Financial Performance - Net income for Q3 2024 was $2.7 million, or $0.34 per diluted share, compared to $1.7 million, or $0.22 per diluted share in Q2 2024, and $2.6 million, or $0.34 per diluted share in Q3 2023[1] - Net income for the quarter was $2,709,000, compared to $1,738,000 in the previous quarter, representing a 55.9% increase[30] - Basic earnings per common share increased to $0.35 from $0.22, reflecting a 59.1% growth[31] - Return on average assets improved to 0.51% from 0.33%, indicating a 54.5% increase[32] - Mortgage banking net income for the quarter was $2,602,000, up from $2,417,000, a rise of 7.6%[32] Loans and Deposits - Total loans increased by 4.0% year-over-year to $1.53 billion, with a 1.1% increase from the previous quarter[3] - Total deposits rose by $35.0 million, or 2.2%, to $1.65 billion compared to a year earlier, and increased by $31.6 million, or 2.0%, from the previous quarter[3] - The company reported a net loan figure of $1,517,522 thousand as of September 30, 2024, compared to $1,459,543 thousand a year earlier, indicating an increase of approximately 3.95%[28] - Average loans for the quarter were $1,874,669,000, compared to $1,837,418,000 in the previous quarter, an increase of 2.0%[35] Assets and Equity - As of September 30, 2024, total assets increased to $2,145,113 thousand from $2,063,064 thousand a year earlier, representing a growth of approximately 3.97%[27] - Shareholders' equity increased to $177.7 million at September 30, 2024, compared to $157.3 million a year earlier[11] - The company's total shareholders' equity increased to $177,730 thousand as of September 30, 2024, from $157,270 thousand a year prior, representing a growth of approximately 12.96%[28] - Tangible common shareholders' equity to tangible assets increased to 6.56% from 6.33% year-over-year[36] Income and Margins - Net interest margin (NIM) was 3.34% in Q3 2024, a seven basis point decrease from 3.41% in Q2 2024 and Q3 2023[3] - Net interest income for the three months ended September 30, 2024, was $15,802, up from $15,632 in the previous quarter[36] - Noninterest income increased by 16.7% to $5.0 million in Q3 2024 compared to $4.3 million in the preceding quarter, but decreased by 17.4% compared to $6.0 million in Q3 2023[16] - Noninterest income increased to $4,983 from $4,269 quarter-over-quarter[36] Credit Quality - The allowance for credit losses was 1.12% of total loans at September 30, 2024, compared to 1.10% a year earlier[20] - The allowance for credit losses stood at $17,130 thousand as of September 30, 2024, compared to $16,230 thousand a year prior, reflecting an increase of approximately 5.55%[27] - Nonperforming loans decreased to $4,803,000 from $5,088,000, a reduction of 5.6%[34] - Total nonperforming assets decreased to $4,807,000 from $5,092,000, a decline of 5.6%[34] Efficiency Ratios - The core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense, providing insights into operational performance[25] - Core efficiency ratio improved to 81.47% from 85.22%, showing enhanced operational efficiency[32] - Core efficiency ratio (non-GAAP) improved to 81.47% compared to 85.22% in the previous quarter and 80.89% a year ago[36]
Eagle Bancorp Montana(EBMT) - 2024 Q3 - Quarterly Results