Form 8-K

8-K — Eagle Bancorp Montana, Inc.

Accession: 0001171843-26-002773

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001478454

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — f8k_042826.htm (Primary)

EX-99.1 — PRESS RELEASE (exh_991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: f8k_042826.htm · Sequence: 1

Form 8-K

False000147845400014784542026-04-282026-04-28iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2026

_______________________________

EAGLE BANCORP MONTANA, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware 1-34682 27-1449820

(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

1400 Prospect Ave.

Helena, Montana 59601

(Address of Principal Executive Offices) (Zip Code)

(406) 442-3080

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.01 per share EBMT Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Eagle Bancorp Montana, Inc. announced its results of operations for the quarter ended March 31, 2026. A copy of the press release announcing Eagle’s results for the quarter ended March 31, 2026, and dated April 28, 2026 is attached as Exhibit 99.1 and incorporated herein by reference.

The information in Item 2.02, as well as Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibit is being filed herewith and this list shall constitute the exhibit index:

Exhibit No. Description

99.1 Eagle Bancorp press release issued April 28, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EAGLE BANCORP MONTANA, INC.

Date: April 28, 2026 By: /s/ Miranda J. Spaulding

Miranda J. Spaulding

Executive Vice President & CFO

EX-99.1 — PRESS RELEASE

EX-99.1

Filename: exh_991.htm · Sequence: 2

EdgarFiling

EXHIBIT 99.1

Eagle Bancorp Montana Earns $4.0 Million, or $0.51 per Diluted Share, in the First Quarter of 2026, Declares Quarterly Cash Dividend of $0.145 Per Share and Renews Stock Repurchase Plan

HELENA, Mont., April 28, 2026 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $4.0 million, or $0.51 per diluted share, in the first quarter of 2026, compared to $4.7 million, or $0.60 per diluted share, in the preceding quarter, and $3.2 million, or $0.41 per diluted share, in the first quarter of 2025.

Eagle’s board of directors declared a quarterly cash dividend of $0.145 per share on April 23, 2026. The dividend will be payable June 5, 2026, to shareholders of record May 15, 2026. The current dividend represents an annualized yield of 2.72% based on the average closing price of the Company’s common stock reported on NASDAQ during the first quarter of 2026 of $21.32 per share.

“Eagle’s first quarter results reflect the continued strength of our franchise and the durability of our core earnings,” said Laura F. Clark, President and CEO. “Net income and earnings per share increased compared to the first quarter of last year, driven by further improvement in our funding costs, resilient asset yields and disciplined expense management. Net interest margin continued to expand during the quarter, and with a strong core deposit base and a diversified loan portfolio, we remain well positioned to pursue opportunities across our Montana market and deliver long term value for our shareholders.”

First Quarter 2026 Highlights (at or for the three-month period ended March 31, 2026, except where noted):

Net income was $4.0 million, or $0.51 per diluted share, in the first quarter of 2026, compared to $4.7 million, or $0.60 per diluted share in the preceding quarter, and $3.2 million, or $0.41 per diluted share, in the first quarter a year ago.

Net interest margin (“NIM”) was 4.11% in the first quarter of 2026, a three-basis point increase compared to 4.08% in the preceding quarter and a 37-basis point increase compared to the first quarter a year ago.

Net interest income, before the provision for credit losses, decreased 2.4% to $18.7 million in the first quarter of 2026, compared to $19.2 million in the fourth quarter of 2025, and increased 10.7% compared to $16.9 million in the first quarter of 2025.

Revenues (net interest income before the provision for credit losses, plus noninterest income) were $23.6 million in the first quarter of 2026, compared to $24.3 million in the preceding quarter and $20.9 million in the first quarter a year ago.

Total loans at March 31, 2026 remained relatively consistent, compared to a year earlier, and three months earlier.

The allowance for credit losses represented 1.15% of portfolio loans and 315.0% of nonperforming loans at March 31, 2026, compared to 1.10% of total portfolio loans and 313.2% of nonperforming loans at March 31, 2025, and compared to 1.14% of total portfolio loans and 308.4% of nonperforming loans at December 31, 2025.

Total deposits increased $96.1 million or 5.7% to $1.79 billion at March 31, 2026, compared to a year earlier, and increased $4.5 million or 0.3%, compared to December 31, 2025.

The Company’s available borrowing capacity was approximately $593.1 million at March 31, 2026, compared to $601.0 million at December 31, 2025.

The Company paid a quarterly cash dividend in the first quarter of $0.145 per share on March 6, 2026, to shareholders of record February 13, 2026.

Balance Sheet Results

Total assets were $2.09 billion at March 31, 2026, unchanged compared to a year earlier, and $2.11 billion three months earlier. The investment securities portfolio totaled $274.9 million at March 31, 2026, compared to $291.7 million a year ago, and $281.7 million at December 31, 2025.

Eagle originated $75.0 million in new residential mortgages during the quarter and sold $66.1 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 2.54%. This production compares to residential mortgage originations of $66.8 million in the preceding quarter with sales of $64.3 million and an average gross margin on sale of mortgage loans of approximately 3.21%.

Total loans decreased $4.2 million compared to a year ago and were unchanged from three months earlier. Commercial real estate loans increased modestly to $667.7 million at March 31, 2026, compared to $666.3 million a year earlier. Commercial real estate loans were comprised of 72.5% non-owner occupied and 27.5% owner occupied at March 31, 2026. Agricultural and farmland loans decreased 1.4% to $280.5 million at March 31, 2026, compared to $284.6 million a year earlier. Residential mortgage loans decreased 3.1% to $145.1 million, compared to $149.7 million a year earlier. Commercial loans increased 8.5% to $151.6 million, compared to $139.7 million a year ago. Commercial construction and development loans decreased 10.7% to $98.3 million, compared to $110.1 million a year ago. Home equity loans increased 8.6% to $109.3 million, residential construction loans decreased 3.9% to $43.7 million, and consumer loans decreased 14.2% to $23.2 million, compared to a year ago.

“Deposit costs continued to decline in the first quarter as we maintained our strong core deposit base and maturing CDs repriced lower, and we expect this momentum to continue through the remainder of the year,” said Miranda Spaulding, Chief Financial Officer.

Total deposits increased to $1.79 billion at March 31, 2026, compared to $1.69 billion at March 31, 2025, and $1.78 billion at December 31, 2025. Noninterest-bearing checking accounts represented 24.5%, interest-bearing checking accounts represented 12.2%, savings accounts represented 12.0%, money market accounts comprised 24.8% and time certificates of deposit made up 26.5% of the total deposit portfolio at March 31, 2026. The average cost of total deposits was 1.52% in the first quarter of 2026, compared to 1.53% in the preceding quarter and 1.67% in the first quarter of 2025. The estimated amount of uninsured deposits was approximately $354.1 million, or 20% of total deposits, at March 31, 2026, compared to $354.6 million, or 20% of total deposits, at December 31, 2025.

FHLB advances and other borrowings decreased to $26.7 million at March 31, 2026, compared to $125.0 million at March 31, 2025, and $38.0 million at December 31, 2025. The average cost of FHLB advances and other borrowings was 5.46% in the first quarter of 2026, compared to 5.07% in the preceding quarter and 4.75% in the first quarter of 2025. Other borrowings at March 31, 2026, and December 31, 2025 include the Company’s line of credit draw for $15.0 million at an average rate of 6.34% for the first quarter of 2026, compared to 6.61% for the fourth quarter of 2025.

Shareholders’ equity was $193.0 million at March 31, 2026, compared to $177.6 million a year earlier and $191.8 million three months earlier. Book value per share of $24.22 at March 31, 2026 increased 8.8%, compared to $22.26 a year earlier, and increased 0.5%, compared to $24.10 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, of $19.48 at March 31, 2026 increased 12.1%, compared to $17.38 a year earlier and increased 0.8%, compared to $19.32 three months earlier.

Operating Results

“Our net interest margin improved three-basis points sequentially and expanded 37-basis points over the prior year quarter, driven by a meaningful reduction in funding costs that more than offset modest compression in earning asset yields. While the interest rate environment remains increasingly tied to the broader policy backdrop, we remain optimistic that further easing, should it materialize, will provide additional relief on the liability side of the balance sheet and further net interest margin expansion,” said Spaulding.

Eagle’s NIM was 4.11% in the first quarter of 2026, compared to 4.08% in the preceding quarter and 3.74% in the first quarter a year ago. The interest accretion on acquired loans totaled $185,000 and resulted in a four-basis point increase in the NIM during the first quarter of 2026, compared to $138,000 and a three-basis point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the first quarter of 2026 were 5.76%, compared to 5.83% in the fourth quarter of 2025 and 5.76% in the first quarter a year ago. Funding costs for the first quarter of 2026 decreased to 2.15%, compared to 2.28% in the fourth quarter of 2025 and 2.54% in the first quarter of 2025.

Net interest income, before the provision for credit losses, was $18.7 million in the first quarter of 2026, compared to $19.2 million in the fourth quarter of 2025, and increased 10.7% compared to $16.9 million in the first quarter of 2025. Revenues for the first quarter of 2026 were $23.6 million, compared to $24.3 million in the preceding quarter and increased 12.7% compared to $20.9 million in the first quarter a year ago.

Total noninterest income was $4.9 million in the first quarter of 2026, compared to $5.1 million in the preceding quarter, and increased 21.5% compared to $4.0 million in the first quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.4 million in the first quarter of 2026, compared to $2.6 million in the preceding quarter and $2.1 million in the first quarter a year ago.

“We remain disciplined in how we manage costs while continuing to direct capital towards the investments we believe will generate the most meaningful long-term results,” said Darryl Rensmon, Chief Operating Officer. Eagle’s first quarter noninterest expense was $18.2 million, which was unchanged compared to the preceding quarter. The $1.2 million, or 7.1% increase compared to the first quarter a year ago was largely due to higher salaries and employee benefits expense.

For the first quarter of 2026, the Company recorded income tax expense of $1.1 million, compared to $1.4 million in the preceding quarter and $631,000 in the first quarter of 2025. The effective tax rate for the first quarter of 2026 was 21.8%, compared to 22.2% for the fourth quarter of 2025 and 16.3% for the first quarter of 2025.

Credit Quality

Eagle recorded a $279,000 provision for credit losses for the first quarter of 2026, compared to a $39,000 provision for credit losses in the preceding quarter and a $42,000 provision for credit losses in the first quarter a year ago. The allowance for credit losses represented 315.0% of nonperforming loans at March 31, 2026, compared to 308.4% three months earlier and 313.2% a year earlier. Nonperforming loans were $5.5 million at March 31, 2026, $5.6 million at December 31, 2025, and $5.3 million a year earlier. Net loan charge-offs totaled $49,000 in the first quarter of 2026, compared to $99,000 in the preceding quarter and $2,000 in the first quarter a year ago. The allowance for credit losses was $17.4 million, or 1.15% of total loans, at March 31, 2026, compared to $17.4 million, or 1.14% of total loans, at December 31, 2025, and $16.7 million, or 1.10% of total loans, a year ago.

Capital Management

Eagles’s ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 7.55% at March 31, 2026, up from 6.77% a year ago and 7.43% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. The Bank’s Tier 1 capital to adjusted total average assets was 10.85% as of March 31, 2026. As of March 31, 2026, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized.

Stock Repurchase Authority

Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2026, representing approximately 5.0% of outstanding shares. Under the 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 upon market conditions and other corporate considerations. The plan is expected to be in place for approximately 12 months, but may be suspended, terminated or modified by the Company’s Board of Directors at any time. The plan does not obligate the Company to purchase any particular number of shares.

About the Company

Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

Forward Looking Statements

This release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as "believe," “will” "expect," "anticipate," "should," "planned," "estimated," and "potential." These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, expense management initiatives, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, including the war in the Middle East, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including steps taken by governmental and other authorities to contain, mitigate and combat such emergencies or pandemics; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the direct or indirect impact of any new regulatory, policy or enforcement developments resulting from the policies or actions of the current U.S. presidential administration, including the implementation of tariffs and other protectionist trade policies, including any reciprocal tariffs by foreign countries, and any uncertainties related thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; limitations on Eagle’s ability to receive dividends from its subsidiaries; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; possible changes in governmental monetary and fiscal policies, or any leadership changes of those determining such policies; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; Eagle’s ability to assess and monitor the effect of evolving uses of artificial intelligence on its business and operations; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

Use of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures in this release include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

The numerator for the core efficiency ratio is calculated by subtracting intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. A reconciliation of the GAAP and non-GAAP financial measures is presented below.

Balance Sheet

(Dollars in thousands, except per share data) (Unaudited)

March 31, December 31, March 31,

2026 2025 2025

Assets:

Cash and due from banks $ 19,420 $ 24,110 $ 21,360

Interest-bearing deposits in banks 34,217 38,852 1,445

Federal funds sold 96 - -

Total cash and cash equivalents 53,733 62,962 22,805

Securities available-for-sale, at fair value 274,887 281,692 291,661

Federal Home Loan Bank ("FHLB") stock 2,734 2,650 7,101

Federal Reserve Bank ("FRB") stock 4,131 4,131 4,131

Mortgage loans held-for-sale, at fair value 9,904 7,452 6,223

Loans:

Real estate loans:

Residential 1-4 family 145,070 148,515 149,699

Residential 1-4 family construction 43,714 35,278 45,508

Commercial real estate 667,685 635,970 666,265

Commercial construction and development 98,282 120,289 110,107

Farmland 160,664 162,580 153,456

Other loans:

Home equity 109,278 108,073 100,665

Consumer 23,154 24,424 26,978

Commercial 151,580 149,431 139,668

Agricultural 119,859 134,459 131,162

Total loans 1,519,286 1,519,019 1,523,508

Allowance for credit losses (17,430 ) (17,370 ) (16,720 )

Net loans 1,501,856 1,501,649 1,506,788

Accrued interest and dividends receivable 13,613 14,448 13,271

Mortgage servicing rights, net 14,909 15,043 15,282

Assets held-for-sale, at cost - - 960

Premises and equipment, net 100,556 101,438 101,759

Cash surrender value of life insurance, net 55,062 54,708 53,573

Goodwill 34,740 34,740 34,740

Core deposit intangible, net 3,045 3,314 4,181

Other assets 22,681 22,140 25,941

Total assets $ 2,091,851 $ 2,106,367 $ 2,088,416

Liabilities:

Deposit accounts:

Noninterest-bearing $ 437,574 $ 452,183 $ 411,272

Interest-bearing 1,348,502 1,329,416 1,278,694

Total deposits 1,786,076 1,781,599 1,689,966

Accrued expenses and other liabilities 41,670 50,482 36,739

Federal funds purchased - 105 -

FHLB advances and other borrowings 26,667 37,917 124,952

Other long-term debt, net 44,479 44,450 59,186

Total liabilities 1,898,892 1,914,553 1,910,843

Shareholders' Equity:

Preferred stock (par value $0.01 per share; 1,000,000 shares authorized; no shares issued or outstanding) - - -

Common stock (par value $0.01 per share; 20,000,000 shares authorized; 8,507,429 shares issued; 7,965,431, 7,957,769 and 7,977,177 shares outstanding at March 31, 2026, December 31,2025, and March 31, 2025, respectively) 85 85 85

Additional paid-in capital 108,072 108,086 108,451

Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") (3,294 ) (3,437 ) (3,867 )

Treasury stock, at cost (541,998, 549,660 and 530,252 shares at March 31, 2026, December 31, 2025, and March 31, 2025, respectively) (11,374 ) (11,567 ) (11,517 )

Retained earnings 114,350 111,521 103,366

Accumulated other comprehensive loss, net of tax (14,880 ) (12,874 ) (18,945 )

Total shareholders' equity 192,959 191,814 177,573

Total liabilities and shareholders' equity $ 2,091,851 $ 2,106,367 $ 2,088,416

Income Statement (Unaudited)

(Dollars in thousands, except per share data) Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Interest and dividend income:

Interest and fees on loans $ 23,570 $ 24,623 $ 23,320

Securities available-for-sale 2,215 2,296 2,451

FHLB and FRB dividends 138 201 260

Other interest income 299 238 38

Total interest and dividend income 26,222 27,358 26,069

Interest expense:

Deposits 6,661 6,849 6,871

FHLB advances and other borrowings 412 735 1,626

Other long-term debt 446 612 670

Total interest expense 7,519 8,196 9,167

Net interest income 18,703 19,162 16,902

Provision for credit losses 279 39 42

Net interest income after provision for credit losses 18,424 19,123 16,860

Noninterest income:

Service charges on deposit accounts 408 431 389

Mortgage banking, net 2,434 2,568 2,125

Interchange and ATM fees 628 666 593

Appreciation in cash surrender value of life insurance 362 384 350

Other noninterest income 1,049 1,083 559

Total noninterest income 4,881 5,132 4,016

Noninterest expense:

Salaries and employee benefits 10,814 10,887 9,664

Occupancy and equipment expense 2,560 2,505 2,302

Data processing 1,255 1,015 1,330

Software subscriptions 571 680 658

Advertising 301 468 232

Amortization 271 288 320

Loan costs 365 292 372

Federal Deposit Insurance Corporation ("FDIC") insurance premiums 235 237 231

Professional and examination fees 382 387 520

Other noninterest expense 1,457 1,417 1,377

Total noninterest expense 18,211 18,176 17,006

Income before provision for income taxes 5,094 6,079 3,870

Provision for income taxes 1,110 1,350 631

Net income $ 3,984 $ 4,729 $ 3,239

Basic earnings per common share $ 0.51 $ 0.61 $ 0.41

Diluted earnings per common share $ 0.51 $ 0.60 $ 0.41

Basic weighted average shares outstanding 7,818,831 7,807,848 7,812,248

Diluted weighted average shares outstanding 7,844,457 7,824,500 7,823,636

ADDITIONAL FINANCIAL INFORMATION (Unaudited)

(Dollars in thousands, except per share data) Three Months Ended or Years Ended

March 31, December 31, March 31,

2026 2025 2025

Mortgage Banking Activity (For the quarter):

Net gain on sale of mortgage loans $ 1,678 $ 2,062 $ 1,349

Net change in fair value of loans held-for-sale and derivatives 138 (194 ) (115 )

Mortgage servicing income, net 618 700 891

Mortgage banking, net $ 2,434 $ 2,568 $ 2,125

Performance Ratios (For the quarter):

Return on average assets 0.76 % 0.89 % 0.62 %

Return on average equity 8.16 % 9.92 % 7.66 %

Yield on average interest earning assets 5.76 % 5.83 % 5.76 %

Cost of funds 2.15 % 2.28 % 2.54 %

Net interest margin 4.11 % 4.08 % 3.74 %

Core efficiency ratio* 76.07 % 73.63 % 79.77 %

Asset Quality Ratios and Data: As of or for the Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Nonaccrual loans $ 2,328 $ 2,088 $ 2,701

Loans 90 days past due and still accruing 3,206 3,544 2,638

Total nonperforming loans 5,534 5,632 5,339

Other real estate owned and other repossessed assets 70 98 46

Total nonperforming assets $ 5,604 $ 5,730 $ 5,385

Nonperforming loans / portfolio loans 0.36 % 0.37 % 0.35 %

Nonperforming assets / assets 0.27 % 0.27 % 0.26 %

Allowance for credit losses / portfolio loans 1.15 % 1.14 % 1.10 %

Allowance for credit losses/ nonperforming loans 314.96 % 308.42 % 313.17 %

Gross loan charge-offs for the quarter $ 54 $ 104 $ 6

Gross loan recoveries for the quarter $ 5 $ 5 $ 4

Net loan charge-offs for the quarter $ 49 $ 99 $ 2

March 31, December 31, March 31,

2026 2025 2025

Capital Data (At quarter end):

Common shareholders' equity (book value) per share $ 24.22 $ 24.10 $ 22.26

Tangible book value per share** $ 19.48 $ 19.32 $ 17.38

Shares outstanding 7,965,431 7,957,769 7,977,177

Tangible common equity to tangible assets*** 7.55 % 7.43 % 6.77 %

Other Information:

Average investment securities for the quarter $ 280,552 $ 282,822 $ 293,273

Average investment securities year-to-date $ 280,552 $ 286,079 $ 293,273

Average loans for the quarter **** $ 1,525,274 $ 1,548,740 $ 1,526,774

Average loans year-to-date **** $ 1,525,274 $ 1,553,083 $ 1,526,774

Average earning assets for the quarter $ 1,846,375 $ 1,863,345 $ 1,835,210

Average earning assets year-to-date $ 1,846,375 $ 1,860,229 $ 1,835,210

Average total assets for the quarter $ 2,092,280 $ 2,115,595 $ 2,079,142

Average total assets year-to-date $ 2,092,280 $ 2,111,258 $ 2,079,142

Average deposits for the quarter $ 1,779,066 $ 1,773,434 $ 1,671,349

Average deposits year-to-date $ 1,779,066 $ 1,724,840 $ 1,671,349

Average equity for the quarter $ 195,349 $ 190,759 $ 169,088

Average equity year-to-date $ 195,349 $ 182,741 $ 169,088

* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of intangible asset amortization, by the sum of net interest income and non-interest income.

** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders' equity, less goodwill and core deposit intangible, by common shares outstanding.

*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders' equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.

**** Includes loans held for sale

Reconciliation of Non-GAAP Financial Measures

Efficiency Ratio (Unaudited)

(Dollars in thousands) Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Calculation of Efficiency Ratio:

Noninterest expense - efficiency ratio numerator $ 18,211 $ 18,176 $ 17,006

Net interest income 18,703 19,162 16,902

Noninterest income 4,881 5,132 4,016

Efficiency ratio denominator 23,584 24,294 20,918

Efficiency ratio (GAAP) 77.22 % 74.82 % 81.30 %

Calculation of Core Efficiency Ratio:

Noninterest expense $ 18,211 $ 18,176 $ 17,006

Intangible asset amortization (271 ) (288 ) (320 )

Core efficiency ratio numerator 17,940 17,888 16,686

Net interest income 18,703 19,162 16,902

Noninterest income 4,881 5,132 4,016

Core efficiency ratio denominator 23,584 24,294 20,918

Core efficiency ratio (non-GAAP) 76.07 % 73.63 % 79.77 %

Tangible Book Value and Tangible Assets (Unaudited)

(Dollars in thousands, except per share data) March 31, December 31, March 31,

2026 2025 2025

Tangible Book Value:

Shareholders' equity $ 192,959 $ 191,814 $ 177,573

Goodwill and core deposit intangible, net (37,785 ) (38,054 ) $ (38,921 )

Tangible common shareholders' equity (non-GAAP) $ 155,174 $ 153,760 $ 138,652

Common shares outstanding at end of period 7,965,431 7,957,769 7,977,177

Common shareholders' equity (book value) per share (GAAP) $ 24.22 $ 24.10 $ 22.26

Tangible common shareholders' equity (tangible book value) per share (non-GAAP) $ 19.48 $ 19.32 $ 17.38

Tangible Assets:

Total assets $ 2,091,851 $ 2,106,367 $ 2,088,416

Goodwill and core deposit intangible, net (37,785 ) (38,054 ) (38,921 )

Tangible assets (non-GAAP) $ 2,054,066 $ 2,068,313 $ 2,049,495

Tangible common shareholders' equity to tangible assets (non-GAAP) 7.55 % 7.43 % 6.77 %

March 31, 2026 December 31, 2025

(Dollars in thousands) Borrowings Outstanding Remaining Borrowing Capacity Borrowings Outstanding Remaining Borrowing Capacity

Federal Home Loan Bank advances $ 11,667 $ 484,796 $ 22,917 $ 492,553

Federal Reserve Bank discount window - 23,333 - 23,506

Correspondent bank lines of credit 15,000 85,000 15,105 84,895

Total $ 26,667 $ 593,129 $ 38,022 $ 600,954

Contacts: Laura F. Clark, President and CEO

(406) 457-4007

Miranda J. Spaulding, EVP and CFO

(406) 441-5010

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