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EXHIBIT 99.1 Eagle Bancorp Montana Earns $ 5.3 Million , or $ 0.78 per Diluted Share , in First Quarter of 2021 ; Declares Quarterly Cash Dividend of $ 0.0975 per Share HELENA , Mont . , April 27 , 2021 ( GLOBE NEWSWIRE ) -- Eagle Bancorp Montana , Inc. ( NASDAQ : EBMT ) , ( the “ Company , ” “ Eagle ” ) , the holding company of Opportunity Bank of Montana , today reported net income in the first quarter of 2021 increased 34.1 % to $ 5.3 million , or $ 0.78 per diluted share , compared to $ 3.9 million , or $ 0.57 per diluted share , in the first quarter a year ago , reflecting the high level of contributions from gains on sales of mortgage loans . Net income increased 2.0 % when compared to $ 5.2 million , or $ 0.76 per diluted share , in the fourth quarter of 2020 . Eagle's board of directors declared a quarterly cash dividend of $ 0.0975 per share on April 22 , 2021. The dividend will be payable June 4 , 2021 to shareholders of record May 14 , 2021. The current annualized dividend yield is 1.66 % based on recent market prices . " We delivered strong first quarter earnings , reflecting top and bottom - line revenue expansion and robust mortgage loan sales , ” said Peter J. Johnson , President and CEO . " Deposit balances hit record levels , with a second round of SBA Paycheck Protection Program ( PPP ) loans and two additional federal stimulus payments contributing to strong quarterly deposit growth of $ 60.3 million . In addition to participating in the SBA's initial PPP that expired in August of 2020 , we have been just as active with the new round of PPP funding during the first quarter of this year . We believe we are well positioned to emerge stronger as we navigate through the pandemic . " COVID - 19 Preparations as of March 31 , 2021 : • Industry Exposure : Eagle's exposure , as a percentage of total loans , to some of the industries with business revenues dramatically impacted by the pandemic includes hotels and lodging ( 4.35 % ) , health care and social assistance ( 3.02 % ) , bars and restaurants ( 2.98 % ) , casinos ( 1.18 % ) , and nursing homes ( 0.51 % ) . • Loan Accommodations : The Bank has offered multiple accommodation options to its clients , including 90 - day deferrals , interest only payments , and forbearances . As of March 31 , 2021 , remaining loan modifications for 41 nonresidential borrowers represented $ 27.8 million in loans or 3.36 % of total loans , compared to 40 borrowers , representing $ 29.0 million or 3.45 % of total loans , three months earlier . Approximately 77.89 % of loans originally modified , or 274 borrowers , are now performing according to adapted loan agreements . The Montana Board of Investments ( " MBOI " ) offered 12 - months of interest payment assistance to qualified borrowers . The Bank qualified 32 borrowers for the MBOI program representing $ 27.3 million in loans , which are included in modification totals . There remain approximately 26 forbearances for residential mortgage loans , of which 24 are sold and serviced . Utilization of credit lines were 81.6 % at the end of the first quarter , compared to 82.7 % at the end of the previous quarter , which aligns with historical usage rates . • Small Business Administration ( SBA ) Paycheck Protection Program ( PPP ) : Eagle began taking loan applications from its small business clients immediately after the program was implemented in April 2020 , and as of the close of the program , Eagle had helped 764 of its customers receive $ 45.7 million in SBA PPP loans . Eagle has processed applications for PPP loan forgiveness for customers , with 576 loans , representing over $ 30.2 million now paid in full . The remaining 188 PPP loans represent $ 15.2 million . On December 27 , 2020 , the Consolidated Appropriations Act ( " CAA " ) was signed into law , providing new COVID - 19 stimulus relief , and it included $ 284 billion allocated for another round of PPP lending , extending the program to March 31 , 2021. On March 31 , 2021 , the program was extended to May 31 , 2021. The program offers new PPP loans for companies that did not receive a PPP loan in 2020 , and also " second draw " loans targeted at hard - hit businesses that have already spent their initial PPP proceeds . During the first quarter of 2021 , Eagle supported 446 borrowers receiving $ 15.2 million in new PPP funding . • Provision for Loan Losses : Eagle recorded a provision for loan losses of $ 299,000 in the first quarter , compared to $ 379,000 in the fourth quarter of 2020 and $ 670,000 in the first quarter a year ago . Loan loss provisioning for the first quarter of 2021 was reflective of decreased portfolio balances due to some large payoffs . The performance of modified loans exceeded expectations and the qualitative factors were not adjusted . • Deposit Accommodations : The Bank halted deposit fees associated with early withdrawal requests to assist depositors with funding needs . • Liquidity Changes : Through the quarter ended March 31 , 2021 , the liquidity level has steadily increased , as a result of PPP loan payoffs and deposit growth . First Quarter 2021 Highlights ( at or for the three - month period ended March 31 , 2021 , except where noted ) • Net income increased 34.1 % to $ 5.3 million , or $ 0.78 per diluted share , in the first quarter of 2021 , compared to $ 3.9 million , or $ 0.57 per diluted share , in the first quarter of 2020 , and increased 2.0 % compared to $ 5.2 million , or $ 0.76 per diluted share in the preceding quarter . • Annualized return on average assets was 1.65 % . • • • Annualized return on average equity was 13.50 % . Net interest margin ( " NIM " ) was 3.97 % in the first quarter of 2021 , compared to 4.03 % in the preceding quarter , and 4.04 % in the first quarter a year ago . Revenues ( net interest income before the provision for loan losses , plus non - interest income ) increased 4.0 % to $ 24.5 million in the first quarter of 2021 , compared to $ 23.6 million in the previous quarter , and increased 30.6 % compared to $ 18.8 million in the first quarter a year ago . • Purchase discount on loans from the Western Bank of Wolf Point portfolio was $ 1.2 million at January 1 , 2020 , of which $ 557,000 remained as of March 31 , 2021 . • Remaining purchase discount on loans from acquisitions prior to 2020 totaled $ 824,000 as of March 31 , 2021 . • The accretion of the loan purchase discount into loan interest income from the Western Bank of Wolf Point , and previous acquisitions was $ 189,000 in the first quarter of 2021 , compared to interest accretion on purchased loans from acquisitions of $ 170,000 in the preceding quarter . The allowance for loan losses represented 146.7 % of nonperforming loans at March 31 , 2021 , compared to 155.8 % a year earlier . • • Total loans increased modestly to $ 829.3 million at March 31 , 2021 , compared to $ 822.0 million a year earlier . • Total deposits increased 23.1 % to $ 1.09 billion at March 31 , 2021 , from $ 888.2 million a year ago . Declared a quarterly cash dividend of $ 0.0975 per share . • Eagle remained well capitalized with a tangible common shareholders ' equity ratio of 10.31 % at March 31 , 2021 . •