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EXHIBIT 99.1 Eagle Bancorp Montana Earns $ 2.7 Million , or $ 0.39 per Diluted Share , in Second Quarter of 2021 ; Increases Quarterly Cash Dividend by 28 % to $ 0.125 per Share HELENA , Mont . , July 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 second quarter of 2021 of $ 2.7 million , or $ 0.39 per diluted share , compared to $ 5.7 million , or $ 0.84 per diluted share , in the second quarter a year ago , and $ 5.3 million , or $ 0.78 per diluted share , in the preceding quarter . Operating results for the second quarter of 2021 reflect lower contributions from gains on sales of mortgage loans compared to the preceding quarter . As expected , the robust mortgage activity from the prior year has begun to equalize . Eagle's board of directors increased its quarterly cash dividend by 28 % to $ 0.125 per share on July 22 , 2021. The dividend will be payable September 3 , 2021 to shareholders of record August 13 , 2021. The current annualized dividend yield is 2.18 % based on recent market prices . " We extended our momentum from the first quarter generating solid second quarter earnings , supported by net interest income growth and higher loan production both year - over - year and from the linked quarter , ” said Peter J. Johnson , President and CEO . “ Deposit balances hit record levels again this quarter , with second round SBA Paycheck Protection Program ( PPP ) loans and new client relationships contributing to strong quarterly deposit growth of $ 52.2 million . We continue to monitor our loan portfolio and asset quality metrics very closely , and believe that our reserve levels are sufficient to cover any potential loan losses stemming from the pandemic . As the vaccine rollout continues and COVID - 19 restrictions lift in Montana , we remain well positioned for growth during the second half of the year . " Second Quarter 2021 Highlights ( at or for the three - month period ended June 30 , 2021 , except where noted ) • Net income of $ 2.7 million , or $ 0.39 per diluted share , in the second quarter of 2021 , compared to $ 5.7 million , or $ 0.84 per diluted share , in the second quarter a year ago , and $ 5.3 million , or $ 0.78 per diluted share , in the preceding quarter . • Net interest margin ( “ NIM ” ) was 3.81 % in the second quarter of 2021 , compared to 3.97 % in the preceding quarter , and 3.85 % in the second quarter a year ago . • Revenues ( net interest income before the provision for loan losses , plus non - interest income ) were $ 22.6 million in the second quarter of 2021 , compared to $ 24.5 million in the preceding quarter and $ 24.1 million in the second 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 $ 499,000 remained as of June 30 , 2021 . • Remaining purchase discount on loans from acquisitions prior to 2020 totaled $ 758,000 as of June 30 , 2021 . • The accretion of the loan purchase discount into loan interest income from the Western Bank of Wolf Point , and previous acquisitions was $ 125,000 in the second quarter of 2021 , compared to interest accretion on purchased loans from acquisitions of $ 189,000 in the preceding quarter . • The allowance for loan losses represented 135.6 % of nonperforming loans at June 30 , 2021 , compared to 124.6 % a year earlier . • Total loans increased 3.9 % to $ 873.9 million at June 30 , 2021 , compared to $ 840.8 million a year earlier and 5.4 % compared to $ 829.3 million in the previous quarter . • Total deposits increased 19.9 % to $ 1.15 billion at June 30 , 2021 , from $ 955.4 million a year ago . • • Eagle remained well capitalized with a tangible common shareholders ' equity ratio of 9.72 % at June 30 , 2021 . Paid a quarterly cash dividend of $ 0.0975 per share on June 4 , 2021 to shareholders of record May 14 , 2021 . COVID - 19 Preparations as of June 30 , 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 ( 5.69 % ) , health care and social assistance ( 3.77 % ) , bars and restaurants ( 2.68 % ) , casinos ( 0.95 % ) , and nursing homes ( 0.47 % ) . • Loan Accommodations : The Bank has offered multiple accommodation options to its clients , including 90 - day deferrals , interest only payments , and forbearances . As of June 30 , 2021 , remaining loan modifications for 28 nonresidential borrowers represented $ 17.5 million in loans or 2.00 % of total loans , compared to 41 borrowers , representing $ 27.8 million or 3.36 % of total loans , three months earlier . Approximately 86.08 % of loans originally modified , or 287 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 , of which $ 17.4 million is included in modification totals as of June 30 , 2021. There are 21 forbearances remaining for residential mortgage loans , of which 19 are sold and serviced as of June 30 , 2021. Utilization of credit lines were 80.2 % at the end of the second quarter , compared to 81.6 % 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 682 loans , representing over $ 39.8 million now paid in full . The remaining 82 PPP loans represent $ 5.9 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 . The program offered 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 had already spent their initial PPP proceeds . As of June 30 , 2021 , Eagle had supported 646 borrowers receive $ 19.5 million in second round PPP funding , with 142 loans , representing $ 2.8 million now paid in full . • Loan Loss Provision : Management made the decision that due to the strength of the local economy , in conjunction with loan activity , no loan loss provision was necessary in the second quarter of 2021 when considering the COVID - 19 pandemic . • Deposit Accommodations : The Bank halted deposit fees associated with early withdrawal requests to assist depositors with funding needs . • Liquidity Changes : Through the quarter ended June 30 , 2021 , the liquidity level has steadily increased , as a result of PPP loan payoffs and deposit growth .