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EXHIBIT 99.1 Eagle Bancorp Montana Earns $ 4.7 Million , or $ 0.73 per Diluted Share , in Third Quarter of 2021 ; Declares Quarterly Cash Dividend of $ 0.125 per Share HELENA , Mont . , Oct. 26 , 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 third quarter of 2021 of $ 4.7 million , or $ 0.73 per diluted share , compared to $ 6.4 million , or $ 0.94 per diluted share , in the third quarter a year ago , and $ 2.7 million , or $ 0.39 per diluted share , in the preceding quarter . In the first nine months of 2021 , net income was $ 12.7 million , or $ 1.89 per diluted share , compared to $ 16.0 million , or $ 2.35 per diluted share , in the first nine months of 2020 . Eagle's board of directors declared a quarterly cash dividend of $ 0.125 per share on October 21 , 2021. The dividend will be payable December 3 , 2021 to shareholders of record November 12 , 2021. The current annualized dividend yield is 2.25 % based on recent market prices . " We reported strong third quarter earnings , fueled by net interest income growth , higher loan production , strong quarterly deposit growth and an expanding net interest margin , " said Peter J. Johnson , President and CEO . “ In addition to generating solid organic operating results , we are confident that our recently announced proposed merger of First Community Bancorp , Inc. , and its subsidiary , First Community Bank ( ' First Community ' ) , will provide tremendous opportunities to continue generating strong revenue growth post closing of the transaction . First Community is an experienced agriculture and commercial lender with a 130 - year operating history in Montana and deep roots in the communities it serves . This transaction will expand our presence across the state of Montana and build on our reputation as an experienced and preferred agricultural lender across the state . We expect this merger , like our earlier three acquisitions , will result in significant benefits to our expanding group of clients , communities , employees and shareholders . " On October 1 , 2021 Eagle announced that it had reached an agreement to acquire First Community Bancorp , Inc. and its subsidiary , First Community Bank . The acquisition of $ 374 million of First Community assets will further solidify Eagle's position as the fourth largest Montana - based bank with over $ 1.7 billion in pro forma assets and add $ 307 million in deposits and $ 220 million in gross loans , based on June 30 , 2021 information . Headquartered in Glasgow , Montana , First Community is the largest bank headquartered in Northeast Montana , and currently operates nine branches and two mortgage loan production offices , including commercial - focused branches in Helena and Three Forks ( Gallatin County ) . Upon completion of the acquisition , Opportunity Bank of Montana will have 32 retail branches in key commercial and agricultural markets across Montana . The deal is expected to close during the fourth quarter of 2021. This transaction is subject to the approvals of bank regulatory agencies , the shareholders of Eagle and First Community and other customary closing conditions . Third Quarter 2021 Highlights ( at or for the three - month period ended September 30 , 2021 , except where noted ) • Net income of $ 4.7 million , or $ 0.73 per diluted share , in the third quarter of 2021 , compared to $ 6.4 million , or $ 0.94 per diluted share , in the third quarter a year ago , and $ 2.7 million , or $ 0.39 per diluted share , in the preceding quarter . • Annualized return on average assets was 1.37 % , and annualized return on average equity was 12.09 % . • • Net interest margin ( " NIM ” ) was 3.87 % in the third quarter of 2021 , compared to 3.81 % in the preceding quarter , and 3.83 % in the third quarter a year ago . Revenues ( net interest income before the provision for loan losses , plus non - interest income ) were $ 25.4 million in the third quarter of 2021 , compared to $ 22.6 million in the preceding quarter and $ 25.7 million in the third 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 $ 457,000 remained as of September 30 , 2021 . • Remaining purchase discount on loans from acquisitions prior to 2020 totaled $ 712,000 as of September 30 , 2021 . • The accretion of the loan purchase discount into loan interest income from the Western Bank of Wolf Point , and previous acquisitions was $ 94,000 in the third quarter of 2021 , compared to interest accretion on purchased loans from acquisitions of $ 125,000 in the preceding quarter . • The allowance for loan losses represented 156.3 % of nonperforming loans at September 30 , 2021 , compared to 151.0 % a year earlier . • Total loans increased 4.3 % to $ 884.9 million at September 30 , 2021 , compared to $ 848.5 million a year earlier and increased 1.3 % compared to $ 873.9 million in the previous quarter . • Total deposits increased 19.7 % to $ 1.19 billion at September 30 , 2021 , from $ 998.3 million a year ago and increased 4.3 % compared to $ 1.15 billion in the previous quarter . Eagle remained well capitalized with a tangible common shareholders ' equity ratio of 9.67 % at September 30 , 2021 . • Paid a quarterly cash dividend of $ 0.125 per share on September 3 , 2021 to shareholders of record August 13 , 2021 . COVID - 19 Preparations as of September 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 ( 5.39 % ) , health care and social assistance ( 3.84 % ) , bars and restaurants ( 2.80 % ) , casinos ( 0.85 % ) , and nursing homes ( 0.45 % ) . ● • Loan Accommodations : The Bank has offered multiple accommodation options to its clients , including 90 - day deferrals , interest only payments , and forbearances . As of September 30 , 2021 , remaining loan modifications for five nonresidential borrowers represented $ 98,000 in loans or 0.01 % of total loans , compared to 28 borrowers , representing $ 17.5 million or 2.00 % of total loans , three months earlier . Approximately 99.92 % of loans originally modified , or 310 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 approximately 32 borrowers for the MBOI program representing $ 27.3 million in loans , of which all have aged out of the program as of September 30 , 2021. There are 11 forbearances remaining for residential mortgage loans , of which all are sold and serviced as of September 30 , 2021. Utilization of credit lines were 76.4 % at the end of the third quarter , compared to 80.2 % at the end of the previous quarter , which has declined slightly compared to historical usage rates . • Small Business Administration ( SBA ) Paycheck Protection Program ( PPP ) : During the second and third quarters of 2020 , Eagle helped 764 borrowers receive $ 45.7 million in SBA PPP loans . As of September 30 , 2021 , Eagle had received forgiveness from the SBA for 748 loans , representing over $ 45.2 million now paid in full . The remaining 16 PPP loans from the first round represent $ 496,000 . On December 27 , 2020 , additional COVID - 19 stimulus relief was signed into law that allocated for another round of PPP lending . During the first and second quarters of 2021 , Eagle supported 646 borrowers in receiving $ 19.5 million in second round PPP loans . As of September 30 , 2021 , Eagle had received forgiveness from the SBA for 389 loans , representing $ 11.3 million now paid in full . The remaining 257 PPP loans from the second round represent $ 8.2 million .