Financial Performance - Net interest income for the three months ended June 30, 2019, was $9,694 thousand, compared to $7,810 thousand for the same period in 2018, reflecting a year-over-year increase of 24.1%[24] - Noninterest income for the three months ended June 30, 2019, totaled $5,503 thousand, significantly higher than $2,715 thousand for the same period in 2018, marking an increase of 102.5%[24] - Net income for the three months ended June 30, 2019, was $3,247,000, compared to $1,333,000 for the same period in 2018, representing a 143.5% increase[30] - Basic and diluted earnings per share for the three months ended June 30, 2019, were both $0.51, up from $0.24 in the same period of 2018, reflecting a 112.5% increase[30] - Comprehensive income for the three months ended June 30, 2019, was $4,401,000, compared to $1,265,000 for the same period in 2018, indicating a significant increase[30] - Net income for June 2019 was $4,430,000, a significant increase from $1,906,000 in 2018, representing a growth of approximately 132%[39] Asset Growth - Total assets increased to $1,007,725 thousand as of June 30, 2019, up from $853,903 thousand at December 31, 2018, representing a growth of approximately 17.9%[18] - Total assets reached $1,000,701 thousand in 2019, up from $823,916 thousand in 2018, marking a growth of 21.5%[210] - Total loans receivable amounted to $753.649 million, an increase from $618.031 million as of December 31, 2018, representing a growth of approximately 21.9%[88] - Loans receivable increased by $134.35 million, or 22.0%, to $744.68 million at June 30, 2019, from $610.33 million at December 31, 2018[186] Deposit Growth - Total deposits rose to $748,388 thousand, an increase of 19.4% from $626,611 thousand at the end of 2018[21] - The net increase in deposits was $29,071,000 in June 2019, up from $10,421,000 in 2018, indicating strong deposit growth[44] - Total deposits increased by $121.78 million, or 19.4%, to $748.39 million at June 30, 2019, from $626.61 million at December 31, 2018[201] Loan Loss Provisions - The provision for loan losses was $697 thousand for the three months ended June 30, 2019, compared to $24 thousand for the same period in 2018, indicating a substantial increase in provisions[24] - The allowance for loan losses increased to $7,750 thousand as of June 30, 2019, compared to $6,600 thousand at December 31, 2018, reflecting a rise of 17.4%[18] - The total allowance for loan loss to nonperforming loans ratio improved to 206.39% at June 30, 2019, compared to 175.21% at December 31, 2018[199] Noninterest Expenses - Total noninterest expense for the three months ended June 30, 2019, was $10,473,000, an increase of 18% from $8,875,000 in the same period of 2018[30] - Salaries and employee benefits increased to $6,510,000 for the three months ended June 30, 2019, from $5,461,000 in the same period of 2018, a rise of 19.2%[30] - Advertising expenses decreased to $212,000 for the three months ended June 30, 2019, down from $298,000 in the same period of 2018, a decline of 28.9%[30] Acquisition and Merger - The total consideration paid for the merger with Big Muddy Bancorp was $16,436,000, which included $1,000 in cash and $16,435,000 in common stock issued[53] - The company completed the acquisition of Big Muddy Bancorp for a total consideration of $16.44 million, primarily in common stock[182] Investment and Securities - The fair value of total investment securities as of June 30, 2019, was $124,065,000[75] - The total fair value of available-for-sale securities was $14,161,000 as of June 30, 2019, including U.S. government and agency securities[149] - The company’s management continues to evaluate securities for impairment at least quarterly, ensuring proactive risk management in its investment portfolio[82] Financial Ratios and Metrics - The net interest margin, which is the difference between interest income and interest expense, is a key component of the bank's earnings[177] - The interest rate spread and the relative amounts of loans and investments significantly affect net interest income, which is the largest component of operating income[206] - The average yield on investment securities was 2.72% in 2019, compared to 2.65% in 2018[210] Future Outlook - Future outlook and guidance were not explicitly mentioned in the provided content, indicating a potential area for further inquiry in the earnings call[30]
Eagle Bancorp Montana(EBMT) - 2019 Q2 - Quarterly Report