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Eagle Bancorp (NASDAQ:EGBN) Montana, Inc. (NASDAQ:EBMT), a $132 million market cap financial institution currently trading at an attractive P/E ratio of 11.6, has announced a change in its independent registered public accounting firm following a merger involving its previous auditor. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates. On June 3, Moss Adams LLP, the company’s former auditor, merged with Baker Tilly US, LLP. As a result of this merger, Moss Adams resigned as Eagle Bancorp’s auditor, and Baker Tilly has been appointed as the new independent registered public accounting firm.
The audit committee of Eagle Bancorp’s board of directors approved the appointment of Baker Tilly as the successor to Moss Adams. The audit reports from Moss Adams on Eagle Bancorp’s consolidated financial statements for 2023 and 2024 did not contain any adverse opinions or disclaimers. The company has maintained a strong dividend track record, having raised its dividend for 13 consecutive years, as highlighted by InvestingPro data. However, there was an adverse opinion on the effectiveness of the company’s internal control over financial reporting as of December 31, 2024, due to a material weakness.
During the years ended December 31, 2024, and 2023, and up until the merger date, there were no disagreements between Eagle Bancorp and Moss Adams on accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The company has not yet remediated the reported material weakness related to the classification of borrowings.
Eagle Bancorp did not consult Baker Tilly regarding any accounting principles, audit opinions, or reportable events prior to their appointment. The company has authorized Moss Adams to fully respond to inquiries from Baker Tilly regarding the material weakness. Investors tracking this development can access comprehensive financial health metrics and additional insights through InvestingPro, which currently rates the company’s overall financial health as ’FAIR’ with particularly strong scores in relative value metrics.
The information was disclosed in a press release issued by Eagle Bancorp Montana, Inc., and filed with the Securities and Exchange Commission. A letter from Moss Adams confirming the statements is included as an exhibit in the filing.
In other recent news, Eagle Bancorp Montana, Inc. shareholders approved several key proposals during the company’s Annual Meeting. The election of three directors, Maureen J. Rude, Rick F. Hays (LON:HAYS), and Peter J. Johnson, was confirmed, with each set to serve a three-year term. Additionally, shareholders ratified Moss Adams LLP as the independent registered public accounting firm for the fiscal year 2025. The advisory vote on named executive officer compensation was also passed, reflecting shareholder support for the company’s executive pay structure. A new Stock Incentive Plan for Directors, Officers, and Employees, known as the "2025 Plan," received approval. Furthermore, shareholders decided that future advisory votes on executive compensation will occur annually. These developments indicate continued shareholder confidence in Eagle Bancorp Montana’s management and strategic direction. The detailed outcomes of these votes were provided in the company’s SEC filing.
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