Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the Second Quarter of 2025; Increases Quarterly Cash Dividend to $0.145 Per Share

HELENA, Mont., July 29, 2025 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.2 million, or $0.41 per diluted share, in the second quarter of 2025, compared to $3.2 million, or $0.41 per diluted share, in the preceding quarter, and $1.7 million, or $0.22 per diluted share, in the second quarter of 2024. In the first six months of 2025, net income increased to $6.5 million, or $0.83 per diluted share, compared to $3.6 million, or $0.46 per diluted share, in the first six months of 2024. Eagle’s board of directors declared a quarterly cash dividend of $0.145 per share on July 24, 2025. The dividend will be payable September 5, 2025, to shareholders of record August 15, 2025. The current dividend represents an annualized yield of 3.32% based on recent market prices. “We delivered strong financial results for the second quarter of 2025, marked by growth in both loans and deposits, as well as continued expansion in our net interest margin,” said Laura F. Clark, President and CEO. “Our efforts to strengthen the balance sheet and expand our community banking presence throughout Montana are yielding results, supported by a stable core deposit base and a diversified loan portfolio. Despite the ongoing impact of market volatility and interest rate fluctuations, we remain well-positioned within our markets to drive sustainable growth throughout the remainder of the year.” Second Quarter 2025 Highlights (at or for the three-month period ended June 30, 2025, except where noted): Net income was $3.2 million, or $0.41 per diluted share, in the second quarter of 2025, which is consistent with the preceding quarter, and compared to $1.7 million, or $0.22 per diluted share, in the second quarter a year ago.Net interest margin (“NIM”) was 3.91% in the second quarter of 2025, a 17-basis point increase compared to 3.74% in the preceding quarter and a 50-basis point increase compared to the second quarter a year ago.Net interest income, before the provision for credit losses, increased 7.4% to $18.1 million in the second quarter of 2025, compared to $16.9 million in the first quarter of 2025, and increased 16.1% compared to $15.6 million in the second quarter of 2024.Revenues (net interest income before the provision for credit losses, plus noninterest income) increased 9.7% to $23.0 million in the second quarter of 2025, compared to $20.9 million in the preceding quarter and increased 15.3% compared to $19.9 million in the second quarter a year ago.Total loans increased 3.4% to $1.57 billion, at June 30, 2025, compared to $1.52 billion a year earlier, and increased 3.0% compared to $1.52 billion at March 31, 2025.The allowance for credit losses represented 1.13% of portfolio loans and 348.8% of nonperforming loans at June 30, 2025, compared to 1.11% of total portfolio loans and 330.8% of nonperforming loans at June 30, 2024, and compared to 1.10% of total portfolio loans and 313.2% of nonperforming loans at March 31, 2025.Total deposits increased $119.1 million or 7.4% to $1.74 billion at June 30, 2025, compared to a year earlier, and increased $48.0 million or 2.8%, compared to March 31, 2025.The Company’s available borrowing capacity was approximately $463.0 million at June 30, 2025, compared to $374.5 million at June 30, 2024, and $437.4 million at March 31, 2025.The Company repurchased 25,000 shares of the Company’s common stock in the second quarter at an average price of $16.34 per share.The Company paid a quarterly cash dividend in the second quarter of $0.1425 per share on June 6, 2025, to shareholders of record May 16, 2025. Balance Sheet Results Total assets were $2.14 billion at June 30, 2025, compared to $2.10 billion a year ago, and $2.09 billion three months earlier. The investment securities portfolio totaled $285.0 million at June 30, 2025, compared to $306.9 million a year ago, and $291.7 million at March 31, 2025. Eagle originated $78.6 million in new residential mortgages during the quarter and sold $54.6 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.81%. This production compares to residential mortgage originations of $43.2 million in the preceding quarter with sales of $42.8 million and an average gross margin on sale of mortgage loans of approximately 3.15%. Total loans increased $52.2 million, or 3.4%, compared to a year ago, and increased $46.2 million, or 3.0%, from three months earlier. Commercial real estate loans increased 7.6% to $675.3 million at June 30, 2025, compared to $627.3 million a year earlier. Commercial real estate loans were comprised of 71.9% non-owner occupied and 28.1% owner occupied at June 30, 2025. Agricultural and farmland loans increased 13.5% to $317.3 million at June 30, 2025, compared to $279.5 million a year earlier. Residential mortgage loans decreased 6.3% to $147.1 million, compared to $157.1 million a year earlier. Commercial loans increased 6.1% to $152.3 million, compared to $143.6 million a year ago. Commercial construction and development loans decreased 26.5% to $101.0 million, compared to $137.4 million a year ago. Home equity loans increased 10.3% to $102.8 million, residential construction loans decreased 6.1% to $47.1 million, and consumer loans decreased 8.4% to $26.7 million, compared to a year ago. "Over the past several quarters, our deposit mix has shifted toward higher-yielding deposit products, consistent with trends seen across the community banking sector in response to a sustained high interest rate environment. Following the rate cuts from the latter half of 2024, we have begun to see a moderation in deposit pricing. We anticipate this trend will continue as maturing certificates of deposit reprice at lower rates,” said Miranda Spaulding, CFO. “However, we remain cautious, as emerging inflationary pressures-including potential impacts from new tariffs and broader cost increases-could influence future interest rate policy and impact our current repricing expectations.” Total deposits increased to $1.74 billion at June 30, 2025, compared to $1.62 billion at June 30, 2024, and $1.69 billion at March 31, 2025. Noninterest-bearing checking accounts represented 24.0%, interest-bearing checking accounts represented 11.8%, savings accounts represented 11.8%, money market accounts comprised 25.9% and time certificates of deposit made up 26.5% of the total deposit portfolio at June 30, 2025. Time certificates of deposit include $1.4 million in brokered certificates at June 30, 2025, compared to $26.2 million at June 30, 2024 and $6.2 million at March 31, 2025. The average cost of total deposits was 1.62% in the second quarter of 2025, compared to 1.67% in the preceding quarter and 1.70% in the second quarter of 2024. The estimated amount of uninsured deposits was approximately $329.0 million, or 19% of total deposits, at June 30, 2025, compared to $309.0 million, or 18% of total deposits, at March 31, 2025. FHLB advances and other borrowings decreased to $119.4 million at June 30, 2025, compared to $215.1 million at June 30, 2024, and $125.0 million at March 31, 2025. The average cost of FHLB advances and other borrowings was 4.65% in the second quarter of 2025, compared to 4.75% in the preceding quarter and 5.47% in the second quarter of 2024. Shareholders’ equity was $180.6 million at June 30, 2025, compared to $170.2 million a year earlier and $177.6 million three months earlier. Book value per share increased to $22.72 at June 30, 2025, compared to $21.23 a year earlier and $22.26 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, increased to $17.86 at June 30, 2025, compared to $16.25 a year earlier and $17.38 three months earlier. Operating Results “The combination of higher yields on interest-earning assets and a decline in our cost of funds led to a 17-basis point increase in our net interest margin this second quarter compared to the prior quarter. Given the current Fed rate environment, we expect further improvement in our funding costs moving forward,” said Spaulding. Eagle’s NIM was 3.91% in the second quarter of 2025, a 17-basis point increase compared to 3.74% in the preceding quarter and a 50-basis point improvement compared to the second quarter a year ago. The interest accretion on acquired loans totaled $607,000 and resulted in a 13 basis-point increase in the NIM during the second quarter of 2025, compared to $172,000 and a four basis-point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the second quarter of 2025 increased to 5.85%, compared to 5.76% in the first quarter of 2025 and 5.64% in the second quarter a year ago. Funding costs for the second quarter of 2025 were 2.45%, compared to 2.54% in the first quarter of 2025 and 2.78% in the second quarter of 2024. For the first six months of 2025, NIM expanded 45 basis points to 3.82% compared to 3.37% for the first six months of 2024. Net interest income, before the provision for credit losses, increased 7.4% to $18.1 million in the second quarter of 2025, compared to $16.9 million in the first quarter of 2025, and increased 16.1% compared to $15.6 million in the second quarter of 2024. Year-to-date, net interest income increased 13.6% to $35.0 million, compared to $30.8 million in the same period one year earlier. Revenues for the second quarter of 2025 increased 9.7% to $23.0 million, compared to $20.9 million in the preceding quarter and increased 15.3% compared to $19.9 million in the second quarter a year ago. In the first six months of 2025, revenues were $43.9 million, a 12.3% increase compared to $39.1 million in the first six months of 2024. Total noninterest income increased 19.7% to $4.8 million in the second quarter of 2025, compared to $4.0 million in the preceding quarter, and increased 12.6% compared to $4.3 million in the second quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.9 million in the second quarter of 2025, compared to $2.1 million in the preceding quarter and $2.4 million in the second quarter a year ago. This increase compared to the preceding quarter was largely driven by an increase in net gain on sale of mortgage loans. In the first six months of 2025, noninterest income increased 7.3% to $8.8 million, compared to $8.2 million in the first six months of 2024. Net mortgage banking income increased 9.9% to $5.1 million in the first six months of 2025, compared to $4.6 million in the first six months of 2024. Eagle’s second quarter noninterest expense was $17.9 million, an increase of 5.4% compared to $17.0 million in the preceding quarter and a 3.6% increase compared to $17.3 million in the second quarter a year ago. Higher salaries and employee benefits expense contributed to the quarter-over-quarter increase and was driven by an increase in commissions expense due to higher mortgage originations. In the first six months of 2025, noninterest expense increased 1.7% to $34.9 million, compared to $34.3 million in the first six months of 2024. For the second quarter of 2025, the Company recorded income tax expense of $751,000. This compared to income tax expense of $631,000 in the preceding quarter and $444,000 in the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 18.8%, compared to 16.3% for the first quarter of 2025 and 20.3% for the second quarter of 2024. The year-to-date effective tax rate was 17.6% for 2025 compared to 18.3% for the same period in 2024. The effective tax rate has been impacted by an increase in the proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects. Credit Quality During the second quarter of 2025, Eagle recorded a $1.0 million provision for credit losses. This compared to a $42,000 provision for credit losses in the preceding quarter and a $412,000 provision for credit losses in the second quarter a year ago. The allowance for credit losses represented 348.8% of nonperforming loans at June 30, 2025, compared to 313.2% three months earlier and 330.8% a year earlier. Nonperforming loans were $5.1 million at June 30, 2025, $5.3 million at March 31, 2025, and $5.1 million a year earlier. Net loan charge-offs totaled $48,000 in the second quarter of 2025, compared to net loan charge-offs of $2,000 in both the preceding quarter and in the second quarter a year ago. The allowance for credit losses was $17.7 million, or 1.13% of total loans, at June 30, 2025, compared to $16.7 million, or 1.10% of total loans, at March 31, 2025, and $16.8 million, or 1.11% of total loans, a year ago. Capital Management The Bank’s Tier 1 capital to adjusted total average assets was 10.34% as of June 30, 2025. The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.77% at June 30, 2025, up from 6.33% a year ago and unchanged compared to three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of June 30, 2025, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. About the Company Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 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, expectations and anticipations; statements regarding our business plans, prospects, mergers, 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 and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including steps taken by governmental and other authorities to contain, mitigate and combat such emergencies or pandemics; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; possible changes in governmental monetary and fiscal policies, or any leadership changes of those determining such policies; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings 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. 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, this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts. 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. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. 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. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below. Balance Sheet(Dollars in thousands, except per share data) (Unaudited) June 30,March 31,June 30, 202520252024 Assets: Cash and due from banks $25,701 $21,360 $22,361 Interest bearing deposits in banks 1,183 1,445 1,401 Federal funds sold 44 - - Total cash and cash equivalents 26,928 22,805 23,762 Securities available-for-sale, at fair value 285,023 291,661 306,869 Federal Home Loan Bank ("FHLB") stock 7,000 7,101 10,136 Federal Reserve Bank ("FRB") stock 4,131 4,131 4,131 Mortgage loans held-for-sale, at fair value 13,651 6,223 10,518 Loans: Real estate loans: Residential 1-4 family 147,143 149,699 157,053 Residential 1-4 family construction 47,146 45,508 50,228 Commercial real estate 675,285 666,265 627,326 Commercial construction and development 100,984 110,107 137,427 Farmland 162,182 153,456 142,353 Other loans: Home equity 102,778 100,665 93,213 Consumer 26,658 26,978 29,118 Commercial 152,335 139,668 143,641 Agricultural 155,151 131,162 137,134 Total loans 1,569,662 1,523,508 1,517,493 Allowance for credit losses (17,730) (16,720) (16,830) Net loans 1,551,932 1,506,788 1,500,663 Accrued interest and dividends receivable 14,674 13,271 13,195 Mortgage servicing rights, net 15,120 15,282 15,614 Assets held-for-sale, at cost 703 960 257 Premises and equipment, net 100,909 101,759 98,397 Cash surrender value of life insurance, net 53,958 53,573 48,529 Goodwill 34,740 34,740 34,740 Core deposit intangible, net 3,885 4,181 5,168 Other assets 24,979 25,941 26,976 Total assets $2,137,633 $2,088,416 $2,098,955 Liabilities: Deposit accounts: Noninterest bearing $417,324 $411,272 $400,113 Interest bearing 1,320,601 1,278,694 1,218,752 Total deposits 1,737,925 1,689,966 1,618,865 Accrued expenses and other liabilities 40,439 36,739 35,804 FHLB advances and other borrowings 119,407 124,952 215,050 Other long-term debt, net 59,224 59,186 59,074 Total liabilities 1,956,995 1,910,843 1,928,793 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; 20,000,000 shares authorized; 8,507,429 shares issued; 7,952,177, 7,977,177 and 8,016,784 shares outstanding at June 30, 2025, March 31, 2025, and June 30, 2024, respectively 85 85 85 Additional paid-in capital 108,590 108,451 108,962 Unallocated common stock held by Employee Stock Ownership Plan (3,724) (3,867) (4,297) Treasury stock, at cost (555,252, 530,252,and 490,645 shares at June 30, 2025, March 31, 2025 and June 30, 2024, respectively) (11,925) (11,517) (11,124) Retained earnings 105,470 103,366 97,413 Accumulated other comprehensive loss, net of tax (17,858) (18,945) (20,877) Total shareholders' equity 180,638 177,573 170,162 Total liabilities and shareholders' equity$2,137,633 $2,088,416 $2,098,955 Income Statement (Unaudited) (Unaudited) (Dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30,March 31,June 30, June 30 202520252024 20252024 Interest and dividend income: Interest and fees on loans $24,442$23,320$22,782 $47,762$44,724 Securities available-for-sale 2,397 2,451 2,631 4,848 5,355 FRB and FHLB dividends 236 260 264 496 511 Other interest income 75 38 145 113 174 Total interest and dividend income 27,150 26,069 25,822 53,219 50,764 Interest expense: Interest expense on deposits 6,877 6,871 6,884 13,748 13,432 FHLB advances and other borrowings 1,459 1,626 2,625 3,085 5,122 Other long-term debt 669 670 681 1,339 1,364 Total interest expense 9,005 9,167 10,190 18,172 19,918 Net interest income 18,145 16,902 15,632 35,047 30,846 Provision for credit losses 1,038 42 412 1,080 277 Net interest income after provision for credit losses 17,107 16,860 15,220 33,967 30,569 Noninterest income: Service charges on deposit accounts 393 389 428 782 828 Mortgage banking, net 2,926 2,125 2,417 5,051 4,594 Interchange and ATM fees 670 593 640 1,263 1,203 Appreciation in cash surrender value of life insurance 393 350 320 743 608 Other noninterest income 425 559 464 984 988 Total noninterest income 4,807 4,016 4,269 8,823 8,221 Noninterest expense: Salaries and employee benefits 10,645 9,664 10,273 20,309 19,991 Occupancy and equipment expense 2,230 2,302 2,104 4,532 4,203 Data processing 1,305 1,330 1,382 2,635 2,907 Software subscriptions 715 658 511 1,373 1,039 Advertising 280 232 316 512 569 Amortization 298 320 348 618 717 Loan costs 354 372 412 726 810 FDIC insurance premiums 257 231 284 488 583 Professional and examination fees 391 520 423 911 907 Other noninterest expense 1,451 1,377 1,254 2,828 2,614 Total noninterest expense 17,926 17,006 17,307 34,932 34,340 Income before provision for income taxes 3,988 3,870 2,182 7,858 4,450 Provision for income taxes 751 631 444 1,382 814 Net income $3,237$3,239$1,738 $6,476$3,636 Basic earnings per common share $0.42$0.41$0.22 $0.83$0.46 Diluted earnings per common share $0.41$0.41$0.22 $0.83$0.46 Basic weighted average shares outstanding 7,791,320 7,812,248 7,830,925 7,801,726 7,827,926 Diluted weighted average shares outstanding 7,812,656 7,823,636 7,845,272 7,819,113 7,840,288 ADDITIONAL FINANCIAL INFORMATION (Unaudited) (Dollars in thousands, except per share data)Three or Six Months Ended June 30,March 31,June 30, 2025 2025 2024 Mortgage Banking Activity (For the quarter): Net gain on sale of mortgage loans$2,083 $1,349 $1,600 Net change in fair value of loans held-for-sale and derivatives 105 (115) 12 Mortgage servicing income, net 738 891 805 Mortgage banking, net$2,926 $2,125 $2,417 Mortgage Banking Activity (Year-to-date): Net gain on sale of mortgage loans$3,432 $3,014 Net change in fair value of loans held-for-sale and derivatives (10) (161) Mortgage servicing income, net 1,629 1,741 Mortgage banking, net$5,051 $4,594 Performance Ratios (For the quarter): Return on average assets 0.61% 0.62% 0.33% Return on average equity 7.23% 7.66% 4.30% Yield on average interest earning assets 5.85% 5.76% 5.64% Cost of funds 2.45% 2.54% 2.78% Net interest margin 3.91% 3.74% 3.41% Core efficiency ratio* 76.80% 79.77% 85.22% Performance Ratios (Year-to-date): Return on average assets 0.62% 0.35% Return on average equity 7.27% 4.49% Yield on average interest earning assets 5.81% 5.55% Cost of funds 2.49% 2.73% Net interest margin 3.82% 3.37% Core efficiency ratio* 78.22% 86.06% * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisitioncosts and intangible asset amortization, by the sum of net interest income and non-interest income. ADDITIONAL FINANCIAL INFORMATION (Dollars in thousands, except per share data) Asset Quality Ratios and Data:As of or for the Three Months Ended June 30,March 31,June 30, 2025 2025 2024 Nonaccrual loans$2,423 $2,701 $4,012 Loans 90 days past due and still accruing 2,660 2,638 1,076 Total nonperforming loans 5,083 5,339 5,088 Other real estate owned and other repossessed assets 86 46 4 Total nonperforming assets$5,169 $5,385 $5,092 Nonperforming loans / portfolio loans 0.32% 0.35% 0.34% Nonperforming assets / assets 0.24% 0.26% 0.24% Allowance for credit losses / portfolio loans 1.13% 1.10% 1.11% Allowance for credit losses/ nonperforming loans 348.81% 313.17% 330.78% Gross loan charge-offs for the quarter$51 $6 $12 Gross loan recoveries for the quarter$3 $4 $10 Net loan charge-offs for the quarter$48 $2 $2 June 30,March 31,June 30, 2025 2025 2024 Capital Data (At quarter end): Common shareholders' equity (book value) per share$22.72 $22.26 $21.23 Tangible book value per share**$17.86 $17.38 $16.25 Shares outstanding 7,952,177 7,977,177 8,016,784 Tangible common equity to tangible assets*** 6.77% 6.77% 6.33% Other Information: Average investment securities for the quarter$287,707 $293,273 $306,207 Average investment securities year-to-date$290,490 $293,273 $310,168 Average loans for the quarter ****$1,554,756 $1,526,774 $1,513,313 Average loans year-to-date ****$1,540,765 $1,526,774 $1,506,303 Average earning assets for the quarter$1,862,024 $1,835,210 $1,837,418 Average earning assets year-to-date$1,848,617 $1,835,210 $1,833,867 Average total assets for the quarter$2,112,470 $2,079,142 $2,077,448 Average total assets year-to-date$2,099,980 $2,079,142 $2,072,013 Average deposits for the quarter$1,706,261 $1,671,349 $1,625,882 Average deposits year-to-date$1,688,826 $1,671,349 $1,625,826 Average equity for the quarter$179,104 $169,088 $161,533 Average equity year-to-date$178,249 $169,088 $162,084 ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders' equity,less goodwill and core deposit intangible, by common shares outstanding.*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders'equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.**** Includes loans held for sale Reconciliation of Non-GAAP Financial Measures Efficiency Ratio (Unaudited) (Unaudited)(Dollars in thousands)Three Months Ended Six Months Ended June 30,March 31,June 30, June 30, 2025 2025 2024 2025 2024Calculation of Efficiency Ratio: Noninterest expense - efficiency ratio numerator$17,926 $17,006 $17,307 $34,932 $34,340 Net interest income 18,145 16,902 15,632 35,047 30,846 Noninterest income 4,807 4,016 4,269 8,823 8,221 Efficiency ratio denominator 22,952 20,918 19,901 43,870 39,067 Efficiency ratio (GAAP) 78.10% 81.30% 86.97% 79.63% 87.90% Calculation of Core Efficiency Ratio: Noninterest expense$17,926 $17,006 $17,307 $34,932 $34,340 Intangible asset amortization (298) (320) (348) (618) (717) Core efficiency ratio numerator 17,628 16,686 16,959 34,314 33,623 Net interest income 18,145 16,902 15,632 35,047 30,846 Noninterest income 4,807 4,016 4,269 8,823 8,221 Core efficiency ratio denominator 22,952 20,918 19,901 43,870 39,067 Core efficiency ratio (non-GAAP) 76.80% 79.77% 85.22% 78.22% 86.06% Tangible Book Value and Tangible Assets (Unaudited)(Dollars in thousands, except per share data) June 30,March 31,June 30, 202520252024Tangible Book Value: Shareholders' equity $180,638 $177,573 $170,162 Goodwill and core deposit intangible, net (38,625) (38,921)$(39,908) Tangible common shareholders' equity (non-GAAP)$142,013 $138,652 $130,254 Common shares outstanding at end of period 7,952,177 7,977,177 8,016,784 Common shareholders' equity (book value) per share (GAAP)$22.72 $22.26 $21.23 Tangible common shareholders' equity (tangible book value) per share (non-GAAP) $17.86 $17.38 $16.25 Tangible Assets: Total assets $2,137,633 $2,088,416 $2,098,955 Goodwill and core deposit intangible, net (38,625) (38,921) (39,908) Tangible assets (non-GAAP) $2,099,008 $2,049,495 $2,059,047 Tangible common shareholders' equity to tangible assets (non-GAAP) 6.77% 6.77% 6.33% Contacts: Laura F. Clark, President and CEO (406) 457-4007 Miranda J. Spaulding, SVP and CFO (406) 441-5010

Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the Second Quarter of 2025; Increases Quarterly Cash Dividend to $0.145 Per Share

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