Eagle Bancorp Montana Earns $4.0 Million, or $0.51 per Diluted Share, in the First Quarter of 2026, Declares Quarterly Cash Dividend of $0.145 Per Share and Renews Stock Repurchase Plan
Rhea-AI Summary
Eagle Bancorp Montana (NASDAQ: EBMT) reported Q1 2026 net income of $4.0 million, or $0.51 per diluted share, and declared a quarterly cash dividend of $0.145 per share payable June 5, 2026 to shareholders of record May 15, 2026. The Board also authorized a repurchase program of up to 400,000 shares (~5% of outstanding) beginning May 1, 2026.
Key operating metrics: NIM 4.11%, total deposits $1.79 billion (+5.7% YoY), book value per share $24.22, and tangible book value per share $19.48 (+12.1% YoY).
Positive
- Dividend declared of $0.145 per share payable June 5, 2026
- Share repurchase authorization up to 400,000 shares (~5% of outstanding)
- NIM expanded to 4.11%, +37 bps year-over-year
- Total deposits increased 5.7% YoY to $1.79 billion
- Tangible book value per share rose 12.1% YoY to $19.48
Negative
- Quarterly net income fell to $4.0M from $4.7M the prior quarter (≈14.9% decline)
- Net interest income before provision decreased 2.4% sequentially to $18.7M
- FHLB advances and other borrowings decreased materially to $26.7M from $125.0M year-over-year
News Market Reaction – EBMT
In the Apr 29 session, EBMT gained 2.99%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.2% during that session. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Buybacks,dividends Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 29 | Dividend & buyback update | Positive | +1.7% | Q1 2025 earnings growth with dividend hike and 400,000-share repurchase authorization. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Limited tag-specific history: prior buyback/dividend news on Apr 29, 2025 saw a modest positive reaction of 1.72%, indicating generally constructive responses to capital return updates.
Over the past year, Eagle Bancorp Montana has repeatedly paired quarterly earnings with dividend declarations and repurchase authorizations. On Apr 29, 2025, Q1 2025 results showed net income of $3.2M and EPS of $0.41, alongside a modestly higher dividend and a buyback for up to 400,000 shares. That announcement produced a 1.72% gain. Today’s Q1 2026 report similarly combines higher year-over-year earnings, a $0.145 dividend, and renewal of the repurchase plan.
Key Terms
net interest margin financial
allowance for credit losses financial
nonperforming loans financial
fhlb advances financial
tier 1 capital regulatory
stock repurchase plan financial
quarterly cash dividend financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
HELENA, Mont., April 28, 2026 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of
Eagle’s board of directors declared a quarterly cash dividend of
“Eagle’s first quarter results reflect the continued strength of our franchise and the durability of our core earnings,” said Laura F. Clark, President and CEO. “Net income and earnings per share increased compared to the first quarter of last year, driven by further improvement in our funding costs, resilient asset yields and disciplined expense management. Net interest margin continued to expand during the quarter, and with a strong core deposit base and a diversified loan portfolio, we remain well positioned to pursue opportunities across our Montana market and deliver long term value for our shareholders.”
First Quarter 2026 Highlights (at or for the three-month period ended March 31, 2026, except where noted):
- Net income was
$4.0 million , or$0.51 per diluted share, in the first quarter of 2026, compared to$4.7 million , or$0.60 per diluted share in the preceding quarter, and$3.2 million , or$0.41 per diluted share, in the first quarter a year ago. - Net interest margin (“NIM”) was
4.11% in the first quarter of 2026, a three-basis point increase compared to4.08% in the preceding quarter and a 37-basis point increase compared to the first quarter a year ago. - Net interest income, before the provision for credit losses, decreased
2.4% to$18.7 million in the first quarter of 2026, compared to$19.2 million in the fourth quarter of 2025, and increased10.7% compared to$16.9 million in the first quarter of 2025. - Revenues (net interest income before the provision for credit losses, plus noninterest income) were
$23.6 million in the first quarter of 2026, compared to$24.3 million in the preceding quarter and$20.9 million in the first quarter a year ago. - Total loans at March 31, 2026 remained relatively consistent, compared to a year earlier, and three months earlier.
- The allowance for credit losses represented
1.15% of portfolio loans and315.0% of nonperforming loans at March 31, 2026, compared to1.10% of total portfolio loans and313.2% of nonperforming loans at March 31, 2025, and compared to1.14% of total portfolio loans and308.4% of nonperforming loans at December 31, 2025. - Total deposits increased
$96.1 million or5.7% to$1.79 billion at March 31, 2026, compared to a year earlier, and increased$4.5 million or0.3% , compared to December 31, 2025. - The Company’s available borrowing capacity was approximately
$593.1 million at March 31, 2026, compared to$601.0 million at December 31, 2025. - The Company paid a quarterly cash dividend in the first quarter of
$0.145 per share on March 6, 2026, to shareholders of record February 13, 2026.
Balance Sheet Results
Total assets were
Eagle originated
Total loans decreased
“Deposit costs continued to decline in the first quarter as we maintained our strong core deposit base and maturing CDs repriced lower, and we expect this momentum to continue through the remainder of the year,” said Miranda Spaulding, Chief Financial Officer.
Total deposits increased to
FHLB advances and other borrowings decreased to
Shareholders’ equity was
Operating Results
“Our net interest margin improved three-basis points sequentially and expanded 37-basis points over the prior year quarter, driven by a meaningful reduction in funding costs that more than offset modest compression in earning asset yields. While the interest rate environment remains increasingly tied to the broader policy backdrop, we remain optimistic that further easing, should it materialize, will provide additional relief on the liability side of the balance sheet and further net interest margin expansion,” said Spaulding.
Eagle’s NIM was
Net interest income, before the provision for credit losses, was
Total noninterest income was
“We remain disciplined in how we manage costs while continuing to direct capital towards the investments we believe will generate the most meaningful long-term results,” said Darryl Rensmon, Chief Operating Officer. Eagle’s first quarter noninterest expense was
For the first quarter of 2026, the Company recorded income tax expense of
Credit Quality
Eagle recorded a
Capital Management
Eagles’s ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was
Stock Repurchase Authority
Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2026, representing approximately
About the Company
Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”
Forward Looking Statements
This release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as "believe," “will” "expect," "anticipate," "should," "planned," "estimated," and "potential." These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, expense management initiatives, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, including the war in the Middle East, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including steps taken by governmental and other authorities to contain, mitigate and combat such emergencies or pandemics; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the direct or indirect impact of any new regulatory, policy or enforcement developments resulting from the policies or actions of the current U.S. presidential administration, including the implementation of tariffs and other protectionist trade policies, including any reciprocal tariffs by foreign countries, and any uncertainties related thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; limitations on Eagle’s ability to receive dividends from its subsidiaries; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; possible changes in governmental monetary and fiscal policies, or any leadership changes of those determining such policies; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; Eagle’s ability to assess and monitor the effect of evolving uses of artificial intelligence on its business and operations; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures in this release include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.
The numerator for the core efficiency ratio is calculated by subtracting intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. A reconciliation of the GAAP and non-GAAP financial measures is presented below.
| Balance Sheet | |||||||||||
| (Dollars in thousands, except per share data) | (Unaudited) | ||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Assets: | |||||||||||
| Cash and due from banks | $ | 19,420 | $ | 24,110 | $ | 21,360 | |||||
| Interest-bearing deposits in banks | 34,217 | 38,852 | 1,445 | ||||||||
| Federal funds sold | 96 | - | - | ||||||||
| Total cash and cash equivalents | 53,733 | 62,962 | 22,805 | ||||||||
| Securities available-for-sale, at fair value | 274,887 | 281,692 | 291,661 | ||||||||
| Federal Home Loan Bank ("FHLB") stock | 2,734 | 2,650 | 7,101 | ||||||||
| Federal Reserve Bank ("FRB") stock | 4,131 | 4,131 | 4,131 | ||||||||
| Mortgage loans held-for-sale, at fair value | 9,904 | 7,452 | 6,223 | ||||||||
| Loans: | |||||||||||
| Real estate loans: | |||||||||||
| Residential 1-4 family | 145,070 | 148,515 | 149,699 | ||||||||
| Residential 1-4 family construction | 43,714 | 35,278 | 45,508 | ||||||||
| Commercial real estate | 667,685 | 635,970 | 666,265 | ||||||||
| Commercial construction and development | 98,282 | 120,289 | 110,107 | ||||||||
| Farmland | 160,664 | 162,580 | 153,456 | ||||||||
| Other loans: | |||||||||||
| Home equity | 109,278 | 108,073 | 100,665 | ||||||||
| Consumer | 23,154 | 24,424 | 26,978 | ||||||||
| Commercial | 151,580 | 149,431 | 139,668 | ||||||||
| Agricultural | 119,859 | 134,459 | 131,162 | ||||||||
| Total loans | 1,519,286 | 1,519,019 | 1,523,508 | ||||||||
| Allowance for credit losses | (17,430 | ) | (17,370 | ) | (16,720 | ) | |||||
| Net loans | 1,501,856 | 1,501,649 | 1,506,788 | ||||||||
| Accrued interest and dividends receivable | 13,613 | 14,448 | 13,271 | ||||||||
| Mortgage servicing rights, net | 14,909 | 15,043 | 15,282 | ||||||||
| Assets held-for-sale, at cost | - | - | 960 | ||||||||
| Premises and equipment, net | 100,556 | 101,438 | 101,759 | ||||||||
| Cash surrender value of life insurance, net | 55,062 | 54,708 | 53,573 | ||||||||
| Goodwill | 34,740 | 34,740 | 34,740 | ||||||||
| Core deposit intangible, net | 3,045 | 3,314 | 4,181 | ||||||||
| Other assets | 22,681 | 22,140 | 25,941 | ||||||||
| Total assets | $ | 2,091,851 | $ | 2,106,367 | $ | 2,088,416 | |||||
| Liabilities: | |||||||||||
| Deposit accounts: | |||||||||||
| Noninterest-bearing | $ | 437,574 | $ | 452,183 | $ | 411,272 | |||||
| Interest-bearing | 1,348,502 | 1,329,416 | 1,278,694 | ||||||||
| Total deposits | 1,786,076 | 1,781,599 | 1,689,966 | ||||||||
| Accrued expenses and other liabilities | 41,670 | 50,482 | 36,739 | ||||||||
| Federal funds purchased | - | 105 | - | ||||||||
| FHLB advances and other borrowings | 26,667 | 37,917 | 124,952 | ||||||||
| Other long-term debt, net | 44,479 | 44,450 | 59,186 | ||||||||
| Total liabilities | 1,898,892 | 1,914,553 | 1,910,843 | ||||||||
| Shareholders' Equity: | |||||||||||
| Preferred stock (par value | - | - | - | ||||||||
| Common stock (par value | 85 | 85 | 85 | ||||||||
| Additional paid-in capital | 108,072 | 108,086 | 108,451 | ||||||||
| Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") | (3,294 | ) | (3,437 | ) | (3,867 | ) | |||||
| Treasury stock, at cost (541,998, 549,660 and 530,252 shares at March 31, 2026, December 31, 2025, and March 31, 2025, respectively) | (11,374 | ) | (11,567 | ) | (11,517 | ) | |||||
| Retained earnings | 114,350 | 111,521 | 103,366 | ||||||||
| Accumulated other comprehensive loss, net of tax | (14,880 | ) | (12,874 | ) | (18,945 | ) | |||||
| Total shareholders' equity | 192,959 | 191,814 | 177,573 | ||||||||
| Total liabilities and shareholders' equity | $ | 2,091,851 | $ | 2,106,367 | $ | 2,088,416 | |||||
| Income Statement | (Unaudited) | ||||||||
| (Dollars in thousands, except per share data) | Three Months Ended | ||||||||
| March 31, | December 31, | March 31, | |||||||
| 2026 | 2025 | 2025 | |||||||
| Interest and dividend income: | |||||||||
| Interest and fees on loans | $ | 23,570 | $ | 24,623 | $ | 23,320 | |||
| Securities available-for-sale | 2,215 | 2,296 | 2,451 | ||||||
| FHLB and FRB dividends | 138 | 201 | 260 | ||||||
| Other interest income | 299 | 238 | 38 | ||||||
| Total interest and dividend income | 26,222 | 27,358 | 26,069 | ||||||
| Interest expense: | |||||||||
| Deposits | 6,661 | 6,849 | 6,871 | ||||||
| FHLB advances and other borrowings | 412 | 735 | 1,626 | ||||||
| Other long-term debt | 446 | 612 | 670 | ||||||
| Total interest expense | 7,519 | 8,196 | 9,167 | ||||||
| Net interest income | 18,703 | 19,162 | 16,902 | ||||||
| Provision for credit losses | 279 | 39 | 42 | ||||||
| Net interest income after provision for credit losses | 18,424 | 19,123 | 16,860 | ||||||
| Noninterest income: | |||||||||
| Service charges on deposit accounts | 408 | 431 | 389 | ||||||
| Mortgage banking, net | 2,434 | 2,568 | 2,125 | ||||||
| Interchange and ATM fees | 628 | 666 | 593 | ||||||
| Appreciation in cash surrender value of life insurance | 362 | 384 | 350 | ||||||
| Other noninterest income | 1,049 | 1,083 | 559 | ||||||
| Total noninterest income | 4,881 | 5,132 | 4,016 | ||||||
| Noninterest expense: | |||||||||
| Salaries and employee benefits | 10,814 | 10,887 | 9,664 | ||||||
| Occupancy and equipment expense | 2,560 | 2,505 | 2,302 | ||||||
| Data processing | 1,255 | 1,015 | 1,330 | ||||||
| Software subscriptions | 571 | 680 | 658 | ||||||
| Advertising | 301 | 468 | 232 | ||||||
| Amortization | 271 | 288 | 320 | ||||||
| Loan costs | 365 | 292 | 372 | ||||||
| Federal Deposit Insurance Corporation ("FDIC") insurance premiums | 235 | 237 | 231 | ||||||
| Professional and examination fees | 382 | 387 | 520 | ||||||
| Other noninterest expense | 1,457 | 1,417 | 1,377 | ||||||
| Total noninterest expense | 18,211 | 18,176 | 17,006 | ||||||
| Income before provision for income taxes | 5,094 | 6,079 | 3,870 | ||||||
| Provision for income taxes | 1,110 | 1,350 | 631 | ||||||
| Net income | $ | 3,984 | $ | 4,729 | $ | 3,239 | |||
| Basic earnings per common share | $ | 0.51 | $ | 0.61 | $ | 0.41 | |||
| Diluted earnings per common share | $ | 0.51 | $ | 0.60 | $ | 0.41 | |||
| Basic weighted average shares outstanding | 7,818,831 | 7,807,848 | 7,812,248 | ||||||
| Diluted weighted average shares outstanding | 7,844,457 | 7,824,500 | 7,823,636 | ||||||
| ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | Three Months Ended or Years Ended | ||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Mortgage Banking Activity (For the quarter): | |||||||||||
| Net gain on sale of mortgage loans | $ | 1,678 | $ | 2,062 | $ | 1,349 | |||||
| Net change in fair value of loans held-for-sale and derivatives | 138 | (194 | ) | (115 | ) | ||||||
| Mortgage servicing income, net | 618 | 700 | 891 | ||||||||
| Mortgage banking, net | $ | 2,434 | $ | 2,568 | $ | 2,125 | |||||
| Performance Ratios (For the quarter): | |||||||||||
| Return on average assets | 0.76 | % | 0.89 | % | 0.62 | % | |||||
| Return on average equity | 8.16 | % | 9.92 | % | 7.66 | % | |||||
| Yield on average interest earning assets | 5.76 | % | 5.83 | % | 5.76 | % | |||||
| Cost of funds | 2.15 | % | 2.28 | % | 2.54 | % | |||||
| Net interest margin | 4.11 | % | 4.08 | % | 3.74 | % | |||||
| Core efficiency ratio* | 76.07 | % | 73.63 | % | 79.77 | % | |||||
| Asset Quality Ratios and Data: | As of or for the Three Months Ended | ||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Nonaccrual loans | $ | 2,328 | $ | 2,088 | $ | 2,701 | |||||
| Loans 90 days past due and still accruing | 3,206 | 3,544 | 2,638 | ||||||||
| Total nonperforming loans | 5,534 | 5,632 | 5,339 | ||||||||
| Other real estate owned and other repossessed assets | 70 | 98 | 46 | ||||||||
| Total nonperforming assets | $ | 5,604 | $ | 5,730 | $ | 5,385 | |||||
| Nonperforming loans / portfolio loans | 0.36 | % | 0.37 | % | 0.35 | % | |||||
| Nonperforming assets / assets | 0.27 | % | 0.27 | % | 0.26 | % | |||||
| Allowance for credit losses / portfolio loans | 1.15 | % | 1.14 | % | 1.10 | % | |||||
| Allowance for credit losses/ nonperforming loans | 314.96 | % | 308.42 | % | 313.17 | % | |||||
| Gross loan charge-offs for the quarter | $ | 54 | $ | 104 | $ | 6 | |||||
| Gross loan recoveries for the quarter | $ | 5 | $ | 5 | $ | 4 | |||||
| Net loan charge-offs for the quarter | $ | 49 | $ | 99 | $ | 2 | |||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Capital Data (At quarter end): | |||||||||||
| Common shareholders' equity (book value) per share | $ | 24.22 | $ | 24.10 | $ | 22.26 | |||||
| Tangible book value per share** | $ | 19.48 | $ | 19.32 | $ | 17.38 | |||||
| Shares outstanding | 7,965,431 | 7,957,769 | 7,977,177 | ||||||||
| Tangible common equity to tangible assets*** | 7.55 | % | 7.43 | % | 6.77 | % | |||||
| Other Information: | |||||||||||
| Average investment securities for the quarter | $ | 280,552 | $ | 282,822 | $ | 293,273 | |||||
| Average investment securities year-to-date | $ | 280,552 | $ | 286,079 | $ | 293,273 | |||||
| Average loans for the quarter **** | $ | 1,525,274 | $ | 1,548,740 | $ | 1,526,774 | |||||
| Average loans year-to-date **** | $ | 1,525,274 | $ | 1,553,083 | $ | 1,526,774 | |||||
| Average earning assets for the quarter | $ | 1,846,375 | $ | 1,863,345 | $ | 1,835,210 | |||||
| Average earning assets year-to-date | $ | 1,846,375 | $ | 1,860,229 | $ | 1,835,210 | |||||
| Average total assets for the quarter | $ | 2,092,280 | $ | 2,115,595 | $ | 2,079,142 | |||||
| Average total assets year-to-date | $ | 2,092,280 | $ | 2,111,258 | $ | 2,079,142 | |||||
| Average deposits for the quarter | $ | 1,779,066 | $ | 1,773,434 | $ | 1,671,349 | |||||
| Average deposits year-to-date | $ | 1,779,066 | $ | 1,724,840 | $ | 1,671,349 | |||||
| Average equity for the quarter | $ | 195,349 | $ | 190,759 | $ | 169,088 | |||||
| Average equity year-to-date | $ | 195,349 | $ | 182,741 | $ | 169,088 | |||||
| * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of intangible asset amortization, by the sum of net interest income and non-interest income. | |||||||||||
| ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders' equity, less goodwill and core deposit intangible, by common shares outstanding. | |||||||||||
| *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders' equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible. | |||||||||||
| **** Includes loans held for sale | |||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||
| Efficiency Ratio | (Unaudited) | ||||||||
| (Dollars in thousands) | Three Months Ended | ||||||||
| March 31, | December 31, | March 31, | |||||||
| 2026 | 2025 | 2025 | |||||||
| Calculation of Efficiency Ratio: | |||||||||
| Noninterest expense - efficiency ratio numerator | $ | 18,211 | $ | 18,176 | $ | 17,006 | |||
| Net interest income | 18,703 | 19,162 | 16,902 | ||||||
| Noninterest income | 4,881 | 5,132 | 4,016 | ||||||
| Efficiency ratio denominator | 23,584 | 24,294 | 20,918 | ||||||
| Efficiency ratio (GAAP) | 77.22 | % | 74.82 | % | 81.30 | % | |||
| Calculation of Core Efficiency Ratio: | |||||||||
| Noninterest expense | $ | 18,211 | $ | 18,176 | $ | 17,006 | |||
| Intangible asset amortization | (271 | ) | (288 | ) | (320 | ) | |||
| Core efficiency ratio numerator | 17,940 | 17,888 | 16,686 | ||||||
| Net interest income | 18,703 | 19,162 | 16,902 | ||||||
| Noninterest income | 4,881 | 5,132 | 4,016 | ||||||
| Core efficiency ratio denominator | 23,584 | 24,294 | 20,918 | ||||||
| Core efficiency ratio (non-GAAP) | 76.07 | % | 73.63 | % | 79.77 | % | |||
| Tangible Book Value and Tangible Assets | (Unaudited) | ||||||||
| (Dollars in thousands, except per share data) | March 31, | December 31, | March 31, | ||||||
| 2026 | 2025 | 2025 | |||||||
| Tangible Book Value: | |||||||||
| Shareholders' equity | $ | 192,959 | $ | 191,814 | $ | 177,573 | |||
| Goodwill and core deposit intangible, net | (37,785 | ) | (38,054 | ) | $ | (38,921 | ) | ||
| Tangible common shareholders' equity (non-GAAP) | $ | 155,174 | $ | 153,760 | $ | 138,652 | |||
| Common shares outstanding at end of period | 7,965,431 | 7,957,769 | 7,977,177 | ||||||
| Common shareholders' equity (book value) per share (GAAP) | $ | 24.22 | $ | 24.10 | $ | 22.26 | |||
| Tangible common shareholders' equity (tangible book value) per share (non-GAAP) | $ | 19.48 | $ | 19.32 | $ | 17.38 | |||
| Tangible Assets: | |||||||||
| Total assets | $ | 2,091,851 | $ | 2,106,367 | $ | 2,088,416 | |||
| Goodwill and core deposit intangible, net | (37,785 | ) | (38,054 | ) | (38,921 | ) | |||
| Tangible assets (non-GAAP) | $ | 2,054,066 | $ | 2,068,313 | $ | 2,049,495 | |||
| Tangible common shareholders' equity to tangible assets (non-GAAP) | 7.55 | % | 7.43 | % | 6.77 | % | |||
| March 31, 2026 | December 31, 2025 | |||||||||||
| (Dollars in thousands) | Borrowings Outstanding | Remaining Borrowing Capacity | Borrowings Outstanding | Remaining Borrowing Capacity | ||||||||
| Federal Home Loan Bank advances | $ | 11,667 | $ | 484,796 | $ | 22,917 | $ | 492,553 | ||||
| Federal Reserve Bank discount window | - | 23,333 | - | 23,506 | ||||||||
| Correspondent bank lines of credit | 15,000 | 85,000 | 15,105 | 84,895 | ||||||||
| Total | $ | 26,667 | $ | 593,129 | $ | 38,022 | $ | 600,954 | ||||
| Contacts: | Laura F. Clark, President and CEO |
| (406) 457-4007 | |
| Miranda J. Spaulding, EVP and CFO | |
| (406) 441-5010 | |
