Eagle Bancorp Montana Earns $1.6 Million in the Third Quarter; Declares Regular Quarterly Cash Dividend to $0.0925 per Share

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HELENA, Mont., Oct. 23, 2018 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. EBMT, (the "Company," "Eagle"), the holding company of Opportunity Bank of Montana, today reported net income increased 22.4% to $1.6 million, or $0.30 per diluted share, in the third quarter of 2018 compared to $1.3 million, or $0.24 per diluted share, in the second quarter of 2018.  In the third quarter a year ago, Eagle earned $1.7 million, or $0.45 per diluted share.  There was $222,000 in acquisition-related expenses in the third quarter of 2018, compared to $131,000 in the preceding quarter and $276,000 in the third quarter a year ago.

In the first nine months of 2018, net income was $3.5 million, or $0.65 per diluted share, compared to $3.6 million, or $0.92 per diluted share, in the first nine months of 2017.  There were $587,000 in acquisition-related costs in the first nine months of 2018, compared to $276,000 in the first nine months of 2017.

Additionally, Eagle's board of directors declared a regular quarterly cash dividend to $0.0925 per share.  The dividend will be payable December 7, 2018 to shareholders of record November 16, 2018.  The current annualized yield is 2.06% based on recent market prices.

"For the third quarter, we generated strong revenue growth driven by balance sheet expansion and additional client acquisition," said Peter J. Johnson, President and CEO.  "In addition to solid organic growth, our successful acquisition of Ruby Valley Bank earlier this year has contributed to our increased revenues.  Further, we are confident that our recently announced merger of Big Muddy Bancorp, Inc. will provide tremendous opportunities to continue to generate strong revenue growth going forward.  We expect this merger, like our earlier acquisition, will result in significant benefits to our expanding group of clients, communities, employees and shareholders."

On August 21, 2018, Eagle announced that it had reached an agreement to acquire Big Muddy Bancorp, Inc. and its wholly owned subsidiary, The State Bank of Townsend, Townsend, Montana.  Townsend currently operates four branches in Townsend, Dutton, Denton and Choteau and the acquisition will provide Opportunity Bank with an additional $110 million in assets, $94 million in deposits and $92 million in gross loans.  Opportunity Bank will have, upon completion of the transaction, 21 retail branches in Montana, positioning it as the fourth largest Montana based bank with approximately $940 million in assets.

The Ruby Valley Bank acquisition, which was completed during the first quarter of 2018, added approximately $94 million in assets, $82 million in deposits and $55 million in gross loans.

Third Quarter 2018 Highlights (at or for the three-month period ended September 30, 2018, except where noted)

  • Net income was $1.6 million, or $0.30 per diluted share.
  • Purchase discount on loans from the Ruby Valley Bank Portfolio was $1.8 million at January 31, 2018 (the "acquisition date"), of which $1.3 million remains as of September 30, 2018.
  • The accretion of the loan purchase discount into loan interest income from the Ruby Valley Bank transaction was $100,000 in the third quarter, compared to $425,000 in the preceding quarter.
  • Net interest margin was 3.95% in the third quarter, compared to 4.18% in the preceding quarter and 3.77% in the third quarter a year ago.
  • Revenues (net interest income before the provision for loan losses, plus non-interest income) increased 10.8% to $11.2 million, compared to $10.1 million in the third quarter a year ago.
  • Return on average assets was 0.79%.
  • Return on average equity was 7.04%.
  • Total loans increased 16.9% to $596.6 million at September 30, 2018, compared to $510.2 million a year.
  • Commercial real estate loans increased 17.3% to $236.9 million at September 30, 2018, compared to $201.9 million a year earlier. 
  • Total deposits increased 18.3% to $621.3 million at September 30, 2018, compared to $525.2 million a year ago.
  • Capital ratios remain well capitalized with a tangible common shareholders' equity ratio of 9.47% at September 30, 2018.
  • Declared quarterly cash dividend of $0.0925 per share.

Balance Sheet Results

Total assets increased 19.6% to $840.0 million at September 30, 2018, compared to $702.6 million a year ago, in large part due to the Ruby Valley Bank acquisition.  At June 30, 2018, total assets were $826.8 million.

"Loan growth has been robust, increasing 2.6% in the third quarter, or 10.4%, on an annualized basis," said Johnson.  Total loans increased 16.9% to $596.6 million at September 30, 2018, compared to $510.2 million a year earlier and increased 2.6% compared to $581.7 million three months earlier.

Eagle originated $86.6 million in new residential mortgages during the quarter, excluding construction loans, and sold $83.5 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 2.7%.  This production compares to residential mortgage originations of $84.0 million in the preceding quarter with sales of $73.6 million.

Commercial real estate loans increased 17.3% to $236.9 million at September 30, 2018, compared to $201.9 million a year earlier.  Residential mortgage loans increased 5.5% to $115.2 million, compared to $109.3 million a year earlier.  Commercial loans increased 8.0% to $60.4 million, home equity loans increased 3.7% to $53.3 million, residential construction loans remain unchanged at $29.8 million and construction and development loans decreased 1.4% to $36.3 million, compared to a year ago.  Agricultural and farmland loans increased 300.57% to $49.3 million at September 30, 2018, compared to $12.3 million a year earlier.

Total deposits were $621.3 million at September 30, 2018, a modest increase compared to $613.2 million at June 30, 2018, and a 18.3% increase compared to $525.2 million a year ago.  At September 30, 2018, checking and money market accounts represent 56.4%, savings accounts represent 17.5%, and CDs comprise 26.1% of the total deposit portfolio.

Shareholders' equity increased modestly to $92.0 million at September 30, 2018, compared to $91.8 million three months earlier and increased 45.2% compared to $63.3 million one year earlier.  Tangible book value was $14.33 per share at September 30, 2018, compared to $14.28 per share at June 30, 2018, and $14.70 per share a year earlier. 

Operating Results

"The rising interest rate environment contributed to higher yields on loans during the third quarter, which resulted in a higher net interest margin (NIM) compared to a year ago, although was partially offset by higher rates on borrowed funds," said Johnson.  "In addition, the interest accretion on purchased loans totaled $100,000 and resulted in a five basis point increase in the NIM during the third quarter, compared to $425,000 and a 23 basis point increase in the NIM during the preceding quarter."  Eagle's net interest margin was 3.95% in the third quarter, compared to 3.77% in the third quarter a year ago.  In the second quarter of 2018, Eagle's net interest margin was 4.18%.  In the first nine months of 2018, Eagle's net interest margin was 3.97%, with nine basis points attributed to interest accretion on purchased loans, compared to 3.69% in the first nine months a year ago.  The investment securities portfolio increased to $148.9 million at September 30, 2018, compared to $120.8 million a year ago, which increased the average yields on earning assets to 4.62% from 4.32% a year ago. 

Eagle's second quarter revenues increased 3.2% to $11.2 million, compared to $10.9 million in the preceding quarter and increased 10.8% when compared to $10.1 million in the third quarter a year ago.  Year-to-date, revenues increased 11.9% to $31.7 million, compared to $28.3 million in the first nine months of 2017.  Net interest income before the provision for loan loss decreased to $7.5 million in the third quarter compared to $7.8 million in the preceding quarter, and increased 21.4% compared to $6.2 million in the third quarter a year ago.  In the first nine months of 2018, net interest income increased 26.3% to $22.1 million, compared to $17.5 million in the first nine months of 2017.

With solid gains from loan sales, noninterest income increased 22.0% to $3.8 million in the third quarter, compared to $3.1 million in the preceding quarter, but decreased 5.7% compared to $4.0 million in the third quarter a year ago, when residential mortgage loan originations were very robust.  The net gain on sale of mortgage loans totaled $2.3 million in the third quarter, compared to $1.7 million in the preceding quarter and $2.6 million in the third quarter a year ago.  Year-to-date, noninterest income was $9.5 million, compared to $10.8 million in the first nine months of 2017.

Eagle's third quarter noninterest expenses were $9.1 million compared to $9.2 million in the preceding quarter and $7.6 million in the third quarter a year ago.  Acquisition costs totaled $222,000 for the current quarter, compared to $131,000 for the preceding quarter and $276,000 in the third quarter one year ago.  In the first nine months of the year, noninterest expenses totaled $26.6 million, compared to $22.6 million in the first nine months of 2017.

For the third quarter of 2018, Eagle recorded $360,000 in income tax expense for an effective tax rate of 18.1%, reflecting the new lower corporate tax rates. 

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Credit Quality

"Our asset quality has remained very stable, with a gradual increase in our reserves," noted Johnson.  The allowance for loan losses represented 370.9% of nonaccrual loans at September 30, 2018, compared to 370.7% three months earlier and 394.0% a year earlier.  The third quarter provision for loan losses was $194,000, compared to $24,000 in the preceding quarter and $331,000 in the third quarter a year ago. 

Total OREO and other repossessed assets were $457,000 at September 30, 2018, the same as in the preceding quarter end.  Total OREO and other repossessed assets were $527,000 a year ago.  Nonperforming assets (NPAs), consisting of nonaccrual loans, OREO and other repossessed assets, loans delinquent 90 days or more, and restructured loans, were $2.2 million at September 30, 2018 or 0.26% of total assets, compared to $2.1 million, or 0.26% of total assets three months earlier and $1.9 million, or 0.27% of total assets a year earlier. 

Nonperforming loans (NPLs) were $1.7 million at September 30, 2018, which was unchanged from three months earlier.  Nonperforming loans were $1.4 million a year earlier. 

Eagle had net loan recoveries of $6,000 in the third quarter of 2018.  This compares to net charge-offs of $4,000 in the preceding quarter and net charge-offs of $56,000 in the third quarter a year ago.  The allowance for loan losses was $6.4 million, or 1.06% of total loans at September 30, 2018, compared to $6.2 million, or 1.06% of total loans at June 30, 2018 and $5.5 million, or 1.08% of total loans a year ago.

Capital Management

Eagle Bancorp Montana continues to be well capitalized with the ratio of tangible common shareholders' equity to tangible asset of 9.47% at September 30, 2018.  (Shareholders' equity, less goodwill and core deposit intangible to tangible assets).

On October 13, 2017, Eagle successfully completed a public offering of its common stock and issued 1,189,041 shares and received approximately $20.1 million in net cash proceeds.

About the Company

Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana and is the holding company of Opportunity Bank, a community bank established in 1922 that serves consumers and small businesses in Montana through 17 banking offices. Additional information is available on the bank's website at www.opportunitybank.com.  The shares of Eagle Bancorp Montana, Inc. are traded on the Nasdaq Global Market under the symbol "EBMT."

Forward Looking Statements

This release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as "believe," "will"' "expect," "anticipate," "should," "planned," "estimated," and "potential." These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business plans, prospects, merger with Ruby Valley Bank, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management 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 are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions, either nationally or in our market areas, that are worse than expected; competition among depository and other financial institutions; loan demand or residential and commercial real estate values in Montana; our ability to continue to  increase and manage our commercial real estate, commercial business and agricultural loans; inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; the effect of our acquisition of Ruby Valley Bank including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations and the diversion of management time on issues related to the integration. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

Balance Sheet       
(Dollars in thousands, except per share data)  (Unaudited)(Unaudited)(Unaudited)
      September 30,June 30,September 30,
       2018  2018  2017 
         
Assets:       
 Cash and due from banks   $  7,889 $  7,583 $  7,371 
 Interest bearing deposits in banks      1,079    1,397    784 
  Total cash and cash equivalents    8,968    8,980    8,155 
 Securities available-for-sale, at market value     148,935    154,265    120,767 
 FHLB stock       4,617    4,559    4,121 
 FRB stock       2,033    2,019    871 
 Investment in Eagle Bancorp Statutory Trust I     155    155    155 
 Loans held-for-sale       8,747    11,700    9,606 
 Loans:       
   Real estate loans:       
   Residential 1-4 family      115,217    112,314    109,250 
   Residential 1-4 family construction     29,755    31,009    29,760 
   Commercial real estate      236,900    216,264    201,949 
   Commercial construction and development     36,339    36,581    35,850 
   Farmland       30,421    28,680    9,702 
 Other loans:       
   Home equity       53,342    53,178    51,450 
   Consumer       16,491    16,635    14,696 
   Commercial       60,407    69,951    55,956 
   Agricultural       18,849    18,145    2,598 
   Unearned loan fees      (1,081)   (1,029)   (1,027)
  Total loans      596,640    581,728    510,184 
 Allowance for loan losses      (6,350)   (6,150)   (5,500)
  Net loans      590,290    575,578    504,684 
 Accrued interest and dividends receivable     3,890    3,668    2,269 
 Mortgage servicing rights, net      6,947    6,716    6,398 
 Premises and equipment, net      28,600    27,969    20,860 
 Cash surrender value of life insurance     20,405    14,670    14,385 
 Real estate and other repossessed assets acquired in     
 settlement of loans, net      457    457    527 
 Goodwill       12,124    12,124    7,034 
 Core deposit intangible      1,599    1,702    300 
 Deferred tax asset, net      2,100    2,012    1,349 
 Other assets       100    253    1,089 
  Total assets   $  839,967 $  826,827 $  702,570 
         
Liabilities:       
 Deposit accounts:       
 Noninterest bearing       142,351    133,736    104,866 
 Interest bearing       478,951    479,439    420,301 
  Total deposits     621,302    613,175    525,167 
 Accrued expense and other liabilities     6,082    5,535    5,426 
 FHLB advances and other borrowings     95,731    91,469    83,836 
 Other long-term debt, net      24,860    24,843    24,795 
  Total liabilities     747,975    735,022    639,224 
         
Shareholders' Equity:       
 Preferred stock (par value $0.01 per share; 1,000,000 shares   
 authorized; no shares issued or outstanding)     -     -     -  
 Common stock (par value  $0.01; 8,000,000 shares authorized;    
 5,718,942, 5,718,942  and 4,083,127 shares issued; 5,460,452,    
 5,460,452 and 3,811,409 shares outstanding at September 30, 2018,   
 June 30, 2018 and September 30, 2017, respectively)    57    57    41 
 Additional paid-in capital      51,927    51,890    22,477 
 Unallocated common stock held by Employee Stock Ownership Plan   (518)   (559)   (684)
 Treasury stock, at cost (258,490, 258,490 and 271,718 shares at    
 September 30, 2018, June 30, 2018 and September 30, 2017, respectively)   (2,826)   (2,826)   (2,971)
 Retained earnings       45,989    44,862    43,837 
 Accumulated other comprehensive (loss) income    (2,637)   (1,619)   646 
  Total shareholders' equity     91,992    91,805    63,346 
  Total liabilities and shareholders' equity $  839,967 $  826,827 $  702,570 
         

  

        
Income Statement   (Unaudited)  (Unaudited)
(Dollars in thousands, except per share data)  Three Months Ended Nine Months Ended
       September 30,June 30,September 30, September 30,
        2018  2018  2017  2018  2017 
Interest and dividend income:        
 Interest and fees on loans  $  7,701 $  7,862 $  6,478 $  22,435 $  18,222 
 Securities available-for-sale     1,036    1,021    693    3,046    2,136 
 FRB and FHLB dividends     80    74    48    233    124 
 Interest on deposits in banks     5    18    2    40    3 
 Other interest income     3    1    3    4    4 
  Total interest and dividend income     8,825    8,976    7,224    25,758    20,489 
Interest expense:         
 Interest expense on deposits     534    494    386    1,454    1,142 
 FHLB advances and other borrowings     453    315    329    1,105    856 
 Other long-term debt     361    357    350    1,065    969 
  Total interest expense     1,348    1,166    1,065    3,624    2,967 
Net interest income      7,477    7,810    6,159    22,134    17,522 
Loan loss provision    194    24    331    720    934 
 Net interest income after loan loss provision    7,283    7,786    5,828    21,414    16,588 
       
Noninterest income:       
 Service charges on deposit accounts    241    214    250    681    721 
 Net gain on sale of loans    2,290    1,720    2,574    5,449    6,662 
 Mortgage loan servicing fees    575    563    525    1,698    1,581 
 Wealth management income     130    147    142    409    463 
 Interchange and ATM fees     270    271    214    766    648 
 Appreciation in cash surrender value of life insurance    166    146    125    436    375 
 Net (loss) gain on sale of available-for-sale securities    (23)   15    -    (113)   (14)
 Net loss on sale of real estate owned and other repossessed property    -    (32)   -    (57)   (25)
 Other noninterest income    112    40    158    255    355 
 Total noninterest income    3,761    3,084    3,988    9,524    10,766 
       
Noninterest expense:       
 Salaries and employee benefits     5,123    5,461    4,331    15,493    13,350 
 Occupancy and equipment expense    880    835    680    2,543    2,069 
 Data processing    866    673    563    2,176    1,696 
 Advertising    295    298    255    871    713 
 Amortization of mortgage servicing fees    296    369    288    906    812 
 Amortization of core deposit intangible and tax credits    182    235    107    519    321 
 Loan costs    154    179    166    469    465 
 Federal insurance premiums    65    69    78    203    198 
 Postage    58    84    48    192    147 
 Legal, accounting and examination fees    121    184    107    447    392 
 Consulting fees    23    25    14    65    122 
 Acquisition costs    222    131    276    587    276 
 Write-down on real estate owned and other repossessed property    -    -    -    -    45 
 Other noninterest expense    767    701    644    2,149    2,010 
 Total noninterest expense    9,052    9,244    7,557    26,620    22,616 
       
Income before income taxes      1,992    1,626    2,259    4,318    4,738 
Income tax expense      360    293    538    780    1,188 
Net income    $  1,632 $  1,333 $  1,721 $  3,538 $  3,550 
       
Basic earnings per share  $  0.30 $  0.24 $  0.45 $  0.65 $  0.93 
Diluted earnings per share  $  0.30 $  0.24 $  0.45 $  0.65 $  0.92 
Weighted average shares       
 outstanding (basic EPS)    5,460,452    5,460,452    3,811,409    5,411,356    3,811,409 
Weighted average shares       
 outstanding (diluted EPS)    5,524,912    5,524,912    3,863,656    5,475,816    3,869,695 
    


 

   
ADDITIONAL FINANCIAL INFORMATIONThree Months Ended 
  September 30,June 30,September 30, 
   2018  2018  2017  
Performance Ratios (For the quarter):    
Return on average assets 0.79% 0.65% 0.98% 
Return on average equity 7.04% 5.83% 10.87% 
Net interest margin*** 3.95% 4.18% 3.77% 
Core efficiency ratio* 76.95% 81.49% 70.70% 
      
Performance Ratios (Year-to-date):    
Return on average assets 0.57% 0.46% 0.69% 
Return on average equity 5.19% 4.23% 7.75% 
Net interest margin*** 3.97% 3.98% 3.69% 
Core efficiency ratio* 80.59% 82.60% 77.84% 
      
Asset Quality Ratios and Data:As of or for the Three Months Ended 
  September 30,June 30,September 30, 
   2018  2018  2017  
      
Nonaccrual loans $  1,556 $  1,500 $  1,396  
Loans 90 days past due and still accruing   156    159    -  
Restructured loans, net   -    -    -  
 Total nonperforming loans   1,712    1,659    1,396  
Other real estate owned and other repossessed assets   457    457    527  
 Total nonperforming assets$  2,169 $  2,116 $  1,923  
      
Nonperforming loans / portfolio loans 0.29% 0.29% 0.27% 
Nonperforming assets / assets 0.26% 0.26% 0.27% 
Allowance for loan losses / portfolio loans 1.06% 1.06% 1.08% 
Allowance / nonperforming loans 370.91% 370.71% 393.98% 
Gross loan charge-offs for the quarter$  14 $  24 $  60  
Gross loan recoveries for the quarter$  20 $  20 $  4  
Net loan charge-offs for the quarter$  (6)$  4 $  56  
      
Capital Data (At quarter end):    
Tangible book value per share$  14.33 $  14.28 $  14.70  
Shares outstanding 5,460,452  5,460,452  3,811,409  
Tangible common equity to tangible assets 9.47% 9.59% 8.06% 
      
Other Information:     
Average total assets for the quarter$  830,875 $  823,916 $  704,336  
Average total assets year to date$  823,826 $  820,302 $  690,112  
Average earning assets for the quarter$  750,684 $  749,725 $  648,385  
Average earning assets year to date$  745,470 $  742,864 $  634,365  
Average loans for the quarter **$  591,441 $  585,366 $  520,603  
Average loans year to date **$  583,274 $  579,191 $  502,563  
Average equity for the quarter$  92,678 $  91,462 $  63,315  
Average equity year to date$  90,939 $  90,069 $  61,096  
Average deposits for the quarter$  615,544 $  623,285 $  517,660  
Average deposits year to date$  614,800 $  614,429 $  516,194  
      
* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of  
amortization costs, intangible asset amortization, by the sum of net interest income and non-interest income.  
** includes loans held for sale    
***Based on actual days. Previously calculated on a 360 day basis.    
      


Use of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, the Financial Ratios and Other Data contains our core efficiency ratio and tangible book value per share, which are non-GAAP financial measures.  The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders' equity are calculated by excluding intangible assets from assets and shareholders' equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders' equity by the number of common shares outstanding.  We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios, and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited.  Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders' equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies.  Reconciliation of the GAAP and non-GAAP financial measures are presented below.


Core Efficiency Ratio (Unaudited)  (Unaudited) 
(Dollars in thousands, except per share data)  Three Months Ended Nine Months Ended 
     September 30,June 30,September 30, September 30, 
      2018  2018  2017   2018  2017  
Calculation of Core Efficiency Ratio:       
 Noninterest expense$  9,052 $  9,244 $  7,557  $  26,620 $  22,616  
 Acquisition costs $  (222)$  (131)$  (276) $  (587)$  (276) 
 Intangible asset amortization   (182)   (235)   (107)    (519)   (321) 
  Core efficiency ratio numerator   8,648    8,878    7,174     25,514    22,019  
            
 Net interest income   7,477    7,810    6,159     22,134    17,522  
 Noninterest income   3,761    3,084    3,988     9,524    10,766  
  Core efficiency ratio denominator   11,238    10,894    10,147     31,658    28,288  
            
 Core efficiency ratio  76.95% 81.49% 70.70%  80.59% 77.84% 
            

 

Tangible Book Value and Tangible Assets (Unaudited) 
(Dollars in thousands, except per share data) September 30,June 30,September 30, 
       2018  2018  2017  
Tangible Book Value:       
 Shareholders' equity  $  91,992 $  91,805 $  63,346  
 Goodwill and core deposit intangible, net    (13,723)   (13,826)   (7,334) 
  Tangible common shareholders' equity $  78,269 $  77,979 $  56,012  
          
 Common shares outstanding at end of period    5,460,452    5,460,452    3,811,409  
          
 Common shareholders' equity (book value) per share (GAAP)$  16.85 $  16.81 $  16.62  
          
 Tangible common shareholders' equity (tangible book value)     
  per share (non-GAAP)  $  14.33 $  14.28 $  14.70  
          
Tangible Assets:       
 Total assets   $  839,967 $  826,827 $  702,570  
 Goodwill and core deposit intangible, net    (13,723)   (13,826)   (7,334) 
  Tangible assets (non-GAAP) $  826,244 $  813,001 $  695,236  
          
 Tangible common shareholders' equity to tangible assets    
  (non-GAAP)    9.47% 9.59% 8.06% 
          


Contacts:  Peter J. Johnson, President and CEO
(406) 457-4006
Laura F. Clark, EVP and CFO
(406) 457-4007     

 

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Posted In: EarningsPress Releases
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