Eagle Bancorp Montana, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Eagle Bancorp Montana, Inc. reported a decrease in net income and EPS for FY2023, alongside the adoption of new accounting standards for loan losses.</b>

AI Summary

Eagle Bancorp Montana, Inc. (EBMT) filed a Annual Report (10-K) with the SEC on March 6, 2024. Eagle Bancorp Montana, Inc. reported total assets of $385,275,000 for the fiscal year ended December 31, 2023, an increase from $345,355,000 in the prior year. Net income for the year ended December 31, 2023, was $14,000,000, a decrease from $16,440,000 in the prior year. Earnings per share (EPS) for the year ended December 31, 2023, were $1.42, compared to $1.68 in the prior year. The company adopted ASU No. 2016-13 (CECL) as of January 1, 2023, changing its methodology for impaired loans. Total debt to equity ratio was not explicitly provided, but key financial figures like total assets and retained earnings are detailed.

Why It Matters

For investors and stakeholders tracking Eagle Bancorp Montana, Inc., this filing contains several important signals. The adoption of ASU No. 2016-13 impacts how the company accounts for loan losses, potentially affecting future provisions and allowances. A decrease in net income and EPS suggests potential headwinds or increased expenses impacting profitability in the most recent fiscal year.

Risk Assessment

Risk Level: medium — Eagle Bancorp Montana, Inc. shows moderate risk based on this filing. The decrease in net income from $16.44 million to $14.00 million and EPS from $1.68 to $1.42 indicates a potential decline in profitability, warranting a medium risk assessment.

Analyst Insight

Investors should monitor Eagle Bancorp Montana's profitability trends and the impact of the CECL adoption on its financial performance in upcoming filings.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

385,275,000

total Debt

N/A

net Income

14,000,000

eps

1.42

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 385,275,000 — Total Assets (As of December 31, 2023)
• 14,000,000 — Net Income (For the year ended December 31, 2023)
• 1.42 — EPS (For the year ended December 31, 2023)
• 16,440,000 — Net Income (Prior Year) (For the year ended December 31, 2022)
• 1.68 — EPS (Prior Year) (For the year ended December 31, 2022)

Key Players & Entities

• Eagle Bancorp Montana, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-06 (date) — Filing date
• ASU No. 2016-13 (regulatory) — Accounting standard adopted

FAQ

Risk Factors

• Adoption of ASU No. 2016-13 [medium — regulatory]: The company adopted ASU No. 2016-13 as of January 1, 2023, which changes the methodology for impaired loans.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2023-01-01: Adoption of ASU No. 2016-13 — Effective date for the new accounting standard for credit losses.

Key Financial Figures

• $0.01 — hich registered Common Stock par value $0.01 per share EBMT Nasdaq Global Market
• $38.58 million — ntana. The total consideration paid was $38.58 million and included cash consideration of $10.
• $10.23 million — lion and included cash consideration of $10.23 million and common stock issued of $28.35 milli
• $28.35 million — 0.23 million and common stock issued of $28.35 million. In January 2020, the Company acquire
• $14.97 million — ntana. The total consideration paid was $14.97 million and included cash consideration of $6.5
• $6.50 million — lion and included cash consideration of $6.50 million and common stock issued of $8.47 millio
• $8.47 million — 6.50 million and common stock issued of $8.47 million. In January 2019, the Company acquire
• $16.44 million — ntana. The total consideration paid was $16.44 million of Eagle common stock issued. In Janu
• $18.93 million — ntana. The total consideration paid was $18.93 million and included cash consideration of $9.9
• $9.90 million — lion and included cash consideration of $9.90 million and common stock issued of $9.03 millio
• $9.03 million — 9.90 million and common stock issued of $9.03 million. 2 Table of Contents Business Strat
• $5.09 m — ers. Mortgage loan servicing fees w ere $5.09 mi llion and $4.84 million for the years
• $4.84 million — servicing fees w ere $5.09 mi llion and $4.84 million for the years ended December 31, 2023 a
• $1.38 million — charges and other ancillary fees we re $1.38 million a nd $1.01 million for the years ended
• $1.01 million — ancillary fees we re $1.38 million a nd $1.01 million for the years ended December 31, 2023 a

Filing Documents

• ebmt20231231_10k.htm (10-K) — 4885KB
• ex_601300.htm (EX-21.1) — 6KB
• ex_601301.htm (EX-23.1) — 3KB
• ex_601302.htm (EX-31.1) — 14KB
• ex_601303.htm (EX-31.2) — 14KB
• ex_601304.htm (EX-32.1) — 5KB
• ex_631544.htm (EX-97.1) — 27KB
• ebmt20191231_10kimg001.jpg (GRAPHIC) — 9KB
• 0001437749-24-006812.txt (&nbsp;) — 21057KB
• ebmt-20231231.xsd (EX-101.SCH) — 119KB
• ebmt-20231231_cal.xml (EX-101.CAL) — 126KB
• ebmt-20231231_def.xml (EX-101.DEF) — 868KB
• ebmt-20231231_lab.xml (EX-101.LAB) — 737KB
• ebmt-20231231_pre.xml (EX-101.PRE) — 926KB
• ebmt20231231_10k_htm.xml (XML) — 4959KB

RISK FACTORS

RISK FACTORS 14 ITEM 1B. UNRESOLVED STAFF COMMENTS 21 ITEM 1C. CYBERSECURITY 21 ITEM 2.

PROPERTIES

PROPERTIES 23 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 23 ITEM 4. MINE SAFETY DISCLOSURES 23 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24 ITEM 6. [ RESERVED ] 25 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 43 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 43 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 44 ITEM 9B. OTHER INFORMATION 44 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 44 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 45 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 45 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 45 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 45 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 45 PART IV ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 45 ITEM 16. FORM 10-K SUMMARY 48 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "project," "could," "intend," "target" and other similar words and expressions of the future. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of the management of Eagle Bancorp Montana, Inc. ("Eagle" or the "Company") and Opportunity Bank of Montana ("OBMT" or the "Bank"), Eagle's wholly-owned subsidiary, and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that a

View Full Filing

View this 10-K filing on SEC EDGAR