Financial Performance - The company reported a net income of $80,607 thousand for the six months ended June 30, 2021, compared to $73,982 thousand for the same period in 2020, reflecting an increase of about 9.0%[18]. - Net income for the three months ended June 30, 2021, was $2,681, a decrease of 53.3% from $5,735 in the same period of 2020[24]. - Net income for June 2021 was $7,946,000, a decrease from $9,662,000 in June 2020, representing a decline of approximately 17.7%[34]. - Net income for the six months ended June 30, 2021 was $7.95 million, a decrease of $1.71 million from $9.66 million in the same period of 2020[186]. - The company recorded net losses of $1.043 million for the three months ended June 30, 2021, compared to net gains of $2.155 million for the same period in 2020[100]. - The company reported net losses of $2.326 million for the six months ended June 30, 2021, compared to net gains of $3.402 million for the same period in 2020[100]. Assets and Liabilities - As of June 30, 2021, total assets increased to $1,359,355 thousand from $1,257,634 thousand as of December 31, 2020, representing a growth of approximately 8.1%[18]. - Total liabilities amounted to $1,180,240 thousand, up from $1,077,183 thousand year-over-year[169]. - The total estimated fair value of loans receivable was $880,484,000 as of June 30, 2021, with a carrying amount of $873,930,000[121]. - The total amount of real estate owned and other repossessed property was $6,000 as of June 30, 2021, down from $25,000 at December 31, 2020[156]. Deposits - Total deposits rose to $1,145,602 thousand, up from $1,033,083 thousand, indicating an increase of about 10.8%[18]. - Net increase in deposits for the six months ended June 30, 2021, was $112,519,000, compared to $59,879,000 for the same period in 2020, representing an increase of 87.8%[37]. - Total deposits rose by $112.52 million, or 10.9%, to $1.15 billion at June 30, 2021, from $1.03 billion at December 31, 2020[163]. Loans - Total loans, net as of June 30, 2021, amounted to $862,030,000, an increase from $829,503,000 as of December 31, 2020, reflecting a growth of approximately 3.0%[71]. - Total loans increased by $32.53 million, or 3.9%, to $862.03 million as of June 30, 2021, compared to $829.50 million at December 31, 2020[153]. - The total amount of charge-offs for the period included $33,000, while recoveries amounted to $11,000, resulting in a net charge-off of $22,000[74]. - The company reported a total of 3,734 nonaccrual loans, with 1,509 loans past due between 30-89 days and 2,225 loans past due for 90 days or more[77]. Income and Expenses - Total interest and dividend income for the three months ended June 30, 2021, was $12,125, a slight decrease from $12,133 in the same period of 2020[21]. - Total noninterest income totaled $11,308 for the three months ended June 30, 2021, down from $13,698 in the same period of 2020, representing a decrease of 17.4%[24]. - Total noninterest expense increased to $19,037 for the three months ended June 30, 2021, compared to $15,133 in the same period of 2020, marking a rise of 25.5%[24]. - Noninterest expense increased by $8.27 million or 29.6% to $36.25 million, primarily due to higher salaries and employee benefits expenses[192]. Capital and Equity - Shareholders' equity slightly decreased to $152,744 thousand from $152,938 thousand, a decline of approximately 0.1%[18]. - The company is committed to maintaining a strong capital position to support its growth strategy and manage potential risks associated with market volatility[12]. - The Bank's Tier I leverage ratio decreased slightly to 11.40% as of June 30, 2021, compared to 11.72% at December 31, 2020, remaining well above the regulatory requirement of 4.00%[200]. Market and Economic Conditions - Management anticipates continued challenges due to the ongoing COVID-19 pandemic, which may impact credit quality and overall economic conditions[13]. - Future performance may be influenced by changes in regulatory requirements and economic conditions affecting the financial services industry[13]. - The company has implemented various borrower accommodations due to COVID-19, including 90-day deferrals and interest-only payments, which are not classified as TDRs under the CARES Act[84]. Strategic Initiatives - The company has identified potential growth opportunities in new markets and is focused on strategic acquisitions to enhance its operational capabilities[12]. - The company is focused on expanding its market presence through its wholly owned subsidiary, Opportunity Bank of Montana, which engages in consumer and commercial lending[129]. - The Bank's management aims to increase net interest margin and fee income while controlling operating expenses to drive earnings growth[131].
Eagle Bancorp Montana(EBMT) - 2021 Q2 - Quarterly Report