Liquidity management relies heavily on the investment securities portfolio, which decreased from $1.8 billion in 2023Q4 to $274.9 million by 2026Q1 to offset erratic operating cash flow performance.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 |
|---|
| Cash from Operations | 26.52M | 33.13M | 28.54M | 9.35M | 41.91M | 56.45M | 2.12M | 366K | 13.57M | 20.05M | 12.89M | 4.88M | 9.6M | -6.88M | -1.55M | 11.5M | 2.4M | 5.73M |
| Operating CF Growth % | -119.52% | 16.08% | 205.36% | -77.7% | -25.76% | 2565.44% | 478.69% | -97.3% | -32.32% | 55.53% | 163.98% | -49.11% | 239.59% | -344.41% | -113.46% | 378.6% | -58.08% | - |
| Net Income | 15.58M | 14.84M | 9.78M | 10.06M | 10.7M | 14.42M | 21.21M | 10.87M | 4.98M | 4.1M | 5.13M | 2.58M | 2.11M | 1.97M | 2.18M | 2.41M | 2.41M | 2.39M |
| Depreciation & Amortization | 18.42M | 6.03M | 8.89M | 7.89M | 7.71M | 7.83M | 7.09M | 4.71M | 3.19M | 2.48M | 2.75M | 2.46M | 2.2M | 2.04M | 1.39M | 1.9M | 1.14M | 1.08M |
| Deferred Taxes | -574K | -574K | -529K | -671K | 2.07M | 1.03M | -1.19M | 739K | 880K | 202K | -20K | -344K | -153K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.87M | 7.85M | -4.64M | -4.35M | 19.66M | 29.35M | -25.49M | -16.3M | -432K | -357K | -472K | -316K | -272K | -4.4M | -390K | -627K | -482K | -763K |
| Working Capital Changes | -22.94M | 4.29M | 14.17M | -4.26M | 799K | 2.8M | -195K | -375K | 10.28M | 19.64M | 12.42M | 4.33M | 7.71M | -6.49M | -4.72M | 7.82M | -668K | 3.02M |
| Cash from Investing | 27M | 21.96M | -27.8M | -108.2M | -235.04M | -232.92M | -22.04M | -59.7M | -50.92M | -56.79M | -51.13M | -76.76M | -33.69M | -13.13M | 20.74M | -7.44M | -36.1M | -10.22M |
| Purchase of Investments | -6.05M | 0 | 0 | -28.13M | -77.07M | -132.18M | -47.72M | -51.46M | -45.97M | -24.36M | -18.86M | -28.87M | -44.74M | -192.92M | -17.53M | -18.43M | -50.27M | -20.4M |
| Sale/Maturity of Investments | 39.59M | 27.12M | 35.27M | 66.72M | 82.95M | 16.25M | 64.44M | 71.67M | 63.23M | 20.6M | 33.53M | 43.82M | 74.4M | 52.39M | 30.35M | 30.76M | 20.73M | 16.8M |
| Net Investment Activity | 33.54M | 27.12M | 35.27M | 38.59M | 5.88M | -115.93M | 16.71M | 20.21M | 17.26M | -3.77M | 14.67M | 14.94M | 29.66M | -140.53M | 12.82M | 12.33M | -29.54M | -3.6M |
| Acquisitions | 0 | 0 | 0 | 0 | 13.4M | -97.29M | 5.04M | 6.9M | -4.24M | -49.71M | -62.18M | -89.28M | -144K | 130.09M | 130.09M | -18.81M | -3.82M | -471K |
| Other Investing | -252K | -371K | -27.8M | -132.6M | -237.55M | -7.49M | -23.15M | -76.27M | -56.87M | 218K | -1.38M | -1.79M | -60.89M | -1.3M | 8.09M | 166K | 28K | 13K |
| Cash from Financing | -22.59M | -23.69M | 6.27M | 101.59M | 153.51M | 168.1M | 64.8M | 73.05M | 41.12M | 36.86M | 38.12M | 66.81M | 24.75M | 6.35M | -8.92M | 1.98M | 30.88M | 6.73M |
| Dividends Paid | -4.6M | -4.58M | -4.54M | -4.44M | -4.06M | -3.02M | -2.62M | -2.41M | -2M | -1.4M | -1.19M | -1.16M | -1.15M | 0 | -1.11M | -1.11M | 0 | 0 |
| Share Repurchases | -818K | -1.57M | -419K | -231K | -4.43M | -6.28M | -987K | -1.21M | 0 | 0 | 0 | -1.32M | -587K | 0 | -414K | -414K | -1.8M | -22K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.57M |
| Net Stock Activity | -818K | -1.57M | -419K | -231K | -4.43M | -6.28M | -987K | -1.21M | 0 | 20.16M | 0 | -1.32M | -587K | 0 | -414K | -414K | -1.8M | 22.55M |
| Debt Issuance (Net) | -4M | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 168K |
| Other Financing | 96.11M | 67.46M | 46.03M | -77K | 67.6M | 189.47M | 137.18M | 89.68M | 23.86M | 27.71M | 29.61M | 41.58M | 39.87M | -9.11M | 22.8M | 10.8M | 40.15M | -15.38M |
| Net Change in Cash | 30.93M | 31.4M | 7.01M | 2.73M | -39.62M | -8.37M | 44.88M | 13.72M | 3.76M | 119K | -120K | -5.06M | 658K | -13.65M | 10.27M | 6.03M | -2.82M | 2.24M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 62.96M | 31.56M | 24.55M | 21.81M | 61.43M | 69.8M | 24.92M | 11.2M | 7.44M | 7.32M | 7.44M | 12.5M | 6.16M | 19.81M | 9.54M | 3.51M | 6.33M | 4.09M |
| Cash at End | 53.73M | 62.96M | 31.56M | 24.55M | 21.81M | 61.43M | 69.8M | 24.92M | 11.2M | 7.44M | 7.32M | 7.44M | 6.82M | 6.16M | 19.81M | 9.54M | 3.51M | 6.33M |
| Interest Paid | 33.34M | 37.12M | 37.91M | 24.82M | 4.95M | 3.47M | 6.68M | 6.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 2.68M | 3.16M | 549K | 3.01M | 2.93M | 4.44M | 6.87M | 2.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 22.9M | 28.34M | 14.46M | -4.84M | 25.15M | 44.24M | -18.52M | -10.18M | 6.51M | 16.52M | 10.65M | 4.25M | 7.28M | -8.27M | -1.72M | 10.37M | -369K | -433K |
| FCF Growth % | 84.95% | 96.04% | 398.55% | -119.26% | -43.15% | 338.86% | -81.98% | -256.35% | -60.59% | 55.16% | 150.26% | -41.54% | 188.04% | -381.42% | -116.56% | 2909.76% | 14.78% | - |
Mortgage Origination Volume Sensitivity
According to recent financial filings, EBMT generated $4.0 million in net income during 2026Q1, providing a foundational buffer for capital retention despite the negative operating cash flow of $4.7 million observed in the same period, which warrants further investigation into the bank's underlying liquidity management practices.
The bank's ability to consistently generate positive net income suggests a stable core earnings power that supports its regulatory capital position. However, the divergence between net income and operating cash flow highlights the inherent limitations of using traditional cash flow metrics to assess a depository institution's true capital generation capacity.
As reported in quarterly statements, EBMT has consistently utilized its investment securities portfolio as a liquidity source, with sales reaching $18.7 million in 2025Q4, suggesting that management is actively managing the balance sheet to offset fluctuations in core deposit growth and loan demand requirements.
The recurring sale of investment securities indicates a strategy of harvesting gains or reallocating capital to meet funding needs rather than maintaining a static hold-to-maturity portfolio. Investors should monitor whether these sales are driven by a need to fund loan growth or a tactical response to interest rate volatility.
Based on reported figures, EBMT has maintained a steady quarterly dividend of approximately $1.1 million to $1.2 million over the last ten quarters, demonstrating a commitment to shareholder returns that appears resilient despite the volatility in operating cash flows and shifting mortgage banking revenue streams.
The consistency of dividend payments suggests management's confidence in the bank's long-term capital adequacy and earnings stability. While buybacks have been sporadic and relatively small, the primary focus on dividends indicates a preference for predictable capital distribution over aggressive share repurchases in the current interest rate environment.
As indicated by the provided data, the bank's operating cash flow is highly erratic, swinging from a $4.7 million outflow in 2026Q1 to a $20.5 million inflow in 2025Q4, which implies that standard cash flow analysis may obscure the bank's true operational health and liquidity profile.
This volatility is likely driven by changes in trading assets and the timing of loan originations, which are not captured in a traditional cash flow statement. Analysts should look past these headline figures and focus on the stability of net interest income and the quality of the loan portfolio to gauge the bank's actual risk exposure.
Quick answers to the most common questions about buying EBMT stock.
Eagle Bancorp Montana, Inc. (EBMT) generated $33.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eagle Bancorp Montana, Inc. (EBMT) generated $28.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Eagle Bancorp Montana, Inc. (EBMT) spent $4.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Eagle Bancorp Montana, Inc. (EBMT) returned $4.6M to shareholders via cash dividends and spent $1.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.