[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2013
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _____ to _____.
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Eagle Bancorp Montana, Inc.
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(Exact name of small business issuer as specified in its charter)
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Delaware
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27-1449820
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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1400 Prospect Avenue, Helena, MT 59601
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(Address of principal executive offices)
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(406) 442-3080
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(Issuer's telephone number)
|
Large accelerated filer | [ ] | Accelerated filer [ ] | ||
Non-accelerated filer | [ ] | Smaller reporting company [X] | ||
(Do not check if smaller
reporting company)
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Common stock, par value $0.01 per share
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3,898,685 shares outstanding
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PART I.
|
FINANCIAL INFORMATION | PAGE | ||
Financial Statements | ||||
1
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3
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5
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6
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7
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9
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36
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44
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45
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PART II.
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OTHER INFORMATION | |||
46
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46
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46
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47
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47
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47
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47
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48
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Exhibit 31.1
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||||
Exhibit 31.2
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Exhibit 32.1
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101.INS XBRL
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Instance Document
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|||
101.SCH XBRL
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Taxonomy Extension Schema Document
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|||
101.CAL XBRL
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Taxonomy Extension Calculation Linkbase Document
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101.DEF XBRL
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Taxonomy Extension Definition Linkbase Document
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101.LAB XBRL
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Taxonomy Extension Label Linkbase Document
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101.PRE XBRL
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Taxonomy Extension Presentation Linkbase Document
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●
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statements of our goals, intentions and expectations;
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●
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statements regarding our business plans, prospects, growth and operating strategies;
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●
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statements regarding the asset quality of our loan and investment portfolios; and
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●
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estimates of our risks and future costs and benefits.
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●
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changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
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●
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general economic conditions, either nationally or in our market areas, that are worse than expected;
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●
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competition among depository and other financial institutions;
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●
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changes in the prices, values and sales volume of residential and commercial real estate in Montana;
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●
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inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
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●
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changes in the securities markets;
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●
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our ability to enter new markets successfully and capitalize on growth opportunities;
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●
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our ability to successfully integrate acquired entities or businesses;
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●
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the possibility of goodwill impairment charges in the future;
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●
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changes in consumer spending, borrowing and savings habits;
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●
|
our ability to continue to increase and manage our commercial and residential real estate, multi-family, and commercial business loans;
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●
|
possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises;
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●
|
the level of future deposit premium assessments;
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●
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the impact of the current economic conditions on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities;
|
●
|
the impact of recently enacted legislation to restructure the U.S. financial and regulatory system, including proposals to reform the housing markets and government-sponsored enterprises serving such markets;
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●
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the failure of assumptions underlying the establishment of allowance for possible loan losses and other estimates;
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●
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changes in the financial performance and/or condition of our borrowers and their ability to repay their loans when due; and
|
●
|
the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
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March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$ | 4,517 | $ | 3,534 | ||||
Interest-bearing deposits with banks
|
360 | 16,280 | ||||||
Federal funds sold
|
12,161 | - | ||||||
Total cash and cash equivalents
|
17,038 | 19,814 | ||||||
Securities available-for-sale,
|
||||||||
at market value
|
225,999 | 89,277 | ||||||
Federal Home Loan Bank stock, at cost
|
1,949 | 2,003 | ||||||
Investment in Eagle Bancorp Statutory Trust I
|
155 | 155 | ||||||
Mortgage loans held-for-sale
|
12,627 | 10,613 | ||||||
Loans receivable, net of deferred loan expenses
|
||||||||
and allowance for loan losses of $1,900 at
|
||||||||
March 31, 2013 and $1,625 at June 30, 2012
|
210,822 | 173,839 | ||||||
Accrued interest and dividends receivable
|
2,237 | 1,371 | ||||||
Mortgage servicing rights, net
|
2,832 | 2,218 | ||||||
Premises and equipment, net
|
19,040 | 15,561 | ||||||
Cash surrender value of life insurance
|
9,393 | 9,172 | ||||||
Real estate & other repossessed assets acquired in settlement of loans,
|
||||||||
net of allowance for losses
|
1,087 | 2,361 | ||||||
Goodwill
|
6,890 | - | ||||||
Core deposit intangible, net
|
981 | - | ||||||
Other assets
|
1,777 | 915 | ||||||
Total assets
|
$ | 512,827 | $ | 327,299 |
March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
LIABILITIES
|
||||||||
Deposit accounts:
|
||||||||
Noninterest bearing
|
$ | 55,998 | $ | 23,425 | ||||
Interest bearing
|
365,589 | 196,564 | ||||||
Total deposits
|
421,587 | 219,989 | ||||||
Accrued expenses and other liabilities
|
3,714 | 5,809 | ||||||
Federal funds purchased
|
- | - | ||||||
FHLB advances and other borrowings
|
29,411 | 42,696 | ||||||
Subordinated debentures
|
5,155 | 5,155 | ||||||
Total liabilities
|
459,867 | 273,649 | ||||||
EQUITY
|
||||||||
Preferred stock (no par value, 1,000,000 shares
|
||||||||
authorized, none issued or outstanding)
|
- | - | ||||||
Common stock (par value $0.01 per share;
|
||||||||
8,000,000 shares authorized; 4,083,127 shares issued;
|
||||||||
3,898,685, and 3,878,971 shares oustanding
|
||||||||
at March 31, 2013 and June 30, 2012, respectively)
|
41 | 41 | ||||||
Additional paid-in capital
|
22,106 | 22,112 | ||||||
Unallocated common stock held by employee
|
||||||||
stock ownership plan ("ESOP")
|
(1,431 | ) | (1,556 | ) | ||||
Treasury stock, at cost
|
(1,993 | ) | (2,210 | ) | ||||
Retained earnings
|
33,447 | 32,990 | ||||||
Accumulated other comprehensive income
|
790 | 2,273 | ||||||
Total equity
|
52,960 | 53,650 | ||||||
Total liabilities and equity
|
$ | 512,827 | $ | 327,299 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Interest and Dividend Income:
|
||||||||||||||||
Interest and fees on loans
|
$ | 3,012 | $ | 2,744 | $ | 8,316 | $ | 8,349 | ||||||||
Securities available-for-sale
|
1,087 | 778 | 2,491 | 2,477 | ||||||||||||
Interest on deposits with banks
|
10 | 4 | 26 | 13 | ||||||||||||
Total interest and dividend income
|
4,109 | 3,526 | 10,833 | 10,839 | ||||||||||||
Interest Expense:
|
||||||||||||||||
Deposits
|
305 | 260 | 886 | 822 | ||||||||||||
FHLB advances & other borrowings
|
208 | 481 | 732 | 1,596 | ||||||||||||
Subordinated debentures
|
22 | 25 | 69 | 70 | ||||||||||||
Total interest expense
|
535 | 766 | 1,687 | 2,488 | ||||||||||||
Net Interest Income
|
3,574 | 2,760 | 9,146 | 8,351 | ||||||||||||
Loan loss provision
|
116 | 258 | 538 | 841 | ||||||||||||
Net interest income after loan loss provision
|
3,458 | 2,502 | 8,608 | 7,510 | ||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
197 | 141 | 547 | 511 | ||||||||||||
Net gain on sale of loans
|
1,718 | 522 | 3,492 | 1,161 | ||||||||||||
Mortgage loan servicing fees
|
262 | 214 | 743 | 666 | ||||||||||||
Net gain on sale of available for sale securities
|
465 | 115 | 777 | 281 | ||||||||||||
Net loss on sale of OREO
|
(9 | ) | (12 | ) | (32 | ) | (12 | ) | ||||||||
Net gain (loss) on fair value hedge FASB ASC 815
|
43 | 94 | 108 | (280 | ) | |||||||||||
Other
|
597 | 230 | 1,130 | 621 | ||||||||||||
Total noninterest income
|
3,273 | 1,304 | 6,765 | 2,948 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
3,193 | 1,367 | 6,765 | 3,737 | ||||||||||||
Occupancy and equipment expense
|
692 | 350 | 1,542 | 1,032 | ||||||||||||
Data processing
|
512 | 170 | 852 | 456 | ||||||||||||
Advertising
|
278 | 92 | 697 | 354 | ||||||||||||
Amortization of mortgage servicing rights
|
158 | 201 | 566 | 468 | ||||||||||||
Amortization of core deposit intangible and tax credits
|
145 | - | 193 | - | ||||||||||||
Federal insurance premiums
|
82 | 51 | 174 | 137 | ||||||||||||
Postage
|
36 | 23 | 99 | 86 | ||||||||||||
Legal, accounting, and examination fees
|
123 | 71 | 336 | 263 | ||||||||||||
Consulting fees
|
14 | 55 | 75 | 450 | ||||||||||||
Acquisiton costs
|
712 | - | 1,920 | - | ||||||||||||
Provision for valuation loss on OREO
|
93 | 165 | 191 | 165 | ||||||||||||
Other
|
415 | 361 | 1,264 | 1,093 | ||||||||||||
Total noninterest expense
|
6,453 | 2,906 | 14,674 | 8,241 | ||||||||||||
Income before provision for income taxes
|
278 | 900 | 699 | 2,217 | ||||||||||||
(Benefit) provision for income taxes
|
(629 | ) | 242 | (590 | ) | 644 | ||||||||||
Net income
|
$ | 907 | $ | 658 | $ | 1,289 | $ | 1,573 | ||||||||
Basic earnings per common share
|
$ | 0.24 | $ | 0.18 | $ | 0.34 | $ | 0.42 | ||||||||
Diluted earnings per common share
|
$ | 0.23 | $ | 0.17 | $ | 0.33 | $ | 0.40 | ||||||||
Weighted average shares outstanding (basic eps)
|
3,752,813 | 3,716,480 | 3,739,806 | 3,726,453 | ||||||||||||
Weighted average shares outstanding (diluted eps)
|
3,937,255 | 3,920,636 | 3,933,105 | 3,916,486 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET EARNINGS
|
$ | 907 | $ | 658 | $ | 1,289 | $ | 1,573 | ||||||||
OTHER ITEMS OF COMPREHENSIVE EARNINGS:
|
||||||||||||||||
Change in unrealized gain (loss) on investment securities
|
||||||||||||||||
available for sale, before income taxes
|
(2,500 | ) | (112 | ) | (3,406 | ) | 765 | |||||||||
Reclassification adjustment for realized gains on investment
|
||||||||||||||||
securities included in net earnings, before income tax
|
564 | (108 | ) | 716 | (147 | ) | ||||||||||
Change in fair value of derivatives designated as cash flow hedges,
|
||||||||||||||||
before income taxes
|
379 | 146 | 379 | 146 | ||||||||||||
Reclassification adjustment for realized gains on derivatives
|
||||||||||||||||
designated as cash flow hedges, before income taxes
|
(396 | ) | (144 | ) | (192 | ) | (18 | ) | ||||||||
Total other items of comprehensive earnings
|
(1,953 | ) | (218 | ) | (2,503 | ) | 746 | |||||||||
Income tax (expense) benefit related to
|
||||||||||||||||
other items of comprehensive earnings
|
796 | 65 | 1,020 | (224 | ) | |||||||||||
COMPREHENSIVE (LOSS) EARNINGS
|
$ | (250 | ) | $ | 505 | $ | (194 | ) | $ | 2,095 |
ADDITIONAL
|
ACCUMULATED
|
|||||||||||||||||||||||||||||||
UNALLOCATED |
OTHER
|
|||||||||||||||||||||||||||||||
PREFERRED
|
COMMON
|
PAID-IN
|
ESOP
|
TREASURY
|
RETAINED
|
COMPREHENSIVE
|
||||||||||||||||||||||||||
STOCK
|
STOCK
|
CAPITAL
|
SHARES
|
STOCK
|
EARNINGS
|
INCOME(LOSS)
|
TOTAL
|
|||||||||||||||||||||||||
Balance, June 30, 2011
|
$ | - | $ | 41 | $ | 22,110 | $ | (1,722 | ) | $ | (1,796 | ) | $ | 31,918 | $ | 1,934 | $ | 52,485 | ||||||||||||||
Net income
|
1,573 | 1,573 | ||||||||||||||||||||||||||||||
Other comprehensive income
|
522 | 522 | ||||||||||||||||||||||||||||||
Total comprehensive income
|
2,095 | |||||||||||||||||||||||||||||||
Dividends paid ($0.07125 per share)
|
(830 | ) | (830 | ) | ||||||||||||||||||||||||||||
Treasury stock purchased
|
(414 | ) | (414 | ) | ||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released for allocation (12,462 shares) | 1 | 124 | 125 | |||||||||||||||||||||||||||||
Balance, March 31, 2012
|
$ | - | $ | 41 | $ | 22,111 | $ | (1,598 | ) | $ | (2,210 | ) | $ | 32,661 | $ | 2,456 | $ | 53,461 |
Balance, June 30, 2012
|
$ | - | $ | 41 | $ | 22,112 | $ | (1,556 | ) | $ | (2,210 | ) | $ | 32,990 | $ | 2,273 | $ | 53,650 | ||||||||||||||
Net income
|
1,289 | 1,289 | ||||||||||||||||||||||||||||||
Other comprehensive income
|
(1,483 | ) | (1,483 | ) | ||||||||||||||||||||||||||||
Total comprehensive income
|
(194 | ) | ||||||||||||||||||||||||||||||
Dividends paid ($0.07125 per share)
|
(832 | ) | (832 | ) | ||||||||||||||||||||||||||||
Treasury stock reissued
|
(11 | ) | 217 | 206 | ||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released for allocation (12,462 shares) | 5 | 125 | 130 | |||||||||||||||||||||||||||||
Balance, March 31, 2013
|
$ | - | $ | 41 | $ | 22,106 | $ | (1,431 | ) | $ | (1,993 | ) | $ | 33,447 | $ | 790 | $ | 52,960 |
Nine Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 1,289 | $ | 1,573 | ||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Provision for loan losses
|
538 | 841 | ||||||
Provision for OREO valuation losses
|
191 | 165 | ||||||
Depreciation
|
652 | 572 | ||||||
Net amortization of marketable securities premium and discounts
|
1,235 | 292 | ||||||
Amortization of capitalized mortgage servicing rights
|
566 | 468 | ||||||
Amortization expense
|
193 | - | ||||||
Gain on sale of loans
|
(3,492 | ) | (1,161 | ) | ||||
Net realized gain on sale of available-for-sale securities
|
(777 | ) | (281 | ) | ||||
Increase in cash surrender value of life insurance
|
(221 | ) | (201 | ) | ||||
Loss on sale of OREO
|
32 | 12 | ||||||
Gain on sale of fixed assets
|
(285 | ) | - | |||||
(Gain)/loss fair value hedge, FASB ASC 815
|
(108 | ) | 280 | |||||
Change in assets and liabilities:
|
||||||||
(Increase) decrease in assets:
|
||||||||
Accrued interest and dividends receivable
|
(866 | ) | 107 | |||||
Loans held-for-sale
|
1,664 | (8,812 | ) | |||||
Other assets
|
(1,672 | ) | 549 | |||||
Increase (decrease) in liabilities:
|
||||||||
Accrued expenses and other liabilities
|
167 | 902 | ||||||
Net cash used in operating activities
|
(894 | ) | (4,694 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of securities:
|
||||||||
Investment securities available-for-sale
|
(176,163 | ) | (4,426 | ) | ||||
Proceeds from maturities, calls and principal payments:
|
||||||||
Investment securities available-for-sale
|
21,235 | 9,023 | ||||||
Purchase of bank owned life insurance
|
- | (2,000 | ) | |||||
Proceeds from sale of securities available-for-sale
|
15,060 | 4,689 | ||||||
FHLB stock redeemed
|
54 | - | ||||||
Cash received in acquisition of Sterling Bank branches, net of cash paid
|
130,094 | - | ||||||
Net decrease (increase) in loan receivable, excludes transfers to real estate
|
||||||||
acquired in settlement of loans
|
2,066 | 5,910 | ||||||
Proceeds from the sale of real estate and other repossessed
|
||||||||
property acquired in the settlement of loans
|
1,314 | 110 | ||||||
Proceeds from the sale of fixed assets
|
647 | - | ||||||
Purchase of property and equipment
|
(1,207 | ) | (122 | ) | ||||
Net cash (used in) provided by investing activities
|
(6,900 | ) | 13,184 |
Nine Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase in checking and savings accounts
|
$ | 19,135 | $ | 10,968 | ||||
Net increase in federal funds purchased
|
- | - | ||||||
Payments on FHLB advances
|
(13,285 | ) | (12,150 | ) | ||||
FHLB advances
|
- | - | ||||||
Purchase of Treasury Stock
|
- | (414 | ) | |||||
Dividends paid
|
(832 | ) | (830 | ) | ||||
Net cash provided by (used in) financing activities
|
5,018 | (2,426 | ) | |||||
Net (decrease) increase in cash
|
(2,776 | ) | 6,064 | |||||
CASH AND CASH EQUIVALENTS, beginning of period
|
19,814 | 9,540 | ||||||
CASH AND CASH EQUIVALENTS, end of period
|
$ | 17,038 | $ | 15,604 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for interest
|
$ | 1,750 | $ | 2,551 | ||||
Cash paid during the period for income taxes
|
$ | 372 | $ | 208 | ||||
Assets acquired through foreclosure
|
$ | 545 | $ | 1,213 | ||||
NON-CASH INVESTING ACTIVITIES:
|
||||||||
Increase (decrease) in market value of securities available-for-sale
|
$ | (2,689 | ) | $ | (616 | ) | ||
Mortgage servicing rights capitalized
|
$ | 1,180 | $ | 461 | ||||
See accompanying notes to consolidated financial statements.
|
March 31, 2013
|
June 30, 2012
|
|||||||||||||||||||||||||||||||
(Unaudited)
|
(Audited)
|
|||||||||||||||||||||||||||||||
Gross
|
Gross
|
|||||||||||||||||||||||||||||||
Amortized
|
Unrealized
|
Fair
|
Amortized
|
Unrealized
|
Fair
|
|||||||||||||||||||||||||||
Cost
|
Gains
|
(Losses)
|
Value
|
Cost
|
Gains
|
(Losses)
|
Value
|
|||||||||||||||||||||||||
Available-for-sale:
|
||||||||||||||||||||||||||||||||
U.S. government and
|
||||||||||||||||||||||||||||||||
agency obligations
|
$ | 49,336 | $ | 438 | $ | (187 | ) | $ | 49,587 | $ | 20,557 | $ | 508 | $ | (10 | ) | $ | 21,055 | ||||||||||||||
Municipal obligations
|
86,976 | 2,319 | (1,215 | ) | 88,080 | 39,332 | 2,835 | (107 | ) | 42,060 | ||||||||||||||||||||||
Corporate obligations
|
4,956 | 123 | (2 | ) | 5,077 | 3,937 | 82 | (74 | ) | 3,945 | ||||||||||||||||||||||
Mortgage-backed securities -
|
||||||||||||||||||||||||||||||||
government backed
|
28,806 | 65 | (486 | ) | 28,385 | 6,791 | 56 | - | 6,847 | |||||||||||||||||||||||
CMOs - private label
|
- | - | - | - | 210 | - | (41 | ) | 169 | |||||||||||||||||||||||
CMOs - government backed
|
54,972 | 390 | (492 | ) | 54,870 | 14,807 | 416 | (22 | ) | 15,201 | ||||||||||||||||||||||
Total
|
$ | 225,046 | $ | 3,335 | $ | (2,382 | ) | $ | 225,999 | $ | 85,634 | $ | 3,897 | $ | (254 | ) | $ | 89,277 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31, 2013
|
||||||||||||||||
Less Than 12 Months
|
12 Months or Longer
|
|||||||||||||||
(In thousands)
|
||||||||||||||||
Estimated
|
Gross
|
Estimated
|
Gross
|
|||||||||||||
Market
|
Unrealized
|
Market
|
Unrealized
|
|||||||||||||
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||
U.S. government and agency
|
$ | 12,476 | $ | 186 | $ | 166 | $ | 1 | ||||||||
Corporate obligations
|
998 | 2 | - | - | ||||||||||||
Municipal obligations
|
36,885 | 1,154 | 560 | 61 | ||||||||||||
Mortgage-backed and CMOs
|
60,378 | 975 | 471 | 3 | ||||||||||||
Total
|
$ | 110,737 | $ | 2,317 | $ | 1,197 | $ | 65 | ||||||||
June 30, 2012
|
||||||||||||||||
Less Than 12 Months
|
12 Months or Longer
|
|||||||||||||||
(In thousands)
|
||||||||||||||||
Estimated
|
Gross
|
Estimated
|
Gross
|
|||||||||||||
Market
|
Unrealized
|
Market
|
Unrealized
|
|||||||||||||
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||
U.S. government and agency
|
$ | 1,751 | $ | 8 | $ | 341 | $ | 2 | ||||||||
Corporate obligations
|
- | - | 884 | 74 | ||||||||||||
Municipal obligations
|
1,760 | 2 | 1,402 | 105 | ||||||||||||
CMOs - private label
|
- | - | 168 | 41 | ||||||||||||
Mortgage-backed & CMOs
|
2,514 | 22 | - | - | ||||||||||||
Total
|
$ | 6,025 | $ | 32 | $ | 2,795 | $ | 222 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
(In thousands)
|
||||||||
First mortgage loans:
|
||||||||
Residential mortgage (1-4 family)
|
$ | 65,554 | $ | 61,671 | ||||
Commercial real estate
|
80,229 | 64,672 | ||||||
Real estate construction
|
2,228 | 1,455 | ||||||
Other loans:
|
||||||||
Home equity
|
36,073 | 23,709 | ||||||
Consumer
|
11,371 | 8,778 | ||||||
Commercial
|
17,373 | 15,343 | ||||||
Total
|
212,828 | 175,628 | ||||||
Less: Allowance for loan losses
|
(1,900 | ) | (1,625 | ) | ||||
Add: Deferred loan expenses
|
(106 | ) | (164 | ) | ||||
Total
|
$ | 210,822 | $ | 173,839 |
Nine Months
|
Nine Months
|
Twelve Months
|
||||||||||
Ended
|
Ended
|
Ended
|
||||||||||
March 31,
|
March 31,
|
June 30,
|
||||||||||
2013
|
2012
|
2012
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
(In thousands)
|
||||||||||||
Balance, beginning of period
|
$ | 1,625 | $ | 1,800 | $ | 1,800 | ||||||
Provision charged to operations
|
538 | 841 | 1,101 | |||||||||
Charge-offs
|
(323 | ) | (950 | ) | (1,296 | ) | ||||||
Recoveries
|
60 | 9 | 20 | |||||||||
Balance, end of period
|
$ | 1,900 | $ | 1,700 | $ | 1,625 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
|
$ | 669 | $ | 1,814 | ||||
Accruing loans delinquent 90 days or more
|
- | - | ||||||
Restructured loans, net
|
304 | 1,404 | ||||||
Total nonperforming loans
|
973 | 3,218 | ||||||
Real estate owned and other repossessed assets, net
|
1,087 | 2,361 | ||||||
Total
|
$ | 2,060 | $ | 5,579 | ||||
Total non-performing assets as a percentage of total assets
|
0.40 | % | 1.70 | % | ||||
Allowance for loan losses
|
$ | 1,900 | $ | 1,625 | ||||
Percent of allowance for loan losses to non-performing loans
|
195.3 | % | 50.5 | % | ||||
Percent of allowance for loan losses to non-performing assets
|
92.2 | % | 29.1 | % |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
Nine Months Ended
|
||||||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||||||
1-4 Family
|
Commercial
|
Home
|
||||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||
Beginning balance, June 30, 2012
|
$ | 403 | $ | 772 | $ | 10 | $ | 156 | $ | 78 | $ | 206 | $ | 1,625 | ||||||||||||||
Charge-offs
|
(73 | ) | (35 | ) | (148 | ) | (66 | ) | (1 | ) | (323 | ) | ||||||||||||||||
Recoveries
|
5 | 55 | 60 | |||||||||||||||||||||||||
Provision
|
93 | 215 | 5 | 184 | 22 | 19 | 538 | |||||||||||||||||||||
Ending balance, March 31, 2013
|
$ | 423 | $ | 952 | $ | 15 | $ | 192 | $ | 39 | $ | 279 | $ | 1,900 | ||||||||||||||
Ending balance allocated to loans
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | 1 | $ | - | $ | 1 | ||||||||||||||
Ending balance allocated to loans
|
||||||||||||||||||||||||||||
collectively evaluated for impairment
|
$ | 423 | $ | 952 | $ | 15 | $ | 192 | $ | 38 | $ | 279 | $ | 1,899 | ||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
Ending balance March 31, 2013
|
$ | 65,554 | $ | 80,229 | $ | 2,228 | $ | 36,073 | $ | 11,371 | $ | 17,373 | $ | 212,828 | ||||||||||||||
Ending balance of loans individually
|
||||||||||||||||||||||||||||
evaluated for impairment
|
||||||||||||||||||||||||||||
March 31, 2013
|
$ | 320 | $ | 678 | $ | - | $ | 321 | $ | 72 | $ | 194 | $ | 1,585 | ||||||||||||||
Ending balance of loans collectively
|
||||||||||||||||||||||||||||
evaluated for impairment
|
||||||||||||||||||||||||||||
March 31, 2013
|
$ | 65,234 | $ | 79,551 | $ | 2,228 | $ | 35,752 | $ | 11,299 | $ | 17,179 | $ | 211,243 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
Nine Months Ended
|
||||||||||||||||||||||||||||
March 31, 2012
|
||||||||||||||||||||||||||||
1-4 Family
|
Commercial
|
Home
|
||||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||
Beginning balance, June 30, 2011
|
$ | 369 | $ | 652 | $ | 18 | $ | 481 | $ | 57 | $ | 223 | $ | 1,800 | ||||||||||||||
Charge-offs
|
(125 | ) | (250 | ) | - | (351 | ) | (27 | ) | (197 | ) | (950 | ) | |||||||||||||||
Recoveries
|
- | - | - | - | 9 | - | 9 | |||||||||||||||||||||
Provision
|
97 | 301 | 231 | 1 | 30 | 181 | 841 | |||||||||||||||||||||
Ending balance, March 31, 2012
|
$ | 341 | $ | 703 | $ | 249 | $ | 131 | $ | 69 | $ | 207 | $ | 1,700 | ||||||||||||||
Ending balance allocated to loans
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | - | $ | 59 | $ | 239 | $ | - | $ | 5 | $ | - | $ | 303 | ||||||||||||||
Ending balance allocated to loans
|
||||||||||||||||||||||||||||
collectively evaluated for impairment
|
$ | 341 | $ | 644 | $ | 10 | $ | 131 | $ | 64 | $ | 207 | $ | 1,397 | ||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
Ending balance March 31, 2012
|
$ | 63,225 | $ | 65,820 | $ | 1,935 | $ | 24,336 | $ | 8,798 | $ | 15,014 | $ | 179,128 | ||||||||||||||
Ending balance of loans individually
|
||||||||||||||||||||||||||||
evaluated for impairment
|
||||||||||||||||||||||||||||
March 31, 2012
|
$ | 992 | $ | 907 | $ | 721 | $ | 315 | $ | 100 | $ | 1,564 | $ | 4,599 | ||||||||||||||
Ending balance of loans collectively
|
||||||||||||||||||||||||||||
evaluated for impairment
|
||||||||||||||||||||||||||||
March 31, 2012
|
$ | 62,233 | $ | 64,913 | $ | 1,214 | $ | 24,021 | $ | 8,698 | $ | 13,450 | $ | 174,529 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31, 2013
|
||||||||||||||||||||||||||||
1-4 Family
|
Commercial |
Home
|
||||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||
Pass
|
$ | 65,234 | $ | 79,551 | $ | 2,228 | $ | 35,752 | $ | 11,299 | $ | 17,179 | $ | 211,243 | ||||||||||||||
Special mention
|
- | 678 | - | - | - | - | 678 | |||||||||||||||||||||
Substandard
|
320 | - | - | 280 | 55 | 194 | 849 | |||||||||||||||||||||
Doubtful
|
- | - | - | 41 | 16 | - | 57 | |||||||||||||||||||||
Loss
|
- | - | - | - | 1 | - | 1 | |||||||||||||||||||||
Total
|
$ | 65,554 | $ | 80,229 | $ | 2,228 | $ | 36,073 | $ | 11,371 | $ | 17,373 | $ | 212,828 | ||||||||||||||
Credit Risk Profile Based on Payment Activity
|
||||||||||||||||||||||||||||
Performing
|
$ | 65,492 | $ | 79,682 | $ | 2,228 | $ | 35,795 | $ | 11,325 | $ | 17,333 | $ | 211,855 | ||||||||||||||
Restructured loans
|
- | 304 | - | - | - | - | 304 | |||||||||||||||||||||
Nonperforming
|
62 | 243 | - | 278 | 46 | 40 | 669 | |||||||||||||||||||||
Total
|
$ | 65,554 | $ | 80,229 | $ | 2,228 | $ | 36,073 | $ | 11,371 | $ | 17,373 | $ | 212,828 |
June 30, 2012
|
||||||||||||||||||||||||||||
1-4 Family
|
Commercial |
Home
|
||||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||
Pass
|
$ | 60,748 | $ | 63,839 | $ | 1,455 | $ | 23,319 | $ | 8,685 | $ | 13,846 | $ | 171,892 | ||||||||||||||
Special mention
|
- | 51 | - | - | - | 5 | 56 | |||||||||||||||||||||
Substandard
|
923 | 782 | - | 242 | 76 | 1,492 | 3,515 | |||||||||||||||||||||
Doubtful
|
- | - | - | 148 | 15 | - | 163 | |||||||||||||||||||||
Loss
|
- | - | - | - | 2 | - | 2 | |||||||||||||||||||||
Total
|
$ | 61,671 | $ | 64,672 | $ | 1,455 | $ | 23,709 | $ | 8,778 | $ | 15,343 | $ | 175,628 | ||||||||||||||
Credit Risk Profile Based on Payment Activity
|
||||||||||||||||||||||||||||
Performing
|
$ | 61,011 | $ | 63,749 | $ | 1,455 | $ | 23,444 | $ | 8,742 | $ | 14,009 | $ | 172,410 | ||||||||||||||
Restructured loans
|
- | 90 | - | - | - | 1,314 | 1,404 | |||||||||||||||||||||
Nonperforming
|
660 | 833 | - | 265 | 36 | 20 | 1,814 | |||||||||||||||||||||
Total
|
$ | 61,671 | $ | 64,672 | $ | 1,455 | $ | 23,709 | $ | 8,778 | $ | 15,343 | $ | 175,628 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31, 2013
|
||||||||||||||||||||||||
Recorded
|
||||||||||||||||||||||||
90 Days
|
Investment
|
|||||||||||||||||||||||
30-89 Days
|
and
|
Total
|
Total
|
>90 Days and
|
||||||||||||||||||||
Past Due
|
Greater
|
Past Due
|
Current
|
Loans
|
Still Accruing
|
|||||||||||||||||||
1-4 Family real estate
|
$ | 359 | $ | 62 | $ | 421 | $ | 65,133 | $ | 65,554 | $ | - | ||||||||||||
Commercial real estate
|
- | 217 | 217 | 80,012 | 80,229 | - | ||||||||||||||||||
Construction
|
- | - | - | 2,228 | 2,228 | - | ||||||||||||||||||
Home equity
|
162 | 135 | 297 | 35,776 | 36,073 | - | ||||||||||||||||||
Consumer
|
60 | 23 | 83 | 11,288 | 11,371 | - | ||||||||||||||||||
Commercial
|
88 | 26 | 114 | 17,259 | 17,373 | - | ||||||||||||||||||
Total
|
$ | 669 | $ | 463 | $ | 1,132 | $ | 211,696 | $ | 212,828 | $ | - |
June 30, 2012
|
||||||||||||||||||||||||
Recorded
|
||||||||||||||||||||||||
90 Days
|
Investment
|
|||||||||||||||||||||||
30-89 Days
|
and
|
Total
|
Total
|
>90 Days and
|
||||||||||||||||||||
Past Due
|
Greater
|
Past Due
|
Current
|
Loans
|
Still Accruing
|
|||||||||||||||||||
1-4 Family real estate
|
$ | 613 | $ | 501 | $ | 1,114 | $ | 60,557 | $ | 61,671 | $ | - | ||||||||||||
Commercial real estate
|
- | 91 | 91 | 64,581 | 64,672 | - | ||||||||||||||||||
Construction
|
- | - | - | 1,455 | 1,455 | - | ||||||||||||||||||
Home equity
|
362 | 227 | 589 | 23,120 | 23,709 | - | ||||||||||||||||||
Consumer
|
221 | 37 | 258 | 8,520 | 8,778 | - | ||||||||||||||||||
Commercial
|
171 | 747 | 918 | 14,425 | 15,343 | - | ||||||||||||||||||
Total
|
$ | 1,367 | $ | 1,603 | $ | 2,970 | $ | 172,658 | $ | 175,628 | $ | - |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31, 2013
|
||||||||||||||||||||
Unpaid
|
Interest
|
Average
|
||||||||||||||||||
Recorded
|
Principal
|
Related
|
Income
|
Recorded
|
||||||||||||||||
Investment
|
Balance
|
Allowance
|
Recognized
|
Investment
|
||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
1-4 Family
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | - | |||||||||||||||
Consumer
|
- | - | - | - | - | |||||||||||||||
Commercial
|
- | - | - | - | - | |||||||||||||||
With a related allowance:
|
||||||||||||||||||||
1-4 Family
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | - | |||||||||||||||
Consumer
|
1 | 1 | 1 | - | 1 | |||||||||||||||
Commercial
|
- | - | - | - | - | |||||||||||||||
Total:
|
||||||||||||||||||||
1-4 Family
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | - | |||||||||||||||
Consumer
|
1 | 1 | 1 | - | 1 | |||||||||||||||
Commercial
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 1 | $ | 1 | $ | 1 | $ | - | $ | 1 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
June 30, 2012
|
||||||||||||||||||||
Unpaid
|
Interest
|
Average
|
||||||||||||||||||
Recorded
|
Principal
|
Related
|
Income
|
Recorded
|
||||||||||||||||
Investment
|
Balance
|
Allowance
|
Recognized
|
Investment
|
||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
1-4 Family
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | - | |||||||||||||||
Consumer
|
- | - | - | - | - | |||||||||||||||
Commerical
|
- | - | - | - | - | |||||||||||||||
With a related allowance:
|
||||||||||||||||||||
1-4 Family
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | - | |||||||||||||||
Consumer
|
2 | 2 | 2 | - | 2 | |||||||||||||||
Commerical
|
- | - | - | - | - | |||||||||||||||
Total:
|
||||||||||||||||||||
1-4 Family
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | - | |||||||||||||||
Consumer
|
2 | 2 | 2 | - | 2 | |||||||||||||||
Commerical
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 2 | $ | 2 | $ | 2 | $ | - | $ | 2 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31, 2013
|
||||||||||||
Accrual
|
Non-Accrual
|
Total
|
||||||||||
Status
|
Status
|
Modification
|
||||||||||
Residential Mortgage (1-4 family)
|
- | - | - | |||||||||
Commercial Real Estate
|
87 | 217 | 304 | |||||||||
Real estate construction
|
- | - | - | |||||||||
Home equity
|
- | - | - | |||||||||
Consumer
|
- | - | - | |||||||||
Commercial
|
- | - | - | |||||||||
Total
|
$ | 87 | $ | 217 | $ | 304 | ||||||
June 30, 2012
|
||||||||||||
Accrual
|
Non-Accrual
|
Total
|
||||||||||
Status
|
Status
|
Modification
|
||||||||||
Residential Mortgage (1-4 family)
|
- | - | - | |||||||||
Commercial Real Estate
|
90 | - | 90 | |||||||||
Real estate construction
|
- | - | - | |||||||||
Home equity
|
- | - | - | |||||||||
Consumer
|
- | - | - | |||||||||
Commercial
|
- | 1,314 | 1,314 | |||||||||
Total
|
$ | 90 | $ | 1,314 | $ | 1,404 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
Nine Months Ended
|
||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||
Rate
|
Term
|
Interest Only
|
Payment
|
Combination
|
Total
|
|||||||||||||||||||
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
|||||||||||||||||||
Pre-modification Outstanding
|
||||||||||||||||||||||||
Recorded Investment:
|
||||||||||||||||||||||||
Residential Mortgage (1-4 family)
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
- | - | - | - | 243 | 243 | ||||||||||||||||||
Real estate construction
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity
|
- | - | - | - | - | - | ||||||||||||||||||
Consumer
|
- | - | - | - | - | - | ||||||||||||||||||
Commercial
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | - | $ | - | $ | - | $ | - | $ | 243 | $ | 243 | ||||||||||||
Nine Months ended
|
||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||
Rate
|
Term
|
Interest Only
|
Payment
|
Combination
|
Total
|
|||||||||||||||||||
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
|||||||||||||||||||
Post-modification Outstanding
|
||||||||||||||||||||||||
Recorded Investment:
|
||||||||||||||||||||||||
Residential Mortgage (1-4 family)
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
- | - | - | - | 217 | 217 | ||||||||||||||||||
Real estate construction
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity
|
- | - | - | - | - | - | ||||||||||||||||||
Consumer
|
- | - | - | - | - | - | ||||||||||||||||||
Commercial
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | - | $ | - | $ | - | $ | - | $ | 217 | $ | 217 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
Nine months ended
|
||||||||||||||||||||||||
March 31, 2012
|
||||||||||||||||||||||||
Rate
|
Term
|
Interest Only
|
Payment
|
Combination
|
Total
|
|||||||||||||||||||
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
|||||||||||||||||||
Pre-modification Outstanding
|
||||||||||||||||||||||||
Recorded Investment:
|
||||||||||||||||||||||||
Residential Mortgage (1-4 family)
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
228 | - | - | - | - | 228 | ||||||||||||||||||
Real estate construction
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity
|
- | - | - | - | - | - | ||||||||||||||||||
Consumer
|
- | - | - | - | - | - | ||||||||||||||||||
Commercial
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 228 | $ | - | $ | - | $ | - | $ | - | $ | 228 | ||||||||||||
Nine months ended
|
||||||||||||||||||||||||
March 31, 2012
|
||||||||||||||||||||||||
Rate
|
Term
|
Interest Only
|
Payment
|
Combination
|
Total
|
|||||||||||||||||||
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
|||||||||||||||||||
Post-modification Outstanding
|
||||||||||||||||||||||||
Recorded Investment:
|
||||||||||||||||||||||||
Residential Mortgage (1-4 family)
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
213 | - | - | - | - | 213 | ||||||||||||||||||
Real estate construction
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity
|
- | - | - | - | - | - | ||||||||||||||||||
Consumer
|
- | - | - | - | - | - | ||||||||||||||||||
Commercial
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 213 | $ | - | $ | - | $ | - | $ | - | $ | 213 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Noninterest checking
|
$ | 55,998 | $ | 23,425 | ||||
Interest-bearing checking
|
63,083 | 46,125 | ||||||
Savings
|
56,619 | 40,591 | ||||||
Money market
|
88,965 | 28,489 | ||||||
Time certificates of deposit
|
156,922 | 81,359 | ||||||
Total
|
$ | 421,587 | $ | 219,989 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
Effect of Derivative Instruments on Statement of Financial Condition
|
||||||||||||||||||||
Fair Value of Derivative Instruments
|
||||||||||||||||||||
Asset Derivatives
|
Liabilities Derivatives
|
|||||||||||||||||||
(In Thousands)
|
March 31, 2013
|
June 30, 2012
|
March 31, 2013
|
June 30, 2012
|
||||||||||||||||
Balance
|
Balance
|
Balance
|
Balance
|
|||||||||||||||||
Sheet
|
Fair
|
Sheet
|
Fair
|
Sheet
|
Fair
|
Sheet
|
Fair
|
|||||||||||||
Location
|
Value
|
Location
|
Value
|
Location
|
Value
|
Location
|
Value
|
|||||||||||||
Derivatives designated
|
||||||||||||||||||||
as hedging instruments
|
||||||||||||||||||||
under ASC 815
|
Other
|
Other
|
||||||||||||||||||
Interest rate contracts
|
$ | - | $ | - |
Liabilities
|
$ | 717 |
Liabilities
|
$ | 1,054 | ||||||||||
Change in fair value of
|
||||||||||||||||||||
financial instrument being
|
||||||||||||||||||||
hedged under ASC 815
|
||||||||||||||||||||
Interest rate contracts
|
Loans
|
$ | 607 |
Loans
|
$ | 836 | $ | - | $ | - | ||||||||||
Effect of Derivative Instruments on Statement of Income
|
|||||||||||
For the Nine Months Ended March 31, 2013 and 2012
|
|||||||||||
(In Thousands)
|
Amount of
|
||||||||||
Location of
|
Gain or (Loss)
|
||||||||||
Derivatives Designated
|
Gain or (Loss)
|
Recognized in
|
|||||||||
as Hedging Instruments
|
Recognized in
|
Income on Derivative
|
|||||||||
Under ASC 815
|
Income on Derivative
|
2013
|
2012 | ||||||||
Interest rate contracts
|
Noninterest income
|
$ |
108
|
$ | (280 | ) |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
March 31, 2013
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
Financial Assets:
|
||||||||||||||||
Available for sale securities
|
||||||||||||||||
U.S. Government and agency
|
$ | - | $ | 49,587 | $ | - | $ | 49,587 | ||||||||
Municipal obligations
|
- | 88,080 | - | 88,080 | ||||||||||||
Corporate obligations
|
- | 5,077 | - | 5,077 | ||||||||||||
Mortgage backed securities
|
||||||||||||||||
government backed
|
- | 28,385 | - | 28,385 | ||||||||||||
CMOs - government backed
|
- | 54,870 | - | 54,870 | ||||||||||||
Loan subject to fair value hedge
|
- | - | 11,886 | 11,886 | ||||||||||||
Loans held-for-sale
|
- | 12,627 | - | 12,627 | ||||||||||||
Financial Liability:
|
||||||||||||||||
Derivative financial instruments
|
- | - | 717 | 717 | ||||||||||||
June 30, 2012
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
Financial Assets:
|
||||||||||||||||
Available for sale securities
|
||||||||||||||||
U.S. Government and agency
|
$ | - | 21,055 | $ | - | $ | 21,055 | |||||||||
Municipal obligations
|
- | 42,060 | - | 42,060 | ||||||||||||
Corporate obligations
|
- | 3,945 | - | 3,945 | ||||||||||||
Mortgage-backed securities
|
||||||||||||||||
government backed
|
- | 6,847 | - | 6,847 | ||||||||||||
Private lable CMOs
|
- | 169 | - | 169 | ||||||||||||
CMOs - government backed
|
- | 15,201 | - | 15,201 | ||||||||||||
Loan subject to fair value hedge
|
- | - | 12,372 | 12,372 | ||||||||||||
Loans held-for-sale
|
- | 10,613 | - | 10,613 | ||||||||||||
Financial Liability:
|
||||||||||||||||
Derivative financial instruments
|
- | - | 1,054 | 1,054 |
Total Realized/
|
||||||||||||||||
Unrealized Gains
|
Purchases,
|
|||||||||||||||
Balance
|
(Losses) Included
|
Sales,
|
Balance
|
|||||||||||||
as of
|
in Noninterest
|
Issuances, and
|
as of
|
|||||||||||||
July 1, 2012
|
Income
|
Settlements, net
|
March 31, 2013
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Financial Assets (Liability):
|
||||||||||||||||
Loan subject to fair value hedge
|
$ | 12,372 | $ | (229 | ) | $ | (257 | ) | $ | 11,886 | ||||||
Derivative financial instruments
|
(1,054 | ) | 337 | - | (717 | ) |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
Total Realized/
|
||||||||||||||||
Unrealized Gains
|
Purchases,
|
|||||||||||||||
Balance
|
(Losses) Included
|
Sales,
|
Balance
|
|||||||||||||
as of
|
in Noninterest
|
Issuances, and
|
as of
|
|||||||||||||
July 1, 2011
|
Income
|
Settlements, net
|
March 31, 2012
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Financial Assets (Liability):
|
||||||||||||||||
Loan subject to fair value hedge
|
$ | 11,405 | $ | 844 | $ | (238 | ) | $ | 12,011 | |||||||
Derivative financial instruments
|
650 | (1,124 | ) | - | (474 | ) |
March 31, 2013
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
Impaired loans
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Repossessed assets
|
- | 1,087 | - | 1,087 | ||||||||||||
June 30, 2012
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
Impaired loans
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Repossessed assets
|
- | 2,361 | - | 2,361 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
(Dollars in Thousands)
|
March 31, 2013
|
|||||||||||||||||||
Total
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Estimated
|
Carrying
|
||||||||||||||||
Inputs
|
Inputs
|
Inputs
|
Fair Value
|
Amount
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 17,038 | $ | - | $ | - | $ | 17,038 | $ | 17,038 | ||||||||||
FHLB stock
|
- | - | 1,949 | 1,949 | 1,949 | |||||||||||||||
Loans receivable, net
|
- | - | 217,315 | 217,315 | 210,822 | |||||||||||||||
Accrued interest on dividends receivable
|
2,237 | - | - | 2,237 | 2,237 | |||||||||||||||
Mortage servicing rights
|
- | - | 3,095 | 3,095 | 2,832 | |||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Deposits
|
264,665 | - | - | 264,665 | 264,665 | |||||||||||||||
Time certificates of deposit
|
- | - | 158,538 | 158,538 | 156,922 | |||||||||||||||
Accrued expenses and other liabilities
|
3,714 | - | - | 3,714 | 3,714 | |||||||||||||||
Advances from the FHLB & other borrowings
|
- | - | 30,473 | 30,473 | 29,411 | |||||||||||||||
Subordinated debentures
|
- | - | 3,862 | 3,862 | 5,155 | |||||||||||||||
Off-balance-sheet instruments
|
||||||||||||||||||||
Forward loan sales commitments
|
- | - | - | - | - | |||||||||||||||
Commitments to extend credit
|
- | - | - | - | - | |||||||||||||||
Rate lock commitments
|
- | - | - | - | - |
June 30, 2012
|
||||||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 19,814 | $ | - | $ | - | $ | 19,814 | $ | 19,814 | ||||||||||
FHLB stock
|
- | - | 2,003 | 2,003 | 2,003 | |||||||||||||||
Loans receivable, net
|
- | - | 183,830 | 183,830 | 173,839 | |||||||||||||||
Accrued interest on dividends receivable
|
1,371 | - | - | 1,371 | 1,371 | |||||||||||||||
Mortage servicing rights
|
- | - | 2,424 | 2,424 | 2,218 | |||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Deposits
|
138,630 | - | - | 138,630 | 138,630 | |||||||||||||||
Time certificates of deposit
|
- | - | 82,613 | 82,613 | 81,359 | |||||||||||||||
Accrued expenses and other liabilities
|
5,809 | - | - | 5,809 | 5,809 | |||||||||||||||
Advances from the FHLB & other borrowings
|
- | - | 44,310 | 44,310 | 42,696 | |||||||||||||||
Subordinated debentures
|
4,196 | 4,196 | 5,155 | |||||||||||||||||
Off-balance-sheet instruments
|
||||||||||||||||||||
Forward loan sales commitments
|
- | - | - | - | - | |||||||||||||||
Commitments to extend credit
|
- | - | - | - | - | |||||||||||||||
Rate lock commitments
|
- | - | - | - | - |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
Fair value of net assets acquired
|
$ | 182,463 | ||
Cash paid for deposit premium
|
(7,921 | ) | ||
Liabilities assumed
|
(182,463 | ) | ||
Goodwill and intangible assets recorded
|
$ | (7,921 | ) |
ASSETS
|
||||
Cash and cash equivalents
|
$ | 130,094 | ||
Loans receivable
|
41,320 | |||
Premises and equipment
|
2,980 | |||
Goodwill and intangible assets
|
7,921 | |||
Other assets
|
148 | |||
Total assets
|
$ | 182,463 | ||
LIABILITIES AND EQUITY
|
||||
Deposits and accrued interst
|
$ | 182,463 | ||
Equity
|
- | |||
Total liabilities and equity
|
$ | 182,463 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
Contractually required principal and interest at acquisition
|
$ | 41,223 | ||
Contractual cash flows not expected to be collected (nonaccretable discount)
|
(769 | ) | ||
Expected cash flows at acquisition
|
40,454 | |||
Interest component of expected cash flows (accretable discount)
|
866 | |||
Fair value of acquired loans
|
$ | 41,320 |
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
ASSETS
|
||||
Cash and cash equivalents
|
$ | 149,908 | ||
Loans receivable
|
215,159 | |||
Premises and equipment
|
18,541 | |||
Goodwill and intangible assets
|
7,921 | |||
Investment securities
|
89,277 | |||
Other assets
|
28,956 | |||
Total assets
|
$ | 509,762 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||
Deposits
|
$ | 402,452 | ||
Other liabilities
|
53,660 | |||
Equity
|
53,650 | |||
Total liabilities and shareholders' equity
|
$ | 509,762 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Net interest income
|
$ | 4,248 | $ | 3,695 | $ | 11,457 | $ | 11,089 | ||||||||
Noninterest income
|
3,615 | 1,646 | 7,791 | 3,974 | ||||||||||||
Noninterest expense
|
6,580 | 4,461 | 15,271 | 12,689 | ||||||||||||
Net income1)
|
1,661 | 643 | 3,748 | 1,691 | ||||||||||||
Pro forma earnings per share1)
|
||||||||||||||||
Basic
|
$ | 0.44 | $ | 0.17 | $ | 1.00 | $ | 0.45 | ||||||||
Diluted
|
0.42 | 0.16 | 0.95 | 0.43 | ||||||||||||
1)
|
Significant assumptions utilized include the acquisition cost noted above, amortization/accretion of interest rate fair value adjustments, amortization of the core deposit intangible asset and a 25% effective tax rate.
|
EAGLE BANCORP MONTANA, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
At March 31, 2013
|
||||||||
(Unaudited)
|
||||||||
Dollar
|
% of
|
|||||||
Amount
|
Assets
|
|||||||
Tangible capital:
|
||||||||
Capital level
|
$ | 42,569 | 8.54 | |||||
Requirement
|
7,478 | 1.50 | ||||||
Excess
|
35,091 | 7.04 | ||||||
Core capital:
|
||||||||
Capital level
|
42,569 | 8.54 | ||||||
Requirement
|
14,957 | 3.00 | ||||||
Excess
|
27,612 | 5.54 | ||||||
Risk-based capital:
|
||||||||
Capital level
|
44,468 | 16.58 | ||||||
Requirement
|
21,455 | 8.00 | ||||||
Excess
|
23,013 | 8.58 |
Legal Proceedings.
|
Risk Factors.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Defaults Upon Senior Securities.
|
Mine Safety Disclosures
|
Other Information.
|
Exhibits.
|
101.INS XBRL | Instance Document |
101.SCH XBRL | Taxonomy Extension Schema Document |
101.CAL XBRL | Taxonomy Extension Calculation Linkbase Document |
101.DEF XBRL | Taxonomy Extension Definition Linkbase Document |
101.LAB XBRL | Taxonomy Extension Label Linkbase Document |
101.PRE XBRL | Taxonomy Extension Presentation Linkbase Document |
EAGLE BANCORP MONTANA, INC.
|
||
|
|
|
Date: May 14, 2013
|
By:
|
/s/ Peter J. Johnson
|
Peter J. Johnson
|
||
President/CEO
|
||
|
|
|
Date: May 14, 2013
|
By:
|
/s/ Clint J. Morrison
|
Clint J. Morrison
|
||
Senior Vice President/CFO
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Eagle Bancorp Montana, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Peter J. Johnson | ||
Peter J. Johnson
President and Chief Executive Officer
(Principal Executive Officer)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Eagle Bancorp Montana, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Clint J. Morrison | ||
Clint J. Morrison
Senior VP and Chief Financial Officer
(Principal Financial Officer)
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Peter J. Johnson
|
/s/ Clint J. Morrison
|
|
Peter J. Johnson
|
Clint J. Morrison
|
|
Chief Executive Officer
(Principal Executive Officer)
May 14, 2013
|
Chief Financial Officer and Principal Accounting Officer
(Principal Financial Officer)
May 14, 2013
|
Business Combination (Condensed Balance Sheet Disclosing the Estimated Fair Value Amounts of the Acquired Branches of Sterling) (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
---|---|
ASSETS | |
Cash and cash equivalents | $ 130,094 |
Loans receivable | 41,320 |
Premises and equipment | 2,980 |
Goodwill and intangible assets | 7,921 |
Other assets | 148 |
Total assets | 182,463 |
LIABILITIES AND EQUITY | |
Deposits and accrued interst | 182,463 |
Equity | |
Total liabilities and equity | $ 182,463 |
Fair Value Disclosures (Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Detail) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Loans
|
||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 12,372 | $ 11,405 |
Total Realized/ Unrealized Gains (Losses) Included in Noninterest Income | (229) | 844 |
Purchases, Sales, Issuances, and Settlements, net | (257) | (238) |
Ending Balance | 11,886 | 12,011 |
Derivative Financial Instruments, Assets
|
||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | (1,054) | 650 |
Total Realized/ Unrealized Gains (Losses) Included in Noninterest Income | 337 | (1,124) |
Ending Balance | $ (717) | $ (474) |
Business Combination (Schedule of Information About the Sterling Loan Portfolio) (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
---|---|
Business Combination, Transactions [Line Items] | |
Contractually required principal and interest at acquisition | $ 41,223 |
Contractual cash flows not expected to be collected (nonaccretable discount) | (769) |
Expected cash flows at acquisition | 40,454 |
Interest component of expected cash flows (accretable discount) | 866 |
Fair value of acquired loans | $ 41,320 |
Derivatives and Hedging Activities (Schedule of Effect of Derivative Instruments on Statement of Income) (Detail) (Non Interest Income, USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Non Interest Income
|
||
Derivative [Line Items] | ||
Interest rate contracts, amount of gain (loss) recognized in income | $ 108 | $ (280) |
Loans Receivable (Schedule of Information Regarding Non-Performing Assets) (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2011
|
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-accrual loans | $ 669 | $ 1,814 | ||
Accruing loans delinquent 90 days or more | ||||
Restructured loans, net | 304 | 1,404 | ||
Total nonperforming loans | 973 | 3,218 | ||
Real estate owned and other repossessed assets, net | 1,087 | 2,361 | ||
Total non-performing assets | 2,060 | 5,579 | ||
Total non-performing assets as a percentage of total assets | 0.40% | 1.70% | ||
Allowance for loan losses | $ 1,900 | $ 1,625 | $ 1,700 | $ 1,800 |
Percent of allowance for loan losses to non-performing loans | 195.30% | 50.50% | ||
Percent of allowance for loan losses to non-performing assets | 92.20% | 29.10% |
Business Combination (Unaudited Pro Forma Results of Operations) (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|||||||
Business Combination, Transactions [Line Items] | ||||||||||
Net interest income | $ 4,248 | $ 3,695 | $ 11,457 | $ 11,089 | ||||||
Noninterest income | 3,615 | 1,646 | 7,791 | 3,974 | ||||||
Noninterest expense | 6,580 | 4,461 | 15,271 | 12,689 | ||||||
Net income | $ 1,661 | [1] | $ 643 | [1] | $ 3,748 | [1] | $ 1,691 | [1] | ||
Pro forma earnings per share | ||||||||||
Basic | $ 0.44 | [1] | $ 0.17 | [1] | $ 1.00 | [1] | $ 0.45 | [1] | ||
Diluted | $ 0.42 | [1] | $ 0.16 | [1] | $ 0.95 | [1] | $ 0.43 | [1] | ||
|
FAIR VALUE DISCLOSURES (Tables)
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
|
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Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | The
following table summarizes financial assets and financial
liabilities measured at fair value on a recurring basis as of March
31, 2013 and June 30, 2012, segregated by the level of the
valuation inputs within the fair value hierarchy utilized to
measure fair value (dollars in thousands):
|
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Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The
following tables presents, for the nine months ended March 31, 2013
and 2012, the changes in Level 3 assets and liabilities that are
measured at fair value on a recurring basis.
|
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Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis | The
following table summarizes financial assets and financial
liabilities measured at fair value on a nonrecurring basis as of
March 31, 2013 and June 30, 2012, segregated by the level of the
valuation inputs within the fair value hierarchy utilized to
measure fair value (dollars in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Fair Value and Carrying Amounts of Financial Instruments | The
estimated fair value amounts of financial instruments have been
determined by the Company using available market information and
appropriate valuation methodologies. However,
considerable judgment is required to interpret data to develop the
estimates of fair value. Accordingly, the estimates presented
herein are not necessarily indicative of the amounts the Company
could realize in a current market exchange. The use of
different market assumptions and/or estimation methodologies may
have a material effect on the estimated fair value
amounts.
|
Fair Value Disclosures (Narrative) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2011
|
Mar. 31, 2013
Mortgage Servicing Rights
Minimum
|
Mar. 31, 2013
Mortgage Servicing Rights
Maximum
|
Mar. 31, 2013
Impaired Loans
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Loans receivable, carrying value | $ 212,828 | $ 175,628 | $ 179,128 | $ 500 | |||
Loans receivable, valuation allowance | 1,900 | 1,625 | 1,700 | 1,800 | 500 | ||
Loans receivable, fair value | $ 217,315 | $ 183,830 | $ 0 | ||||
Fair value of servicing rights, discount rates | 9.00% | 20.00% | |||||
Fair value of servicing rights, repayment speed | 140.00% | 324.00% |
Earnings Per Share (Detail)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Earnings Per Share Disclosure [Line Items] | ||||
Basic weighted average shares outstanding | 3,752,813 | 3,716,480 | 3,739,806 | 3,726,453 |
Diluted weighted average shares outstanding | 3,937,255 | 3,920,636 | 3,933,105 | 3,916,486 |
Business Combination - Narrative (Detail) (USD $)
|
3 Months Ended | 9 Months Ended |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2013
|
|
Business Combination, Separately Recognized Transactions [Line Items] | ||
Business combination, purchase price | $ 7,920,000 | $ 7,920,000 |
Business combination, purchase price in excess of fair value of tangible net assets acquired | 7,920,000 | 7,920,000 |
Core deposit intangible asset | 981,000 | 981,000 |
Acquisition costs | 712,000 | 1,920,000 |
Sterling
|
||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Core deposit intangible asset | $ 1,100,000 | $ 1,100,000 |
Core deposit intangible asset, amortization period | 10 years |
BASIS OF PRESENTATION
|
9 Months Ended |
---|---|
Mar. 31, 2013
|
|
BASIS OF PRESENTATION |
NOTE
1. BASIS OF PRESENTATION
The
accompanying unaudited consolidated financial statements have been
prepared in accordance with the rules and regulations of the
Securities and Exchange Commission. Accordingly, they do
not include all of the information and footnotes required by
accounting principles generally accepted in the United States of
America for complete financial statements. However, such
information reflects all adjustments (consisting of normal
recurring adjustments) which are, in the opinion of management,
necessary for a fair presentation of results for the unaudited
interim periods.
The
results of operations for the nine month period ended March 31,
2013 are not necessarily indicative of the results to be expected
for the fiscal year ending June 30, 2013 or any other
period. The unaudited consolidated financial statements
and notes presented herein should be read in conjunction with the
audited consolidated financial statements and related notes thereto
included in Eagle’s Form 10-K for the fiscal year ended June
30, 2012.
The
Company evaluated subsequent events for potential recognition
and/or disclosure through May 14, 2013 the date the consolidated
financial statements were issued.
[unless
auditors disagree, this paragraph could be
deleted]
|