Eagle Bancorp Montana Inc
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
EBMT$20.58-0.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Years Ended | ||
|---|---|---|
| December 31, | ||
| 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $10,056 | $10,701 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses (1) | 1,456 | 2,001 |
| Recovery of servicing rights | - | (56) |
| Depreciation | 3,934 | 3,576 |
| Net amortization of investment securities premiums and discounts | 1,051 | 1,486 |
| Amortization of mortgage servicing rights | 1,706 | 2,118 |
| Amortization of right-of-use assets | 664 | 681 |
| Amortization of core deposit intangibles | 1,587 | 1,334 |
| Compensation expense related to restricted stock awards | 347 | 491 |
| ESOP compensation expense for allocated shares | 331 | 485 |
| Deferred income tax (benefit) provision | (671) | 2,069 |
| Net gain on sale of loans | (11,396) | (18,610) |
| Originations of loans held-for-sale | (347,711) | (532,558) |
| Proceeds from sales of loans held-for-sale | 353,778 | 568,737 |
| Net gain on sale of real estate owned and other repossessed assets | - | (203) |
| Net gain on sale/disposal of premises and equipment | (61) | (105) |
| Net appreciation in cash surrender value of life insurance | (1,466) | (1,035) |
| Net change in: | ||
| Accrued interest and dividends receivable | (1,201) | (2,779) |
| Other assets | (9,990) | 14 |
| Accrued expenses and other liabilities | 6,932 | 3,564 |
| Net cash provided by operating activities | 9,346 | 41,911 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Activity in available-for-sale securities: | ||
| Sales | 34,020 | 43,794 |
| Maturities, principal payments and calls | 32,695 | 39,157 |
| Purchases | (28,126) | (77,073) |
| FHLB stock purchased | (4,102) | (2,762) |
| FRB stock purchased | - | (317) |
| Net cash received from acquisitions | - | 13,397 |
| Loan origination and principal collection, net | (130,742) | (234,255) |
| Proceeds (purchase) of bank owned life insurance | 1,230 | (1,600) |
| Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans | - | 535 |
| Proceeds from sale of premises and equipment | 1,009 | 845 |
| Purchases of premises and equipment, net | (14,189) | (16,762) |
| Net cash used in investing activities | (108,205) | (235,041) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Net (decrease) increase in deposits | (77) | 91,616 |
| Net decrease in repurchase agreements | - | (22,853) |
| Net short-term advances from FHLB and other borrowings | 91,343 | 69,394 |
| Long-term advances from FHLB and other borrowings | 15,000 | - |
| Payments on long-term FHLB and other borrowings | - | (5,000) |
| Proceeds from issuance of subordinated debentures | - | 40,000 |
| Repayment of subordinated debentures | - | (10,000) |
| Payments for debt issuance costs | - | (1,159) |
| Purchase of treasury stock | (231) | (4,430) |
| Dividends paid | (4,442) | (4,061) |
| Net cash provided by financing activities | 101,593 | 153,507 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,734 | (39,623) |
| CASH AND CASH EQUIVALENTS, beginning of period | 21,811 | 61,434 |
| CASH AND CASH EQUIVALENTS, end of period | $24,545 | $21,811 |
| (1) Provision for credit losses for the year ended December 31, 2023; provision for loan losses for the year ended December 31, 2022. | ||
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| Years Ended | ||
|---|---|---|
| December 31, | ||
| 2023 | 2022 | |
| (In Thousands) | ||
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||
| Cash paid during the year for interest | $24,815 | $4,951 |
| Cash paid during the year for income taxes, net of refunds | 3,009 | 2,930 |
| Acquisitions: | ||
| Assets acquired, excluding cash | - | 346,739 |
| Liabilities assumed | - | 345,727 |
| NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES: | ||
| Increase (decrease) in fair value of securities available-for-sale | $8,704 | $(40,520) |
| Mortgage servicing rights recognized | 2,147 | 3,781 |
| Right-of-use assets obtained in exchange for lease liabilities | 11 | 204 |
| Loans transferred to real estate and other assets acquired in foreclosure | 5 | 328 |
| Stock issued in connection with acquisitions | - | 28,351 |
| Commitments to invest in Low-Income Housing Tax Credit projects | 2,660 | - |
| Cumulative effect adjustment to retained earnings due to the adoption of ASC 326 Credit Losses | (1,616) | - |
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