Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____. Commission file number 1-34682 Eagle Bancorp Montana, Inc. (Exact name of registrant as specified in its charter) (State or other juri ...

Eagle Bancorp Montana, Inc. (EBMT) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following ...

Core Viewpoint - Three stocks are highlighted with a strong buy rank and favorable value characteristics for investors to consider on October 30th Group 1: OppFi (OPFI) - OppFi provides a financial technology platform that enables banks to assist consumers in accessing credit [1] - The company has a Zacks Rank of 1 (Strong Buy) and a Zacks Consensus Estimate for current year earnings has increased by 5.6% over the last 60 days [1] - OppFi has a price-to-earnings ratio (P/E) of 6.94, significantly lower than the industry average of 11.50, and possesses a Value Score of A [2] Group 2: OP Bancorp (OPBK) - OP Bancorp offers commercial banking services to both retail and institutional customers [2] - The company also carries a Zacks Rank of 1 and has seen a 4.7% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [2] - OP Bancorp has a P/E ratio of 7.53 compared to the industry average of 14.70, with a Value Score of A [3] Group 3: Eagle Bancorp Montana (EBMT) - Eagle Bancorp Montana serves as a bank holding company for American Federal Savings Bank, providing retail banking services in south-central Montana [3] - The company holds a Zacks Rank of 1 and has experienced a 0.6% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [3] - Eagle Bancorp Montana has a P/E ratio of 9.30, which is lower than the industry average of 10.30, and also has a Value Score of A [4]

Group 1: Heritage Commerce Corp (HTBK) - Heritage Commerce Corp is a bank holding company offering a range of loans, primarily commercial, including real estate and construction loans [1] - The Zacks Consensus Estimate for its current year earnings has increased by 4.9% over the last 60 days [1] Group 2: Eagle Bancorp Montana (EBMT) - Eagle Bancorp Montana is a bank holding company for American Federal Savings Bank, providing retail banking services in south-central Montana [2] - The Zacks Consensus Estimate for its current year earnings has increased by 0.6% over the last 60 days [2] - The company has a dividend yield of 3.6%, compared to the industry average of 3% [2] Group 3: Leggett & Platt (LEG) - Leggett & Platt is a global manufacturer that designs and produces a variety of engineered components and products used in homes, offices, and automobiles [3] - The Zacks Consensus Estimate for its current year earnings has increased by 1% over the last 60 days [3] - The company has a dividend yield of 2%, compared to the industry average of 0.0% [3]

Financial Performance - Net income for the third quarter of 2025 was $3.6 million, or $0.46 per diluted share, an increase from $3.2 million, or $0.41 per diluted share in the previous quarter, and $2.7 million, or $0.34 per diluted share a year ago [1]. - Net income for the quarter was $3,630 million, an increase from $3,237 million in the previous quarter, representing a 12.2% growth [31]. - Basic earnings per common share increased to $0.47 from $0.42 in the previous quarter, a rise of 11.9% [31]. - Return on average assets for the quarter improved to 0.68%, up from 0.61% in the previous quarter [33]. Assets and Liabilities - Total assets were $2.12 billion at September 30, 2025, down from $2.15 billion a year ago and $2.14 billion three months earlier [4]. - Total assets decreased to $2,119,806 million in Q3 2025 from $2,137,633 million in Q2 2025 and $2,145,113 million in Q3 2024 [37]. - Total loans increased by 1.5% to $1.56 billion compared to a year ago, but decreased by 0.8% from the previous quarter [6]. - Total loans amounted to $1,557,771,000, compared to $1,534,652,000 a year earlier, reflecting an increase of approximately 1.5% [27]. - The net loans stood at $1,540,031,000, slightly down from $1,551,932,000 in the previous quarter [27]. - Total deposits rose by $101.7 million, or 6.2%, to $1.75 billion at September 30, 2025, compared to a year earlier [4]. - Total deposits increased to $1,752,179,000 from $1,650,512,000 a year ago, marking a growth of approximately 6.2% [27]. Income and Expenses - Noninterest income decreased by 1.9% to $4.7 million in the third quarter of 2025, compared to $4.8 million in the previous quarter [15]. - Total noninterest income for the quarter was $4,717 million, slightly down from $4,807 million in the previous quarter, a decrease of 1.9% [31]. - Noninterest expense increased to $18,387 million in Q3 2025 from $17,926 million in Q2 2025, and $17,270 million in Q3 2024 [37]. - Total noninterest expense for the quarter was $18,387 million, up from $17,926 million in the previous quarter, an increase of 2.6% [31]. Credit Quality - The allowance for credit losses was $17.7 million, or 1.14% of total loans, at September 30, 2025, compared to 1.12% a year ago [18]. - Provision for credit losses was $62 million for the quarter, significantly lower than $1,038 million in the previous quarter, indicating improved asset quality [31]. - Nonperforming loans decreased to $4,122 million from $5,083 million in the previous quarter, a reduction of 18.9% [34]. Shareholder Equity - Shareholders' equity increased to $186.5 million at September 30, 2025, compared to $177.7 million a year earlier [9]. - The total shareholders' equity reached $186,486,000, up from $177,730,000 in the previous year, reflecting a growth of approximately 4.4% [28]. - Common shareholders' equity per share increased to $23.45 from $22.72 in the previous quarter, a growth of 3.2% [35]. Capital Management - The Bank's Tier 1 capital to adjusted total average assets was 10.35% as of September 30, 2025, indicating strong capital management [19]. - Tangible common shareholders' equity (non-GAAP) increased to $148,147 million in Q3 2025 from $142,013 million in Q2 2025 and $138,156 million in Q3 2024 [37]. - Tangible common shareholders' equity to tangible assets (non-GAAP) increased to 7.12% in Q3 2025 from 6.77% in Q2 2025 and 6.56% in Q3 2024 [37].

Core Insights - Eagle Bancorp Montana, Inc. reported a net income of $3.6 million, or $0.46 per diluted share, for Q3 2025, reflecting an increase from $3.2 million, or $0.41 per diluted share, in the previous quarter and $2.7 million, or $0.34 per diluted share, in Q3 2024 [1][5][30] - For the first nine months of 2025, net income rose to $10.1 million, or $1.29 per diluted share, compared to $6.3 million, or $0.81 per diluted share, in the same period of 2024 [1][30] - The board declared a quarterly cash dividend of $0.145 per share, representing an annualized yield of 3.41% based on recent market prices [2] Financial Performance - Net interest income before provision for credit losses increased by 3.0% to $18.7 million in Q3 2025, compared to $18.1 million in Q2 2025, and increased by 18.3% compared to $15.8 million in Q3 2024 [5][13] - Total revenues for Q3 2025 increased by 2.0% to $23.4 million, compared to $23.0 million in the previous quarter and increased by 12.6% compared to $20.8 million in Q3 2024 [14] - Noninterest income decreased by 1.9% to $4.7 million in Q3 2025, compared to $4.8 million in the preceding quarter, but increased compared to $5.0 million in Q3 2024 [15] Balance Sheet Highlights - Total assets were $2.12 billion at September 30, 2025, a slight decrease from $2.15 billion a year ago and $2.14 billion three months earlier [4][27] - Total loans increased by 1.5% to $1.56 billion at September 30, 2025, compared to $1.52 billion a year earlier, but decreased by 0.8% from $1.57 billion at June 30, 2025 [5][7] - Total deposits increased by $101.7 million, or 6.2%, to $1.75 billion at September 30, 2025, compared to a year earlier [8][27] Credit Quality - The allowance for credit losses represented 1.14% of portfolio loans and 430.4% of nonperforming loans at September 30, 2025, compared to 1.12% and 356.7%, respectively, a year earlier [18][33] - Nonperforming loans were $4.1 million at September 30, 2025, down from $5.1 million at June 30, 2025, and $4.8 million a year earlier [18][33] Capital Management - Shareholders' equity was $186.5 million at September 30, 2025, compared to $177.7 million a year earlier and $180.6 million three months earlier [10][27] - The Tier 1 capital to adjusted total average assets ratio was 10.35% as of September 30, 2025, indicating strong capital management [19]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Eagle Bancorp Montana, Inc.'s unaudited condensed consolidated financial statements and detailed notes [Condensed Consolidated Statements of Financial Condition](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition%20as%20of%20June%2030,%202025%20and%20December%2031,%202024) Condensed Consolidated Statements of Financial Condition (Dollars in Thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Total assets | $2,137,633 | $2,103,090 | $34,543 | 1.6% | | Loans receivable, net | $1,551,932 | $1,503,796 | $48,136 | 3.2% | | Securities available-for-sale | $285,023 | $292,590 | $(7,567) | -2.6% | | Total liabilities | $1,956,995 | $1,928,325 | $28,670 | 1.5% | | Total deposits | $1,737,925 | $1,681,228 | $56,697 | 3.4% | | FHLB advances and other borrowings | $119,407 | $140,930 | $(21,523) | -15.3% | | Total shareholders' equity | $180,638 | $174,765 | $5,873 | 3.4% | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) Condensed Consolidated Statements of Income (Dollars in Thousands, Except Per Share Data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net Interest Income | $18,145 | $15,632 | $2,513 | 16.1% | | Provision for credit losses | $1,038 | $412 | $626 | 151.9% | | Noninterest income | $4,807 | $4,269 | $538 | 12.6% | | Noninterest expense | $17,926 | $17,307 | $619 | 3.6% | | Net Income | $3,237 | $1,738 | $1,499 | 86.2% | | Basic Earnings Per Common Share | $0.42 | $0.22 | $0.20 | 90.9% | | Diluted Earnings Per Common Share | $0.41 | $0.22 | $0.19 | 86.4% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net Interest Income | $35,047 | $30,846 | $4,201 | 13.6% | | Provision for credit losses | $1,080 | $277 | $803 | 289.9% | | Noninterest income | $8,823 | $8,221 | $602 | 7.3% | | Noninterest expense | $34,932 | $34,340 | $592 | 1.7% | | Net Income | $6,476 | $3,636 | $2,840 | 78.1% | | Basic Earnings Per Common Share | $0.83 | $0.46 | $0.37 | 80.4% | | Diluted Earnings Per Common Share | $0.83 | $0.46 | $0.37 | 80.4% | [Condensed Consolidated Statements of Comprehensive Income](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20three%20and%20six%20ended%20June%2030,%202025%20and%202024) Condensed Consolidated Statements of Comprehensive Income (Dollars in Thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net Income | $3,237 | $1,738 | $1,499 | 86.2% | | Other comprehensive income (loss) before tax | $1,475 | $524 | $951 | 181.5% | | Comprehensive Income | $4,324 | $2,124 | $2,200 | 103.6% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net Income | $6,476 | $3,636 | $2,840 | 78.1% | | Other comprehensive income (loss) before tax | $3,115 | $(1,265) | $4,380 | -346.2% | | Comprehensive Income | $8,764 | $2,704 | $6,060 | 224.1% | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) - Total shareholders' equity increased to **$180.64 million** at June 30, 2025, from **$174.77 million** at January 1, 2025, driven by net income of **$6.48 million** and other comprehensive income of **$2.29 million**, partially offset by dividends paid of **$2.27 million** and treasury stock purchases of **$1.16 million**[28](index=28&type=chunk)[29](index=29&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030,%202025%20and%202024) Condensed Consolidated Statements of Cash Flows (Dollars in Thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net cash provided by operating activities | $3,631 | $10,386 | $(6,755) | -65.0% | | Net cash used in investing activities | $(40,003) | $(31,908) | $(8,095) | 25.4% | | Net cash provided by financing activities | $31,741 | $20,739 | $11,002 | 53.1% | | Net decrease in cash and cash equivalents | $(4,631) | $(783) | $(3,848) | 491.4% | | Cash and cash equivalents, end of period | $26,928 | $23,762 | $3,166 | 13.3% | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) [NOTE 1. Organization and Summary of Significant Accounting Policies](index=14&type=section&id=NOTE%201.%20Organization%20and%20Summary%20of%20Significant%20Accounting%20Policies) Eagle Bancorp Montana, Inc. and its subsidiaries operate as a community bank, focusing on deposits, loans, and securities, with ongoing evaluation of new tax legislation and accounting standards - Eagle Bancorp Montana, Inc. is a Delaware corporation and parent company of Opportunity Bank of Montana, operating **30 full-service branches** across Montana, focusing on deposits and investments in loans and securities[36](index=36&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - The Company's consolidated financial statements include Eagle, Opportunity Bank of Montana, Opportunity Housing Fund, LLC (OHF), Eagle Bancorp Statutory Trust I, and Opportunity Financial Services, Inc. (OFS), with OHF investing in LIHTC projects and OFS facilitating deferred payment contracts[39](index=39&type=chunk)[40](index=40&type=chunk)[45](index=45&type=chunk) - Management concluded goodwill was not impaired after quantitative tests as of August 31, 2024, and October 31, 2024, with the Company operating as a single community banking segment[50](index=50&type=chunk)[51](index=51&type=chunk) - The "One Big Beautiful Bill Act," signed July 4, 2025, permanently extended key business tax breaks, with the Company evaluating its impact on income tax expense[48](index=48&type=chunk) - The Company adopted ASU No. 2023-07 (Segment Reporting) and ASU No. 2023-09 (Income Tax Disclosures) without significant impact, and is evaluating ASU No. 2024-03/2025-01 (Expense Disaggregation Disclosures) for future effectiveness[54](index=54&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk) [NOTE 2. Investment Securities](index=18&type=section&id=NOTE%202.%20Investment%20Securities) The company's available-for-sale securities decreased due to maturities and payments, with unrealized losses attributed to interest rate changes Securities Available-for-Sale (Dollars in Thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Total amortized cost | $309,257 | $319,939 | $(10,682) | -3.3% | | Total gross unrealized losses | $(24,536) | $(27,550) | $3,014 | -10.9% | | Total fair value | $285,023 | $292,590 | $(7,567) | -2.6% | - The decrease in securities available-for-sale was primarily due to maturities, principal payments, and call activity, partially offset by security purchases and an increase in fair value[126](index=126&type=chunk) - As of June 30, 2025, **269 securities** had unrealized loss positions totaling **$24.54 million**, which management attributed to interest rate and market spread changes, not credit losses, with no intent to sell prior to maturity, thus no ACL was recorded[63](index=63&type=chunk) [NOTE 3. Loans Receivable](index=20&type=section&id=NOTE%203.%20Loans%20Receivable) Loans receivable increased, driven by commercial and commercial real estate loans, while nonperforming assets also rose Loans Receivable (Dollars in Thousands) | Loan Category | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Residential 1-4 family | $194,289 | $199,422 | $(5,133) | -2.6% | | Commercial real estate | $938,451 | $916,783 | $21,668 | 2.4% | | Home equity | $102,778 | $97,543 | $5,235 | 5.4% | | Consumer | $26,658 | $28,513 | $(1,855) | -6.5% | | Commercial | $307,486 | $278,385 | $29,101 | 10.5% | | Total loans | $1,569,662 | $1,520,646 | $49,016 | 3.2% | | Allowance for credit losses | $(17,730) | $(16,850) | $(880) | 5.2% | | Total loans, net | $1,551,932 | $1,503,796 | $48,136 | 3.2% | Allowance for Credit Losses (ACL) Activity (Dollars in Thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Beginning balance | $16,720 | $16,410 | $310 | 1.9% | | Charge-offs | $(51) | $(12) | $(39) | 325.0% | | Recoveries | $3 | $10 | $(7) | -70.0% | | Provision | $1,058 | $422 | $636 | 150.7% | | Ending balance | $17,730 | $16,830 | $900 | 5.4% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Beginning balance | $16,850 | $16,440 | $410 | 2.5% | | Charge-offs | $(57) | $(13) | $(44) | 338.5% | | Recoveries | $7 | $76 | $(69) | -90.8% | | Provision | $930 | $327 | $603 | 184.4% | | Ending balance | $17,730 | $16,830 | $900 | 5.4% | Nonperforming Assets (Dollars in Thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Total nonperforming loans | $5,083 | $3,850 | $1,233 | 32.0% | | Real estate owned and other repossessed property, net | $86 | $45 | $41 | 91.1% | | Total nonperforming assets | $5,169 | $3,895 | $1,274 | 32.7% | | Total nonperforming loans to total loans | 0.32% | 0.25% | 0.07% | 28.0% | | Total nonperforming assets to total assets | 0.24% | 0.19% | 0.05% | 26.3% | - The Company modified loans totaling **$959 thousand** for the three months and **$1.47 million** for the six months ended June 30, 2025, for borrowers experiencing financial difficulty, primarily through term extensions and payment deferrals[81](index=81&type=chunk) [NOTE 4. Mortgage Servicing Rights](index=30&type=section&id=NOTE%204.%20Mortgage%20Servicing%20Rights) Mortgage servicing rights and related fees saw slight decreases, with key valuation assumptions noted Mortgage Servicing Rights (Dollars in Thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Unpaid principal balances serviced for others | $1,986,957 | $2,016,242 | $(29,285) | -1.5% | | Mortgage servicing rights, net | $15,120 | $15,376 | $(256) | -1.7% | | Fair value of mortgage servicing rights | $20,318 | $20,370 | $(52) | -0.3% | | Mortgage loan servicing fees (3 months) | $1,255 | $1,275 | $(20) | -1.6% | | Mortgage loan servicing fees (6 months) | $2,511 | $2,579 | $(68) | -2.6% | - Key valuation assumptions for mortgage servicing rights at June 30, 2025, included a discount rate of **12%** and a weighted average prepayment speed of **116%**[86](index=86&type=chunk) [NOTE 5. Deposits](index=30&type=section&id=NOTE%205.%20Deposits) Total deposits increased, primarily driven by a significant rise in money market deposits Deposit Accounts (Dollars in Thousands) | Deposit Category | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Noninterest checking | $417,324 | $419,211 | $(1,887) | -0.5% | | Interest-bearing checking | $205,021 | $221,476 | $(16,455) | -7.4% | | Savings | $205,596 | $210,572 | $(4,976) | -2.4% | | Money market | $450,685 | $367,094 | $83,591 | 22.8% | | Time certificates of deposit | $459,299 | $462,875 | $(3,576) | -0.8% | | Total deposits | $1,737,925 | $1,681,228 | $56,697 | 3.4% | - Money market deposits significantly increased by **$83.59 million**, driving overall deposit growth, with uninsured deposits estimated at **$329.0 million** or **19% of total deposits** at June 30, 2025[135](index=135&type=chunk)[136](index=136&type=chunk) [NOTE 6. Other Long-Term Debt](index=32&type=section&id=NOTE%206.%20Other%20Long-Term%20Debt) The company's long-term debt remained stable, with details on subordinated debentures and their interest rate transitions Other Long-Term Debt (Dollars in Thousands) | Debt Type | June 30, 2025 (Principal Amount) | December 31, 2024 (Principal Amount) | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Subordinated debentures fixed at 5.50% to floating, due 2030 | $15,000 | $15,000 | $0 | 0.0% | | Subordinated debentures fixed at 3.50% to floating, due 2032 | $40,000 | $40,000 | $0 | 0.0% | | Subordinated debentures variable at 3-Month SOFR plus 1.68%, due 2035 | $5,155 | $5,155 | $0 | 0.0% | | Total other long-term debt (net) | $59,224 | $59,149 | $75 | 0.1% | - The subordinated debentures due 2030 transitioned from a fixed rate of **5.50%** to a floating rate (3-month SOFR plus 509.0 basis points) on July 1, 2025, with the floating rate at **9.39%** as of that date[89](index=89&type=chunk) - Debentures due 2032 will transition to a floating rate (3-month SOFR plus 218.0 basis points) on February 1, 2027[90](index=90&type=chunk) - Debentures due 2035 converted to 3-month CME Term SOFR plus **1.68%** during Q1 2024, with a rate of **5.97%** as of June 30, 2025[91](index=91&type=chunk) [NOTE 7. Accumulated Other Comprehensive Income (Loss)](index=33&type=section&id=NOTE%207.%20Accumulated%20Other%20Comprehensive%20Income%20(Loss)) Accumulated other comprehensive loss improved due to other comprehensive income before reclassifications and income taxes Accumulated Other Comprehensive Income (Loss) (Dollars in Thousands) | Metric | June 30, 2025 | January 1, 2025 | Change ($) | Change (%) | | :----------------------------------- | :------------ | :-------------- | :--------- | :--------- | | Balance, Unrealized (Losses) Gains on Securities Available-for-Sale | $(17,858) | $(20,146) | $2,288 | -11.4% | - The accumulated other comprehensive loss improved by **$2.29 million** for the six months ended June 30, 2025, primarily due to other comprehensive income before reclassifications and income taxes of **$3.12 million**[94](index=94&type=chunk) [NOTE 8. Earnings Per Common Share](index=34&type=section&id=NOTE%208.%20Earnings%20Per%20Common%20Share) Basic and diluted earnings per common share significantly increased for both the three and six months ended June 30, 2025 Earnings Per Common Share | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Basic Earnings Per Common Share | $0.42 | $0.22 | $0.20 | 90.9% | | Diluted Earnings Per Common Share | $0.41 | $0.22 | $0.19 | 86.4% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Basic Earnings Per Common Share | $0.83 | $0.46 | $0.37 | 80.4% | | Diluted Earnings Per Common Share | $0.83 | $0.46 | $0.37 | 80.4% | [NOTE 9. Derivatives and Hedging Activities](index=34&type=section&id=NOTE%209.%20Derivatives%20and%20Hedging%20Activities) The company uses derivatives to hedge fair value changes in interest rate lock commitments and mortgage loans held-for-sale - The Company uses derivatives, including interest rate lock commitments and forward To-Be-Announced (TBA) mortgage-backed securities, to hedge the risk of changes in fair values of interest rate lock commitments and mortgage loans held-for-sale[96](index=96&type=chunk) Derivative Net Losses (Dollars in Thousands) | Period | Net Losses | | :------------------------------- | :--------- | | Three Months Ended June 30, 2025 | $(70) | | Three Months Ended June 30, 2024 | $(45) | | Six Months Ended June 30, 2025 | $(162) | | Six Months Ended June 30, 2024 | $(67) | [NOTE 10. Fair Value of Financial Instruments](index=34&type=section&id=NOTE%2010.%20Fair%20Value%20of%20Financial%20Instruments) Financial instruments are categorized into a three-level fair value hierarchy based on input observability - The Company categorizes financial assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (unadjusted quoted prices in active markets), Level 2 (quoted prices for similar instruments or model-based valuations with observable inputs), and Level 3 (unobservable inputs requiring significant management judgment)[101](index=101&type=chunk)[102](index=102&type=chunk) - Available-for-sale securities are primarily valued using Level 1 and Level 2 inputs, while loans held-for-sale and forward TBA mortgage-backed securities use Level 2 inputs[103](index=103&type=chunk)[104](index=104&type=chunk) - Interest rate lock commitments, collateral-dependent loans, real estate owned, and mortgage servicing rights are valued using Level 3 inputs[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) Financial Assets and Liabilities Measured at Fair Value (Dollars in Thousands) - June 30, 2025 | Instrument | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | | :----------------------------------- | :------------- | :------------- | :------------- | :--------------- | | Available-for-sale securities | $44,422 | $240,651 | $- | $285,073 | | Loans held-for-sale | $- | $13,651 | $- | $13,651 | | Interest rate lock commitments | $- | $- | $17 | $17 | | Forward TBA mortgage-backed securities | $- | $140 | $- | $140 | | Collateral-dependent loans individually evaluated, net of ACL | $- | $- | $43 | $43 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of Eagle Bancorp Montana, Inc.'s financial performance and condition, covering key trends, liquidity, capital, and risk management [Introduction](index=40&type=section&id=Introduction) - Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, with its wholly-owned subsidiary, Opportunity Bank of Montana, focusing on consumer, commercial, and agricultural lending[118](index=118&type=chunk)[120](index=120&type=chunk) [Executive Summary](index=40&type=section&id=Executive%20Summary) - The Company's earnings are primarily driven by net interest income and noninterest income from service charges, fees, and mortgage loan service fees[120](index=120&type=chunk) - Management focuses on diversifying the loan portfolio to include more commercial and agricultural loans, aiming to mitigate market exposure, improve interest rate sensitivity, and increase fee income[121](index=121&type=chunk) - Key strategic goals include increasing net interest margin, growing other fee income, and controlling operating expenses, with efficient funding growth being a primary challenge amidst significant competition[122](index=122&type=chunk) - The Federal Open Market Committee maintained the federal funds target rate at **4.50%** during the six months ended June 30, 2025[123](index=123&type=chunk) [Financial Condition](index=41&type=section&id=Financial%20Condition) Key Financial Condition Metrics (Dollars in Thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Total assets | $2,137,633 | $2,103,090 | $34,543 | 1.6% | | Loans receivable, net | $1,551,932 | $1,503,796 | $48,136 | 3.2% | | Securities available-for-sale | $285,023 | $292,590 | $(7,567) | -2.6% | | Total liabilities | $1,956,995 | $1,928,325 | $28,670 | 1.5% | | Total deposits | $1,737,925 | $1,681,228 | $56,697 | 3.4% | | Total borrowings | $178,631 | $200,079 | $(21,448) | -10.7% | | Total shareholders' equity | $180,638 | $174,765 | $5,873 | 3.4% | [Investment Activities](index=41&type=section&id=Investment%20Activities) - Securities available-for-sale decreased by **$7.57 million (2.6%)** to **$285.02 million** at June 30, 2025, primarily due to **$13.34 million** in maturities, principal payments, and call activity, partially offset by **$3.02 million** in security purchases and a **$3.12 million** increase in fair value[126](index=126&type=chunk) [Lending Activities](index=42&type=section&id=Lending%20Activities) - Loans receivable, net, increased by **$48.13 million (3.2%)** to **$1.55 billion** at June 30, 2025, driven by increases in total commercial loans (**$29.10 million**), commercial real estate loans (**$21.67 million**), and home equity loans (**$5.24 million**), partially offset by decreases in residential and consumer loans[128](index=128&type=chunk) - Total loan originations for the six months ended June 30, 2025, were **$280.72 million**, including **$121.76 million** in residential 1-4 family originations (with **$98.55 million** held-for-sale) and **$76.48 million** in commercial originations[129](index=129&type=chunk) Nonperforming Assets (Dollars in Thousands) | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Total nonperforming loans | $5,083 | $3,850 | $1,233 | 32.0% | | Total nonperforming assets | $5,169 | $3,895 | $1,274 | 32.7% | | Nonperforming loans to total loans | 0.32% | 0.25% | 0.07% | 28.0% | | Nonperforming assets to total assets | 0.24% | 0.19% | 0.05% | 26.3% | - Commercial real estate loans constituted **43.0%** of the total loan portfolio at June 30, 2025, totaling **$675.29 million**, with limited exposure in the office space sector and strong asset quality (average loan-to-value ratio range of **32% to 48%**)[133](index=133&type=chunk)[134](index=134&type=chunk) [Deposits and Other Sources of Funds](index=46&type=section&id=Deposits%20and%20Other%20Sources%20of%20Funds) - Total deposits increased by **$56.70 million (3.4%)** to **$1.74 billion** at June 30, 2025, primarily driven by an **$83.59 million** increase in money market deposits, partially offset by decreases in interest-bearing checking, savings, and certificates of deposit[135](index=135&type=chunk) - Total borrowings decreased by **$21.45 million (10.7%)** to **$178.63 million** at June 30, 2025, mainly due to a reduction in FHLB advances and other borrowings[136](index=136&type=chunk) - Uninsured deposits were approximately **$329.0 million (19% of total deposits)** at June 30, 2025, with the Bank also utilizing **$1.43 million** in brokered certificates and **$5.53 million** in brokered money market deposits[136](index=136&type=chunk)[171](index=171&type=chunk) [Shareholders' Equity](index=46&type=section&id=Shareholders'%20Equity) - Total shareholders' equity increased by **$5.87 million (3.4%)** to **$180.64 million** at June 30, 2025, primarily due to net income of **$6.48 million** and a **$2.29 million** decrease in unrealized losses on available-for-sale securities, partially offset by **$2.27 million** in dividends paid and **$1.16 million** in treasury stock repurchases[137](index=137&type=chunk) [Analysis of Net Interest Income](index=47&type=section&id=Analysis%20of%20Net%20Interest%20Income) - Net interest income, the primary component of Eagle's operating income, is influenced by the interest rate spread (difference between asset yields and liability rates) and the relative amounts of interest-earning assets and interest-bearing liabilities[138](index=138&type=chunk) Net Interest Margin (NIM) | Period | NIM | | :------------------------------- | :---- | | Three Months Ended June 30, 2025 | 3.91% | | Three Months Ended June 30, 2024 | 3.41% | | Six Months Ended June 30, 2025 | 3.82% | | Six Months Ended June 30, 2024 | 3.37% | - The increase in NIM reflects higher yields on interest-earning assets and lower rates on interest-bearing liabilities[144](index=144&type=chunk) Change in Net Interest Income (Dollars in Thousands) | Period | Change Due to Volume | Change Due to Rate | Net Change | | :------------------------------- | :------------------- | :----------------- | :--------- | | Three Months Ended June 30, 2025 | $869 | $1,644 | $2,513 | | Six Months Ended June 30, 2025 | $1,118 | $3,083 | $4,201 | [Results of Operations](index=50&type=section&id=Results%20of%20Operations) [Three Months Ended June 30, 2025 vs 2024](index=50&type=section&id=Three%20Months%20Ended%20June%2030,%202025%20vs%202024) Key Financial Results (Dollars in Thousands, Except Per Share Data) | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :----------------------------------- | :------ | :------ | :--------- | :--------- | | Net Income | $3,237 | $1,738 | $1,499 | 86.2% | | Net Interest Income | $18,145 | $15,632 | $2,513 | 16.1% | | Interest and Dividend Income | $27,150 | $25,822 | $1,328 | 5.1% | | Interest Expense | $9,005 | $10,190 | $(1,185) | -11.6% | | Provision for Credit Losses | $1,038 | $412 | $626 | 151.9% | | Noninterest Income | $4,807 | $4,269 | $538 | 12.6% | | Noninterest Expense | $17,926 | $17,307 | $619 | 3.6% | | Basic EPS | $0.42 | $0.22 | $0.20 | 90.9% | | Diluted EPS | $0.41 | $0.22 | $0.19 | 86.4% | - The increase in net interest income was driven by a **5.1%** increase in interest and dividend income, primarily from a **27 basis point** increase in the average yield on loans and a **2.7%** increase in the average balance of loans, coupled with an **11.6%** decrease in interest expense due to lower FHLB advances and rates[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - Noninterest income rose by **12.6%**, mainly due to a **$509 thousand** increase in mortgage banking, net, reflecting higher net gains on sale of mortgage loans and improved gross margin levels (**3.81% vs 3.01%**)[153](index=153&type=chunk)[154](index=154&type=chunk) [Six Months Ended June 30, 2025 vs 2024](index=52&type=section&id=Six%20Months%20Ended%20June%2030,%202025%20vs%202024) Key Financial Results (Dollars in Thousands, Except Per Share Data) | Metric | YTD 2025 | YTD 2024 | Change ($) | Change (%) | | :----------------------------------- | :------- | :------- | :--------- | :--------- | | Net Income | $6,476 | $3,636 | $2,840 | 78.1% | | Net Interest Income | $35,047 | $30,846 | $4,201 | 13.6% | | Interest and Dividend Income | $53,219 | $50,764 | $2,455 | 4.8% | | Interest Expense | $18,172 | $19,918 | $(1,746) | -8.8% | | Provision for Credit Losses | $1,080 | $277 | $803 | 289.9% | | Noninterest Income | $8,823 | $8,221 | $602 | 7.3% | | Noninterest Expense | $34,932 | $34,340 | $592 | 1.7% | | Basic EPS | $0.83 | $0.46 | $0.37 | 80.4% | | Diluted EPS | $0.83 | $0.46 | $0.37 | 80.4% | - Net interest income increased by **13.6%**, driven by a **4.8%** rise in interest and dividend income (due to a **30 basis point** increase in average loan yield and **2.3%** growth in average loan balances) and an **8.8%** decrease in interest expense (from lower FHLB advances and rates)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The provision for credit losses surged by **289.9%** to **$1.08 million**, primarily due to loan growth and an increased provision for unfunded commitments[161](index=161&type=chunk) - Noninterest income increased by **7.3%**, mainly from mortgage banking, net (**$457 thousand** increase) and appreciation in cash surrender value of life insurance (**$135 thousand** increase)[162](index=162&type=chunk)[163](index=163&type=chunk) - Noninterest expense increased by **1.7%** due to software subscriptions and occupancy/equipment costs, partially offset by lower data processing expenses[164](index=164&type=chunk) - The effective tax rate for the six months ended June 30, 2025, was **17.6%**, down from **18.3%** in the prior year, influenced by an increased proportion of tax-exempt income and tax credits from low-income housing tax credit projects[165](index=165&type=chunk) [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) [Liquidity](index=54&type=section&id=Liquidity) - The Bank maintains liquidity levels above internal policy minimums for 'basic surplus' and 'basic surplus with FHLB', with primary funding sources including deposits, loan repayments, investment maturities, and FHLB advances[167](index=167&type=chunk)[168](index=168&type=chunk) Available Borrowing Capacity (Dollars in Thousands) | Source | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Federal Home Loan Bank advances | $338,172 | $276,664 | $61,508 | 22.2% | | Federal Reserve Bank discount window | $24,854 | $27,349 | $(2,495) | -9.1% | | Correspondent bank lines of credit | $100,000 | $100,000 | $0 | 0.0% | | Total available borrowing capacity | $463,026 | $404,013 | $59,013 | 14.6% | - Eagle's parent company liquidity is primarily derived from Bank dividends, access to capital markets, and a **$15 million** correspondent bank line of credit (with no outstanding balance)[172](index=172&type=chunk) [Capital Resources](index=56&type=section&id=Capital%20Resources) - The Bank is classified as 'well capitalized' under State of Montana and Federal Reserve Board rules, exceeding all applicable regulatory capital requirements as of June 30, 2025[175](index=175&type=chunk) Regulatory Capital Ratios (June 30, 2025) | Capital Ratio | Actual Ratio | Minimum Required for Capital Adequacy | Minimum To Be Well Capitalized | | :----------------------------------- | :----------- | :------------------------------------ | :----------------------------- | | Total risk-based capital to risk weighted assets | 13.51% | 10.50% | 10.00% | | Tier 1 capital to risk weighted assets | 12.41% | 8.50% | 8.00% | | Common equity Tier 1 capital to risk weighted assets | 12.41% | 7.00% | 6.50% | | Tier 1 capital to adjusted total average assets | 10.34% | 4.00% | 5.00% | - The Bank's interest rate sensitivity analysis indicates that a **200-basis point** rise in interest rates would increase the economic value of equity (EVE) by **1.2%**, while a **200-basis point** decrease would reduce EVE by **6.9%**, remaining within Board-established guidelines for interest rate risk sensitivity[174](index=174&type=chunk) [Impact of Inflation and Changing Prices](index=57&type=section&id=Impact%20of%20Inflation%20and%20Changing%20Prices) - The Company's financial performance is more significantly impacted by changes in interest rates than by general inflation levels, as interest rates do not necessarily move in tandem with the prices of goods and services[177](index=177&type=chunk) [Interest Rate Risk](index=57&type=section&id=Interest%20Rate%20Risk) - Interest rate risk, the potential for loss from adverse changes in interest rates, is a significant factor affecting the Company's net interest income, managed through the asset/liability committee under Board-approved policies to identify and manage the sensitivity of net interest income[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) Net Interest Income Sensitivity Analysis (June 30, 2025) | Changes in Market Interest Rates (Basis Points) | Year 1 Impact | Year 2 Impact | Policy Limits (Year 1) | Policy Limits (Year 2) | | :---------------------------------------------- | :------------ | :------------ | :--------------------- | :--------------------- | | +300 | -9.1% | 2.8% | -15.0% | -20.0% | | +200 | -6.0% | 3.8% | -15.0% | -15.0% | | +100 | -2.8% | 5.1% | -10.0% | -10.0% | | -100 | 1.8% | 4.8% | -10.0% | -10.0% | | -200 | 3.4% | 3.2% | -15.0% | -15.0% | | -300 | 5.9% | 2.2% | -15.0% | -20.0% | - The Bank's policy limits for interest rate risk stipulate that projected net interest income should not be reduced by more than **15.0%** in Year 1 and **20.0%** in Year 2 for an immediate +/- **300 basis point** change in interest rates[181](index=181&type=chunk) [Critical Accounting Policies and Estimates](index=57&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - Critical accounting policies include those related to the allowance for credit losses and business combinations (goodwill), which involve significant judgment and complex estimates, discussed periodically with the Board of Directors' Audit Committee[183](index=183&type=chunk) - Goodwill is tested for impairment annually or more frequently if circumstances indicate, with quantitative impairment tests performed in Q3 and Q4 2024 concluding no impairment, though changing economic conditions could lead to future impairment[184](index=184&type=chunk)[185](index=185&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is omitted due to Eagle Bancorp Montana, Inc.'s status as a smaller reporting company - This item is omitted based on Eagle's status as a smaller reporting company[187](index=187&type=chunk) [Item 4. Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective due to a material weakness in cash flow statement preparation, with remediation efforts ongoing - As of June 30, 2025, the Company's disclosure controls and procedures were not effective due to an ongoing material weakness in internal control over financial reporting[188](index=188&type=chunk) - The material weakness is related to the design of controls over the preparation of the statement of cash flows, specifically concerning the classification of borrowings as short-term or long-term for appropriate presentation within the financing section[189](index=189&type=chunk) - Management is implementing measures to remediate this material weakness by restructuring the design of control activities, but the remediation is still in process and will not be considered complete until controls operate effectively for a sufficient period[190](index=190&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) Neither Eagle Bancorp Montana, Inc. nor its subsidiary Bank is involved in any material legal proceedings outside the ordinary course of business - Neither the Company nor the Bank is involved in any pending legal proceeding other than non-material legal proceedings occurring in the ordinary course of business[193](index=193&type=chunk) [Item 1A. Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 - There have not been any material changes in the risk factors previously disclosed in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024[194](index=194&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Board authorized a new share repurchase plan for up to 400,000 shares, effective May 1, 2025, following repurchases under the previous plan - On April 24, 2025, Eagle's Board of Directors authorized a new share repurchase plan for up to **400,000 shares** of common stock, effective May 1, 2025, and expiring May 1, 2026[195](index=195&type=chunk) Common Stock Repurchases (April 1, 2025 through June 30, 2025) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | | :----------------------------------- | :------------------------------- | :--------------------------- | | April 1, 2025 through April 30, 2025 | 25,000 | $16.34 | | May 1, 2025 through May 31, 2025 | - | - | | June 1, 2025 through June 30, 2025 | - | - | | Total | 25,000 | $16.34 | - Under the 2024 Repurchase Plan, **25,000 shares** were purchased in Q4 2024 and **50,000 shares** in Q1 2025, totaling **75,000 shares** before the plan expired on May 1, 2025[196](index=196&type=chunk) [Item 3. Defaults Upon Senior Securities](index=60&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the Company for the reporting period - Not applicable[198](index=198&type=chunk) [Item 4. Mine Safety Disclosures](index=60&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company for the reporting period - Not applicable[199](index=199&type=chunk) [Item 5. Other Information](index=60&type=section&id=Item%205.%20Other%20Information) During the three months ended June 30, 2025, no directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - During the three months ended June 30, 2025, none of the Company's directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[200](index=200&type=chunk) [Item 6. Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including organizational documents, stock incentive plans, and certifications - Exhibits include the Amended and Restated Certificate of Incorporation, Bylaws, 2025 Stock Incentive Plan, certifications by the CEO and CFO (pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350), and Inline XBRL Instance Document and Taxonomy Extension documents[203](index=203&type=chunk) [Signatures](index=63&type=section&id=Signatures) The report is duly signed on behalf of Eagle Bancorp Montana, Inc. by Laura F. Clark, President/CEO, and Miranda J. Spaulding, SVP/CFO, on August 7, 2025 - The report was signed on August 7, 2025, by Laura F. Clark, President/CEO, and Miranda J. Spaulding, SVP/CFO, on behalf of Eagle Bancorp Montana, Inc[207](index=207&type=chunk)

Core Viewpoint - Eagle Bancorp Montana, Inc. (EBMT) has experienced a bearish price trend, losing 6.7% over the past two weeks, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom in the stock price, suggesting that selling pressure may be exhausting and that bulls could be gaining control [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, typically occurring during a downtrend, signaling a possible reversal if it appears at the bottom of the trend [4][5]. - The effectiveness of the hammer pattern is enhanced when used alongside other bullish indicators, as its strength is dependent on its placement on the chart [6]. Fundamental Analysis - Recent upward revisions in earnings estimates for EBMT serve as a bullish indicator, correlating strongly with near-term stock price movements [7]. - The consensus EPS estimate for the current year has increased by 1.5% over the last 30 days, indicating that analysts are optimistic about the company's earnings potential [8]. - EBMT holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Core Insights - Eagle Bancorp Montana, Inc. (EBMT) reported quarterly earnings of $0.41 per share, matching the Zacks Consensus Estimate and showing an increase from $0.22 per share a year ago [1] - The company achieved revenues of $22.95 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 5.28% and up from $19.9 million year-over-year [2] - The stock has gained approximately 7.1% since the beginning of the year, compared to an 8.6% gain in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.45, with expected revenues of $22.5 million, and for the current fiscal year, the EPS estimate is $1.70 on revenues of $87.5 million [7] - The estimate revisions trend for Eagle Bancorp Montana was favorable prior to the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Banks - Midwest industry, to which Eagle Bancorp Montana belongs, is currently ranked in the top 16% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) [Second Quarter 2025 Financial Performance](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Performance) Eagle Bancorp Montana reported net income of $3.2 million, or $0.41 per diluted share, in Q2 2025, consistent with the preceding quarter but significantly higher than Q2 2024 Key Financial Metrics | Metric | Q2 2025 | Q1 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :----- | :------ | :------ | :------ | :------ | :------ | | Net Income ($M) | 3.2 | 3.2 | 1.7 | 6.5 | 3.6 | | Diluted EPS ($) | 0.41 | 0.41 | 0.22 | 0.83 | 0.46 | [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The board declared a quarterly cash dividend of $0.145 per share, representing an annualized yield of 3.32% - Quarterly Cash Dividend: **$0.145 per share** (declared July 24, 2025)[2](index=2&type=chunk) - Annualized Yield: **3.32%** based on recent market prices[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted strong Q2 2025 results driven by loan and deposit growth, an expanding net interest margin, and moderated deposit pricing - CEO Laura F. Clark reported **strong Q2 2025 financial results**, marked by growth in both loans and deposits, and continued expansion in net interest margin[3](index=3&type=chunk) - CFO Miranda Spaulding noted a moderation in deposit pricing following rate cuts but remains cautious due to **emerging inflationary pressures** that could influence future interest rate policy[8](index=8&type=chunk) [Detailed Operating Results](index=1&type=section&id=Detailed%20Operating%20Results) [Net Income and Earnings Per Share](index=1&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share) Net income for Q2 2025 was $3.2 million, or $0.41 per diluted share, matching the previous quarter but showing significant year-over-year growth Quarterly and YTD Performance | Metric | Q2 2025 | Q1 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :----- | :------ | :------ | :------ | :------ | :------ | | Net Income ($M) | 3.2 | 3.2 | 1.7 | 6.5 | 3.6 | | Diluted EPS ($) | 0.41 | 0.41 | 0.22 | 0.83 | 0.46 | [Net Interest Margin (NIM) and Net Interest Income](index=1&type=section&id=Net%20Interest%20Margin%20(NIM)%20and%20Net%20Interest%20Income) NIM expanded significantly to 3.91% in Q2 2025, driving a 16.1% year-over-year increase in net interest income Net Interest Margin (NIM) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ (bps) | Change YoY (bps) | | :----- | :------ | :------ | :------ | :--------------- | :--------------- | | NIM | 3.91% | 3.74% | 3.41% | +17 | +50 | Net Interest Income | Metric | Q2 2025 ($M) | Q1 2025 ($M) | Q2 2024 ($M) | Change QoQ | Change YoY | | :----- | :----------- | :----------- | :----------- | :--------- | :--------- | | Net Interest Income | 18.1 | 16.9 | 15.6 | +7.4% | +16.1% | - Average yields on interest-earning assets increased to **5.85%** in Q2 2025, while funding costs decreased to **2.45%**[12](index=12&type=chunk) [Revenues](index=1&type=section&id=Revenues) Total revenues increased 9.7% quarter-over-quarter and 15.3% year-over-year to $23.0 million Quarterly Revenue Performance | Metric | Q2 2025 ($M) | Q1 2025 ($M) | Q2 2024 ($M) | Change QoQ | Change YoY | | :----- | :----------- | :----------- | :----------- | :--------- | :--------- | | Revenues | 23.0 | 20.9 | 19.9 | +9.7% | +15.3% | - Year-to-date revenues for 2025 were **$43.9 million**, a 12.3% increase compared to $39.1 million in the first six months of 2024[15](index=15&type=chunk) [Noninterest Income](index=3&type=section&id=Noninterest%20Income) Total noninterest income increased 19.7% quarter-over-quarter to $4.8 million, driven by higher net mortgage banking income Quarterly Noninterest Income | Metric | Q2 2025 ($M) | Q1 2025 ($M) | Q2 2024 ($M) | Change QoQ | Change YoY | | :----- | :----------- | :----------- | :----------- | :--------- | :--------- | | Noninterest Income | 4.8 | 4.0 | 4.3 | +19.7% | +12.6% | - Net mortgage banking income increased to **$2.9 million** in Q2 2025 from $2.1 million in Q1 2025, due to an increase in net gain on sale of mortgage loans[16](index=16&type=chunk) [Noninterest Expense](index=3&type=section&id=Noninterest%20Expense) Noninterest expense increased 5.4% quarter-over-quarter to $17.9 million, mainly due to higher salaries and benefits from increased mortgage originations Quarterly Noninterest Expense | Metric | Q2 2025 ($M) | Q1 2025 ($M) | Q2 2024 ($M) | Change QoQ | Change YoY | | :----- | :----------- | :----------- | :----------- | :--------- | :--------- | | Noninterest Expense | 17.9 | 17.0 | 17.3 | +5.4% | +3.6% | - Higher salaries and employee benefits expense contributed to the quarter-over-quarter increase, driven by higher commissions from increased mortgage originations[17](index=17&type=chunk) [Income Tax Expense](index=3&type=section&id=Income%20Tax%20Expense) Income tax expense for Q2 2025 was $751,000, resulting in an effective tax rate of 18.8% Quarterly Income Tax | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :------ | :------ | :------ | | Income Tax Expense ($K) | 751 | 631 | 444 | | Effective Tax Rate | 18.8% | 16.3% | 20.3% | - The effective tax rate was impacted by an increase in tax-exempt income and tax credits from investments in low-income housing projects[18](index=18&type=chunk) [Performance Ratios](index=8&type=section&id=Performance%20Ratios) Key performance ratios for Q2 2025 include a Return on Average Assets of 0.61% and a core efficiency ratio that improved to 76.80% Key Ratios | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :------ | :------ | :------ | | 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% | [Balance Sheet Analysis](index=1&type=section&id=Balance%20Sheet%20Analysis) [Assets](index=1&type=section&id=Assets) Total assets reached $2.14 billion at June 30, 2025, reflecting growth from both the prior quarter and the prior year [Total Assets & Investment Securities](index=1&type=section&id=Total%20Assets%20%26%20Investment%20Securities) Total assets grew to $2.14 billion, while the investment securities portfolio decreased to $285.0 million Asset Overview | Metric | June 30, 2025 ($B) | March 31, 2025 ($B) | June 30, 2024 ($B) | Change QoQ | Change YoY | | :----- | :----------------- | :------------------ | :----------------- | :--------- | :--------- | | Total Assets | 2.14 | 2.09 | 2.10 | +2.4% | +1.9% | | Investment Securities | 0.285 | 0.2917 | 0.3069 | -2.3% | -7.2% | [Loans & Mortgage Originations](index=1&type=section&id=Loans%20%26%20Mortgage%20Originations) Total loans grew to $1.57 billion, with notable increases in commercial real estate and agricultural loans Loan Portfolio | Metric | June 30, 2025 ($B) | March 31, 2025 ($B) | June 30, 2024 ($B) | Change QoQ | Change YoY | | :----- | :----------------- | :------------------ | :----------------- | :--------- | :--------- | | Total Loans | 1.57 | 1.52 | 1.52 | +3.0% | +3.4% | - Residential mortgage originations were **$78.6 million** in Q2 2025, with sales of $54.6 million and an average gross margin on sale of **3.81%**[6](index=6&type=chunk) - Year-over-year, commercial real estate loans grew **7.6%** and agricultural loans grew **13.5%**, while commercial construction loans declined **26.5%**[7](index=7&type=chunk) [Liabilities](index=1&type=section&id=Liabilities) Total deposits increased 7.4% year-over-year to $1.74 billion, while FHLB advances and other borrowings significantly decreased [Deposits](index=1&type=section&id=Deposits) Total deposits grew to $1.74 billion, with a lower average cost of 1.62% in Q2 2025 Deposit Growth | Metric | June 30, 2025 ($B) | March 31, 2025 ($B) | June 30, 2024 ($B) | Change QoQ | Change YoY | | :----- | :----------------- | :------------------ | :----------------- | :--------- | :--------- | | Total Deposits | 1.74 | 1.69 | 1.62 | +2.8% | +7.4% | - The average cost of total deposits decreased to **1.62%** in Q2 2025, down from 1.67% in Q1 2025 and 1.70% in Q2 2024[8](index=8&type=chunk) - Uninsured deposits were approximately **$329.0 million**, or 19% of total deposits, at June 30, 2025[8](index=8&type=chunk) [Borrowings](index=2&type=section&id=Borrowings) FHLB advances and other borrowings decreased 44.5% year-over-year to $119.4 million Borrowing Levels | Metric | June 30, 2025 ($M) | March 31, 2025 ($M) | June 30, 2024 ($M) | Change QoQ | Change YoY | | :----- | :----------------- | :------------------ | :----------------- | :--------- | :--------- | | FHLB Advances & Other Borrowings | 119.4 | 125.0 | 215.1 | -4.5% | -44.5% | - The average cost of FHLB advances and other borrowings fell to **4.65%** in Q2 2025 from 5.47% in Q2 2024[9](index=9&type=chunk) [Shareholders' Equity](index=2&type=section&id=Shareholders'%20Equity) Shareholders' equity increased to $180.6 million, with tangible book value per share rising 9.9% year-over-year Equity and Book Value | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | Change QoQ | Change YoY | | :----- | :----------------- | :------------------ | :----------------- | :--------- | :--------- | | Shareholders' Equity ($M) | 180.6 | 177.6 | 170.2 | +1.7% | +6.1% | | Book Value per Share ($) | 22.72 | 22.26 | 21.23 | +2.1% | +7.0% | | Tangible Book Value per Share ($) | 17.86 | 17.38 | 16.25 | +2.8% | +9.9% | - The Company repurchased **25,000 shares** of common stock in Q2 at an average price of $16.34 per share[5](index=5&type=chunk) [Credit Quality](index=1&type=section&id=Credit%20Quality) [Credit Quality Overview](index=1&type=section&id=Credit%20Quality%20Overview) The company recorded a $1.0 million provision for credit losses in Q2 2025, while nonperforming loans remained stable at $5.1 million Provision for Credit Losses | Metric | Q2 2025 ($K) | Q1 2025 ($K) | Q2 2024 ($K) | | :----- | :----------- | :----------- | :----------- | | Provision for Credit Losses | 1,038 | 42 | 412 | Key Credit Ratios | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----- | :------------ | :------------- | :------------ | | Allowance for credit losses / portfolio loans | 1.13% | 1.10% | 1.11% | | Allowance for credit losses / nonperforming loans | 348.8% | 313.2% | 330.8% | | Nonperforming loans ($M) | 5.1 | 5.3 | 5.1 | | Net loan charge-offs ($K) | 48 | 2 | 2 | [Capital Management](index=3&type=section&id=Capital%20Management) [Capital Management Overview](index=3&type=section&id=Capital%20Management%20Overview) The Bank remains well-capitalized, with a Tier 1 capital to adjusted total average assets ratio of 10.34% and an improved tangible equity ratio Capital Ratios | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----- | :------------ | :------------- | :------------ | | Tier 1 capital to adjusted total average assets | 10.34% | N/A | N/A | | Tangible common equity to tangible assets | 6.77% | 6.77% | 6.33% | - As of June 30, 2025, the Bank's regulatory capital was in excess of all applicable regulatory requirements and is **deemed well capitalized**[20](index=20&type=chunk) [Company Information & Disclosures](index=3&type=section&id=Company%20Information%20%26%20Disclosures) [About the Company](index=3&type=section&id=About%20the%20Company) Eagle Bancorp Montana, Inc is a bank holding company for Opportunity Bank of Montana, a community bank with 30 offices established in 1922 - Eagle Bancorp Montana, Inc is a bank holding company headquartered in Helena, Montana[22](index=22&type=chunk) - It is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses through 30 banking offices[22](index=22&type=chunk) - The Company's shares are traded on the NASDAQ Global Market under the symbol **"EBMT"**[22](index=22&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The release contains forward-looking statements subject to significant business, economic, and competitive uncertainties and contingencies - Forward-looking statements are identified by words such as "believe," "will," "expect," and "anticipate"[22](index=22&type=chunk) - These statements are subject to uncertainties including changes in regulations, economic conditions, interest rate fluctuations, and competition[22](index=22&type=chunk) - Actual future results may be materially different from the results indicated by these forward-looking statements[23](index=23&type=chunk) [Use of Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like core efficiency ratio and tangible book value to provide supplemental performance information - Non-GAAP financial measures used include: **core efficiency ratio**, **tangible book value per share**, and **tangible common equity to tangible assets**[24](index=24&type=chunk)[25](index=25&type=chunk) - These measures provide supplemental information regarding operational performance and are prevalent among banking regulators, investors, and analysts[25](index=25&type=chunk) - Non-GAAP measures have inherent limitations, are not uniformly applied or audited, and may not be comparable to other companies' measures[27](index=27&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Balance Sheet (Table)](index=5&type=section&id=Balance%20Sheet%20(Table)) Presents the consolidated balance sheet as of June 30, 2025, March 31, 2025, and June 30, 2024 (Dollars in thousands, except per share data) | Assets | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 26,928 | 22,805 | 23,762 | | Securities available-for-sale, at fair value | 285,023 | 291,661 | 306,869 | | FHLB stock | 7,000 | 7,101 | 10,136 | | FRB stock | 4,131 | 4,131 | 4,131 | | Mortgage loans held-for-sale, at fair value | 13,651 | 6,223 | 10,518 | | 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 | | 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 | 25,682 | 26,901 | 27,233 | | **Total assets** | **2,137,633** | **2,088,416** | **2,098,955** | | **Liabilities** | | | | | 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** | | | | | 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 (Table)](index=6&type=section&id=Income%20Statement%20(Table)) Presents the consolidated income statement for the three and six months ended June 30, 2025, and 2024 (Dollars in thousands, except per share data) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | Total interest and dividend income | 27,150 | 25,822 | 53,219 | 50,764 | | Total interest expense | 9,005 | 10,190 | 18,172 | 19,918 | | **Net interest income** | **18,145** | **15,632** | **35,047** | **30,846** | | Provision for credit losses | 1,038 | 412 | 1,080 | 277 | | **Net interest income after provision** | **17,107** | **15,220** | **33,967** | **30,569** | | Total noninterest income | 4,807 | 4,269 | 8,823 | 8,221 | | Total noninterest expense | 17,926 | 17,307 | 34,932 | 34,340 | | **Income before provision for income taxes** | **3,988** | **2,182** | **7,858** | **4,450** | | Provision for income taxes | 751 | 444 | 1,382 | 814 | | **Net income** | **3,237** | **1,738** | **6,476** | **3,636** | | **Diluted earnings per common share** | **0.41** | **0.22** | **0.83** | **0.46** | [Additional Financial Data](index=8&type=section&id=Additional%20Financial%20Data) [Mortgage Banking Activity](index=8&type=section&id=Mortgage%20Banking%20Activity) Details mortgage banking income components for quarterly and year-to-date periods Quarterly Mortgage Banking Income ($K) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :----------- | :----------- | :----------- | | Net gain on sale of mortgage loans | 2,083 | 1,349 | 1,600 | | Net change in fair value of loans held-for-sale and derivatives | 105 | (115) | 12 | | Mortgage servicing income, net | 738 | 891 | 805 | | **Mortgage banking, net** | **2,926** | **2,125** | **2,417** | YTD Mortgage Banking Income ($K) | Metric | 6M 2025 | 6M 2024 | | :----- | :----------- | :----------- | | 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](index=8&type=section&id=Performance%20Ratios) Provides a detailed breakdown of year-to-date performance ratios YTD Performance Ratios | Metric | 6M 2025 | 6M 2024 | | :----- | :------ | :------ | | 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% | [Asset Quality Ratios and Data](index=9&type=section&id=Asset%20Quality%20Ratios%20and%20Data) Presents key asset quality metrics, including nonperforming loans and allowance for credit losses ratios Asset Quality Metrics | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----- | :------------ | :------------- | :------------ | | Total nonperforming loans ($K) | 5,083 | 5,339 | 5,088 | | Total nonperforming assets ($K) | 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% | | Net loan charge-offs for the quarter ($K) | 48 | 2 | 2 | [Capital Data](index=9&type=section&id=Capital%20Data) Provides quarter-end capital metrics such as tangible book value per share and shares outstanding Key Capital Metrics | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----- | :------------ | :------------- | :------------ | | Common shareholders' equity (book value) per share ($) | 22.72 | 22.26 | 21.23 | | Tangible book value per share ($) | 17.86 | 17.38 | 16.25 | | Shares outstanding | 7,952,177 | 7,977,177 | 8,016,784 | | Tangible common equity to tangible assets | 6.77% | 6.77% | 6.33% | [Other Information](index=9&type=section&id=Other%20Information) Includes average balances for key assets, liabilities, and equity for the quarter and year-to-date periods Quarterly Average Balances ($K) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :----------- | :----------- | :----------- | | Average investment securities | 287,707 | 293,273 | 306,207 | | Average loans | 1,554,756 | 1,526,774 | 1,513,313 | | Average earning assets | 1,862,024 | 1,835,210 | 1,837,418 | | Average total assets | 2,112,470 | 2,079,142 | 2,077,448 | | Average deposits | 1,706,261 | 1,671,349 | 1,625,882 | | Average equity | 179,104 | 169,088 | 161,533 | YTD Average Balances ($K) | Metric | 6M 2025 | 6M 2024 | | :----- | :----------- | :----------- | | Average investment securities | 290,490 | 310,168 | | Average loans | 1,540,765 | 1,506,303 | | Average earning assets | 1,848,617 | 1,833,867 | | Average total assets | 2,099,980 | 2,072,013 | | Average deposits | 1,688,826 | 1,625,826 | | Average equity | 178,249 | 162,084 | [Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) [Efficiency Ratio Reconciliation](index=10&type=section&id=Efficiency%20Ratio%20Reconciliation) Provides a reconciliation of the GAAP efficiency ratio to the non-GAAP core efficiency ratio Quarterly Efficiency Ratios | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----- | :------ | :------ | :------ | | Efficiency ratio (GAAP) | 78.10% | 81.30% | 86.97% | | Core efficiency ratio (non-GAAP) | 76.80% | 79.77% | 85.22% | YTD Efficiency Ratios | Metric | 6M 2025 | 6M 2024 | | :----- | :------ | :------ | | Efficiency ratio (GAAP) | 79.63% | 87.90% | | Core efficiency ratio (non-GAAP) | 78.22% | 86.06% | [Tangible Book Value and Tangible Assets Reconciliation](index=10&type=section&id=Tangible%20Book%20Value%20and%20Tangible%20Assets%20Reconciliation) Reconciles shareholders' equity to tangible common shareholders' equity and total assets to tangible assets Tangible Book Value Reconciliation ($K) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----- | :----------------- | :------------------ | :----------------- | | 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** | | **Tangible book value per share (non-GAAP)** | **17.86** | **17.38** | **16.25** | Tangible Assets Reconciliation ($K) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :----- | :----------------- | :------------------ | :----------------- | | 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)** was **6.77%** at June 30, 2025, compared to 6.33% at June 30, 2024[37](index=37&type=chunk)