Eagle Bancorp Montana Earns $3.4 Million, or $0.44 per Diluted Share, in the Fourth Quarter of 2024 and $9.8 Million, or $1.24 per Diluted Share for the Year 2024; Declares Quarterly Cash Dividend of $0.1425 Per Share

HELENA, Mont., Jan. 28, 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 $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and $2.2 million, or $0.28 per diluted share, in the fourth quarter of 2023. For the year ended December 31, 2024, net income was $9.8 million, or $1.24 per diluted share, compared to $10.1 million, or $1.29 per diluted share, in 2023. Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on January 23, 2025. The dividend will be payable March 7, 2025, to shareholders of record February 14, 2025. The current dividend represents an annualized yield of 3.93% based on recent market prices. “Eagle’s fourth quarter operating results were highlighted by strong quarterly deposit growth, sound revenue generation, and net interest margin expansion,” said Laura F. Clark, President and CEO. “We continue to maintain a stable core deposit base, with non-CDs representing 72.4% of total deposits at year end. Additionally, we continue to maintain quality credit. While loan growth has moderated in recent quarters, we are anticipating steady single-digit loan growth in the year ahead.” Fourth Quarter 2024 Highlights (at or for the three-month period ended December 31, 2024, except where noted): Net income increased 26.7% to $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and increased 58.6% compared to $2.2 million, or $0.28 per diluted share, in the fourth quarter a year ago.Net interest margin (“NIM”) was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point increase compared to the fourth quarter a year ago.Revenues (net interest income before the provision for credit losses, plus noninterest income) increased 2.8% to $21.4 million in the fourth quarter of 2024, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago.Total loans increased 2.4% to $1.52 billion, at December 31, 2024, compared to $1.48 billion a year earlier, and decreased 0.9% compared to $1.53 billion at September 30, 2024.Total deposits increased $46.0 million or 2.8% to $1.68 billion at December 31, 2024, compared to a year earlier, and increased $30.7 million or 1.9%, compared to September 30, 2024.The allowance for credit losses represented 1.11% of portfolio loans and 437.7% of nonperforming loans at December 31, 2024, compared to 1.11% of portfolio loans and 195.2% of nonperforming loans at December 31, 2023. The Company’s available borrowing capacity was approximately $404.0 million at December 31, 2024, compared to $398.5 million at December 31, 2023. December 31, 2024December 31, 2023(Dollars in thousands) Borrowings Outstanding Remaining Borrowing Capacity Borrowings Outstanding Remaining Borrowing CapacityFederal Home Loan Bank advances$140,930 $276,664 $175,737 $266,017Federal Reserve Bank discount window - 27,349 - 32,472Correspondent bank lines of credit - 100,000 - 100,000Total$140,930 $404,013 $175,737 $398,489 The Company paid a quarterly cash dividend in the fourth quarter of $0.1425 per share on December 6, 2024, to shareholders of record November 15, 2024. Balance Sheet ResultsEagle’s total assets increased 1.3% to $2.10 billion at December 31, 2024, compared to $2.08 billion a year ago, and decreased 2.0% compared to $2.15 billion three months earlier. The investment securities portfolio totaled $292.6 million at December 31, 2024, compared to $318.3 million a year ago, and $307.0 million at September 30, 2024. Eagle originated $68.1 million in new residential mortgages during the quarter and sold $64.0 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.18%. This production compares to residential mortgage originations of $58.0 million in the preceding quarter with sales of $51.0 million and an average gross margin on sale of mortgage loans of approximately 3.31%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages. Total loans increased $36.2 million, or 2.4%, compared to a year ago, and decreased $14.0 million, or 0.9%, from three months earlier. Commercial real estate loans increased 6.1% to $646.0 million at December 31, 2024, compared to $608.7 million a year earlier. Commercial real estate loans were comprised of 71.4% non-owner occupied and 28.6% owner occupied at December 31, 2024. Agricultural and farmland loans increased 4.9% to $281.0 million at December 31, 2024, compared to $267.9 million a year earlier. Residential mortgage loans decreased 1.8% to $153.7 million, compared to $156.6 million a year earlier. Commercial loans increased 8.5% to $144.0 million, compared to $132.7 million a year ago. Commercial construction and development loans decreased 21.5% to $124.2 million, compared to $158.1 million a year ago. Home equity loans increased 12.2% to $97.5 million, residential construction loans increased 5.2% to $45.7 million, and consumer loans decreased 5.4% to $28.5 million, compared to a year ago. “Similar to other community banks, our deposit mix has shifted towards higher yielding deposits over the last several quarters due to the higher interest rate environment. However, the recent Fed rate cuts have started to ease deposit pricing, and we anticipate this will continue as we move through this next rate cycle,” said Miranda Spaulding, CFO. Total deposits increased to $1.68 billion at December 31, 2024, compared to $1.64 billion at December 31, 2023, and $1.65 billion at September 30, 2024. Noninterest-bearing checking accounts represented 24.9%, interest-bearing checking accounts represented 13.2%, savings accounts represented 12.5%, money market accounts comprised 21.8% and time certificates of deposit made up 27.6% of the total deposit portfolio at December 31, 2024. There were no brokered certificates at December 31, 2024, compared to $72.2 million at December 31, 2023, and $22.1 million at September 30, 2024. The average cost of total deposits was 1.71% in the fourth quarter of 2024, compared to 1.76% in the preceding quarter and 1.49% in the fourth quarter of 2023. The estimated amount of uninsured deposits was approximately $323.0 million, or 19% of total deposits, at December 31, 2024, compared to $307.0 million, or 18% of total deposits, at September 30, 2024. Shareholders’ equity was $174.8 million at December 31, 2024, compared to $169.3 million a year earlier and $177.7 million three months earlier. Book value per share was $21.77 at December 31, 2024, compared to $21.11 a year earlier and $22.17 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, was $16.88 at December 31, 2024, compared to $16.05 a year earlier and $17.23 three months earlier. Operating Results“The higher yields on interest earning assets combined with a lower cost of funds contributed to our 25 basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate additional improvement in our cost of funds over the next several quarters.” Eagle’s NIM was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point improvement compared to the fourth quarter a year ago. The interest accretion on acquired loans totaled $161,000 and resulted in a four basis-point increase in the NIM during the fourth quarter of 2024, compared to $167,000 and a three basis-point increase in the NIM during the preceding quarter. Funding costs for the fourth quarter of 2024 were 2.69%, compared to 2.89% in the third quarter of 2024 and 2.58% in the fourth quarter of 2023. Average yields on interest earning assets for the fourth quarter of 2024 increased to 5.70%, compared to 5.66% in the third quarter of 2024 and 5.36% in the fourth quarter a year ago. For the year, the NIM was 3.42% compared to 3.51% for 2023. Net interest income, before the provision for credit losses, increased 6.3% to $16.8 million in the fourth quarter of 2024, compared to $15.8 million in the third quarter of 2024, and increased 10.5% compared to $15.2 million in the fourth quarter of 2023. For the year, net interest income increased 1.5% to $63.4 million, compared to $62.5 million in 2023. Fourth quarter revenues increased 2.8% to $21.4 million, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago. For the year 2024, revenues were $81.2 million, compared to $85.2 million in 2023. The decrease compared to a year ago was largely due to lower volumes in mortgage banking activity. Total noninterest income decreased 8.2% to $4.6 million in the fourth quarter of 2024, compared to $5.0 million in the preceding quarter, and decreased 21.3% compared to $5.8 million in the fourth quarter a year ago. The decrease compared to the preceding quarter was largely due to income from bank owned life insurance of $724,000 recorded during the third quarter of 2024. Net mortgage banking income, the largest component of noninterest income, totaled $2.8 million in the fourth quarter of 2024, compared to $2.6 million in the preceding quarter and $3.7 million in the fourth quarter a year ago. This decrease compared to the fourth quarter a year ago was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes. For the year, noninterest income decreased 21.8% to $17.8 million, compared to $22.7 million in 2023. Net mortgage banking income decreased 33.1% to $10.0 million in 2024, compared to $15.0 million in 2023. These decreases were driven by a decline in net gain on sale of mortgage loans. Eagle’s fourth quarter noninterest expense was $17.7 million, an increase of 2.5% compared to $17.3 million in the preceding quarter and a 6.3% decrease compared to $18.9 million in the fourth quarter a year ago. Lower salaries and employee benefits contributed to the decrease compared to the year ago quarter. For the year, noninterest expense decreased 3.9% to $69.3 million, compared to $72.1 million in 2023. For the fourth quarter of 2024, the Company recorded income tax expense of $269,000. This compared to income tax expense of $529,000 in the preceding quarter and an income tax benefit of $315,000 in the fourth quarter of 2023. The effective tax rate for the year was 14.2% compared to 13.7% for the prior year and is due to the increase in proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects. Credit QualityDue to muted loan growth and positive economic factors within the CECL modeling, Eagle recorded a recapture in its provision for credit losses of $36,000 during the fourth quarter of 2024. This compared to a $277,000 provision for credit losses in the preceding quarter and $270,000 in the fourth quarter a year ago. The allowance for credit losses represented 437.7% of nonperforming loans at December 31, 2024, compared to 356.7% three months earlier and 195.2% a year earlier. Nonperforming loans were $3.9 million at December 31, 2024, $4.8 million at September 30, 2024, and $8.4 million a year earlier. Net loan charge-offs totaled $44,000 in the fourth quarter of 2024, compared to net loan charge-offs of $17,000 in the preceding quarter and net loan charge-offs of $10,000 in the fourth quarter a year ago. The allowance for credit losses was $16.9 million, or 1.11% of total loans, at December 31, 2024, compared to $17.1 million, or 1.12% of total loans, at September 30, 2024, and $16.4 million, or 1.11% of total loans, a year ago. Capital ManagementThe 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 6.57% at December 31, 2024, up from 6.32% a year ago and 6.56% 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 December 31, 2024, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.07% as of December 31, 2024. About the CompanyEagle 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 29 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 StatementsThis 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 but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; 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; 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; 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; our ability to appropriately address social, environmental, and sustainability concerns 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 MeasuresIn addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in 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) December 31,September 30,December 31, 202420242023 Assets: Cash and due from banks$29,824 $22,954 $23,243 Interest bearing deposits in banks 1,735 19,035 1,302 Federal funds sold - 200 - Total cash and cash equivalents 31,559 42,189 24,545 Securities available-for-sale, at fair value 292,590 306,982 318,279 Federal Home Loan Bank ("FHLB") stock 7,778 11,218 9,191 Federal Reserve Bank ("FRB") stock 4,131 4,131 4,131 Mortgage loans held-for-sale, at fair value 13,368 13,429 11,432 Loans: Real estate loans: Residential 1-4 family 153,721 156,811 156,578 Residential 1-4 family construction 45,701 52,217 43,434 Commercial real estate 645,962 644,019 608,691 Commercial construction and development 124,211 125,323 158,132 Farmland 146,610 145,356 142,590 Other loans: Home equity 97,543 93,646 86,932 Consumer 28,513 29,445 30,125 Commercial 144,039 143,190 132,709 Agricultural 134,346 144,645 125,298 Total loans 1,520,646 1,534,652 1,484,489 Allowance for credit losses (16,850) (17,130) (16,440)Net loans 1,503,796 1,517,522 1,468,049 Accrued interest and dividends receivable 12,890 14,844 12,485 Mortgage servicing rights, net 15,376 15,443 15,853 Assets held-for-sale, at cost 960 257 - Premises and equipment, net 101,540 100,297 94,282 Cash surrender value of life insurance, net 53,232 52,852 47,939 Goodwill 34,740 34,740 34,740 Core deposit intangible, net 4,499 4,834 5,880 Other assets 26,631 26,375 28,860 Total assets$2,103,090 $2,145,113 $2,075,666 Liabilities: Deposit accounts: Noninterest bearing$419,211 $419,760 $418,727 Interest bearing 1,262,017 1,230,752 1,216,468 Total deposits 1,681,228 1,650,512 1,635,195 Accrued expenses and other liabilities 47,018 38,593 36,462 FHLB advances and other borrowings 140,930 219,167 175,737 Other long-term debt, net 59,149 59,111 58,999 Total liabilities 1,928,325 1,967,383 1,906,393 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; 8,027,177, 8,016,784 and 8,016,784 shares outstanding at December 31, 2024, September 30, 2024, and December 31, 2023, respectively 85 85 85 Additional paid-in capital 108,334 109,040 108,819 Unallocated common stock held by Employee Stock Ownership Plan (4,011) (4,154) (4,583)Treasury stock, at cost (480,252, 490,645 and 490,645 shares at December 31, 2024, September 30, 2024, and December 31, 2023, respectively) (10,761) (11,124) (11,124)Retained earnings 101,264 98,979 96,021 Accumulated other comprehensive loss, net of tax (20,146) (15,096) (19,945)Total shareholders' equity 174,765 177,730 169,273 Total liabilities and shareholders' equity$2,103,090 $2,145,113 $2,075,666 Income Statement (Unaudited) (Unaudited)(Dollars in thousands, except per share data)Three Months Ended Years Ended December 31,September 30,December 31, December 31, 202420242023 20242023Interest and dividend income: Interest and fees on loans$23,756 $23,802 $21,481 $92,282 $79,423 Securities available-for-sale 2,475 2,598 2,790 10,428 11,376 FRB and FHLB dividends 308 266 247 1,085 727 Other interest income 148 94 23 416 89 Total interest and dividend income 26,687 26,760 24,541 104,211 91,615 Interest expense: Interest expense on deposits 7,216 7,190 6,090 27,838 17,857 FHLB advances and other borrowings 2,005 3,084 2,569 10,211 8,562 Other long-term debt 676 684 684 2,724 2,719 Total interest expense 9,897 10,958 9,343 40,773 29,138 Net interest income 16,790 15,802 15,198 63,438 62,477 (Recapture) provision for credit losses (36) 277 270 518 1,456 Net interest income after provision for credit losses 16,826 15,525 14,928 62,920 61,021 Noninterest income: Service charges on deposit accounts 387 430 444 1,645 1,757 Mortgage banking, net 2,818 2,602 3,718 10,014 14,970 Interchange and ATM fees 675 662 663 2,540 2,524 Appreciation in cash surrender value of life insurance 408 1,038 301 2,054 1,466 Net loss on sale of available-for-sale securities (141) - - (141) (222)Other noninterest income 425 251 686 1,664 2,227 Total noninterest income 4,572 4,983 5,812 17,776 22,722 Noninterest expense: Salaries and employee benefits 9,830 9,894 11,359 39,715 42,973 Occupancy and equipment expense 2,194 2,134 1,972 8,531 8,072 Data processing 1,715 1,587 1,673 6,209 5,943 Software subscriptions 576 511 519 2,127 2,064 Advertising 466 277 445 1,312 1,375 Amortization 337 337 386 1,391 1,587 Loan costs 372 385 461 1,567 1,887 FDIC insurance premiums 287 295 288 1,165 1,150 Professional and examination fees 596 438 438 1,941 1,922 Other noninterest expense 1,323 1,412 1,350 5,348 5,116 Total noninterest expense 17,696 17,270 18,891 69,306 72,089 Income before provision for income taxes 3,702 3,238 1,849 11,390 11,654 Provision (benefit) for income taxes 269 529 (315) 1,612 1,598 Net income$3,433 $2,709 $2,164 $9,778 $10,056 Basic earnings per common share$0.44 $0.35 $0.28 $1.25 $1.29 Diluted earnings per common share$0.44 $0.34 $0.28 $1.24 $1.29 Basic weighted average shares outstanding 7,862,279 7,836,921 7,809,274 7,838,822 7,793,352 Diluted weighted average shares outstanding 7,868,507 7,860,138 7,815,022 7,853,792 7,798,244 ADDITIONAL FINANCIAL INFORMATION (Unaudited) (Dollars in thousands, except per share data)Three Months Ended or Years Ended December 31,September 30,December 31, 202420242023 Mortgage Banking Activity (For the quarter): Net gain on sale of mortgage loans$2,036 $1,691 $2,845 Net change in fair value of loans held-for-sale and derivatives (3) 159 (40)Mortgage servicing income, net 785 752 913 Mortgage banking, net$2,818 $2,602 $3,718 Mortgage Banking Activity (Year-to-date): Net gain on sale of mortgage loans$6,741 $11,396 Net change in fair value of loans held-for-sale and derivatives (5) 194 Mortgage servicing income, net 3,278 3,380 Mortgage banking, net$10,014 $14,970 Performance Ratios (For the quarter): Return on average assets 0.65% 0.51% 0.42%Return on average equity 8.12% 6.56% 5.68%Yield on average interest earning assets 5.70% 5.66% 5.36%Cost of funds 2.69% 2.89% 2.58%Net interest margin 3.59% 3.34% 3.32%Core efficiency ratio* 81.26% 81.47% 88.08% Performance Ratios (Year-to-date): Return on average assets 0.47% 0.50%Return on average equity 5.94% 6.33%Yield on average interest earning assets 5.62% 5.14%Cost of funds 2.76% 2.11%Net interest margin 3.42% 3.51%Core efficiency ratio* 83.62% 82.75% * 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 December 31,September 30,December 31, 202420242023 Nonaccrual loans$3,227 $3,859 $8,395 Loans 90 days past due and still accruing 623 944 26 Total nonperforming loans 3,850 4,803 8,421 Other real estate owned and other repossessed assets 45 4 5 Total nonperforming assets$3,895 $4,807 $8,426 Nonperforming loans / portfolio loans 0.25% 0.31% 0.57%Nonperforming assets / assets 0.19% 0.22% 0.41%Allowance for credit losses / portfolio loans 1.11% 1.12% 1.11%Allowance for credit losses/ nonperforming loans 437.66% 356.65% 195.23%Gross loan charge-offs for the quarter$51 $22 $11 Gross loan recoveries for the quarter$7 $5 $1 Net loan charge-offs for the quarter$44 $17 $10 December 31,September 30,December 31, 202420242023Capital Data (At quarter end): Common shareholders' equity (book value) per share$21.77 $22.17 $21.11 Tangible book value per share**$16.88 $17.23 $16.05 Shares outstanding 8,027,177 8,016,784 8,016,784 Tangible common equity to tangible assets*** 6.57% 6.56% 6.32% Other Information: Average investment securities for the quarter$300,088 $305,730 $306,678 Average investment securities year-to-date$306,538 $308,688 $328,533 Average loans for the quarter ****$1,533,686 $1,547,246 $1,494,181 Average loans year-to-date ****$1,523,384 $1,519,951 $1,436,672 Average earning assets for the quarter$1,858,078 $1,874,669 $1,817,419 Average earning assets year-to-date$1,850,120 $1,847,468 $1,780,727 Average total assets for the quarter$2,107,357 $2,116,839 $2,062,267 Average total assets year-to-date$2,092,051 $2,086,951 $2,015,586 Average deposits for the quarter$1,671,653 $1,622,254 $1,626,598 Average deposits year-to-date$1,636,390 $1,624,636 $1,603,861 Average equity for the quarter$169,054 $165,162 $152,516 Average equity year-to-date$164,591 $163,106 $158,807 ** 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 Core Efficiency Ratio (Unaudited) (Unaudited)(Dollars in thousands)Three Months Ended Years Ended December 31,September 30,December 31, December 31, 202420242023 20242023Calculation of Core Efficiency Ratio: Noninterest expense$17,696 $17,270 $18,891 $69,306 $72,089 Intangible asset amortization (337) (337) (386) (1,391) (1,587)Core efficiency ratio numerator 17,359 16,933 18,505 67,915 70,502 Net interest income 16,790 15,802 15,198 63,438 62,477 Noninterest income 4,572 4,983 5,812 17,776 22,722 Core efficiency ratio denominator 21,362 20,785 21,010 81,214 85,199 Core efficiency ratio (non-GAAP) 81.26% 81.47% 88.08% 83.62% 82.75% Tangible Book Value and Tangible Assets(Unaudited)(Dollars in thousands, except per share data)December 31,September 30,December 31, 202420242023Tangible Book Value: Shareholders' equity$174,765 $177,730 $169,273 Goodwill and core deposit intangible, net (39,239) (39,574)$(40,620)Tangible common shareholders' equity (non-GAAP)$135,526 $138,156 $128,653 Common shares outstanding at end of period 8,027,177 8,016,784 8,016,784 Common shareholders' equity (book value) per share (GAAP)$21.77 $22.17 $21.11 Tangible common shareholders' equity (tangible book value) per share (non-GAAP)$16.88 $17.23 $16.05 Tangible Assets: Total assets$2,103,090 $2,145,113 $2,075,666 Goodwill and core deposit intangible, net (39,239) (39,574) (40,620)Tangible assets (non-GAAP)$2,063,851 $2,105,539 $2,035,046 Tangible common shareholders' equity to tangible assets (non-GAAP) 6.57% 6.56% 6.32% Contacts:Laura F. Clark, President and CEO(406) 457-4007Miranda J. Spaulding, SVP and CFO(406) 441-5010

Eagle Bancorp Montana Earns $3.4 Million, or $0.44 per Diluted Share, in the Fourth Quarter of 2024 and $9.8 Million, or $1.24 per Diluted Share for the Year 2024; Declares Quarterly Cash Dividend of $0.1425 Per Share

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