Eagle Bancorp Montana, Inc. (EBMT) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 13.33%. A quarter ago, it was expected that this company would post earnings of $0.28 per share when it actually produced earnings of $0.22, delivering a surprise of -21.43%. Over the last four quarter ...

Financial Performance - Net income for Q3 2024 was $2.7 million, or $0.34 per diluted share, compared to $1.7 million, or $0.22 per diluted share in Q2 2024, and $2.6 million, or $0.34 per diluted share in Q3 2023[1] - Net income for the quarter was $2,709,000, compared to $1,738,000 in the previous quarter, representing a 55.9% increase[30] - Basic earnings per common share increased to $0.35 from $0.22, reflecting a 59.1% growth[31] - Return on average assets improved to 0.51% from 0.33%, indicating a 54.5% increase[32] - Mortgage banking net income for the quarter was $2,602,000, up from $2,417,000, a rise of 7.6%[32] Loans and Deposits - Total loans increased by 4.0% year-over-year to $1.53 billion, with a 1.1% increase from the previous quarter[3] - Total deposits rose by $35.0 million, or 2.2%, to $1.65 billion compared to a year earlier, and increased by $31.6 million, or 2.0%, from the previous quarter[3] - The company reported a net loan figure of $1,517,522 thousand as of September 30, 2024, compared to $1,459,543 thousand a year earlier, indicating an increase of approximately 3.95%[28] - Average loans for the quarter were $1,874,669,000, compared to $1,837,418,000 in the previous quarter, an increase of 2.0%[35] Assets and Equity - As of September 30, 2024, total assets increased to $2,145,113 thousand from $2,063,064 thousand a year earlier, representing a growth of approximately 3.97%[27] - Shareholders' equity increased to $177.7 million at September 30, 2024, compared to $157.3 million a year earlier[11] - The company's total shareholders' equity increased to $177,730 thousand as of September 30, 2024, from $157,270 thousand a year prior, representing a growth of approximately 12.96%[28] - Tangible common shareholders' equity to tangible assets increased to 6.56% from 6.33% year-over-year[36] Income and Margins - Net interest margin (NIM) was 3.34% in Q3 2024, a seven basis point decrease from 3.41% in Q2 2024 and Q3 2023[3] - Net interest income for the three months ended September 30, 2024, was $15,802, up from $15,632 in the previous quarter[36] - Noninterest income increased by 16.7% to $5.0 million in Q3 2024 compared to $4.3 million in the preceding quarter, but decreased by 17.4% compared to $6.0 million in Q3 2023[16] - Noninterest income increased to $4,983 from $4,269 quarter-over-quarter[36] Credit Quality - The allowance for credit losses was 1.12% of total loans at September 30, 2024, compared to 1.10% a year earlier[20] - The allowance for credit losses stood at $17,130 thousand as of September 30, 2024, compared to $16,230 thousand a year prior, reflecting an increase of approximately 5.55%[27] - Nonperforming loans decreased to $4,803,000 from $5,088,000, a reduction of 5.6%[34] - Total nonperforming assets decreased to $4,807,000 from $5,092,000, a decline of 5.6%[34] Efficiency Ratios - The core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense, providing insights into operational performance[25] - Core efficiency ratio improved to 81.47% from 85.22%, showing enhanced operational efficiency[32] - Core efficiency ratio (non-GAAP) improved to 81.47% compared to 85.22% in the previous quarter and 80.89% a year ago[36]

Core Viewpoint - Eagle Bancorp Montana (EBMT) is highlighted as a strong investment opportunity due to its increasing earnings estimates and attractive dividend yield [1] Company Summary - Eagle Bancorp Montana is a bank holding company that provides retail banking services in the south-central region of Montana [1] - The Zacks Consensus Estimate for Eagle Bancorp Montana's current year earnings has increased by 0.9% over the last 60 days [1] - The company holds a Zacks Rank 1 (Strong Buy), indicating strong market confidence [1] - Eagle Bancorp Montana offers a dividend yield of 3.6%, which is higher than the industry average of 3% [1]

Financial Performance - Net interest income after provision for credit losses was $15,220 thousand for the three months ended June 30, 2024, up from $14,945 thousand for the same period in 2023, representing an increase of about 1.8%[14] - Net income for the three months ended June 30, 2024, was $1,738,000, a decrease of 13.8% compared to $2,015,000 for the same period in 2023[16] - Basic and diluted earnings per common share for the three months ended June 30, 2024, were both $0.22, compared to $0.26 for the same period in 2023, reflecting a decline of 15.4%[16] - Comprehensive income for the three months ended June 30, 2024, was $2,124,000, significantly higher than $817,000 for the same period in 2023[17] - For the six months ended June 30, 2024, net income was $3,636,000, down 30.8% from $5,257,000 for the same period in 2023[16] Income and Expenses - Total noninterest expense for the three months ended June 30, 2024, was $17,307,000, down 7.9% from $18,790,000 in the prior year[16] - Total noninterest income for the three months ended June 30, 2024, was $4,269 thousand, down from $6,204 thousand in the same period of 2023, a decrease of approximately 31.2%[14] - Interest expense on deposits increased to $6,884 thousand for the three months ended June 30, 2024, from $4,155 thousand in the prior year, an increase of approximately 65.5%[14] - Total interest expense surged to $19.92 million for the six months ended June 30, 2024, a significant increase of $8.63 million or 76.4% compared to $11.29 million in the same period of 2023[134] Assets and Liabilities - Total assets increased to $2,098,955 thousand as of June 30, 2024, compared to $2,075,666 thousand at December 31, 2023, reflecting a growth of approximately 1.1%[8] - Total liabilities rose to $1,928,793 thousand as of June 30, 2024, compared to $1,906,393 thousand at December 31, 2023, an increase of approximately 1.2%[11] - The company reported retained earnings of $97,413 thousand as of June 30, 2024, compared to $96,021 thousand at December 31, 2023, an increase of about 1.4%[12] - The company’s cash and cash equivalents totaled $23,762 thousand as of June 30, 2024, down from $24,545 thousand at December 31, 2023, a decrease of about 3.2%[8] Loans and Credit Losses - Total loans receivable as of June 30, 2024, amounted to $1,517,493,000, an increase from $1,484,489,000 as of December 31, 2023, representing a growth of approximately 2.0%[40] - Provision for credit losses increased to $412 thousand for the three months ended June 30, 2024, compared to $319 thousand in the same period of 2023, reflecting a rise of about 29.2%[14] - The allowance for credit losses increased to $16,830,000 as of June 30, 2024, compared to $16,440,000 at the end of 2023[40] - The provision for credit losses for the six months ended June 30, 2024, amounted to $422 million, compared to $327 million for the same period in 2023, reflecting a 29% increase[44] Deposits - Total deposits decreased to $1,618,865 thousand as of June 30, 2024, from $1,635,195 thousand at December 31, 2023, a decline of about 1.0%[11] - Net decrease in deposits was $16,330,000 for the six months ended June 30, 2024, compared to a decrease of $56,905,000 in the same period of 2023[23] - The estimated amount of uninsured deposits was approximately $284.00 million, or 18% of total deposits, as of June 30, 2024, compared to 17% at December 31, 2023[112] Investment Securities - The fair value of total investment securities was $306,869,000 as of June 30, 2024, down from $318,279,000 as of December 31, 2023, indicating a decrease of approximately 3.5%[35] - The company reported a change in fair value of investment securities available-for-sale of $524,000 for the three months ended June 30, 2024, compared to a loss of $1,624,000 in the same period last year[17] - The gross unrealized losses on investment securities totaled $28,611,000 as of June 30, 2024, compared to $27,689,000 at the end of 2023, reflecting an increase in losses[35] Interest Rate Risk Management - The company has established guidelines to manage interest rate risk, aiming to maintain or increase net interest income within acceptable risk levels[149] - The asset/liability committee is responsible for monitoring interest rate risk and is governed by policies reviewed and approved annually by the Board[149] - The company emphasizes the importance of sound risk management practices to measure, monitor, and control interest rate exposures[148] Market Conditions and Future Projections - The Federal Open Market Committee maintained the federal funds target rate at 5.50% during the six months ended June 30, 2024[94] - The company's net interest income is projected to decrease by no more than 15% over the next twelve months with an immediate interest rate change of up to 300 basis points[150] - A -300 basis point decrease in interest rates could lead to an increase of 11.3% in net interest income for year 1 and 10.5% for year 2[151]

Core Insights - Eagle Bancorp Montana reported quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.28 per share, and down from $0.26 per share a year ago [5] - The company posted revenues of $19.9 million for the quarter, missing the Zacks Consensus Estimate by 2.92%, and down from $21.47 million year-over-year [6] - The stock has underperformed the market, losing about 9.3% since the beginning of the year compared to the S&P 500's gain of 16.7% [12] Earnings Performance - The earnings surprise for the latest quarter was -21.43%, following a previous surprise of -17.24% when earnings were expected to be $0.29 but were reported at $0.24 [1][2] - Over the last four quarters, the company has not been able to surpass consensus EPS estimates [11] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $21.4 million, and for the current fiscal year, it is $1.28 on revenues of $82.8 million [14] - The estimate revisions trend for Eagle Bancorp Montana is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [3] Industry Context - The Zacks Industry Rank for Banks - Midwest is currently in the top 40% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [9] - First Merchants, another company in the same industry, is expected to report revenues of $156.35 million, down 4.8% from the year-ago quarter [10]

Eagle Bancorp Montana Earns $1.7 Million, or $0.22 per Diluted Share, in the Second Quarter of 2024; Increases Quarterly Cash Dividend to $0.1425 Per Share "We produced solid second quarter results, fueled by disciplined loan growth, pristine credit quality metrics and net interest margin expansion, compared to the previous quarter," said Laura F. Clark, President and CEO. "We continue to attract high quality loans, achieving loan growth of 6.8% year-over-year, even in the current rate environment. Addition ...

Eagle's board of directors increased its quarterly cash dividend to $0.1425 per share on July 22, 2024. The dividend will be payable September 6, 2024, to shareholders of record August 16, 2024. The current dividend represents an annualized yield of 4.27% based on recent market prices. Second Quarter 2024 Highlights (at or for the three-month period ended June 30, 2024, except where noted): The Company paid a quarterly cash dividend in the second quarter of $0.14 per share on June 7, 2024, to shareholders o ...

Financial Performance - Net income for the three months ended March 31, 2024, was $1,898, compared to $3,242 for the same period in 2023, representing a decrease of 41.6%[23] - Basic earnings per common share for Q1 2024 were $0.24, down from $0.42 in Q1 2023, a decrease of 42.9%[23] - Comprehensive income for Q1 2024 was $580, significantly lower than $7,074 in Q1 2023, indicating a decline of 91.8%[25] - Net income for the three months ended March 31, 2024, was $1,898,000, a decrease of 41.5% compared to $3,242,000 for the same period in 2023[29] - Net income for the three months ended March 31, 2024, was $1.90 million, a decrease of $1.34 million from $3.24 million in the same period in 2023[128] Income and Expenses - Total interest and dividend income increased to $24,942 for Q1 2024, up from $20,708 in Q1 2023, reflecting a growth of 20.5%[20] - Total noninterest income decreased to $3,952 in Q1 2024 from $4,671 in Q1 2023, a decline of 15.4%[22] - Net interest income after provision for credit losses was $15,349 for Q1 2024, slightly down from $16,149 in Q1 2023[20] - Noninterest expense increased to $17,033 in Q1 2024 from $16,533 in Q1 2023, an increase of 3.0%[23] - Net interest income decreased to $15.21 million, down 7.4% from $16.43 million in the prior year, primarily due to an increase in interest expense[129] - Noninterest income decreased by 15.4% to $3.95 million, largely due to a decline in mortgage banking net income[133] Assets and Liabilities - Total assets as of March 31, 2024, were $2,076,074, a slight increase from $2,075,666 as of December 31, 2023[15] - Total liabilities increased to $1.91 billion, an increase of $733,000 from December 31, 2023[108] - Total deposits remained stable at $1,635,599 as of March 31, 2024, compared to $1,635,195 as of December 31, 2023[17] - Total deposits increased slightly to $1,635,599,000 as of March 31, 2024, compared to $1,635,195,000 at December 31, 2023[70] - Total shareholders' equity decreased by $325,000 from December 31, 2023[108] Loans and Credit Quality - Total loans receivable amounted to $1,497,388,000, an increase from $1,484,489,000 as of December 31, 2023, reflecting a growth of approximately 0.6%[52] - The total loans outstanding as of March 31, 2024, amount to $1,497,388,000, compared to $1,474,579,000 in the previous quarter, representing an increase of 1.54%[57] - The total charge-offs for the three months ended March 31, 2024, were minimal, with only $1,000 recorded, indicating strong credit quality[56] - Total nonperforming loans decreased to $7.21 million as of March 31, 2024, from $8.42 million at December 31, 2023, representing a reduction of approximately 14%[116] - The total amount of nonaccrual loans is $5,147,000, which may impact future earnings[61] Capital and Liquidity - The Bank's total risk-based capital to risk-weighted assets ratio was 13.17% as of March 31, 2024, exceeding the minimum required ratio of 10.00%[144] - The Bank's Tier 1 capital to risk-weighted assets ratio was 12.12% as of March 31, 2024, above the minimum required ratio of 8.00%[144] - The Company believes its liquidity sources are sufficient to meet anticipated funding needs in both the short and long term[141] - The Bank accessed borrowings through the Federal Reserve Bank Term Funding Program (BTFP) in March 2024, which offers loans of up to one year[139] Market and Economic Conditions - The Federal Open Market Committee maintained the federal funds target rate at 5.50% during the three months ended March 31, 2024[105] - The economic value of equity (EVE) decreased by 1.5% with a 300 basis point rise in interest rates as of March 31, 2024, compared to a decrease of 1.9% at December 31, 2023[142] Other Financial Metrics - The company reported a provision for credit losses of $(135,000) for the current quarter, compared to $279,000 in the prior year[29] - The effective tax rate decreased to 16.3% from 24.4% in the prior year, influenced by tax credits related to low-income housing projects[135] - The total fair value of loans held-for-sale is reported at $11,432,000 as of March 31, 2024[94]

EXHIBIT 99.1 Eagle Bancorp Montana Earns $1.9 Million, or $0.24 per Diluted Share, in the First Quarter of 2024 Declares Quarterly Cash Dividend of $0.14 Per Share and Renews Stock Repurchase Plan HELENA, Mont., April 23, 2024 (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 $1.9 million, or $0.24 per diluted share, in the first quarter of 2024, compared to $2.2 million, or ...

HELENA, Mont., April 23, 2024 (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 $1.9 million, or $0.24 per diluted share, in the first quarter of 2024, compared to $2.2 million, or $0.28 per diluted share, in the preceding quarter, and $3.2 million, or $0.42 per diluted share, in the first quarter of 2023. Eagle's board of directors declared a quarterly cash dividend to $0.14 ...