period were $11,279, down from $12,911 at the end of the same period in 2018, indicating a decrease of 12.6%[34] Market Presence - The bank currently operates 22 full-service branches, enhancing its market presence in Montana[38] - The company has evaluated subsequent events after March 31, 2019, for recognition and/or disclosure, indicating ongoing assessment of financial position[42]