insiderdeltaSEC filings, surfaced and scored

CoverageForm 410-K10-Q8-K13D13G13F

Eagle Bancorp Montana, Inc.

EBMTCIK 0001478454 · Every Form 4 filed by insiders at this issuer. See financials →

Annual report (10-K)

Latest 10-K filed Mar 9, 2026. Sentiment + YoY language diff vs prior year. Read sections →

Signal:Neutral

Risk Factors:tone -0.0330Δ+0.001073% similar+25/-23 ¶

MD&A:tone -0.0102Δ-0.000093% similar+54/-47 ¶

Sentiment via Loughran-McDonald lexicon · YoY diff via Jaccard similarity + paragraph set difference.

Recent 8-K announcements

Per-item disclosure feed. Item 2.02 is the earnings release.

May 18, 2026no items parsed May 4, 2026no items parsed Apr 29, 2026no items parsed Apr 28, 2026no items parsed Feb 26, 2026no items parsed

Top insiders

Most active reporters at Eagle Bancorp Montana, Inc.

Name	Roles	Filings
Binde Alana M	Officer	5
O'Neill Mark A	Officer	5
Chilton Linda M	Officer	4
Hays Rick	Director	4
Jensen Corey	Director	4

Showing 6-10 of 20

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Top performers

Insiders ranked by realized 90-day signed return on their open-market trades at Eagle Bancorp Montana, Inc.. Minimum 3 scored trades. Returns are signed - a sale followed by a rally counts against the insider.

#	Insider	Trades	Win rate	Avg	Median	Best	Worst
1	Clark Laura	6	33%	+1.0%	-3.1%	+9.7%	-3.1%
2	Rensmon Patrick D	3	67%	+0.9%	+2.1%	+3.7%	-3.1%
3	Johnson Peter Joseph	49	18%	-4.7%	-6.6%	+23.4%	-19.1%
4	McCarvel Thomas J	4	75%	-3.2%	+6.8%	+10.8%	-37.2%
5	Walsh Kenneth M	14	57%	-0.5%	+1.2%	+11.2%	-17.1%

All filings

102 Form 4 / 4-A filings, newest first

Filed	Insider	Top transaction	Shares	Price	Value
Feb 4, 2026	Amdahl Rachel R SVP-Chief Operations Officer	AGrant	292	$0.00	$0
Feb 4, 2026	Spaulding Miranda SVP - CFO	AGrant	628	$0.00	$0
Feb 4, 2026	Rensmon Patrick D SVP-Chief Operating Officer	AGrant	584	$0.00	$0
Feb 4, 2026	O'Neill Mark A SVP-Chief Lending Officer	AGrant	406	$0.00	$0
Feb 4, 2026	Nash Chantelle SVP-Chief Risk & Admin Offcr	AGrant	360	$0.00	$0

Showing 6-10 of 102

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Real-time Form 4 intelligence. Smarter insider tracking.

Filed		Top transaction	Shares	Price	Value

YoY shift: Neutral

Year-over-year tone shift - average net-tone change across Risk Factors and MD&A vs the prior 10-K. This filing is 0.05pp more bullish than last year's.

Why YoY instead of absolute: the LM lexicon has ~6.6× more negative words than positive (legal/risk-disclosure language is heavy on hedging), so every 10-K reads bearish on raw tone. Year-over-year change strips that bias and surfaces the actual shift in management's framing.

Tone shift by section

The two components the gauge averages: how Risk Factors and MD&A each shifted in net tone versus last year's 10-K. The headline above is their average, so a green needle over a soft section just means the other section carried it.

Risk Factors

+0.10pp

Flat

Net-tone change vs last year's 10-K.

MD&A

-0.00pp

Flat

Net-tone change vs last year's 10-K.

Per-snippet highlights

Sentence-level sentiment highlighting with category and subcategory filters is coming once the snippet-scoring pipeline lands. For now, dig into the actual section text on the Sections tab.

Language change vs prior 10-K

Risk Factors (Item 1A) - words with the biggest YoY frequency increase

Negative rising

conflict+5
adversely+4
disasters+4
inadequate+4
challenges+3

Positive rising

adequately+3
able+2
success+1
efficiency+1
efficiencies+1

Risk Factors (Item 1A)

8,327 words

ITEM 1A.

RISK FACTORS

Risks Related to Economic and Market Conditions

Our business may be adversely affected by conditions in the financial markets and economic conditions generally and in our market areas in particular.

Our financial performance generally, and in particular the ability of our borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those loans, as well as demand for loans and other products and services we offer and whose success we rely on to drive our future growth, is highly dependent upon the business environment in the markets in which we operate, principally in Montana, and in the United States as a whole. Unlike larger banks that are more geographically diversified, we provide banking and financial services to customers primarily in Montana. The economic conditions in our local markets may be different from, and in some instances worse than, the economic conditions in the United States as a whole. Some elements of the business environment that affect our financial performance include short-term and long-term interest rates, the prevailing yield curve, inflation and price levels, monetary policy, unemployment and strength of the domestic economy and local economy in the markets in which we operate. Unfavorable market conditions can result in deterioration in the credit quality of our borrowers and the demand for our products and services, an increase in the number of loan delinquencies, defaults and charge-offs, additional provisions for credit losses, adverse asset values and an overall material adverse effect on the quality of our loan portfolio. Unfavorable or uncertain economic and market conditions can be caused by declines in economic growth, business activity or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; natural disasters; state or local government insolvency; or a combination of these or other factors.

In recent years, economic growth and business activity across a wide range of industries and regions in the U.S. has been slow and uneven. There are continuing concerns related to the level of U.S. government debt and fiscal actions that may be taken to address that debt, further declining oil prices and ongoing federal budget negotiations that may have a destabilizing effect on financial markets. There can be no assurance that economic conditions will continue to improve, and these conditions could worsen. Economic pressure on consumers and uncertainty regarding continuing economic improvement may result in changes in consumer and business spending, borrowing and saving habits. Such conditions could have a material adverse effect on the credit quality of our loans or our business, financial condition or results of operations.

Additionally, financial markets may be adversely affected by the current or anticipated impact of military conflict, including the recent military actions in Iran and the Middle East, escalating military tension between Russia and Ukraine, terrorism and other geopolitical events.

Our success depends, to a certain extent, upon global, domestic and local economic and political conditions, as well as governmental monetary policies. Conditions such as changes in interest rates, money supply, levels of employment and other factors beyond our control may have a negative impact on economic activity. Any contraction of economic activity, including an economic recession, may adversely affect our asset quality, deposit levels and loan demand and, therefore, our earnings. In particular, interest rates are highly sensitive to many factors that are beyond our control, including global, domestic and local economic conditions and the policies of various governmental and regulatory agencies and, specifically, the Federal Reserve.

It is currently expected that, during 2026, the Federal Open Market Committee of the Federal Reserve (“FOMC”) will continue to closely monitor interest rates, in part to manage the rate of inflation to its preferred level. In the fourth quarter of 2025, the FOMC decreased the target range for the federal funds rate to a range of 3.50 percent to 3.75 percent, following a series of significant increases beginning in 2022. If the FOMC further alters the targeted federal funds rates, overall interest rates likely will continue to change, which may impact the entire national economy. Changes in interest rates directly impact our net interest income and also may affect the demand for loans and the value of our fixed-rate investment securities. These effects from interest rate changes or from other sustained economic stress or a recession, among other matters, could have a material adverse effect on our business, financial condition, liquidity and results of operations.

As a result of the economic and geopolitical factors discussed above, financial institutions also face heightened credit risk, among other forms of risk. Of note, because we have a significant amount of real estate loans, decreases in real estate values could adversely affect the value of property used as collateral, which, in turn, can adversely affect the value of our loan and investment portfolios. Adverse economic developments, specifically including inflation-related impacts, may have a negative effect on the ability of our borrowers to make timely repayments of their loans or to finance future home purchases. Moreover, while commercial real estate values have stabilized as demand has returned to pre-pandemic levels in several markets, the outlook for commercial real estate remains dependent on the broader economic environment and, specifically, how major subsectors respond to a rising interest rate environment and higher prices for commodities, goods and services. In each case, credit performance over the medium- and long-term is susceptible to economic and market forces and therefore forecasts remain uncertain. Instability and uncertainty in the commercial and residential real estate markets, as well as in the broader commercial and retail credit markets, could have a material effect on our financial condition and results of operations.

Declines in home values could decrease our loan originations and increase delinquencies and defaults.

Declines in home values in our markets could adversely impact results from operations. Like all financial institutions, we are subject to the effects of any economic downturn, and in particular, a significant decline in home values would likely lead to a decrease in new home equity loan originations and increased delinquencies and defaults in both the consumer home equity loan and residential real estate loan portfolios and result in increased losses in these portfolios. Declines in the average sale prices of homes in our primary markets could lead to higher credit losses on loans.

Changes in interest rates could adversely affect our results of operations and financial condition.

Our results of operations and financial condition are significantly affected by changes in interest rates. Our results of operations depend substantially on our net interest income, which is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest expense we pay on our interest-bearing liabilities, such as deposits, borrowings and trust preferred securities.

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Changes in interest rates may also affect the average life of loans and mortgage-related securities. Decreases in interest rates can result in increased prepayments of loans and mortgage-related securities, as borrowers refinance to reduce their borrowing costs. Under these circumstances, we are subject to reinvestment risk to the extent that we are unable to reinvest the cash received from such prepayments at rates that are comparable to the rates on existing loans and securities. Additionally, increases in interest rates may decrease loan demand and make it more difficult for borrowers to repay adjustable rate loans. Also, increases in interest rates may extend the life of fixed rate assets, which would restrict our ability to reinvest in higher yielding alternatives, and may result in customers withdrawing certificates of deposit early so long as the early withdrawal penalty is less than the interest they could receive as a result of the higher interest rates.

Changes in interest rates also affect the current fair value of our interest-earning securities portfolio. Generally, the value of securities moves inversely with changes in interest rates.

Strong competition may limit growth and profitability.

Competition in the banking and financial services industry is intense. We compete with commercial banks, savings institutions, mortgage brokerage firms, credit unions, finance companies, mutual funds, insurance companies, and brokerage and investment banking firms operating locally and elsewhere. Many of these competitors (whether regional or national institutions) have substantially greater resources and lending limits than we have and may offer certain services that we do not or cannot provide. Our profitability depends upon our ability to successfully compete in our market areas.

Expectations around Environmental, Social and Governance practices, as well as climate change, and related legislative and regulatory initiatives may result in additional risk and operational changes and expenditures that could significantly impact our business.

Companies are facing increased scrutiny from customers, regulators and other stakeholders with respect to their environmental, social and governance ("ESG") practices and disclosures. Institutional investors, and investor advocacy groups, in particular, are increasingly focused on these matters, and expectations in many of these areas can vary widely. For example, certain federal and state laws and regulations related to ESG issues may include provisions that conflict with other laws and regulations, which may increase our costs or limit our ability to conduct business in certain jurisdictions. In particular, there is an increasing number of anti‑ESG initiatives in the United States that may conflict with other regulatory requirements or our various stakeholders’ expectations. Such divergent, sometimes conflicting, views on ESG‑related matters increase the risk that any action or lack thereof by the Company on such matters will be perceived negatively by some stakeholders. In addition, increased ESG related compliance costs could result in increases to our overall operational costs. Failure to adapt to or comply with regulatory requirements or investor or stakeholder expectations and standards, and fluctuations in or among these standards, could impact our reputation, ability to do business with certain partners, and our stock price. New government regulations could also result in new or more forms of ESG oversight and expanding mandatory and voluntary reporting, diligence, and disclosure.

In addition to regulatory and investor expectations on environmental matters in general, the current and anticipated effects of climate change are creating, for some stakeholders, an increasing level of concern for the state of the global environment. In recent years, governments across the world have entered into international agreements to attempt to reduce global temperatures, in part by limiting greenhouse gas emissions. In the United States, certain state legislatures and state regulatory agencies have proposed and advanced numerous legislative and regulatory initiatives seeking to mitigate the effects of climate change, some of which conflict with other state or federal initiatives or sentiments. In addition to the challenges of managing conflicting expectations of legislatures, agencies, and regulators with respect to climate change, measures designed to mitigate or bring awareness to climate change may result in the imposition of taxes and fees, the required purchase of emission credits, and the implementation of significant operational changes, each of which may require the Company to expend significant capital and incur compliance, operating, maintenance and remediation costs. Given the lack of empirical data on the credit and other financial risks posed by climate change, it is impossible to predict how climate change may impact our financial condition and operations; however, as a banking organization, the physical effects of climate change may present certain unique risks to the Company. For example, weather , shifts in local climates and other related to climate change may affect the value of real properties securing our loans, which could the value of our loan portfolio. Such events may also cause reductions in regional and local economic activity that may have an effect on our customers, which could limit our ability to raise and invest capital in these areas and communities, each of which could have a material effect on our financial condition and results of operations.

Natural disasters, geopolitical events, public health crises and other catastrophic events beyond our control could adversely affect us.

Natural disasters such as hurricanes, floods, tornados, wildfires, extreme weather conditions and other acts of nature, geopolitical events such as the recent military actions in Iran and the Middle East, those involving civil unrest, changes in government regimes, terrorism or military conflict, pandemics and other public health crises, and other catastrophic events could adversely affect our business operations and those of our customers, counterparties and service providers, and cause substantial damage and loss to real and personal property, including damage to or destruction of mortgaged properties or our own banking facilities and offices. Natural disasters, geopolitical events, public health crises and other catastrophic events, or concerns about the occurrence of any such events, could our borrowers’ ability to service their loans, decrease the level and duration of deposits by customers, the value of loan collateral, including mortgaged properties, result in an increase in the amount of our non‑performing loans and a higher level of non‑performing assets, including real estate owned, net charge‑offs and provision for loan , lead to other operational and our ability to manage our business, which could materially and affect our business, financial condition, results of operations and the value of our common stock. We also could be affected if our key personnel or a significant number of our employees were to become due to a public health (such as an outbreak of a contagious disease), natural , war, act of terrorism, or other reason. Additionally, financial markets may be affected by the current or anticipated impact of military , acts of terrorism or other geopolitical events.

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Risks Related to Our Business

We hold certain intangible assets that could be classified as impaired in the future . If these assets are considered to be either partially or fully impaired in the future, our earnings and the book values of these assets would decrease .

As a result of our branch and whole bank acquisitions we record goodwill. Our consolidated balance sheet at December 31, 2025 included goodw ill of $34.74 m illion. We are required to test our goodwill for impairment on a periodic basis. The impairment testing process considers a variety of factors, including the current market price of our common shares, the estimated net present value of our assets and liabilities and information concerning the terminal valuation of similarly situated insured depository institutions. It is possible that future impairment testing could result in a partial or full impairment of the value of our goodwill. If an impairment determination is made in a future reporting period, our earnings and the book value of goodwill will be reduced by the amount of the impairment.

Risks associated with system failures, interruptions, or breaches of security could negatively affect our earnings .

Information technology systems are critical to our business. We use various technology systems to manage our customer relationships, general ledger, securities, deposits, and loans. We have established policies and procedures to prevent or limit the impact of system failures, interruptions, and security breaches, but such events may still occur or may not be adequately addressed if they do occur. In addition, any compromise of our systems could deter customers from using our products and services. Although we rely on security systems to provide security and authentication necessary to effect the secure transmission of data, these precautions may not protect our systems from compromises or breaches of security.

In addition, we outsource a majority of our data processing to certain third-party providers. If these third-party providers encounter difficulties, or if we have difficulty communicating with them, our ability to adequately process and account for transactions could be affected, and our business operations could be adversely affected. Threats to information security also exist in the processing of customer information through various other vendors and their personnel.

The occurrence of any system failures, interruption, or breach of security could damage our reputation and result in a loss of customers and business thereby subjecting us to additional regulatory scrutiny, or could expose us to litigation and possible financial liability. Any of these events could have a material adverse effect on our financial condition and results of operations.

If the allowance for credit losses is not sufficient to cover actual credit losses, our earnings could decrease.

Our customers may not repay their loans according to the original terms, and the collateral, if any, securing the payment of these loans may be insufficient to pay any remaining loan balance. We may experience significant credit losses, which may have a material adverse effect on operating results. We make various assumptions and judgments about the collectability of the loan portfolio, including the creditworthiness of borrowers and the value of the real estate and other assets serving as collateral for the repayment of loans. If the assumptions prove to be incorrect, the allowance for credit losses may not be sufficient to cover expected losses in our loan portfolio, resulting in additions to the allowance. Material additions to the allowance would materially decrease net income.

Our emphasis on the origination of consumer, commercial real estate and commercial business loans is one of the more significant factors in evaluating the allowance for credit losses. As we continue to increase the amount of such loans, additional or increased provisions for credit losses may be necessary and would decrease earnings.

Bank regulators periodically review our allowance for credit losses and may require an increase to the provision for credit losses or further loan charge-offs. Any increase in our allowance for credit losses or loan charge-offs as required by these regulatory authorities may have a material adverse effect on our results of operations or financial condition.

We could record future losses on our securities portfolio.

A number of factors or combinations of factors could require us to conclude in one or more future reporting periods that an unrealized loss exists with respect to our investment securities portfolio that constitutes an impairment that is other than temporary, which could result in material losses to us. These factors include, but are not limited to, continued failure by the issuer to make scheduled interest payments, an increase in the severity of the unrealized loss on a particular security, an increase in the continuous duration of the unrealized loss without an improvement in value or changes in market conditions and/or industry or issuer specific factors that would render us unable to forecast a full recovery in value. In addition, the fair values of securities could decline if the overall economy and the financial condition of some of the issuers deteriorates and there is limited liquidity for these securities.

Changes in our accounting policies or in accounting standards could materially affect how we report our financial condition and results of operations.

Our accounting policies are essential to understanding our financial results and condition. Some of these policies require the use of estimates and assumptions that may affect the value of our assets or liabilities and financial results. Some of our accounting policies are critical because they require management to make difficult, subjective, and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions. If such estimates or assumptions underlying our financial statements are incorrect, we may experience material losses.

From time to time, the Financial Accounting Standards Board and the Securities and Exchange Commission change the financial accounting and reporting standards or the interpretation of those standards that govern the preparation of our financial statements. These changes are beyond our control, can be hard to predict and could materially impact how we report our results of operations and financial condition. We could also be required to apply a new or revised standard retroactively, resulting in our restating prior period financial statements in material amounts.

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Because we have increased our commercial real estate and commercial business loan originations, our credit risk has increased and continued downturns in the local real estate market or economy could adversely affect our earnings.

We intend to continue our recent emphasis on originating commercial real estate and commercial business loans. Commercial real estate and commercial business loans generally have more risk than the residential real estate (1-4 family) loans we originate. Because the repayment of commercial real estate and commercial business loans depends on the successful management and operation of the borrower’s properties or related businesses, repayment of such loans can be affected by adverse conditions in the local real estate market or economy. Commercial real estate and commercial business loans may also involve relatively large loan balances to individual borrowers or groups of related borrowers. A downturn in the real estate market or the local economy could adversely affect the value of properties securing the loan or the revenues from the borrower’s business, thereby increasing the risk of nonperforming loans. As our commercial real estate and commercial business loan portfolios increase, the corresponding risks and potential for losses from these loans may also increase.

Many of our commercial real estate and commercial business loans are made to small-to-mid-sized businesses. These small-to-mid-sized businesses frequently have smaller market share than their competition, may be more vulnerable to economic downturns, often need substantial additional capital to expand or compete and may experience significant volatility in operating results. Any one or more of these factors may impair the borrower’s ability to repay a loan. In addition, the success of a small-to-mid-sized business often depends on the management talents and efforts of one or two persons or a small group of persons and the death, disability or resignation of one or more of these persons could have a material adverse impact on the business and its ability to repay a loan. Economic downturns and other events that negatively impact our market areas could cause us to incur substantial credit losses that could have an adverse effect on our business, financial condition and results of operations.

We continually encounter technological change.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new, technology-driven products and services. The effective use of technology increases efficiency and enables financial institutions to better serve customers and to reduce costs. Our future success depends, in part, upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in our operations. Many of our competitors have substantially greater resources to invest in technological improvements than we do. We may not be able to effectively implement new, technology-driven products and services or be successful in marketing these products and services to our customers. In addition, the implementation of technological changes and upgrades to maintain current systems and integrate new ones may also cause service , transaction processing and system conversion and may cause us to to comply with applicable laws or be to . to keep pace with technological change affecting the financial services industry and avoid , and could have a material effect on our business, financial condition or results of operations.

We expect that new technologies and business processes applicable to the consumer credit industry will continue to emerge, and these new technologies and business processes may be better than those we currently use. Because the pace of technological change is high and our industry is intensely competitive, we may not be able to sustain our investment in new technology as critical systems and applications become obsolete or as better ones become available. A failure to maintain current technology and business processes could cause disruptions in our operations or cause our products and services to be less competitive, all of which could have a material adverse effect on our business, financial condition or results of operations.

The adoption of artificial intelligence tools by us and our third‑party vendors and service providers may increase the risk of errors, omissions, unfair treatment or fraudulent behavior by our employees, clients or counterparties, or other third parties.

Our adoption of artificial intelligence, including generative artificial intelligence, machine learning and similar tools and technologies that collect, aggregate, analyze or generate data or other materials or content (collectively, “AI”), for limited internal use has increased our efficiency, and we expect to continue to adopt such tools as appropriate. In addition, we expect our third‑party vendors and service providers to increasingly develop and incorporate AI into their product offerings faster than we are able to do so independently. There are significant risks involved in utilizing AI and no assurance can be provided that our or our third‑party vendors’ or service providers’ use of AI will enhance our or our third‑party vendors’ or service providers’ products or services or produce the intended results. The adoption and incorporation of such tools can lead to concerns around safety and soundness, fair access to financial services, fair treatment of consumers and compliance with applicable laws and regulations. Such risk can result from models being poorly designed or faulty data being used, inadequate model testing or validation, narrow or limited human oversight, inadequate planning or due diligence, or or data practices by developers or end‑users, and other factors affecting public opinion of AI and the acceptance of AI solutions. Furthermore, given the pace of rapid adoption of such tools by vendors and service providers, we may not be aware of the adoption of AI solutions prior to such tools being introduced into our environment. to manage AI risks can result in results and decisions based on , forms of bias, access to sensitive, confidential, proprietary or personal information and of applicable laws and regulations, to operational , competitive , reputational , ethical , legal liability, , and other impacts on our business and financial results. If we do not have sufficient rights to use the data or other material or content on which the AI tools we use rely, or to use the output of such AI tools, we also may incur liability through the of applicable laws and regulations, third‑party intellectual property, privacy or other rights or contracts to which we are a party.

In addition, regulation of AI is rapidly evolving as federal and state legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying AI and its uses are subject to a variety of laws and regulations, including intellectual property, data privacy and cybersecurity, consumer protection, competition, equal opportunity and fair lending laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations. AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states are applying, or are considering applying, existing laws and regulations to AI or are considering general legal frameworks for AI. We may not be able to anticipate how to respond to these rapidly evolving frameworks, and we may need to expend resources to adjust our operations or offerings. Moreover, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI.

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We depend on the services of our executive officers and other key employees.

Our success depends upon the continued employment of certain members of our senior management team. We also depend upon the continued employment of the individuals that manage several of our key functional areas. The departure of any member of our senior management team may adversely affect our operations.

We earn a significant portion of our noninterest income through sales of residential mortgages in the secondary market . We rely on the mortgage secondary market for some of our liquidity.

Our mortgage banking activities provide a significant portion of our noninterest income. We originate and sell mortgage loans, including $230.90 mil lion of mortgage loans sold during 2025. We rely on Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and other purchasers to purchase loans in order to reduce our credit risk and provide funding for additional loans we desire to originate. We cannot provide assurance that these purchasers will not materially limit their purchases from us due to capital constraints or other factors, including, with respect to FNMA and FHLMC, a change in the criteria for conforming loans. In addition, various proposals have been made to reform the U.S. residential mortgage finance market, including the role of FNMA and FHLMC. The exact effects of any such reforms are not yet known but may limit our ability to sell conforming loans to FNMA and FHLMC. In addition, mortgage lending is highly regulated, and our inability to comply with all federal and state regulations and investor guidelines regarding the origination, underwriting documentation and servicing of mortgage loans may also impact our ability to continue selling mortgage loans. If we are unable to continue to sell loans in the secondary market or we experience a period of low mortgage activity, our noninterest income as well as our ability to fund, and thus originate, additional mortgage loans may be adversely affected, which could have a material effect on our business, financial condition or results of operations.

There can be no assurance we will be able to continue paying dividends on our common stock at recent levels.

We may not be able to continue paying quarterly dividends commensurate with recent levels given that the ability to pay dividends on our common stock depends on a variety of factors. The payment of dividends is subject to government regulation in that the regulatory authorities may prohibit banks and bank holding companies from paying dividends that would constitute an unsafe or unsound banking practice. Our ability to pay dividends is subject to certain regulatory requirements. The Federal Reserve generally prohibits a bank holding company from declaring or paying a cash dividend which would impose undue pressure on the capital of a subsidiary bank or would be funded only through borrowing or other arrangements that might adversely affect a bank holding company’s financial position. The Federal Reserve Board policy is that a bank holding company should not continue its existing rate of cash dividends on its common stock unless its net income is sufficient to fully fund each dividend and its prospective rate of earnings retention appears consistent with its capital needs, asset quality and overall financial condition. The power of the board of directors of an insured depository institution to declare a cash dividend or other distribution with respect to capital is subject to statutory and regulatory restrictions which limit the amount available for such distribution depending upon the earnings, financial condition and cash needs of the institution, as well as general business conditions.

As a result, future dividends will generally depend on the level of earnings at the Bank. The Bank is subject to Montana law and, in certain circumstances, Montana law places limits or restrictions on a bank’s ability to declare and pay dividends. Also, in the event there shall occur an event of default on any of our debt instruments, we would be unable to pay any dividends on our common stock.

We rely on dividends from the Bank for most of our revenue.

Eagle is a separate and distinct legal entity from its subsidiaries. It receives substantially all of its revenue and cash flow (on a non‑consolidated basis) from dividends from the Bank. These dividends are the principal source of funds to pay dividends on the common stock and interest and principal on the Company’s debt. Various federal and state laws and regulations limit the amount of dividends that the Bank may pay to the Company. Also, the Company’s right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to the prior claims of the subsidiary’s creditors. In the event the Bank is unable to pay dividends to the Company, the Company may not be able to service debt, pay obligations or pay dividends on the Common Stock and its business, financial condition and results of operations may be materially adversely affected. Consequently, cash‑based activities, including further investments in the Bank or support of the Bank, could require borrowings or additional issuances of common or preferred stock.

Our business strategy includes significant growth plans, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth effectively.

We intend to pursue an organic growth strategy for our business; however, we regularly evaluate potential acquisitions and expansion opportunities. If appropriate opportunities present themselves, we expect to engage in selected acquisitions of financial institutions, branch acquisitions and other business growth initiatives or undertakings. There can be no assurance that we will successfully identify appropriate opportunities, that we will be able to negotiate or finance such activities or that such activities, if undertaken, will be successful. There are risks associated with our growth strategy. To the extent that we grow through acquisitions, we cannot ensure that we will be able to adequately or profitably manage this growth.

Acquiring other banks, branches or other assets, as well as other expansion activities, involves various risks including the risks of incorrectly assessing the credit quality of acquired assets, encountering greater than expected costs of integrating acquired banks or branches, the risk of loss of customers and/or employees of the acquired institution or branch, executing cost savings measures, not achieving revenue enhancements and otherwise not realizing the transaction’s anticipated benefits. Our ability to address these matters successfully cannot be assured. In addition, our strategic efforts may divert resources or management’s attention from ongoing business operations, may require investment in integration and in development and enhancement of additional operational and reporting processes and controls and may subject us to additional regulatory scrutiny.

Our growth initiatives may also require us to recruit and retain experienced personnel to assist in such initiatives. Accordingly, the failure to identify and retain such personnel would place significant limitations on our ability to successfully execute our growth strategy. In addition, to the extent we expand our lending beyond our current market areas, we could incur additional risks related to those new market areas. We may not be able to expand our market presence in our existing market areas or successfully enter new markets.

If we do not successfully execute our acquisition growth plan, it could adversely affect our business, financial condition, results of operations, reputation and growth prospects. In addition, if we were to conclude that the value of an acquired business had decreased and that the related goodwill had been impaired, that conclusion would result in an impairment of goodwill charge, which would adversely affect our results of operations. While we believe we will have the executive management resources and internal systems in place to successfully manage our future growth, there can be no assurance growth opportunities will be available or that we will successfully manage our growth.

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We may be unsuccessful in integrating the operations of the business we have acquired or expect to acquire in the future.

From time to time, we evaluate and acquire businesses that we believe complement our existing business. The acquisition component of our growth strategy depends on the successful integration of these acquisitions. We face numerous risks and challenges to the successful integration of acquired businesses, including the following:

the potential for unexpected costs, delays and challenges that may arise in integrating acquisitions into our existing business;

limitations on our ability to realize the expected cost savings and synergies from an acquisition;

challenges related to integrating acquired operations, including our ability to retain key employees and maintain relationships with significant customers and depositors;

challenges related to the integration of businesses that operate in new geographic areas, including difficulties in identifying and gaining access to customers in new markets; and

the discovery of previously unknown liabilities following an acquisition associated with the acquired business.

If we are unable to successfully integrate the businesses we acquire, our business, financial condition and results of operations may be materially adversely affected.

Failure to maintain effective internal control over financial reporting or disclosure controls and procedures could adversely affect our ability to report our financial condition and results of operations accurately and on a timely basis.

A failure to maintain effective internal control over financial reporting or disclosure controls and procedures could adversely affect our ability to report our financial results accurately and on a timely basis, which could result in a loss of investor confidence in our financial reporting or adversely affect our access to sources of liquidity. Furthermore, because of the inherent limitations of any system of internal control over financial reporting, including the possibility of human error, the circumvention or overriding of controls and fraud, even effective internal controls may not prevent or detect all misstatements.

Changes in interest rates may change the value of our mortgage servicing rights portfolio, which may increase the volatility of our earnings .

As a result of our mortgage servicing business, which we may expand in the future, we have a portfolio of mortgage servicing rights (“MSR”) assets. An MSR is the right to service a mortgage loan - collect principal, interest and escrow amounts - for a fee. We measure and carry all of our residential MSR assets using the fair value measurement method. Fair value is determined as the present value of estimated future net servicing income, calculated based on a number of variables, including assumptions about the likelihood of prepayment by borrowers.

While interest rates began to decline in September 2025 and the fair value of the MSR asset remains above its carrying value, one of the principal risks associated with MSR assets is that in a declining interest rate environment they may lose a substantial portion of their value as a result of higher‑than‑anticipated prepayments. Moreover, if prepayments are greater than expected, the cash received over the life of the mortgage loans would be reduced.

An increased size of our MSR portfolio could result in us carrying significant asset balances. This could result in a reduction in our liquidity and cause a reduction in our capital ratios. The combination of these impacts along with other impacts, could cause us to not have sufficient liquidity or capital.

At December 31, 2025 , our MSR asset had a fair value of $20.30 mil lion. All income related to retained servicing, including changes in the value of the MSR asset, is included in noninterest income. Depending on the interest rate environment and market trends related to MSR sales, it is possible that the fair value of our MSR asset may be reduced in the future. If such changes in fair value significantly reduce the carrying value of our MSR asset, our financial condition and results of operations would be negatively affected.

Farmland and agriculture production lending presents unique credit risk.

As of December 31, 2025 , approximately 19.55% of our total gross loan portfolio was comprised of farmland and agricultural production loans. As of December 31, 2025 , we had $297.04 million in farmland and agricultural production loans, including $162.58 million in farmland loans, and $134.46 mil lion in agricultural production loans. Repayment of farmland and agricultural production loans depends primarily on the successful raising and feeding of livestock or planting and harvest of crops and marketing the harvested commodity. Collateral securing these loans may be a illiquid. In addition, the limited purpose of some agricultural-related collateral affects credit risk because such collateral may have limited or no other uses to support values when loan repayment problems emerge. Our farmland and agricultural production lending staff have specific technical expertise that we depend on to mitigate our lending risks for these loans and we may have difficulty retaining or replacing such individuals. Many external factors can impact our agricultural borrowers' ability to repay their loans, including adverse weather conditions, water issues, commodity price volatility, diseases, land values, production costs, changing government regulations and subsidy programs, changing tax treatment, technological changes, labor market /increased wages, and changes in consumers' preferences, over which our borrowers may have no control. These factors, as well as recent in certain commodity prices could impact the ability of those to whom we have made farmland and agricultural production loans to perform under the terms of their borrowing arrangements with us, which in turn could result in credit and affect our business, financial condition and results of operations.

Consumers may decide not to use banks to complete their financial transactions.

Technology and other changes are allowing parties to complete financial transactions through alternative methods that historically have involved banks. For example, consumers can now maintain funds that would have historically been held as bank deposits in brokerage accounts, mutual funds or general purpose reloadable prepaid cards. Consumers can also complete transactions such as paying bills and/or transferring funds directly without the assistance of banks. The process of eliminating banks as intermediaries could result in the loss of fee income, as well as the loss of customer deposits and the related income generated from those deposits. The loss of these revenue streams and the lower cost of deposits as a source of funds could have a material adverse effect on our financial condition and results of operations.

Another competitive factor is that the financial services market, including banking services, is undergoing rapid technological changes with frequent introductions of new technology‑driven products and services. The widespread adoption of new and emerging technologies, such as artificial intelligence and quantum computing, have the potential to further intensify competition and accelerate disruption in the financial services market. Our future success may depend, in part, on our ability to use technology competitively to provide products and services that provide convenience to customers and create additional efficiencies in our operations.

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Competition with financial‑services technology companies, including those related to digital currencies or cryptocurrencies (including stablecoins), or technology companies partnering with financial‑services companies, may be particularly intense, due to, among other things, differing regulatory environments. For example, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 ("GENIUS Act") provides a legal framework for stablecoins to be issued in the United States, which may lead to new and increased competition for funds that may have otherwise been, or currently are, deposits with banks, such as the Bank.

Rights Related to the Legal and Regulatory Environment

We face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.

The Bank Secrecy Act, the Patriot Act and other laws and regulations require financial institutions, among other duties, to institute and maintain an effective anti-money laundering program and file suspicious activity and currency transaction reports as appropriate. The federal Financial Crimes Enforcement Network is authorized to impose significant civil money penalties for violations of those requirements and has recently engaged in coordinated enforcement efforts with the individual federal banking regulators, as well as the U.S. Department of Justice, Drug Enforcement Administration and IRS. We are also subject to increased scrutiny of compliance with the rules enforced by the Office of Foreign Assets Control. If our policies, procedures and systems are deemed deficient, we would be subject to liability, including fines and regulatory actions, which may include restrictions on our ability to pay dividends and the necessity to obtain regulatory approvals to proceed with certain aspects of our business plan, including any future acquisition plans. to maintain and implement adequate programs to combat money and terrorist financing could also have reputational consequences for us. Any of these results could have an effect on our business, financial condition and results of operations.

We operate in a highly regulated environment and may be adversely affected by changes in laws and regulations.

We are subject to extensive regulation, supervision and examination by the Board of Governors of the Federal Reserve Board and the Montana Division of Banking and Financial Institutions. The federal banking laws and regulations govern the activities in which we may engage and are primarily for the protection of depositors and the Deposit Insurance Fund at the FDIC. These regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities, including the ability to impose restrictions on a bank’s operations, reclassify assets, determine the adequacy of a bank’s allowance for credit losses and determine the level of deposit insurance premiums assessed. Any change in such regulation and oversight, whether in the form of regulatory policy, new regulations or legislation or additional deposit insurance premiums could have a material impact on our operations. Because our business is highly regulated, the laws and applicable regulations are subject to frequent change. Any new laws, rules and regulations could make compliance more difficult or expensive or otherwise adversely affect our business, financial condition or prospects.

Future legislation, regulatory reform or policy changes under the current U.S. administration could have a material effect on our business and results of operations.

New legislation, regulatory reform or policy changes under the current U.S. administration, including financial services regulatory reform, tax reform, and GSE reform, could impact our business. At this time, we cannot predict the scope or nature of these changes or assess what the overall effect of such potential changes could be on our results of operations or cash flows.

If our investment in the Federal Home Loan Bank of Des Moines becomes impaired, our earnings and shareholders’ equity could decrease.

We are required to own common stock of FHLB to qualify for membership in the FHLB System and to be eligible to borrow funds under the FHLB’s advance program. The aggregate cost of our FHLB common stock as of December 31, 2025 was $2.65 million. FHLB common stock is not a marketable security and can only be redeemed by the FHLB.

FHLB’s may be subject to accounting rules and asset quality risks that could materially lower their regulatory capital. In an extreme situation, it is possible that the capitalization of a FHLB, including the FHLB of Des Moines, could be substantially diminished or reduced to zero. Consequently, we believe that there is a risk that our investment in FHLB of Des Moines common stock could be deemed impaired at some time in the future, and if this occurs, it would cause our earnings and shareholders’ equity to decrease by the amount of the impairment charge.

A continuation of recent turmoil in our industry, and responsive measures to manage it, could have an adverse effect on our financial position or results of operations.

The bank failures and related negative media attention in early 2023 generated significant market trading volatility among publicly traded bank holding companies and, in particular, regional, as well as community banks like the Company. These developments negatively impacted customer confidence in regional and community banks that were not considered too big to fail, which prompted customers to move uninsured deposits to banks that are perceived as too big to fail. Further, competition for deposits increased and available yields similarly increased, causing non‑interest‑bearing deposits to move to interest‑bearing deposits and off‑balance sheet sweep accounts. Constraints on our liquidity could occur as a result of unanticipated deposit withdrawals because of market distress or our inability to access other sources of liquidity, including through the capital markets due to unforeseen market dislocations or interruptions. Moreover, some of our customers may become less willing to maintain deposits at the Bank because of broader market with the level of insurance available on those deposits. Our business and our financial condition and results of operations could be affected by continued soundness regarding financial institutions generally and our counterparties specifically and resulting from further governmental action in an effort to or provide additional regulation of the financial system as impact of deposit withdrawals.

Eagle uses models for business planning purposes that may not adequately predict future results.

Eagle uses financial models to aid in its planning for various purposes including its capital and liquidity needs and other purposes. The models used may not accurately account for all variables, may fail to predict outcomes accurately and/or may overstate or understate certain effects. As a result, Eagle may not adequately prepare for future events and may suffer losses or other setbacks due to these failures.

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Also, information Eagle provides to the public or to its regulators based on models could be inaccurate or misleading due to inadequate design or implementation. Decisions that its regulators make, including those related to capital distributions to its shareholders, could be affected adversely due to the perception that the models used to generate the relevant information are unreliable or inadequate.

We could be subject to changes in tax laws, regulations and interpretations or challenges to our income tax provision.

Any change in enacted tax laws, rules or regulatory or judicial interpretations, or any change in the pronouncements relating to accounting for income taxes, could adversely affect our effective tax rate, tax payments and results of operations. For example, in July 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, introducing significant tax changes. The OBBBA extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act and were set to expire at the end of 2025. The OBBBA features modified versions of individual and business tax relief proposals, and other new tax relief measures. In addition, it includes various revenue‑raising measures, including changes to certain Inflation Reduction Act clean energy tax credits and various limits on business and individual tax deductions, that are intended to offset part of the cost of the legislation. We are currently evaluating the impact of the OBBBA on our business and consolidated financial statements.

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MD&A (Item 7) - words with the biggest YoY frequency increase

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ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of the financial condition and results of operations of Eagle is intended to help investors understand our company and our operations. The financial review is provided as a supplement to and should be read in conjunction with the Consolidated Financial Statements and the related Notes included elsewhere in this report.

Introduction

Eagle Bancorp Montana, Inc. is a bank holding company registered under the Bank Holding Company Act, is incorporated under the laws of Delaware and headquartered in Helena, Montana. Through its wholly-owned subsidiary, Opportunity Bank of Montana, a Montana state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and consumer banking services.

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") describes Eagle and its subsidiaries' results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024, and also analyzes our financial condition as of December 31, 2025 as compared to December 31, 2024. Like most banking institutions, our principal business consists of attracting deposits from the general public and the business community and making loans secured by various types of collateral, including real estate and other consumer assets. We are significantly affected by prevailing economic conditions, particularly interest rates, as well as government policies concerning, among other things, monetary and fiscal affairs, housing and financial institutions and regulations regarding lending and other operations, privacy and consumer disclosure. Attracting and maintaining deposits is influenced by a number of factors, including interest rates paid on competing investments offered by other financial and nonfinancial institutions, account maturities, fee structures and levels of personal income and savings. Lending activities are affected by the demand for funds and thus are influenced by interest rates, the number and quality of lenders and regional economic conditions. Sources of funds for lending activities include deposits, borrowings, repayments on loans, cash flows from maturities of investment securities and income provided from operations.

Our earnings depend primarily on our level of net interest income, which is the difference between interest earned on our interest-earning assets, consisting primarily of loans and investment securities, and the interest paid on interest-bearing liabilities, consisting primarily of deposits, borrowed funds, and trust-preferred securities. Net interest income is a function of our interest rate spread, which is the difference between the average yield earned on our interest-earning assets and the average rate paid on our interest-bearing liabilities, as well as a function of the average balance of interest-earning assets compared to interest-bearing liabilities. Also contributing to our earnings is noninterest income, which consists primarily of service charges and fees on loan and deposit products and services, net gains and losses on sale of assets, and mortgage loan service fees. Net interest income and noninterest income are offset by provisions for credit losses, general administrative and other expenses, including salaries and employee benefits and occupancy and equipment costs, as well as by state and federal income tax expense.

The Bank has a strong mortgage lending focus, with a large portion of its loan originations repres ented by single-family residential mortgages, which has enabled it to successfully market home equity loans, as well as a wide range of shorter-term consumer loans for various personal needs (automobiles, recreational vehicles, etc.). The Bank has also focused on adding commercial loans to our portfolio, both real estate and non-real estate. We have made significant progress in this initiative over the past decade. As of December 31, 2025 , commercial real estate loans represented 60.5% of the total loan portfolio, including farmland loans representing 10.7% of the total loan portfolio. Commercial business loans represented 18.7% of the total loan portfolio, including agricultural loans representing 8.9% of t he total loan portfolio. The purpose of this diversification is to mitigate our dependence on the residential mortgage market, as well as to improve our ability to manage our interest rate spread. Recent acquisitions have added to our agricultural loans, which generally have shorter maturities and nominally higher interest rates. This has provided additional in terest income and improved interest rate sensitivity. The Bank’s management recognizes that fee income will also enable it to be less dependent on specialized lending and it maintains a significant loan serviced portfolio, which provides a steady source of fee income. As of December 31, 2025 , we had mortgage servicing rights, net of $15.04 m illion compared to $15.38 million as of December 31, 2024. Gain on sale of loans also provides significant noninterest income in periods of high mortgage loan origination volumes. Such income will be, and has recently been, adversely affected in periods of lower mortgage activity.

Fee income is also supplemented with fees generated from deposit accounts. The Bank has a high percentage of non-maturity deposits, such as checking accounts and savings accounts, which allows management flexibility in managing its spread. Non-maturity deposits and certificates of deposit do not automatically reprice as interest rates rise.

Management continues to focus on improving the Bank's earnings. Management believes the Bank needs to continue to concentrate on increasing net interest margin, other areas of fee income and control operating expenses to achieve earnings growth going forward. Management’s strategy of growing the loan portfolio and deposit base is expected to help achieve these goals as follows: loans typically earn higher rates of return than investments; a larger deposit base should yield higher fee income; increasing the asset base will reduce the relative impact of fixed operating costs. The biggest challenge to the strategy is funding the growth of the statement of financial condition in an efficient manner. Though deposit growth has been steady, it may become more difficult to maintain due to significant competition and possible reduced customer demand for deposits as customers may shift into other asset classes.

Other than short term residential construction loans, we do not offer “interest only” mortgage loans on residential 1-4 family properties (where the borrower pays interest but no principal for an initial period, after which the loan converts to a fully amortizing loan). We also do not offer loans that provide for negative amortization of principal, such as “Option ARM” loans, where the borrower can pay less than the interest owed on their loan, resulting in an increased principal balance during the life of the loan. We do not offer “subprime loans” (loans that generally target borrowers with weakened credit histories typically characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as evidenced by low credit scores or high debt-burden ratios) or Alt-A loans (traditionally defined as loans having less than full documentation).

The level and movement of interest rates impacts the Bank’s earnings as well. The Federal Open Market Committee decreased the federal funds target rate to 4.50% during the year ended December 31, 2024. The rate decreased to 3.75% during the year ended December 31, 2025.

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Critical Accounting Policies and Estimates

The accounting and financial reporting policies of Eagle are in accordance with generally accepted accounting principles ("GAAP") and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Eagle has identified certain of its accounting policies as “critical accounting policies,” consisting of those related to the allowance for credit losses and goodwill. In determining which accounting policies are critical in nature, Eagle has identified the policies that require significant judgment or involve complex estimates. Eagle’s financial results could differ significantly if different judgments or estimates are used in the application of these policies. The critical accounting policies and related estimates are summarized below.

Allowance for Credit Losses

The allowance for credit losses ("ACL") on loans is a valuation account that is management’s estimate of the amount considered necessary to absorb expected losses in the loan portfolio at the balance sheet date. The allowance is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans and is established through the provision for credit losses. Increases in the allowance are charged against income, and decreases in the allowance are recorded through net income as a reversal of the provision for credit losses.

Quarterly, an assessment is performed of the risks expected in the loan portfolio. A detailed review is conducted for significant loans identified as having weaknesses that do not share common risk characteristics with other loans. The methodology for determining the adequacy of the allowance for credit losses is considered a critical accounting policy by management due to its complexity and the high degree of judgment involved. The primary factors and assumptions considered include loan volume, credit ratings, delinquency status, prepayment speeds, weighted average lives, and other relevant available information from internal and external sources related to past events and historical loss experience. Management uses qualitative judgment to adjust loss rates to reflect management’s assessment of current economic conditions, along with reasonable and supportable forecasts. The allowance is based on information known at the time of the review. Changes in factors underlying the assessment for subsequent evaluations of the loan portfolio could have a material impact on the amount of the allowance that is necessary to increase the amount of provision to be charged against earnings. See Note 3 to the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data” for further information.

Goodwill

The excess of consideration paid over fair value of net assets acquired for acquisitions is recorded as goodwill. Goodwill is not amortized but is tested at least annually for impairment or more frequently if events occur or circumstances change that indicate impairment may exist. A goodwill impairment test is performed by comparing the fair value of the reporting unit with its carrying value. An impairment charge is recorded for the amount by which the carrying amount exceeds the reporting unit's fair value. A weighted average of both the market and income approaches is used in valuing the reporting unit’s fair value. Weightings are assigned to the approaches regarding fair value and the sensitivity of other weighting scenarios is considered. The market approach incorporates comparable public company information, valuation multiples and consideration of a market control premium along with data related to comparable observed purchase transactions in the financial services industry. The income approach consists of discounting projected future cash flows, which are derived from internal forecasts and economic expectations for the reporting unit. The significant inputs and assumptions for the income approach include a discount rate and projected earnings of the Company in future years for which there is inherent uncertainty. The sensitivity of a range of reasonable discount rates based on the current economic environment is considered.

During the quarter ended September 30, 2024, management performed a quantitative goodwill impairment test with assistance from a third-party valuation specialist. The interim determination was primarily driven by a revision in the Company's earnings outlook in comparison to budget. The interim goodwill impairment assessment as of August 31, 2024 concluded that goodwill was not impaired. No interim goodwill impairment tests were performed in 2025. Our quantitative annual impairment tests as of October 31, 2025 and 2024 also did not result in impairment. However, changing economic conditions that may adversely affect the Company's performance, the fair value of its assets and liabilities, or its stock price could result in future impairment. Any resulting impairment loss could have a material adverse impact on the Company's financial condition and results of operations. Management will continue to monitor events that could influence this conclusion in the future.

The Company's accounting policies and discussion of recent accounting pronouncements is included in Note 1 to the Consolidated Financial Statements in "Item 8. Financial Statements and Supplementary Data".

Financial Condition

December 31, 2025 compared to December 31, 2024

Total assets were $2.11 billion at December 31, 2025, an increase of $3.28 million or 0.2% from $2.10 billion at December 31, 2024. Securities available-for-sale decreased by $10.90 million or 3.7% from December 31, 2024. Loans receivable, net decreased by $2.15 million or 0.1%, to $1.50 billion at December 31, 2025 from $1.50 billion at December 31, 2024. Total liabilities were $1.91 billion at December 31, 2025, a decrease of $13.78 million, or 0.7%, from $1.93 billion at December 31, 2024. Total deposits increased by $100.37 million or 6.0% to $1.78 billion from $1.68 billion at December 31, 2024. Total borrowings decreased $117.61 million to $82.47 million at December 31, 2025, from $200.08 million at December 31, 2024. Total shareholders’ equity increased by $17.04 million or 9.7% from December 31, 2024.

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Financial Condition Details

Investment Activities

We maintain a portfolio of investment securities, classified as either available-for-sale or held-to-maturity to enhance total return on investments. Our investment securities generally include U.S. government and agency obligations, U.S. treasury obligations, Small Business Administration pools, municipal securities, corporate obligations, mortgage-backed securities (“MBSs”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABSs”), all with varying characteristics as to rate, maturity and call provisions. There were no held-to-maturity investment securities included in the investment portfolio at December 31, 2025 or 2024. All investment securities included in the investment portfolio are available-for-sale. Eagle also has interest-bearing deposits in other banks and federal funds sold, as well as stock in FHLB and FRB. FHLB stock was $2.65 million and $7.78 million at December 31, 2025 and 2024, respectively. FRB stock was $4.13 million at December 31, 2025 and 2024.

The following table summarizes investment activities:

December 31,

Fair Value

Percent of Total

Fair Value

Percent of Total

Fair Value

Percent of Total

(Dollars in Thousands)

Securities available-for-sale:

U.S. government and agency obligations

U.S. treasury obligations

Municipal obligations

Corporate obligations

Mortgage-backed securities

Collateralized mortgage obligations

Asset-backed securities

Total securities available-for-sale

Securities available-for-sale were $281.69 million at December 31, 2025, a decrease o f $10.90 million, or 3.7%, from $292.59 million at December 31, 2024. The decrease was primarily due to maturity, principal payments and call activity of $27.12 million partially offset by $7.04 million in investment purchases and an increase in fair value of $9.88 million.

The following table sets forth information regarding amortized costs, fair values, weighted average yields and maturities of investments. The yields have been computed on a tax equivalent basis. Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or early redemptions that may occur.

December 31, 2025

One Year or Less

After One Year to Five Years

After Five Years to Ten Years

After Ten Years

Total Investment Securities

Amortized Cost

Weighted Average Yield

Amortized Cost

Weighted Average Yield

Amortized Cost

Weighted Average Yield

Amortized Cost

Weighted Average Yield

Amortized Cost

Approximate Market Value

Fair Value

(Dollars in Thousands)

Securities available-for-sale:

U.S. government and agency obligations

U.S. treasury obligations

Municipal obligations

Corporate obligations

Mortgage-backed securities

Collateralized mortgage obligations

Asset-backed securities

Total securities available-for-sale

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Lending Activities

The following table includes the composition of the Bank’s loan portfolio by loan category:

December 31,

Amount

Percent of Total

Amount

Percent of Total

Amount

Percent of Total

Amount

Percent of Total

Amount

Percent of Total

(Dollars in thousands)

Real estate loans:

Residential 1-4 family (1)

Residential 1-4 family construction

Total residential 1-4 family

Commercial real estate

Commercial construction and development

Farmland

Total commercial real estate

Total real estate loans

Other loans:

Home equity

Consumer

Commercial

Agricultural

Total commercial loans

Total other loans

Total loans

Deferred loan fees, net (2)

Allowance for credit losses (3)

Total loans, net

(1) Excludes loans held-for-sale.

(2) Deferred loan fees, net included in individual loan buckets above for the years ended December 31, 2025, 2024 and 2023.

(3) Allowance for credit losses for the years ended December 31, 2025, 2024 and 2023; allowance for loan losses for the years ended December 31, 2022 and 2021.

Loans receivable, net decreased $2.15 million, or 0.1%, to $1.50 billion at December 31, 2025 from $1.50 billion at December 31, 2024. Total residential loans decreased $15.63 million, and consumer loans decreased $4.09 million. These decreases were largely offset by increases in home equity loans of $10.53 million, total commercial loans of $5.50 million and total commercial real estate loans of $2.06 million.

Total loan originations were $614.74 million for the year ended December 31, 2025 . Total residential 1-4 family originations were $278.90 million, which includes $225.11 million of originations of loans held-for-sale. Total commercial originations were $154.29 million. Total commercial real estate originations were $136.33 million. Home equity loan originations totaled $32.65 million. Consumer loan originations totaled $12.57 million. Loans held-for-sale decreased by $5.92 million, to $7.45 million at December 31, 2025 from $13.37 million at December 31, 2024 .

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The following table includes the composition of the commercial real estate loan category:

December 31, 2025

Non-Owner Occupied

Owner Occupied

Total

Percent of Total CRE

(Dollars In Thousands)

Automotive related

Bars and restaurants

Car washes

Construction and related industries

Healthcare and social assistance

Hospitality industry related

Hotels and other traveler accommodations

Industrial/warehouse

Lessors of mini warehouses and self-storage units

Lessors of nonresidential buildings

Lessors of other real estate property

Multifamily

Office space

Other real estate rental and leasing

Real estate leasing activities

Wholesale and retail trade

Other

Total commercial real estate

December 31, 2024

Non-Owner Occupied

Owner Occupied

Total

Percent of Total CRE

(Dollars In Thousands)

Automotive related

Bars and restaurants

Car washes

Construction and related industries

Healthcare and social assistance

Hospitality industry related

Hotels and other traveler accommodations

Industrial/warehouse

Lessors of mini warehouses and self-storage units

Lessors of nonresidential buildings

Lessors of other real estate property

Multifamily

Office space

Other real estate rental and leasing

Real estate leasing activities

Wholesale and retail trade

Other

Total commercial real estate

Commercial real estate loans made up $635.97 million or 41.9% of the Bank's total loan portfolio at December 31, 2025, compared to $645.96 million or 42.5% at December 31, 2024. The Bank's commercial real estate loans are primarily permanent loans secured by improved property such as office buildings, retail stores, commercial warehouses, and apartment buildings. The terms and conditions of each loan are tailored to the needs of the borrower and based on the financial strength of the project and any guarantors. Generally, commercial real estate loans originated by the Bank will not exceed 80.0% of the appraised value or the selling price of the property, whichever is less. The Bank's commercial real estate portfolio's average loan-to-value ratio range was 32% to 48% as of December 31, 2025.

The Bank's asset quality with respect to commercial real estate loans has remained strong despite recent economic and market conditions. The Bank has limited exposure in the office space sector, none of which is located in central business districts. Management believes that the Bank has implemented appropriate risk management practices, including regular and ongoing loan reviews, stress tests, and sensitivity analysis. Loan reviews include monitoring past due rates, non-performing trends, concentrations, loan to values, and other qualitative factors. The Bank's loan policy is robust and is updated annually or as needed to meet the risk mitigation and strategic goals of the bank.

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Loan Maturit ies . The following table sets forth the estimated maturity of the loan portfolio of the Bank at December 31, 2025. Balances exclude allowance for credit losses. Scheduled principal repayments of loans do not necessarily reflect the actual life of such assets. The average life of a loan is typically substantially less than its contractual terms because of prepayments. In addition, due on sale clauses on loans generally give the Bank the right to declare loans immediately due and payable in the event, among other things, the borrower sells the real property, subject to the mortgage, and the loan is not paid off. All mortgage loans are shown to be maturing based on the date of the last payment required by the loan agreement, except as noted.

Loans having no stated maturity, those without a scheduled payment, demand loans and matured loans, are shown as due within six months.

One Year or Less

After One Year to Five Years

After Five Years to Fifteen Years

After Fifteen Years

Total

(In Thousands)

Total residential 1-4 family (1)

Total commercial real estate

Home equity

Consumer

Total Commercial

Total loans (1)

(1) Excludes loans held-for-sale

The following table includes loans by fixed or adjustable rates at December 31, 2025 :

Fixed

Adjustable

Total

(Dollars in Thousands)

Due after December 31, 2026

Total residential 1-4 family (1)

Total commercial real estate

Home equity

Consumer

Total commercial

Total due after December 31, 2026

Due in less than one year

Total loans (1)

Percent of total

(1) Excludes loans held-for-sale

Delinquent Loans. The following table provides information regarding the Bank’s delinquent loans:

December 31, 2025

30-89 Days

90 Days and Greater

Number

Amount

Percent of Total

Number

Amount

Percent of Total

(Dollars in Thousands)

Loan type:

Real estate loans:

Residential 1-4 family

Commercial real estate

Commercial construction and development

Farmland

Other loans:

Home equity

Consumer

Commercial

Agricultural

Total

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Nonperforming Assets. The following table sets forth information regarding nonperforming assets:

December 31,

(Dollars in Thousands)

Non-accrual loans

Real estate loans:

Residential 1-4 family

Residential 1-4 family construction

Commercial real estate

Commercial construction and development

Farmland

Other loans:

Home equity

Consumer

Commercial

Agricultural

Accruing loans delinquent 90 days or more

Real estate loans:

Residential 1-4 family

Farmland

Other loans:

Commercial

Agricultural

Restructured loans

Total nonperforming loans

Real estate owned and other repossessed property, net

Total nonperforming assets

Total nonperforming loans to total loans

Total nonperforming loans to total assets

Total nonaccrual loans to total loans

Total nonperforming assets to total assets

Nonaccrual loans as of December 31, 2025 and 2024 inclu de $460,000 and $591,000, respectively, of acquired loans that deteriorated subsequent to the acquisition date.

During the year ended December 31, 2025 , the Bank sold four real estate owned and other repossessed assets resulting in a net loss of $10,000. There were no subsequent write-downs on real estate owned or other repossessed assets during the year ended December 31, 2025 . During the year ended December 31, 2024 , the Bank sold two real estate owned and other repossessed assets resulting in a net loss of $6,000. There were no subsequent write-downs on real estate owned or other repossessed assets during the year ended December 31, 2024 .

Management, in compliance with regulatory guidelines, conducts an internal loan review program, whereby loans are placed or classified in categories depending upon the level of risk of nonpayment or loss. These categories are special mention, substandard, doubtful or loss. Management utilizes relevant available information to establish an allowance for credit losses on loans. The allowance is measured on a collective pool basis when similar risk characteristics exist. Loans considered to have different risk characteristics that do not fall within any pool will be analyzed individually on a quarterly basis for potential individual reserve requirements. Collateral-dependent loans and nonperforming loans will generally be evaluated individually.

Management’s evaluation of classification of assets and adequacy of the allowance for credit losses is reviewed by the Board on a regular basis and by regulatory agencies as part of their examination process. We also utilize a third-party review as part of our loan classification process. In addition, on an annual basis or more often if needed, the Company formally reviews the ratings of all commercial real estate, real estate construction, and commercial business loans that have a principal balance of $750,000 or more.

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The following table reflects our classified assets:

December 31, 2025

Special

Pass

Mention

Substandard

Doubtful

Total

(In Thousands)

Real estate loans:

Residential 1-4 family

Residential 1-4 family construction

Commercial real estate

Commercial construction and development

Farmland

Other loans:

Home equity

Consumer

Commercial

Agricultural

Total loans

Real estate owned and other repossessed property, net

December 31, 2024

Special

Pass

Mention

Substandard

Doubtful

Total

(In Thousands)

Real estate loans:

Residential 1-4 family

Residential 1-4 family construction

Commercial real estate

Commercial construction and development

Farmland

Other loans:

Home equity

Consumer

Commercial

Agricultural

Total loans

Real estate owned and other repossessed property, net

Allowance for Credit Losses . The Bank segregates its loan portfolio for credit losses into the following broad categories: residential 1-4 family, commercial real estate, home equity, consumer and commercial. The Bank provides for a general allowance for expected losses in the portfolio in the categories referenced above. General loss percentages which are calculated based on historical analyses and other factors such as volume and severity of delinquencies, local and national economy, underwriting standards and other factors. This portion of the allowance is calculated for expected losses which probably exist as of the evaluation date even though they might not have been identified by the more objective processes used. This is due to the risk of error and/or inherent imprecision in the process. This portion of the allowance is subjective in nature and requires judgments based on qualitative factors which do not lend themselves to exact mathematical calculations such as: trends in delinquencies and nonaccruals; trends in volume; terms and portfolio mix; new credit products; changes in lending policies and procedures; and changes in the outlook for the local and national economy.

At least quarterly, the management of the Bank evaluates the need to establish an allowance for credit losses on specific loans when a finding is made that a loss is estimable and probable. Such evaluation includes a review of all loans for which full collectability may not be reasonably assured and considers, among other matters: the estimated market value of the underlying collateral of problem loans; prior loss experience; economic conditions; and overall portfolio quality.

Provisions for, or adjustments to, estimated losses are included in earnings in the period they are established. At December 31, 2025, w e had $17.37 mil lion in allowance for credit losses. At December 31, 2024 , we had $16.85 million in allowance for credit losses.

While we believe we have established our existing allowance for credit losses in accordance with generally accepted accounting principles, there can be no assurance that bank regulators, in reviewing our loan portfolio, will not request that we significantly increase our allowance for credit losses, or that general economic conditions, a deteriorating real estate market, or other factors will not cause us to significantly increase our allowance for credit losses, therefore negatively affecting our financial condition and earnings.

In originating loans, we recognize that credit losses will be experienced and that the risk of loss will vary with, among other things, the type of loan being made, the creditworthiness of the borrower over the term of the loan and, in the case of a secured loan, the quality of the security for the loan.

It is our policy to review our loan portfolio, in accordance with regulatory classification procedures, on at least a quarterly basis.

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The following table includes information for allowance for credit losses:

Years Ended

December 31,

(Dollars in Thousands)

Beginning balance

Impact of adopting ASC 326

Provision for credit losses

Charge-offs

Residential 1-4 Family

Commercial real estate

Home equity

Consumer

Commercial

Recoveries

Residential 1-4 Family

Commercial real estate

Home equity

Consumer

Commercial

Net loan (charge-offs) recoveries

Ending balance

Allowance for credit losses to total loans excluding loans held-for-sale

Allowance for credit losses to total nonperforming loans

Allowance for credit losses to nonaccrual loans with no allowance for credit losses

Net loan (charge-offs) recoveries to average loans outstanding during the period including loans held-for-sale

Net loan charge-offs for each loan category to average loans outstanding during the period including loans held-for-sale are considered insignificant for the periods presented in the table above.

The following table presents allocation of the allowance for credit losses by loan category and the percentage of loans in each category to total loans:

December 31,

Amount

Percent of Allowance to Total Allowance

Loan Category to Total Loans

Amount

Percent of Allowance to Total Allowance

Loan Category to Total Loans

Amount

Percent of Allowance to Total Allowance

Loan Category to Total Loans

(Dollars in Thousands)

Real estate loans:

Residential 1-4 family

Commercial real estate

Total real estate loans

Other loans:

Home equity

Consumer

Commercial

Total other loans

Total

Deposits and Other Sources of Funds

Deposits . Deposits are the Company’s primary source of funds. Core deposits are deposits that are more stable and somewhat less sensitive to rate changes. They also represent a lower cost source of funds than rate sensitive, more volatile accounts such as certificates of deposit. We believe that our core deposits are checking, savings, money market and IRA accounts. Based on our historical experience, we include IRA accounts funded by certificates of deposit as core deposits because they exhibit the principal features of core deposits in that they are stable and generally are not rate sensitive. Core deposits were $1.34 billion or 75.2% of the Bank’s total deposits at December 31, 2025. The high percentage of core deposits, particularly transaction accounts, continues to reflect our strategy to restructure our liabilities to more closely align with the lower‑cost funding profile of a commercial bank. Although a meaningful portion of our funding remains in certificates of deposit, balances in this category slightly decreased during 2025. This modest decline has eased some pressure on our overall cost of funds; however, certificates of deposit still represent a higher‑cost funding source and could continue to influence our cost structure going forward.

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The following table includes deposit accounts and associated weighted average interest rates for each category of deposits:

December 31,

Weighted

Percent

Average

Percent

Average

Percent

Average

Amount

of Total

Rate

Amount

of Total

Rate

Amount

of Total

Rate

(Dollars in Thousands)

Noninterest checking

Interest-bearing checking

Savings

Money market

Total

Certificates of deposit accounts:

IRA certificates

Brokered certificates

Other certificates

Total certificates of deposit

Total deposits

Overall deposits increased year over year by $100.37 million. Money markets increased $73.88 million and noninterest checking increased $32.97 million The remaining deposit accounts experienced slight decreases: Interest bearing checking decreased $2.99 million, savings decreased $2.78 million and money time certificates of deposit decreased $703,000.

At December 31, 2025 and 2024, the Company held $734.62 million and $632.95 million, respectively, in deposit accounts that met or exceeded the Federal Deposit Insurance Corporation ("FDIC") requirements of $250,000 and greater. However, the estimated amount of uninsured deposits was approximately $354.59 million or 19.5% of total deposits at December 31, 2025 considering other factors such as joint accounts, deposits collateralized by Bank securities and deposit sharing programs like Intrafi Cash Service.

The following table shows the amount of certificates of deposit with balances of $250,000 and greater by time remaining until maturity as of December 31, 2025 :

Balance

and Greater

(In Thousands)

3 months or less

Over 3 to 6 months

Over 6 to 12 months

Over 12 months

Total

Our depositors are primarily residents of the state of Montana.

Borrowings . Deposits are the primary source of funds for our lending and investment activities and for general business purposes. However, as the need arises, or in order to take advantage of funding opportunities, we also borrow funds in the form of advances from FHLB of Des Moines to supplement our supply of lendable funds and to meet deposit withdrawal requirements. The Bank has Federal funds lines of credit with PCBB, PNC, TIB and UBB. Eagle has a line of credit with Bell Bank.

Advances from FHLB and other borrowings, including federal funds purchased, decreased by $102.9 million to $38.03 million at December 31, 2025 from $140.93 million at December 31, 2024. The decrease was related to an increase in deposits. The weighted average rate for borrowings was 5.24% at December 31, 2025, compared to 4.72% at December 31, 2024. The outstanding balance under the Bell Bank line of credit was $15.00 million at December 31, 2025.

Other Long-Term Debt. The following table summarizes other long-term debt activity:

December 31,

Net

Percent

Net

Percent

Amount

of Total

Amount

of Total

(Dollars in Thousands)

Subordinated debentures fixed at 5.50% to floating effective July 1, 2025, due 2030

Subordinated debentures fixed at 3.50% to floating, due 2032

Subordinated debentures variable at 3-Month SOFR plus 1.68%, due 2035

Total other long-term debt, net

Total other long-term de bt was $44.45 million at December 31, 2025 compared t o $59.15 million at December 31, 2024 .

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On October 1, 2025, the Company redeemed all of the 5.50% fixed-to-floating rate subordinated notes due July 1, 2030, having an aggregate principal amount of $15.00 million. The Company utilized its line of credit with a correspondent bank to finance the redemption payment. The Company drew $15.00 million on the line of credit, which has a maturity of September 2, 2027, and has a variable interest rate equal to 0.50% below prime.

Shareholders’ Equity

Total shareholders’ equity increased by $17.04 million or 9.7%, to $191.81 million at December 31, 2025 from $174.77 million at December 31, 2024. This increase was primarily the result of net income of $14.84 million and other comprehensive income of $7.27 million. These increases were partially offset by dividends paid of $4.58 million.

Analysis of Net Interest Income

The Bank’s earnings have historically depended primarily upon net interest income, which is the difference between interest income earned on loans and investments and interest paid on deposits and any borrowed funds. It is the single largest component of Eagle’s operating income. Net interest income is affected by (i) the difference between rates of interest earned on loans and investments and rates paid on interest-bearing deposits and borrowings (the “interest rate spread”) and (ii) the relative amounts of loans and investments and interest-bearing deposits and borrowings.

The following table includes average balances for financial condition items, as well as interest and dividends and average yields related to the average balances. All average balances are daily average balances. Nonaccrual loans were included in the computation of average balances and are included in loans receivable as loans carrying a zero yield. The yields include the effect of deferred fees and discounts and premiums that are amortized or accreted to interest income or expense.

Year Ended December 31, 2025

Year Ended December 31, 2024

Year Ended December 31, 2023

Average

Interest

Average

Interest

Average

Interest

Daily

and

Yield/

Daily

and

Yield/

Daily

and

Yield/

Balance

Dividends

Cost (4)

Balance

Dividends

Cost (4)

Balance

Dividends

Cost (4)

(Dollars in Thousands)

Assets:

Interest earning assets:

Investment securities

FHLB and FRB stock

Loans receivable (1)

Other earning assets

Total interest-earning assets

Noninterest-earning assets

Total assets

Liabilities and equity:

Interest-bearing liabilities:

Deposit accounts:

Checking

Savings

Money market

Certificates of deposit

FHLB advances and other borrowings

Other long-term debt

Total interest-bearing liabilities

Noninterest checking

Other noninterest-bearing liabilities

Total liabilities

Total equity

Total liabilities and equity

Net interest income/interest rate spread (2)

Net interest margin (3)

Total interest earning assets to interest-bearing liabilities

(1) Includes loans held-for-sale.

( 2 ) Interest rate spread represents the difference between the average yield on interest-earning assets and the average rate on interest-bearing liabilities.

( 3 ) Net interest margin represents income before the provision for credit losses divided by average interest-earning assets.

( 4 ) For purposes of this table, tax exempt income is not calculated on a tax equivalent basis.

Net Interest Margin ("NIM"). Net interest margin for the year ended December 31, 2025 was 3.92%, an increase of 50 basis points compared to December 31, 2024. The change in NIM reflects the increase in yields on interest-earning assets and the decrease in the average rate on interest-bearing liabilities.

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Rate/Volume Analysis

The following table presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. For each category of interest-earning assets and interest-bearing liabilities, information is provided on changes attributable to: (1) changes in volume multiplied by the old rate; (2) changes in rate, which are changes in rate multiplied by the old volume; and (3) changes not solely attributable to rate or volume, which have been allocated proportionately to the change due to volume and the change due to rate.

Year Ended December 31, 2025

Year Ended December 31, 2024

Due to

Volume

Rate

Net

Volume

Rate

Net

(In Thousands)

Interest earning assets:

Investment securities

FHLB and FRB stock

Loans receivable (1)

Other earning assets

Total interest earning assets

Interest-bearing liabilities:

Checking

Savings

Money market

Certificates of deposit

FHLB advances and other borrowings

Other long-term debt

Total interest-bearing liabilities

Change in net interest income

(1) Includes loans held-for-sale.

Results of Operations

Comparison of Operating Results for the Years Ended December 31, 2025 and 2024

The following compares the results of operations for the Years Ended December 31, 2025 and 2024 .

Years Ended

December 31,

Dollar Change

Percent Change

(Dollars in Thousands)

Interest and dividend income

Interest expense

Net interest income

Provision for credit losses

Net interest income after provision for credit losses

Noninterest income

Noninterest expense

Provision for income taxes

Net income

Net Income

Eagle’s net income for the year ended December 31, 2025 was $ 14.84 million, compared to $9.78 million for the year ended December 31, 2024 . The increase of $5.06 million, or 51.7%, was driven by an increase in net interest income after provision for credit losses of $8.80 million, partially offset by an increase in noninterest expense of $2.19 million and an increase in provision for income taxes of $2.45 million. Basic and diluted earnings per common share were both $1.90 for the year ended December 31, 2025 . Basic and diluted earnings per common share were $1.25 and $1.24, respectively, for the year ended December 31, 2024.

Net Interest Income

Net interest income increased to $ 72.90 million for the year ended December 31, 2025 , from $63.44 million for the year ended December 31, 2024 . This increase of $9.46 million, or 14.9%, was primarily the result of a decrease in interest expense of $5.26 million and an increase in interest and dividend income of $4.20 million.

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Interest and Dividend Income

Interest and dividend income was $ 108.41 million for the year ended December 31, 2025 , compared to $104.21 million for the year ended December 31, 2024 , an increase of $4.20 million, or 4.0% . Interest and fees on loans increased to $ 97.60 million for the year ended December 31, 2025 , from $92.28 million for the same period ended December 31, 2024 . This increase of $5.32 million, or 5.8% , was due in part to an increase in the average yield on loans, as well as an increase in the average balances for loans. The average interest rate earned on loans receivable increased by 24 basis points, from 6.04% for the year ended December 31, 2024 , to 6.28% for the year ended December 31, 2025 . Interest accretion on purchased loans was $1.15 million for the year ended December 31, 2025 , which resulted in a six-basis point increase in net interest margin, compared to $751,000 for the year ended December 31, 2024 , which resulted in a four-basis point increase in net interest margin. In addition, average balances for loans receivable, including loans-held-for-sale, for the year ended December 31, 2025 were $1.55 billion, compared to $1.52 billion for the year ended December 31, 2024 . This represents an increase of $29.70 million, or 1.95%, and was due to organic growth. Interest on investment securities available-for-sale decreased by $962,000, or 9.2%, period over period, primarily due to the decrease in average balances for investments from $306.54 million for the year ended December 31, 2024 , to $286.08 million for the year ended December 31, 2025 . In addition, average interest rates earned on investments decreased from 3.39% for the year ended December 31, 2024 , to 3.31% for the year ended December 31, 2025 .

Interest Expense

Total interest expense was $35.51 million for the year ended December 31, 2025 , decreasing from $40.77 million for the year ended December 31, 2024 . The decrease of $5.26 million was primarily due to a decrease of $5.20 million in interest expense on total borrowings. The decrease in interest expense on total borrowings was driven by the average balance of FHLB advances and other borrowings decreasing from $190.08 million for the year ended December 31, 2024 , to $105.12 million for the year ended December 31, 2025 . The average rate paid on FHLB advances and other borrowings also decreased from 5.36% for the year ended December 31, 2024 , to 4.72% for the year ended December 31, 2025 . Interest expense on deposits decreased minimally by $62,000 from December 31, 2024. The overall average rate on total deposits was 1.61% for the year ended December 31, 2025 , compared to 1.70% for the year ended December 31, 2024 . However, the average balances for total deposits were $1.72 billion for the year ended December 31, 2025 , compared to $1.64 billion for the year ended December 31, 2024 .

Provision for Credit Losses

Provision for credit losses was $1.18 million for the year ended December 31, 2025 , compared to $518,000 for the year ended December 31, 2024 . The provision for credit losses for the year ended December 31, 2025 , included an increase in the provision for credit losses on loans to $741,000 and an increase in the provision for unfunded commitments to $440,000.

Noninterest Income

Total noninterest income was $ 18.67 million for the year ended December 31, 2025 , compared to $17.78 million for the year ended December 31, 2024 . The increase of $896,000, or 5.0%, was primarily due to an increase in mortgage banking, net of $531,000 for the year ended December 31, 2025 . Mortgage banking, net includes net gain on sale of mortgage loans which increased $982,000 to $7.72 million for the year ended December 31, 2025 , compared to $6.74 million for the year ended December 31, 2024 . During the year ended December 31, 2025 , $230.90 million residential mortgage loans were sold compared to $211.78 million in the prior year. Gross margin on sale of mortgage loans increased to 3.34% for the year ended December 31, 2025 , from 3.18% for the year ended December 31, 2024 .

Noninterest Expense

Noninterest expense was $ 71.50 million for the year ended December 31, 2025 , compared to $69.31 million for the year ended December 31, 2024 , an increase of $2.19 million, or 3.2%. The primary driver of the increase was salaries and employee benefits, which increased $2.67 million, or 6.7%, to $42.39 million for the year ended December 31, 2025 , compared to $39.72 million for the year ended December 31, 2024 . Software subscriptions also increased $606,000 due to new system implementations. However, contract changes led to lower data processing expense which decreased $1.23 million.

Provision for Income Tax es

Provision for income taxes was $ 4.06 million for the year ended December 31, 2025 , compared to $1.61 million for the year ended December 31, 2024 . The effective tax rate was 21.5% for the year ended December 31, 2025 , compared to 14.2% for the prior year. The effective tax rate increased as the Company's pretax earnings have increased at a faster pace than tax-exempt income.

Liquidity and Capital Resources

Liquidity

The Bank is required by regulation to maintain sufficient levels of liquidity for safety and soundness purposes. Appropriate levels of liquidity will depend upon the types of activities in which the company engages. For internal reporting purposes, the Bank uses policy minimums of 1.0%, and 8.0% for “basic surplus” and “basic surplus with FHLB” as internally defined. In general, the “basic surplus” is a calculation of the ratio of unencumbered short-term assets reduced by estimated percentages of CD maturities and other deposits that may leave the Bank in the next 30 days divided by total assets. “Basic surplus with FHLB” adds to “basic surplus” the additional borrowing capacity the Bank has with the FHLB of Des Moin es. The Bank exceeded those minimum ratios as of December 31, 2025 and 2024.

The Bank’s primary sources of funds are deposits, repayment of loans and mortgage-backed securities, maturities of investments, funds provided from operations, advances from the FHLB of Des Moines and other borrowings. Scheduled repayments of loans and mortgage-backed securities and maturities of investment securities are generally predictable. However, other sources of funds, such as deposit flows and loan prepayments, can be greatly influenced by the general level of interest rates, economic conditions and competition. The Company uses liquidity resources principally to fund existing and future loan commitments. It also uses them to fund maturing certificates of deposit and demand deposit withdrawals, for investment purposes, to meet operating expenses and capital expenditures, for dividend payments, for stock repurchases and to maintain adequate liquidity levels.

Liquidity may be adversely affected by unexpected deposit outflows, higher interest rates paid by competitors, and similar matters. Management monitors projected liquidity needs and determines the level desirable based in part on Eagle’s commitments to make loans and management’s assessment of Eagle’s ability to generate funds.

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The Bank's available borrowing capacity was approximately $601.00 milli on as of December 31, 2025 and $404.00 million as of December 31, 2024.

December 31,

Borrowings

Remaining Borrowing

Borrowings

Remaining Borrowing

Outstanding

Capacity

Outstanding

Capacity

(In Thousands)

Federal Home Loan Bank advances

Federal Reserve Bank discount window

Correspondent bank lines of credit

Total

During the first quarter of 2023, the FRB offered a new Bank Term Funding Program ("BTFP") for eligible depository institutions. The BTFP offered loans of up to one year in length to institutions pledging collateral eligible for purchase by FRB such as U.S. treasuries, agency securities, and mortgage-backed securities. These assets are valued at par. The Company did not utilize the program during 2023. In March of 2024, the Company accessed borrowings through the BTFP. In September of 2024, the Company paid off the borrowings.

Brokered deposits are another source of funding the Bank may utilize from time to time. As of December 31, 2025, the Bank had no brokered certificates and $3.21 million in brokered money market deposits. As of December 31, 2024, the Bank had no brokered certificates and $5.57 million in brokered money market deposits. Policy limits for brokered deposits are set at 10% of assets.

In addition to Bank level liquidity management, Eagle must manage liquidity at the parent company level for various operating needs, including the servicing of debt, the payment of dividends on our common stock, share repurchases, payment of general corporate expenses, and potential capital infusions into subsidiaries. The primary source of liquidity for Eagle consists of dividends from the Bank, which is governed by certain rules and regulations of the Montana Division of Banking and Financial Institutions and the Federal Reserve, and access to capital markets.

Eagle has a $15.00 million line of credit with a correspondent bank. The outstanding balance for this line of credit was $15.00 million at December 31, 2025 and $0 at December 31, 2024. The line of credit was used to finance the redemption payment for subordinated notes of $15.00 million. The line of credit has a two-year maturity and a variable interest rate equal to 0.50% below prime. The rate was 6.25% as of December 31, 2025.The draw is secured by the assets of the Company and includes certain financial covenants and negative covenants. Outstanding draws on the line impact remaining borrowing capacity for the Company’s correspondent bank lines of credit included above.

Eagle presently believes that the sources of liquidity discussed above, including existing liquid funds on hand, are sufficient to meet its anticipated funding needs in the short and long term. However, if economic conditions were to significantly deteriorate, regulatory capital requirements for Eagle or the Bank were to increase as the result of regulatory directives or otherwise, or Eagle were to believe it is prudent to enhance current liquidity levels, then Eagle may seek additional liquidity from external sources.

Comparison of Cash Flow for Years Ended December 31, 2025 and 2024

Net cash provided by the Company’s operating activities, which is primarily comprised of cash transactions affecting net income, was $33.13 million for the year ended December 31, 2025 compared to $28.54 million for the prior year. Net cash provided by operating activities was higher for the year ended December 31, 2025 primarily due to changes in loans held-for-sale activity.

Net cash provided by the Company’s investing activities, which is primarily comprised of cash transactions related to activity in the loan portfolio and investment securities, was $21.96 million for the year ended December 31, 2025 compared to net cash used of $27.80 million for the year ended December 31, 2024. Net cash provided by investing activities for the year ended December 31, 2025, was impacted by available-for-sale securities maturities, principal payments and calls of $27.12 million for the year ended December 31, 2025 only partially offset by purchases of $7.04 million for the year ended December 31, 2025. In addition, loan pay-off and principal payments were higher than loan originations during the year. Loan origination and principal collection, net was $1.30 million for the year ended December 31, 2025. Net cash used in investing activities for the year ended December 31, 2024, was impacted by loan originations being higher than loan pay-off and principal payments during the year. Loan origination and principal collection, net was $36.20 million for the year ended December 31, 2024. Pay-off activity has slowed with current interest rate levels. Available-for-sale securities sales and maturities, principal payments and calls were $35.27 million for the year ended December 31, 2024. A portion of the proceeds were used to purchase additional available-for-sale securities totaling $10.98 million.

Net cash used in the Company’s financing activities was $23.69 million for the year ended December 31, 2025 compared to net cash provided of $6.27 million for the year ended December 31, 2024. Net cash used in financing activities for the year ended December 31, 2025 was driven by a net decrease in borrowings of $117.91 million largely offset by an increase in deposits of $100.37 million. Net cash provided by financing activities for the year ended December 31, 2024 was largely impacted by an increase in deposits of $46.03 million, largely offset by a decrease in borrowings of $34.81 million.

Capital Resources

At December 31, 2025 , the Bank’s internally determined measurement of sensitivity to interest rate movements as measured by a 200-basis point rise in interest rates scenario, increased the economic value of equity (“EVE”) by 3.4% compared to an increase of 1.7% at December 31, 2024 . The Bank is within the guidelines set forth by the Board of Directors for interest rate sensitivity.

The Bank’s Tier 1 leverage ratio, as measured under State of Montana and FRB rules, increased from 10.07% as of December 31, 2024 to 10.62% as of December 31, 2025 . The Bank’s strong capital position helps to mitigate its interest rate risk exposure.

As of December 31, 2025 , the Company’s regulatory capital was in excess of all applicable regulatory requirements and is deemed “well capitalized” pursuant to State of Montana and FRB rules. At December 31, 2025 , the Bank’s total capital, Tier 1 capital, common equity Tier 1 capital and Tier 1 leverage ratios amounted to 14.28%, 13.15%, 13.15% and 10.62%, respectively, compared to regulatory requirements of 10.50%, 8.50%, 7.00% and 4.00%, respectively.

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Impact of Inflation and Changing Prices

Our consolidated financial statements and the accompanying notes, which are found in Item 8, have been prepared in accordance with generally accepted accounting principles, which require the measurement of financial position and operating results in terms of historical dollars without considering the change in the relative purchasing power of money over time and due to inflation. The impact of inflation is reflected in the increased cost of our operations. Interest rates have a greater impact on our performance than do the general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

Interest Rate Risk

Interest rate risk is the potential for loss of future earnings resulting from adverse changes in the level of interest rates. Interest rate risk results from several factors and could have a significant impact on the Company’s net interest income, which is the Company's primary source of net income. Net interest income is affected by changes in interest rates, the relationship between rates on interest-earning assets and interest-bearing liabilities, the impact of interest fluctuations on asset prepayments and the mix of interest-bearing assets and liabilities.

Although interest rate risk is inherent in the banking industry, banks are expected to have sound risk management practices in place to measure, monitor and control interest rate exposures. The objective of interest rate risk management is to contain the risks associated with interest rate fluctuations. The process involves identification and management of the sensitivity of net interest income to changing interest rates.

The ongoing monitoring and management of this risk is an important component of the Company’s asset/liability committee, which is governed by policies established by the Company’s Board that are reviewed and approved annually. The Board delegates responsibility for carrying out the asset/liability management policies to the Bank’s asset/liability committee. In this capacity, the asset/liability committee develops guidelines and strategies impacting the Company’s asset/liability management related activities based upon estimated market risk sensitivity, policy limits and overall market interest rate levels and trends. The Company’s goal of its asset and liability management practices is to maintain or increase the level of net interest income within an acceptable level of interest rate risk. Our asset and liability policy and strategies are expected to continue as described so long as competitive and regulatory conditions in the financial institution industry and market interest rates continue as they have in recent years.

The Bank has established acceptable levels of interest rate risk as follows for an instantaneous and permanent shock in rates: projected net interest income over the next twelve months (i.e. year-1) will not be reduced by more than 15.0% given an immediate increase or decrease in interest rates of up to 300 basis points, and the subsequent twelve months (i.e. year-2) will not be reduced by more than 20.0% given an immediate increase or decrease in interest rates of up to 300 basis points.

The following table includes the Bank's net interest income sensitivity analysis.

Changes in Market

As of December 31, 2025

Board Policy

Interest Rates

Rate Sensitivity

Limits

(Basis Points)

Year 1

Year 2

Year 1

Year 2

The following table discloses how the Bank’s economic value of equity (“EVE”) would react to interest rate changes.

Changes in Market

EVE as a % Change from 0 Shock

Interest Rates

As of December 31, 2025

Board Policy

(Basis Points)

Projected EVE

Limits

Maximum % change:

Table of Contents

Off-Balance Sheet Arrangements

As a financial services provider, we routinely are a party to various financial instruments with off-balance-sheet risks, such as commitments to extend credit and unused lines of credit. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process accorded to loans we make.

Loan Commitments

Loan commitments are summarized as follows:

December 31,

(In Thousands)

Commitments to extend credit

Letters of credit

Investment Commitments

The Company entered into an investment agreement with a local non-profit on October 1, 2025. The investment is for a homebuyer assistance program in the state of Montana. The total commitment is $5.00 million and is expected to be drawn over a three-year period. The outstanding commitment was $5.00 million as of December 31, 2025.

Eagle Bancorp Montana, Inc.

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