Financial Performance - Net income for the three months ended March 31, 2024, was $1,898, compared to $3,242 for the same period in 2023, representing a decrease of 41.6%[23] - Basic earnings per common share for Q1 2024 were $0.24, down from $0.42 in Q1 2023, a decrease of 42.9%[23] - Comprehensive income for Q1 2024 was $580, significantly lower than $7,074 in Q1 2023, indicating a decline of 91.8%[25] - Net income for the three months ended March 31, 2024, was $1,898,000, a decrease of 41.5% compared to $3,242,000 for the same period in 2023[29] - Net income for the three months ended March 31, 2024, was $1.90 million, a decrease of $1.34 million from $3.24 million in the same period in 2023[128] Income and Expenses - Total interest and dividend income increased to $24,942 for Q1 2024, up from $20,708 in Q1 2023, reflecting a growth of 20.5%[20] - Total noninterest income decreased to $3,952 in Q1 2024 from $4,671 in Q1 2023, a decline of 15.4%[22] - Net interest income after provision for credit losses was $15,349 for Q1 2024, slightly down from $16,149 in Q1 2023[20] - Noninterest expense increased to $17,033 in Q1 2024 from $16,533 in Q1 2023, an increase of 3.0%[23] - Net interest income decreased to $15.21 million, down 7.4% from $16.43 million in the prior year, primarily due to an increase in interest expense[129] - Noninterest income decreased by 15.4% to $3.95 million, largely due to a decline in mortgage banking net income[133] Assets and Liabilities - Total assets as of March 31, 2024, were $2,076,074, a slight increase from $2,075,666 as of December 31, 2023[15] - Total liabilities increased to $1.91 billion, an increase of $733,000 from December 31, 2023[108] - Total deposits remained stable at $1,635,599 as of March 31, 2024, compared to $1,635,195 as of December 31, 2023[17] - Total deposits increased slightly to $1,635,599,000 as of March 31, 2024, compared to $1,635,195,000 at December 31, 2023[70] - Total shareholders' equity decreased by $325,000 from December 31, 2023[108] Loans and Credit Quality - Total loans receivable amounted to $1,497,388,000, an increase from $1,484,489,000 as of December 31, 2023, reflecting a growth of approximately 0.6%[52] - The total loans outstanding as of March 31, 2024, amount to $1,497,388,000, compared to $1,474,579,000 in the previous quarter, representing an increase of 1.54%[57] - The total charge-offs for the three months ended March 31, 2024, were minimal, with only $1,000 recorded, indicating strong credit quality[56] - Total nonperforming loans decreased to $7.21 million as of March 31, 2024, from $8.42 million at December 31, 2023, representing a reduction of approximately 14%[116] - The total amount of nonaccrual loans is $5,147,000, which may impact future earnings[61] Capital and Liquidity - The Bank's total risk-based capital to risk-weighted assets ratio was 13.17% as of March 31, 2024, exceeding the minimum required ratio of 10.00%[144] - The Bank's Tier 1 capital to risk-weighted assets ratio was 12.12% as of March 31, 2024, above the minimum required ratio of 8.00%[144] - The Company believes its liquidity sources are sufficient to meet anticipated funding needs in both the short and long term[141] - The Bank accessed borrowings through the Federal Reserve Bank Term Funding Program (BTFP) in March 2024, which offers loans of up to one year[139] Market and Economic Conditions - The Federal Open Market Committee maintained the federal funds target rate at 5.50% during the three months ended March 31, 2024[105] - The economic value of equity (EVE) decreased by 1.5% with a 300 basis point rise in interest rates as of March 31, 2024, compared to a decrease of 1.9% at December 31, 2023[142] Other Financial Metrics - The company reported a provision for credit losses of $(135,000) for the current quarter, compared to $279,000 in the prior year[29] - The effective tax rate decreased to 16.3% from 24.4% in the prior year, influenced by tax credits related to low-income housing projects[135] - The total fair value of loans held-for-sale is reported at $11,432,000 as of March 31, 2024[94]
Eagle Bancorp Montana(EBMT) - 2024 Q1 - Quarterly Report