EAGLE BANCORP MONTANA, INC., 10-K filed on 3/14/2025
Annual Report
v3.25.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 28, 2025
Jun. 30, 2024
Document Information [Line Items]      
Entity Central Index Key 0001478454    
Entity Registrant Name Eagle Bancorp Montana, Inc.    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2024    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 1-34682    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-1449820    
Entity Address, Address Line One 1400 Prospect Avenue    
Entity Address, City or Town Helena    
Entity Address, State or Province MT    
Entity Address, Postal Zip Code 59601    
City Area Code 406    
Local Phone Number 442-3080    
Title of 12(b) Security Common Stock par value $0.01 per share    
Trading Symbol EBMT    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 96,951,000
Entity Common Stock, Shares Outstanding   7,977,177  
Auditor Name Moss Adams LLP    
Auditor Location Spokane, Washington    
Auditor Firm ID 659    
v3.25.0.1
Consolidated Statements of Financial Condition - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Assets [Abstract]    
Cash and due from banks $ 29,824,000 $ 23,243,000
Interest-bearing deposits in banks 1,735,000 1,302,000
Federal funds sold 0 0
Total cash and cash equivalents 31,559,000 24,545,000
Securities available-for-sale, at fair value (amortized cost of $319,939 and $345,355 at December 31, 2024 and December 31, 2023, respectively) 292,590,000 318,279,000
Federal Home Loan Bank ("FHLB") stock 7,778,000 9,191,000
Federal Reserve Bank ("FRB") stock 4,131,000 4,131,000
Mortgage loans held-for-sale, at fair value 13,368,000 11,432,000
Loans receivable, net of allowance for credit losses of $16,850 and $16,440 at December 31, 2024 and December 31, 2023, respectively 1,503,796,000 1,468,049,000
Accrued interest and dividends receivable 12,890,000 12,485,000
Mortgage servicing rights, net 15,376,000 15,853,000
Assets held-for-sale, at cost 960,000 0
Property, Plant and Equipment, Net 101,540,000 94,282,000
Cash surrender value of life insurance, net 53,232,000 47,939,000
Goodwill 34,740,000 34,740,000
Core deposit intangible, net 4,499,000 5,880,000
Deferred tax asset, net 10,364,000 9,771,000
Other Assets 16,267,000 19,089,000
Total assets 2,103,090,000 2,075,666,000
LIABILITIES:    
Noninterest-bearing 419,211,000 418,727,000
Interest-bearing 1,262,017,000 1,216,468,000
Total deposits 1,681,228,000 1,635,195,000
Accrued Liabilities and Other Liabilities 47,018,000 36,462,000
FHLB advances and other borrowings 140,930,000 175,737,000
Other long-term debt:    
Principal amount 60,155,000 60,155,000
Unamortized debt issuance costs (1,006,000) (1,156,000)
Total other long-term debt, net 59,149,000 58,999,000
Total liabilities 1,928,325,000 1,906,393,000
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SHAREHOLDERS' EQUITY:    
Preferred stock (par value $0.01 per share; 1,000,000 shares authorized; no shares issued or outstanding) 0 0
Common stock ($0.01 par value; 20,000,000 shares authorized; 8,507,429 shares issued at December 31, 2024 and 2023 respectively; 8,027,177 and 8,016,784 shares outstanding at December 31, 2024 and 2023, respectively) 85,000 85,000
Additional paid-in capital 108,334,000 108,819,000
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") (4,011,000) (4,583,000)
Treasury stock, at cost (480,252 and 490,645 shares at December 31, 2024 and 2023, respectively) (10,761,000) (11,124,000)
Retained earnings 101,264,000 96,021,000
Accumulated other comprehensive loss, net of tax (20,146,000) (19,945,000)
Total shareholders' equity 174,765,000 169,273,000
Total liabilities and shareholders' equity $ 2,103,090,000 $ 2,075,666,000
v3.25.0.1
Consolidated Statements of Financial Condition (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Securities available-for-sale, amortized cost $ 319,939 $ 345,355
Allowance for Credit Loss $ 16,850 $ 16,440
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, share authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 20,000,000 20,000,000
Common stock, shares issued (in shares) 8,507,429 8,507,429
Common stock, shares outstanding (in shares) 8,027,177 8,016,784
Treasury shares (in shares) 480,252 490,645
v3.25.0.1
Consolidated Statements of Income - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
INTEREST AND DIVIDEND INCOME:    
Interest income from loans owned for directors, executive officers and their related parties $ 92,282,000 $ 79,423,000
Securities available-for-sale 10,428,000 11,376,000
FHLB and FRB dividends 1,085,000 727,000
Other interest income 416,000 89,000
Total interest and dividend income 104,211,000 91,615,000
INTEREST EXPENSE:    
Deposits 27,838,000 17,857,000
FHLB advances and other borrowings 10,211,000 8,562,000
Other long-term debt 2,724,000 2,719,000
Total interest expense 40,773,000 29,138,000
NET INTEREST INCOME 63,438,000 62,477,000
Provision for credit losses [1] 518,000 1,456,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 62,920,000 61,021,000
NONINTEREST INCOME:    
Appreciation in cash surrender value of life insurance 2,054,000 1,466,000
Net loss on sale of available-for-sale securities (141,000) (222,000)
Other noninterest income 1,664,000 2,227,000
Total noninterest income 17,776,000 22,722,000
NONINTEREST EXPENSE:    
Salaries and employee benefits 39,715,000 42,973,000
Occupancy and equipment expense 8,531,000 8,072,000
Data processing 6,209,000 5,943,000
Software subscriptions 2,127,000 2,064,000
Advertising 1,312,000 1,375,000
Amortization 1,391,000 1,587,000
Loan costs 1,567,000 1,887,000
Federal Deposit Insurance Corporation ("FDIC") insurance premiums 1,165,000 1,150,000
Professional and examination fees 1,941,000 1,922,000
Other noninterest expense 5,348,000 5,116,000
Total noninterest expense 69,306,000 72,089,000
INCOME BEFORE PROVISION FOR INCOME TAXES 11,390,000 11,654,000
Income Tax Expense (Benefit) 1,612,000 1,598,000
NET INCOME $ 9,778,000 $ 10,056,000
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 1.25 $ 1.29
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 1.24 $ 1.29
Deposit Account [Member]    
NONINTEREST INCOME:    
Noninterest income revenue $ 1,645,000 $ 1,757,000
Bank Servicing [Member]    
NONINTEREST INCOME:    
Noninterest income revenue 10,014,000 14,970,000
Debit Card [Member]    
NONINTEREST INCOME:    
Noninterest income revenue $ 2,540,000 $ 2,524,000
[1] Provision for credit losses for the year ended December 31, 2023; provision for loan losses for the year ended December 31, 2022.
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Net income $ 9,778 $ 10,056
OTHER ITEMS OF COMPREHENSIVE (LOSS) INCOME BEFORE TAX:    
Change in fair value of investment securities available-for-sale (414) 8,482
Reclassification for net realized losses on investment securities available-for-sale 141 222
Total other comprehensive (loss) income (273) 8,704
Income tax benefit (provision) related to securities available-for-sale 72 (2,292)
COMPREHENSIVE INCOME $ 9,577 $ 16,468
v3.25.0.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Cumulative Effect, Period of Adoption, Adjustment [Member]
Preferred Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Additional Paid-in Capital [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Unallocated ESOP Shares [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Treasury Stock, Common [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
AOCI Attributable to Parent [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Unallocated ESOP Shares [Member]
Treasury Stock, Common [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 $ 0 $ 0 $ 0 $ 0 $ 0 $ (1,616) $ 0 $ (1,616)                
Balance at Dec. 31, 2022                 $ 0 $ 85 $ 109,164 $ (5,156) $ (11,343) $ 92,023 $ (26,357) $ 158,416
Net income                 0 0 0 0 0 10,056 0 10,056
Other comprehensive income (loss)                 0 0 0 0 0 0 6,412 6,412
Dividends paid                 0 0 0 0 0 (4,442) 0 (4,442)
Stock compensation expense                 0 0 347 0 0 0 0 347
Treasury stock reissued for stock incentive plans                 0 0 (450) 450 0 0 0
ESOP shares allocated                 0 0 (242) 573 0 0 0 331
Treasury stock purchased                 0 0 0 0 (231) 0 0 (231)
Balance at Dec. 31, 2023                 0 85 108,819 (4,583) (11,124) 96,021 (19,945) 169,273
Net income                 0 0 0 0 0 9,778 0 9,778
Other comprehensive income (loss)                 0 0 0 0 0 0 (201) (201)
Dividends paid                 0 0 0 0 0 (4,535) 0 (4,535)
Stock compensation expense                 0 0 523 0 0 0 0 523
Treasury stock reissued for stock incentive plans                 0 0 (781) 0 781 0 0 0
ESOP shares allocated                 0 0 (227) 573 0 0 0 346
Treasury stock purchased                 0 0 0 0 (419) 0 0 (419)
Balance at Dec. 31, 2024                 $ 0 $ 85 $ 108,334 $ (4,010) $ (10,762) $ 101,264 $ (20,146) $ 174,765
v3.25.0.1
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dividends paid, per share (in dollars per share) $ 0.565 $ 0.555
Treasury stock reissued, shares (in shares) 35,393 25,751
Treasury stock reissued, cost per share (in dollars per share) $ 22.07 $ 15.85
ESOP shares allocated or committed to be released for allocation, shares (in shares) 23,990 23,990
Treasury stock purchased, shares (in shares) 25,000 17,901
Treasury stock, average cost per share (in dollars per share) $ 16.74 $ 12.89
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,778,000 $ 10,056,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses [1] 518,000 1,456,000
Depreciation 5,170,000 3,934,000
Net amortization of investment securities premiums and discounts 1,027,000 1,051,000
Amortization of mortgage servicing rights 1,833,000 1,706,000
Amortization of right-of-use assets 498,000 664,000
Amortization 1,391,000 1,587,000
Compensation expense related to restricted stock awards 523,000 347,000
ESOP compensation expense for allocated shares 346,000 331,000
Deferred income tax benefit (529,000) (671,000)
Net gain on sale of loans (6,741,000) (11,396,000)
Originations of loans held-for-sale (214,323,000) (347,711,000)
Proceeds from sales of loans held-for-sale 217,772,000 353,778,000
Net realized loss on sales of available-for-sale securities 141,000 222,000
Net appreciation in cash surrender value of life insurance (3,036,000) (1,466,000)
Net change in:    
Accrued interest and dividends receivable (405,000) (1,201,000)
Other assets 516,000 (10,273,000)
Accrued expenses and other liabilities 14,060,000 6,932,000
Net cash provided by operating activities 28,539,000 9,346,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales 14,121,000 34,020,000
Maturities, principal payments and calls 21,145,000 32,695,000
Purchases (10,980,000) (28,126,000)
FHLB stock redeemed (purchased) 1,413,000 (4,102,000)
Loan origination and principal collection, net (36,204,000) (130,742,000)
(Purchase) proceeds of bank owned life insurance (3,275,000) 1,230,000
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans 3,000 0
Proceeds from sale of premises and equipment 60,000 1,009,000
Purchases of premises and equipment, net (14,080,000) (14,189,000)
Net cash used in investing activities (27,797,000) (108,205,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in deposits 46,033,000 (77,000)
Net short-term (payments) advances from FHLB and other borrowings (107,724,000) 91,343,000
Advances on long-term FHLB and other borrowings 135,000,000 15,000,000
Payments on long-term FHLB and other borrowings (62,083,000) 0
Purchase of treasury stock (419,000) (231,000)
Dividends paid (4,535,000) (4,442,000)
Net cash provided by financing activities 6,272,000 101,593,000
NET INCREASE IN CASH AND CASH EQUIVALENTS 7,014,000 2,734,000
CASH AND CASH EQUIVALENTS, beginning of period 24,545,000 21,811,000
CASH AND CASH EQUIVALENTS, end of period 31,559,000 24,545,000
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the year for interest 37,910,000 24,815,000
Cash paid during the year for income taxes, net of refunds 549,000 3,009,000
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES:    
(Decrease) increase in fair value of securities available-for-sale (273,000) 8,704,000
Mortgage servicing rights recognized 1,356,000 2,147,000
Right-of-use assets (used) obtained in exchange for lease liabilities (151,000) 11,000
Loans transferred to real estate and other assets acquired in foreclosure 49,000 5,000
(Increase) decrease in commitments to invest in Low-Income Housing Tax Credit projects (2,445,000) 2,660,000
Retained earnings 101,264,000 96,021,000
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES:    
Retained earnings $ 0 $ (1,616,000)
[1] Provision for credit losses for the year ended December 31, 2023; provision for loan losses for the year ended December 31, 2022.
v3.25.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual [Table]  
Material Terms of Trading Arrangement [Text Block]

ITEM 9B.

OTHER INFORMATION.

 

Adoption or Termination of Trading Arrangements by Directors and Executive Officers.

 

During the quarter ended December 31, 2024, no director or officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K. 
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
ITEM 1C. CYBERSECURITY

 

Cyber criminals are becoming more sophisticated and effective every day, and they are increasingly targeting financial institutions. We recognize the critical importance of maintaining the safety and security of our systems and data and employ a multi-layered strategy for overseeing and managing cybersecurity and related risks. Our board of directors (the Board) and our management are actively involved in the oversight of our risk management program, of which cybersecurity represents an important component. As described in more detail below, we have established policies, standards, processes, and practices for assessing, identifying, and managing material risks from cybersecurity threats. We have devoted significant financial and personnel resources to implement and maintain security measures to meet regulatory requirements and customer expectations, and we intend to continue to make significant investments to maintain the security of our data and cybersecurity infrastructure. There can be no guarantee that our policies and procedures will be properly followed in every instance or that those policies and procedures will be effective. We believe we have not experienced any cybersecurity incidents that have materially affected our business to date. We can provide no assurance that there will not be incidents in the future or that they will not materially affect us, including our business strategy, results of operations, or financial condition.

 

Risk Management and Strategy

 

Our policies, standards, processes, and practices for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall risk management program and are based on frameworks established by the National Institute of Standards and Technology (NIST), the Federal Financial Institutions Examination Council (FFIEC), and other applicable industry standards. Our cybersecurity program in particular focuses on the following key areas:

 

Collaboration

 

Our cybersecurity risks are identified and addressed through a comprehensive, cross-functional approach. Key security, risk, and compliance stakeholders meet regularly to develop strategies for preserving the confidentiality, integrity and availability of Company and customer information, identifying, preventing, and mitigating cybersecurity threats, and effectively responding to cybersecurity incidents. We maintain controls and procedures that are designed to ensure prompt escalation of certain cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management and the Board in a timely manner.

 

Risk Assessment

 

At least annually, we conduct a cybersecurity risk assessment using the FFIEC Cybersecurity Assessment Tool that considers information from internal stakeholders, known information security vulnerabilities, and information from external sources (e.g., reported security incidents that have impacted other companies, industry trends, and evaluations by third parties and consultants). The results of the assessment are used to drive alignment on, and prioritization of, initiatives to enhance our security controls, make recommendations to improve processes, and inform a broader enterprise-level risk assessment that is presented to our Board, Audit Committee, and members of management.

 

Technical Safeguards

 

We regularly assess and deploy technical safeguards designed to protect our information systems from cybersecurity threats. Such safeguards are regularly evaluated and improved based on vulnerability assessments, cybersecurity threat intelligence, and incident response experience.

 

 

●

Multi-Layered Defense and Continuous Monitoring - We work to protect our computing environments and products from cybersecurity threats through multi-layered defenses and apply lessons learned from our defense and monitoring efforts to help prevent future attacks. We utilize data analytics to detect anomalies and search for cyber threats. We use a third-party Managed Security Service Provider (MSSP) to provide comprehensive cyber threat detection and response capabilities and maintain a 24x7 monitoring system which complements the technology, processes, and threat detection techniques we use to monitor, manage, and mitigate cybersecurity threats. At least annually, we engage third party consultants or auditors to assist in assessing, identifying and/or managing cybersecurity threats.

 

 

●

Information Sharing and Collaboration - We work with government, customer, industry and/or supplier partners, such as the Financial Services Information Sharing and Analysis Center and other government-industry partnerships, to gather and develop best practices and share information to address cyber threats. These relationships enable the rapid sharing of threat and vulnerability mitigation information across the defense industrial base and supply chain.

 

 

●

Training and Awareness - We provide awareness training to our employees to help identify, avoid, and mitigate cybersecurity threats. Our employees participate quarterly in required training, including privacy, phishing, and other awareness training. We also periodically host tabletop exercises with management and other employees to practice rapid cyber incident response.

 

 

●

Third-Party Service Provider Management – We have implemented controls designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Such providers are subject to security risk assessments at the time of onboarding, contract renewal, and upon detection of an increase in risk profile. We use a variety of inputs in such risk assessments, including information supplied by providers and third parties. In addition, we require our providers to meet appropriate security requirements, controls and responsibilities and investigate security incidents that have impacted our third-party providers, as appropriate.

 

Incident Response and Recovery Planning

 

We have established comprehensive incident response and recovery plans and continue to regularly test and evaluate the effectiveness of those plans. Our incident response and recovery plans address and guide our employees, management, and the Board on our response to a cybersecurity incident.

 

External Assessments

 

Our cybersecurity policies, standards, processes, and practices are regularly assessed by external auditors and regulatory examiners. These assessments include a variety of activities including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of significant assessments are reported to management, the Board and Audit Committee. Cybersecurity processes are adjusted based on the information provided from these assessments.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our policies, standards, processes, and practices for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall risk management program and are based on frameworks established by the National Institute of Standards and Technology (NIST), the Federal Financial Institutions Examination Council (FFIEC), and other applicable industry standards. Our cybersecurity program in particular focuses on the following key areas:
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] Cyber criminals are becoming more sophisticated and effective every day, and they are increasingly targeting financial institutions. We recognize the critical importance of maintaining the safety and security of our systems and data and employ a multi-layered strategy for overseeing and managing cybersecurity and related risks. Our board of directors (the Board) and our management are actively involved in the oversight of our risk management program, of which cybersecurity represents an important component. As described in more detail below, we have established policies, standards, processes, and practices for assessing, identifying, and managing material risks from cybersecurity threats. We have devoted significant financial and personnel resources to implement and maintain security measures to meet regulatory requirements and customer expectations, and we intend to continue to make significant investments to maintain the security of our data and cybersecurity infrastructure. There can be no guarantee that our policies and procedures will be properly followed in every instance or that those policies and procedures will be effective. We believe we have not experienced any cybersecurity incidents that have materially affected our business to date. We can provide no assurance that there will not be incidents in the future or that they will not materially affect us, including our business strategy, results of operations, or financial condition.
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

 

Board Oversight

 

Our Board of Directors has ultimate oversight of cybersecurity risk, which it manages as part of our enterprise risk management program. The Board receives regular reports from our Vice President Director of Information Security on various cybersecurity efforts, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance. In addition, we have an escalation process in place to inform senior management and the Board of Directors of material issues.

 

Management’s Role

 

Our cybersecurity program is coordinated by our Vice President Director of Information Security, who reports to our Senior Vice President Chief Risk Officer and Chief Administrative Officer, in partnership with our Director of Information Systems and Technology ("IS&T"). Our Director of Information Security started with us in 2012 and holds numerous credentials including: Certified Information Systems Security Professional, Certified Public Accountant, and Certified Fraud Examiner. The Director of Information Security is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from the IS&T team and our Managed Services Provider, who is overseen by the Director of IS&T. The Director of IS&T started with us in 2020, holds a Bachelor of Science in Business Administration, Information Technology and has over 15 years of direct experience managing information systems and technology. The Director of IS&T is responsible for implementing and maintaining the systems and tools to protect the technology stack we use. The Director of IS&T reports to the Senior Vice President, Chief Operating Officer.

 
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors has ultimate oversight of cybersecurity risk, which it manages as part of our enterprise risk management program. The Board receives regular reports from our Vice President Director of Information Security on various cybersecurity efforts, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance. In addition, we have an escalation process in place to inform senior management and the Board of Directors of material issues.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our cybersecurity program is coordinated by our Vice President Director of Information Security, who reports to our Senior Vice President Chief Risk Officer and Chief Administrative Officer, in partnership with our Director of Information Systems and Technology ("IS&T"). Our Director of Information Security started with us in 2012 and holds numerous credentials including: Certified Information Systems Security Professional, Certified Public Accountant, and Certified Fraud Examiner. The Director of Information Security is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from the IS&T team and our Managed Services Provider, who is overseen by the Director of IS&T. The Director of IS&T started with us in 2020, holds a Bachelor of Science in Business Administration, Information Technology and has over 15 years of direct experience managing information systems and technology. The Director of IS&T is responsible for implementing and maintaining the systems and tools to protect the technology stack we use. The Director of IS&T reports to the Senior Vice President, Chief Operating Officer.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Note 1 - Organization and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
NOTE 1:Organization and Summary of Significant Accounting Policies   

 

Organization

 

Eagle Bancorp Montana, Inc. (“Eagle” or the “Company”), is a Delaware corporation that holds 100% of the capital stock of Opportunity Bank of Montana (“OBMT” or the “Bank”), formerly American Federal Savings Bank (“AFSB”). The Bank was founded in 1922 as a Montana chartered building and loan association and has conducted operations and maintained its administrative office in Helena, Montana since that time. In 1975, the Bank adopted a federal thrift charter and in October 2014 converted to a Montana chartered commercial bank and became a member bank in the Federal Reserve System.

 

Eagle Bancorp Statutory Trust I (the “Trust”) was established in September 2005 and is owned 100% by Eagle.

 

In September 2021, the Company entered into an Agreement and Plan of Merger ("Merger Agreement") with First Community Bancorp, Inc. ("FCB"), a Montana corporation, and FCB's wholly-owned subsidiary, First Community Bank, a Montana chartered commercial bank. The Merger Agreement provided that, upon the terms and subject to the conditions set forth in the Merger Agreement, FCB would merge with and into Eagle, with Eagle continuing as the surviving corporation. The merger closed on April 30, 2022. First Community Bank operated nine branches in Ashland, Culbertson, Froid, Glasgow, Helena, Hinsdale, Three Forks and Wolf Point, Montana. 

 

In March 2021, the Bank established a subsidiary, Opportunity Housing Fund, LLC (“OHF”), to invest in Low-Income Housing Tax Credit (“LIHTC”) projects. The LIHTC program is designed to encourage capital investment in construction and rehabilitation of low-income housing. During the year ended December 31, 2021, OHF made investments in two LIHTC projects. Investments in LIHTC projects are included in other assets on the statement of financial condition and totaled $6,759,000 and $7,644,000 as of December 31, 2024 and 2023, respectively. Outstanding funding obligations for LIHTC projects are included in other liabilities on the statement of financial condition and totaled $215,000 at December 31, 2024.  

 

On January 1, 2020, the Company acquired Western Holding Company of Wolf Point (“WHC”), a Montana corporation, and WHC’s wholly-owned subsidiary, Western Bank of Wolf Point ("WB"), a Montana chartered commercial bank. The acquisition included one branch in Wolf Point, Montana. In addition, Western Financial Services, Inc. ("WFS") was acquired through the WHC merger. In December 2023, WFS changed its name to Opportunity Financial Services, Inc. ("OFS"). OFS facilitates deferred payment contracts for customers that produce agricultural products.

 

The Bank is headquartered in Helena, Montana, and has additional branches in Ashland, Big Timber, Billings, Bozeman, Butte, Choteau, Culbertson, Denton, Dutton, Froid, Glasgow, Great Falls, Hamilton, Hinsdale, Livingston, Missoula, Sheridan, Three Forks, Townsend, Twin Bridges, Winifred and Wolf Point, Montana. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities.

 

Basis of Financial Statement Presentation and Use of Estimates

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In preparing consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses and the potential impairment of goodwill. 

 

Principles of Consolidation

 

The consolidated financial statements include Eagle, the Bank, Eagle Bancorp Statutory Trust I (the "Trust"), OFS and OHF. All significant intercompany transactions and balances have been eliminated in consolidation.

 

Reclassifications

 

Certain prior period amounts were reclassified to conform to the presentation for 2024. These reclassifications had no impact on net income or total shareholders’ equity.

 

Subsequent Events

 

The Company has evaluated events and transactions subsequent to  December 31, 2024 for recognition and/or disclosure.

 

During January 2025, the Company purchased 50,000 shares at an average price of $15.11 under its repurchase plan. See Note 14. Capital Management and Regulatory Matters for additional information regarding the repurchase plan. 

 

Significant Group Concentrations of Credit Risk

 

Most of the Company’s business activity is with customers located within Montana. Note 2: Investment Securities discusses the types of securities that the Company invests in. Note 3: Loans discusses the types of lending that the Company engages in. The Company does not have any significant concentrations to any one industry or customer.

 

 

Cash and Cash Equivalents 

 

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

 

The Company can designate debt and equity securities as held-to-maturity, available-for-sale or trading. At December 31, 2024 and 2023 all securities were designated as available-for-sale.

 

Held-to-Maturity – Debt investment securities that management has the positive intent and ability to hold until maturity are classified as held-to-maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts.

 

Available-for-Sale – Investment securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, need for liquidity and changes in the availability of and the yield of alternative investments, are classified as available-for-sale. These assets are carried at fair value. Unrealized gains and losses, net of tax, are reported as other comprehensive income. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and determined using the specific identification method. In general, premiums are amortized and discounts are accreted over the period remaining to maturity, except for premiums on callable bonds which are amortized to the earliest call date.

 

Trading – Investments that are purchased with the intent of selling them within a short period of time.

 

Allowance for Credit Losses - Available-for-Sale Securities

 

For available-for-sale securities in an unrealized loss position, the Company will first determine whether it intends to sell the security or will more likely than not be required to sell the security before recovery of its amortized cost basis. The security’s amortized cost basis will be written down to fair value through other expense if either of the criteria regarding intent or requirement to sell is met. If neither of the aforementioned criteria are met, the Company will determine whether the decline in fair value has resulted from credit losses. 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. The amount of ACL is limited to the amount fair value is less than the amortized cost basis. Any portion of estimated credit losses that have not been recorded through an ACL are reported in other comprehensive income net of tax.

 

Federal Home Loan Bank Stock

 

The Company’s investment in Federal Home Loan Bank (“FHLB”) of Des Moines stock is a restricted investment carried at cost ($100 per share par value), which approximates its fair value. As a member of the FHLB system, the Company is required to maintain a minimum level of investment in FHLB stock based on total assets and a specific percentage of its outstanding FHLB advances. The Company had 77,777 and 91,907 FHLB shares at December 31, 2024 and 2023, respectively. Dividends are paid quarterly and are subject to FHLB board approval. Management evaluates FHLB stock for impairment as needed.

 

Federal Reserve Bank Stock

 

The Company’s investment in FRB stock is a restricted investment carried at cost, which approximates its fair value. Although the par value of the stock is $100 per share, banks pay only $50 per share at the time of purchase, with the understanding that the other half of the subscription amount is subject to call at any time. As a member of the Federal Reserve System, the Company is required to maintain a minimum level of investment in FRB stock based on a specific percentage of its capital and surplus. The Company had 82,618 FRB shares at both  December 31, 2024 and 2023. Dividends are received semi-annually at a fixed rate of 6.00% on the total number of shares.

 

Mortgage Loans Held-for-Sale

 

Mortgage loans originated and intended for sale in the secondary market are carried at fair value. Mortgage loans held-for-sale are sold with mortgage servicing rights either released or retained by the Bank. Fair value for loans held-for-sale is determined by commitments from investors or current secondary market prices for loans with similar coupons and maturities. Loan origination fees and costs are recognized in earnings at the time of origination.

 

Loans   

 

The Bank originates mortgage, commercial, agricultural and consumer loans primarily to customers located in Montana. The ability of the Bank’s debtors to honor their contracts is dependent upon the general economic conditions in this area.

 

 

 

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances net of any unearned income, allowance for credit losses, and unamortized deferred fees or costs on originated loans and unamortized premiums or unaccreted discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs are deferred and amortized over the contractual life of the loan, and recorded as an adjustment to the yield, using the interest method.

 

Nonaccrual and Past Due Loans – Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management's opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, the Bank considers the borrower's debt service capacity through the analysis of current financial information, if available, and/or current information with regards to the Bank's collateral position. Regulatory provisions would typically require the placement of a loan on nonaccrual status if (i) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or (ii) full payment of principal and interest is not expected. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

 

Residential 1-4 Family Loans – The Bank originates 1-4 family residential mortgage loans collateralized by owner-occupied and non-owner-occupied real estate. Repayment of these loans may be subject to adverse conditions in the real estate market or the economy to a greater extent than other types of loans. Loans collateralized by 1-4 family residential real estate generally have been originated in amounts up to 80.00% of appraised values before requiring private mortgage insurance. The underwriting analysis includes credit verification, appraisals and a review of the financial condition of the borrower. The Company will either hold these loans in its portfolio or sell them on the secondary market, depending upon market conditions and the type and term of the loan originations. Generally, all 30-year fixed rate loans are sold in the secondary market.

   

Commercial Real Estate Loans – The Bank makes commercial real estate loans, land loans (both developed and undeveloped) and loans on multi-family dwellings. Commercial real estate loans are collateralized by owner-occupied and non-owner-occupied real estate. Payments on loans secured by such properties are often dependent on the successful operation or management of the properties. Accordingly, repayment of these loans may be subject to adverse conditions in the real estate market or the economy to a greater extent than other types of loans. When underwriting these loans, the Bank seeks to minimize these risks in a variety of ways, including giving careful consideration to the property’s operating history, future operating projections, current and projected occupancy, location and physical condition. The underwriting analysis also includes credit verification, analysis of global cash flow, appraisals and a review of the financial condition of the borrower.

 

Construction Loans – The Bank makes loans to finance the construction of residential properties. The majority of the Bank’s residential construction loans are made to individual homeowners for the construction of their primary residence and, to a lesser extent, to local builders for the construction of pre-sold houses or houses that are being built for sale in the future. The Bank also originates commercial construction and development loans. Construction loans involve additional risks attributable to the fact that loan funds are advanced upon the security of a project under construction, and the project is of uncertain value prior to its completion. Because of uncertainties inherent in estimating construction costs, the market value of the completed project and the effects of governmental regulation on real property, it can be difficult to accurately evaluate the total funds required to complete a project and the related loan to value ratio. As a result of these uncertainties, construction lending often involves the disbursement of substantial funds with repayment dependent, in part, on the success of the ultimate project rather than the ability of a borrower or guarantor to repay the loan. If the Company is forced to foreclose on a project prior to completion, there is no assurance that the Company will be able to recover the entire unpaid portion of the loan. In addition, the Company may be required to fund additional amounts to complete a project and may have to hold the property for an indeterminable period of time. While the Bank has underwriting procedures designed to identify what it believes to be acceptable levels of risks in construction lending, no assurance can be given that these procedures will prevent losses from the risks described above.

 

Agricultural Loans – The Bank makes agricultural operating loans as well as long term agricultural real estate loans. Agricultural operating loans are generally secured with equipment, cattle, crops or other non-real property and at times the underlying real property. Agricultural real estate loans are secured with farm and ranch real estate. Payments on both types of agricultural loans are dependent on successful operation of the farm and/or ranch. Repayment is also affected by agricultural conditions that may include adverse weather conditions such as drought, hail, flooding and severe winters. Also impacting the borrower’s ability to repay are commodity prices associated with the agricultural operation. When underwriting these loans, the Bank seeks to minimize these risks in a variety of ways, including giving careful consideration to the farm or ranch’s operating history, future operating projections, current and projected commodity prices and crop insurance. The underwriting analysis also includes credit verification, analysis of global cash flow, appraisals and a review of the financial condition of the borrower.

 

 

Home Equity Loans – The Bank originates home equity loans that are secured by the borrowers’ primary residence. These loans are typically subject to a prior lien, which may or may not be held by the Bank. Although these loans are secured by real estate, they carry a greater risk than first lien 1-4 family residential mortgages because of the existence of a prior lien on the property as well as the flexibility the borrower has with respect to the proceeds. The Bank attempts to minimize this risk by maintaining conservative underwriting policies on these types of loans. Generally, home equity loans are made for up to 85.00% of the appraised value of the underlying real estate collateral, less the amount of any existing prior liens on the property securing the loan.

 

Consumer Loans – Consumer loans made by the Bank include automobile loans, recreational vehicle loans, boat loans, personal loans, credit lines, loans secured by deposit accounts and other personal loans. Risk is minimized due to relatively small loan amounts that are spread across many individual borrowers.

 

Commercial Loans – A broad array of commercial lending products are made available to businesses for working capital (including inventory and accounts receivable), purchases of equipment and machinery and business. Bank’s commercial loans are underwritten on the basis of the borrower’s ability to service such debt as reflected by cash flow projections. Commercial loans are generally collateralized by business assets, accounts receivable and inventory, certificates of deposit, securities, guarantees or other collateral. The Bank also generally obtains personal guarantees from the principals of the business. Working capital loans are primarily collateralized by short-term assets, whereas term loans are primarily collateralized by long-term assets. As a result, commercial loans involve additional complexities, variables and risks and require more thorough underwriting and servicing than other types of loans. 

 

Allowance for Credit Losses – Loans

 

The allowance for credit losses on loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The Company has elected to exclude accrued interest receivable from the amortized cost basis of loans, and accrued interest is reported separately on the consolidated statements of financial condition. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and recoveries are credited to the allowance when received. In the case of recoveries, amounts may not exceed the aggregate of amounts previously charged off.

 

Management utilizes relevant available information, from internal and external sources, relating to past events, current conditions, historical loss experience, and reasonable and supportable forecasts. The lookback period in the analysis includes historical data from 2014 to present. Adjustments to historical loss information are made when historical data is not likely reflective of the current portfolio due to changing economic conditions or when there is a lack of default or loss history. Changes in the allowance for credit losses are recorded as a provision for credit losses.

 

Collective Assessment – The allowance for credit losses on loans is measured on a collective pool basis when similar risk characteristics exist. Generally, collectively assessed loans are grouped first by call report code, then by similar risk characteristics.

 

Determining the Contractual Life – Expected credit losses are estimated over the contractual life of the loans, adjusted for expected prepayments when appropriate. The contractual life excludes expected extensions, renewals and modifications. Prepayment assumptions will be determined by analysis of historical behavior by loan pool.

 

The Company has elected to use the Weighted Average Remaining Maturity (WARM) methodology for all pools. The WARM methodology looks at historical quarterly loss rates for each loan pool over the established “look back” period to determine an average loss rate for each pool. Each pool is analyzed to determine the remaining life using amortization schedules, including prepayments.

 

Historical charge off and recovery activity is compared to loan balances in each pool quarterly and is averaged to determine an estimated annual charge off rate. The average loss rate over this look-back period is applied annually over the remaining life of the pool to determine an expected loss percentage.

 

The Company incorporates current economic conditions based on quantitative models that compare national economic indicators to peer charge off rates and local economic indicators to the Company's charge off rates. The expected loss rate for each pool is adjusted by the difference between the Bank's historical loss rate and the rate determined in the economic models.

 

Additionally, the Company uses reasonable and supportable forecasted economic indicators through a qualitative adjustment. Economic indicators are compared to peer charge off rates through a regression analysis. Predicted loss rates are then determined by applying the forecasted economic indicators to the regression and are compared to the current charge off rates to determine any potential qualitative adjustment. 

 

The Company recognizes that all significant factors that affect the collectability of the loan portfolio must be considered to determine the estimated credit losses as of the evaluation date. The methodology primarily relies on historic charge off data to determine a loss rate to apply to each pool and does not inherently consider risks in the loan portfolio. Therefore, the Company adjusts the modeled expected losses by qualitative adjustments to incorporate significant risks to form a sufficient basis to estimate the credit losses.

 

 

Individual Analysis – Loans considered to have different risk characteristics that do not fall within any pool will be analyzed individually on a quarterly basis for potential individual reserve requirements.

 

The Company has elected the collateral-dependent practical expedient for its collateral-dependent loans, where estimated credit losses are based upon the fair value of the collateral, less costs to sell if applicable. This practical expedient can be applied to a loan if the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. If it is probable that the Company will foreclose on the collateral, the use of the fair value of the collateral to calculate an allowance for credit loss is required. Estimates of future collateral proceeds will be based upon available appraisals, reference to recent valuations of comparable properties, and any other sources of information believed appropriate by management under the specific circumstances. When appraisals are ordered to support the analysis of a collateral-dependent loan, the appraisal is reviewed internally.

 

Where the primary and/or expected source of repayment of a specific loan is believed to be the receipt of principal and interest payments from the borrower and/or the refinancing of the loan by another creditor, impairment will generally be measured based upon the present value of expected proceeds discounted at the contractual interest rate. 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.

 

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. Loan modifications include situations where there is principal forgiveness, interest rate reductions, term extensions, other-than-significant payment delays, or any combinations of these. The allowance for credit losses on loans that are considered modifications to borrowers experiencing financial difficulty are measured by the Company using the same method as all other loans held for investment.

 

Allowance for Credit Losses – Unfunded Commitments

 

The Company estimates expected credit losses over the period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments is adjusted through a provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate utilizes the same factors and assumptions as the allowance for credit losses on loans and is applied at the same collective pool level.

 

Mortgage Servicing Rights

 

Servicing assets are recognized as separate assets when rights are acquired through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on a market price valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses.

 

Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that the fair value is less than the capitalized amount for the tranches. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. Capitalized servicing rights are reported as assets and are amortized in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets.

 

Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income.

 

 

Premises and Equipment

 

Land is carried at cost. Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the assets, ranging from 3 to 40 years. The costs of maintenance and repairs are expensed as incurred, while major expenditures for renewals and betterments are capitalized.

 

Leases

 

The Company leases certain premises from third parties under various operating lease agreements. Operating leases are included in premises and equipment, net and other liabilities on the consolidated statements of financial position. Lease expense for lease payments is recognized on a straight-line basis over the life of the lease. Right-of-use assets and corresponding lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. If an implicit rate is not available in the lease, the Company uses an incremental borrowing rate to determine the present value of lease payments. Lease and non-lease components are accounted for separately. Leases with a lease term of 12 months or less are not recorded on the consolidated statements of financial condition.

 

Cash Surrender Value of Bank Owned Life Insurance

 

Bank Owned Life Insurance (“BOLI”) policies are reflected on the consolidated statements of financial condition at cash surrender value, net of other charges or amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in noninterest income on the consolidated statements of income and are not subject to income taxes.

 

Real Estate and Other Repossessed Assets

 

Assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new carrying value. All write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for credit losses. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. 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. Real estate and other repossessed properties was $45,000 and $5,000 at December 31, 2024 and 2023, respectively.

 

Revenue Recognition

 

The majority of our revenue-generating transactions are not subject to Accounting Standards Codification (“ASC”) Topic 606, including revenue generated from financial instruments, such as our loans, guarantees, derivatives and investment securities, as well as revenue related to our mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. ASC Topic 606 is applicable to noninterest revenue streams such as service charges on deposit accounts, interchange and other fees and commodity sales income. Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606 and are recorded in noninterest income on the consolidated statements of income are discussed below:

 

Service Charges on Deposit Accounts – Revenue from service charges consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds and, when applicable, pay interest on deposits. Service charges on deposit accounts may be transactional or non-transactional in nature. Transactional service charges occur in the form of a service or penalty and are charged upon the occurrence of an event (e.g., overdraft fees, ATM fees, wire transfer fees). Transactional service charges are recognized as services are delivered to and consumed by the customer, or as penalty fees are charged. Non-transactional service charges are charges that are based on a broader service, such as account maintenance fees and dormancy fees, and are recognized on a monthly basis. Service charges on deposit accounts were $1,645,000 and $1,757,000 for the years ended December 31, 2024 and 2023, respectively.

 

Interchange and ATM Fees – Revenue from debit card fees includes interchange fee income from debit cards processed through card association networks. Interchange fees represent a portion of a transaction amount that the Company and other involved parties retain to compensate themselves for giving the cardholder immediate access to funds. Interchange rates are generally set by the card association networks and are based on purchase volumes and other factors. The Company records interchange fees as services are provided. Interchange and ATM fees were $2,540,000 and $2,524,000 for the years ended December 31, 2024 and 2023, respectively.

 

Commodity Sales Income – The Company's subsidiary, OFS, processes deferred payment contracts between suppliers and customers of agricultural commodities. The revenue from these contracts is accounted for in accordance with ASC Topic 606. The Company is considered an agent in these contracts, as: (i) the Company facilitates payment from customer to supplier, (ii) the Company does not take inventory of commodities as they are delivered by supplier to the customer, (iii) pricing of commodities is determined by the market, (iv) consideration on deferred payment contracts is insignificant to the Company and (v) the Company’s exposure to credit risk is minimal. Revenue is recognized net of expenses and reported in other noninterest income in the financial statements. Commodity sales income and the corresponding commodity sales expense were $13,043,000 and $6,087,000 for the years ended  December 31, 2024 and 2023, respectively, for a net impact of $0.

 

 

 

Income Taxes

 

The Company adopted authoritative guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions.

 

The Company’s income tax expense consists of the following components: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur.

 

Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.

 

The Company recognizes income tax related penalties and interest, if any, in the provision for income taxes in the consolidated statements of income. Based on management's analysis, the Company did not have any uncertain tax positions as of December 31, 2024 and 2023. The Company files tax returns in the U.S. federal jurisdiction and the State of Montana. There are currently no income tax examinations underway for these jurisdictions. The Company's income tax returns are subject to examination by relevant taxing authorities as follows: U.S. Federal income tax returns for tax years 2021 and forward; Montana income tax returns for tax years 2021 and forward. 

 

Employee Stock Ownership Plan

 

Compensation expense recognized for the Company’s Employee Stock Ownership Plan (“ESOP”) equals the fair value of shares that have been allocated or committed to be released for allocation to participants during the year. Any difference between the fair value of the shares at the time and the ESOP’s original acquisition cost is charged or credited to shareholders’ equity (additional paid-in capital). The cost of ESOP shares that have not yet been allocated or committed to be released is deducted from shareholders’ equity.     

 

Treasury Stock

 

Treasury stock is accounted for on the cost method.

 

Advertising Costs

 

The Company expenses advertising costs as they are incurred. Advertising costs were $1,312,000 and $1,375,000 for the years ended December 31, 2024 and 2023, respectively.

 

 

Stock-Based Compensation

 

Compensation cost is recognized for restricted stock awards, based on the fair value of the awards at the grant date. Compensation cost is recognized over the required service period, generally defined as the vesting period. 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. Shares of restricted stock granted through the 2020 Non-Employee Director Award Plan vest one year from the grant date.

 

Earnings Per Common Share

 

Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

 

Comprehensive Income (Loss)

 

Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded directly to equity, such as unrealized holding gains and losses on securities available-for-sale.

 

Loan Commitments and Related Financial Instruments

 

Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

 

Derivatives 

 

The Company’s derivatives are primarily the result of its mortgage banking activities and are in the form of interest rate lock commitments (“IRLCs), To-Be-Announced (“TBA”) mortgage-backed securities and bulk mandatory forward loan sale commitments. The derivatives are accounted for as free-standing or economic derivatives and are measured at fair value. The derivatives are recognized as either assets or liabilities on the consolidated statements of financial condition and the changes in the fair value of the derivatives are recorded in noninterest income in mortgage banking, net in the on the consolidated statements of income.

 

Fair Value of Financial Instruments

 

Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. See Note 17. Fair Value of Financial Instruments for more information.     

 

Transfers of Financial Assets

 

Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. 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. 

 

 

Goodwill and Other Intangible Assets

 

Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of net identifiable assets acquired. Subsequent to initial recognition, the Company tests goodwill for impairment annually as of October 31, or more often if events or circumstances, such as adverse changes in the business climate indicate there may be impairment. A goodwill impairment test is performed by comparing the fair value of the reporting unit with its carrying value. An impairment charge is recorded for the amount by which the carrying amount exceeds the reporting unit's fair value. For goodwill considerations the Company is a single reporting unit. A weighted average of both the market and income approaches is used in valuing the reporting unit’s fair value. Weightings are assigned to the approaches regarding fair value and the sensitivity of other weighting scenarios is considered. The market approach incorporates comparable public company information, valuation multiples and consideration of a market control premium along with data related to comparable observed purchase transactions in the financial services industry. The income approach consists of discounting projected future cash flows, which are derived from internal forecasts and economic expectations for the reporting unit. The significant inputs and assumptions for the income approach include projected earnings of the Company in future years for which there is inherent uncertainty and the discount rate. The sensitivity of a range of reasonable discount rates based on the current economic environment is considered.

 

During the quarter ended September 30, 2024, management performed a quantitative goodwill impairment test with assistance from a third-party valuation specialist. The interim determination was primarily driven by a revision in the Company's earnings outlook in comparison to budget. The interim goodwill impairment assessment as of August 31, 2024 concluded that goodwill was not impaired. Our quantitative annual impairment tests as of October 31, 2024 and 2023 also did not result in impairment. However, changing economic conditions that may adversely affect the Company's performance, the fair value of its assets and liabilities, or its stock price could result in future impairment. Any resulting impairment loss could have a material adverse impact on the Company's financial condition and results of operations. Management will continue to monitor events that could influence this conclusion in the future.

 

Goodwill recorded for the FCB acquisition during the second quarter of 2022 was $13,942,000. Goodwill related to acquisitions prior to 2022 totaled $20,798,000. Other identifiable intangible assets recorded by the Company represent the future benefit associated with the acquisition of the core deposits. Core deposit intangible assets are being amortized over 10 years utilizing methods that approximate the expected attrition of the deposits. The amortization expense is included in the noninterest expense section of the consolidated statements of income.

 

Segment Reporting

 

Management considers operations to be aggregated in one operating segment, as well as one reportable segment. The Company operates as one line of business (community banking) by providing a similar base of commercial and retail customers with comparable product and service offerings throughout our Montana markets. The Company adopted ASU No. 2023-07, Segment Reporting (Topic 280) during the year ended December 31, 2024. The President/Chief Executive Officer (“CEO”) serves as the Company’s chief operating decision maker (“CODM”). The CODM is responsible for assessing performance and allocating operating and capital expenditure resources.

 

The CODM regularly assesses the performance of the single operating and reporting segment based on consolidated net income. The CODM reviews expenses at a level consistent with those reported in the Company’s consolidated statements of income. All significant expense categories are reflected in the consolidated statements of income. The measure of segment assets is reflected in the consolidated statements of financial condition as total assets.

 

Recently Adopted Accounting Pronouncements 

 

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) which provides temporary optional expedients to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (“LIBOR”) to an alternative reference rate such as Secured Overnight Financing Rate ("SOFR"). The Company evaluated this guidance and identified substitution rates for impacted loans and debt. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 was effective upon issuance and generally can be applied through December 31, 2024. The Company has reviewed all of its LIBOR based products and all products have been adjusted to another index as LIBOR ceased to be published after June 30, 2023. ASU No. 2021-01 did not have a significant impact on the Company's consolidated financial statements.

 

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the company's chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. 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.

  
Recently Issued Accounting Pronouncements 

 

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires enhanced income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the effect the updated guidance will have on its consolidated financial statements and related disclosures.

 
v3.25.0.1
Note 2 - Investment Securities
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 2:

Investment Securities

 

The amortized cost and fair values of securities, together with unrealized gains and losses, were as follows:

 

  

December 31, 2024

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 
  

(In Thousands)

 

Available-for-sale:

                

U.S. government and agency obligations

 $5,298  $85  $(188) $5,195 

U.S. treasury obligations

  52,592   -   (5,679)  46,913 

Municipal obligations

  131,109   1   (13,233)  117,877 

Corporate obligations

  4,249   -   (87)  4,162 

Mortgage-backed securities

  29,867   21   (1,653)  28,235 

Collateralized mortgage obligations

  89,313   11   (6,701)  82,623 

Asset-backed securities

  7,511   83   (9)  7,585 

Total

 $319,939  $201  $(27,550) $292,590 

 

  

December 31, 2023

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 
  

(In Thousands)

 

Available-for-sale:

                

U.S. government obligations

 $6,574  $121  $(152) $6,543 

U.S. treasury obligations

  52,505   -   (5,690)  46,815 

Municipal obligations

  149,168   460   (11,678)  137,950 

Corporate obligations

  4,245   -   (340)  3,905 

Mortgage-backed securities

  28,426   -   (1,673)  26,753 

Collateralized mortgage obligations

  94,709   -   (8,141)  86,568 

Asset-backed securities

  9,728   32   (15)  9,745 

Total

 $345,355  $613  $(27,689) $318,279 

 

Proceeds from sales of available-for-sale securities and the associated gross realized gains and losses were as follows:

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 
         

Proceeds from sale of available-for-sale securities

 $14,121  $34,020 
         

Gross realized gain on sale of available-for-sale securities

 $28  $69 

Gross realized loss on sale of available-for-sale securities

  (169)  (291)

Net realized loss on sale of available-for-sale securities

 $(141) $(222)

 

The amortized cost and fair value of securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

  

December 31, 2024

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(In Thousands)

 

Due in one year or less

 $8,566  $8,520 

Due from one to five years

  35,162   32,285 

Due from five to ten years

  83,805   72,286 

Due after ten years

  73,226   68,641 
   200,759   181,732 
         

Mortgage-backed securities

  29,867   28,235 

Collateralized mortgage obligations

  89,313   82,623 

Total

 $319,939  $292,590 

 

At December 31, 2024 and 2023, securities with a fair value of $22,892,000 and $23,076,000, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.

 

The Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months were as follows:

 

  

December 31, 2024

 
  

Less than 12 Months

  

12 Months or Longer

 
      

Gross

      

Gross

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

 
  

(In Thousands)

 

U.S. government and agency obligations

 $-  $-  $1,749  $(188)

U.S. treasury obligations

  -   -   46,914   (5,679)

Municipal obligations

  14,678   (261)  102,521   (12,972)

Corporate obligations

  -   -   4,163   (87)

Mortgage-backed securities and collateralized mortgage obligations

  10,984   (188)  85,392   (8,166)

Asset-backed securities

  1,993   (9)  -   - 

Total

 $27,655  $(458) $240,739  $(27,092)

 

  

December 31, 2023

 
  

Less than 12 months

  

12 months or Longer

 
      

Gross

      

Gross

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

 
  

(In Thousands)

 

U.S. government and agency obligations

 $402  $-  $1,800  $(152)

U.S. treasury obligations

  -   -   46,816   (5,690)

Municipal obligations

  12,000   (63)  91,869   (11,615)

Corporate obligations

  -   -   3,905   (340)

Mortgage-backed securities and collateralized mortgage obligations

  11,452   (156)  101,869   (9,658)

Asset-backed securities

  2,521   (10)  2,202   (5)

Total

 $26,375  $(229) $248,461  $(27,460)

 

As of December 31, 2024 and December 31, 2023, there were, respectively, 284 and 286 securities in unrealized loss positions. Based on analysis of available-for-sale debt securities with unrealized losses as of December 31, 2024, the Company determined the decline in value was unrelated to credit losses and was primarily caused by changes in interest rates and market spreads subsequent to the initial purchase of the securities. Management does not intend to sell and the Company is not likely to be required to sell these securities prior to maturity. 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. 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.

 
v3.25.0.1
Note 3 - Loans
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 3:

Loans 

 

Loans receivable consisted of the following:

 

  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Real estate loans:

        

Residential 1-4 family

 $199,422  $200,012 

Commercial real estate

  916,783   909,413 
         

Other loans:

        

Home equity

  97,543   86,932 

Consumer

  28,513   30,125 

Commercial

  278,385   258,007 
         

Total

  1,520,646   1,484,489 
         

Allowance for credit losses

  (16,850)  (16,440)

Total loans, net

 $1,503,796  $1,468,049 

 

Included in the above are loans guaranteed by U.S. government agencies totaling $16,309,000 and $23,215,000 at December 31, 2024 and  December 31, 2023, respectively.

 

The following table provides allowance for credit losses activity for the year ended December 31, 2024. 

 

  

Residential

  

Commercial

  

Home

             
  

1-4 Family

  

Real Estate

  

Equity

  

Consumer

  

Commercial

  

Total

 
  

(In Thousands)

 

Allowance for credit losses on loans:

                        

Beginning balance, January 1, 2024

 $1,866  $10,691  $540  $304  $3,039  $16,440 

Charge-offs

  (11)  -   -   (65)  (10)  (86)

Recoveries

  -   18   -   3   67   88 

Provision

  56   198   13   3   138   408 

Total ending allowance balance, December 31, 2024

 $1,911  $10,907  $553  $245  $3,234  $16,850 

    

The following table provides allowance for credit losses activity for the year ended December 31, 2023. 

 

  

Residential

  

Commercial

  

Home

             
  

1-4 Family

  

Real Estate

  

Equity

  

Consumer

  

Commercial

  

Total

 
  

(In Thousands)

 

Allowance for credit losses on loans:

                        

Beginning balance, January 1, 2023, prior to adoption of ASC 326

 $1,472  $9,037  $509  $342  $2,640  $14,000 

Impact of adopting ASC 326

  21   534   3   1   141   700 

Charge-offs

  -   -   -   (50)  (129)  (179)

Recoveries

  195   23   13   3   19   253 

Provision

  178   1,097   15   8   368   1,666 

Total ending allowance balance, December 31, 2023

 $1,866  $10,691  $540  $304  $3,039  $16,440 

 

The Company utilizes an 8-point internal loan rating system, largely based on regulatory classifications, as follows:

 

Loans Rated Pass – these are loans in categories 1 – 5 that are considered to be protected by the current net worth and paying capacity of the obligor, or by the value of the asset or the underlying collateral.

 

Loans Rated Special Mention – these loans in category 6 have potential weaknesses and are watched closely by management. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset at some future date.

 

Loans Rated Substandard – these loans in category 7 are inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

 

Loans Rated Doubtful – these loans in category 8 have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

 

Loans Rated Loss – these loans are considered uncollectible and are not part of the 8-point rating system. They are of such small value that their continuance as assets without establishment of a specific reserve is not warranted. This classification does not mean that an asset has absolutely no recovery or salvage value, but, rather, that it is not practical or desirable to defer writing off a basically worthless asset even though practical recovery may be affected in the future.

 

The following table presents the internal classification of the loan portfolio by amortized cost and based on year originated. Generally, current period renewals of credit are re-underwritten and considered current period originations for purposes of the table below.

 

  

December 31, 2024

 
  

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Revolving Loans

  

Total Loans

 
  

(In Thousands)

 

RESIDENTIAL 1-4 FAMILY

                                

Pass

 $19,197  $26,976  $31,265  $20,658  $13,509  $34,913  $6,004  $152,522 

Special Mention

  -   -   623   -   -   -   -   623 

Substandard

  -   -   -   -   -   576   -   576 

Total Residential 1-4 family

  19,197   26,976   31,888   20,658   13,509   35,489   6,004   153,721 

Current-period gross charge-offs

  -   -   -   -   -   11   -   11 

RESIDENTIAL 1-4 FAMILY CONSTRUCTION

                                

Pass

  20,593   5,526   18,621   -   -   -   -   44,740 

Substandard

  -   204   -   757   -   -   -   961 

Total Residential 1-4 family construction

  20,593   5,730   18,621   757   -   -   -   45,701 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

COMMERCIAL REAL ESTATE

                                

Pass

  49,084   59,172   184,072   130,274   47,481   132,838   38,937   641,858 

Special Mention

  -   260   -   -   -   -   -   260 

Substandard

  -   490   -   463   -   2,891   -   3,844 

Total Commercial real estate

  49,084   59,922   184,072   130,737   47,481   135,729   38,937   645,962 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

COMMERCIAL CONSTRUCTION AND DEVELOPMENT

                                

Pass

  37,265   21,430   35,323   9,628   5,033   8,676   5,451   122,806 

Substandard

  -   -   438   -   2   965   -   1,405 

Total Commercial construction and development

  37,265   21,430   35,761   9,628   5,035   9,641   5,451   124,211 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

FARMLAND

                                

Pass

  21,543   18,083   29,983   18,991   20,076   33,721   2,323   144,720 

Special Mention

  -   342   813   205   -   220   -   1,580 

Substandard

  188   -   -   -   65   57   -   310 

Total Farmland

  21,731   18,425   30,796   19,196   20,141   33,998   2,323   146,610 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

HOME EQUITY

                                

Pass

  1,031   1,438   3,248   362   483   2,234   88,230   97,026 

Special Mention

  -   -   -   -   -   22   93   115 

Substandard

  -   -   -   43   -   89   270   402 

Total Home Equity

  1,031   1,438   3,248   405   483   2,345   88,593   97,543 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

CONSUMER

                                

Pass

  10,828   7,580   4,547   1,666   961   798   2,001   28,381 

Special Mention

  -   8   -   -   -   -   -   8 

Substandard

  -   66   19   -   24   14   1   124 

Total Consumer

  10,828   7,654   4,566   1,666   985   812   2,002   28,513 

Current-period gross charge-offs

  -   23   15   5   1   15   6   65 

COMMERCIAL

                                

Pass

  29,540   25,748   19,189   15,851   17,617   6,208   27,839   141,992 

Special Mention

  -   127   95   -   -   -   370   592 

Substandard

  1,192   41   6   22   -   190   4   1,455 

Total Commercial

  30,732   25,916   19,290   15,873   17,617   6,398   28,213   144,039 

Current-period gross charge-offs

  -   -      -   -   10   -   10 

AGRICULTURAL

                                

Pass

  39,001   21,690   9,014   4,215   3,143   1,608   52,494   131,165 

Special Mention

  1,811   159   15   -   -   37   596   2,618 

Substandard

  -   -   -   -   1   515   47   563 

Total Agricultural

  40,812   21,849   9,029   4,215   3,144   2,160   53,137   134,346 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

TOTAL LOANS

                                

Pass

  228,082   187,643   335,262   201,645   108,303   220,996   223,279   1,505,210 

Special Mention

  1,811   896   1,546   205   -   279   1,059   5,796 

Substandard

  1,380   801   463   1,285   92   5,297   322   9,640 

Total

 $231,273  $189,340  $337,271  $203,135  $108,395  $226,572  $224,660  $1,520,646 

 

 

  

December 31, 2023

 
  

2023

  

2022

  

2021

  

2020

  

2019

  

Prior

  

Revolving Loans

  

Total Loans

 
  

(In Thousands)

 

RESIDENTIAL 1-4 FAMILY

                                

Pass

 $10,987  $15,696  $24,575  $38,738  $28,122  $30,938  $6,179  $155,235 

Special Mention

  -   -   -   940   -   228   -   1,168 

Substandard

  -   -   -   -   -   175   -   175 

Total Residential 1-4 family

  10,987   15,696   24,575   39,678   28,122   31,341   6,179   156,578 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

RESIDENTIAL 1-4 FAMILY CONSTRUCTION

                                

Pass

  -   -   6,088   21,889   14,700   -   -   42,677 

Substandard

  -   -   757   -   -   -   -   757 

Total Residential 1-4 family construction

  -   -   6,845   21,889   14,700   -   -   43,434 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

COMMERCIAL REAL ESTATE

                                

Pass

  55,820   50,408   141,407   154,941   63,174   103,620   31,122   600,492 

Special Mention

  2,593   1,948   493   1,512   1,314   -   -   7,860 

Substandard

  -   -   -   -   -   339   -   339 

Total Commercial real estate

  58,413   52,356   141,900   156,453   64,488   103,959   31,122   608,691 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

COMMERCIAL CONSTRUCTION AND DEVELOPMENT

                                

Pass

  6,900   6,399   19,500   80,061   31,149   3,762   8,285   156,056 

Special Mention

  -   -   441   511   134   990   -   2,076 

Total Commercial construction and development

  6,900   6,399   19,941   80,572   31,283   4,752   8,285   158,132 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

FARMLAND

                                

Pass

  9,551   21,728   19,795   36,291   19,452   29,551   4,480   140,848 

Substandard

  483   65   -   407   -   787   -   1,742 

Total Farmland

  10,034   21,793   19,795   36,698   19,452   30,338   4,480   142,590 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

HOME EQUITY

                                

Pass

  621   565   376   3,630   1,736   2,398   77,409   86,735 

Substandard

  -   -   -   -   -   107   90   197 

Total Home Equity

  621   565   376   3,630   1,736   2,505   77,499   86,932 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

CONSUMER

                                

Pass

  449   1,953   3,398   8,109   13,083   1,069   1,977   30,038 

Special Mention

  -   -   -   18   -   -   -   18 

Substandard

  -   37   -   8   -   22   2   69 

Total Consumer

  449   1,990   3,398   8,135   13,083   1,091   1,979   30,125 

Current-period gross charge-offs

  1   -   28   2   16   4   -   51 

COMMERCIAL

                                

Pass

  2,834   20,496   22,804   23,581   31,661   6,354   21,914   129,644 

Special Mention

  -   25   33   109   -   98   2,741   3,006 

Substandard

  -   -   17   9   -   33   -   59 

Total Commercial

  2,834   20,521   22,854   23,699   31,661   6,485   24,655   132,709 

Current-period gross charge-offs

  -   -   26   -   -   8   -   34 

AGRICULTURAL

                                

Pass

  1,473   5,818   7,241   16,856   40,176   1,517   50,461   123,542 

Substandard

  427   55   435   282   -   557   -   1,756 

Total Agricultural

  1,900   5,873   7,676   17,138   40,176   2,074   50,461   125,298 

Current-period gross charge-offs

  -   -   -   1   -   93   -   94 

TOTAL LOANS

                                

Pass

  88,635   123,063   245,184   384,096   243,253   179,209   201,827   1,465,267 

Special Mention

  2,593   1,973   967   3,090   1,448   1,316   2,741   14,128 

Substandard

  910   157   1,209   706   -   2,020   92   5,094 

Total

 $92,138  $125,193  $247,360  $387,892  $244,701  $182,545  $204,660  $1,484,489 

 

The following tables include information regarding delinquencies within the loan portfolio.

 

  

December 31, 2024

 
  

Loans Past Due and Still Accruing

                 
      

90 Days

      

Nonaccrual

  

Nonaccrual

         
  

30-89 Days

  

and

      

Loans with

  

Loans with

  

Current

  

Total

 
  

Past Due

  

Greater

  

Total

  

no ACL

  

ACL

  

Loans

  

Loans

 
  

(In Thousands)

 

Real estate loans:

                            

Residential 1-4 family

 $1,326  $623  $1,949  $469  $-  $151,303  $153,721 

Residential 1-4 family construction

  -   -   -   961   -   44,740  $45,701 

Commercial real estate

  5,739   -   5,739   268   -   639,955  $645,962 

Commercial construction and development

  951   -   951   2   -   123,258  $124,211 

Farmland

  54   -   54   190   -   146,366  $146,610 

Other loans:

                            

Home equity

  382   -   382   335   -   96,826  $97,543 

Consumer

  195   -   195   98   23   28,197  $28,513 

Commercial

  1,064   -   1,064   200   4   142,771  $144,039 

Agricultural

  566   -   566   677   -   133,103  $134,346 

Total

 $10,277  $623  $10,900  $3,200  $27  $1,506,519  $1,520,646 

 

  

December 31, 2023

 
  

Loans Past Due and Still Accruing

                 
      

90 Days

      

Nonaccrual

  

Nonaccrual

         
  

30-89 Days

  

and

      

Loans with

  

Loans with

  

Current

  

Total

 
  

Past Due

  

Greater

  

Total

  

no ACL

  

ACL

  

Loans

  

Loans

 
  

(In Thousands)

 

Real estate loans:

                            

Residential 1-4 family

 $305  $-  $305  $297  $-  $155,976  $156,578 

Residential 1-4 family construction

  -   -   -   757   -   42,677   43,434 

Commercial real estate

  697   -   697   340   -   607,654   608,691 

Commercial construction and development

  194   -   194   -   -   157,938   158,132 

Farmland

  404   26   430   1,982   1,734   138,444   142,590 

Other loans:

                            

Home equity

  32   -   32   182   -   86,718   86,932 

Consumer

  115   -   115   45   15   29,950   30,125 

Commercial

  -   -   -   27   -   132,682   132,709 

Agricultural

  74   -   74   2,947   69   122,208   125,298 

Total

 $1,821  $26  $1,847  $6,577  $1,818  $1,474,247  $1,484,489 

 

 

Interest income recognized on impaired loans for the year ended December 31, 2024 and 2023 was considered insignificant. Interest payments received on a cash basis related to nonaccrual loans were $522,000 at December 31, 2024 and $471,000 at December 31, 2023.

 

The following tables presents the amortized cost basis of collateral-dependent loans by class of loans.

 

  

December 31, 2024

 
  

Real Estate

  

Business Assets

  

Other

 
  

(In Thousands)

 

Real estate loans:

            

Residential 1-4 family

 $967  $-  $- 

Residential 1-4 family construction

  961   -   - 

Commercial real estate

  1,395   228   - 

Farmland

  108   -   - 

Other loans:

            

Home equity

  216   -   - 

Consumer

  -   -   104 

Commercial

  -   220   4 

Agricultural

  37   244   - 

Total

 $3,684  $692  $108 

 

 

  

December 31, 2023

 
  

Real Estate

  

Business Assets

  

Other

 
  

(In Thousands)

Real estate loans:

            

Residential 1-4 family

 $264  $-  $- 

Residential 1-4 family construction

  757   -   - 

Commercial real estate

  39   300   - 

Farmland

  4,116   -   - 

Other loans:

            

Home equity

  44   -   - 

Consumer

  -   -   36 

Commercial

  -   -   - 

Agricultural

  -   2,465   - 

Total

 $5,220  $2,765  $36

 

 

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.

 

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. The loan had an amortized cost of $124,000 or 0.09% of commercial loans at December 31, 2024. The first farmland loan was modified by extending the payment for seven months during the second quarter of 2024. The loan paid off during the fourth quarter of 2024. The second farmland loan was modified by consolidating debts and refinancing into a 15-year loan with a variable interest rate adjustable every 5 years. The loan had an amortized cost of $188,000 or 0.13% of farmland loans at  December 31, 2024.

 

During the year ended December 31, 2023, the Company modified two commercial real estate loans. The first loan was modified by consolidating two lines of credit and refinancing into one long term loan for ten years. The loan had an amortized cost of $524,000 or 0.09% of commercial real estate loans at December 31, 2023. The second loan was modified by consolidating four loans and refinancing into one short-term, interest only loan for 12 months. The second loan was paid off during the year ended December 31, 2023. 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. 

 

Loans receivable (including loans sold and serviced for others) from related parties, including directors and executive officers were as follows:

 

  

(In Thousands)

 

Balance, January 1, 2023

 $1,884 

Principal additions

  2,315 

Principal payments

  (233)

Balance, December 31, 2023

 $3,966 

Principal additions

  1,353 

Principal payments

  

(2,130

)

Balance, December 31, 2024

 $3,189 

 

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. 

 

  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 
         

Loans serviced, for the benefit of others, for directors, executive officers and their related parties

 $1,262  $1,373 

 

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 
         

Interest income from loans owned for directors, executive officers and their related parties

 $204  $96 

   
v3.25.0.1
Note 4 - Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Transfers and Servicing of Financial Assets [Text Block]

NOTE 4:

Mortgage Servicing Rights

 

The Company is servicing mortgage loans for the benefit of others which are not included in the consolidated statements of financial condition and have unpaid principal balances of $2,016,242,000 and $2,066,505,000 at December 31, 2024 and 2023, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and foreclosure processing. Mortgage loan servicing fees were $5,111,000 and $5,086,000 for the years ended December 31, 2024 and 2023, respectively. These fees, net of amortization, are included in mortgage banking, net, which is a component of noninterest income on the consolidated statements of income.

 

Custodial balances maintained in connection with the foregoing loan servicing are included in noninterest checking deposits and were $10,077,000 and $8,539,000 at December 31, 2024 and 2023, respectively.

 

The following table is a summary of activity in mortgage servicing rights:

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Mortgage servicing rights:

        

Beginning balance

 $15,853  $15,412 

Mortgage servicing rights capitalized

  1,356   2,147 

Amortization of mortgage servicing rights

  (1,833)  (1,706)

Ending balance

 $15,376  $15,853 

 

There were no valuation allowances during December 31, 2024 and 2023.

 

The fair values of these mortgage servicing rights were $20,370,000 and $20,388,000 at December 31, 2024 and 2023, respectively. 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:

 

  

December 31,

 
  

2024

  

2023

 

Key assumptions:

        

Discount rate

  12%  12%

Prepayment speed range

  0-209%  104-526%

Weighted average prepayment speed

  110%  119%

 
v3.25.0.1
Note 5 - Premises and Equipment
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 5:

Premises and Equipment

 

The cost and accumulated depreciation of premises and equipment was as follows:

 

  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Land

 $13,920  $13,202 

Buildings and improvements

  89,640   85,369 

Furniture and equipment

  18,945   16,894 

Construction in progress

  10,060   4,299 
   132,565   119,764 

Accumulated depreciation

  (32,684)  (27,790)

Premises and equipment, net, excluding right-of-use assets

  99,881   91,974 

Right-of-use assets

  1,659   2,308 

Premises and equipment, net

 $101,540  $94,282 

 

Depreciation expense was $5,170,000 and $3,934,000 for the years ended December 31, 2024 and 2023, respectively.

 

The Company leases locations under various operating lease agreements. Leases with a lease term of 12 months at commencement are not recorded on the statements of financial position. 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.

 

The following table summarizes the Company’s leases:

 

  

December 31

 
  

2024

  

2023

 
  

(In Thousands)

 

Right-of-use assets, net of amortization

 $1,659  $2,308 

Lease liabilities

  1,010   1,499 

Operating cash flows

  371   543 

Weighted average remaining lease term (years)

  3.66   4.56 

Weighted average discount rate

  2.70

%

  2.69

%

 

The components of lease cost, which were included in occupancy and equipment expense on the consolidated statements of income, were as follows:

 

  

December 31

 
  

2024

  

2023

 
  

(In Thousands)

 

Operating lease cost

 $531  $710 

Short-term lease cost

  5   3 

Total lease cost

 $536  $713 

 

The following table presents the maturities of lease liabilities at December 31, 2024 for future periods:

 

  

(In Thousands)

 

2025

 $342 

2026

  238 

2027

  238 

2028

  238 

2029

  - 

Thereafter

  - 

Total lease payments

  1,056 

Less imputed interest

  (46)

Present value of lease liabilities

 $1,010 

 

The Company also leases office space to third parties through operating leases. The lease income from these leases for the years ending  December 31, 2024 and 2023 was not significant.

 
v3.25.0.1
Note 6 - Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

 

NOTE 6:

Other Intangible Assets

 

The components of core deposit intangible assets were as follows:

 

  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Core deposit intangible

 $10,809  $11,840 

Accumulated amortization

  (6,310)  (5,960)

Core deposit intangible, net

 $4,499  $5,880 

 

Core deposit intangible assets are amortized on an accelerated basis over their estimated life of 10 years. Amortization expense related to intangible assets was $1,381,000 and $1,579,000 for the years ended December 31, 2024 and 2023. The estimated aggregate future amortization expense for core deposit intangible assets remaining as of December 31, 2024 was as follows:

 

Years ending December 31:

 

(In Thousands)

 

2025

 $1,185 

2026

  989 

2027

  792 

2028

  595 

2029

  428 

Thereafter

  510 

Total

 $4,499 

  
v3.25.0.1
Note 7 - Deposits
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Deposit Liabilities Disclosures [Text Block]

NOTE 7:

Deposits

 

Deposits are summarized as follows:

 

  

December 31,

 
  

2024

  

2023

 
      

Weighted

      

Weighted

 
      

Average

      

Average

 
  

Balance

  

Rate

  

Balance

  

Rate

 
  

(Dollars in Thousands)

 

Noninterest checking

 $419,211   0.00% $418,727   0.00%

Interest-bearing checking

  221,476   0.18   211,101   0.05 

Savings

  210,572   0.06   230,711   0.06 

Money market

  367,094   1.82   330,274   1.66 

Time certificates of deposits

  462,875   4.25   444,382   4.08 

Total

 $1,681,228   1.59% $1,635,195   1.45%

 

At December 31, 2024 and 2023, the Company held $632,951,000 and $618,784,000, respectively, in deposit accounts that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) requirements of $250,000 and greater.

 

Time certificates of deposit include $0 and $72,168,000 of fixed rate brokered certificates at  December 31, 2024 and 2023, respectively.

 

At December 31, 2024, the scheduled maturities of time deposits were as follows:

 

Years ending December 31:

 

(In Thousands)

 

2025

 $447,321 

2026

  9,383 

2027

  3,384 

2028

  1,422 

2029

  1,277 

Thereafter

  88 

Total

 $462,875 

 

Interest expense on deposits was as follows:

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Checking

 $391  $595 

Savings

  134   106 

Money market

  8,660   5,549 

Time certificates of deposits

  18,653   11,607 

Total

 $27,838  $17,857 

 

At December 31, 2024 and 2023, the Company reclassified $252,000 and $242,000, respectively, in overdrawn deposits as loans.

 

Related party deposits, including directors’ and executive officers’ deposit accounts at December 31, 2024 and 2023 were $4,370,000 and $5,463,000, respectively.

    
v3.25.0.1
Note 8 - Advances From the Federal Home Loan Bank and Other Borrowings
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 8:

Advances from the Federal Home Loan Bank and Other Borrowings

 

At December 31, 2024, advances from the FHLB of Des Moines and other borrowings mature as follows:

 

Years ending December 31:

 

(In Thousands)

 

2025

 $113,013 

2026

  27,917 

2027

  - 

2028

  - 

2029

  - 

Thereafter

  - 

Total

 $140,930 

 

Federal Home Loan Bank Advances

 

FHLB advances may include both amortizing and non-amortizing advances. Non-amortizing advances are due in full at maturity. Advances are subject to prepayment penalties. Interest rates on these advances are fixed. Advances are collateralized by a blanket pledge of the Bank’s loan portfolio. The Company’s investment in FHLB stock is also pledged as collateral on these advances. The total FHLB funding available to the Company at December 31, 2024, was 45.00% of total Bank assets as determined by FHLB, or approximately $963,924,000. The balance of advances was $140,930,000 and $175,737,000 at December 31, 2024 and 2023, respectively. The Bank also has a contingent letter of credit with FHLB for $520,000 at both  December 31, 2024 and 2023.

 

Other Borrowings

 

During the first quarter of 2023, the FRB offered a new Bank Term Funding Program ("BTFP") for eligible depository institutions. The BTFP offers loans of up to one year in length to institutions pledging collateral eligible for purchase by FRB such as U.S. treasuries, agency securities, and mortgage-backed securities. These assets are valued at par. The Company did not utilize the program during 2023. In March of 2024, the Company accessed borrowings through the BTFP. In September of 2024, the Company paid off the borrowings. In addition, at December 31, 2024, Eagle had a $15,000,000 line of credit with Bell Bank. The line of credit is secured by Eagle's ownership of the Bank's stock. The balance of this line of credit was $0 at both December 31, 2024 and 2023. 

 

Federal Funds Purchased

 

At  December 31, 2024, the Bank had $85,000,000 in Federal funds lines of credit with unaffiliated institutions, including Pacific Coast Bankers Bank ("PCBB"), PNC Financial Services Group, Inc. ("PNC"), United Bankers' Bank ("UBB") and Texas Independent Bank ("TIB"). The balance of these lines of credit was $0 at both  December 31, 2024 and 2023.

 

All Borrowings Outstanding 

 

For all borrowings outstanding the weighted average interest rate for advances at December 31, 2024 and 2023 was 4.72% and 5.48%, respectively. The average amount outstanding was $190,082,000 and $159,667,000 for 2024 and 2023, respectively. The maximum amount outstanding at any month-end was $247,500,000 and $199,757,000 for 2024 and 2023, respectively.

 
v3.25.0.1
Note 9 - Other Long-term Debt
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Long-Term Debt [Text Block]

 

NOTE 9:

Other Long-Term Debt

 

Other long-term debt consisted of the following:

 

  

December 31,

 
  

2024

  

2023

 
      

Unamortized

      

Unamortized

 
      

Debt

      

Debt

 
  

Principal

  

Issuance

  

Principal

  

Issuance

 
  

Amount

  

Costs

  

Amount

  

Costs

 
  

(In Thousands)

 
                 

Subordinated debentures fixed at 5.50% to floating, due 2030

 $15,000  $(185) $15,000  $(219)

Subordinated debentures fixed at 3.50% to floating, due 2032

  40,000   (821)  40,000   (937)

Subordinated debentures variable at 3-Month SOFR plus 1.68%, due 2035

  5,155   -   5,155   - 

Total other long-term debt

 $60,155  $(1,006) $60,155  $(1,156)

 

In January 2022, the Company completed the issuance of $40,000,000 in aggregate principal amount of subordinated notes due in 2032 in a private placement transaction to certain institutional accredited investors and qualified buyers. The notes bear interest at an annual fixed rate of 3.50% payable semi-annually. Starting February 1, 2027, interest will accrue at a floating rate per annum equal to a benchmark rate, which is expected to be three-month term Secured Overnight Financing Rate ("SOFR") plus a spread of 218.0 basis points, payable quarterly. The notes are subject to redemption at the option of the Company on or after February 1, 2027. The subordinated debentures qualify as Tier 2 capital for regulatory capital purposes. A portion of the net proceeds were used to redeem the $10,000,000 senior notes which matured in February 2022.

 

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. The notes bear interest at an annual fixed rate of 5.50% payable semi-annually. 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. The notes are subject to redemption at the option of the Company on or after July 1, 2025. The subordinated debentures qualify as Tier 2 capital for regulatory capital purposes.

 

In September 2005, the Company completed the private placement of $5,155,000 in subordinated debentures to the Trust. The Trust funded the purchase of the subordinated debentures through the sale of trust preferred securities to First Tennessee Bank, N.A. with a liquidation value of $5,155,000. Using interest payments made by the Company on the debentures, the Trust began paying quarterly dividends to preferred security holders in December 2005. 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. In December of 2022, Governors of the Federal Reserve System adopted final rule 12 C.F.R. Part 253, Regulation Implementing the Adjustable Interest Rate (LIBOR) Act. Rule 253 identified SOFR-benchmark rates to replace LIBOR in certain financial contracts after June 30, 2023. 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. The rate was 5.99% as of December 31, 2024. Dividends on the preferred securities are cumulative and the Trust may defer the payments for up to five years. The preferred securities mature in December 2035 unless the Company elects and obtains regulatory approval to accelerate the maturity date. The subordinated debentures qualify as Tier 1 capital for regulatory purposes.

 

During the year ended December 31, 2024 and 2023, interest expense on all other long-term debt was $2,724,000 and $2,719,000, respectively, which includes $149,000 and $156,000 in amortization for debt issuance costs, respectively. Debt issuance costs consisting primarily of underwriting discounts and professional fees were capitalized and are being amortized through maturity to interest expense using the straight-line method.

 
v3.25.0.1
Note 10 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

 

NOTE 10:

Commitments and Contingencies

 

Financial Instruments and Off-Balance-Sheet Activities

 

All financial instruments held or issued by the Company are held or issued for purposes other than trading. 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.

 

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.

 

Commitments to extend credit are agreements to lend to a customer as long as the borrower satisfies the Bank’s underwriting standards and related provisions of the borrowing agreements. Commitments generally have fixed expiration dates or other termination clauses. The Bank uses the same credit policies in making commitments to extend credit as it does for on-balance-sheet instruments. Collateral is required for substantially all loans, and normally consists of real property. The Bank’s experience has been that substantially all loan commitments are completed or terminated by the borrower within 3 to 12 months.

 

Commitments are summarized as follows:

 

  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Commitments to extend credit

 $267,623  $271,552 

Letters of credit

  7,409   9,457 

 

Employment Contracts

 

The Company has entered into change of control agreements with its executive officers other than the Chief Executive Officer. The change in control agreements provide a double trigger benefit equal to the sum of the executive’s annual salary and incentive bonus for the most recently completed year. The benefits are payable in the event that four months prior to, in connection with or within 18 months after a change in control the executive’s employment is terminated without cause or if the executive resigns for good reason. The change in control agreements are for two years, renewing automatically for successive one-year periods unless Eagle or the executive provide written notice of nonrenewal 60 days before the contract anniversary date. If the officer timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), the Bank will pay the Executive's monthly COBRA premium paid for himself/herself and his/her dependents for all applicable group health plan benefits until the earliest of (i) the expiration of twelve months of coverage, (ii) the date the executive is no longer eligible to receive COBRA continuation coverage, and (iii) the date on which the executive receives or becomes eligible to receive substantially similar coverage from another employer or source.

 

Legal Proceedings

 

Various legal claims also arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s financial statements.

 
v3.25.0.1
Note 11 - Income Taxes
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

 

NOTE 11:

Income Taxes

 

The components of the Company’s provision (benefit) for income taxes was as follows:

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Current

        

U.S. federal

 $1,575  $1,585 

Montana

  566   684 

Total current income tax provision

  2,141   2,269 

Deferred

        

U.S. federal

  (435)  (512)

Montana

  (94)  (159)

Total deferred income tax (benefit) provision

  (529)  (671)

Total income tax provision

 $1,612  $1,598 

 

The nature and components of deferred tax assets and liabilities were as follows:

 

  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Deferred tax assets:

        

Allowance for credit losses

 $4,433  $4,329 

Deferred loan fees

  402   366 

Lease liability

  266   395 

Deferred compensation

  1,835   1,818 

Employee benefits

  625   678 

Unrealized losses on securities available-for-sale

  7,194   7,129 

Acquisition costs

  98   133 

Acquisition fair value adjustments

  2,757   3,058 

Other

  694   699 

Total deferred tax assets

  18,304   18,605 

Deferred tax liabilities:

        

Premises and equipment

  514   879 

Right-of-use asset

  436   608 

FHLB stock

  -   21 

Mortgage servicing rights

  4,045   4,174 

Goodwill

  1,488   1,366 

Intangibles

  1,121   1,436 

Other

  336   350 

Total deferred tax liabilities

  7,940   8,834 

Net deferred tax asset

 $10,364  $9,771 
         

 

The Company believes, based upon the available evidence, that all deferred tax assets will be realized in the normal course of operations. Accordingly, these assets have not been reduced by a valuation allowance.

 

 

A reconciliation of the Company’s effective provision (benefit) for income taxes to the statutory federal income tax rate was as follows:

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
      

% of

      

% of

 
      

Pretax

      

Pretax

 
  

Amount

  

Income

  

Amount

  

Income

 
  

(Dollars in Thousands)

 

Federal income taxes at the statutory rate

 $2,392  21.00%  $2,447  

21.00%

 

State income taxes

  566  4.97   684  5.87 

Tax-exempt interest income

  (295) -2.59   (342) -2.93 

Income from bank-owned life insurance

  (432) -3.79   (308) -2.64 

Federal tax credits

  (968) -8.50   (764) -6.55 

Other, net

  349  3.06   (119) -1.04 

Provision for income taxes and effective tax rate

 $1,612  14.15%  $1,598  13.71% 

 

Investments in LIHTC projects are accounted for using the proportional amortization method. The proportional amortization method allows the investor to amortize the cost of the investment in proportion to tax credits and other tax benefits received. The net investment performance is recognized in the statement of income as a component of income tax provision (benefit). Amortization of the investment in LIHTC projects was $890,000 for the year ended December 31, 2024 and $870,000 for the year ended  December 31, 2023. There is no non-income-tax related activity recognized from the investments in LIHTC projects.

  
v3.25.0.1
Note 12 - Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

NOTE 12:

Accumulated Other Comprehensive Income (Loss)

 

The following table includes information regarding the activity in accumulated other comprehensive income (loss):

 

  

Unrealized

 
  

(Losses) Gains

 
  

on Securities

 
  

Available for Sale

 
  

(In Thousands)

 

Balance, January 1, 2024

 $(19,945)

Other comprehensive loss, before reclassifications and income taxes

  (414)

Amounts reclassified from accumulated other comprehensive loss, before income taxes

  141 

Income tax benefit

  72 

Total other comprehensive loss

  (201)

Balance, December 31, 2024

 $(20,146)
     

Balance, January 1, 2023

 $(26,357)

Other comprehensive income, before reclassifications and income taxes

  8,482 

Amounts reclassified from accumulated other comprehensive income, before income taxes

  222 

Income tax provision

  (2,292)

Total other comprehensive income

  6,412 

Balance, December 31, 2023

 $(19,945)

 
v3.25.0.1
Note 13 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

 

NOTE 13:

Earnings Per Common Share

 

The computations of basic and diluted earnings per common share are below.

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(Dollars in Thousands, Except for Per Share Data)

 

Basic weighted average shares outstanding

  7,838,822   7,793,352 

Dilutive effect of stock compensation

  14,970   4,891 

Diluted weighted average shares outstanding

  7,853,792   7,798,243 
         

Net income available to common shareholders

 $9,778  $10,056 
         

Basic earnings per common share

 $1.25  $1.29 
         

Diluted earnings per common share

 $1.24  $1.29 
         

Restricted stock units excluded from the diluted average outstanding share calculation because their effect would be anti-dilutive

  8,344   21,666 

  
v3.25.0.1
Note 14 - Capital Management and Regulatory Matters
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Regulatory Capital Requirements under Banking Regulations [Text Block]

NOTE 14:

Capital Management and Regulatory Matters

 

Federal regulations require Federal Reserve member banks, such as Opportunity Bank of Montana and all other FDIC insured depository institutions, to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a Tier 1 capital to total average assets leverage ratio of 4.0%. Federal law establishes a prompt corrective action framework to resolve the problems of undercapitalized depository institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions that, if undertaken, could have a direct material effect on the Company’s financial statements. Prompt corrective action provisions are not applicable to bank holding companies.

 

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet each of its minimum risk-based capital requirements. 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%.

 

Management believes that, as of December 31, 2024 , the Company and the Bank meet all capital adequacy requirements.

 

As of December 31, 2024, the most recent notification from the FRB categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since the notification that management believes have changed the Bank's category. 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

 
                  

To Be Well

 
          

Minimum Required

  

Capitalized Under

 
          

for Capital Adequacy

  

Prompt Corrective

 
  

Actual

  

Purposes

  

Action Provisions

 
  

Amount

  

Ratio

  

Amount

  

Ratio

  

Amount

  

Ratio

 
  

(Dollars in Thousands)

 

December 31, 2024:

                        

Total risk-based capital to risk weighted assets

 $229,316   13.49% $178,521   10.50% $170,020   10.00%
                         

Tier 1 capital to risk weighted assets

  211,066   12.41   144,517   8.50   136,016   8.00 
                         

Common equity Tier 1 capital to risk weighted assets

  211,066   12.41   119,014   7.00   110,513   6.50 
                         

Tier 1 capital to adjusted total average assets

  211,066   10.07   83,861   4.00   104,826   5.00 

 

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%.

 

                  

Minimum

 
                  

To Be Well

 
          

Minimum Required

  

Capitalized Under

 
          

for Capital Adequacy

  

Prompt Corrective

 
  

Actual

  

Purposes

  

Action Provisions

 
  

Amount

  

Ratio

  

Amount

  

Ratio

  

Amount

  

Ratio

 
  

(Dollars in Thousands)

 

December 31, 2023:

                        

Total risk-based capital to risk weighted assets

 $218,909   13.01% $176,692   10.50% $168,278   10.00%
                         

Tier 1 capital to risk weighted assets

  201,179   11.96   143,037   8.50   134,623   8.00 
                         

Common equity Tier 1 capital to risk weighted assets

  201,179   11.96   117,795   7.00   109,381   6.50 
                         

Tier 1 capital to adjusted total average assets

  201,179   9.75   82,569   4.00   103,212   5.00 

 

Dividend Limitations

 

Under State of Montana banking regulation, member banks such as the Bank generally may declare annual cash dividends up to an amount equal to the previous two years’ net earnings. Dividends in excess of such amount require approval of the Division of Banking. The Bank paid dividends of $3,700,000 to Eagle during the year ended December 31, 2024. No dividends were paid to Eagle during the year ended December 31, 2023. Eagle paid dividends of $0.565 and $0.555 per share to its shareholders during the years ended  December 31, 2024 and 2023, respectively.

 

Stock Repurchase Program

 

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. 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 on market conditions and other corporate considerations. No shares were purchased during the second or third quarter of 2024 under this plan. 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, 2025.

 

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. 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 on market conditions and other corporate considerations. During the second quarter of 2023, 17,901 shares were purchased under this plan at an average price of $12.89. No shares were purchased during the third or fourth quarter of 2023 under this plan. No shares were purchased during the first or second quarter of 2024 under this plan. The plan expired on May 1, 2024.

 

On April 21, 2022, Eagle's Board of Directors (the "Board") authorized the repurchase of up to 400,000 shares of its common stock. Under the plan, shares could be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the company repurchased its shares and the timing of such repurchases depended on market conditions and other corporate considerations. During the second quarter of 2022, 5,000 shares were purchased under this plan at an average price of $19.75. During the third quarter of 2022, 99,517 shares were purchased under this plan at an average price of $19.45. During the fourth quarter of 2022, 6,608 shares were purchased under this plan at an average price of $18.80. No shares were purchased during the first or second quarter of 2023 under this plan. The plan expired on April 21, 2023.

 

Liquidation Rights 

 

Eagle Bancorp Montana, Inc. holds a liquidation account for the benefit of certain depositors of the Bank who remain depositors of the Bank at the time of liquidation. The liquidation account is designed to provide payments to these depositors of their liquidation interests in the event of a liquidation of Eagle and the Bank, or the Bank alone. In the unlikely event that Eagle and the Bank were to liquidate in the future, all claims of creditors, including those of depositors, would be paid first, followed by distribution to depositors as of November 30, 2008 (who continue to be the Bank’s depositors) of the liquidation account maintained by Eagle. Also, in a complete liquidation of both entities, or of just the Bank, when Eagle has insufficient assets to fund the liquidation account distribution due to depositors and the Bank has positive net worth, the Bank would immediately pay amounts necessary to fund Eagle’s remaining obligations under the liquidation account. If Eagle is completely liquidated or sold apart from a sale or liquidation of the Bank, then the rights of such depositors in the liquidation account maintained by Eagle would be surrendered and treated as a liquidation account in the Bank, the “bank liquidation account” and these depositors shall have an equivalent interest in the bank liquidation account and the same rights and terms as the liquidation account.

 

After two years from the date of the 2010 conversion and upon the written request of the FDIC, Eagle will eliminate or transfer the liquidation account and the interests in such account to the Bank and the liquidation account would become the liquidation account of the Bank and not subject in any manner or amount to Eagle’s creditors. Also, under the rules and regulations of the FDIC, no post-conversion merger, consolidation, or similar combination or transaction with another depository institution in which Eagle or the Bank is not the surviving institution would be considered a liquidation and, in such a transaction, the liquidation account would be assumed by the surviving institution.

  
v3.25.0.1
Note 15 - Benefit Plans
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]  

NOTE 15:

Benefit Plans

 

Profit Sharing Plan

 

The Company provides a noncontributory profit sharing plan for eligible employees who have completed one year of service. The amount of the Company’s annual contribution is determined by the Board. Profit sharing expense was $1,186,000 and $1,272,000 for the years ended December 31, 2024 and 2023, respectively.

 

The Company’s profit sharing plan includes a 401(k) feature. At the discretion of the Board, the Company may match up to 50.00% of participants’ contributions up to a maximum of 4.00% of participants’ salaries. For the years ended December 31, 2024 and 2023, the Company’s match was $519,000 and $552,000, respectively.

 

Deferred Compensation Plans

 

The Company has entered into deferred compensation contracts with certain key employees. The contracts provide fixed benefits payable in equal annual installments upon retirement. The charge to expense is based on the present value computations of anticipated liabilities. For the years ended December 31, 2024 and 2023, the total expense was $661,000 and $625,000, respectively. The liability for the deferred compensation plan was $6,469,000 and $6,420,000 at December 31, 2024 and 2023, respectively, which is included in accrued expenses and other liabilities in the consolidated statements of financial condition.

 

Employee Stock Ownership Plan

 

The Company provides an ESOP for eligible employees who meet certain age and service requirements. 

 

The Company sold 251,256 shares of common stock to the ESOP at a price of $23.88 per share in June 2021. The shares were purchased from Eagle by the ESOP in exchange for a loan totaling $6,000,000. The loan has a ten-year term and bears interest at 3.00%. The Bank makes annual contributions to the ESOP sufficient to satisfy the debt service requirements of the loan. The ESOP uses these contributions, and dividends received by the ESOP on unallocated shares, to make principal and interest payments on the loan to the Company. The shares held by the ESOP will be used for allocations to employees of the Company over a ten-year period. 

 

Shares purchased by the ESOP are held in a suspense account by the plan trustee until allocated to participant accounts. Shares released from the suspense account are allocated to participants on the basis of their relative compensation in the year of allocation. Participants become vested in the allocated shares over a period not to exceed seven years. Any forfeited shares are allocated to other participants in the same proportion as contributions. As shares are committed to be released, the Company reports compensation expense equal to the average daily market prices of the shares. The compensation expense is accrued throughout the year. Dividends on ESOP shares are recorded as a reduction to retained earnings.

 

Total ESOP expenses of $237,000 and $212,000 were recognized for the years ended December 31, 2024 and 2023, respectively.

 

The following table shows the components of the ESOP shares:

 

  

December 31,

 
  

2024

  

2023

 
         

Allocated shares

  255,351   240,266 

Unallocated shares

  167,932   191,922 

Total ESOP shares

  423,283   432,188 
         

Fair value of unallocated shares (in thousands)

 $2,574  $3,030 

 

Stock Incentive Plans

 

The Company adopted the stock incentive plan on November 1, 2011. This plan provides for different types of awards including stock options, restricted stock and performance shares. Under this plan, awards of Eagle's common stock may 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. The number of shares of restricted stock available to award under this plan was 104,575 as of December 31, 2024. This plan also includes shares available to be awarded for stock options totaling 246,427. However, no stock options have been awarded under this plan.

 

The following table shows the activity of the restricted stock awards granted under this plan:

 

  

Number of

 
  

Shares

 
     

Unvested awards as of January 1, 2023

  70,361 

Awards granted

  20,870 

Awards vested

  (20,132)

Awards forfeited

  (1,200)

Unvested awards as of December 31, 2023

  69,899 

Awards granted

  - 

Awards vested

  (20,102)

Awards forfeited

  (14,513)

Unvested awards as of December 31, 2024

  35,284 

 

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. 

 

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. This plan was amended during 2023 and increased the maximum number of shares of restricted stock for issuance under this plan to 88,000. The number of shares of restricted stock available to award under this plan was 48,127 as of December 31, 2024.

 

The following table shows the activity of the restricted stock awards granted under this plan:

 

  

Number of

 
  

Shares

 
     

Unvested awards as of January 1, 2023

  8,520 

Awards granted

  15,291 

Awards vested

  (8,520)

Awards forfeited

  - 

Unvested awards as of December 31, 2023

  15,291 

Awards granted

  12,270 

Awards vested

  (15,291)

Awards forfeited

  - 

Unvested awards as of December 31, 2024

  12,270 

 

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.

 

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.

    
v3.25.0.1
Note 16 - Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 16:

Derivatives and Hedging Activities

 

The Company enters into commitments to originate and sell mortgage loans. The Bank uses derivatives to hedge the risk of changes in fair values of interest rate lock commitments and mortgage loans held-for-sale. An optimal amount of mortgage loans are sold directly into bulk commitments with investors at the time an interest rate is locked, other loans are sold on an individual best efforts basis at the time an interest rate is locked, and the remaining balance of locked loans are hedged using TBA mortgage-backed securities or bulk mandatory forward loan sale commitments.

 

Derivatives are accounted for as free-standing or economic derivatives and are measured at fair value. Derivatives are recorded as either other assets or other liabilities on the consolidated statements of condition.

 

Derivatives are summarized as follows:

 

  

December 31, 2024

  

December 31, 2023

 
  

Notional

  

Fair Value

  

Notional

  

Fair Value

 
  

Amount

  

Asset

  

Liability

  

Amount

  

Asset

  

Liability

 
  

(In Thousands)

 

Interest rate lock commitments

 $10,155  $-  $103  $15,670  $15  $- 

Forward TBA mortgage-backed securities

  10,000   142   -   12,000   -   75 

 

Changes in the fair value of the derivatives are recorded in mortgage banking, net within noninterest income on the consolidated statements of income. 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.

  
v3.25.0.1
Note 17 - Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

NOTE 17:

Fair Value of Financial Instruments

 

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 

 

Assets and liabilities that are measured at fair value are grouped in three levels within the fair value hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

 

The fair value hierarchy is as follows:

 

 

■

Level 1 Inputs – Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

 

 

■

Level 2 Inputs – Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations for which all significant assumptions are observable or can be corroborated by observable market data.

 

 

■

Level 3 Inputs – Valuations are based on unobservable inputs that may include significant management judgment and estimation.

 

A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy at the reporting date, is set forth below.

 

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. For Level 2 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. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the bond’s terms and conditions.

 

Loans Held-for-Sale – These loans are reported at fair value. 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.

 

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. 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.

 

Collateral-Dependent Loans – Individually reviewed collateral-dependent loans are reported at the fair value of the underlying collateral less costs to sell. Collateral-dependent loans are classified within Level 3 of the fair value hierarchy.

 

Real Estate and Other Repossessed Assets – Fair values are determined at the time the loan is foreclosed upon and the asset is transferred from loans. The value is based primarily on third-party appraisals, less costs to sell and are considered Level 3 inputs for determining fair value. Repossessed assets are reviewed and evaluated periodically for additional impairment and adjusted accordingly.

 

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.

 

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:

 

  

December 31, 2024

 
  

Level 1

  

Level 2

  

Level 3

  

Total Fair

 
  

Inputs

  

Inputs

  

Inputs

  

Value

 
  

(In Thousands)

 

Financial assets:

                

Available-for-sale securities

                

U.S. government and agency obligations

 $-  $5,195  $-  $5,195 

U.S. treasury obligations

  46,913   -   -   46,913 

Municipal obligations

  -   117,877   -   117,877 

Corporate obligations

  -   4,162   -   4,162 

Mortgage-backed securities

  -   28,235   -   28,235 

Collateralized mortgage obligations

  -   82,623   -   82,623 

Asset-backed securities

  -   7,585   -   7,585 

Loans held-for-sale

  -   13,368   -   13,368 

Forward TBA mortgage-backed securities

  -   142   -   142 

Financial liabilities:

                

Interest rate lock commitments

  -   -   103   103 

 

  

December 31, 2023

 
  

Level 1

  

Level 2

  

Level 3

  

Total Fair

 
  

Inputs

  

Inputs

  

Inputs

  

Value

 
  

(In Thousands)

 

Financial assets:

                

Available-for-sale securities

                

U.S. government and agency obligations

 $-  $6,543  $-  $6,543 

U.S. treasury obligations

  46,815   -   -   46,815 

Municipal obligations

  -   137,950   -   137,950 

Corporate obligations

  -   3,905   -   3,905 

Mortgage-backed securities

  -   26,753   -   26,753 

Collateralized mortgage obligations

  -   86,568   -   86,568 

Asset-backed securities

  -   9,745   -   9,745 

Loans held-for-sale

  -   11,432   -   11,432 

Interest rate lock commitments

  -   -   15   15 

Financial liabilities:

                

Forward TBA mortgage-backed securities

  -   75   -   75 

 

 

Certain financial assets may be measured at fair value on a nonrecurring basis. These assets are subject to fair value adjustments that result from the application of lower of cost or fair value accounting or write-downs of individual assets, such as collateral-dependent loans, real estate and other repossessed assets and mortgage servicing rights.

 

The following tables summarize financial assets measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting periods presented:

 

  

December 31, 2024

 
  

Level 1

  

Level 2

  

Level 3

  

Total Fair

 
  

Inputs

  

Inputs

  

Inputs

  

Value

 
  

(In Thousands)

 

Collateral-dependent loans individually evaluated, net of ACL

 $-  $-  $96  $96 

 

  

December 31, 2023

 
  

Level 1

  

Level 2

  

Level 3

  

Total Fair

 
  

Inputs

  

Inputs

  

Inputs

  

Value

 
  

(In Thousands)

 

Collateral-dependent loans individually evaluated, net of ACL

 $-  $-  $1,782  $1,782 

 

The following table represents the Bank's financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the valuation techniques used to measure the fair value of those assets and liabilities, and the significant unobservable inputs and the ranges of values for those inputs:

 

 

Principal

Significant

Range of

 

Valuation

Unobservable

Significant Input

Instrument

Technique

Inputs

Values

    

Collateral-dependent loans individually evaluated

Fair value of underlying collateral

Discount applied to the obtained appraisal

10 - 30%

Real estate and other repossessed assets

Fair value of collateral

Discount applied to the obtained appraisal

10 - 30%

Interest rate lock commitments

Internal pricing model

Pull-through expectations

85 - 95%

 

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.

 

  

December 31, 2024

  

December 31, 2023

 
  

Interest Rate Lock Commitments

 
  

(In Thousands)

 

Beginning Balance

 $15  $(81)

Purchases and issuances

  (644)  (339)

Sales and settlements

  526   435 

Ending Balance

 $(103) $15 

Unrealized (losses) gains related to items held at end of period

 $(118) $96 

 

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. 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.

 

  

December 31, 2024

 
  

Level 1

  

Level 2

  

Level 3

  

Total

  

Carrying

 
  

Inputs

  

Inputs

  

Inputs

  

Fair Value

  

Amount

 
  

(In Thousands)

 

Financial assets:

                    

Cash and cash equivalents

 $31,559  $-  $-  $31,559  $31,559 

FHLB stock

  -   7,778   -   7,778   7,778 

FRB stock

  -   4,131   -   4,131   4,131 

Loans receivable, gross

  -   -   1,466,511   1,466,511   1,520,646 

Mortgage servicing rights

  -   -   20,370   20,370   15,376 

Financial liabilities:

                    

Non-maturing interest-bearing deposits

  -   799,142   -   799,142   799,142 

Time certificates of deposit

  -   -   461,254   461,254   462,875 

FHLB advances and other borrowings

  -   -   141,057   141,057   140,930 

Other long-term debt

  -   -   58,024   58,024   60,155 

 

  

December 31, 2023

 
  

Level 1

  

Level 2

  

Level 3

  

Total

  

Carrying

 
  

Inputs

  

Inputs

  

Inputs

  

Fair Value

  

Amount

 
  

(In Thousands)

 

Financial assets:

                    

Cash and cash equivalents

 $24,545  $-  $-  $24,545  $24,545 

FHLB stock

  -   9,191   -   9,191   9,191 

FRB stock

  -   4,131   -   4,131   4,131 

Loans receivable, gross

  -   -   1,416,203   1,416,203   1,484,489 

Mortgage servicing rights

  -   -   20,388   20,388   15,853 

Financial liabilities:

                    

Non-maturing interest-bearing deposits

  -   772,086   -   772,086   772,086 

Time certificates of deposit

  -   -   441,939   441,939   444,382 

FHLB advances and other borrowings

  -   -   175,842   175,842   175,737 

Other long-term debt

  -   -   58,094   58,094   60,155 

 
v3.25.0.1
Note 18 - Condensed Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

 

NOTE 18:

Condensed Parent Company Financial Statements

 

Included below are the condensed financial statements of the Parent Company, Eagle Bancorp Montana, Inc.:

 

  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Assets:

        

Cash and cash equivalents

 $1,863  $2,426 

Securities available-for-sale

  732   796 

Investment in Eagle Bancorp Statutory Trust I

  155   155 

Investment in Subsidiaries

  227,470   219,090 

Other assets

  4,717   6,831 

Total assets

 $234,937  $229,298 
         

Liabilities and Shareholders' Equity:

        

Accounts payable and accrued expenses

 $1,023  $1,026 

Other long-term debt

  59,149   58,999 

Shareholders' equity

  174,765   169,273 

Total liabilities and shareholders' equity

 $234,937  $229,298 

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 
         

Interest income

 $48  $55 

Interest expense

  (2,735)  (2,729)

Noninterest income

  73   211 

Noninterest expense

  (825)  (976)

Loss before income taxes

  (3,439)  (3,439)

Income tax benefit

  (931)  (914)

Loss before equity in undistributed earnings of Subsidiaries

  (2,508)  (2,525)

Equity in undistributed earnings of Subsidiaries

  12,286   12,581 

Net income

 $9,778  $10,056 

 

 

  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

        

Net income

 $9,778  $10,056 

Adjustments to reconcile net income to net cash used in operating activities:

        

Equity in undistributed earnings of Subsidiaries

  (12,286)  (12,581)

Other adjustments, net

  2,281   (1,302)

Net cash used in operating activities

  (227)  (3,827)
         

CASH FLOWS FROM INVESTING ACTIVITIES:

        

Cash contribution from Opportunity Bank of Montana

  3,700   - 

Activity in available-for-sale securities:

        

Maturities, principal payments and calls

  60   5,072 

Net cash provided by investing activities

  3,760   5,072 
         

CASH FLOWS FROM FINANCING ACTIVITIES:

        

ESOP payments and dividends

  320   479 

Payments to purchase treasury stock

  (419)  (231)

Treasury shares reissued for compensation

  538   337 

Dividends paid

  (4,535)  (4,442)

Net cash used in financing activities

  (4,096)  (3,857)
         

NET DECREASE IN CASH AND CASH EQUIVALENTS

  (563)  (2,612)
         

CASH AND CASH EQUIVALENTS, beginning of period

  2,426   5,038 
         

CASH AND CASH EQUIVALENTS, end of period

 $1,863  $2,426 

 

 
v3.25.0.1
Note 19 - Restatement of Interim Financial Information (UNAUDITED)
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Error Correction [Text Block]

NOTE 19:

Restatement of Interim Financial Information (UNAUDITED)

  

Restatement of Unaudited Condensed Statement of Cash Flows 

 

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. 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. The previously reported amounts are labeled "As Reported" in the table below. The amounts labeled "Adjustments" represent the effects of this restatement. 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.  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.

 

  

Nine Months Ended September 30, 2024

 
  

As Reported

  

Adjustments

  

As Restated

 
  

(In Thousands)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

            

Net increase in deposits

 $15,317  $-  $15,317 

Net short-term advances (payments) on FHLB and other borrowings

  14,263   (55,000)   (40,737) 

Advances on long-term FHLB and other borrowings

  29,167   75,833   105,000 

Payments on long-term FHLB and other borrowings

  -   (20,833)   (20,833) 

Purchase of treasury stock

  -   -   - 

Dividends paid

  (3,387)   -   (3,387) 

Net cash provided by financing activities

 $55,360  $-  $55,360 

 
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]

Organization

 

Eagle Bancorp Montana, Inc. (“Eagle” or the “Company”), is a Delaware corporation that holds 100% of the capital stock of Opportunity Bank of Montana (“OBMT” or the “Bank”), formerly American Federal Savings Bank (“AFSB”). The Bank was founded in 1922 as a Montana chartered building and loan association and has conducted operations and maintained its administrative office in Helena, Montana since that time. In 1975, the Bank adopted a federal thrift charter and in October 2014 converted to a Montana chartered commercial bank and became a member bank in the Federal Reserve System.

 

Eagle Bancorp Statutory Trust I (the “Trust”) was established in September 2005 and is owned 100% by Eagle.

 

In September 2021, the Company entered into an Agreement and Plan of Merger ("Merger Agreement") with First Community Bancorp, Inc. ("FCB"), a Montana corporation, and FCB's wholly-owned subsidiary, First Community Bank, a Montana chartered commercial bank. The Merger Agreement provided that, upon the terms and subject to the conditions set forth in the Merger Agreement, FCB would merge with and into Eagle, with Eagle continuing as the surviving corporation. The merger closed on April 30, 2022. First Community Bank operated nine branches in Ashland, Culbertson, Froid, Glasgow, Helena, Hinsdale, Three Forks and Wolf Point, Montana. 

 

In March 2021, the Bank established a subsidiary, Opportunity Housing Fund, LLC (“OHF”), to invest in Low-Income Housing Tax Credit (“LIHTC”) projects. The LIHTC program is designed to encourage capital investment in construction and rehabilitation of low-income housing. During the year ended December 31, 2021, OHF made investments in two LIHTC projects. Investments in LIHTC projects are included in other assets on the statement of financial condition and totaled $6,759,000 and $7,644,000 as of December 31, 2024 and 2023, respectively. Outstanding funding obligations for LIHTC projects are included in other liabilities on the statement of financial condition and totaled $215,000 at December 31, 2024.  

 

On January 1, 2020, the Company acquired Western Holding Company of Wolf Point (“WHC”), a Montana corporation, and WHC’s wholly-owned subsidiary, Western Bank of Wolf Point ("WB"), a Montana chartered commercial bank. The acquisition included one branch in Wolf Point, Montana. In addition, Western Financial Services, Inc. ("WFS") was acquired through the WHC merger. In December 2023, WFS changed its name to Opportunity Financial Services, Inc. ("OFS"). OFS facilitates deferred payment contracts for customers that produce agricultural products.

 

The Bank is headquartered in Helena, Montana, and has additional branches in Ashland, Big Timber, Billings, Bozeman, Butte, Choteau, Culbertson, Denton, Dutton, Froid, Glasgow, Great Falls, Hamilton, Hinsdale, Livingston, Missoula, Sheridan, Three Forks, Townsend, Twin Bridges, Winifred and Wolf Point, Montana. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities.

 
Basis of Presentation and Use of Estimates [Policy Text Block]

Basis of Financial Statement Presentation and Use of Estimates

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In preparing consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses and the potential impairment of goodwill. 

 
Consolidation, Policy [Policy Text Block]

Principles of Consolidation

 

The consolidated financial statements include Eagle, the Bank, Eagle Bancorp Statutory Trust I (the "Trust"), OFS and OHF. All significant intercompany transactions and balances have been eliminated in consolidation.

 
Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

 

Certain prior period amounts were reclassified to conform to the presentation for 2024. These reclassifications had no impact on net income or total shareholders’ equity.

 
Subsequent Events, Policy [Policy Text Block]

Subsequent Events

 

The Company has evaluated events and transactions subsequent to  December 31, 2024 for recognition and/or disclosure.

 

During January 2025, the Company purchased 50,000 shares at an average price of $15.11 under its repurchase plan. See Note 14. Capital Management and Regulatory Matters for additional information regarding the repurchase plan. 

 
Concentration Risk, Credit Risk, Policy [Policy Text Block]

Significant Group Concentrations of Credit Risk

 

Most of the Company’s business activity is with customers located within Montana. Note 2: Investment Securities discusses the types of securities that the Company invests in. Note 3: Loans discusses the types of lending that the Company engages in. The Company does not have any significant concentrations to any one industry or customer.

 

 
Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents 

 

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. 

 
Marketable Securities, Policy [Policy Text Block]

Investment Securities

 

The Company can designate debt and equity securities as held-to-maturity, available-for-sale or trading. At December 31, 2024 and 2023 all securities were designated as available-for-sale.

 

Held-to-Maturity – Debt investment securities that management has the positive intent and ability to hold until maturity are classified as held-to-maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts.

 

Available-for-Sale – Investment securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, need for liquidity and changes in the availability of and the yield of alternative investments, are classified as available-for-sale. These assets are carried at fair value. Unrealized gains and losses, net of tax, are reported as other comprehensive income. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and determined using the specific identification method. In general, premiums are amortized and discounts are accreted over the period remaining to maturity, except for premiums on callable bonds which are amortized to the earliest call date.

 

Trading – Investments that are purchased with the intent of selling them within a short period of time.

 
Allowance for Credit Losses, Available-for-Sale Securities [Policy Text Block]

Allowance for Credit Losses - Available-for-Sale Securities

 

For available-for-sale securities in an unrealized loss position, the Company will first determine whether it intends to sell the security or will more likely than not be required to sell the security before recovery of its amortized cost basis. The security’s amortized cost basis will be written down to fair value through other expense if either of the criteria regarding intent or requirement to sell is met. If neither of the aforementioned criteria are met, the Company will determine whether the decline in fair value has resulted from credit losses. 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. The amount of ACL is limited to the amount fair value is less than the amortized cost basis. Any portion of estimated credit losses that have not been recorded through an ACL are reported in other comprehensive income net of tax.

 
Federal Home Loan Bank Stock, Policy [Policy Text Block]

Federal Home Loan Bank Stock

 

The Company’s investment in Federal Home Loan Bank (“FHLB”) of Des Moines stock is a restricted investment carried at cost ($100 per share par value), which approximates its fair value. As a member of the FHLB system, the Company is required to maintain a minimum level of investment in FHLB stock based on total assets and a specific percentage of its outstanding FHLB advances. The Company had 77,777 and 91,907 FHLB shares at December 31, 2024 and 2023, respectively. Dividends are paid quarterly and are subject to FHLB board approval. Management evaluates FHLB stock for impairment as needed.

 
Federal Reserve Bank Stock [Policy Text Block]

Federal Reserve Bank Stock

 

The Company’s investment in FRB stock is a restricted investment carried at cost, which approximates its fair value. Although the par value of the stock is $100 per share, banks pay only $50 per share at the time of purchase, with the understanding that the other half of the subscription amount is subject to call at any time. As a member of the Federal Reserve System, the Company is required to maintain a minimum level of investment in FRB stock based on a specific percentage of its capital and surplus. The Company had 82,618 FRB shares at both  December 31, 2024 and 2023. Dividends are received semi-annually at a fixed rate of 6.00% on the total number of shares.

 
Financing Receivable, Held-for-Sale [Policy Text Block]

Mortgage Loans Held-for-Sale

 

Mortgage loans originated and intended for sale in the secondary market are carried at fair value. Mortgage loans held-for-sale are sold with mortgage servicing rights either released or retained by the Bank. Fair value for loans held-for-sale is determined by commitments from investors or current secondary market prices for loans with similar coupons and maturities. Loan origination fees and costs are recognized in earnings at the time of origination.

 
Financing Receivable, Held-for-Investment [Policy Text Block]

Loans   

 

The Bank originates mortgage, commercial, agricultural and consumer loans primarily to customers located in Montana. The ability of the Bank’s debtors to honor their contracts is dependent upon the general economic conditions in this area.

 

 

 

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances net of any unearned income, allowance for credit losses, and unamortized deferred fees or costs on originated loans and unamortized premiums or unaccreted discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs are deferred and amortized over the contractual life of the loan, and recorded as an adjustment to the yield, using the interest method.

 

Nonaccrual and Past Due Loans – Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management's opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, the Bank considers the borrower's debt service capacity through the analysis of current financial information, if available, and/or current information with regards to the Bank's collateral position. Regulatory provisions would typically require the placement of a loan on nonaccrual status if (i) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or (ii) full payment of principal and interest is not expected. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

 

Residential 1-4 Family Loans – The Bank originates 1-4 family residential mortgage loans collateralized by owner-occupied and non-owner-occupied real estate. Repayment of these loans may be subject to adverse conditions in the real estate market or the economy to a greater extent than other types of loans. Loans collateralized by 1-4 family residential real estate generally have been originated in amounts up to 80.00% of appraised values before requiring private mortgage insurance. The underwriting analysis includes credit verification, appraisals and a review of the financial condition of the borrower. The Company will either hold these loans in its portfolio or sell them on the secondary market, depending upon market conditions and the type and term of the loan originations. Generally, all 30-year fixed rate loans are sold in the secondary market.

   

Commercial Real Estate Loans – The Bank makes commercial real estate loans, land loans (both developed and undeveloped) and loans on multi-family dwellings. Commercial real estate loans are collateralized by owner-occupied and non-owner-occupied real estate. Payments on loans secured by such properties are often dependent on the successful operation or management of the properties. Accordingly, repayment of these loans may be subject to adverse conditions in the real estate market or the economy to a greater extent than other types of loans. When underwriting these loans, the Bank seeks to minimize these risks in a variety of ways, including giving careful consideration to the property’s operating history, future operating projections, current and projected occupancy, location and physical condition. The underwriting analysis also includes credit verification, analysis of global cash flow, appraisals and a review of the financial condition of the borrower.

 

Construction Loans – The Bank makes loans to finance the construction of residential properties. The majority of the Bank’s residential construction loans are made to individual homeowners for the construction of their primary residence and, to a lesser extent, to local builders for the construction of pre-sold houses or houses that are being built for sale in the future. The Bank also originates commercial construction and development loans. Construction loans involve additional risks attributable to the fact that loan funds are advanced upon the security of a project under construction, and the project is of uncertain value prior to its completion. Because of uncertainties inherent in estimating construction costs, the market value of the completed project and the effects of governmental regulation on real property, it can be difficult to accurately evaluate the total funds required to complete a project and the related loan to value ratio. As a result of these uncertainties, construction lending often involves the disbursement of substantial funds with repayment dependent, in part, on the success of the ultimate project rather than the ability of a borrower or guarantor to repay the loan. If the Company is forced to foreclose on a project prior to completion, there is no assurance that the Company will be able to recover the entire unpaid portion of the loan. In addition, the Company may be required to fund additional amounts to complete a project and may have to hold the property for an indeterminable period of time. While the Bank has underwriting procedures designed to identify what it believes to be acceptable levels of risks in construction lending, no assurance can be given that these procedures will prevent losses from the risks described above.

 

Agricultural Loans – The Bank makes agricultural operating loans as well as long term agricultural real estate loans. Agricultural operating loans are generally secured with equipment, cattle, crops or other non-real property and at times the underlying real property. Agricultural real estate loans are secured with farm and ranch real estate. Payments on both types of agricultural loans are dependent on successful operation of the farm and/or ranch. Repayment is also affected by agricultural conditions that may include adverse weather conditions such as drought, hail, flooding and severe winters. Also impacting the borrower’s ability to repay are commodity prices associated with the agricultural operation. When underwriting these loans, the Bank seeks to minimize these risks in a variety of ways, including giving careful consideration to the farm or ranch’s operating history, future operating projections, current and projected commodity prices and crop insurance. The underwriting analysis also includes credit verification, analysis of global cash flow, appraisals and a review of the financial condition of the borrower.

 

 

Home Equity Loans – The Bank originates home equity loans that are secured by the borrowers’ primary residence. These loans are typically subject to a prior lien, which may or may not be held by the Bank. Although these loans are secured by real estate, they carry a greater risk than first lien 1-4 family residential mortgages because of the existence of a prior lien on the property as well as the flexibility the borrower has with respect to the proceeds. The Bank attempts to minimize this risk by maintaining conservative underwriting policies on these types of loans. Generally, home equity loans are made for up to 85.00% of the appraised value of the underlying real estate collateral, less the amount of any existing prior liens on the property securing the loan.

 

Consumer Loans – Consumer loans made by the Bank include automobile loans, recreational vehicle loans, boat loans, personal loans, credit lines, loans secured by deposit accounts and other personal loans. Risk is minimized due to relatively small loan amounts that are spread across many individual borrowers.

 

Commercial Loans – A broad array of commercial lending products are made available to businesses for working capital (including inventory and accounts receivable), purchases of equipment and machinery and business. Bank’s commercial loans are underwritten on the basis of the borrower’s ability to service such debt as reflected by cash flow projections. Commercial loans are generally collateralized by business assets, accounts receivable and inventory, certificates of deposit, securities, guarantees or other collateral. The Bank also generally obtains personal guarantees from the principals of the business. Working capital loans are primarily collateralized by short-term assets, whereas term loans are primarily collateralized by long-term assets. As a result, commercial loans involve additional complexities, variables and risks and require more thorough underwriting and servicing than other types of loans. 

 
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Allowance for Credit Losses – Loans

 

The allowance for credit losses on loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The Company has elected to exclude accrued interest receivable from the amortized cost basis of loans, and accrued interest is reported separately on the consolidated statements of financial condition. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and recoveries are credited to the allowance when received. In the case of recoveries, amounts may not exceed the aggregate of amounts previously charged off.

 

Management utilizes relevant available information, from internal and external sources, relating to past events, current conditions, historical loss experience, and reasonable and supportable forecasts. The lookback period in the analysis includes historical data from 2014 to present. Adjustments to historical loss information are made when historical data is not likely reflective of the current portfolio due to changing economic conditions or when there is a lack of default or loss history. Changes in the allowance for credit losses are recorded as a provision for credit losses.

 

Collective Assessment – The allowance for credit losses on loans is measured on a collective pool basis when similar risk characteristics exist. Generally, collectively assessed loans are grouped first by call report code, then by similar risk characteristics.

 

Determining the Contractual Life – Expected credit losses are estimated over the contractual life of the loans, adjusted for expected prepayments when appropriate. The contractual life excludes expected extensions, renewals and modifications. Prepayment assumptions will be determined by analysis of historical behavior by loan pool.

 

The Company has elected to use the Weighted Average Remaining Maturity (WARM) methodology for all pools. The WARM methodology looks at historical quarterly loss rates for each loan pool over the established “look back” period to determine an average loss rate for each pool. Each pool is analyzed to determine the remaining life using amortization schedules, including prepayments.

 

Historical charge off and recovery activity is compared to loan balances in each pool quarterly and is averaged to determine an estimated annual charge off rate. The average loss rate over this look-back period is applied annually over the remaining life of the pool to determine an expected loss percentage.

 

The Company incorporates current economic conditions based on quantitative models that compare national economic indicators to peer charge off rates and local economic indicators to the Company's charge off rates. The expected loss rate for each pool is adjusted by the difference between the Bank's historical loss rate and the rate determined in the economic models.

 

Additionally, the Company uses reasonable and supportable forecasted economic indicators through a qualitative adjustment. Economic indicators are compared to peer charge off rates through a regression analysis. Predicted loss rates are then determined by applying the forecasted economic indicators to the regression and are compared to the current charge off rates to determine any potential qualitative adjustment. 

 

The Company recognizes that all significant factors that affect the collectability of the loan portfolio must be considered to determine the estimated credit losses as of the evaluation date. The methodology primarily relies on historic charge off data to determine a loss rate to apply to each pool and does not inherently consider risks in the loan portfolio. Therefore, the Company adjusts the modeled expected losses by qualitative adjustments to incorporate significant risks to form a sufficient basis to estimate the credit losses.

 

 

Individual Analysis – Loans considered to have different risk characteristics that do not fall within any pool will be analyzed individually on a quarterly basis for potential individual reserve requirements.

 

The Company has elected the collateral-dependent practical expedient for its collateral-dependent loans, where estimated credit losses are based upon the fair value of the collateral, less costs to sell if applicable. This practical expedient can be applied to a loan if the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. If it is probable that the Company will foreclose on the collateral, the use of the fair value of the collateral to calculate an allowance for credit loss is required. Estimates of future collateral proceeds will be based upon available appraisals, reference to recent valuations of comparable properties, and any other sources of information believed appropriate by management under the specific circumstances. When appraisals are ordered to support the analysis of a collateral-dependent loan, the appraisal is reviewed internally.

 

Where the primary and/or expected source of repayment of a specific loan is believed to be the receipt of principal and interest payments from the borrower and/or the refinancing of the loan by another creditor, impairment will generally be measured based upon the present value of expected proceeds discounted at the contractual interest rate. 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.

 

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. Loan modifications include situations where there is principal forgiveness, interest rate reductions, term extensions, other-than-significant payment delays, or any combinations of these. The allowance for credit losses on loans that are considered modifications to borrowers experiencing financial difficulty are measured by the Company using the same method as all other loans held for investment.

 

Allowance for Credit Losses – Unfunded Commitments

 

The Company estimates expected credit losses over the period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments is adjusted through a provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate utilizes the same factors and assumptions as the allowance for credit losses on loans and is applied at the same collective pool level.

 
Mortgage Banking Activity [Policy Text Block]

Mortgage Servicing Rights

 

Servicing assets are recognized as separate assets when rights are acquired through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on a market price valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses.

 

Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that the fair value is less than the capitalized amount for the tranches. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. Capitalized servicing rights are reported as assets and are amortized in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets.

 

Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income.

 

 
Property, Plant and Equipment, Policy [Policy Text Block]

Premises and Equipment

 

Land is carried at cost. Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the assets, ranging from 3 to 40 years. The costs of maintenance and repairs are expensed as incurred, while major expenditures for renewals and betterments are capitalized.

 
Lessee, Leases [Policy Text Block]

Leases

 

The Company leases certain premises from third parties under various operating lease agreements. Operating leases are included in premises and equipment, net and other liabilities on the consolidated statements of financial position. Lease expense for lease payments is recognized on a straight-line basis over the life of the lease. Right-of-use assets and corresponding lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. If an implicit rate is not available in the lease, the Company uses an incremental borrowing rate to determine the present value of lease payments. Lease and non-lease components are accounted for separately. Leases with a lease term of 12 months or less are not recorded on the consolidated statements of financial condition.

 
Bank Owned Life Insurance [Policy Text Block]

Cash Surrender Value of Bank Owned Life Insurance

 

Bank Owned Life Insurance (“BOLI”) policies are reflected on the consolidated statements of financial condition at cash surrender value, net of other charges or amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in noninterest income on the consolidated statements of income and are not subject to income taxes.

 
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block]

Real Estate and Other Repossessed Assets

 

Assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new carrying value. All write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for credit losses. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. 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. Real estate and other repossessed properties was $45,000 and $5,000 at December 31, 2024 and 2023, respectively.

 
Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

 

The majority of our revenue-generating transactions are not subject to Accounting Standards Codification (“ASC”) Topic 606, including revenue generated from financial instruments, such as our loans, guarantees, derivatives and investment securities, as well as revenue related to our mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. ASC Topic 606 is applicable to noninterest revenue streams such as service charges on deposit accounts, interchange and other fees and commodity sales income. Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606 and are recorded in noninterest income on the consolidated statements of income are discussed below:

 

Service Charges on Deposit Accounts – Revenue from service charges consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds and, when applicable, pay interest on deposits. Service charges on deposit accounts may be transactional or non-transactional in nature. Transactional service charges occur in the form of a service or penalty and are charged upon the occurrence of an event (e.g., overdraft fees, ATM fees, wire transfer fees). Transactional service charges are recognized as services are delivered to and consumed by the customer, or as penalty fees are charged. Non-transactional service charges are charges that are based on a broader service, such as account maintenance fees and dormancy fees, and are recognized on a monthly basis. Service charges on deposit accounts were $1,645,000 and $1,757,000 for the years ended December 31, 2024 and 2023, respectively.

 

Interchange and ATM Fees – Revenue from debit card fees includes interchange fee income from debit cards processed through card association networks. Interchange fees represent a portion of a transaction amount that the Company and other involved parties retain to compensate themselves for giving the cardholder immediate access to funds. Interchange rates are generally set by the card association networks and are based on purchase volumes and other factors. The Company records interchange fees as services are provided. Interchange and ATM fees were $2,540,000 and $2,524,000 for the years ended December 31, 2024 and 2023, respectively.

 

Commodity Sales Income – The Company's subsidiary, OFS, processes deferred payment contracts between suppliers and customers of agricultural commodities. The revenue from these contracts is accounted for in accordance with ASC Topic 606. The Company is considered an agent in these contracts, as: (i) the Company facilitates payment from customer to supplier, (ii) the Company does not take inventory of commodities as they are delivered by supplier to the customer, (iii) pricing of commodities is determined by the market, (iv) consideration on deferred payment contracts is insignificant to the Company and (v) the Company’s exposure to credit risk is minimal. Revenue is recognized net of expenses and reported in other noninterest income in the financial statements. Commodity sales income and the corresponding commodity sales expense were $13,043,000 and $6,087,000 for the years ended  December 31, 2024 and 2023, respectively, for a net impact of $0.

 

 

 
Income Tax, Policy [Policy Text Block]

Income Taxes

 

The Company adopted authoritative guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions.

 

The Company’s income tax expense consists of the following components: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur.

 

Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.

 

The Company recognizes income tax related penalties and interest, if any, in the provision for income taxes in the consolidated statements of income. Based on management's analysis, the Company did not have any uncertain tax positions as of December 31, 2024 and 2023. The Company files tax returns in the U.S. federal jurisdiction and the State of Montana. There are currently no income tax examinations underway for these jurisdictions. The Company's income tax returns are subject to examination by relevant taxing authorities as follows: U.S. Federal income tax returns for tax years 2021 and forward; Montana income tax returns for tax years 2021 and forward. 

 
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block]

Employee Stock Ownership Plan

 

Compensation expense recognized for the Company’s Employee Stock Ownership Plan (“ESOP”) equals the fair value of shares that have been allocated or committed to be released for allocation to participants during the year. Any difference between the fair value of the shares at the time and the ESOP’s original acquisition cost is charged or credited to shareholders’ equity (additional paid-in capital). The cost of ESOP shares that have not yet been allocated or committed to be released is deducted from shareholders’ equity.     

 
Stockholders' Equity, Policy [Policy Text Block]

Treasury Stock

 

Treasury stock is accounted for on the cost method.

 
Advertising Cost [Policy Text Block]

Advertising Costs

 

The Company expenses advertising costs as they are incurred. Advertising costs were $1,312,000 and $1,375,000 for the years ended December 31, 2024 and 2023, respectively.

 

 
Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

 

Compensation cost is recognized for restricted stock awards, based on the fair value of the awards at the grant date. Compensation cost is recognized over the required service period, generally defined as the vesting period. 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. Shares of restricted stock granted through the 2020 Non-Employee Director Award Plan vest one year from the grant date.

 
Earnings Per Share, Policy [Policy Text Block]

Earnings Per Common Share

 

Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

 
Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income (Loss)

 

Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded directly to equity, such as unrealized holding gains and losses on securities available-for-sale.

 
Loan Commitments, Policy [Policy Text Block]

Loan Commitments and Related Financial Instruments

 

Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

 
Derivatives, Policy [Policy Text Block]

Derivatives 

 

The Company’s derivatives are primarily the result of its mortgage banking activities and are in the form of interest rate lock commitments (“IRLCs), To-Be-Announced (“TBA”) mortgage-backed securities and bulk mandatory forward loan sale commitments. The derivatives are accounted for as free-standing or economic derivatives and are measured at fair value. The derivatives are recognized as either assets or liabilities on the consolidated statements of financial condition and the changes in the fair value of the derivatives are recorded in noninterest income in mortgage banking, net in the on the consolidated statements of income.

 
Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

 

Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. See Note 17. Fair Value of Financial Instruments for more information.     

 
Transfers and Servicing of Financial Assets, Policy [Policy Text Block]

Transfers of Financial Assets

 

Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. 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. 

 

 
Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill and Other Intangible Assets

 

Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of net identifiable assets acquired. Subsequent to initial recognition, the Company tests goodwill for impairment annually as of October 31, or more often if events or circumstances, such as adverse changes in the business climate indicate there may be impairment. A goodwill impairment test is performed by comparing the fair value of the reporting unit with its carrying value. An impairment charge is recorded for the amount by which the carrying amount exceeds the reporting unit's fair value. For goodwill considerations the Company is a single reporting unit. A weighted average of both the market and income approaches is used in valuing the reporting unit’s fair value. Weightings are assigned to the approaches regarding fair value and the sensitivity of other weighting scenarios is considered. The market approach incorporates comparable public company information, valuation multiples and consideration of a market control premium along with data related to comparable observed purchase transactions in the financial services industry. The income approach consists of discounting projected future cash flows, which are derived from internal forecasts and economic expectations for the reporting unit. The significant inputs and assumptions for the income approach include projected earnings of the Company in future years for which there is inherent uncertainty and the discount rate. The sensitivity of a range of reasonable discount rates based on the current economic environment is considered.

 

During the quarter ended September 30, 2024, management performed a quantitative goodwill impairment test with assistance from a third-party valuation specialist. The interim determination was primarily driven by a revision in the Company's earnings outlook in comparison to budget. The interim goodwill impairment assessment as of August 31, 2024 concluded that goodwill was not impaired. Our quantitative annual impairment tests as of October 31, 2024 and 2023 also did not result in impairment. However, changing economic conditions that may adversely affect the Company's performance, the fair value of its assets and liabilities, or its stock price could result in future impairment. Any resulting impairment loss could have a material adverse impact on the Company's financial condition and results of operations. Management will continue to monitor events that could influence this conclusion in the future.

 

Goodwill recorded for the FCB acquisition during the second quarter of 2022 was $13,942,000. Goodwill related to acquisitions prior to 2022 totaled $20,798,000. Other identifiable intangible assets recorded by the Company represent the future benefit associated with the acquisition of the core deposits. Core deposit intangible assets are being amortized over 10 years utilizing methods that approximate the expected attrition of the deposits. The amortization expense is included in the noninterest expense section of the consolidated statements of income.

 
Segment Reporting, Policy [Policy Text Block]

Segment Reporting

 

Management considers operations to be aggregated in one operating segment, as well as one reportable segment. The Company operates as one line of business (community banking) by providing a similar base of commercial and retail customers with comparable product and service offerings throughout our Montana markets. The Company adopted ASU No. 2023-07, Segment Reporting (Topic 280) during the year ended December 31, 2024. The President/Chief Executive Officer (“CEO”) serves as the Company’s chief operating decision maker (“CODM”). The CODM is responsible for assessing performance and allocating operating and capital expenditure resources.

 

The CODM regularly assesses the performance of the single operating and reporting segment based on consolidated net income. The CODM reviews expenses at a level consistent with those reported in the Company’s consolidated statements of income. All significant expense categories are reflected in the consolidated statements of income. The measure of segment assets is reflected in the consolidated statements of financial condition as total assets.

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements 

 

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) which provides temporary optional expedients to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (“LIBOR”) to an alternative reference rate such as Secured Overnight Financing Rate ("SOFR"). The Company evaluated this guidance and identified substitution rates for impacted loans and debt. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 was effective upon issuance and generally can be applied through December 31, 2024. The Company has reviewed all of its LIBOR based products and all products have been adjusted to another index as LIBOR ceased to be published after June 30, 2023. ASU No. 2021-01 did not have a significant impact on the Company's consolidated financial statements.

 

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the company's chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. 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.

  
Recently Issued Accounting Pronouncements 

 

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires enhanced income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the effect the updated guidance will have on its consolidated financial statements and related disclosures.
v3.25.0.1
Note 2 - Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Marketable Securities [Table Text Block]
  

December 31, 2024

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 
  

(In Thousands)

 

Available-for-sale:

                

U.S. government and agency obligations

 $5,298  $85  $(188) $5,195 

U.S. treasury obligations

  52,592   -   (5,679)  46,913 

Municipal obligations

  131,109   1   (13,233)  117,877 

Corporate obligations

  4,249   -   (87)  4,162 

Mortgage-backed securities

  29,867   21   (1,653)  28,235 

Collateralized mortgage obligations

  89,313   11   (6,701)  82,623 

Asset-backed securities

  7,511   83   (9)  7,585 

Total

 $319,939  $201  $(27,550) $292,590 
  

December 31, 2023

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 
  

(In Thousands)

 

Available-for-sale:

                

U.S. government obligations

 $6,574  $121  $(152) $6,543 

U.S. treasury obligations

  52,505   -   (5,690)  46,815 

Municipal obligations

  149,168   460   (11,678)  137,950 

Corporate obligations

  4,245   -   (340)  3,905 

Mortgage-backed securities

  28,426   -   (1,673)  26,753 

Collateralized mortgage obligations

  94,709   -   (8,141)  86,568 

Asset-backed securities

  9,728   32   (15)  9,745 

Total

 $345,355  $613  $(27,689) $318,279 
Schedule of Realized Gain (Loss) [Table Text Block]
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 
         

Proceeds from sale of available-for-sale securities

 $14,121  $34,020 
         

Gross realized gain on sale of available-for-sale securities

 $28  $69 

Gross realized loss on sale of available-for-sale securities

  (169)  (291)

Net realized loss on sale of available-for-sale securities

 $(141) $(222)
Investments Classified by Contractual Maturity Date [Table Text Block]
  

December 31, 2024

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(In Thousands)

 

Due in one year or less

 $8,566  $8,520 

Due from one to five years

  35,162   32,285 

Due from five to ten years

  83,805   72,286 

Due after ten years

  73,226   68,641 
   200,759   181,732 
         

Mortgage-backed securities

  29,867   28,235 

Collateralized mortgage obligations

  89,313   82,623 

Total

 $319,939  $292,590 
Gain (Loss) on Securities [Table Text Block]
  

December 31, 2024

 
  

Less than 12 Months

  

12 Months or Longer

 
      

Gross

      

Gross

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

 
  

(In Thousands)

 

U.S. government and agency obligations

 $-  $-  $1,749  $(188)

U.S. treasury obligations

  -   -   46,914   (5,679)

Municipal obligations

  14,678   (261)  102,521   (12,972)

Corporate obligations

  -   -   4,163   (87)

Mortgage-backed securities and collateralized mortgage obligations

  10,984   (188)  85,392   (8,166)

Asset-backed securities

  1,993   (9)  -   - 

Total

 $27,655  $(458) $240,739  $(27,092)
  

December 31, 2023

 
  

Less than 12 months

  

12 months or Longer

 
      

Gross

      

Gross

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

 
  

(In Thousands)

 

U.S. government and agency obligations

 $402  $-  $1,800  $(152)

U.S. treasury obligations

  -   -   46,816   (5,690)

Municipal obligations

  12,000   (63)  91,869   (11,615)

Corporate obligations

  -   -   3,905   (340)

Mortgage-backed securities and collateralized mortgage obligations

  11,452   (156)  101,869   (9,658)

Asset-backed securities

  2,521   (10)  2,202   (5)

Total

 $26,375  $(229) $248,461  $(27,460)
v3.25.0.1
Note 3 - Loans (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Real estate loans:

        

Residential 1-4 family

 $199,422  $200,012 

Commercial real estate

  916,783   909,413 
         

Other loans:

        

Home equity

  97,543   86,932 

Consumer

  28,513   30,125 

Commercial

  278,385   258,007 
         

Total

  1,520,646   1,484,489 
         

Allowance for credit losses

  (16,850)  (16,440)

Total loans, net

 $1,503,796  $1,468,049 
Financing Receivable, Allowance for Credit Loss [Table Text Block]
  

Residential

  

Commercial

  

Home

             
  

1-4 Family

  

Real Estate

  

Equity

  

Consumer

  

Commercial

  

Total

 
  

(In Thousands)

 

Allowance for credit losses on loans:

                        

Beginning balance, January 1, 2024

 $1,866  $10,691  $540  $304  $3,039  $16,440 

Charge-offs

  (11)  -   -   (65)  (10)  (86)

Recoveries

  -   18   -   3   67   88 

Provision

  56   198   13   3   138   408 

Total ending allowance balance, December 31, 2024

 $1,911  $10,907  $553  $245  $3,234  $16,850 
  

Residential

  

Commercial

  

Home

             
  

1-4 Family

  

Real Estate

  

Equity

  

Consumer

  

Commercial

  

Total

 
  

(In Thousands)

 

Allowance for credit losses on loans:

                        

Beginning balance, January 1, 2023, prior to adoption of ASC 326

 $1,472  $9,037  $509  $342  $2,640  $14,000 

Impact of adopting ASC 326

  21   534   3   1   141   700 

Charge-offs

  -   -   -   (50)  (129)  (179)

Recoveries

  195   23   13   3   19   253 

Provision

  178   1,097   15   8   368   1,666 

Total ending allowance balance, December 31, 2023

 $1,866  $10,691  $540  $304  $3,039  $16,440 
Financing Receivable Credit Quality Indicators [Table Text Block]
  

December 31, 2024

 
  

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Revolving Loans

  

Total Loans

 
  

(In Thousands)

 

RESIDENTIAL 1-4 FAMILY

                                

Pass

 $19,197  $26,976  $31,265  $20,658  $13,509  $34,913  $6,004  $152,522 

Special Mention

  -   -   623   -   -   -   -   623 

Substandard

  -   -   -   -   -   576   -   576 

Total Residential 1-4 family

  19,197   26,976   31,888   20,658   13,509   35,489   6,004   153,721 

Current-period gross charge-offs

  -   -   -   -   -   11   -   11 

RESIDENTIAL 1-4 FAMILY CONSTRUCTION

                                

Pass

  20,593   5,526   18,621   -   -   -   -   44,740 

Substandard

  -   204   -   757   -   -   -   961 

Total Residential 1-4 family construction

  20,593   5,730   18,621   757   -   -   -   45,701 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

COMMERCIAL REAL ESTATE

                                

Pass

  49,084   59,172   184,072   130,274   47,481   132,838   38,937   641,858 

Special Mention

  -   260   -   -   -   -   -   260 

Substandard

  -   490   -   463   -   2,891   -   3,844 

Total Commercial real estate

  49,084   59,922   184,072   130,737   47,481   135,729   38,937   645,962 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

COMMERCIAL CONSTRUCTION AND DEVELOPMENT

                                

Pass

  37,265   21,430   35,323   9,628   5,033   8,676   5,451   122,806 

Substandard

  -   -   438   -   2   965   -   1,405 

Total Commercial construction and development

  37,265   21,430   35,761   9,628   5,035   9,641   5,451   124,211 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

FARMLAND

                                

Pass

  21,543   18,083   29,983   18,991   20,076   33,721   2,323   144,720 

Special Mention

  -   342   813   205   -   220   -   1,580 

Substandard

  188   -   -   -   65   57   -   310 

Total Farmland

  21,731   18,425   30,796   19,196   20,141   33,998   2,323   146,610 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

HOME EQUITY

                                

Pass

  1,031   1,438   3,248   362   483   2,234   88,230   97,026 

Special Mention

  -   -   -   -   -   22   93   115 

Substandard

  -   -   -   43   -   89   270   402 

Total Home Equity

  1,031   1,438   3,248   405   483   2,345   88,593   97,543 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

CONSUMER

                                

Pass

  10,828   7,580   4,547   1,666   961   798   2,001   28,381 

Special Mention

  -   8   -   -   -   -   -   8 

Substandard

  -   66   19   -   24   14   1   124 

Total Consumer

  10,828   7,654   4,566   1,666   985   812   2,002   28,513 

Current-period gross charge-offs

  -   23   15   5   1   15   6   65 

COMMERCIAL

                                

Pass

  29,540   25,748   19,189   15,851   17,617   6,208   27,839   141,992 

Special Mention

  -   127   95   -   -   -   370   592 

Substandard

  1,192   41   6   22   -   190   4   1,455 

Total Commercial

  30,732   25,916   19,290   15,873   17,617   6,398   28,213   144,039 

Current-period gross charge-offs

  -   -      -   -   10   -   10 

AGRICULTURAL

                                

Pass

  39,001   21,690   9,014   4,215   3,143   1,608   52,494   131,165 

Special Mention

  1,811   159   15   -   -   37   596   2,618 

Substandard

  -   -   -   -   1   515   47   563 

Total Agricultural

  40,812   21,849   9,029   4,215   3,144   2,160   53,137   134,346 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

TOTAL LOANS

                                

Pass

  228,082   187,643   335,262   201,645   108,303   220,996   223,279   1,505,210 

Special Mention

  1,811   896   1,546   205   -   279   1,059   5,796 

Substandard

  1,380   801   463   1,285   92   5,297   322   9,640 

Total

 $231,273  $189,340  $337,271  $203,135  $108,395  $226,572  $224,660  $1,520,646 
  

December 31, 2023

 
  

2023

  

2022

  

2021

  

2020

  

2019

  

Prior

  

Revolving Loans

  

Total Loans

 
  

(In Thousands)

 

RESIDENTIAL 1-4 FAMILY

                                

Pass

 $10,987  $15,696  $24,575  $38,738  $28,122  $30,938  $6,179  $155,235 

Special Mention

  -   -   -   940   -   228   -   1,168 

Substandard

  -   -   -   -   -   175   -   175 

Total Residential 1-4 family

  10,987   15,696   24,575   39,678   28,122   31,341   6,179   156,578 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

RESIDENTIAL 1-4 FAMILY CONSTRUCTION

                                

Pass

  -   -   6,088   21,889   14,700   -   -   42,677 

Substandard

  -   -   757   -   -   -   -   757 

Total Residential 1-4 family construction

  -   -   6,845   21,889   14,700   -   -   43,434 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

COMMERCIAL REAL ESTATE

                                

Pass

  55,820   50,408   141,407   154,941   63,174   103,620   31,122   600,492 

Special Mention

  2,593   1,948   493   1,512   1,314   -   -   7,860 

Substandard

  -   -   -   -   -   339   -   339 

Total Commercial real estate

  58,413   52,356   141,900   156,453   64,488   103,959   31,122   608,691 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

COMMERCIAL CONSTRUCTION AND DEVELOPMENT

                                

Pass

  6,900   6,399   19,500   80,061   31,149   3,762   8,285   156,056 

Special Mention

  -   -   441   511   134   990   -   2,076 

Total Commercial construction and development

  6,900   6,399   19,941   80,572   31,283   4,752   8,285   158,132 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

FARMLAND

                                

Pass

  9,551   21,728   19,795   36,291   19,452   29,551   4,480   140,848 

Substandard

  483   65   -   407   -   787   -   1,742 

Total Farmland

  10,034   21,793   19,795   36,698   19,452   30,338   4,480   142,590 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

HOME EQUITY

                                

Pass

  621   565   376   3,630   1,736   2,398   77,409   86,735 

Substandard

  -   -   -   -   -   107   90   197 

Total Home Equity

  621   565   376   3,630   1,736   2,505   77,499   86,932 

Current-period gross charge-offs

  -   -   -   -   -   -   -   - 

CONSUMER

                                

Pass

  449   1,953   3,398   8,109   13,083   1,069   1,977   30,038 

Special Mention

  -   -   -   18   -   -   -   18 

Substandard

  -   37   -   8   -   22   2   69 

Total Consumer

  449   1,990   3,398   8,135   13,083   1,091   1,979   30,125 

Current-period gross charge-offs

  1   -   28   2   16   4   -   51 

COMMERCIAL

                                

Pass

  2,834   20,496   22,804   23,581   31,661   6,354   21,914   129,644 

Special Mention

  -   25   33   109   -   98   2,741   3,006 

Substandard

  -   -   17   9   -   33   -   59 

Total Commercial

  2,834   20,521   22,854   23,699   31,661   6,485   24,655   132,709 

Current-period gross charge-offs

  -   -   26   -   -   8   -   34 

AGRICULTURAL

                                

Pass

  1,473   5,818   7,241   16,856   40,176   1,517   50,461   123,542 

Substandard

  427   55   435   282   -   557   -   1,756 

Total Agricultural

  1,900   5,873   7,676   17,138   40,176   2,074   50,461   125,298 

Current-period gross charge-offs

  -   -   -   1   -   93   -   94 

TOTAL LOANS

                                

Pass

  88,635   123,063   245,184   384,096   243,253   179,209   201,827   1,465,267 

Special Mention

  2,593   1,973   967   3,090   1,448   1,316   2,741   14,128 

Substandard

  910   157   1,209   706   -   2,020   92   5,094 

Total

 $92,138  $125,193  $247,360  $387,892  $244,701  $182,545  $204,660  $1,484,489 
Financing Receivable, Past Due [Table Text Block]
  

December 31, 2024

 
  

Loans Past Due and Still Accruing

                 
      

90 Days

      

Nonaccrual

  

Nonaccrual

         
  

30-89 Days

  

and

      

Loans with

  

Loans with

  

Current

  

Total

 
  

Past Due

  

Greater

  

Total

  

no ACL

  

ACL

  

Loans

  

Loans

 
  

(In Thousands)

 

Real estate loans:

                            

Residential 1-4 family

 $1,326  $623  $1,949  $469  $-  $151,303  $153,721 

Residential 1-4 family construction

  -   -   -   961   -   44,740  $45,701 

Commercial real estate

  5,739   -   5,739   268   -   639,955  $645,962 

Commercial construction and development

  951   -   951   2   -   123,258  $124,211 

Farmland

  54   -   54   190   -   146,366  $146,610 

Other loans:

                            

Home equity

  382   -   382   335   -   96,826  $97,543 

Consumer

  195   -   195   98   23   28,197  $28,513 

Commercial

  1,064   -   1,064   200   4   142,771  $144,039 

Agricultural

  566   -   566   677   -   133,103  $134,346 

Total

 $10,277  $623  $10,900  $3,200  $27  $1,506,519  $1,520,646 
  

December 31, 2023

 
  

Loans Past Due and Still Accruing

                 
      

90 Days

      

Nonaccrual

  

Nonaccrual

         
  

30-89 Days

  

and

      

Loans with

  

Loans with

  

Current

  

Total

 
  

Past Due

  

Greater

  

Total

  

no ACL

  

ACL

  

Loans

  

Loans

 
  

(In Thousands)

 

Real estate loans:

                            

Residential 1-4 family

 $305  $-  $305  $297  $-  $155,976  $156,578 

Residential 1-4 family construction

  -   -   -   757   -   42,677   43,434 

Commercial real estate

  697   -   697   340   -   607,654   608,691 

Commercial construction and development

  194   -   194   -   -   157,938   158,132 

Farmland

  404   26   430   1,982   1,734   138,444   142,590 

Other loans:

                            

Home equity

  32   -   32   182   -   86,718   86,932 

Consumer

  115   -   115   45   15   29,950   30,125 

Commercial

  -   -   -   27   -   132,682   132,709 

Agricultural

  74   -   74   2,947   69   122,208   125,298 

Total

 $1,821  $26  $1,847  $6,577  $1,818  $1,474,247  $1,484,489 
Collateral-dependent Loans [Table Text Block]
  

December 31, 2024

 
  

Real Estate

  

Business Assets

  

Other

 
  

(In Thousands)

 

Real estate loans:

            

Residential 1-4 family

 $967  $-  $- 

Residential 1-4 family construction

  961   -   - 

Commercial real estate

  1,395   228   - 

Farmland

  108   -   - 

Other loans:

            

Home equity

  216   -   - 

Consumer

  -   -   104 

Commercial

  -   220   4 

Agricultural

  37   244   - 

Total

 $3,684  $692  $108 
  

December 31, 2023

 
  

Real Estate

  

Business Assets

  

Other

 
  

(In Thousands)

Real estate loans:

            

Residential 1-4 family

 $264  $-  $- 

Residential 1-4 family construction

  757   -   - 

Commercial real estate

  39   300   - 

Farmland

  4,116   -   - 

Other loans:

            

Home equity

  44   -   - 

Consumer

  -   -   36 

Commercial

  -   -   - 

Agricultural

  -   2,465   - 

Total

 $5,220  $2,765  $36

 
Directors, Senior Officers and their Related Parties [Member]  
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
  

(In Thousands)

 

Balance, January 1, 2023

 $1,884 

Principal additions

  2,315 

Principal payments

  (233)

Balance, December 31, 2023

 $3,966 

Principal additions

  1,353 

Principal payments

  

(2,130

)

Balance, December 31, 2024

 $3,189 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 
         

Loans serviced, for the benefit of others, for directors, executive officers and their related parties

 $1,262  $1,373 
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 
         

Interest income from loans owned for directors, executive officers and their related parties

 $204  $96 
v3.25.0.1
Note 4 - Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Activities in Mortgage Servicing Rights [Table Text Block]
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Mortgage servicing rights:

        

Beginning balance

 $15,853  $15,412 

Mortgage servicing rights capitalized

  1,356   2,147 

Amortization of mortgage servicing rights

  (1,833)  (1,706)

Ending balance

 $15,376  $15,853 
Mortgage Servicing Rights [Member]  
Notes Tables  
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
  

December 31,

 
  

2024

  

2023

 

Key assumptions:

        

Discount rate

  12%  12%

Prepayment speed range

  0-209%  104-526%

Weighted average prepayment speed

  110%  119%
v3.25.0.1
Note 5 - Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Property, Plant and Equipment [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Land

 $13,920  $13,202 

Buildings and improvements

  89,640   85,369 

Furniture and equipment

  18,945   16,894 

Construction in progress

  10,060   4,299 
   132,565   119,764 

Accumulated depreciation

  (32,684)  (27,790)

Premises and equipment, net, excluding right-of-use assets

  99,881   91,974 

Right-of-use assets

  1,659   2,308 

Premises and equipment, net

 $101,540  $94,282 
Lease, Cost [Table Text Block]
  

December 31

 
  

2024

  

2023

 
  

(In Thousands)

 

Right-of-use assets, net of amortization

 $1,659  $2,308 

Lease liabilities

  1,010   1,499 

Operating cash flows

  371   543 

Weighted average remaining lease term (years)

  3.66   4.56 

Weighted average discount rate

  2.70

%

  2.69

%

  

December 31

 
  

2024

  

2023

 
  

(In Thousands)

 

Operating lease cost

 $531  $710 

Short-term lease cost

  5   3 

Total lease cost

 $536  $713 
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]
  

(In Thousands)

 

2025

 $342 

2026

  238 

2027

  238 

2028

  238 

2029

  - 

Thereafter

  - 

Total lease payments

  1,056 

Less imputed interest

  (46)

Present value of lease liabilities

 $1,010 
v3.25.0.1
Note 6 - Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Core deposit intangible

 $10,809  $11,840 

Accumulated amortization

  (6,310)  (5,960)

Core deposit intangible, net

 $4,499  $5,880 
Finite-Lived Intangible Assets Amortization Expense [Table Text Block]

Years ending December 31:

 

(In Thousands)

 

2025

 $1,185 

2026

  989 

2027

  792 

2028

  595 

2029

  428 

Thereafter

  510 

Total

 $4,499 
v3.25.0.1
Note 7 - Deposits (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Deposit Liabilities, Type [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
      

Weighted

      

Weighted

 
      

Average

      

Average

 
  

Balance

  

Rate

  

Balance

  

Rate

 
  

(Dollars in Thousands)

 

Noninterest checking

 $419,211   0.00% $418,727   0.00%

Interest-bearing checking

  221,476   0.18   211,101   0.05 

Savings

  210,572   0.06   230,711   0.06 

Money market

  367,094   1.82   330,274   1.66 

Time certificates of deposits

  462,875   4.25   444,382   4.08 

Total

 $1,681,228   1.59% $1,635,195   1.45%
Schedule of Maturities of Time Deposits [Table Text Block]

Years ending December 31:

 

(In Thousands)

 

2025

 $447,321 

2026

  9,383 

2027

  3,384 

2028

  1,422 

2029

  1,277 

Thereafter

  88 

Total

 $462,875 
Schedule of Interest Expense on Deposits [Table Text Block]
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Checking

 $391  $595 

Savings

  134   106 

Money market

  8,660   5,549 

Time certificates of deposits

  18,653   11,607 

Total

 $27,838  $17,857 
v3.25.0.1
Note 8 - Advances From the Federal Home Loan Bank and Other Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Advances from Federal Home Loan Bank and Other Borrowings Maturities [Table Text Block]

Years ending December 31:

 

(In Thousands)

 

2025

 $113,013 

2026

  27,917 

2027

  - 

2028

  - 

2029

  - 

Thereafter

  - 

Total

 $140,930 
v3.25.0.1
Note 9 - Other Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
      

Unamortized

      

Unamortized

 
      

Debt

      

Debt

 
  

Principal

  

Issuance

  

Principal

  

Issuance

 
  

Amount

  

Costs

  

Amount

  

Costs

 
  

(In Thousands)

 
                 

Subordinated debentures fixed at 5.50% to floating, due 2030

 $15,000  $(185) $15,000  $(219)

Subordinated debentures fixed at 3.50% to floating, due 2032

  40,000   (821)  40,000   (937)

Subordinated debentures variable at 3-Month SOFR plus 1.68%, due 2035

  5,155   -   5,155   - 

Total other long-term debt

 $60,155  $(1,006) $60,155  $(1,156)
v3.25.0.1
Note 10 - Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Commitments to extend credit

 $267,623  $271,552 

Letters of credit

  7,409   9,457 
v3.25.0.1
Note 11 - Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Current

        

U.S. federal

 $1,575  $1,585 

Montana

  566   684 

Total current income tax provision

  2,141   2,269 

Deferred

        

U.S. federal

  (435)  (512)

Montana

  (94)  (159)

Total deferred income tax (benefit) provision

  (529)  (671)

Total income tax provision

 $1,612  $1,598 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Deferred tax assets:

        

Allowance for credit losses

 $4,433  $4,329 

Deferred loan fees

  402   366 

Lease liability

  266   395 

Deferred compensation

  1,835   1,818 

Employee benefits

  625   678 

Unrealized losses on securities available-for-sale

  7,194   7,129 

Acquisition costs

  98   133 

Acquisition fair value adjustments

  2,757   3,058 

Other

  694   699 

Total deferred tax assets

  18,304   18,605 

Deferred tax liabilities:

        

Premises and equipment

  514   879 

Right-of-use asset

  436   608 

FHLB stock

  -   21 

Mortgage servicing rights

  4,045   4,174 

Goodwill

  1,488   1,366 

Intangibles

  1,121   1,436 

Other

  336   350 

Total deferred tax liabilities

  7,940   8,834 

Net deferred tax asset

 $10,364  $9,771 
         
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
      

% of

      

% of

 
      

Pretax

      

Pretax

 
  

Amount

  

Income

  

Amount

  

Income

 
  

(Dollars in Thousands)

 

Federal income taxes at the statutory rate

 $2,392  21.00%  $2,447  

21.00%

 

State income taxes

  566  4.97   684  5.87 

Tax-exempt interest income

  (295) -2.59   (342) -2.93 

Income from bank-owned life insurance

  (432) -3.79   (308) -2.64 

Federal tax credits

  (968) -8.50   (764) -6.55 

Other, net

  349  3.06   (119) -1.04 

Provision for income taxes and effective tax rate

 $1,612  14.15%  $1,598  13.71% 
v3.25.0.1
Note 12 - Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Unrealized

 
  

(Losses) Gains

 
  

on Securities

 
  

Available for Sale

 
  

(In Thousands)

 

Balance, January 1, 2024

 $(19,945)

Other comprehensive loss, before reclassifications and income taxes

  (414)

Amounts reclassified from accumulated other comprehensive loss, before income taxes

  141 

Income tax benefit

  72 

Total other comprehensive loss

  (201)

Balance, December 31, 2024

 $(20,146)
     

Balance, January 1, 2023

 $(26,357)

Other comprehensive income, before reclassifications and income taxes

  8,482 

Amounts reclassified from accumulated other comprehensive income, before income taxes

  222 

Income tax provision

  (2,292)

Total other comprehensive income

  6,412 

Balance, December 31, 2023

 $(19,945)
v3.25.0.1
Note 13 - Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(Dollars in Thousands, Except for Per Share Data)

 

Basic weighted average shares outstanding

  7,838,822   7,793,352 

Dilutive effect of stock compensation

  14,970   4,891 

Diluted weighted average shares outstanding

  7,853,792   7,798,243 
         

Net income available to common shareholders

 $9,778  $10,056 
         

Basic earnings per common share

 $1.25  $1.29 
         

Diluted earnings per common share

 $1.24  $1.29 
         

Restricted stock units excluded from the diluted average outstanding share calculation because their effect would be anti-dilutive

  8,344   21,666 
v3.25.0.1
Note 14 - Capital Management and Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]
                  

Minimum

 
                  

To Be Well

 
          

Minimum Required

  

Capitalized Under

 
          

for Capital Adequacy

  

Prompt Corrective

 
  

Actual

  

Purposes

  

Action Provisions

 
  

Amount

  

Ratio

  

Amount

  

Ratio

  

Amount

  

Ratio

 
  

(Dollars in Thousands)

 

December 31, 2024:

                        

Total risk-based capital to risk weighted assets

 $229,316   13.49% $178,521   10.50% $170,020   10.00%
                         

Tier 1 capital to risk weighted assets

  211,066   12.41   144,517   8.50   136,016   8.00 
                         

Common equity Tier 1 capital to risk weighted assets

  211,066   12.41   119,014   7.00   110,513   6.50 
                         

Tier 1 capital to adjusted total average assets

  211,066   10.07   83,861   4.00   104,826   5.00 
                  

Minimum

 
                  

To Be Well

 
          

Minimum Required

  

Capitalized Under

 
          

for Capital Adequacy

  

Prompt Corrective

 
  

Actual

  

Purposes

  

Action Provisions

 
  

Amount

  

Ratio

  

Amount

  

Ratio

  

Amount

  

Ratio

 
  

(Dollars in Thousands)

 

December 31, 2023:

                        

Total risk-based capital to risk weighted assets

 $218,909   13.01% $176,692   10.50% $168,278   10.00%
                         

Tier 1 capital to risk weighted assets

  201,179   11.96   143,037   8.50   134,623   8.00 
                         

Common equity Tier 1 capital to risk weighted assets

  201,179   11.96   117,795   7.00   109,381   6.50 
                         

Tier 1 capital to adjusted total average assets

  201,179   9.75   82,569   4.00   103,212   5.00 
v3.25.0.1
Note 15 - Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
         

Allocated shares

  255,351   240,266 

Unallocated shares

  167,932   191,922 

Total ESOP shares

  423,283   432,188 
         

Fair value of unallocated shares (in thousands)

 $2,574  $3,030 
Share-Based Payment Arrangement, Activity [Table Text Block]
  

Number of

 
  

Shares

 
     

Unvested awards as of January 1, 2023

  70,361 

Awards granted

  20,870 

Awards vested

  (20,132)

Awards forfeited

  (1,200)

Unvested awards as of December 31, 2023

  69,899 

Awards granted

  - 

Awards vested

  (20,102)

Awards forfeited

  (14,513)

Unvested awards as of December 31, 2024

  35,284 
  

Number of

 
  

Shares

 
     

Unvested awards as of January 1, 2023

  8,520 

Awards granted

  15,291 

Awards vested

  (8,520)

Awards forfeited

  - 

Unvested awards as of December 31, 2023

  15,291 

Awards granted

  12,270 

Awards vested

  (15,291)

Awards forfeited

  - 

Unvested awards as of December 31, 2024

  12,270 
v3.25.0.1
Note 16 - Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Derivative Instruments [Table Text Block]
  

December 31, 2024

  

December 31, 2023

 
  

Notional

  

Fair Value

  

Notional

  

Fair Value

 
  

Amount

  

Asset

  

Liability

  

Amount

  

Asset

  

Liability

 
  

(In Thousands)

 

Interest rate lock commitments

 $10,155  $-  $103  $15,670  $15  $- 

Forward TBA mortgage-backed securities

  10,000   142   -   12,000   -   75 
v3.25.0.1
Note 17 - Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
  

December 31, 2024

 
  

Level 1

  

Level 2

  

Level 3

  

Total Fair

 
  

Inputs

  

Inputs

  

Inputs

  

Value

 
  

(In Thousands)

 

Financial assets:

                

Available-for-sale securities

                

U.S. government and agency obligations

 $-  $5,195  $-  $5,195 

U.S. treasury obligations

  46,913   -   -   46,913 

Municipal obligations

  -   117,877   -   117,877 

Corporate obligations

  -   4,162   -   4,162 

Mortgage-backed securities

  -   28,235   -   28,235 

Collateralized mortgage obligations

  -   82,623   -   82,623 

Asset-backed securities

  -   7,585   -   7,585 

Loans held-for-sale

  -   13,368   -   13,368 

Forward TBA mortgage-backed securities

  -   142   -   142 

Financial liabilities:

                

Interest rate lock commitments

  -   -   103   103 
  

December 31, 2023

 
  

Level 1

  

Level 2

  

Level 3

  

Total Fair

 
  

Inputs

  

Inputs

  

Inputs

  

Value

 
  

(In Thousands)

 

Financial assets:

                

Available-for-sale securities

                

U.S. government and agency obligations

 $-  $6,543  $-  $6,543 

U.S. treasury obligations

  46,815   -   -   46,815 

Municipal obligations

  -   137,950   -   137,950 

Corporate obligations

  -   3,905   -   3,905 

Mortgage-backed securities

  -   26,753   -   26,753 

Collateralized mortgage obligations

  -   86,568   -   86,568 

Asset-backed securities

  -   9,745   -   9,745 

Loans held-for-sale

  -   11,432   -   11,432 

Interest rate lock commitments

  -   -   15   15 

Financial liabilities:

                

Forward TBA mortgage-backed securities

  -   75   -   75 
Fair Value Measurements, Nonrecurring [Table Text Block]
  

December 31, 2024

 
  

Level 1

  

Level 2

  

Level 3

  

Total Fair

 
  

Inputs

  

Inputs

  

Inputs

  

Value

 
  

(In Thousands)

 

Collateral-dependent loans individually evaluated, net of ACL

 $-  $-  $96  $96 
  

December 31, 2023

 
  

Level 1

  

Level 2

  

Level 3

  

Total Fair

 
  

Inputs

  

Inputs

  

Inputs

  

Value

 
  

(In Thousands)

 

Collateral-dependent loans individually evaluated, net of ACL

 $-  $-  $1,782  $1,782 
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  

December 31, 2024

  

December 31, 2023

 
  

Interest Rate Lock Commitments

 
  

(In Thousands)

 

Beginning Balance

 $15  $(81)

Purchases and issuances

  (644)  (339)

Sales and settlements

  526   435 

Ending Balance

 $(103) $15 

Unrealized (losses) gains related to items held at end of period

 $(118) $96 
Fair Value, by Balance Sheet Grouping [Table Text Block]
  

December 31, 2024

 
  

Level 1

  

Level 2

  

Level 3

  

Total

  

Carrying

 
  

Inputs

  

Inputs

  

Inputs

  

Fair Value

  

Amount

 
  

(In Thousands)

 

Financial assets:

                    

Cash and cash equivalents

 $31,559  $-  $-  $31,559  $31,559 

FHLB stock

  -   7,778   -   7,778   7,778 

FRB stock

  -   4,131   -   4,131   4,131 

Loans receivable, gross

  -   -   1,466,511   1,466,511   1,520,646 

Mortgage servicing rights

  -   -   20,370   20,370   15,376 

Financial liabilities:

                    

Non-maturing interest-bearing deposits

  -   799,142   -   799,142   799,142 

Time certificates of deposit

  -   -   461,254   461,254   462,875 

FHLB advances and other borrowings

  -   -   141,057   141,057   140,930 

Other long-term debt

  -   -   58,024   58,024   60,155 
  

December 31, 2023

 
  

Level 1

  

Level 2

  

Level 3

  

Total

  

Carrying

 
  

Inputs

  

Inputs

  

Inputs

  

Fair Value

  

Amount

 
  

(In Thousands)

 

Financial assets:

                    

Cash and cash equivalents

 $24,545  $-  $-  $24,545  $24,545 

FHLB stock

  -   9,191   -   9,191   9,191 

FRB stock

  -   4,131   -   4,131   4,131 

Loans receivable, gross

  -   -   1,416,203   1,416,203   1,484,489 

Mortgage servicing rights

  -   -   20,388   20,388   15,853 

Financial liabilities:

                    

Non-maturing interest-bearing deposits

  -   772,086   -   772,086   772,086 

Time certificates of deposit

  -   -   441,939   441,939   444,382 

FHLB advances and other borrowings

  -   -   175,842   175,842   175,737 

Other long-term debt

  -   -   58,094   58,094   60,155 
Impaired Loans and Real Estate and Other Repossessed Assets [Member]  
Notes Tables  
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
 

Principal

Significant

Range of

 

Valuation

Unobservable

Significant Input

Instrument

Technique

Inputs

Values

    

Collateral-dependent loans individually evaluated

Fair value of underlying collateral

Discount applied to the obtained appraisal

10 - 30%

Real estate and other repossessed assets

Fair value of collateral

Discount applied to the obtained appraisal

10 - 30%

Interest rate lock commitments

Internal pricing model

Pull-through expectations

85 - 95%
v3.25.0.1
Note 18 - Condensed Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Condensed Balance Sheet [Table Text Block]
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

Assets:

        

Cash and cash equivalents

 $1,863  $2,426 

Securities available-for-sale

  732   796 

Investment in Eagle Bancorp Statutory Trust I

  155   155 

Investment in Subsidiaries

  227,470   219,090 

Other assets

  4,717   6,831 

Total assets

 $234,937  $229,298 
         

Liabilities and Shareholders' Equity:

        

Accounts payable and accrued expenses

 $1,023  $1,026 

Other long-term debt

  59,149   58,999 

Shareholders' equity

  174,765   169,273 

Total liabilities and shareholders' equity

 $234,937  $229,298 
Condensed Income Statement [Table Text Block]
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 
         

Interest income

 $48  $55 

Interest expense

  (2,735)  (2,729)

Noninterest income

  73   211 

Noninterest expense

  (825)  (976)

Loss before income taxes

  (3,439)  (3,439)

Income tax benefit

  (931)  (914)

Loss before equity in undistributed earnings of Subsidiaries

  (2,508)  (2,525)

Equity in undistributed earnings of Subsidiaries

  12,286   12,581 

Net income

 $9,778  $10,056 
Condensed Cash Flow Statement [Table Text Block]
  

Years Ended

 
  

December 31,

 
  

2024

  

2023

 
  

(In Thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

        

Net income

 $9,778  $10,056 

Adjustments to reconcile net income to net cash used in operating activities:

        

Equity in undistributed earnings of Subsidiaries

  (12,286)  (12,581)

Other adjustments, net

  2,281   (1,302)

Net cash used in operating activities

  (227)  (3,827)
         

CASH FLOWS FROM INVESTING ACTIVITIES:

        

Cash contribution from Opportunity Bank of Montana

  3,700   - 

Activity in available-for-sale securities:

        

Maturities, principal payments and calls

  60   5,072 

Net cash provided by investing activities

  3,760   5,072 
         

CASH FLOWS FROM FINANCING ACTIVITIES:

        

ESOP payments and dividends

  320   479 

Payments to purchase treasury stock

  (419)  (231)

Treasury shares reissued for compensation

  538   337 

Dividends paid

  (4,535)  (4,442)

Net cash used in financing activities

  (4,096)  (3,857)
         

NET DECREASE IN CASH AND CASH EQUIVALENTS

  (563)  (2,612)
         

CASH AND CASH EQUIVALENTS, beginning of period

  2,426   5,038 
         

CASH AND CASH EQUIVALENTS, end of period

 $1,863  $2,426 
v3.25.0.1
Note 19 - Restatement of Interim Financial Information (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]
  

Nine Months Ended September 30, 2024

 
  

As Reported

  

Adjustments

  

As Restated

 
  

(In Thousands)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

            

Net increase in deposits

 $15,317  $-  $15,317 

Net short-term advances (payments) on FHLB and other borrowings

  14,263   (55,000)   (40,737) 

Advances on long-term FHLB and other borrowings

  29,167   75,833   105,000 

Payments on long-term FHLB and other borrowings

  -   (20,833)   (20,833) 

Purchase of treasury stock

  -   -   - 

Dividends paid

  (3,387)   -   (3,387) 

Net cash provided by financing activities

 $55,360  $-  $55,360 
v3.25.0.1
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual)
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2025
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Sep. 30, 2024
shares
Jun. 30, 2024
shares
Jun. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
Investment, Proportional Amortization Method, Elected, Amount   $ 6,759,000       $ 6,759,000 $ 7,644,000  
Treasury Stock, Shares, Acquired (in shares) | shares           25,000 17,901  
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares           $ 16.74 $ 12.89  
Investment in Federal Home Loan Bank Stock, Par Value Per Share (in dollars per share) | $ / shares   $ 100       100    
Investment in Federal Reserve Bank Stock, Par Value Per Share (in dollars per share) | $ / shares   100       100    
Investment in Federal Reserve Bank Stock, Purchase Price Per Share (in dollars per share) | $ / shares   $ 50       $ 50    
Percentage of Dividend Rate           6.00%    
Repossessed Assets   $ 45,000       $ 45,000 $ 5,000  
Unrecognized Tax Benefits   0       0 0  
Advertising Expense           1,312,000 1,375,000  
Goodwill, Impairment Loss           0 0  
Goodwill, Ending Balance   $ 34,740,000       $ 34,740,000 $ 34,740,000 $ 20,798,000
Number of Operating Segments           1    
Number of Reportable Segments           1    
Investment, Proportional Amortization Method, Elected, Statement of Financial Position [Extensible Enumeration]   Other Assets       Other Assets Other Assets  
Core Deposits [Member]                
Finite-Lived Intangible Asset, Useful Life (Year)   10 years       10 years    
First Community Bancorp [Member]                
Goodwill, Acquired During Period         $ 13,942,000      
Restricted Stock [Member] | Nonemployee Director Award Plan [Member]                
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)           1 year    
Domestic Tax Jurisdiction [Member]                
Open Tax Year           2021 2022 2023 2024    
State and Local Jurisdiction [Member]                
Open Tax Year           2021 2022 2023 2024    
Deposit Account [Member]                
Revenue from Contract with Customer, Including Assessed Tax           $ 1,645,000 $ 1,757,000  
Debit Card [Member]                
Revenue from Contract with Customer, Including Assessed Tax           2,540,000 2,524,000  
Commodity Sales [Member]                
Revenue from Contract with Customer, Including Assessed Tax           $ 13,043,000 $ 6,087,000  
Minimum [Member]                
Property, Plant and Equipment, Useful Life (Year)             3 years  
Minimum [Member] | Restricted Stock [Member]                
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)           3 years    
Maximum [Member]                
Property, Plant and Equipment, Useful Life (Year)             40 years  
Maximum [Member] | Restricted Stock [Member]                
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)           5 years    
Residential Portfolio Segment [Member]                
Loan to Appraised Value Percentage           80.00%    
Home Equity Portfolio Segment [Member]                
Loan to Appraised Value Percentage           85.00%    
Federal Home Loan Bank Advances [Member]                
Shares, Outstanding (in shares) | shares   77,777       77,777 91,907  
Federal Reserve Bank Advances [Member]                
Shares, Outstanding (in shares) | shares   82,618       82,618    
Stock Repurchase Program, 2024 [Member]                
Treasury Stock, Shares, Acquired (in shares) | shares   25,000 0 0        
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares   $ 16.74            
Subsequent Event [Member] | Stock Repurchase Program, 2024 [Member]                
Treasury Stock, Shares, Acquired (in shares) | shares 50,000              
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares $ 15.11              
Other Liabilities [Member]                
Investment Program, Proportional Amortization Method, Elected, Commitment   $ 215,000       $ 215,000    
Opportunity Bank of Montana [Member]                
Noncontrolling Interest, Ownership Percentage by Parent   100.00%       100.00%    
Eagle Bancorp Statutory Trust I [Member]                
Noncontrolling Interest, Ownership Percentage by Parent   100.00%       100.00%    
v3.25.0.1
Note 2 - Investment Securities (Details Textual)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions 284 286
Debt Securities, Available-for-Sale, Allowance for Credit Loss $ 0 $ 0
Asset Not Pledged as Collateral and Asset Pledged as Collateral without Right [Member]    
Debt Securities $ 22,892,000 $ 23,076,000
v3.25.0.1
Note 2 - Investment Securities - Summary of Investment Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Securities available-for-sale, amortized cost $ 319,939 $ 345,355
Securities available-for-sale, gross unrealized gains 201 613
Securities available-for-sale, gross unrealized losses (27,550) (27,689)
Securities available-for-sale 292,590 318,279
US Government Agencies Debt Securities [Member]    
Securities available-for-sale, amortized cost 5,298 6,574
Securities available-for-sale, gross unrealized gains 85 121
Securities available-for-sale, gross unrealized losses (188) (152)
Securities available-for-sale 5,195 6,543
US Treasury and Government [Member]    
Securities available-for-sale, amortized cost 52,592 52,505
Securities available-for-sale, gross unrealized gains 0 0
Securities available-for-sale, gross unrealized losses (5,679) (5,690)
Securities available-for-sale 46,913 46,815
US States and Political Subdivisions Debt Securities [Member]    
Securities available-for-sale, amortized cost 131,109 149,168
Securities available-for-sale, gross unrealized gains 1 460
Securities available-for-sale, gross unrealized losses (13,233) (11,678)
Securities available-for-sale 117,877 137,950
Corporate Debt Securities [Member]    
Securities available-for-sale, amortized cost 4,249 4,245
Securities available-for-sale, gross unrealized gains 0 0
Securities available-for-sale, gross unrealized losses (87) (340)
Securities available-for-sale 4,162 3,905
Collateralized Mortgage-Backed Securities [Member]    
Securities available-for-sale, amortized cost 29,867 28,426
Securities available-for-sale, gross unrealized gains 21 0
Securities available-for-sale, gross unrealized losses (1,653) (1,673)
Securities available-for-sale 28,235 26,753
Collateralized Mortgage Obligations [Member]    
Securities available-for-sale, amortized cost 89,313 94,709
Securities available-for-sale, gross unrealized gains 11 0
Securities available-for-sale, gross unrealized losses (6,701) (8,141)
Securities available-for-sale 82,623 86,568
Asset-Backed Securities [Member]    
Securities available-for-sale, amortized cost 7,511 9,728
Securities available-for-sale, gross unrealized gains 83 32
Securities available-for-sale, gross unrealized losses (9) (15)
Securities available-for-sale $ 7,585 $ 9,745
v3.25.0.1
Note 2 - Investment Securities - Proceeds from Sale of Available-for-sale Securities and the Associated Gross Realized Gains and Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sales $ 14,121 $ 34,020
Gross realized gain on sale of available-for-sale securities 28 69
Gross realized loss on sale of available-for-sale securities (169) (291)
Net realized loss on sale of available-for-sale securities $ (141) $ (222)
v3.25.0.1
Note 2 - Investment Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Available for sale securities, due in one year or less, amortized cost $ 8,566  
Available for sale securities, due in one year or less, fair value 8,520  
Available for sale securities, due from one to five years, amortized cost 35,162  
Available for sale securities, due from one to five years, fair value 32,285  
Available for sale securities, due from five to ten years, amortized cost 83,805  
Available for sale securities, due from five to ten years, fair value 72,286  
Available for sale securities, due after ten years, amortized cost 73,226  
Available for sale securities, due after ten years, fair value 68,641  
Total available for sale securities debt maturities, amortized cost 200,759  
Total available for sale securities, debt maturities, fair value 181,732  
Securities available-for-sale, amortized cost 319,939 $ 345,355
Securities available-for-sale 292,590 318,279
Collateralized Mortgage-Backed Securities [Member]    
Available for sale securities, without single maturity, amortized cost 29,867  
Available for sale securities, without single maturity, fair value 28,235  
Securities available-for-sale, amortized cost 29,867 28,426
Securities available-for-sale 28,235 26,753
Collateralized Mortgage Obligations [Member]    
Available for sale securities, without single maturity, amortized cost 89,313  
Available for sale securities, without single maturity, fair value 82,623  
Securities available-for-sale, amortized cost 89,313 94,709
Securities available-for-sale $ 82,623 $ 86,568
v3.25.0.1
Note 2 - Investment Securities - Investment Securities in a Continuous Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value $ 27,655 $ 26,375
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses (458) (229)
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value 240,739 248,461
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses (27,092) (27,460)
US Government Agencies Debt Securities [Member]    
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value 0 402
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses 0 0
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value 1,749 1,800
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses (188) (152)
US Treasury and Government [Member]    
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value 0 0
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses 0 0
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value 46,914 46,816
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses (5,679) (5,690)
US States and Political Subdivisions Debt Securities [Member]    
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value 14,678 12,000
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses (261) (63)
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value 102,521 91,869
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses (12,972) (11,615)
Corporate Debt Securities [Member]    
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value 0 0
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses 0 0
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value 4,163 3,905
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses (87) (340)
Mortgage-backed Securities and Collateralized Mortgage Obligations [Member]    
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value 10,984 11,452
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses (188) (156)
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value 85,392 101,869
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses (8,166) (9,658)
Asset-Backed Securities [Member]    
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value 1,993 2,521
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses (9) (10)
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value 0 2,202
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses $ 0 $ (5)
v3.25.0.1
Note 3 - Loans (Details Textual)
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Interest Received on Past Due Loans, Applied to Principal   $ 522,000 $ 471,000
Financing Receivables, Aggregate Maximum Loan Balance of Extended Credit   $ 358,000 $ 1,649,000
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member]      
Financing Receivable, Modifications, Number of Contracts   2  
Financing Receivable, Modified in Period, Amount   $ 188,000  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage   0.13%  
Financing Receivable, Modified, Weighted Average Term Increase from Modification (Month) 7 months 15 years  
Financing Receivable, Modified, Adjustable Term (Year)   5 years  
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member]      
Financing Receivable, Modifications, Number of Contracts     2
Financing Receivable, Modified in Period, Amount     $ 524,000
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage     0.09%
Financing Receivable, Modified, Increase (Decrease) from Modification     $ 0
Commercial Real Estate Portfolio Segment [Member] | United States Department of Agriculture Rural Development [Member]      
Financing Receivable, before Allowance for Credit Loss   $ 16,309,000 $ 23,215,000
Commercial Portfolio Segment [Member] | Commercial Loans [Member]      
Financing Receivable, Modifications, Number of Contracts   1  
Financing Receivable, Modified, Interest Only Payments Term (Month)   6 months  
Financing Receivable, Modified in Period, Amount   $ 124,000  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage   0.09%  
v3.25.0.1
Note 3 - Loans - Summary of Loans Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans receivable $ 1,520,646 $ 1,484,489  
Allowance for credit losses (16,850) (16,440)  
Total loans, net 1,503,796 1,468,049  
Residential Portfolio Segment [Member]      
Loans receivable 199,422 200,012  
Allowance for credit losses (1,911) (1,866) $ (1,472)
Commercial Real Estate Portfolio Segment [Member]      
Loans receivable 916,783 909,413  
Allowance for credit losses (10,907) (10,691) (9,037)
Home Equity Portfolio Segment [Member]      
Loans receivable 97,543 86,932  
Allowance for credit losses (553) (540) (509)
Consumer Portfolio Segment [Member]      
Loans receivable 28,513 30,125  
Allowance for credit losses (245) (304) (342)
Commercial Portfolio Segment [Member]      
Loans receivable 278,385 258,007  
Allowance for credit losses $ (3,234) $ (3,039) $ (2,640)
v3.25.0.1
Note 3 - Loans - Allowance for Loan Losses Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Balance $ 16,440  
Provision for credit losses [1] 518 $ 1,456
Balance 16,850 16,440
Residential Portfolio Segment [Member]    
Balance 1,866 1,472
Charge-offs (11) 0
Recoveries 0 195
Provision for credit losses 56 178
Balance 1,911 1,866
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Balance   21
Commercial Real Estate Portfolio Segment [Member]    
Balance 10,691 9,037
Charge-offs 0 0
Recoveries 18 23
Provision for credit losses 198 1,097
Balance 10,907 10,691
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Balance   534
Home Equity Portfolio Segment [Member]    
Balance 540 509
Charge-offs 0 0
Recoveries 0 13
Provision for credit losses 13 15
Balance 553 540
Home Equity Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Balance   3
Consumer Portfolio Segment [Member]    
Balance 304 342
Charge-offs (65) (51)
Recoveries 3 3
Provision for credit losses 3 8
Balance 245 304
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Balance   1
Commercial Portfolio Segment [Member]    
Balance 3,039 2,640
Charge-offs (10) (129)
Recoveries 67 19
Provision for credit losses 138 368
Balance 3,234 3,039
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Balance   141
Loans Excluding Unfunded Commitments [Member]    
Balance 16,440 14,000
Charge-offs (86) (179)
Recoveries 88 253
Provision for credit losses 408 1,666
Balance $ 16,850 16,440
Loans Excluding Unfunded Commitments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Balance   $ 700
[1] Provision for credit losses for the year ended December 31, 2023; provision for loan losses for the year ended December 31, 2022.
v3.25.0.1
Note 3 - Loans - Internal Classification of the Loan Portfolio (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Year One $ 231,273 $ 92,138
Financing Receivable, Year Two 189,340 125,193
Financing Receivable, Year Three 337,271 247,360
Financing Receivable, Year Four 203,135 387,892
Financing Receivable, Year Five 108,395 244,701
Financing Receivable, prior 226,572 182,545
Financing Receivable,revolving 224,660 204,660
Loans receivable 1,520,646 1,484,489
Pass [Member]    
Financing Receivable, Year One 228,082 88,635
Financing Receivable, Year Two 187,643 123,063
Financing Receivable, Year Three 335,262 245,184
Financing Receivable, Year Four 201,645 384,096
Financing Receivable, Year Five 108,303 243,253
Financing Receivable, prior 220,996 179,209
Financing Receivable,revolving 223,279 201,827
Loans receivable 1,505,210 1,465,267
Special Mention [Member]    
Financing Receivable, Year One 1,811  
Financing Receivable, Year Two 896  
Financing Receivable, Year Three 1,546  
Financing Receivable, Year Four 205  
Financing Receivable, Year Five 0  
Financing Receivable, prior 279  
Financing Receivable,revolving 1,059  
Loans receivable 5,796  
Substandard [Member]    
Financing Receivable, Year One 1,380 910
Financing Receivable, Year Two 801 157
Financing Receivable, Year Three 463 1,209
Financing Receivable, Year Four 1,285 706
Financing Receivable, Year Five 92 0
Financing Receivable, prior 5,297 2,020
Financing Receivable,revolving 322 92
Loans receivable 9,640 5,094
Residential Portfolio Segment [Member]    
Loans receivable 199,422 200,012
Current-period gross charge-offs, total 11 (0)
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member]    
Financing Receivable, Year One 19,197 10,987
Financing Receivable, Year Two 26,976 15,696
Financing Receivable, Year Three 31,888 24,575
Financing Receivable, Year Four 20,658 39,678
Financing Receivable, Year Five 13,509 28,122
Financing Receivable, prior 35,489 31,341
Financing Receivable,revolving 6,004 6,179
Loans receivable 153,721 156,578
Current-period gross charge-offs, year one 0 0
Current-period gross charge-offs, year two 0 0
Current-period gross charge-offs, year three 0 0
Current-period gross charge-offs, year four 0 0
Current-period gross charge-offs, year five 0 0
Current-period gross charge-offs, prior 11 0
Current-period gross charge-offs, revolving 0 0
Current-period gross charge-offs, total 11 0
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Pass [Member]    
Financing Receivable, Year One 19,197 10,987
Financing Receivable, Year Two 26,976 15,696
Financing Receivable, Year Three 31,265 24,575
Financing Receivable, Year Four 20,658 38,738
Financing Receivable, Year Five 13,509 28,122
Financing Receivable, prior 34,913 30,938
Financing Receivable,revolving 6,004 6,179
Loans receivable 152,522 155,235
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Special Mention [Member]    
Financing Receivable, Year One 0 0
Financing Receivable, Year Two 0 0
Financing Receivable, Year Three 623 0
Financing Receivable, Year Four 0 940
Financing Receivable, Year Five 0 0
Financing Receivable, prior 0 228
Financing Receivable,revolving 0 0
Loans receivable 623 1,168
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Substandard [Member]    
Financing Receivable, Year One 0 0
Financing Receivable, Year Two 0 0
Financing Receivable, Year Three 0 0
Financing Receivable, Year Four 0 0
Financing Receivable, Year Five 0 0
Financing Receivable, prior 576 175
Financing Receivable,revolving 0 0
Loans receivable 576 175
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member]    
Financing Receivable, Year One 20,593 0
Financing Receivable, Year Two 5,730 0
Financing Receivable, Year Three 18,621 6,845
Financing Receivable, Year Four 757 21,889
Financing Receivable, Year Five 0 14,700
Financing Receivable, prior 0 0
Financing Receivable,revolving 0 0
Loans receivable 45,701 43,434
Current-period gross charge-offs, year one 0 0
Current-period gross charge-offs, year two 0 0
Current-period gross charge-offs, year three 0 0
Current-period gross charge-offs, year four 0 0
Current-period gross charge-offs, year five 0 0
Current-period gross charge-offs, prior 0 0
Current-period gross charge-offs, revolving 0 0
Current-period gross charge-offs, total 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Pass [Member]    
Financing Receivable, Year One 20,593 0
Financing Receivable, Year Two 5,526 0
Financing Receivable, Year Three 18,621 6,088
Financing Receivable, Year Four 0 21,889
Financing Receivable, Year Five 0 14,700
Financing Receivable, prior 0 0
Financing Receivable,revolving 0 0
Loans receivable 44,740 42,677
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Substandard [Member]    
Financing Receivable, Year One 0 0
Financing Receivable, Year Two 204 0
Financing Receivable, Year Three 0 757
Financing Receivable, Year Four 757 0
Financing Receivable, Year Five 0 0
Financing Receivable, prior 0 0
Financing Receivable,revolving 0 0
Loans receivable 961 757
Commercial Real Estate Portfolio Segment [Member]    
Loans receivable 916,783 909,413
Current-period gross charge-offs, total (0) (0)
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member]    
Financing Receivable, Year One 49,084 58,413
Financing Receivable, Year Two 59,922 52,356
Financing Receivable, Year Three 184,072 141,900
Financing Receivable, Year Four 130,737 156,453
Financing Receivable, Year Five 47,481 64,488
Financing Receivable, prior 135,729 103,959
Financing Receivable,revolving 38,937 31,122
Loans receivable 645,962 608,691
Current-period gross charge-offs, year one 0 0
Current-period gross charge-offs, year two 0 0
Current-period gross charge-offs, year three 0 0
Current-period gross charge-offs, year four 0 0
Current-period gross charge-offs, year five 0 0
Current-period gross charge-offs, prior 0 0
Current-period gross charge-offs, revolving 0 0
Current-period gross charge-offs, total 0 0
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Pass [Member]    
Financing Receivable, Year One 49,084 55,820
Financing Receivable, Year Two 59,172 50,408
Financing Receivable, Year Three 184,072 141,407
Financing Receivable, Year Four 130,274 154,941
Financing Receivable, Year Five 47,481 63,174
Financing Receivable, prior 132,838 103,620
Financing Receivable,revolving 38,937 31,122
Loans receivable 641,858 600,492
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Special Mention [Member]    
Financing Receivable, Year One 0 2,593
Financing Receivable, Year Two 260 1,948
Financing Receivable, Year Three 0 493
Financing Receivable, Year Four 0 1,512
Financing Receivable, Year Five 0 1,314
Financing Receivable, prior 0 0
Financing Receivable,revolving 0 0
Loans receivable 260 7,860
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Substandard [Member]    
Financing Receivable, Year One 0 0
Financing Receivable, Year Two 490 0
Financing Receivable, Year Three 0 0
Financing Receivable, Year Four 463 0
Financing Receivable, Year Five 0 0
Financing Receivable, prior 2,891 339
Financing Receivable,revolving 0 0
Loans receivable 3,844 339
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member]    
Financing Receivable, Year One 37,265 6,900
Financing Receivable, Year Two 21,430 6,399
Financing Receivable, Year Three 35,761 19,941
Financing Receivable, Year Four 9,628 80,572
Financing Receivable, Year Five 5,035 31,283
Financing Receivable, prior 9,641 4,752
Financing Receivable,revolving 5,451 8,285
Loans receivable 124,211 158,132
Current-period gross charge-offs, year one 0 0
Current-period gross charge-offs, year two 0 0
Current-period gross charge-offs, year three 0 0
Current-period gross charge-offs, year four 0 0
Current-period gross charge-offs, year five 0 0
Current-period gross charge-offs, prior 0 0
Current-period gross charge-offs, revolving 0 0
Current-period gross charge-offs, total 0 0
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member]    
Financing Receivable, Year One 37,265 6,900
Financing Receivable, Year Two 21,430 6,399
Financing Receivable, Year Three 35,323 19,500
Financing Receivable, Year Four 9,628 80,061
Financing Receivable, Year Five 5,033 31,149
Financing Receivable, prior 8,676 3,762
Financing Receivable,revolving 5,451 8,285
Loans receivable 122,806 156,056
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member]    
Financing Receivable, Year One   0
Financing Receivable, Year Two   0
Financing Receivable, Year Three   441
Financing Receivable, Year Four   511
Financing Receivable, Year Five   134
Financing Receivable, prior   990
Financing Receivable,revolving   0
Loans receivable   2,076
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member]    
Financing Receivable, Year One 0  
Financing Receivable, Year Two 0  
Financing Receivable, Year Three 438  
Financing Receivable, Year Four 0  
Financing Receivable, Year Five 2  
Financing Receivable, prior 965  
Financing Receivable,revolving 0  
Loans receivable 1,405  
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member]    
Financing Receivable, Year One 21,731 10,034
Financing Receivable, Year Two 18,425 21,793
Financing Receivable, Year Three 30,796 19,795
Financing Receivable, Year Four 19,196 36,698
Financing Receivable, Year Five 20,141 19,452
Financing Receivable, prior 33,998 30,338
Financing Receivable,revolving 2,323 4,480
Loans receivable 146,610 142,590
Current-period gross charge-offs, year one 0 0
Current-period gross charge-offs, year two 0 0
Current-period gross charge-offs, year three 0 0
Current-period gross charge-offs, year four 0 0
Current-period gross charge-offs, year five 0 0
Current-period gross charge-offs, prior 0 0
Current-period gross charge-offs, revolving 0 0
Current-period gross charge-offs, total 0 0
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Pass [Member]    
Financing Receivable, Year One 21,543 9,551
Financing Receivable, Year Two 18,083 21,728
Financing Receivable, Year Three 29,983 19,795
Financing Receivable, Year Four 18,991 36,291
Financing Receivable, Year Five 20,076 19,452
Financing Receivable, prior 33,721 29,551
Financing Receivable,revolving 2,323 4,480
Loans receivable 144,720 140,848
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Special Mention [Member]    
Financing Receivable, Year One 0 0
Financing Receivable, Year Two 342 0
Financing Receivable, Year Three 813 0
Financing Receivable, Year Four 205 18
Financing Receivable, Year Five 0 0
Financing Receivable, prior 220 0
Financing Receivable,revolving 0 0
Loans receivable 1,580 18
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Substandard [Member]    
Financing Receivable, Year One 188 483
Financing Receivable, Year Two 0 65
Financing Receivable, Year Three 0 0
Financing Receivable, Year Four 0 407
Financing Receivable, Year Five 65 0
Financing Receivable, prior 57 787
Financing Receivable,revolving 0 0
Loans receivable 310 1,742
Home Equity Portfolio Segment [Member]    
Financing Receivable, Year One 1,031 621
Financing Receivable, Year Two 1,438 565
Financing Receivable, Year Three 3,248 376
Financing Receivable, Year Four 405 3,630
Financing Receivable, Year Five 483 1,736
Financing Receivable, prior 2,345 2,505
Financing Receivable,revolving 88,593 77,499
Loans receivable 97,543 86,932
Current-period gross charge-offs, year one 0 0
Current-period gross charge-offs, year two 0 0
Current-period gross charge-offs, year three 0 0
Current-period gross charge-offs, year four 0 0
Current-period gross charge-offs, year five 0 0
Current-period gross charge-offs, prior 0 0
Current-period gross charge-offs, revolving 0 0
Current-period gross charge-offs, total (0) (0)
Home Equity Portfolio Segment [Member] | Pass [Member]    
Financing Receivable, Year One 1,031 621
Financing Receivable, Year Two 1,438 565
Financing Receivable, Year Three 3,248 376
Financing Receivable, Year Four 362 3,630
Financing Receivable, Year Five 483 1,736
Financing Receivable, prior 2,234 2,398
Financing Receivable,revolving 88,230 77,409
Loans receivable 97,026 86,735
Home Equity Portfolio Segment [Member] | Special Mention [Member]    
Financing Receivable, Year One 0  
Financing Receivable, Year Two 0  
Financing Receivable, Year Three 0  
Financing Receivable, Year Four 0  
Financing Receivable, Year Five 0  
Financing Receivable, prior 22  
Financing Receivable,revolving 93  
Loans receivable 115  
Home Equity Portfolio Segment [Member] | Substandard [Member]    
Financing Receivable, Year One 0 0
Financing Receivable, Year Two 0 0
Financing Receivable, Year Three 0 0
Financing Receivable, Year Four 43 0
Financing Receivable, Year Five 0 0
Financing Receivable, prior 89 107
Financing Receivable,revolving 270 90
Loans receivable 402 197
Consumer Portfolio Segment [Member]    
Financing Receivable, Year One 10,828 449
Financing Receivable, Year Two 7,654 1,990
Financing Receivable, Year Three 4,566 3,398
Financing Receivable, Year Four 1,666 8,135
Financing Receivable, Year Five 985 13,083
Financing Receivable, prior 812 1,091
Financing Receivable,revolving 2,002 1,979
Loans receivable 28,513 30,125
Current-period gross charge-offs, year one 0 1
Current-period gross charge-offs, year two 23 0
Current-period gross charge-offs, year three 15 28
Current-period gross charge-offs, year four 5 2
Current-period gross charge-offs, year five 1 16
Current-period gross charge-offs, prior 15 4
Current-period gross charge-offs, revolving 6 0
Current-period gross charge-offs, total 65 51
Consumer Portfolio Segment [Member] | Pass [Member]    
Financing Receivable, Year One 10,828 449
Financing Receivable, Year Two 7,580 1,953
Financing Receivable, Year Three 4,547 3,398
Financing Receivable, Year Four 1,666 8,109
Financing Receivable, Year Five 961 13,083
Financing Receivable, prior 798 1,069
Financing Receivable,revolving 2,001 1,977
Loans receivable 28,381 30,038
Consumer Portfolio Segment [Member] | Special Mention [Member]    
Financing Receivable, Year One 0 0
Financing Receivable, Year Two 8 25
Financing Receivable, Year Three 0 33
Financing Receivable, Year Four 0 109
Financing Receivable, Year Five 0 0
Financing Receivable, prior 0 98
Financing Receivable,revolving 0 2,741
Loans receivable 8 3,006
Consumer Portfolio Segment [Member] | Substandard [Member]    
Financing Receivable, Year One 0 0
Financing Receivable, Year Two 66 37
Financing Receivable, Year Three 19 0
Financing Receivable, Year Four 0 8
Financing Receivable, Year Five 24 0
Financing Receivable, prior 14 22
Financing Receivable,revolving 1 2
Loans receivable 124 69
Commercial Portfolio Segment [Member]    
Loans receivable 278,385 258,007
Current-period gross charge-offs, total 10 129
Commercial Portfolio Segment [Member] | Commercial Loans [Member]    
Financing Receivable, Year One 30,732 2,834
Financing Receivable, Year Two 25,916 20,521
Financing Receivable, Year Three 19,290 22,854
Financing Receivable, Year Four 15,873 23,699
Financing Receivable, Year Five 17,617 31,661
Financing Receivable, prior 6,398 6,485
Financing Receivable,revolving 28,213 24,655
Loans receivable 144,039 132,709
Current-period gross charge-offs, year one 0 0
Current-period gross charge-offs, year two 0 0
Current-period gross charge-offs, year three 26
Current-period gross charge-offs, year four 0 0
Current-period gross charge-offs, year five 0 0
Current-period gross charge-offs, prior 10 8
Current-period gross charge-offs, revolving 0 0
Current-period gross charge-offs, total 10 34
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Pass [Member]    
Financing Receivable, Year One 29,540 2,834
Financing Receivable, Year Two 25,748 20,496
Financing Receivable, Year Three 19,189 22,804
Financing Receivable, Year Four 15,851 23,581
Financing Receivable, Year Five 17,617 31,661
Financing Receivable, prior 6,208 6,354
Financing Receivable,revolving 27,839 21,914
Loans receivable 141,992 129,644
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Special Mention [Member]    
Financing Receivable, Year One 0 2,593
Financing Receivable, Year Two 127 1,973
Financing Receivable, Year Three 95 967
Financing Receivable, Year Four 0 3,090
Financing Receivable, Year Five 0 1,448
Financing Receivable, prior 0 1,316
Financing Receivable,revolving 370 2,741
Loans receivable 592 14,128
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Substandard [Member]    
Financing Receivable, Year One 1,192 0
Financing Receivable, Year Two 41 0
Financing Receivable, Year Three 6 17
Financing Receivable, Year Four 22 9
Financing Receivable, Year Five 0 0
Financing Receivable, prior 190 33
Financing Receivable,revolving 4 0
Loans receivable 1,455 59
Commercial Portfolio Segment [Member] | Agricultural Loan [Member]    
Financing Receivable, Year One 40,812 1,900
Financing Receivable, Year Two 21,849 5,873
Financing Receivable, Year Three 9,029 7,676
Financing Receivable, Year Four 4,215 17,138
Financing Receivable, Year Five 3,144 40,176
Financing Receivable, prior 2,160 2,074
Financing Receivable,revolving 53,137 50,461
Loans receivable 134,346 125,298
Current-period gross charge-offs, year one 0 0
Current-period gross charge-offs, year two 0 0
Current-period gross charge-offs, year three 0 0
Current-period gross charge-offs, year four 0 1
Current-period gross charge-offs, year five 0 0
Current-period gross charge-offs, prior 0 93
Current-period gross charge-offs, revolving 0 0
Current-period gross charge-offs, total 0 94
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Pass [Member]    
Financing Receivable, Year One 39,001 1,473
Financing Receivable, Year Two 21,690 5,818
Financing Receivable, Year Three 9,014 7,241
Financing Receivable, Year Four 4,215 16,856
Financing Receivable, Year Five 3,143 40,176
Financing Receivable, prior 1,608 1,517
Financing Receivable,revolving 52,494 50,461
Loans receivable 131,165 123,542
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Special Mention [Member]    
Financing Receivable, Year One 1,811  
Financing Receivable, Year Two 159  
Financing Receivable, Year Three 15  
Financing Receivable, Year Four 0  
Financing Receivable, Year Five 0  
Financing Receivable, prior 37  
Financing Receivable,revolving 596  
Loans receivable 2,618  
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Substandard [Member]    
Financing Receivable, Year One 0 427
Financing Receivable, Year Two 0 55
Financing Receivable, Year Three 0 435
Financing Receivable, Year Four 0 282
Financing Receivable, Year Five 1 0
Financing Receivable, prior 515 557
Financing Receivable,revolving 47 0
Loans receivable $ 563 $ 1,756
v3.25.0.1
Note 3 - Loans - Delinquencies Within the Loan Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Loans receivable $ 1,520,646 $ 1,484,489
Non-accrual Loans, no allowance 3,200 6,577
Nonaccrual, with ACL 27 1,818
Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 10,277 1,821
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 623 26
Financial Asset, Past Due [Member]    
Loans receivable 10,900 1,847
Financial Asset, Not Past Due [Member]    
Loans receivable 1,506,519 1,474,247
Residential Portfolio Segment [Member]    
Loans receivable 199,422 200,012
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member]    
Loans receivable 153,721 156,578
Non-accrual Loans, no allowance 469 297
Nonaccrual, with ACL 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 1,326 305
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 623 0
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Past Due [Member]    
Loans receivable 1,949 305
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable 151,303 155,976
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member]    
Loans receivable 45,701 43,434
Non-accrual Loans, no allowance 961 757
Nonaccrual, with ACL 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Past Due [Member]    
Loans receivable 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable 44,740 42,677
Commercial Real Estate Portfolio Segment [Member]    
Loans receivable 916,783 909,413
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member]    
Loans receivable 645,962 608,691
Non-accrual Loans, no allowance 268 340
Nonaccrual, with ACL 0 0
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 5,739 697
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 0 0
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset, Past Due [Member]    
Loans receivable 5,739 697
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable 639,955 607,654
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member]    
Loans receivable 124,211 158,132
Non-accrual Loans, no allowance 2 0
Nonaccrual, with ACL 0 0
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 951 194
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 0 0
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member]    
Loans receivable 951 194
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable 123,258 157,938
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member]    
Loans receivable 146,610 142,590
Non-accrual Loans, no allowance 190 1,982
Nonaccrual, with ACL 0 1,734
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 54 404
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 0 26
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financial Asset, Past Due [Member]    
Loans receivable 54 430
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable 146,366 138,444
Home Equity Portfolio Segment [Member]    
Loans receivable 97,543 86,932
Non-accrual Loans, no allowance 335 182
Nonaccrual, with ACL 0 0
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 382 32
Home Equity Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 0 0
Home Equity Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Loans receivable 382 32
Home Equity Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable 96,826 86,718
Consumer Portfolio Segment [Member]    
Loans receivable 28,513 30,125
Non-accrual Loans, no allowance 98 45
Nonaccrual, with ACL 23 15
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 195 115
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Loans receivable 195 115
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable 28,197 29,950
Commercial Portfolio Segment [Member]    
Loans receivable 278,385 258,007
Commercial Portfolio Segment [Member] | Commercial Loans [Member]    
Loans receivable 144,039 132,709
Non-accrual Loans, no allowance 200 27
Nonaccrual, with ACL 4 0
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 1,064 0
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 0 0
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Past Due [Member]    
Loans receivable 1,064 0
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable 142,771 132,682
Commercial Portfolio Segment [Member] | Agricultural Loan [Member]    
Loans receivable 134,346 125,298
Non-accrual Loans, no allowance 677 2,947
Nonaccrual, with ACL 0 69
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member]    
Loans receivable 566 74
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans receivable 0 0
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Past Due [Member]    
Loans receivable 566 74
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Not Past Due [Member]    
Loans receivable $ 133,103 $ 122,208
v3.25.0.1
Note 3 - Loans - Collateral-dependent Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Loans receivable $ 1,520,646 $ 1,484,489
Real Estate [Member]    
Loans receivable 3,684 5,220
Business Assets [Member]    
Loans receivable 692 2,765
Other [Member]    
Loans receivable 108 36
Residential Portfolio Segment [Member]    
Loans receivable 199,422 200,012
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member]    
Loans receivable 153,721 156,578
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Real Estate [Member]    
Loans receivable 967 264
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Business Assets [Member]    
Loans receivable 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Other [Member]    
Loans receivable 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member]    
Loans receivable 45,701 43,434
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Real Estate [Member]    
Loans receivable 961 757
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Business Assets [Member]    
Loans receivable 0 0
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Other [Member]    
Loans receivable 0 0
Commercial Real Estate Portfolio Segment [Member]    
Loans receivable 916,783 909,413
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member]    
Loans receivable 645,962 608,691
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Real Estate [Member]    
Loans receivable 1,395 39
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Business Assets [Member]    
Loans receivable 228 300
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Other [Member]    
Loans receivable 0 0
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member]    
Loans receivable 146,610 142,590
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Real Estate [Member]    
Loans receivable 108 4,116
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Business Assets [Member]    
Loans receivable 0 0
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Other [Member]    
Loans receivable 0 0
Home Equity Portfolio Segment [Member]    
Loans receivable 97,543 86,932
Home Equity Portfolio Segment [Member] | Real Estate [Member]    
Loans receivable 216 44
Home Equity Portfolio Segment [Member] | Business Assets [Member]    
Loans receivable 0 0
Home Equity Portfolio Segment [Member] | Other [Member]    
Loans receivable 0 0
Consumer Portfolio Segment [Member]    
Loans receivable 28,513 30,125
Consumer Portfolio Segment [Member] | Real Estate [Member]    
Loans receivable 0 0
Consumer Portfolio Segment [Member] | Business Assets [Member]    
Loans receivable 0 0
Consumer Portfolio Segment [Member] | Other [Member]    
Loans receivable 104 36
Commercial Portfolio Segment [Member]    
Loans receivable 278,385 258,007
Commercial Portfolio Segment [Member] | Commercial Loans [Member]    
Loans receivable 144,039 132,709
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Real Estate [Member]    
Loans receivable 0 0
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Business Assets [Member]    
Loans receivable 220 0
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Other [Member]    
Loans receivable 4 0
Commercial Portfolio Segment [Member] | Agricultural Loan [Member]    
Loans receivable 134,346 125,298
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Real Estate [Member]    
Loans receivable 37 0
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Business Assets [Member]    
Loans receivable 244 2,465
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Other [Member]    
Loans receivable $ 0 $ 0
v3.25.0.1
Note 3 - Loans - Schedule of Related Parties Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Interest income from loans owned for directors, executive officers and their related parties $ 92,282 $ 79,423
Directors, Senior Officers and their Related Parties [Member]    
Balance 3,966 1,884
Principal additions 1,353 2,315
Principal payments (2,130) (233)
Balance 3,189 3,966
Loans serviced, for the benefit of others, for directors, executive officers and their related parties 1,262 1,373
Interest income from loans owned for directors, executive officers and their related parties $ 204 $ 96
v3.25.0.1
Note 4 - Mortgage Servicing Rights (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loans Serviced During the Period $ 2,016,242,000 $ 2,066,505,000
Fees and Commissions, Mortgage Banking and Servicing 5,111,000 5,086,000
Escrow Deposit 10,077,000 8,539,000
Mortgage Servicing Rights Measured at Fair Value $ 20,370,000 $ 20,388,000
v3.25.0.1
Note 4 - Mortgage Servicing Rights - Schedule of Activity in Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Beginning balance $ 15,853 $ 15,412
Mortgage servicing rights capitalized 1,356 2,147
Amortization of mortgage servicing rights (1,833) (1,706)
Ending balance $ 15,376 $ 15,853
v3.25.0.1
Note 4 - Mortgage Servicing Rights - Fair Value of Servicing Rights (Details) - Mortgage Servicing Rights [Member]
Dec. 31, 2024
Dec. 31, 2023
Measurement Input, Discount Rate [Member]    
Valuation assumptions 0.12 0.12
Measurement Input, Prepayment Rate [Member] | Minimum [Member]    
Valuation assumptions 0 1.04
Measurement Input, Prepayment Rate [Member] | Maximum [Member]    
Valuation assumptions 2.09 5.26
Measurement Input, Weighted Average Prepayment Rate [Member]    
Valuation assumptions 1.10 1.19
v3.25.0.1
Note 5 - Premises and Equipment (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Depreciation $ 5,170,000 $ 3,934,000
Lessee, Operating Lease, Renewal Term (Year) 10 years  
v3.25.0.1
Note 5 - Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Premises and equipment, gross $ 132,565 $ 119,764
Accumulated depreciation (32,684) (27,790)
Premises and equipment, net, excluding right-of-use assets 99,881 91,974
Right-of-use assets 1,659 2,308
Premises and equipment, net 101,540 94,282
Land [Member]    
Premises and equipment, gross 13,920 13,202
Building and Building Improvements [Member]    
Premises and equipment, gross 89,640 85,369
Furniture and Fixtures [Member]    
Premises and equipment, gross 18,945 16,894
Construction in Progress [Member]    
Premises and equipment, gross $ 10,060 $ 4,299
v3.25.0.1
Note 5 - Premises and Equipment - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Right-of-use assets $ 1,659 $ 2,308
Lease liabilities 1,010 1,499
Operating cash flows $ 371 $ 543
Weighted average remaining lease term (Year) 3 years 7 months 28 days 4 years 6 months 21 days
Weighted average discount rate 2.70% 2.69%
Operating lease cost $ 531 $ 710
Short-term lease cost 5 3
Total lease cost $ 536 $ 713
v3.25.0.1
Note 5 - Premises and Equipment - Lease Cost (Details) (Parentheticals)
Dec. 31, 2024
Dec. 31, 2023
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities and Other Liabilities Accrued Liabilities and Other Liabilities
v3.25.0.1
Note 5 - Premises and Equipment - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2025 $ 342  
2026 238  
2027 238  
2028 238  
2029 0  
Thereafter 0  
Total lease payments 1,056  
Less imputed interest (46)  
Present value of lease liabilities $ 1,010 $ 1,499
v3.25.0.1
Note 6 - Other Intangible Assets (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Amortization of Intangible Assets $ 1,391,000 $ 1,587,000
Core Deposits [Member]    
Finite-Lived Intangible Asset, Useful Life (Year) 10 years  
Amortization of Intangible Assets $ 1,381,000 $ 1,579,000
v3.25.0.1
Note 6 - Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Total $ 4,499 $ 5,880
Core Deposits [Member]    
Gross intangible assets 10,809 11,840
Accumulated amortization (6,310) (5,960)
Total $ 4,499 $ 5,880
v3.25.0.1
Note 6 - Other Intangible Assets - Core Deposit Intangible Assets Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2029 $ 428  
Total 4,499 $ 5,880
Core Deposits [Member]    
2025 1,185  
2026 989  
2027 792  
2028 595  
Thereafter 510  
Total $ 4,499 $ 5,880
v3.25.0.1
Note 7 - Deposits (Details Textual) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Time Deposits, at or Above FDIC Insurance Limit $ 632,951,000 $ 618,784,000
Time Deposits 462,875,000 444,382,000
Deposit Liabilities Reclassified as Loans Receivable 252,000 242,000
Related Party Deposit Liabilities 4,370,000 5,463,000
Fixed Rate Brokered Certificates of Deposit [Member]    
Time Deposits $ 0 $ 72,168,000
v3.25.0.1
Note 7 - Deposits - Summary of Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Noninterest checking $ 419,211 $ 418,727
Noninterest checking, weighted average rate 0.00% 0.00%
Interest-bearing checking $ 221,476 $ 211,101
Interest bearing checking, weighted average rate 0.18% 0.05%
Savings $ 210,572 $ 230,711
Savings, weighted average rate 0.06% 0.06%
Money market $ 367,094 $ 330,274
Money market, weighted average rate 1.82% 1.66%
Time Deposits $ 462,875 $ 444,382
Time certificates of deposits, weighted average rate 4.25% 4.08%
Total deposits $ 1,681,228 $ 1,635,195
Weighted average rate 1.59% 1.45%
v3.25.0.1
Note 7 - Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2025 $ 447,321  
2026 9,383  
2027 3,384  
2028 1,422  
2029 1,277  
Thereafter 88  
Total $ 462,875 $ 444,382
v3.25.0.1
Note 7 - Deposits - Interest Expense on Deposits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Checking $ 391 $ 595
Savings 134 106
Money market 8,660 5,549
Time certificates of deposits 18,653 11,607
Total $ 27,838 $ 17,857
v3.25.0.1
Note 8 - Advances From the Federal Home Loan Bank and Other Borrowings (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Federal Home Loan Bank Advances Funding Available as Percent of Assets 45.00%  
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available $ 963,924,000  
Advance from Federal Home Loan Bank 140,930,000 $ 175,737,000
Contingent Letter of Credit with Federal Home Loan Bank, Amount Available 520,000 520,000
Line of Credit Facility, Maximum Borrowing Capacity 85,000,000  
Federal Funds Purchased 0 0
Short-Term Debt, Average Outstanding Amount 190,082,000 159,667,000
Short-Term Debt, Maximum Month-end Outstanding Amount $ 247,500,000 $ 199,757,000
All Outstanding Borrowings [Member]    
Debt, Weighted Average Interest Rate 4.72% 5.48%
Bell Bank [Member]    
Line of Credit, Current $ 15,000,000  
Line of Credit Facility, Maximum Amount Outstanding During Period $ 0 $ 0
v3.25.0.1
Note 8 - Advances From the Federal Home Loan Bank and Other Borrowings - Schedule of Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2025 $ 113,013  
2026 27,917  
2027 0  
2028 0  
2029 0  
Thereafter 0  
Total $ 140,930 $ 175,737
v3.25.0.1
Note 9 - Other Long-term Debt (Details Textual) - USD ($)
 1 Months Ended 12 Months Ended
Feb. 28, 2022
Jan. 31, 2022
Jun. 30, 2020
Dec. 31, 2010
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2005
Debt Instrument, Face Amount         $ 60,155,000 $ 60,155,000  
Repayments of Senior Debt $ 10,000,000            
Interest Expense, Long-Term Debt         2,724,000 2,719,000  
Amortization of Debt Issuance Costs         $ 149,000 $ 156,000  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]         Secured Overnight Financing Rate (SOFR) [Member] Secured Overnight Financing Rate (SOFR) [Member]  
First Tennessee Bank, N.A. [Member]              
Temporary Equity, Liquidation Preference             $ 5,155,000
Trust Preferred Securities, Maximum Dividend Deferring Period (Year)         5 years    
Eagle Bancorp Statutory Trust I [Member] | Subordinated Debt [Member]              
Debt Instrument, Interest Rate, Stated Percentage             6.02%
Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member]              
Debt Instrument, Basis Spread on Variable Rate       1.42% 1.68%    
Debt Instrument, Interest Rate, Effective Percentage         5.99% 6.20%  
3.50% Subordinated Notes Due in 2032 [Member]              
Debt Instrument, Face Amount   $ 40,000,000     $ 40,000,000 $ 40,000,000  
Debt Instrument, Interest Rate, Stated Percentage   3.50%     3.50% 3.50%  
Debt Instrument, Basis Spread on Variable Rate   2.18%          
5.50% Subordinated Notes Due in 2030 [Member]              
Debt Instrument, Face Amount     $ 15,000,000   $ 15,000,000 $ 15,000,000  
Debt Instrument, Interest Rate, Stated Percentage     5.50%   5.50% 5.50%  
Debt Instrument, Basis Spread on Variable Rate     5.09%        
Eagle Bancorp Statutory Trust I [Member]              
Subordinated Debt, Ending Balance             $ 5,155,000
v3.25.0.1
Note 9 - Other Long-term Debt - Summary of Other Long-term Debt (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2022
Jun. 30, 2020
Principal amount $ 60,155,000 $ 60,155,000    
Unamortized debt issuance costs (1,006,000) (1,156,000)    
5.50% Subordinated Notes Due in 2030 [Member]        
Principal amount 15,000,000 15,000,000   $ 15,000,000
Unamortized debt issuance costs (185,000) (219,000)    
3.50% Subordinated Notes Due in 2032 [Member]        
Principal amount 40,000,000 40,000,000 $ 40,000,000  
Unamortized debt issuance costs (821,000) (937,000)    
Variable Interest Rate Subordinated Debentures Due in 2035 [Member]        
Principal amount 5,155,000 5,155,000    
Unamortized debt issuance costs $ 0 $ 0    
v3.25.0.1
Note 9 - Other Long-term Debt - Summary of Other Long-term Debt (Details) (Parentheticals)
 1 Months Ended 12 Months Ended
Jan. 31, 2022
Jun. 30, 2020
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     Secured Overnight Financing Rate (SOFR) [Member] Secured Overnight Financing Rate (SOFR) [Member]
5.50% Subordinated Notes Due in 2030 [Member]        
Debt instrument, fixed interest rate   5.50% 5.50% 5.50%
Debt instrument, maturity year     2030 2030
Debt instrument, variable interest rate   5.09%    
3.50% Subordinated Notes Due in 2032 [Member]        
Debt instrument, fixed interest rate 3.50%   3.50% 3.50%
Debt instrument, maturity year     2032 2032
Debt instrument, variable interest rate 2.18%      
Variable Interest Rate Subordinated Debentures Due in 2035 [Member]        
Debt instrument, maturity year     2035 2035
Debt instrument, variable interest rate     1.68% 1.68%
v3.25.0.1
Note 10 - Commitments and Contingencies (Details Textual)
 12 Months Ended
Dec. 31, 2024
Minimum [Member]  
Commitments to Extend Credit Estimated Completion or Termination Period (Month) 3 months
Maximum [Member]  
Commitments to Extend Credit Estimated Completion or Termination Period (Month) 12 months
v3.25.0.1
Note 10 - Commitments and Contingencies - Off-balance Sheet Activities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commitments to Extend Credit [Member]    
Off-balance sheet commitments $ 267,623 $ 271,552
Letters of Credit [Member]    
Off-balance sheet commitments $ 7,409 $ 9,457
v3.25.0.1
Note 11 - Income Taxes (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investment Program, Proportional Amortization Method, Applied, Amortization Expense $ 890,000 $ 870,000
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Cash Flows [Extensible Enumeration] Accretion (Amortization) of Discounts and Premiums, Investments  
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] Income tax benefit  
v3.25.0.1
Note 11 - Income Taxes - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Current    
U.S. federal $ 1,575 $ 1,585
Montana 566 684
Total current income tax provision 2,141 2,269
Deferred    
U.S. federal (435) (512)
Montana (94) (159)
Total deferred income tax (benefit) provision (529) (671)
Total income tax provision $ 1,612 $ 1,598
v3.25.0.1
Note 11 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Allowance for credit losses $ 4,433 $ 4,329
Deferred loan fees 402 366
Lease liability 266 395
Deferred compensation 1,835 1,818
Employee benefits 625 678
Unrealized losses on securities available-for-sale 7,194 7,129
Acquisition costs 98 133
Acquisition fair value adjustments 2,757 3,058
Other 694 699
Total deferred tax assets 18,304 18,605
Deferred tax liabilities:    
Premises and equipment 514 879
Right-of-use asset 436 608
FHLB stock 0 21
Mortgage servicing rights 4,045 4,174
Goodwill 1,488 1,366
Intangibles 1,121 1,436
Other 336 350
Total deferred tax liabilities 7,940 8,834
Net deferred tax asset $ 10,364 $ 9,771
v3.25.0.1
Note 11 - Income Taxes - Reconciliation of Effective Income Tax Provision (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Federal income taxes at the statutory rate $ 2,392 $ 2,447
Federal income taxes at the statutory rate, percent 21.00% 21.00%
State income taxes $ 566 $ 684
State income taxes, percent 4.97% 5.87%
Tax-exempt interest income $ (295) $ (342)
Tax-exempt interest income, percent (2.59%) (2.93%)
Income from bank-owned life insurance $ (432) $ (308)
Income from bank-owned life insurance, percent (3.79%) (2.64%)
Federal tax credits $ (968) $ (764)
Federal tax credits, percent (8.50%) (6.55%)
Other, net $ 349 $ (119)
Other, net, percent 3.06% (1.04%)
Total income tax provision $ 1,612 $ 1,598
Provision for income taxes and effective tax rate, percent 14.15% 13.71%
v3.25.0.1
Note 12 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Balance $ 169,273 $ 158,416
Total other comprehensive loss (201) 6,412
Balance 174,765 169,273
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]    
Balance (19,945) (26,357)
Other comprehensive loss, before reclassifications and income taxes (414) 8,482
Amounts reclassified from accumulated other comprehensive loss, before income taxes 141 222
Income tax benefit 72 (2,292)
Total other comprehensive loss (201) 6,412
Balance $ (20,146) $ (19,945)
v3.25.0.1
Note 13 - Earnings Per Common Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Basic weighted average shares outstanding (in shares) 7,838,822 7,793,352
Dilutive effect of stock compensation (in shares) 14,970 4,891
Diluted weighted average shares outstanding (in shares) 7,853,792 7,798,243
Net income available to common shareholders $ 9,778 $ 10,056
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 1.25 $ 1.29
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 1.24 $ 1.29
Restricted stock units excluded from the diluted average outstanding share calculation because their effect would be anti-dilutive (in shares) 8,344 21,666
v3.25.0.1
Note 14 - Capital Management and Regulatory Matters (Details Textual)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Sep. 30, 2024
shares
Jun. 30, 2024
shares
Mar. 31, 2024
shares
Dec. 31, 2023
shares
Sep. 30, 2023
shares
Jun. 30, 2023
$ / shares
shares
Mar. 31, 2023
shares
Dec. 31, 2022
$ / shares
shares
Sep. 30, 2022
$ / shares
shares
Jun. 30, 2022
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Apr. 08, 2024
shares
Apr. 20, 2023
shares
Apr. 21, 2022
shares
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum 0.04       0.04             0.04 0.04      
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | $                       $ 3,700,000 $ 0      
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares                       $ 0.565 $ 0.555      
Treasury Stock, Shares, Acquired (in shares)                       25,000 17,901      
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares                       $ 16.74 $ 12.89      
Stock Repurchase Program, 2024 [Member]                                
Share Repurchase Program, Authorized, Number of Shares (in shares)                           400,000    
Treasury Stock, Shares, Acquired (in shares) 25,000 0 0                          
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares $ 16.74                              
Stock Repurchase Program, 2023 [Member]                                
Share Repurchase Program, Authorized, Number of Shares (in shares)                             400,000  
Treasury Stock, Shares, Acquired (in shares)     0 0 0 0 17,901                  
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares             $ 12.89                  
Stock Repurchase Program, 2022 [Member]                                
Share Repurchase Program, Authorized, Number of Shares (in shares)                               400,000
Treasury Stock, Shares, Acquired (in shares)             0 0 6,608 99,517 5,000          
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares                 $ 18.8 $ 19.45 $ 19.75          
v3.25.0.1
Note 14 - Capital Management and Regulatory Matters - Schedule of the Bank's Actual Capital Amounts and Ratios (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Total risk-based capital to risk weighted assets, actual, amount $ 229,316 $ 218,909
Total risk-based capital to risk weighted assets, actual, ratio 0.1349 0.1301
Total risk-based capital to risk weighted assets, minimum capital requirement, amount $ 178,521 $ 176,692
Total risk-based capital to risk weighted assets, minimum capital requirement, ratio 0.105 0.105
Total risk-based capital to risk weighted assets, to be well capitalized, amount $ 170,020 $ 168,278
Total risk-based capital to risk weighted assets, minimum to be well capitalized, ratio 0.10 0.10
Tier 1 capital to risk weighted assets, actual, amount $ 211,066 $ 201,179
Tier 1 capital to risk weighted assets, actual, ratio 0.1241 0.1196
Tier 1 capital to risk weighted assets, minimum capital requirement, amount $ 144,517 $ 143,037
Tier 1 Capital to risk weighted assets, minimum capital requirement, ratio 0.085 0.085
Tier 1 capital to risk weighted assets, to be well capitalized, amount $ 136,016 $ 134,623
Tier 1 capital to risk weighted assets, minimum to be well capitalized, ratio 0.08 0.08
Common equity Tier 1 capital to risk weighted assets, actual, amount $ 211,066 $ 201,179
Common equity Tier 1 capital to risk weighted assets, actual, ratio 0.1241 0.1196
Common equity Tier 1 capital to risk weighted assets, minimum capital requirement, amount $ 119,014 $ 117,795
Common equity Tier 1 capital to risk weighted assets, minimum capital requirement, ratio 0.07 0.07
Common equity Tier 1 capital to risk weighted assets, to be well capitalized, amount $ 110,513 $ 109,381
Common equity tier 1 capital to risk weighted assets, minimum to be well capitalized, ratio 0.065 0.065
Tier 1 capital to adjusted total average assets, actual, amount $ 211,066 $ 201,179
Tier 1 capital to adjusted total average assets, actual, ratio 0.1007 0.0975
Tier 1 capital to adjusted total average assets, minimum capital requirement, amount $ 83,861 $ 82,569
Tier 1 capital to adjusted total average assets, minimum capital requirement, ratio 0.04 0.04
Tier 1 capital to adjusted total average assets, to be well capitalized, amount $ 104,826 $ 103,212
Tier 1 Capital to adjusted total average assets, minimum to be well capitalized, ratio 0.05 0.05
v3.25.0.1
Note 15 - Benefit Plans (Details Textual) - USD ($)
 12 Months Ended
Jun. 23, 2021
Dec. 31, 2024
Dec. 31, 2023
Deferred Compensation Arrangement with Individual, Compensation Expense   $ 661,000 $ 625,000
Deferred Compensation Arrangement with Individual, Recorded Liability   6,469,000 6,420,000
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) 251,256    
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share) $ 23.88    
Stock Issued During Period, Value, Employee Stock Ownership Plan $ 6,000,000    
Employee Stock Ownership Plan (ESOP), Period for Allocation of Shares (Year) 10 years    
Employee Stock Ownership Plan (ESOP), Compensation Expense   237,000 212,000
Share-Based Payment Arrangement, Expense   $ 523,000 347,000
Restricted Stock [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)   104,575  
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 562,000  
Restricted Stock [Member] | Nonemployee Director Award Plan [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)   88,000  
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)   48,127  
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 166,000  
Share-Based Payment Arrangement, Option [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)   246,427  
After Amendment [Member] | Restricted Stock [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)   393,571  
ESOP Loan [Member]      
Debt Instrument, Term (Year) 10 years    
Debt Instrument, Interest Rate, Stated Percentage 3.00%    
Profit Sharing Plan [Member]      
Defined Contribution Plan, Employer Discretionary Contribution Amount   $ 1,186,000 1,272,000
401 (k) Plan [Member]      
Defined Contribution Plan, Employer Discretionary Contribution Amount   $ 519,000 $ 552,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay   50.00%  
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent   4.00%  
v3.25.0.1
Note 15 - Benefit Plans - Components of the Employee Stock Ownership Plan (ESOP) Shares (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Allocated shares (in shares) 255,351 240,266
Unallocated shares (in shares) 167,932 191,922
Total ESOP shares (in shares) 423,283 432,188
Fair value of unallocated shares (in thousands) $ 2,574 $ 3,030
v3.25.0.1
Note 15 - Benefit Plans - Activity of Awards Granted (Details) - Restricted Stock [Member] - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unvested awards (in shares) 69,899 70,361
Awards granted (in shares) 0 20,870
Awards vested (in shares) (20,102) (20,132)
Awards forfeited (in shares) (14,513) (1,200)
Unvested awards (in shares) 35,284 69,899
Nonemployee Director Award Plan [Member]    
Unvested awards (in shares) 15,291 8,520
Awards granted (in shares) 12,270 15,291
Awards vested (in shares) (15,291) (8,520)
Awards forfeited (in shares) 0 0
Unvested awards (in shares) 12,270 15,291
v3.25.0.1
Note 16 - Derivatives and Hedging Activities (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrealized Gain (Loss) on Derivatives $ 99,000 $ 10,000
v3.25.0.1
Note 16 - Derivatives and Hedging Activities - Derivatives (Details) - Designated as Hedging Instrument [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Interest Rate Lock Commitments [Member]    
Notional amount $ 10,155 $ 15,670
Fair value, asset 0 15
Fair value, liability 103 0
Interest Rate Forward Commitments [Member]    
Notional amount 10,000 12,000
Fair value, asset 142 0
Fair value, liability $ 0 $ 75
v3.25.0.1
Note 17 - Fair Value of Financial Instruments - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Available-for-sale securities $ 292,590 $ 318,279
US Government Agencies Debt Securities [Member]    
Available-for-sale securities 5,195 6,543
US Treasury and Government [Member]    
Available-for-sale securities 46,913 46,815
US States and Political Subdivisions Debt Securities [Member]    
Available-for-sale securities 117,877 137,950
Corporate Debt Securities [Member]    
Available-for-sale securities 4,162 3,905
Collateralized Mortgage-Backed Securities [Member]    
Available-for-sale securities 28,235 26,753
Collateralized Mortgage Obligations [Member]    
Available-for-sale securities 82,623 86,568
Asset-Backed Securities [Member]    
Available-for-sale securities 7,585 9,745
Fair Value, Recurring [Member]    
Loans held-for-sale 13,368 11,432
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member]    
Available-for-sale securities 5,195 6,543
Fair Value, Recurring [Member] | US Treasury and Government [Member]    
Available-for-sale securities 46,913 46,815
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]    
Available-for-sale securities 117,877 137,950
Fair Value, Recurring [Member] | Corporate Debt Securities [Member]    
Available-for-sale securities 4,162 3,905
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]    
Available-for-sale securities 28,235 26,753
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member]    
Available-for-sale securities 82,623 86,568
Fair Value, Recurring [Member] | Asset-Backed Securities [Member]    
Available-for-sale securities 7,585 9,745
Fair Value, Recurring [Member] | Forward TBA Mortgage-backed Securities [Member]    
Forward TBA mortgage-backed securities 142  
Interest rate lock commitments   75
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member]    
Forward TBA mortgage-backed securities   15
Interest rate lock commitments 103  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Loans held-for-sale 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member]    
Available-for-sale securities 46,913 46,815
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Forward TBA Mortgage-backed Securities [Member]    
Forward TBA mortgage-backed securities 0  
Interest rate lock commitments   0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member]    
Forward TBA mortgage-backed securities   0
Interest rate lock commitments 0  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Loans held-for-sale 13,368 11,432
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]    
Available-for-sale securities 5,195 6,543
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]    
Available-for-sale securities 117,877 137,950
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]    
Available-for-sale securities 4,162 3,905
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member]    
Available-for-sale securities 28,235 26,753
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member]    
Available-for-sale securities 82,623 86,568
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member]    
Available-for-sale securities 7,585 9,745
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward TBA Mortgage-backed Securities [Member]    
Forward TBA mortgage-backed securities 142  
Interest rate lock commitments   75
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member]    
Forward TBA mortgage-backed securities   0
Interest rate lock commitments 0  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Loans held-for-sale 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member]    
Available-for-sale securities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Forward TBA Mortgage-backed Securities [Member]    
Forward TBA mortgage-backed securities 0  
Interest rate lock commitments   0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member]    
Forward TBA mortgage-backed securities   $ 15
Interest rate lock commitments $ 103  
v3.25.0.1
Note 17 - Fair Value of Financial Instruments - Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Impaired loans $ 96 $ 1,782
Fair Value, Inputs, Level 1 [Member]    
Impaired loans 0 0
Fair Value, Inputs, Level 2 [Member]    
Impaired loans 0 0
Fair Value, Inputs, Level 3 [Member]    
Impaired loans $ 96 $ 1,782
v3.25.0.1
Note 17 - Fair Value of Financial Instruments - Financial Assets and Liabilities, Valuation Techniques and Significant Unobservable Inputs (Details)
Dec. 31, 2024
Minimum [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member]  
Collateral-dependent loans individually evaluated 0.10
Real estate and other repossessed assets, input 0.10
Minimum [Member] | Valuation, Income Approach [Member] | Measurement Input, Pull-through Expectations [Member]  
Interest rate lock commitments, input 0.85
Maximum [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member]  
Collateral-dependent loans individually evaluated 0.30
Real estate and other repossessed assets, input 0.30
Maximum [Member] | Valuation, Income Approach [Member] | Measurement Input, Pull-through Expectations [Member]  
Interest rate lock commitments, input 0.95
v3.25.0.1
Note 17 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs on Recurring Basis (Details) - Interest Rate Lock Commitments [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Beginning Balance $ 15 $ (81)
Purchases and issuances (644) (339)
Sales and settlements 526 435
Ending Balance (103) 15
Unrealized (losses) gains related to items held at end of period $ (118) $ 96
v3.25.0.1
Note 17 - Fair Value of Financial Instruments - Estimated Fair Value and Carrying Amounts of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Estimate of Fair Value Measurement [Member]    
Cash and cash equivalents $ 31,559 $ 24,545
FHLB stock 7,778 9,191
FRB stock 4,131 4,131
Loans receivable, gross 1,466,511 1,416,203
Mortgage servicing rights 20,370 20,388
Non-maturing interest-bearing deposits 799,142 772,086
Time certificates of deposit 461,254 441,939
FHLB advances and other borrowings 141,057 175,842
Other long-term debt 58,024 58,094
Reported Value Measurement [Member]    
Cash and cash equivalents 31,559 24,545
FHLB stock 7,778 9,191
FRB stock 4,131 4,131
Loans receivable, gross 1,520,646 1,484,489
Mortgage servicing rights 15,376 15,853
Non-maturing interest-bearing deposits 799,142 772,086
Time certificates of deposit 462,875 444,382
FHLB advances and other borrowings 140,930 175,737
Other long-term debt 60,155 60,155
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]    
Cash and cash equivalents 31,559 24,545
FHLB stock 0 0
FRB stock 0 0
Loans receivable, gross 0 0
Mortgage servicing rights 0 0
Non-maturing interest-bearing deposits 0 0
Time certificates of deposit 0 0
FHLB advances and other borrowings 0 0
Other long-term debt 0 0
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]    
Cash and cash equivalents 0 0
FHLB stock 7,778 9,191
FRB stock 4,131 4,131
Loans receivable, gross 0 0
Mortgage servicing rights 0 0
Non-maturing interest-bearing deposits 799,142 772,086
Time certificates of deposit 0 0
FHLB advances and other borrowings 0 0
Other long-term debt 0 0
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]    
Cash and cash equivalents 0 0
FHLB stock 0 0
FRB stock 0 0
Loans receivable, gross 1,466,511 1,416,203
Mortgage servicing rights 20,370 20,388
Non-maturing interest-bearing deposits 0 0
Time certificates of deposit 461,254 441,939
FHLB advances and other borrowings 141,057 175,842
Other long-term debt $ 58,024 $ 58,094
v3.25.0.1
Note 18 - Condensed Parent Company Financial Statements - Condensed Statements of Financial Condition (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets [Abstract]      
Cash and cash equivalents $ 31,559 $ 24,545  
Securities available-for-sale 292,590 318,279  
Other Assets 16,267 19,089  
Total assets 2,103,090 2,075,666  
Liabilities and Shareholders' Equity:      
Shareholders' equity 174,765 169,273 $ 158,416
Total liabilities and shareholders' equity 2,103,090 2,075,666  
Parent Company [Member]      
Assets [Abstract]      
Cash and cash equivalents 1,863 2,426 $ 5,038
Securities available-for-sale 732 796  
Other Assets 4,717 6,831  
Total assets 234,937 229,298  
Liabilities and Shareholders' Equity:      
Accounts payable and accrued expenses 1,023 1,026  
Other long-term debt 59,149 58,999  
Shareholders' equity 174,765 169,273  
Total liabilities and shareholders' equity 234,937 229,298  
Parent Company [Member] | Eagle Bancorp Statutory Trust I [Member]      
Assets [Abstract]      
Equity method investments 155 155  
Parent Company [Member] | Opportunity Bank of Montana [Member]      
Assets [Abstract]      
Equity method investments $ 227,470 $ 219,090  
v3.25.0.1
Note 18 - Condensed Parent Company Financial Statements - Condensed Statements of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Noninterest income $ 17,776 $ 22,722
Noninterest expense (69,306) (72,089)
Income before income tax expense 11,390 11,654
Income tax benefit 1,612 1,598
NET INCOME 9,778 10,056
Parent Company [Member]    
Interest income 48 55
Interest expense (2,735) (2,729)
Noninterest income 73 211
Noninterest expense (825) (976)
Income before income tax expense (3,439) (3,439)
Income tax benefit (931) (914)
Loss before equity in undistributed earnings of Subsidiaries (2,508) (2,525)
Equity in undistributed earnings of Subsidiaries 12,286 12,581
NET INCOME $ 9,778 $ 10,056
v3.25.0.1
Note 18 - Condensed Parent Company Financial Statements - Condensed Statements of Cash Flow (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Net income   $ 9,778 $ 10,056
Maturities, principal payments and calls   21,145 32,695
Purchase of treasury stock $ 0 (419) (231)
Dividends paid (3,387) (4,535) (4,442)
Net cash provided by financing activities 55,360 6,272 101,593
NET INCREASE IN CASH AND CASH EQUIVALENTS   7,014 2,734
CASH AND CASH EQUIVALENTS, beginning of period 24,545 24,545  
CASH AND CASH EQUIVALENTS, end of period   31,559 24,545
Parent Company [Member]      
Net income   9,778 10,056
Equity in undistributed earnings of Subsidiaries   (12,286) (12,581)
Other adjustments, net   2,281 (1,302)
Net cash used in operating activities   (227) (3,827)
Cash contribution from Opportunity Bank of Montana   3,700 0
Maturities, principal payments and calls   60 5,072
Net cash provided by investing activities   3,760 5,072
ESOP payments and dividends   320 479
Purchase of treasury stock   (419) (231)
Treasury shares reissued for compensation   538 337
Dividends paid   (4,535) (4,442)
Net cash provided by financing activities   (4,096) (3,857)
NET INCREASE IN CASH AND CASH EQUIVALENTS   (563) (2,612)
CASH AND CASH EQUIVALENTS, beginning of period $ 2,426 2,426 5,038
CASH AND CASH EQUIVALENTS, end of period   $ 1,863 $ 2,426
v3.25.0.1
Note 19 - Restatement of Interim Financial Information (UNAUDITED) - Schedule of Financing Activities Restated (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Net increase in deposits $ 15,317 $ 46,033 $ (77)
Net short-term advances (payments) on FHLB and other borrowings (40,737) (107,724) 91,343
Advances on long-term FHLB and other borrowings 105,000 135,000 15,000
Payments on long-term FHLB and other borrowings (20,833) (62,083) 0
Purchase of treasury stock 0 (419) (231)
Dividends paid (3,387) (4,535) (4,442)
Net cash provided by financing activities 55,360 $ 6,272 $ 101,593
Previously Reported [Member]      
Net increase in deposits 15,317    
Net short-term advances (payments) on FHLB and other borrowings 14,263    
Advances on long-term FHLB and other borrowings 29,167    
Payments on long-term FHLB and other borrowings 0    
Purchase of treasury stock 0    
Dividends paid (3,387)    
Net cash provided by financing activities 55,360    
Revision of Prior Period, Adjustment [Member]      
Net increase in deposits 0    
Net short-term advances (payments) on FHLB and other borrowings (55,000)    
Advances on long-term FHLB and other borrowings 75,833    
Payments on long-term FHLB and other borrowings (20,833)    
Purchase of treasury stock 0    
Dividends paid 0    
Net cash provided by financing activities $ 0