Eagle Bancorp Montana, Inc. reported its financial results for the quarter ended September 30, 2024, showing a mixed performance compared to the same period in 2023. Total assets increased to $2.15 billion, up $69.44 million (3.3%) from $2.08 billion at the end of 2023. Total loans receivable, net of allowance for credit losses, rose to $1.52 billion, reflecting a growth of $49.47 million (3.4%). This increase was primarily driven by a rise in commercial loans, residential loans, home equity loans, and commercial real estate loans.

Total deposits as of September 30, 2024, reached $1.65 billion, an increase of $15.31 million (0.9%) from $1.64 billion at the end of 2023. However, the company experienced a decrease in total noninterest income, which fell to $4.98 million from $6.04 million in the prior year, a decline of 17.5%. Conversely, total interest and dividend income increased to $26.76 million, up from $24.09 million, marking an 11.1% rise.

Net interest income for the three months ended September 30, 2024, was $15.80 million, slightly up from $15.59 million in the same quarter of 2023. The average interest rate on loans increased to 6.10%, compared to 5.66% in the prior year. Total interest expense also rose significantly to $10.96 million from $8.51 million, reflecting a higher cost of funds.

For the nine months ended September 30, 2024, net income was reported at $6.35 million, down from $7.89 million in the same period of 2023. Basic and diluted earnings per share decreased to $0.81 from $1.01. The decline in net income was attributed to a decrease in total noninterest income and an increase in interest expense, which rose to $30.88 million from $19.80 million.

Total noninterest expense for the three months ended September 30, 2024, decreased to $17.27 million from $17.88 million, contributing to a slight increase in income before provision for income taxes, which rose to $3.24 million from $3.16 million. The provision for credit losses decreased to $277,000 from $588,000 in the prior year.

Eagle Bancorp Montana, Inc. maintained a strong capital position, with total shareholders' equity increasing to $177.73 million, up $8.46 million (5.0%) from December 31, 2023. The company’s liquidity remains robust, with available borrowing capacity of approximately $348.10 million as of September 30, 2024. The bank continues to monitor its asset quality, particularly in the commercial real estate sector, and has implemented risk management practices to mitigate potential impacts from changing economic conditions.