Eagle Bancorp Montana (EBMT) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $3.4 million ($0.44 per diluted share), up 26.7% sequentially and 58.6% year-over-year; full-year 2024 net income was $9.8 million ($1.24 per diluted share), slightly down from $10.1 million in 2023.

• Quarterly cash dividend of $0.1425 per share declared, annualized yield of 3.93%.

• Strong quarterly deposit growth, net interest margin expansion, and stable core deposit base highlighted.

Financial highlights

• Net interest margin (NIM) rose to 3.59% in Q4 2024, up 25 bps sequentially and 27 bps year-over-year.

• Revenues for Q4 2024 were $21.4 million, up 2.8% sequentially and 1.7% year-over-year; full-year revenues were $81.2 million, down from $85.2 million in 2023 due to lower mortgage banking activity.

• Net interest income for Q4 2024 was $16.8 million, up 6.3% sequentially and 10.5% year-over-year; full-year net interest income was $63.4 million, up 1.5% from 2023.

• Noninterest income for Q4 2024 was $4.6 million, down 8.2% sequentially and 21.3% year-over-year; full-year noninterest income fell 21.8% to $17.8 million.

• Noninterest expense for Q4 2024 was $17.7 million, up 2.5% sequentially but down 6.3% year-over-year; full-year noninterest expense decreased 3.9% to $69.3 million.

Outlook and guidance

• Management anticipates steady single-digit loan growth in 2025 and expects further improvement in cost of funds as deposit pricing eases with Fed rate cuts.