# Eagle Bancorp Montana, Inc. (EBMT) Informational only - not investment advice. CIK: 0001478454 SIC: 6022 State Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/) Latest 10-K filed: 2026-03-09 SEC page: https://www.sec.gov/edgar/browse/?CIK=1478454 Filing source: https://www.sec.gov/Archives/edgar/data/1478454/000143774926007330/ebmt20251231_10k.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 108411000 | USD | 2025 | 2026-03-09 | | Net income | 14835000 | USD | 2025 | 2026-03-09 | | Assets | 2106367000 | USD | 2025 | 2026-03-09 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001478454.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2011 | 2012 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 23,911,000 | 27,860,000 | 34,843,000 | 46,511,000 | 49,654,000 | 49,747,000 | 69,462,000 | 91,615,000 | 104,211,000 | 108,411,000 | | Net income | | | | 5,132,000 | 4,103,000 | 4,982,000 | 10,872,000 | 21,206,000 | 14,419,000 | 10,701,000 | 10,056,000 | 9,778,000 | 14,835,000 | | Diluted EPS | | | | 1.32 | 0.99 | 0.91 | 1.69 | 3.11 | 2.17 | 1.45 | 1.29 | 1.24 | 1.90 | | Operating cash flow | | | | 12,893,000 | 20,053,000 | 13,571,000 | 366,000 | 2,118,000 | 56,454,000 | 41,911,000 | 9,346,000 | 28,539,000 | 33,127,000 | | Capital expenditures | | | | 2,247,000 | 3,535,000 | 7,062,000 | 10,543,000 | 20,638,000 | 12,218,000 | 16,762,000 | 14,189,000 | 14,080,000 | 4,782,000 | | Dividends paid | | | | 1,193,000 | 1,404,000 | 1,995,000 | 2,407,000 | 2,615,000 | 3,018,000 | 4,061,000 | 4,442,000 | 4,535,000 | 4,578,000 | | Share buybacks | 1,796,000 | 414,000 | 1,320,000 | | | | 1,210,000 | 987,000 | 6,279,000 | 4,430,000 | 231,000 | 419,000 | 1,573,000 | | Assets | | | | 673,925,000 | 716,782,000 | 853,903,000 | 1,054,260,000 | 1,257,634,000 | 1,435,926,000 | 1,948,384,000 | 2,075,666,000 | 2,103,090,000 | 2,106,367,000 | | Liabilities | | | | 614,469,000 | 633,166,000 | 759,097,000 | 932,601,000 | 1,104,696,000 | 1,279,197,000 | 1,789,968,000 | 1,906,393,000 | 1,928,325,000 | 1,914,553,000 | | Stockholders' equity | | | | 59,456,000 | 83,616,000 | 94,806,000 | 121,659,000 | 152,938,000 | 156,729,000 | 158,416,000 | 169,273,000 | 174,765,000 | 191,814,000 | | Cash and cash equivalents | | | | 7,318,000 | 7,437,000 | 11,201,000 | 24,918,000 | 69,802,000 | 61,434,000 | 21,811,000 | 24,545,000 | 31,559,000 | 62,962,000 | | Free cash flow | | | | 10,646,000 | 16,518,000 | 6,509,000 | -10,177,000 | -18,520,000 | 44,236,000 | 25,149,000 | -4,843,000 | 14,459,000 | 28,345,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2011 | 2012 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | 21.46% | 14.73% | 14.30% | 23.38% | 42.71% | 28.98% | 15.41% | 10.98% | 9.38% | 13.68% | | Return on equity | | | | 8.63% | 4.91% | 5.25% | 8.94% | 13.87% | 9.20% | 6.75% | 5.94% | 5.59% | 7.73% | | Return on assets | | | | 0.76% | 0.57% | 0.58% | 1.03% | 1.69% | 1.00% | 0.55% | 0.48% | 0.46% | 0.70% | | Liabilities / equity | | | | 10.33 | 7.57 | 8.01 | 7.67 | 7.22 | 8.16 | 11.30 | 11.26 | 11.03 | 9.98 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001478454.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 0.24 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.40 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.42 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 22,272,000 | 2,015,000 | 0.26 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 24,094,000 | 2,635,000 | 0.34 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 24,541,000 | 2,164,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 24,942,000 | 1,898,000 | 0.24 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 25,822,000 | 1,738,000 | 0.22 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 26,760,000 | 2,709,000 | 0.34 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 26,687,000 | 3,433,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 26,069,000 | 3,239,000 | 0.41 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 27,150,000 | 3,237,000 | 0.41 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 27,834,000 | 3,630,000 | 0.46 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 27,358,000 | 4,729,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 26,222,000 | 3,984,000 | 0.51 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1478454/000143774926015453/ebmt20260331_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-07 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 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. Its wholly-owned subsidiary, Opportunity Bank of Montana (the "Bank"), is a Montana-state-chartered bank that is a member of the Federal Reserve System. This discussion and analysis provides information that management believes is necessary to understand Eagle's financial condition, changes in financial condition, results of operations, and cash flows for the three months ended March 31, 2026, as compared to the same period of 2025. The following should be read in conjunction with the Company's Consolidated Financial Statements, and accompanying Notes thereto, for the year ended December 31, 2025, included in Eagle's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on March 9, 2026, and in conjunction with the Condensed Consolidated Financial Statements, and accompanying Notes thereto, included in Part I - Item 1. Financial Statements of this report. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the future results that may be attained for the entire year or other interim periods.  Executive Summary The Company’s primary business activity is the ownership of the Bank. The Bank focuses on consumer, commercial, and agricultural lending. It engages in typical banking activities: acquiring deposits from local markets and originating loans and investing in securities. 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 focused on diversifying the loan portfolio over the past decade, adding commercial and agricultural loans to the strong mortgage lending proficiency. Loan originations represented by single-family residential mortgages enabled the Bank 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 grown the commercial loan portfolio in both real estate and non-real estate, and further added agricultural loans, which have a shorter term and slightly higher interest rate, through acquisitions. The purpose of diversification is to mitigate the Bank’s exposure to specific market segments, as well as to improve our ability to manage our interest rate spread. This has provided additional interest 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 now maintains a significant loan serviced portfolio which provides a steady source of fee income. 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 deposits do not automatically reprice as interest rates rise. 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. 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 of 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 this strategy is funding growth in an efficient manner. It may become more difficult to maintain deposit growth due to significant competition, the current conditions in the banking industry and possible reduced customer demand for deposits as customers may shift into other asset classes. 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 3.75% during the year ended December 31, 2025. The rate remained at 3.75% during the three months ended March 31, 2026.  - 22 - Table of Contents EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Financial Condition Comparisons of financial condition in this section are between March 31, 2026 and December 31, 2025. Total assets were $2.09 billion at March 31, 2026, a decrease of $14.52 million, or 0.7%, from $2.11 billion at December 31, 2025. Loans receivable, net increased by $207,000 from December 31, 2025. Securities available-for-sale decreased $6.81 million, or 2.4%, from December 31, 2025. Total liabilities were $1.90 billion at March 31, 2026, a decrease of $15.66 million, or 0.8%, from $1.91 billion at December 31, 2025. The decrease was largely due to a decrease in FHLB advances, offset by an increase in total deposits. Total borrowings decreased $11.32 million from December 31, 2025 and total deposits increased $4.48 million from December 31, 2025. Total shareholders’ equity increased $1.15 million, or 0.6%, from December 31, 2025. Financial Condition Details Investment Activities The following table summarizes investment activities: March 31, December 31, 2026 2025 Fair Value Percent of Total Fair Value Percent of Total (Dollars in Thousands) Securities available-for-sale: U.S. government and agency obligations $ 3,968 1.44 % $ 4,155 1.48 % U.S. treasury obligations 43,926 15.98 44,308 15.73 Municipal obligations 115,816 42.13 118,324 41.99 Corporate obligations 1,970 0.72 1,971 0.70 Mortgage-backed securities 25,777 9.38 26,494 9.41 Collateralized mortgage obligations 76,899 27.97 79,661 28.28 Asset-backed securities 6,531 2.38 6,779 2.41 Total securities available-for-sale $ 274,887 100.00 % $ 281,692 100.00 % Securities available-for-sale were $274.89 million at March 31, 2026, a decrease of $6.80 million, or 2.4% from $281.69 million at December 31, 2025. The decrease was primarily due to maturity, principal payments and call activity of $3.89 million and a decrease in fair value of $2.72 million.  - 23 - Table of Contents EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Financial Condition – continued Lending Activities  The following table includes the composition of the Bank’s loan portfolio by loan category:  March 31, December 31, 2026 2025 Amount Percent of Total Amount Percent of Total (Dollars in Thousands) Real estate loans: Residential 1-4 family (1) $ 145,070 9.55 % $ 148,515 9.78 % Residential 1-4 family construction 43,714 2.88 35,278 2.32 Total residential 1-4 family 188,784 12.43 183,793 12.10 Commercial real estate 667,685 43.95 635,970 41.87 Commercial construction and development 98,282 6.47 120,289 7.92 Farmland 160,664 10.57 162,580 10.70 Total commercial real estate 926,631 60.99 918,839 60.49 Total real estate loans 1,115,415 73.42 1,102,632 72.59 Other loans: Home equity 109,278 7.19 108,073 7.11 Consumer 23,154 1.52 24,424 1.61 Commercial 151,580 9.98 149,431 9.84 Agricultural 119,859 7.89 134,459 8.85 Total commercial loans 271,439 17.87 283,890 18.69 Total other loans 403,871 26.58 416,387 27.41 Total loans 1,519,286 100.00 % 1,519,019 100.00 % Allowance for credit losses (17,430 ) (17,370 ) Total loans, net $ 1,501,856 $ 1,501,649 (1)  Excludes loans held-for-sale. Total loans, net increased $207,000 to $1.50 billion at March 31, 2026 from $1.50 billion at December 31, 2025. The increase was largely driven by an increase in total commercial real estate loans of $7.79 million, an increase in total residential loans of $4.99 million and an increase of $1.21 million in home equity loans. The increases were largely offset by a decrease of $12.45 million in total commercial loans and a decrease of $1.27 million in consumer loans.  Total loan originations were $170.95 million for the three months ended March 31, 2026. Total residential 1-4 family originations were $91.77 million, which includes $69.26 million of loans held-for-sale originations. Total commercial originations were $45.38 million. Total commercial real estate originations were $25.71 million. Home equity loan originations totaled $5.98 million. Consumer loan originations totaled $2.11 million. Loans held-for-sale increased by $2.45 million to $9.90 million at March 31, 2026 from $7.45 million at December 31, 2025. - 24 - Table of Contents EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Financial Condition – continued Lending Activities– continued Generally, our collection procedures provide that when a loan is 15 or more days delinquent, the borrower is sent a past due notice. If the loan becomes 30 days delinquent, the borrower is sent a written delinquency notice requiring payment. If the delinquency continues, subsequent efforts are made to contact the delinquent borrower, including face to face meetings and counseling to resolve the delinquency. All collection actions are undertaken with the objective of compliance with the relevant state and federal banking laws, including the Fair Debt Collection Act. For mortgage loans and home equity loans, if the borrower is unable to cure the delinquency or reach a payment agreement, we will institute foreclosure actions. If a foreclosure action is taken and the loan is not reinstated, paid in full or refinanced, the property is sold at judicial sale at which we may be the buyer if there are no adequate offers to satisfy the debt. Any property acquired as the result of foreclosure, or by deed in lieu of foreclosure, is classified as real estate owned until such time as it is sold or otherwise disposed of. When real estate owned is acquired, it is recorded at its fair market value less estimated selling costs. The initial recording of any loss is charged to the allowance for credit losses. Subsequent write-downs are recorded as a charge to operations. As of March 31, 2026 and December 31, 2025 there was $70,000 and $98,000, respectively, of real estate owned and other repossessed property.  The following table sets forth information regarding nonpe [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high 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 represented 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 the 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 interest 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 million 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.  21 Table of Contents 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. 22 Table of Contents 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, 2025 2024 2023 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 $ 4,155 1.48 % $ 5,195 1.78 % $ 6,543 2.06 % U.S. treasury obligations 44,308 15.73 46,913 16.03 46,815 14.71 Municipal obligations 118,324 41.99 117,877 40.29 137,950 43.33 Corporate obligations 1,971 0.70 4,162 1.42 3,905 1.23 Mortgage-backed securities 26,494 9.41 28,235 9.65 26,753 8.41 Collateralized mortgage obligations 79,661 28.28 82,623 28.24 86,568 27.20 Asset-backed securities 6,779 2.41 7,585 2.59 9,745 3.06 Total securities available-for-sale $ 281,692 100.00 % $ 292,590 100.00 % $ 318,279 100.00 % Securities available-for-sale were $281.69 million at December 31, 2025, a decrease of $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 $ - 0.00 % $ 190 5.88 % $ 2,766 4.04 % $ 1,223 6.44 % $ 4,179 4.83 % $ 4,155 U.S. treasury obligations - - 29,116 1.34 18,549 1.66 - - 47,665 1.46 44,308 Municipal obligations 1,509 3.00 12,021 2.47 55,634 2.55 58,305 3.36 127,469 2.92 118,324 Corporate obligations - - 2,000 8.04 - - - - 2,000 8.04 1,971 Mortgage-backed securities - - 2,171 3.24 2,329 3.41 22,722 4.08 27,222 3.96 26,494 Collateralized mortgage obligations 1,874 6.99 7,212 6.73 228 2.97 74,593 3.45 83,907 3.81 79,661 Asset-backed securities - - - - - - 6,720 5.42 6,720 5.42 6,779 Total securities available-for-sale $ 3,383 5.21 % $ 52,710 2.68 % $ 79,506 2.42 % $ 163,563 3.61 % $ 299,162 3.15 % $ 281,692 23 Table of Contents Lending Activities  The following table includes the composition of the Bank’s loan portfolio by loan category: December 31, 2025 2024 2023 2022 2021 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) $ 148,515 9.78 % $ 153,721 10.11 % $ 156,578 10.55 % $ 135,947 10.03 % $ 101,180 10.82 % Residential 1-4 family construction 35,278 2.32 45,701 3.01 43,434 2.93 59,756 4.41 45,635 4.88 Total residential 1-4 family 183,793 12.10 199,422 13.12 200,012 13.48 195,703 14.44 146,815 15.70 Commercial real estate 635,970 41.87 645,962 42.48 608,691 40.99 539,070 39.76 410,568 43.92 Commercial construction and development 120,289 7.92 124,211 8.17 158,132 10.65 151,145 11.15 92,403 9.88 Farmland 162,580 10.70 146,610 9.64 142,590 9.61 136,334 10.06 67,005 7.17 Total commercial real estate 918,839 60.49 916,783 60.29 909,413 61.25 826,549 60.97 569,976 60.97 Total real estate loans 1,102,632 72.59 1,116,205 73.41 1,109,425 74.73 1,022,252 75.41 716,791 76.67 Other loans: Home equity 108,073 7.11 97,543 6.41 86,932 5.86 74,271 5.48 51,748 5.54 Consumer 24,424 1.61 28,513 1.88 30,125 2.03 27,609 2.04 18,455 1.97 Commercial 149,431 9.84 144,039 9.47 132,709 8.94 127,255 9.39 101,535 10.86 Agricultural 134,459 8.85 134,346 8.83 125,298 8.44 104,036 7.68 46,335 4.96 Total commercial loans 283,890 18.69 278,385 18.30 258,007 17.38 231,291 17.07 147,870 15.82 Total other loans 416,387 27.41 404,441 26.59 375,064 25.27 333,171 24.59 218,073 23.33 Total loans 1,519,019 100.00 % 1,520,646 100.00 % 1,484,489 100.00 % 1,355,423 100.00 % 934,864 100.00 % Deferred loan fees, net(2) - - - (1,745 ) (1,725 ) Allowance for credit losses (3) (17,370 ) (16,850 ) (16,440 ) (14,000 ) (12,500 ) Total loans, net $ 1,501,649 $ 1,503,796 $ 1,468,049 $ 1,339,678 $ 920,639 (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. 24 Table of Contents 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 $ - $ 23,339 $ 23,339 3.67 % Bars and restaurants 5,341 15,803 21,144 3.32 Car washes 979 - 979 0.15 Construction and related industries 17,889 14,227 32,116 5.05 Healthcare and social assistance 9,746 9,016 18,762 2.95 Hospitality industry related - 11,706 11,706 1.84 Hotels and other traveler accommodations 80,037 - 80,037 12.59 Industrial/warehouse 56,337 - 56,337 8.86 Lessors of mini warehouses and self-storage units 18,926 - 18,926 2.98 Lessors of nonresidential buildings 59,323 - 59,323 9.33 Lessors of other real estate property 29,003 - 29,003 4.56 Multifamily 109,041 - 109,041 17.14 Office space 19,610 44,235 63,845 10.04 Other real estate rental and leasing 2,351 - 2,351 0.37 Real estate leasing activities - 30,452 30,452 4.79 Wholesale and retail trade 7,140 13,104 20,244 3.18 Other 34,028 24,337 58,365 9.18 Total commercial real estate $ 449,751 $ 186,219 $ 635,970 100.00 % December 31, 2024 Non-Owner Occupied Owner Occupied Total Percent of Total CRE (Dollars In Thousands) Automotive related $ - $ 23,738 $ 23,738 3.67 % Bars and restaurants 5,030 15,912 20,942 3.24 Car washes 884 - 884 0.14 Construction and related industries 19,717 13,968 33,685 5.21 Healthcare and social assistance 10,483 13,907 24,390 3.78 Hospitality industry related - 13,764 13,764 2.13 Hotels and other traveler accommodations 66,702 - 66,702 10.33 Industrial/warehouse 51,168 - 51,168 7.92 Lessors of mini warehouses and self-storage units 16,682 - 16,682 2.58 Lessors of nonresidential buildings 67,782 - 67,782 10.49 Lessors of other real estate property 31,675 - 31,675 4.90 Multifamily 113,789 - 113,789 17.63 Office space 20,553 38,104 58,657 9.08 Other real estate rental and leasing 6,836 - 6,836 1.06 Real estate leasing activities - 27,465 27,465 4.25 Wholesale and retail trade 11,969 12,705 24,674 3.82 Other 37,876 25,253 63,129 9.77 Total commercial real estate $ 461,146 $ 184,816 $ 645,962 100.00 % 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. 25 Table of Contents Loan Maturities. 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) $ 24,529 $ 17,958 $ 27,727 $ 113,579 $ 183,793 Total commercial real estate 57,435 47,680 208,402 605,322 918,839 Home equity 8,195 40,244 57,951 1,683 108,073 Consumer 2,285 17,742 4,079 318 24,424 Total Commercial 112,739 110,086 54,667 6,398 283,890 Total loans (1) $ 205,183 $ 233,710 $ 352,826 $ 727,300 $ 1,519,019 (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) $ 31,924 $ 127,340 $ 159,264 Total commercial real estate 106,557 754,847 861,404 Home equity 4,801 95,077 99,878 Consumer 20,552 1,587 22,139 Total commercial 96,836 74,315 171,151 Total due after December 31, 2026 260,670 1,053,166 1,313,836 Due in less than one year 82,012 123,171 205,183 Total loans (1) $ 342,682 $ 1,176,337 $ 1,519,019 Percent of total 22.56 % 77.44 % 100.00 % (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) (Dollars in Thousands) Loan type: Real estate loans: Residential 1-4 family 10 $ 1,591 35.28 % 1 $ 48 1.35 % Commercial real estate 3 660 14.63 - - 0.00 Commercial construction and development 3 213 4.72 - - 0.00 Farmland 3 481 10.67 3 841 23.73 Other loans: Home equity 10 637 14.12 - - 0.00 Consumer 77 203 4.50 - - 0.00 Commercial 8 557 12.35 2 10 0.28 Agricultural 2 168 3.73 7 2,645 74.64 Total 116 $ 4,510 100.00 % 13 $ 3,544 100.00 % 26 Table of Contents Nonperforming Assets. The following table sets forth information regarding nonperforming assets: December 31, 2025 2024 2023 2022 2021 (Dollars in Thousands) Non-accrual loans Real estate loans: Residential 1-4 family $ 298 $ 469 $ 297 $ 483 $ 616 Residential 1-4 family construction - 961 757 - 337 Commercial real estate 420 268 340 350 497 Commercial construction and development 1 2 - - - Farmland 308 190 3,716 143 989 Other loans: Home equity 395 335 182 96 100 Consumer 210 121 60 25 62 Commercial 279 204 27 44 516 Agricultural 177 677 3,016 1,059 1,718 Accruing loans delinquent 90 days or more Real estate loans: Residential 1-4 family 48 623 - 330 - Farmland 841 - 26 - - Other loans: Commercial 10 - - 746 - Agricultural 2,645 - - - - Restructured loans - - - 4,502 2,224 Total nonperforming loans 5,632 3,850 8,421 7,778 7,059 Real estate owned and other repossessed property, net 98 45 5 - 4 Total nonperforming assets $ 5,730 $ 3,895 $ 8,426 $ 7,778 $ 7,063 Total nonperforming loans to total loans 0.37 % 0.25 % 0.57 % 0.57 % 0.76 % Total nonperforming loans to total assets 0.27 % 0.18 % 0.41 % 0.40 % 0.49 % Total nonaccrual loans to total loans 0.14 % 0.21 % 0.57 % 0.24 % 0.59 % Total nonperforming assets to total assets 0.27 % 0.19 % 0.41 % 0.40 % 0.49 % Nonaccrual loans as of December 31, 2025 and 2024 include $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. 27 Table of Contents 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 $ 147,271 $ - $ 1,244 $ - $ 148,515 Residential 1-4 family construction 34,929 349 - - 35,278 Commercial real estate 627,403 4,661 3,906 - 635,970 Commercial construction and development 119,364 - 925 - 120,289 Farmland 158,256 2,178 2,146 - 162,580 Other loans: Home equity 107,370 369 334 - 108,073 Consumer 24,113 6 305 - 24,424 Commercial 147,201 822 1,408 - 149,431 Agricultural 128,061 4,332 2,066 - 134,459 Total loans $ 1,493,968 $ 12,717 $ 12,334 $ - 1,519,019 Real estate owned and other repossessed property, net 98 $ 1,519,117 December 31, 2024 Special Pass Mention Substandard Doubtful Total (In Thousands) Real estate loans: Residential 1-4 family $ 152,522 $ 623 $ 576 $ - $ 153,721 Residential 1-4 family construction 44,740 - 961 - 45,701 Commercial real estate 641,858 260 3,844 - 645,962 Commercial construction and development 122,806 - 1,405 - 124,211 Farmland 144,720 1,580 310 - 146,610 Other loans: Home equity 97,026 115 402 - 97,543 Consumer 28,381 8 124 - 28,513 Commercial 141,992 592 1,455 - 144,039 Agricultural 131,165 2,618 563 - 134,346 Total loans $ 1,505,210 $ 5,796 $ 9,640 $ - 1,520,646 Real estate owned and other repossessed property, net 45 $ 1,520,691 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, we had $17.37 million 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. 28 Table of Contents The following table includes information for allowance for credit losses:  Years Ended December 31, 2025 2024 2023 (Dollars in Thousands) Beginning balance $ 16,850 $ 16,440 $ 14,000 Impact of adopting ASC 326 - - 700 Provision for credit losses 741 408 1,666 Charge-offs Residential 1-4 Family - (11 ) - Commercial real estate (33 ) - - Home equity (27 ) - - Consumer (175 ) (65 ) (50 ) Commercial (6 ) (10 ) (129 ) Recoveries Residential 1-4 Family - - 195 Commercial real estate 13 18 23 Home equity - - 13 Consumer 5 3 3 Commercial 2 67 19 Net loan (charge-offs) recoveries (221 ) 2 74 Ending balance $ 17,370 $ 16,850 $ 16,440 Allowance for credit losses to total loans excluding loans held-for-sale 1.14 % 1.11 % 1.11 % Allowance for credit losses to total nonperforming loans 308.42 % 437.66 % 195.23 % Allowance for credit losses to nonaccrual loans with no allowance for credit losses 922.46 % 526.56 % 249.96 % Net loan (charge-offs) recoveries to average loans outstanding during the period including loans held-for-sale -0.01 % 0.00 % 0.01 % 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, 2025 2024 2023 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 $ 1,965 11.31 % 12.10 % $ 1,911 11.34 % 13.12 % $ 1,866 11.35 % 13.48 % Commercial real estate 11,295 65.03 60.49 10,907 64.74 60.29 10,691 65.03 61.25 Total real estate loans 13,260 76.34 72.59 12,818 76.08 73.41 12,557 76.38 74.73 Other loans: Home equity 547 3.15 7.11 553 3.28 6.41 540 3.28 5.86 Consumer 84 0.48 1.61 245 1.45 1.88 304 1.85 2.03 Commercial 3,479 20.03 18.69 3,234 19.19 18.30 3,039 18.49 17.38 Total other loans 4,110 23.66 27.41 4,032 23.92 26.59 3,883 23.62 25.27 Total $ 17,370 100.00 % 100.00 % $ 16,850 100.00 % 100.00 % $ 16,440 100.00 % 100.00 % 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. 29 Table of Contents The following table includes deposit accounts and associated weighted average interest rates for each category of deposits: December 31, 2025 2024 2023 Weighted Weighted Weighted Percent Average Percent Average Percent Average Amount of Total Rate Amount of Total Rate Amount of Total Rate (Dollars in Thousands) Noninterest checking $ 452,183 25.38 % 0.00 % $ 419,211 24.94 % 0.00 % $ 418,727 25.61 % 0.00 % Interest-bearing checking 218,484 12.27 0.19 221,476 13.17 0.18 211,101 12.91 0.05 Savings 207,789 11.66 0.06 210,572 12.52 0.06 230,711 14.11 0.06 Money market 440,971 24.75 1.77 367,094 21.83 1.82 330,274 20.20 1.66 Total 1,319,427 74.06 0.50 1,218,353 72.46 0.47 1,190,813 72.83 0.40 Certificates of deposit accounts: IRA certificates 20,926 1.17 1.08 21,419 1.27 0.94 22,960 1.40 0.75 Brokered certificates - - 0.00 - - 0.00 72,168 4.41 5.28 Other certificates 441,246 24.77 3.70 441,456 26.27 4.41 349,254 21.36 4.04 Total certificates of deposit 462,172 25.94 3.58 462,875 27.54 4.25 444,382 27.17 4.08 Total deposits $ 1,781,599 100.00 % 1.37 % $ 1,681,228 100.00 % 1.59 % $ 1,635,195 100.00 % 1.45 % 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 $250,000 and Greater (In Thousands) 3 months or less $ 45,245 Over 3 to 6 months 56,930 Over 6 to 12 months 42,385 Over 12 months 4,580 Total $ 149,140 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, December 31, 2025 2024 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 $ - 0.00 % $ 14,815 25.05 % Subordinated debentures fixed at 3.50% to floating, due 2032 39,295 88.40 39,179 66.24 Subordinated debentures variable at 3-Month SOFR plus 1.68%, due 2035 5,155 11.60 5,155 8.71 Total other long-term debt, net $ 44,450 100.00 % $ 59,149 100.00 % Total other long-term debt was $44.45 million at December 31, 2025 compared to $59.15 million at December 31, 2024. 30 Table of Contents 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 $ 286,079 $ 9,466 3.31 % $ 306,538 $ 10,428 3.39 % $ 328,533 $ 11,376 3.46 % FHLB and FRB stock 10,256 922 8.99 13,535 1,085 7.99 12,851 727 5.66 Loans receivable(1) 1,553,083 97,598 6.28 1,523,384 92,282 6.04 1,436,672 79,423 5.53 Other earning assets 10,811 425 3.93 6,663 416 6.23 2,671 89 3.33 Total interest-earning assets 1,860,229 108,411 5.83 1,850,120 104,211 5.62 1,780,727 91,615 5.14 Noninterest-earning assets 251,029 241,931 234,859 Total assets $ 2,111,258 $ 2,092,051 $ 2,015,586 Liabilities and equity: Interest-bearing liabilities: Deposit accounts: Checking $ 213,050 $ 422 0.20 % $ 218,175 $ 391 0.18 % $ 237,006 $ 595 0.25 % Savings 208,460 124 0.06 212,221 134 0.06 238,695 146 0.06 Money market 421,428 10,117 2.40 350,431 8,660 2.46 331,199 5,548 1.68 Certificates of deposit 458,738 17,113 3.73 443,313 18,653 4.20 357,573 11,568 3.24 FHLB advances and other borrowings 105,120 4,964 4.72 190,082 10,211 5.36 159,667 8,562 5.36 Other long-term debt 55,467 2,774 5.00 59,080 2,724 4.60 58,930 2,719 4.61 Total interest-bearing liabilities 1,462,263 35,514 2.43 1,473,302 40,773 2.76 1,383,070 29,138 2.11 Noninterest checking 423,163 412,251 439,388 Other noninterest-bearing liabilities 43,091 41,907 34,321 Total liabilities 1,928,517 1,927,460 1,856,779 Total equity 182,741 164,591 158,807 Total liabilities and equity $ 2,111,258 $ 2,092,051 $ 2,015,586 Net interest income/interest rate spread(2) $ 72,897 3.40 % $ 63,438 2.86 % $ 62,477 3.04 % Net interest margin(3) 3.92 % 3.42 % 3.51 % Total interest earning assets to interest-bearing liabilities 127.22 % 125.58 % 128.75 % (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.  31 Table of Contents 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 Due to Volume Rate Net Volume Rate Net (In Thousands) Interest earning assets: Investment securities $ (696 ) $ (266 ) $ (962 ) $ (762 ) $ (186 ) $ (948 ) FHLB and FRB stock (263 ) 100 (163 ) 39 319 358 Loans receivable(1) 1,799 3,517 5,316 4,794 8,065 12,859 Other earning assets 259 (250 ) 9 133 194 327 Total interest earning assets 1,099 3,101 4,200 4,204 8,392 12,596 Interest-bearing liabilities: Checking (9) 40 31 (47) (157) (204) Savings (2) (8) (10) (16) 4 (12) Money market 1,754 (297) 1,457 322 2,790 3,112 Certificates of deposit 649 (2,189 ) (1,540 ) 2,774 4,311 7,085 FHLB advances and other borrowings (4,564 ) (683 ) (5,247 ) 1,631 18 1,649 Other long-term debt (167 ) 217 50 7 (2 ) 5 Total interest-bearing liabilities (2,339 ) (2,920 ) (5,259 ) 4,671 6,964 11,635 Change in net interest income $ 3,438 $ 6,021 $ 9,459 $ (467 ) $ 1,428 $ 961 (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, 2025 2024 Dollar Change Percent Change (Dollars in Thousands) Interest and dividend income $ 108,411 $ 104,211 $ 4,200 4.0 % Interest expense 35,514 40,773 (5,259 ) -12.9 Net interest income 72,897 63,438 9,459 14.9 Provision for credit losses 1,181 518 663 128.0 Net interest income after provision for credit losses 71,716 62,920 8,796 14.0 Noninterest income 18,672 17,776 896 5.0 Noninterest expense 71,495 69,306 2,189 3.2 Provision for income taxes 4,058 1,612 2,446 151.7 Net income $ 14,835 $ 9,778 $ 5,057 51.7 % 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. 32 Table of Contents 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 Taxes 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 Moines. 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. 33 Table of Contents The Bank's available borrowing capacity was approximately $601.00 million as of December 31, 2025 and $404.00 million as of December 31, 2024. December 31, December 31, 2025 2024 Borrowings Remaining Borrowing Borrowings Remaining Borrowing Outstanding Capacity Outstanding Capacity (In Thousands) Federal Home Loan Bank advances $ 22,917 $ 492,553 $ 140,930 $ 276,664 Federal Reserve Bank discount window - 23,506 - 27,349 Correspondent bank lines of credit 15,105 84,895 - 100,000 Total $ 38,022 $ 600,954 $ 140,930 $ 404,013 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.  34 Table of Contents 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 Board Policy Interest Rates Rate Sensitivity Limits Limits (Basis Points) Year 1 Year 2 Year 1 Year 2 +300 -3.3 % 7.4 % -15.0 % -20.0 % +200 -2.1 % 6.5 % -15.0 % -15.0 % +100 -0.9 % 5.8 % -10.0 % -10.0 % -100 -0.2 % 1.4 % -10.0 % -10.0 % -200 0.2 % -1.6 % -15.0 % -15.0 % -300 2.0 % -3.0 % -15.0 % -20.0 % 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: +300 4.3% -35.0% +200 3.4% -30.0% +100 2.2% -20.0% 0 0.0% 0.0% -100 -4.0% -20.0% 35 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, 2025 2024 (In Thousands) Commitments to extend credit $ 311,589 $ 267,623 Letters of credit 7,613 7,409 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.