2 unchanged sentences
We conducted an evaluation under the supervision and with the participation of our management including our Chief Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”) of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as amended, as of December 31, 2025, to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms, including to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is accumulated and communicated to management to allow timely decisions regarding required disclosure.
−Removed: Based on that evaluation, our CEO and CFO concluded that as of December 31, 2024, our disclosure controls and procedures were not effective as of such date due to a material weakness in internal control over financial reporting as described below.
+Added: Based on that evaluation, our CEO and CFO concluded that as of December 31, 2025, our disclosure controls and procedures were effective.
Management Annual Report on Internal Control over Financial Reporting
6 unchanged sentences
Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025.
−Removed: Based on this assessment, management concluded that, as of December 31, 2024, the Company’s internal control over financial reporting was not effective.
−Removed: In connection with the preparation of this Annual Report on Form 10-K, we identified a material weakness in internal control over financial reporting related to the design of controls over preparation of the statement of cash flows.
−Removed: Specifically, the Company’s controls were not designed at a sufficient level of precision to ensure the proper classification of borrowings as short-term or long-term so that the borrowings from and repayments to are appropriately presented either on a net basis or a gross basis within the financing section of the statement of cash flows.
−Removed: A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.
−Removed: The control deficiency created a reasonable possibility that a material misstatement to the consolidated financial statements would not be prevented or detected on a timely basis.
−Removed: As a result, management believes that, as of December 31, 2024, our internal control over financial reporting was not effective.
−Removed: The Company’s independent registered public accounting firm, Moss Adams LLP has issued an adverse audit report on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, which appears in Item 8 of this Form 10-K.
−Removed: Following identification of the material weakness and prior to filing this Annual Report on Form 10-K, we completed procedures to ensure borrowings were classified correctly on the statement of cash flows for the year ended December 31, 2024.
−Removed: Based on these procedures, management believes that our consolidated financial statements included in this Form 10-K have been prepared in accordance with U.S.
−Removed: Our CEO and CFO have certified that, based on their knowledge, the financial statements, and other financial information included in this Form 10-K, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Form 10-K.
−Removed: Moss Adams LLP has issued an unqualified opinion on our financial statements, which is included in Item 8 of this Form 10-K.
+Added: Based on this assessment, management concluded that, as of December 31, 2025, the Company’s internal control over financial reporting was effective.
+Added: The Company's independent registered public accounting firm, that audited the Company's consolidated financial statements included in this annual report, has issued an audit report on our internal control over financial reporting as of December 31, 2025.
+Added: This report appears on page 1 of this annual report.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the quarter ended December 31, 2025 that have materially affected, or were reasonably likely to materially affect, the Company’s internal control over financial reporting.
−Removed: Remediation Plan
−Removed: As noted above, subsequent to December 31, 2024, we identified a material weakness in internal control related to the review of the classification of borrowings in the financing activities section of the statement of cash flows.
−Removed: Management, with oversight from the Audit Committee, is implementing measures designed to ensure that the control deficiency contributing to the material weakness is remediated so that controls are designed, implemented and operating effectively.
−Removed: The remediation action includes restructuring the design of control activities, including consideration of system impacts, surrounding the classification of borrowing activities in order to facilitate appropriate presentation in the financial statements.
−Removed: We believe this action will remediate the material weakness.
−Removed: The weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.
−Removed: We expect that the remediation of this material weakness will be completed in 2025.
OTHER INFORMATION.
118 unchanged sentences
Rensmon adopted November 1, 2024 (incorporate by reference to Exhibit 10.8 of our Current Report on Form 10-Q filed on November 11,2024).
−Removed: Insider Trading Policies and Procedures.
+Added: 2025 Stock Incentive Plan for Directors, Officers and Employees (incorporated by reference to Exhibit 10.1 of the Registration Statement on Form S-8 (File No.
+Added: 333-287162) filed with the SEC on May 9, 2025).
+Added: Insider Trading Policies and Procedures (incorporated by reference to Exhibit 19.1 of our Current Report on Form 10-K filed on March 14, 2025).
Subsidiaries of Registrant.
−Removed: Consent of Moss Adams LLP.
+Added: Consent of Baker Tilly LLP.
Certification by Laura F.
57 unchanged sentences
AND SUBSIDIARIES
−Removed: Report of Independent Registered Public Accounting Firm ( Moss Adams LLP , Spokane, Washington , PCAOB ID:
+Added: Report of Independent Registered Public Accounting Firm (Baker Tilly LLP, Spokane, Washington, PCAOB ID:
Financial Statements
9 unchanged sentences
Opinions on the Financial Statements and Internal Control over Financial Reporting
−Removed: We have audited the accompanying consolidated statements of financial condition of Eagle Bancorp Montana, Inc.
−Removed: (and subsidiaries) (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”).
+Added: We have audited the accompanying consolidated statements of financial condition of Eagle Bancorp Montana, Inc (and subsidiaries) (the “Company”) as of December 31, 2025 and 2024 , the related consolidated statements of income, comprehensive income, changes in shareholders ’ equity and cash flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”).
We also have audited the Company’s internal control over financial reporting as of December 31, 2025 , based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024 , and the consolidated results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
−Removed: Also in our opinion, because of the effect of the material weakness identified below on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.
+Added: Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 , based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.
Basis for Opinions
−Removed: The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Annual Report on Internal Control over Financial Reporting included in Item 9A.
−Removed: Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits.
+Added: The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Annual Report on Internal Control over Financial Reporting included in Item 9A Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.
8 unchanged sentences
We believe that our audits provide a reasonable basis for our opinions.
−Removed: A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.
−Removed: The following material weakness has been identified and included in management’s assessment in Item 9A:
−Removed: The Company’s controls were not designed at a sufficient level of precision to ensure the proper classification of borrowings as short-term or long-term so that the borrowings from and repayments to are appropriately presented either on a net basis or a gross basis within the financing section of the statement of cash flows.
−Removed: We considered the material weakness in determining the nature, timing, and extent of audit tests applied in our audit of the Company’s consolidated financial statements as of and for the year ended December 31, 2024, and our opinion on such consolidated financial statements was not affected.
Definition and Limitations of Internal Control Over Financial Reporting
6 unchanged sentences
Critical Audit Matters
−Removed: The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.
+Added: The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that:
+Added: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.
The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.
Allowance for Credit Losses – Qualitative Factors
+Added: Critical Audit Matter Description
As described in Note 3 to the consolidated financial statements, the Company’s allowance for credit losses (ACL) on loans was $17.4 million at December 31, 2025.
6 unchanged sentences
The estimation of these factors, based on management’s evaluation of available internal and external data, is subjective in nature and requires significant judgment by management.
−Removed: Auditing management’s judgments regarding the determination of qualitative factors applied to the ACL on loans involves a high degree of subjectivity.
+Added: Auditing management’s judgments regarding the determination of qualitative factors applied to the ACL on loans required a high level of audit effort and involved especially challenging and subjective auditor judgment when performing audit procedures and evaluating the results of those procedures
+Added: How We Addressed the Matter in Our Audit
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
+Added: These procedures included testing the design and operating effectiveness of internal controls related to the ACL calculation and the identification and assessment of the qualitative factors used.
Our audit procedures related to qualitative factors included the following, among others:
−Removed: Testing the design, implementation, and operating effectiveness of controls relating to management’s calculation of the allowance for credit losses, including controls over the identification and assessment of the qualitative factors used.
Testing the methodology used in the ACL calculation and evaluating whether the qualitative factors used in the calculation are supported by management's analysis, including testing the key underlying information utilized by management.
Testing the mathematical accuracy of the ACL calculation and the application of the qualitative factors within the calculation.
−Removed: Developing an independent expectation of the ACL using a combination of internal and external data and comparing the expected balance to the Company’s recorded amounts.
+Added: Evaluation of Goodwill for Impairment
As described in Note 1 to the consolidated financial statements, the Company’s goodwill balance was $34.7 million as of December 31, 2025.
−Removed: The Company assesses goodwill for impairment annually, or more often if events or circumstances indicate there may be impairment.
−Removed: During the year ended December 31, 2024, the Company identified a triggering event and performed an interim impairment test as of August 31, 2024, in addition to its annual impairment test as of October 31, 2024.
−Removed: The impairment tests did not result in any goodwill impairment for the year ended December 31, 2024.
−Removed: We identified the goodwill impairment tests performed during the period as a critical audit matter.
−Removed: The determination of the fair value of the Company’s reporting unit requires management to make significant assumptions that are subject to estimation uncertainty.
−Removed: The performance of audit procedures related to management’s estimates for the interim and annual impairment tests required extensive audit effort, including the use of personnel with specialized skill and knowledge pertaining to valuation techniques.
−Removed: Additionally, the evaluation of audit evidence of more sensitive assumptions required especially challenging and subjective auditor judgment, including those assumptions underlying the projections of future cash flows utilized in the income approach, the selection of peer data utilized in the market approach, and the relative weight assigned to the different valuation methodologies.
+Added: The Company tests goodwill for impairment annually as of October 31, or more often if events or circumstances indicate there may be impairment.
+Added: The impairment test did not result in goodwill impairment for the year ended December 31, 2025.
+Added: We identified the goodwill impairment test as a critical audit matter.
+Added: The determination of the fair value of the Company’s reporting unit requires management to develop significant assumptions that are used as inputs to the goodwill impairment test.
+Added: Auditing management’s annual impairment test required a high level of audit effort that required specialized skills and knowledge.
+Added: Additionally, the evaluation of audit evidence of the significant assumptions required especially challenging and subjective auditor judgment, including those assumptions underlying the projections of future cash flows utilized in the income approach, the selection of peer data utilized in the market approach, and the relative weight assigned to the different valuation methodologies.
+Added: How We Addressed the Matter in Our Audit
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
−Removed: Our audit procedures related to the methods and assumptions used in the goodwill impairment tests included the following, among others:
−Removed: Testing the design, implementation, and operating effectiveness of controls relating to the methods and assumptions used in the Company’s goodwill impairment tests;
−Removed: With the assistance of our valuation specialist, (1) testing the reasonableness of the methods and certain key assumptions used and (2) performing a shadow calculation to recreate the results of the valuation model;
+Added: These procedures included testing the design and operating effectiveness of internal controls related to management’s goodwill impairment assessment process.
+Added: Our audit procedures related to the methods and assumptions used in the goodwill impairment test included the following, among others:
+Added: With the assistance of our valuation specialist, (1) testing the reasonableness of the methods and significant assumptions used and (2) performing a shadow calculation to recreate the results of the valuation model.
Evaluating the relative weight assigned to the valuations indicated by the market and income approaches.
1 unchanged sentence
Evaluating the reasonableness of the assumptions utilized by the Company in the determination of the estimated projected cash flows used in the income approach and the reasonableness of the selection of peer data utilized in the market approach.
−Removed: /s/ Moss Adams LLP
+Added: /s/ Baker Tilly US, LLP
Spokane, Washington
8 unchanged sentences
Interest-bearing deposits in banks
−Removed: Federal funds sold
Total cash and cash equivalents
62,962 31,559
−Removed: Securities available-for-sale, at fair value (amortized cost of $ 319,939 and $ 345,355 at December 31, 2024 and December 31, 2023, respectively)
+Added: Securities available-for-sale, at fair value (amortized cost of $ 299,162 at December 31, 2025 and $ 319,939 at December 31, 2024)
281,692 292,590
2 unchanged sentences
Mortgage loans held-for-sale, at fair value
−Removed: 13,368 11,432
−Removed: Loans receivable, net of allowance for credit losses of $ 16,850 and $ 16,440 at December 31, 2024 and December 31, 2023, respectively
+Added: Loans receivable, net of allowance for credit losses of $ 17,370 at December 31, 2025 and $ 16,850 at December 31, 2024
1,501,649 1,503,796
22 unchanged sentences
50,482 47,018
+Added: Federal Funds Purchased
FHLB advances and other borrowings
14 unchanged sentences
no shares issued or outstanding)
−Removed: Common stock ($ 0.01 par value;
+Added: Common stock (par value $ 0.01 per share;
20,000,000 shares authorized;
−Removed: 8,507,429 shares issued at December 31, 2024 and 2023 respectively;
−Removed: 8,027,177 and 8,016,784 shares outstanding at December 31, 2024 and 2023, respectively)
+Added: 8,507,429 shares issued at December 31, 2025 and December 31, 2024;
+Added: 7,957,769 shares outstanding at December 31, 2025 and 8,027,177 shares outstanding at December 31, 2024)
Additional paid-in capital
2 unchanged sentences
( 3,437 ) ( 4,010 )
−Removed: Treasury stock, at cost ( 480,252 and 490,645 shares at December 31, 2024 and 2023, respectively)
+Added: Treasury stock, at cost ( 549,660 shares at December 31, 2025 and 480,252 shares at December 31, 2024)
( 11,567 ) ( 10,762 )
16 unchanged sentences
Securities available-for-sale
−Removed: 10,428 11,376
FHLB and FRB dividends
20 unchanged sentences
Net loss on sale of available-for-sale securities
−Removed: ( 141 ) ( 222 )
Other noninterest income
24 unchanged sentences
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
−Removed: (Dollars in Thousands)
+Added: (In Thousands)
$ 14,835 $ 9,778
−Removed: OTHER ITEMS OF COMPREHENSIVE (LOSS) INCOME BEFORE TAX:
+Added: OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS) BEFORE TAX:
Change in fair value of investment securities available-for-sale
1 unchanged sentence
Reclassification for net realized losses on investment securities available-for-sale
−Removed: Total other comprehensive (loss) income
+Added: Total other comprehensive income (loss)
9,879 ( 273 )
−Removed: Income tax benefit (provision) related to securities available-for-sale
+Added: Income tax (provision) benefit related to securities available-for-sale
COMPREHENSIVE INCOME
10 unchanged sentences
- - - - - 14,835 - 14,835
−Removed: Other comprehensive loss
+Added: Other comprehensive income, net of tax
- - - - - - 7,272 7,272
14 unchanged sentences
- - - - - 9,778 - 9,778
−Removed: Other comprehensive income
−Removed: - - - - - - 6,412 6,412
−Removed: Impact of the adoption of ASC 326 Credit Losses
+Added: Other comprehensive loss, net of tax
- - - - - - ( 201 ) ( 201 )
15 unchanged sentences
CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: (Dollars in Thousands)
+Added: (In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
16 unchanged sentences
237,149 217,772
+Added: Net loss on sale of real estate owned and other repossessed assets
+Added: Net gain on sale/disposal of premises and equipment
+Added: ( 153 ) ( 17 )
Net realized loss on sales of available-for-sale securities
4 unchanged sentences
( 1,558 ) ( 405 )
−Removed: 516 ( 10,273 )
Accrued expenses and other liabilities
Net cash provided by operating activities
+Added: 33,127 28,539
CASH FLOWS FROM INVESTING ACTIVITIES:
Activity in available-for-sale securities:
−Removed: 14,121 34,020
Maturities, principal payments and calls
1 unchanged sentence
( 7,043 ) ( 10,980 )
−Removed: FHLB stock redeemed (purchased)
−Removed: 1,413 ( 4,102 )
+Added: FHLB stock redeemed
Loan origination and principal collection, net
1,303 ( 36,204 )
−Removed: (Purchase) proceeds of bank owned life insurance
−Removed: ( 3,275 ) 1,230
+Added: Purchase of bank owned life insurance
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans
+Added: Insurance proceeds related to premises and equipment
Proceeds from sale of premises and equipment
1 unchanged sentence
( 4,782 ) ( 14,080 )
−Removed: Net cash used in investing activities
+Added: Net cash provided by (used in) investing activities
21,964 ( 27,797 )
CASH FLOWS FROM FINANCING ACTIVITIES:
−Removed: Net increase (decrease) in deposits
+Added: Net increase in deposits
100,371 46,033
−Removed: Net short-term (payments) advances from FHLB and other borrowings
+Added: Net short-term payments on FHLB and other borrowings
( 32,908 ) ( 107,724 )
2 unchanged sentences
Payments on long-term FHLB and other borrowings
+Added: ( 105,000 ) ( 62,083 )
+Added: Repayment of subordinated debentures
Purchase of treasury stock
2 unchanged sentences
( 4,578 ) ( 4,535 )
−Removed: Net cash provided by financing activities
+Added: Net cash (used in) provided by financing activities
( 23,688 ) 6,272
8 unchanged sentences
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
−Removed: (Dollars in Thousands)
(In Thousands)
4 unchanged sentences
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES:
−Removed: (Decrease) increase in fair value of securities available-for-sale
+Added: Increase (decrease) in fair value of securities available-for-sale
$ 9,879 $ ( 273 )
Mortgage servicing rights recognized
−Removed: Right-of-use assets (used) obtained in exchange for lease liabilities
+Added: Right-of-use assets obtained (used) in exchange for lease liabilities
Loans transferred to real estate and other assets acquired in foreclosure
−Removed: (Increase) decrease in commitments to invest in Low-Income Housing Tax Credit projects
+Added: Decrease in commitments to invest in Low-Income Housing Tax Credit projects
( 49 ) ( 2,445 )
−Removed: Cumulative effect adjustment to retained earnings due to the adoption of ASC 326 Credit Losses
The accompanying notes are an integral part of these consolidated financial statements.
3 unchanged sentences
Organization and Summary of Significant Accounting Policies
−Removed: O rganization
Eagle Bancorp Montana, Inc.
34 unchanged sentences
The Company has evaluated events and transactions subsequent to December 31, 2025 for recognition and/or disclosure.
−Removed: During January 2025, the Company purchased 50,000 shares at an average price of $ 15.11 under its repurchase plan.
−Removed: Capital Management and Regulatory Matters for additional information regarding the repurchase plan.
Significant Group Concentrations of Credit Risk
8 unchanged sentences
Cash and Cash Equivalents
−Removed: For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the statements of financial condition captions “cash and due from banks,” “interest-bearing deposits in banks” an d “ federal funds sold, ” all of which mature within ninety days.
+Added: For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the statements of financial condition captions “cash and due from banks,” “interest-bearing deposits in banks” and “federal funds sold,” all of which mature within ninety days.
Investment Securities
12 unchanged sentences
If neither of the aforementioned criteria are met, the Company will determine whether the decline in fair value has resulted from credit losses.
−Removed: If a credit loss exists, the Company will report the portion of impairment related to credit losses in an allowance for credit losses with an offsetting entry to net income.
+Added: If a credit loss exists, the Company will report the portion of impairment related to credit losses in an allowance for credit losses ("ACL") with an offsetting entry to net income.
The amount of ACL is limited to the amount fair value is less than the amortized cost basis.
67 unchanged sentences
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Organization and Summary of Significant Accounting Policies – continued
+Added: Organization and Summar
+Added: y of Significant Accounting Policies – continued
Loans – continued
52 unchanged sentences
Expected refinancing proceeds may be estimated from review of term sheets actually received by the borrower from other creditors and/or from the Company’s knowledge of terms generally available from other banks.
−Removed: Loan Modifi cations Made to Borrowers Experiencing Financial Difficulty
+Added: Loan Modifications Made to Borrowers Experiencing Financial Difficulty
The Company identifies a modification to a borrower experiencing financial difficulty as a loan where a concession is granted for economic or legal reasons related to the borrower's financial difficulties that it would not otherwise consider.
43 unchanged sentences
Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell.
−Removed: Real estate and other repossessed properties w as $ 45,000 and $ 5,000 at December 31, 2024 and 2023 , respectively.
+Added: Real estate and other repossessed properties was $ 98,000 and $ 45,000 at December 31, 2025 and 2024 , respectively.
Revenue Recognition
19 unchanged sentences
Commodity sales income and the corresponding commodity sales expense were $ 16,181,000 and $ 13,043,000 for the years ended December 31, 2025 and 2024 , respectively, for a net impact of $0.
+Added: Outstanding deferred contracts payable are included in accrued expenses and other liabilities on the condensed consolidated financial statements of condition and totaled $ 23,549,000 and $ 17,792,000 for the years ended December 31, 2025 and 2024 ,
EAGLE BANCORP MONTANA, INC.
17 unchanged sentences
Based on management's analysis, the Company did not have any uncertain tax positions as of December 31, 2025 and 2024 .
−Removed: The Company files tax returns in the U.S.
−Removed: federal jurisdiction and the State of Montana.
−Removed: There are currently no income tax examinations underway for these jurisdictions.
−Removed: The Company's income tax returns are subject to examination by relevant taxing authorities as follows:
−Removed: Federal income tax returns for tax years 2021 and forward;
−Removed: Montana income tax returns for tax years 2021 and forward.
+Added: The Company's income tax returns are subject to U.S.
+Added: Federal and state examinations by tax authorities for tax years 2022 and forward.
+Added: There are currently no income tax examinations underway.
Employee Stock Ownership Plan
7 unchanged sentences
Advertising costs were $ 1,288,000 and $ 1,312,000 for the years ended December 31, 2025 and 2024 , respectively.
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Organization and Summary of Significant Accounting Policies – continued
Stock-Based Compensation
2 unchanged sentences
Shares of restricted stock granted through the 2011 Stock Incentive Plan, as amended, vest in equal installments over three or five years beginning one year from the grant date.
+Added: Time-based shares of restricted stock granted through the 2025 Stock Incentive Plan vest in equal installments over three years beginning one year from the grant date.
+Added: Performance-based shares of restricted stock granted vest at the end of a three -year performance period.
Shares of restricted stock granted through the 2020 Non-Employee Director Award Plan vest one year from the grant date.
+Added: EAGLE BANCORP MONTANA, INC.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Organization and Summary of Significant Accounting Policies – continued
Earnings Per Common Share
19 unchanged sentences
Control over transferred assets is deemed to be surrendered when ( 1 ) the assets have been isolated from the Company, ( 2 ) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and ( 3 ) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Organization and Summary of Significant Accounting Policies – continued
Goodwill and Other Intangible Assets
13 unchanged sentences
The interim goodwill impairment assessment as of August 31, 2024 concluded that goodwill was not impaired.
+Added: 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.
2 unchanged sentences
Management will continue to monitor events that could influence this conclusion in the future.
+Added: EAGLE BANCORP MONTANA, INC.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Organization and Summary of Significant Accounting Policies – continued
Goodwill recorded for the FCB acquisition during the second quarter of 2022 was $ 13,942,000 .
30 unchanged sentences
The Company adopted the updated guidance during the year ended December 31, 2024 and it did not have a significant impact on the Company's financial statement disclosures as the Company has a single reportable segment.
−Removed: Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU No.
3 unchanged sentences
This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted.
−Removed: The Company is currently evaluating the effect the updated guidance will have on its consolidated financial statements and related disclosures.
+Added: The amendments should be applied on a prospective basis, but retrospective application is permitted.
+Added: The amendments in this ASU became effective for the Company on January 1, 2025 and did not have a significant impact on the Company’s financial position, results of operations, or liquidity.
+Added: Recently Issued Accounting Pronouncements
+Added: In November 2024, the FASB issued ASU No.
+Added: 2024 - 03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220 - 40 ):
+Added: Disaggregation of Income Statement Expenses.
+Added: This update requires that public companies disclose details about specific expenses, among other things, such as employee compensation, depreciation, amortization, depletion, and inventory purchases.
+Added: This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted.
+Added: In January 2025, the FASB issued ASU No.
+Added: 2025 - 01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220 - 40 ), which clarifies the effective date identified under ASU No.
+Added: The Company is currently evaluating the effect the ASU will have on its consolidated financial statements and related disclosures.
+Added: In November 2025, the FASB issued ASU 2025 - 08, “Financial Instruments—Credit Losses (Topic 326 ):
+Added: Purchased Loans,” which amends the accounting for acquired loans by introducing a category of purchased seasoned loans and expanding the use of the gross-up approach, requiring qualifying acquired loans to be recorded at purchase price plus an allowance for expected credit losses rather than recognizing a Day- 1 provision through earnings.
+Added: ASU 2025 - 08 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods, and is to be applied prospectively, with early adoption permitted.
+Added: The Company is evaluating the impact of adoption, including the potential effect on the accounting for loans acquired in future acquisitions.
EAGLE BANCORP MONTANA, INC.
24 unchanged sentences
Available-for-sale:
−Removed: government obligations
+Added: government and agency obligations
$ 5,298 $ 85 $ ( 188 ) $ - $ 5,195
12 unchanged sentences
$ 319,939 $ 201 $ ( 27,550 ) $ - $ 292,590
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Investment Securities – continued
Proceeds from sales of available-for-sale securities and the associated gross realized gains and losses were as follows:
1 unchanged sentence
Proceeds from sale of available-for-sale securities
−Removed: $ 14,121 $ 34,020
Gross realized gain on sale of available-for-sale securities
Gross realized loss on sale of available-for-sale securities
−Removed: ( 169 ) ( 291 )
Net realized loss on sale of available-for-sale securities
61 unchanged sentences
Management does not intend to sell and the Company is not likely to be required to sell these securities prior to maturity.
−Removed: As a result, no ACL was recorded on available-for-sale securities at December 31, 2024 and no other-than-temporary impairment was recorded at December 31, 2023 .
+Added: As a result, no ACL was recorded on available-for-sale securities at December 31, 2025 and 2024.
As part of this determination, consideration was given to the extent to which fair value was less than amortized cost, adverse security ratings by a rating agency and other factors.
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Loans receivable consisted of the following:
15 unchanged sentences
government agencies totaling $ 12,091,000 and $ 16,309,000 at December 31, 2025 and December 31, 2024 , respectively.
+Added: EAGLE BANCORP MONTANA, INC.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Loans – continued
The following table provides allowance for credit losses activity for the year ended December 31, 2025 .
8 unchanged sentences
$ 1,965 $ 11,295 $ 547 $ 84 $ 3,479 $ 17,370
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Loans – continued
The following table provides allowance for credit losses activity for the year ended December 31, 2024 .
1 unchanged sentence
Allowance for credit losses on loans:
−Removed: Beginning balance, January 1, 2023, prior to adoption of ASC 326
−Removed: $ 1,472 $ 9,037 $ 509 $ 342 $ 2,640 $ 14,000
−Removed: Impact of adopting ASC 326
+Added: Beginning balance, January 1, 2024
$ 1,866 $ 10,691 $ 540 $ 304 $ 3,039 $ 16,440
26 unchanged sentences
$ 20,044 $ 15,428 $ 22,525 $ 29,851 $ 17,751 $ 40,339 $ 1,333 $ 147,271
−Removed: Special Mention
- - - 719 - 525 - 1,244
−Removed: - - - - - 576 - 576
Total Residential 1-4 family
4 unchanged sentences
19,065 3,975 1,760 10,129 - - - 34,929
+Added: Special Mention
- 349 - - - - - 349
98 unchanged sentences
37,265 21,430 35,323 9,628 5,033 8,676 5,451 122,806
−Removed: Special Mention
- - 438 - 2 965 - 1,405
4 unchanged sentences
21,543 18,083 29,983 18,991 20,076 33,721 2,323 144,720
+Added: Special Mention
- 342 813 205 - 220 - 1,580
+Added: 188 - - - 65 57 - 310
Total Farmland
3 unchanged sentences
1,031 1,438 3,248 362 483 2,234 88,230 97,026
+Added: Special Mention
- - - - - 22 93 115
+Added: - - - 43 - 89 270 402
Total Home Equity
19 unchanged sentences
39,001 21,690 9,014 4,215 3,143 1,608 52,494 131,165
+Added: Special Mention
1,811 159 15 - - 37 596 2,618
+Added: - - - - 1 515 47 563
Total Agricultural
46 unchanged sentences
Interest payments received on a cash basis related to nonaccrual loans were $ 262,000 at December 31, 2025 and $ 522,000 at December 31, 2024.
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Loans – continued
The following tables presents the amortized cost basis of collateral-dependent loans by class of loans.
5 unchanged sentences
$ 822 $ - $ -
−Removed: Residential 1-4 family construction
Commercial real estate
+Added: Commercial construction and development
$ 2,341 $ 3,619 $ 216
+Added: EAGLE BANCORP MONTANA, INC.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Loans – continued
December 31, 2024
7 unchanged sentences
$ 3,684 $ 692 $ 108
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Loans – continued
The Company offers modifications of loans to borrowers experiencing financial difficulty by providing principal forgiveness, interest rate reductions, term extensions, other than insignificant payment delays, or any combination of these.
+Added: The following table includes the amortized cost basis at the period end for the loans modified to borrowers experiencing financial difficulty.
+Added: As of or For the
+Added: December 31, 2025
+Added: Term Extension and Payment Deferral
+Added: Term Extension and Interest Rate Reduction
+Added: Amortized Cost Basis
+Added: Percent of Loan Category
+Added: Amortized Cost Basis
+Added: Percent of Loan Category
+Added: (Dollars in Thousands)
+Added: Real estate loans:
+Added: Residential 1-4 family
+Added: $ 623 0.42 % $ - 0.00 % $ 623
+Added: Commercial real estate
+Added: - 190 0.03 190
+Added: 461 0.42 - 0.00 461
+Added: 150 0.10 - 0.00 150
+Added: 177 0.14 - 0.00 177
+Added: $ 1,411 $ 190 $ 1,601
During the year ended December 31, 2024, the Company modified one commercial loan and two farmland loans.
The commercial loan was modified to allow for interest only payments for 6 months.
−Removed: The loan had an amortized cost of $ 124,000 or 0.09 % of commercial loans at December 31, 2024 .
+Added: The loan paid off during the fourth quarter of 2025.
The first farmland loan was modified by extending the payment for seven months during the second quarter of 2024.
2 unchanged sentences
The loan had an amortized cost of $ 188,000 or 0.12 % of farmland loans at December 31, 2025.
−Removed: During the year ended December 31, 2023, the Company modified two commercial real estate loans.
−Removed: The first loan was modified by consolidating two lines of credit and refinancing into one long term loan for ten years.
−Removed: The loan had an amortized cost of $ 524,000 or 0.09 % of commercial real estate loans at December 31, 2023.
−Removed: The second loan was modified by consolidating four loans and refinancing into one short-term, interest only loan for 12 months.
−Removed: The second loan was paid off during the year ended December 31, 2023.
−Removed: There was no forgiveness of principal for either of the loans, and the remaining loan with its modified terms was in the 30 - 89 days past due category as of December 31, 2024.
Loans are granted to directors and officers of the Company in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons.
8 unchanged sentences
Balance, December 31, 2025
−Removed: In addition to the balances included above, available lines of credit were $ 358,000 and $ 1,649,000 at December 31, 2024 and 2023 , respectively, and includes the ending balances from the tables above.
−Removed: (In Thousands)
−Removed: Loans serviced, for the benefit of others, for directors, executive officers and their related parties
−Removed: $ 1,262 $ 1,373
EAGLE BANCORP MONTANA, INC.
2 unchanged sentences
Loans – continued
+Added: In addition to the balances included above, available lines of credit w ere $ 333,000 and $ 358,000 at December 31, 2025 and 2024 , respectively, and includes the ending balances from the tables above.
(In Thousands)
+Added: Loans serviced, for the benefit of others, for directors, executive officers and their related parties
+Added: $ 995 $ 1,262
+Added: (In Thousands)
Interest income from loans owned for directors, executive officers and their related parties
13 unchanged sentences
( 1,937 ) ( 1,833 )
−Removed: Ending balance
+Added: Mortgage servicing rights, net
$ 15,043 $ 15,376
There were no valuation allowances during December 31, 2025 and 2024.
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Mortg age Servicing Rights – continued
−Removed: The fair values of these mortgage servicing rights were $ 20,370,000 and $ 20,388,000 at December 31, 2024 and 2023 , respectively.
+Added: The fair values of these mortgage servicing rights were $ 20,302,000 and $ 20,370,000 at December 31, 2025 and 2024 , respective ly.
The fair value of mortgage servicing rights was determined at loan level, depending on the interest rate and term of the specific loan, using the following valuation assumptions:
18 unchanged sentences
100,255 99,881
−Removed: Right-of-use assets
+Added: Right-of-use assets, net of amortization
Premises and equipment, net
3 unchanged sentences
Leases with a lease term of 12 months at commencement are not recorded on the statements of financial position.
−Removed: The Company’s leases have maturities ranging from 2025 to 2028, some of which include lessee options to extend the leases for up to 10 years.
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Premises and Equipment – continued
+Added: The Company’s leases have maturities ranging from 2026 to 2028.
The following table summarizes the Company’s leases:
−Removed: (In Thousands)
+Added: (Dollars In Thousands)
Right-of-use assets , net of amortization
10 unchanged sentences
The following table presents the maturities of lease liabilities at December 31, 2025 for future periods:
+Added: Years ending December 31:
(In Thousands)
29 unchanged sentences
440,971 1.77 367,094 1.82
−Removed: Time certificates of deposits
+Added: Time certificates of deposit
462,172 3.58 462,875 4.25
1 unchanged sentence
At December 31, 2025 and 2024 , the Company he ld $ 734,618,000 and $ 632,951,000 , respectively, in deposit accounts that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) requirements of $250,000 and greater.
−Removed: Time certificates of deposit include $ 0 and $ 72,168,000 of fixed rate brokered certificates at December 31, 2024 and 2023 , respectively.
+Added: Time certificates of deposit include no fixed rate brokered certificates at December 31, 2025 and 2024 , respectively.
+Added: At December 31, 2025 , the scheduled maturities of time deposits were as follows:
+Added: Years ending December 31:
+Added: (In Thousands)
EAGLE BANCORP MONTANA, INC.
2 unchanged sentences
Deposits – continued
−Removed: At December 31, 2024 , the scheduled maturities of time deposits were as follows:
−Removed: Years ending December 31:
−Removed: (In Thousands)
Interest expense on deposits was as follows:
(In Thousands)
−Removed: Time certificates of deposits
+Added: Time certificates of deposit
17,113 18,653
6 unchanged sentences
(In Thousands)
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Advances from the Federal Home Loan Bank and Other Borrowings – continued
Federal Home Loan Bank Advances
10 unchanged sentences
During the first quarter of 2023, the FRB offered a new Bank Term Funding Program ("BTFP") for eligible depository institutions.
−Removed: The BTFP offers loans of up to one year in length to institutions pledging collateral eligible for purchase by FRB such as U.S.
+Added: 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.
5 unchanged sentences
The line of credit is secured by Eagle's ownership of the Bank's stock.
−Removed: The balance of this line of credit was $ 0 at both December 31, 2024 and 2023 .
+Added: The balance of this line of credit was $ 15,000,000 and $ 0 at December 31, 2025 and 2024 , respectively.
Federal Funds Purchased
1 unchanged sentence
("PNC"), United Bankers' Bank ("UBB") and Texas Independent Bank ("TIB").
−Removed: The balance of these l ines of credit was $ 0 at both December 31, 2024 and 2023 .
+Added: The balance of these l ines of credit was $ 105,000 and $ 0 at December 31, 2025 and 2024 , respectively.
All Borrowings Outstanding
8 unchanged sentences
(In Thousands)
−Removed: Subordinated debentures fixed at 5.50 % to floating, due 2030
+Added: Subordinated debentures fixed at 5.50 % to floating effective July 1, 2025, due 2030
$ - $ - $ 15,000 $ ( 185 )
12 unchanged sentences
In June 2020, the Company completed the issuance of $ 15,000,000 in aggregate principal amount of subordinated notes due in 2030 in a private placement transaction to certain qualified institutional accredited investors.
−Removed: The notes bear interest at an annual fixed rate of 5.50 % payable semi-annually.
−Removed: Starting July 1, 2025, interest will accrue at a floating rate per annum equal to a benchmark rate, which is expected to be three -month term SOFR plus a spread of 509.0 basis points, payable quarterly.
−Removed: The notes are subject to redemption at the option of the Company on or after July 1, 2025.
−Removed: The subordinated debentures qualify as Tier 2 capital for regulatory capital purposes.
+Added: The notes bore interest at an annual fixed rate of 5.50 % payable semi-annually.
+Added: Starting July 1, 2025, interest accrued at a floating rate per annum equal to a benchmark rate, which was three -month term SOFR plus a spread of 509.0 basis points, payable quarterly.
+Added: The floating rate was 9.39 % for the three months ended September 30, 2025.
+Added: The notes were subject to redemption at the option of the Company on or after July 1, 2025.
+Added: The subordinated debentures qualified as Tier 2 capital for regulatory capital purposes.
+Added: The notes were redeemed October 1, 2025 utilizing a line of credit with a correspondent bank to finance the redemption payment.
+Added: The line of credit rate is based on Prime minus 50.0 basis points and was 6.25 % as of December 31, 2025.
In September 2005, the Company completed the private placement of $ 5,155,000 in subordinated debentures to the Trust.
2 unchanged sentences
Using interest payments made by the Company on the debentures, the Trust began paying quarterly dividends to preferred security holders in December 2005.
−Removed: The annual percentage rate of the interest payable on the subordinated debentures and distributions payable on the preferred securities was fixed at 6.02% until December 2010 then became variable at three -month LIBOR plus 1.42%, making the rate 6.20 % as of December 31, 2023 .
+Added: The annual percentage rate of the interest payable on the subordinated debentures and distributions payable on the preferred securities was fixed at 6.02% until December 2010 then became variable at three -month LIBOR plus 1.42%.
In December of 2022, Governors of the Federal Reserve System adopted final rule 12 C.F.R.
1 unchanged sentence
Rule 253 identified SOFR -benchmark rates to replace LIBOR in certain financial contracts after June 30, 2023.
−Removed: As a result, the variable rate for interest payable converted to three -month CME Term SOFR plus 1.68 % during the year ended December 31, 2024 .
−Removed: The rate w as 5.99 % a s of December 31, 2024 .
+Added: As a result, the variable rate for interest payable converted to three -month CME Term SOFR p lus 1.68 % during the quarter ended March 31, 2024.
+Added: The rate w as 5.33 % and 5.99 % a s of December 31, 2025 and 2024, respectively.
Dividends on the preferred securities are cumulative and the Trust may defer the payments for up to five years.
10 unchanged sentences
In the ordinary course of business, the Bank enters into off-balance-sheet financial instruments consisting of commitments to extend credit and forward delivery commitments for the sale of whole loans to the secondary market.
−Removed: In response to marketplace demands, the Bank routinely makes commitments to extend credit for fixed rate and variable rate loans with or without rate lock guarantees.
+Added: Loan Commitments - In response to marketplace demands, the Bank routinely makes commitments to extend credit for fixed rate and variable rate loans with or without rate lock guarantees.
When rate lock guarantees are made to customers, the Bank becomes subject to market risk for changes in interest rates that occur between the rate lock date and the date that a firm commitment to purchase the loan is made by a secondary market investor.
4 unchanged sentences
The Bank’s experience has been that substantially all loan commitments are completed or terminated by the borrower within 3 to 12 months.
−Removed: Commitments are summarized as follows:
+Added: Loan commitments are summarized as follows:
(In Thousands)
2 unchanged sentences
Letters of credit
+Added: Investment Commitments - the Company entered into an investment agreement with a local non-profit on October 1, 2025.
+Added: The investment is for a homebuyer assistance program in the state of Montana.
+Added: The total commitment is $ 5,000,000 and is expected to be drawn over a three -year period.
+Added: The outstanding commitment was $ 5,000,000 as of December 31, 2025.
Employment Contracts
15 unchanged sentences
( 112 ) ( 94 )
−Removed: Total deferred income tax (benefit) provision
+Added: Total deferred income tax benefit
( 574 ) ( 529 )
1 unchanged sentence
$ 4,058 $ 1,612
−Removed: The nature and components of deferred tax assets and liabilities were as follows:
+Added: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
+Added: Components of the Company's deferred tax assets and liabilities were as follows:
(In Thousands)
26 unchanged sentences
(Dollars in Thousands)
−Removed: Federal income taxes at the statutory rate
−Removed: $ 2,392 21.00 % $ 2,447 21.00 %
−Removed: State income taxes
−Removed: 566 4.97 684 5.87
+Added: US Federal Statutory Tax Rate $ 3,967 21.00 % $ 2,392 21.00 %
+Added: State and Local Income Taxes, Net of Federal Income Tax Effect 1,026 5.43 566 4.97
+Added: Low-income housing tax credits ( 954 ) ( 5.05 ) ( 968 ) ( 8.50 )
+Added: Non-taxable or non-deductible items:
Tax-exempt interest income ( 277 ) ( 1.47 ) ( 295 ) ( 2.59 )
−Removed: ( 295 ) -2.59 ( 342 ) -2.93
Income from bank-owned life insurance ( 399 ) ( 2.11 ) ( 432 ) ( 3.79 )
−Removed: ( 432 ) -3.79 ( 308 ) -2.64
−Removed: Federal tax credits
−Removed: ( 968 ) -8.50 ( 764 ) -6.55
−Removed: 349 3.06 ( 119 ) -1.04
−Removed: Provision for income taxes and effective tax rate
−Removed: $ 1,612 14.15 % $ 1,598 13.71 %
+Added: Low-income housing tax credits amortization 765 4.05 890 7.81
+Added: Other ( 70 ) ( 0.37 ) ( 541 ) ( 4.75 )
+Added: Total $ 4,058 21.48 % $ 1,612 14.15 %
Investments in LIHTC projects are accounted for using the proportional amortization method.
3 unchanged sentences
There is no non-income-tax related activity recognized from the investments in LIHTC projects.
+Added: The Company adopted ASU 2023 - 09 on a prospective basis for the year ended December 31, 2025.
+Added: The following table presents income taxes paid, net of refunds received:
+Added: (In Thousands)
+Added: Federal income taxes paid $ 1,970
+Added: State income taxes paid (1) 1,187
+Added: Total income taxes paid $ 3,157
+Added: (1) State taxes in Montana made up substantially all of the tax effect in this category.
Accumulated Other Comprehensive Income (Loss)
5 unchanged sentences
Balance, January 1, 2025
+Added: Other comprehensive income, before reclassifications and income taxes
+Added: Amounts reclassified from accumulated other comprehensive loss, before income taxes
+Added: Income tax provision
+Added: Total other comprehensive income
+Added: Balance, December 31, 2025
+Added: Balance, January 1, 2024
Other comprehensive loss, before reclassifications and income taxes
3 unchanged sentences
Balance, December 31, 2024
−Removed: Balance, January 1, 2023
−Removed: Other comprehensive income, before reclassifications and income taxes
−Removed: Amounts reclassified from accumulated other comprehensive income, before income taxes
−Removed: Income tax provision
−Removed: Total other comprehensive income
−Removed: Balance, December 31, 2023
EAGLE BANCORP MONTANA, INC.
7 unchanged sentences
Dilutive effect of stock compensation
+Added: 22,007 14,970
Diluted weighted average shares outstanding
15 unchanged sentences
An institution is considered "adequately capitalized" if it has a leverage ratio of 4.0 %, and including the conservation buffer, a common equity Tier 1 capital to risk-based assets ratio of 7.0 %, a Tier 1 capital to risk-weighted assets ratio of 8.5 % and a total capital to risk-weighted assets ratio of 10.5 %.
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Capital Management and Regulatory Matters – continued
Management believes that, as of December 31, 2025
22 unchanged sentences
Capital Management and Regulatory Matters – continued
−Removed: The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2023 are presented in the table below and all of the ratios, with the exception of the Tier 1 capital to adjusted total average assets ratio, include the capital conservation buffer of 2.50%.
+Added: The Bank’s actual capital amounts and ratios as of December 31, 2024 are presented in the table below and all of the ratios, with the exception of the Tier 1 capital to adjusted total average assets ratio, include the capital conservation buffer of 2.50 %.
Minimum Required
16 unchanged sentences
Dividends in excess of such amount require approval of the Division of Banking.
−Removed: The Bank paid dividends of $ 3,700,000 to Eagle during the year ended December 31, 2024.
−Removed: No dividends were paid to Eagle during the year ended December 31, 2023.
+Added: The Bank paid dividends of $ 7,100,000 and $ 3,700,000 to Eagle during the years ended December 31, 2025 and 2024 , respectively.
Eagle paid dividend s of $ 0.575 an d $ 0.565 per share to its shareholders during the years ended December 31, 2025 and 2024 , respectively.
Stock Repurchase Program
−Removed: On April 18, 2024, Eagle's Board of Directors (the "Board") authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2024.
−Removed: Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions.
+Added: On April 24, 2025, Eagle's Board of Directors (the "Board") authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025 ( the "2025 Repurchase Plan").
+Added: Under the 2025 Repurchase Plan, shares may be purchased by the Company on the open market or in privately negotiated transactions.
The extent to which the company repurchases its shares and the timing of such repurchase will depend on market conditions and other corporate considerations.
No shares were purchased during the second or third quarter of 2025 under this plan.
−Removed: During the fourth quarter of 2024, 25,000 shares were purchased under this plan at an average price of $ 16.74 .
The plan expires on May 1, 2026.
−Removed: On April 20, 2023, Eagle's Board of Directors authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2023.
−Removed: Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions.
+Added: The following table summarized the Company's purchase of its common stock for the three months ended December 31, 2025 under the 2025 Repurchase Plan.
+Added: Announced Plans
+Added: Under the Plans
+Added: October 1, 2025 through October 31, 2025
+Added: November 1, 2025 through November 30, 2025
+Added: 25,000 16.38 25,000 375,000
+Added: December 1, 2025 through December 31, 2025
+Added: - - - 375,000
+Added: 25,000 $ 16.38 25,000
+Added: On April 18, 2024, Eagle's Board of Directors authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2024 ( the "2024 Repurchase Plan").
+Added: Under the 2024 Repurchase Plan, shares may be purchased by the Company on the open market or in privately negotiated transactions.
The extent to which the company repurchases its shares and the timing of such repurchase will depend on market conditions and other corporate considerations.
−Removed: During the second quarter of 2023, 17,901 shares were purchased under this plan at an average price of $ 12.89 .
−Removed: No shares were purchased during the third or fourth quarter of 2023 under this plan.
−Removed: No shares were purchased during the first or second quarter of 2024 under this plan.
+Added: No shares were purchased during the second or third quarter of 2024 under this plan.
+Added: During the fourth quarter of 2024, 25,000 shares were purchased under this plan at an average price of $ 16.74 per share.
+Added: During the first quarter of 2025, 50,000 shares were purchased under this plan at an average price of $ 15.11 per share.
+Added: During the second quarter of 2025, 25,000 shares were purchased under this plan at an average price of $ 16.34 per share.
The plan expired on May 1, 2025.
−Removed: On April 21, 2022, Eagle's Board of Directors (the "Board") authorized the repurchase of up to 400,000 shares of its common stock.
−Removed: Under the plan, shares could be purchased by the Company on the open market or in privately negotiated transactions.
−Removed: The extent to which the company repurchased its shares and the timing of such repurchases depended on market conditions and other corporate considerations.
−Removed: During the second quarter of 2022, 5,000 shares were purchased under this plan at an average price of $ 19.75 .
−Removed: During the third quarter of 2022, 99,517 shares were purchased under this plan at an average price of $ 19.45 .
−Removed: During the fourth quarter of 2022, 6,608 shares were purchased under this plan at an average price of $ 18.80 .
−Removed: No shares were purchased during the first or second quarter of 2023 under this plan.
−Removed: The plan expired on April 21, 2023.
+Added: On April 20, 2023, Eagle's Board of Directors authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2023 ( the "2023 Repurchase Plan").
+Added: Under the 2023 Repurchase Plan, shares may be purchased by the Company on the open market or in privately negotiated transactions.
+Added: The extent to which the company repurchases its shares and the timing of such repurchase will depend on market conditions and other corporate considerations.
+Added: During the second quarter of 2023, 17,901 shares were purchased under this plan at an average price of $ 12.89 per share.
+Added: No shares were purchased during the third or fourth quarter of 2023, or during the first or second quarter of 2024 under this plan.
+Added: The plan expired on May 1, 2024.
EAGLE BANCORP MONTANA, INC.
37 unchanged sentences
Any forfeited shares are allocated to other participants in the same proportion as contributions.
−Removed: As shares are committed to be released, the Company reports compensation expense equal to the average daily market prices of the shares.
+Added: As shares are committed to be released, the Company reports compensation expense equal to the average daily market prices of the shares reduced by Eagle dividends paid on unallocated ESOP shares.
The compensation expense is accrued throughout the year.
16 unchanged sentences
Stock Incentive Plans
−Removed: The Company adopted the stock incentive plan on November 1, 2011.
−Removed: This plan provides for different types of awards including stock options, restricted stock and performance shares.
−Removed: Under this plan, awards of Eagle's common stock may be made to eligible directors, officers and employees.
+Added: The Company adopted the 2011 Stock Incentive Plan ( “2011 Plan”) on November 1, 2011.
+Added: This plan provided for different types of awards including stock options, restricted stock, and performance shares.
+Added: Under this plan, awards of Eagle’s common stock could be made to eligible directors, officers, and employees.
This plan was amended multiple times, most recently in 2022 to increase the maximum number of shares of restricted stock for issuance under this plan to 393,571 .
−Removed: The number of shares of restricted stock available to award under this plan was 104,575 as of December 31, 2024 .
−Removed: This plan also includes shares available to be awarded for stock options total ing 246,427 .
−Removed: However, no stock options have been awarded under this plan.
+Added: The 2011 Plan expired on April 24, 2025, upon adoption of the 2025 Stock Incentive Plan ( “2025 Plan”) by the Company, and no further grants will be awarded under the 2011 Plan.
+Added: The number of shares of restricted stock reserved but not issued under the 2011 Plan at the time of expiration were 82,578 .
+Added: Those shares and any future shares of stock returned as a result of cancellation or forfeiture of awards will be added to the maximum number of shares of stock for issuance under the 2025 Plan.
+Added: The 2011 Plan also included shares available to be awarded for stock options totaling 246,427 .
+Added: These shares were returned at expiration and are no longer available for award.
+Added: The 2011 Plan will remain in existence solely for the purpose of administering outstanding grants under that plan.
The following table shows the activity of the restricted stock awards granted under this plan:
8 unchanged sentences
Unvested awards as of December 31, 2025
−Removed: At December 31, 2024 , the Company has unrecognized expense of approximately $ 562,000 for this plan, which it expects to recognize ratably through November 2027 .
+Added: At December 31, 2025 , the Company has unrecognized expense of approximately $ 481,000 for this plan, which it expects to recognize ratably up to February, 2028.
+Added: The 2025 Plan provides for different types of awards including stock options, restricted stock awards, restricted stock units, and performance awards.
+Added: Under this plan, awards of Eagle’s common stock may be made to eligible directors, officers and employees.
+Added: The maximum number of shares of stock that may be delivered under this plan as of December 31, 2025 is 257,578 which includes 82,578 excess shares transferred from the 2011 Plan upon adoption of the 2025 Plan.
+Added: During 2025, the total performance shares awarded under the 2025 Plan were 13,752 based on target level performance.
+Added: These shares will vest at the end of the three -year performance period in February, 2028.
+Added: As of December 31, 2025, 243,826 shares were available to be awarded under the 2025 Plan.
+Added: At December 31, 2025, the Company has unrecognized expense of approximately $ 167,000 for this plan, which it expects to recognize ratably up to February, 2028.
The Company established a nonemployee director award plan effective April 23, 2020.
Under this plan, awards of Eagle's common stock may be made to eligible directors.
−Removed: This plan was amended during 2023 and increased the maximum number of shares of restricted stock for issuance under this plan to 88,000 .
−Removed: The number of shares of restricted stock available to award under this plan was 48,127 as of December 31, 2024 .
+Added: This plan was amended during 2023 and increased the maximum number of shares of restricted stock for issuance under this plan t o 88,000 .
+Added: The number of shares of restricted stock available to award under this plan wa s 35,807 a s of December 31, 2025 .
EAGLE BANCORP MONTANA, INC.
12 unchanged sentences
Unvested awards as of December 31, 2025
−Removed: At December 31, 2024 , the Company has unrecognized expense of approximately $ 166,000 for this plan, which it expects to recognize ratably through November 2025.
−Removed: The Company recognized total compensation expense of $ 523,000 and $ 347,000 for these plans during the years ended December 31, 2024 and 2023 , respectively.
+Added: At December 31, 2025 , the Company has unrecognized expense of approximatel y $ 167,000 f or this plan, which it expects to recognize ratably up to November, 2026.
+Added: The Company recognized total compensation expense of $ 689,000 a nd $ 523,000 for these plans during the years ended December 31, 2025 and 2024 , respectively.
D erivatives and Hedging Activities
3 unchanged sentences
Derivatives are accounted for as free-standing or economic derivatives and are measured at fair value.
−Removed: Derivatives are recorded as either other assets or other liabilities on the consolidated statements of condition.
+Added: Derivatives are recorded as either other assets or other liabilities on the consolidated statements of financial condition.
Derivatives are summarized as follows:
7 unchanged sentences
Changes in the fair value of the derivatives are recorded in mortgage banking, net within noninterest income on the consolidated statements of income.
−Removed: A net gain of $ 99,000 was recorded for the year ended December 31, 2024 compared to a net gain of $ 10,000 for the year ended December 31, 2023 .
+Added: A net loss of $ 143,000 was recorded for the year ended December 31, 2025 compared to a net gain of $ 99,000 for the year ended December 31, 2024 .
Fair Value of Financial Instruments
11 unchanged sentences
Available-for-Sale Securities – Securities classified as available-for-sale are reported at fair value utilizing Level 1 (nationally recognized securities exchanges) and Level 2 inputs.
−Removed: For Level 2 securities, the Company obtains fair value measurements from an independent pricing service.
+Added: For Level 2 inputs securities, the Company obtains fair value measurements from an independent pricing service.
The fair value measurements consider observable data that may include but is not limited to dealer quotes, market spreads, cash flows, the U.S.
1 unchanged sentence
Loans Held-for-Sale – These loans are reported at fair value.
−Removed: Fair value is determined based on expected proceeds based on committed sales contracts and commitments of similar loans if not already committed and are considered to be Level 2.
+Added: Fair value is determined based on expected proceeds based on committed sales contracts and commitments of similar loans if not already committed and are considered Level 2 inputs.
Derivative Instruments – The fair value of the interest rate lock commitments, forward TBA mortgage-backed securities and mandatory forward commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate.
−Removed: Interest rate lock commitments are considered to be Level 3 and the forward TBA mortgage-backed securities and mandatory forward commitments are considered to be Level 2.
+Added: Interest rate lock commitments are considered Level 3 inputs and forward TBA mortgage-backed securities and mandatory forward commitments are considered Level 2 inputs.
Collateral-Dependent Loans – Individually reviewed collateral-dependent loans are reported at the fair value of the underlying collateral less costs to sell.
−Removed: Collateral-dependent loans are classified within Level 3 of the fair value hierarchy.
+Added: Collateral-dependent loans are considered Level 3 inputs.
+Added: Collateral values are estimated using Level 3 inputs based on internally customized discounting criteria.
R eal Estate and Other R epossessed Assets – Fair values are determined at the time the loan is foreclosed upon and the asset is transferred from loans.
−Removed: The value is based primarily on third -party appraisals, less costs to sell and are considered Level 3 inputs for determining fair value.
+Added: The value is based primarily on third -party appraisals, less costs to sell and are considered Level 3 inputs of the fair value hierarchy.
Repossessed assets are reviewed and evaluated periodically for additional impairment and adjusted accordingly.
−Removed: Mortgage Servicing Rights – The fair value of mortgage servicing rights are estimated using present value of expected cash flows based on a third -party model that incorporated industry assumptions and is adjusted for factors such as prepayment speeds and are considered level 3 inputs.
+Added: Mortgage Servicing Rights – The fair value of mortgage servicing rights are estimated using net present value of expected cash flows based on a third party model that incorporates industry assumptions and is adjusted for factors such as prepayment speeds and are considered Level 3 inputs.
The following table summarizes financial assets and liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
19 unchanged sentences
- 7,452 - 7,452
−Removed: Forward TBA mortgage-backed securities
Financial liabilities:
+Added: Forward TBA mortgage-backed securities
Interest rate lock commitments
19 unchanged sentences
- 13,368 - 13,368
−Removed: Interest rate lock commitments
−Removed: Financial liabilities:
Forward TBA mortgage-backed securities
+Added: Financial liabilities:
+Added: Interest rate lock commitments
EAGLE BANCORP MONTANA, INC.
24 unchanged sentences
Pull-through expectations
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Fair Value of Financial Instruments – continued
−Removed: The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3 ) on a recurring basis during the year ended December 31, 2024 .
−Removed: December 31, 2024
−Removed: December 31, 2023
+Added: The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable Level 3 inputs on a recurring basis.
+Added: As of or For the
Interest Rate Lock Commitments
7 unchanged sentences
$ ( 49 ) $ ( 103 )
−Removed: Unrealized (losses) gains related to items held at end of period
+Added: Unrealized gains (losses) related to items held during the period
$ 54 $ ( 118 )
−Removed: The tables below summarize the estimated fair values of financial instruments of the Company, whether or not recognized at fair value on the consolidated statements of condition.
+Added: EAGLE BANCORP MONTANA, INC.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Fair Value of Financial Instruments – continued
+Added: The tables below summarize the estimated fair values of financial instruments of the Company, whether or not recognized at fair value on the consolidated statements of financial condition.
The tables are followed by methods and assumptions that were used by the Company in estimating the fair value of the classes of financial instruments.
15 unchanged sentences
- - 461,201 461,201 462,172
+Added: Federal funds purchased
+Added: - - 105 105 105
FHLB advances and other borrowings
22 unchanged sentences
- - 58,024 58,024 60,155
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Condensed Parent Company Financial Statements
11 unchanged sentences
$ 909 $ 1,023
+Added: Other borrowings
Other long-term debt
4 unchanged sentences
$ 252,173 $ 234,937
+Added: EAGLE BANCORP MONTANA, INC.
+Added: AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Condensed Parent Company Financial Statements – continued
(In Thousands)
14 unchanged sentences
$ 14,835 $ 9,778
−Removed: EAGLE BANCORP MONTANA, INC.
−Removed: AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Condensed Parent Company Financial Statements – continued
(In Thousands)
5 unchanged sentences
Other adjustments, net
−Removed: 2,281 ( 1,302 )
Net cash used in operating activities
6 unchanged sentences
CASH FLOWS FROM FINANCING ACTIVITIES:
+Added: Repayments of subordinated debentures
+Added: Advances on long-term FHLB and other borrowings
ESOP payments and dividends
−Removed: Payments to purchase treasury stock
+Added: Purchase of treasury stock
( 1,573 ) ( 419 )
4 unchanged sentences
( 5,293 ) ( 4,096 )
−Removed: NET DECREASE IN CASH AND CASH EQUIVALENTS
−Removed: ( 563 ) ( 2,612 )
+Added: NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, beginning of period
1 unchanged sentence
$ 2,309 $ 1,863
−Removed: Restatement of Interim Financial Information (UNAUDITED)
−Removed: Restatement of Unaudited Condensed Statement of Cash Flows
−Removed: In connection with the preparation of the consolidated statement of cash flows for the year ended December 31, 2024, the Company concluded the proper classification of borrowings as short-term or long-term was not properly presented within the statement of cash flows for the nine months ended September 30, 2024.
−Removed: See below for a reconciliation from the previously reported amounts in the Company's Quarterly Reports on Form 10 -Q to the restated amounts for the nine months ended September 30, 2024.
−Removed: The previously reported amounts are labeled "As Reported" in the table below.
−Removed: The amounts labeled "Adjustments" represent the effects of this restatement.
−Removed: The classification errors were isolated to the financing activities section of the statement of cash flows and had no impact on net cash provided by financing activities.
−Removed: In addition, there was no impact to the unaudited condensed consolidated statement of condition, statement of income, statement of comprehensive income or statement of changes in shareholder’s equity for the same period.
−Removed: Nine Months Ended September 30, 2024
−Removed: (In Thousands)
−Removed: CASH FLOWS FROM FINANCING ACTIVITIES:
−Removed: Net increase in deposits
−Removed: $ 15,317 $ - $ 15,317
−Removed: Net short-term advances (payments) on FHLB and other borrowings
−Removed: 14,263 ( 55,000 ) ( 40,737 )
−Removed: Advances on long-term FHLB and other borrowings
−Removed: 29,167 75,833 105,000
−Removed: Payments on long-term FHLB and other borrowings
−Removed: - ( 20,833 ) ( 20,833 )
−Removed: Purchase of treasury stock
−Removed: Dividends paid
−Removed: ( 3,387 ) - ( 3,387 )
−Removed: Net cash provided by financing activities
−Removed: $ 55,360 $ - $ 55,360
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.