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Eagle Bancorp, Inc. Announces Net Income for Third Quarter 2022 of $37.3 Million or $1.16 per Diluted Share
Press Releases

Eagle Bancorp, Inc. Announces Net Income for Third Quarter 2022 of $37.3 Million or $1.16 per Diluted Share

BETHESDA, Md., Oct. 19, 2022 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent company of EagleBank (the "Bank"), today announced net income of $37.3 million for the third quarter 2022, compared to net income of $15.7 million for the prior quarter and $43.6 million for the year-ago quarter. Net income (basic and diluted) was $1.16 per share for the third quarter 2022, compared to $0.49 per share for the prior quarter and $1.36 per share for the year-ago quarter.

The increase in earnings of $21.6 million from the second quarter of 2022 (the "prior quarter") was primarily attributable to the prior quarter having one-time noninterest expense accruals of $22.9 million related to the previously disclosed settlement agreements with the Securities and Exchange Commission ("SEC") and the Board of Governors of the Federal Reserve System ("FRB"). Partially offsetting this increase in earnings from the second quarter of 2022 was the increase in the provision for credit losses by $2.5 million in the third quarter.

Earnings per share (diluted) of $1.16 for the third quarter of 2022 reflects a decrease of $0.04 per share as compared to adjusted earnings per share (diluted) for the prior quarter of $1.20,1 which is adjusted to remove the one-time noninterest expense accruals described above.

Year-to-date earnings per share (diluted)2 of $3.07, reflects a decrease of $1.15 per share compared to prior year-to-date earnings per share (diluted) of $4.22. If adjusted to remove the one-time noninterest expense accruals described above, year-to-date adjusted earnings per share (diluted) of $3.781, reflects a decrease of $0.44 per share, compared to prior year-to-date earnings per share (diluted) of $4.22.

Third Quarter 2022 Highlights

  • Loans increased by $149.8 million from the prior quarter-end. This was the fourth consecutive quarterly increase. Loans were up 2.1% from the prior quarter and 6.6% from the year-ago quarter.
  • The provision for credit losses was $3.0 million for the quarter, up from $0.5 million the prior quarter. This increased the allowance for credit losses on loans to 1.04%, up from 1.02% a quarter ago and down from 1.21% a year ago.
  • Deposits decreased by $408.3 million from the prior quarter end, and average deposits for the quarter decreased by $277.4 million. This decrease, coupled with the increase in loans, raised the quarter-end loans-to-deposits ratio to 83%, up from 78% a quarter ago and 71% a year ago.
  • The increase in the overall interest rate environment continued to create unrealized losses in securities available-for-sale ("AFS"), which are recorded in accumulated other comprehensive income (loss). As a result, shareholders’ equity, book value per share and tangible book value per share all declined from the prior quarter end.
  • During the quarter, the Company declared a quarterly dividend of $0.45 per share.
  • At quarter end, the Company closed its Merrifield, Virginia branch as the lease was expiring.
(Dollars in thousands, except per share) As Of or For the Three Months Ended   Percent Change
  Sept. 30,   June 30,   Sept. 30,   Q3-22   Q3-22
    2022       2022       2021     vs. Q2-22   vs. Q3-21
Income Statement                  
Net income $ 37,297     $ 15,696     $ 43,609     137.6 %   (14.5 )%
Net income per diluted share $ 1.16     $ 0.49     $ 1.36     136.7 %   (14.7 )%
Dividend per common share $ 0.45     $ 0.45     $ 0.40     %   12.5 %
                   
Selected Ratios                  
Return on Average Assets   1.29 %     0.54 %     1.46 %        
Return on Average Common Equity   11.64 %     4.91 %     13.00 %        
Return on Average Tangible Common Equity3   12.67 %     5.35 %     14.11 %        
Net interest margin   3.02 %     2.94 %     2.73 %        
Efficiency Ratio3   40.6 %     66.6 %     41.7 %        
                   
Balance Sheet                  
Assets $ 10,713,044     $ 10,941,655     $ 11,585,317     (2.1 )%   (7.5 )%
Loans $ 7,304,498     $ 7,154,686     $ 6,850,863     2.1 %   6.6 %
Loans (excluding PPP loans)4 $ 7,297,257     $ 7,145,709     $ 6,783,552     2.1 %   7.6 %
Deposits $ 8,763,350     $ 9,171,618     $ 9,668,488     (4.5 )%   (9.4 )%
Total Capital (to risk weighted assets)   16.10 %     15.70 %     16.59 %        
                   
Per Share                  
Book value per share $ 38.02     $ 39.05     $ 41.68     (2.6 )%   (8.8 )%
Tangible book value per share $ 34.77     $ 35.80     $ 38.39     (2.9 )%   (9.4 )%
                   
Asset quality                  
Allowance for credit losses to total loans   1.04 %     1.02 %     1.21 %        
Nonperforming assets ("NPAs") to total assets   0.09 %     0.19 %     0.31 %        
Net (recovery) charge-off ratio to avg. loans (annualized)   0.00 %     (0.04 )%     0.08 %        
                               

CEO Commentary

Susan G. Riel, President and Chief Executive Officer of Eagle Bancorp, Inc. commented, "The results for the third quarter are encouraging as loan balances increased for a fourth consecutive quarter and asset quality metrics remained strong."

"Additionally, both our CRE and C&I teams had their best quarter of the year so far, and pipelines remain strong. As we close out 2022, our lending teams continue to be active and successful in their calling efforts. And on construction lending, even with the successful completion of projects, our unfunded commitments were up slightly to $2.4 billion at quarter-end. As more opportunities arise, even with a more difficult economy, our total risk-based capital of 16.10% gives us ample room to continue to grow the loan portfolio, and with equity of more than $1.2 billion, the ability to close on credits of substantial size."

"For our shareholders, we remain focused on returning cash through dividends. At the end of the quarter, our board declared a dividend of $0.45 per share."

"We once again thank all of our employees for their commitment in serving the needs of our clients and communities. Additionally, we remain committed to a culture of respect, diversity and inclusion in both the workplace and the communities we serve."

Income Statement

  • Net interest income was $83.9 million for the third quarter 2022, compared to $82.9 million for the prior quarter and $79.0 million for the year-ago quarter. The increase in net interest income from the prior quarter was driven by higher average loans for the quarter, higher yield on loans as the overall rate environment increased, and higher rates on short-term investments and investment securities; offset by the impact of fewer earning assets. The combination of these factors outpaced the increase in interest expense on a smaller deposit base. Deposits declined during the third quarter as a result of disintermediation in the current ongoing higher interest rate environment.
  • Net interest margin was 3.02% for the third quarter 2022, compared to 2.94% for the prior quarter and 2.73% for the year-ago quarter. The increase in margin from the prior quarter was limited to 8 basis points. The relatively slow rate of NIM growth was primarily due to an increase in the cost of funds resulting from ongoing market volatility and the high interest rate environment, which substantially offset the increase in yield on interest earning assets. For the third quarter, our increased yield on interest earning assets was only slightly more than the increase in the cost of funds.
    • The yield on interest earning assets, which is inclusive of the yields on loans and securities, was 4.01% for the third quarter 2022 compared to 3.39% for the prior quarter and 3.08% for the year-ago quarter. The increase of 62 basis points from the prior quarter was from variable rate loans adjusting upward, higher rates on newly originated loans and higher rates on short-term investments.
    • The yield on the loan portfolio was 5.10% for the third quarter 2022, compared to 4.51% for the prior quarter and 4.59% for the year-ago quarter. The increase of 59 basis points from the prior quarter was from variable rate loans adjusting upward and from higher rates on newly originated loans.
    • The cost of funds was 0.99% for third quarter 2022, compared to 0.45% for the prior quarter and 0.35% for the year-ago quarter. The increase of 54 basis points from the prior quarter was primarily due to higher deposit rates paid on savings and money market accounts during the third quarter and utilizing short-term investments and short-term borrowings to satisfy deposit outflows resulting from the reduction of interest-bearing deposits with the Bank during the third quarter.
  • Pre-provision net revenue ("PPNR"),5 a non-GAAP measure, was $53.0 million for the third quarter 2022, compared to $29.5 million for the prior quarter and $51.0 million for the year-ago quarter. As a percent of average assets, PPNR for the third quarter 2022 was 1.85%, compared to 1.01% for the prior quarter and 1.72% for the year-ago quarter. This increase in both PPNR and PPNR as a percent of average assets from the prior quarter was primarily attributable to the prior quarter having a one-time accrual of $22.9 million in noninterest expense in connection with the settlement agreements with the SEC and FRB.
(Dollars in thousands) Three Months Ended   Percent Change
  Sept 30,   June 30,   Sept 30,   Q3-22   Q3-22
    2022       2022       2021     vs. Q2-22   vs. Q3-21
Net interest income $ 83,897     $ 82,918     $ 79,045     1.2 %   6.1 %
Noninterest income   5,308       5,564       8,299     (4.6 )%   (36.0 )%
Less: Noninterest expense   (36,206 )     (58,962 )     (36,375 )   (38.6 )%   (0.5 )%
PPNR $ 52,999     $ 29,520     $ 50,969     79.5 %   4.0 %
                       
Average Assets $ 11,431,110     $ 11,701,679     $ 11,826,326     (2.3 )%   (3.3 )%
PPNR to Avg. Assets (non-GAAP)   1.85 %     1.01 %     1.72 %        
  • Provision for credit losses on loans was $3.0 million for the third quarter 2022, compared to a provision of $0.5 million for the prior quarter and a reversal of $8.2 million for the year-ago quarter. The increase in the third quarter 2022 provision over the prior quarter was primarily driven by higher period-end loan balances, higher reserves on one individually evaluated loan, and a modest weakening in the unemployment forecast coupled with an increase in the localization factor based on the national unemployment forecast. These factors were partially mitigated by improvements observed in a number of Q&E factors, including improved risk ratings on hotel loans which were greater than the increased management overlay on office property loans in the Washington DC area.
  • Noninterest income was $5.3 million for the third quarter 2022, as compared to $5.6 million for the prior quarter and $8.3 million for the year-ago quarter. The primary driver for the decrease from the prior quarter and the year ago quarter is higher rates on mortgage loans leading to fewer mortgage originations.

Residential mortgage loan locked commitments were $57.5 million, down from $92.0 million the prior quarter and down from $279.8 million for the year-ago quarter. As interest rates continued to rise in the second quarter, refinance activity continued to slow resulting in fewer locked loans.

  • Noninterest expense was $36.2 million for the third quarter 2022 compared to $59.0 million for the prior quarter and $36.4 million for the year-ago quarter. The notable changes from the prior quarter were as follows:
    • Other expenses in the prior quarter included one-time accruals of $22.9 million in non-tax deductible expenses related to the settlement agreements with the SEC and FRB.
    • Salaries and employee benefits were $21.5 million, down $267 thousand from the prior quarter. The decrease was primarily due to lower incentive bonus accruals.
    • Data processing expenses were $3.4 million, up $716 thousand from the prior quarter. The increase was primarily attributable to expenses associated with network upgrades.
    • Legal, accounting and professional fees were $2.3 million, up $195 thousand from the prior quarter.

At the end of the quarter, the Merrifield, Virginia branch was closed, reducing the number of banking locations to sixteen. Estimated annual cost savings on rent, common area maintenance and taxes are $275 thousand. All branch employees were repositioned to fill open positions at other locations, and deposits were transferred to our Fairfax, Virginia branch. There were no notable unamortized expenses as the lease is set to expire on October 31, 2022.

  • Efficiency ratio6 was 40.6% for the third quarter 2022 compared to 66.6% for the prior quarter and 41.7% for the year-ago quarter. The improvement in the efficiency ratio this quarter was primarily driven by the inclusion of one-time expenses related to the settlement agreements with the SEC and FRB in the prior quarter.
  • Effective income tax rate for the third quarter 2022 was 24.2%, compared to 44.9% for the prior quarter and 25.4% for the year-ago quarter. The decrease in the effective tax rate this quarter was primarily driven by the inclusion of one-time non-deductible expenses related to the settlement agreements with the SEC and FRB in the prior quarter.

Balance Sheet

  • Total assets at September 30, 2022 were $10.7 billion, down 2.1% from a quarter ago and down 7.5% from a year ago. The decrease from the prior quarter-end was primarily driven by the utilization of interest-bearing deposits with banks and other short-term investments along with short-term borrowings to satisfy deposit outflows; and decreases in the value of our investment securities AFS as interest rates rose during the quarter.
  • Investment securities AFS and Held-to-Maturity ("HTM") had an aggregate balance of $2.8 billion at September 30, 2022, down 4.7% from a quarter ago and up 54.7% from a year ago. The decrease from the prior quarter-end was primarily from lower carrying values on AFS securities and principal paydowns. If the overall interest rate environment continues to rise, carrying values will continue to decrease for securities in the AFS portfolio. Investments purchased during the third quarter of 2022 were primarily agency mortgage backed securities and agency bonds.
  • Total loans (excluding loans held for sale) were $7.304 billion as of September 30, 2022, up 2.1% from a quarter ago and up 6.6% from a year ago. Excluding PPP loans, loan balances were $7.297 billion as of September 30, 2022, up 2.1% from a quarter ago and up 7.6% from a year ago.7 The increase in loans, excluding PPP loans, from the prior quarter-end was driven by growth in commercial real estate ("CRE") loans and commercial & industrial loans ("C&I").
              Percent Change
(Dollars in thousands) September 30,   June 30,   September 30,   Q3-22   Q3-22
    2022       2022       2021     vs. Q2-22   vs. Q3-21
Total loans, excluding loans held for sale (GAAP) $ 7,304,498     $ 7,154,686     $ 6,850,863     2.1 %   6.6 %
Less: PPP loans (non-GAAP)   (7,241 )     (8,977 )     (67,311 )            
Total loans, excluding loans held for sale and PPP loans (non-GAAP) $ 7,297,257     $ 7,145,709     $ 6,783,552     2.1 %   7.6 %
  • Allowance for credit losses was 1.04% of total loans at September 30, 2022, compared to 1.02% a quarter ago, and 1.21% a year ago. See commentary above in section "Provision for Credit Losses on Loans".

Net charge-off as a percent of average loans (excluding loans held for sale) was a net recovery of $57 thousand, which was less than 0.01%8 for the third quarter 2022, as compared to a recovery of 0.04%8 a quarter ago, and a net charge-off of 0.08%8 for the year-ago quarter.

  • Nonperforming loans and assets: Nonperforming loans decreased compared to the prior quarter and the year-ago quarter. The decrease was driven primarily by loans being paid in full or returning to accrual status due to ongoing payment performance. One note was moved from nonperforming loans to nonperforming assets. At quarter end, other real estate owned ("OREO") consisted of four properties with a value of $2.0 million.
    • Nonperforming loans as a percent of loans were 0.10% at September 30, 2022, compared to 0.26% a quarter ago and 0.46% a year ago.
    • Nonperforming assets as a percent of assets were 0.09% at September 30, 2022, compared to 0.19% a quarter ago and 0.31% a year ago.
  • Total deposits were $8.8 billion at September 30, 2022, down 4.5% from a quarter ago and down 9.4% from a year ago. The outflow of deposits increased the ratio of loans-to-deposits to 83% from 78% the prior quarter. This decrease is primarily attributable to current market conditions and a loss of deposits through disintermediation as a result of the continued increase in the overall interest rate environment. Most of the outflows were from interest bearing accounts (savings and money market accounts) as average noninterest bearing deposits to average total deposits was 38.4% for the third quarter 2022, up from 37.9% a quarter ago and 33.9% for the year-ago quarter.
  • Total shareholders’ equity was $1.2 billion at September 30, 2022, down 2.6% from a quarter ago, and down 8.4% from a year ago. The decrease in shareholders’ equity from the prior quarter-end was primarily due to the continued increase in the overall interest rate environment, which created increased unrealized losses in investment securities AFS, that are recorded in accumulated other comprehensive income (loss). These reductions to equity were partially offset by earnings of $1.16 per share, less dividends declared of $0.45 per share (retained earnings of $0.71).
    • Book value per share was $38.02, down $1.03 from a quarter ago, and down $3.66 from a year ago.
    • Tangible book value per share9 was $34.77, down $1.03 from a quarter ago, and down $3.62 from a year ago.
  • Dividends: On September 20, 2022, the Board of Directors declared a quarterly cash dividend of $0.45 per share payable on October 31, 2022 to shareholders of record on October 10, 2022.
  • Capital ratios for the Company are in the table below.
  For the Company
  September 30,   June 30,   September 30,
  202210   2022   2021
Regulatory Ratios          
Total Capital (to risk weighted assets) 16.10 %   15.70 %   16.59 %
Tier 1 Capital (to risk weighted assets) 15.11 %   14.58 %   15.33 %
Common Equity Tier 1 (to risk weighted assets) 15.11 %   14.58 %   15.33 %
Tier 1 Capital (to average assets) 11.55 %   10.68 %   10.58 %
           
Common Capital Ratios          
Common Equity Ratio 11.39 %   11.45 %   11.49 %
Tangible Common Equity Ratio 10.52 %   10.60 %   10.68 %

Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended September 30, 2022 as compared to the three months ended June 30, 2022 and September 30, 2021 as well as eight quarters of trend data. Persons wishing additional information should refer to the Company’s annual report on Form 10-K for the year ended December 31, 2021, quarterly report on Form 10-Q for the quarter ended June 30, 2022 and other reports filed with the SEC.

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through sixteen banking offices and five lending offices, located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, diversity, equity and inclusion in both its workplace and the communities in which it operates.

Conference call: Eagle Bancorp will host a conference call to discuss its third quarter 2022 financial results on Thursday, October 20, 2022 at 10:00 a.m. eastern time. The public is invited to listen to this registering at the link https://register.vevent.com/register/BIb2a1705d60bc42988a46b4c716f15944 or by accessing the call on the Company’s website, www.EagleBankCorp.com. A replay of the conference call will be available on the Company’s website through November 3, 2022.

Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "can," "anticipates," "believes," "expects," "plans," "estimates," "potential," "continue," "should," "could," "strive," "feel" and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market (including ongoing challenges and uncertainties relating to the evolution and continuation of the COVID-19 pandemic, including on our credit quality, asset and loan growth and broader business operations), volatility in interest rates and interest rate policy, the current high inflationary environment competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and in other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters’ performance projections. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

______________
1 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
2 Year-to-date is for the nine months ended September 30, 2022. Prior year-to-date is for the nine months ended September 30, 2021.
3 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
4 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table under the subsection, "Total Loans."
5 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below. An explanation of the reconciliations and the reasons why the Company believes this non-GAAP financial measure to be important for investors is included with the reconciliation tables accompanying this document.
6   A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
7 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the following table. An explanation of the reconciliations and the reasons why the Company believes this non-GAAP financial measure to be important for investors is included with the reconciliation tables accompanying this document.
8 On an annualized basis.
9 A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
10Capital ratios for September 30, 2022 are subject to final filings with the Federal Reserve.

 
Eagle Bancorp, Inc.
Consolidated Financial Highlights (Unaudited)
(Dollars in thousands, except per share data)
           
  Three Months Ended
  September 30,   June 30,   September 30,
   2022     2022     2021 
Income Statements:          
Total interest income $ 111,527     $ 95,635     $ 89,152  
Total interest expense   27,630       12,717       10,107  
Net interest income   83,897       82,918       79,045  
Provision for (reversal of) credit losses   3,022       495       (8,203 )
Provision for unfunded commitments   774       553       716  
Net interest income after provision for credit losses   80,101       81,870       86,532  
Noninterest income (before investment gain)   5,304       5,715       6,780  
Net gain (loss) on sale of investment securities   4       (151 )     1,519  
Total noninterest income   5,308       5,564       8,299  
Total noninterest expense   36,206       58,962       36,375  
Income before income tax expense   49,203       28,472       58,456  
Income tax expense   11,906       12,776       14,847  
Net income $ 37,297     $ 15,696     $ 43,609  
           
Per Share Data:          
Earnings per weighted average common share, basic $ 1.16     $ 0.49     $ 1.36  
Earnings per weighted average common share, diluted $ 1.16     $ 0.49     $ 1.36  
Weighted average common shares outstanding, basic   32,084,464       32,080,657       31,959,357  
Weighted average common shares outstanding, diluted   32,155,678       32,142,427       32,030,527  
Actual shares outstanding at period end   32,082,321       32,081,241       31,947,458  
Book value per common share at period end $ 38.02     $ 39.05     $ 41.68  
Tangible book value per common share at period end(1) $ 34.77     $ 35.80     $ 38.39  
Dividend per common share $ 0.45     $ 0.45     $ 0.40  
           
Performance Ratios (annualized):          
Return on average assets   1.29 %     0.54 %     1.46 %
Return on average common equity   11.64 %     4.91 %     13.00 %
Return on average tangible common equity(1)   12.67 %     5.35 %     14.11 %
Net interest margin   3.02 %     2.94 %     2.73 %
Efficiency ratio(2)   40.6 %     66.6 %     41.7 %
           
Other Ratios:          
Allowance for credit losses to total loans(3)   1.04 %     1.02 %     1.21 %
Allowance for credit losses to total nonperforming loans   997 %     386 %     265 %
Nonperforming loans to total loans(3)   0.10 %     0.26 %     0.46 %
Nonperforming assets to total assets   0.09 %     0.19 %     0.31 %
Net (recovery) charge-off (annualized) to average total loans(3)   0.00 %     (0.04 )%     0.08 %
Average noninterest bearing deposits to average deposits   38.4 %     37.9 %     33.9 %
Yield on loans(3)   5.10 %     4.51 %     4.59 %
Cost of funds   0.99 %     0.45 %     0.35 %

Eagle Bancorp, Inc.
Consolidated Financial Highlights (Continued) (Unaudited)
(Dollars in thousands)
           
  Three Months Ended
  September 30,   June 30,   September 30,
  2022   2022   2021
Capital Ratios          
Tier 1 capital (to average assets)   11.55 %     10.68 %     10.58 %
Total capital (to risk weighted assets)   16.10 %     15.70 %     16.59 %
Common equity tier 1 capital (to risk weighted assets)   15.11 %     14.58 %     15.33 %
Common equity to total assets   11.39 %     11.45 %     11.49 %
Tangible common equity ratio(1)   10.52 %     10.60 %     10.68 %
           
Loan Balances – Period End:          
Commercial and Industrial $ 1,415,998     $ 1,394,835     $ 1,289,215  
PPP loans   7,241       8,977       67,311  
Commercial real estate – income producing   3,668,720       3,606,506       3,337,303  
Commercial real estate – owner occupied   1,091,283       1,080,249       977,617  
1-4 Family mortgage   71,731       72,793       76,259  
Construction – commercial and residential   858,100       804,170       824,133  
Construction – C&I (owner occupied)   139,238       129,717       222,366  
Home equity   51,396       53,193       55,527  
Other consumer   791       4,246       1,132  
Total loans $ 7,304,498     $ 7,154,686     $ 6,850,863  
           
Average Balances:          
Total assets $ 11,431,110     $ 11,701,679     $ 11,826,326  
Total earning assets $ 11,030,670     $ 11,300,267     $ 11,486,280  
Total loans(3) $ 7,282,589     $ 7,104,727     $ 7,055,621  
Total deposits $ 9,907,497     $ 10,184,886     $ 9,948,114  
Total borrowings $ 158,001     $ 152,583     $ 448,697  
Total shareholders’ equity $ 1,271,753     $ 1,281,742     $ 1,331,022  
           
Asset Quality:          
Net (recovery) charge-off $ (57 )   $ (674 )   $ 1,328  
Nonperforming loans $ 7,602     $ 18,842     $ 31,247  
Other real estate owned $ 1,962     $ 1,487     $ 5,135  
Nonperforming assets $ 9,564     $ 20,329     $ 36,382  

(1) A reconciliation of non-GAAP financial measures to the nearest non-GAAP measure is provided in the tables that accompany this document.
(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income. The efficiency ratio measures a bank’s overhead as a percentage of its revenue. 
(3) Excludes loans held for sale.

 
GAAP Reconciliation (unaudited)
(dollars in thousands, except per share data)
           
  September 30,   June 30,   September 30,
    2022       2022       2021  
Common shareholders’ equity $ 1,219,771     $ 1,252,720     $ 1,331,697  
Less: Intangible assets   (104,240 )     (104,257 )     (105,103 )
Tangible common equity $ 1,115,531     $ 1,148,463     $ 1,226,594  
           
Book value per common share $ 38.02     $ 39.05     $ 41.68  
Less: Intangible book value per common share   (3.25 )     (3.25 )     (3.29 )
Tangible book value per common share $ 34.77     $ 35.80     $ 38.39  
           
Total assets $ 10,713,044     $ 10,941,655     $ 11,585,317  
Less: Intangible assets   (104,240 )     (104,257 )     (105,103 )
Tangible assets $ 10,608,804     $ 10,837,398     $ 11,480,214  
           
Tangible common equity ratio   10.52 %     10.60 %     10.68 %
           
Allowance for credit losses $ (75,767 )   $ (72,665 )   $ (82,906 )
           
Total loans, excluding loans held for sale $ 7,304,498     $ 7,154,686     $ 6,850,863  
Less: PPP loans (non-GAAP)   (7,241 )     (8,977 )     (67,311 )
Total loans excluding PPP loans (non-GAAP) $ 7,297,257     $ 7,145,709     $ 6,783,552  
           
Allowance for credit losses:          
As a % of total loans (GAAP)   1.04 %     1.02 %     1.21 %
As a % of total loans excl. PPP loans (non-GAAP)   1.04 %     1.02 %     1.22 %
           
  Three Months Ended
  September 30,   June 30,   September 30,
    2022       2022       2021  
Average common shareholders’ equity $ 1,271,753     $ 1,281,742     $ 1,331,022  
Less: Average intangible assets   (104,253 )     (104,246 )     (105,126 )
Average tangible common equity $ 1,167,500     $ 1,177,496     $ 1,225,896  
           
Net Income $ 37,297     $ 15,696     $ 43,609  
Return on average tangible common equity(1)   12.67 %     5.35 %     14.11 %
           
Net interest income $ 83,897     $ 82,918     $ 79,045  
Noninterest income   5,308       5,564       8,299  
Operating revenue $ 89,205     $ 88,482     $ 87,344  
Noninterest expense $ 36,206     $ 58,962     $ 36,375  
Efficiency ratio   40.6 %     66.6 %     41.7 %
           
(1) Periods of less than a year are annualized.
 

GAAP Reconciliation (unaudited)
(dollars in thousands, except per share data)
       
  Nine Months   Three Months
  Ended   Ended
  September 30,   June 30,
  2022   2022
Net income $ 98,737   $ 15,696
Reversal: Penalty, disgorgement & prejudgment interest   22,874     22,874
Adjusted net income (non-GAAP) $ 121,611   $ 38,570
       
Earnings per share (diluted) $ 3.07   $ 0.49
Reversal: Penalty, disgorgement & prejudgment interest   0.71     0.71
Adjusted earnings per share (diluted) (non-GAAP) $ 3.78   $ 1.20
       
Weighted average common shares outstanding, diluted   32,138,586     32,142,427
           

GAAP Reconciliation (unaudited) – Continued

Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, and the return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders’ equity and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders’ equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. The Company considers this information important to shareholders as tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios and as such is useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions. The above table provides reconciliation of these financial measures defined by GAAP with non-GAAP financial measures.

Pre-provision net revenue is a non-GAAP financial measure derived from GAAP based amounts. The Company calculates PPNR by subtracting noninterest expenses from the sum of net interest income and noninterest income. PPNR to Average Assets is calculated by dividing the PPNR amount by average assets to obtain a percentage. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans. The table in the "Income Statement" section of this earnings release provides a reconciliation of PPNR and PPNR to Average Assets to the nearest GAAP measure.

Total loans excluding PPP loans is a non-GAAP financial measure derived from GAAP based amounts. The Company calculates Total loans excluding PPP loans by subtracting the total amount of outstanding PPP loans from the amount of total loans, excluding loans held for sale. The Company considers this information important to shareholders because it allows investors to see changes in the Company’s loan growth without the impact of the PPP loans, which were loan products specific to relief efforts in response to the COVID-19 pandemic. Excluding the impact of PPP loans also allows investors to better compare the Company’s loan growth to historical periods prior to the pandemic. The table in the "Balance Sheet" section of this earnings release and the table above provides a reconciliation of total loans excluding PPP loans to the nearest GAAP measure.

Efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest (loss) income. Management believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities. The table above shows the calculation of the efficiency ratio from these GAAP measures.

Adjusted net income and adjusted earnings per share (diluted) are non-GAAP financial measures derived from GAAP based amounts. The Company calculates adjusted net income for the second quarter of 2022 by excluding from net income the $22.9 million accrual of non-tax deductible expenses in connection with the Company’s agreements in principle with the SEC and FRB to resolve the previously disclosed investigations with respect to the Company. The Company calculates adjusted earnings per share (diluted) by dividing the same $22.9 million accrual by the weighted average shares outstanding (diluted) in the second quarter of 2022. The Company considers this information important to shareholders because adjusted net income and adjusted earnings per share (diluted) provides investors insight into how Company earnings changed exclusive of the costs related to the agreement in principle with the SEC and FRB, and allow investors to better compare the Company’s performance against historical periods. The table above provides a reconciliation of adjusted net income and adjusted earnings per share (diluted) to the nearest GAAP measure.

Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
  September 30,   June 30,   September 30,
Assets   2022       2022       2021  
Cash and due from banks $ 27,235     $ 13,132     $ 8,806  
Federal funds sold   69,809       42,697       38,934  
Interest-bearing deposits with banks and other short-term investments   47,131       369,337       2,452,744  
Investment securities available-for-sale at fair value (amortized cost of $
1,873,872 , $1,897,985, and $1,789,416, net of allowance for credit
losses of $18, $18 and $256 as of September 30, 2022, June 30, 2022
and September 30, 2021, respectively)
  1,649,753       1,755,254       1,786,659  
Investment securities held-to-maturity (fair value of $988,199,
$1,084,706 and $0, net of allowance for credit losses of $802, $826 and
$0, as of September 30, 2022, June 30, 2022 and September 30, 2021,
respectively)
  1,114,084       1,143,632        
Federal Reserve and Federal Home Loan Bank stock   42,311       33,990       34,093  
Loans held for sale   9,387       13,814       53,413  
Loans   7,304,498       7,154,686       6,850,863  
Less allowance for credit losses   (75,767 )     (72,665 )     (82,906 )
Loans, net   7,228,731       7,082,021       6,767,957  
Premises and equipment, net   13,684       13,643       15,293  
Operating lease right-of-use assets   26,022       27,548       30,080  
Deferred income taxes   112,904       92,167       44,733  
Bank-owned life insurance   110,678       110,047       108,158  
Goodwill and other intangible assets, net   104,240       104,257       105,103  
Other real estate owned   1,962       1,487       5,135  
Other assets   155,113       138,629       134,209  
Total assets $ 10,713,044     $ 10,941,655     $ 11,585,317  
Liabilities and Shareholders’ Equity          
Deposits:          
Noninterest-bearing demand $ 2,928,774     $ 2,831,934     $ 2,836,418  
Interest-bearing transaction   964,567       985,431       812,410  
Savings and money market   4,220,768       4,741,180       5,268,157  
Time   649,241       613,073       751,503  
Total deposits   8,763,350       9,171,618       9,668,488  
Customer repurchase agreements   21,465       26,539       29,401  
Other short-term borrowings   515,000       280,000       300,000  
Long-term borrowings   69,763       69,732       69,639  
Operating lease liabilities   30,837       32,414       34,345  
Reserve for unfunded commitments   5,696       4,921       5,011  
Other liabilities   87,162       103,711       146,736  
Total liabilities   9,493,273       9,688,935       10,253,620  
Shareholders’ Equity          
Common stock, par value $.01 per share; shares authorized
100,000,000, shares issued and outstanding 32,082,321, 32,081,241,
and 31,947,458 respectively
  318       318       316  
Additional paid-in capital   442,880       440,418       432,479  
Retained earnings   987,212       964,353       901,218  
Accumulated other comprehensive loss   (210,639 )     (152,369 )     (2,316 )
Total Shareholders’ Equity   1,219,771       1,252,720       1,331,697  
Total Liabilities and Shareholders’ Equity $ 10,713,044     $ 10,941,655     $ 11,585,317  
                       

Eagle Bancorp, Inc.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
  Three Months Ended   Nine Months Ended
  Sept 30,   June 30,   Sept 30,   Sept 30,   Sept 30,
  2022     2022       2021       2022       2021  
Interest Income                  
Interest and fees on loans $ 93,744   $ 80,142     $ 82,182     $ 249,716     $ 260,124  
Interest and dividends on investment securities   13,463     12,997       5,877       37,890       15,878  
Interest on balances with other banks and short-term invest.   4,100     2,451       1,083       7,608       2,239  
Interest on federal funds sold   220     45       10       269       25  
Total interest income   111,527     95,635       89,152       295,483       278,266  
                   
Interest Expense                  
Interest on deposits   26,125     11,538       6,590       44,022       21,288  
Interest on customer repurchase agreements   55     22       14       90       34  
Interest on other short-term borrowings   412     120       506       992       1,502  
Interest on long-term borrowings   1,038     1,037       2,997       3,112       9,114  
Total interest expense   27,630     12,717       10,107       48,216       31,938  
Net Interest Income   83,897     82,918       79,045       247,267       246,328  
Provision for (Reversal of) Credit Losses   3,022     495       (8,203 )     730       (14,409 )
Provision for (Reversal of) Unfunded Commitments   774     553       716       1,316       (487 )
Net Interest Income After Provision For Credit Losses   80,101     81,870       86,532       245,221       261,224  
                   
Noninterest Income                  
Service charges on deposits   1,339     1,345       1,204       3,970       3,303  
Gain on sale of loans   821     855       3,332       3,168       11,988  
Net gain (loss) on sale of investment securities   4     (151 )     1,519       (172 )     2,058  
Incr. in the cash surrender value of  bank-owned life insurance   631     632       642       1,889       1,429  
Other income   2,513     2,883       1,602       9,470       11,033  
Total noninterest income   5,308     5,564       8,299       18,325       29,811  
                   
Noninterest Expense                  
Salaries and employee benefits   21,538     21,805       22,145       60,362       63,790  
Premises and equipment expenses   3,275     3,523       3,859       9,926       11,121  
Marketing and advertising   1,181     1,186       1,013       3,431       2,879  
Data processing   3,445     2,729       2,886       9,054       8,451  
Legal, accounting and professional fees   2,332     2,137       2,021       6,030       8,523  
FDIC insurance   1,287     906       1,549       3,251       5,586  
Other expenses   3,148     26,676       2,902       34,126       9,506  
Total noninterest expense   36,206     58,962       36,375       126,180       109,856  
Income Before Income Tax Expense   49,203     28,472       58,456       137,366       181,179  
Income Tax Expense   11,906     12,776       14,847       38,629       46,108  
Net Income $ 37,297   $ 15,696     $ 43,609     $ 98,737     $ 135,071  
                   
Earnings Per Common Share                  
Basic $ 1.16   $ 0.49     $ 1.36     $ 3.08     $ 4.23  
Diluted $ 1.16   $ 0.49     $ 1.36     $ 3.07     $ 4.22  
                                     

Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)
                       
  Three Months Ended
  September 30, 2022   June 30, 2022
  Average
Balance
  Interest   Average
Yield/Rate
  Average
Balance
  Interest   Average
Yield/Rate
ASSETS                      
Interest earning assets:                      
Interest bearing deposits with other banks and other short-term investments $ 771,063   $ 4,100   2.11 %   $ 1,193,253   $ 2,451   0.82 %
Loans held for sale(1)   11,586     150   5.18 %     16,342     179   4.38 %
Loans(1) (2)   7,282,589     93,594   5.10 %     7,104,727     79,963   4.51 %
Investment securities available-for-sale(2)   1,782,859     7,587   1.69 %     1,793,047     7,022   1.57 %
Investment securities held-to-maturity(2)   1,128,943     5,876   2.06 %     1,157,308     5,975   2.07 %
Federal funds sold   53,630     220   1.63 %     35,590     45   0.51 %
Total interest earning assets   11,030,670   $ 111,527   4.01 %     11,300,267   $ 95,635   3.39 %
Total noninterest earning assets   475,581             474,336        
Less: allowance for credit losses   75,141             72,924        
Total noninterest earning assets   400,440             401,412        
TOTAL ASSETS $ 11,431,110           $ 11,701,679        
                       
LIABILITIES AND SHAREHOLDERS’ EQUITY                      
Interest bearing liabilities:                      
Interest bearing transaction $ 960,970   $ 1,891   0.78 %   $ 856,388   $ 630   0.30 %
Savings and money market   4,504,216     21,711   1.91 %     4,810,047     8,772   0.73 %
Time deposits   633,241     2,523   1.58 %     657,220     2,136   1.30 %
Total interest bearing deposits   6,098,427     26,125   1.70 %     6,323,655     11,538   0.73 %
Customer repurchase agreements   26,546     55   0.82 %     25,112     22   0.35 %
Other short-term borrowings   61,703     412   2.67 %     57,750     120   0.83 %
Long-term borrowings   69,752     1,038   5.95 %     69,721     1,037   5.95 %
Total interest bearing liabilities   6,256,428   $ 27,630   1.75 %     6,476,238   $ 12,717   0.79 %
Noninterest bearing liabilities:                      
Noninterest bearing demand   3,809,070             3,861,231        
Other liabilities   93,859             82,468        
Total noninterest bearing liabilities   3,902,929             3,943,699        
Shareholders’ equity   1,271,753             1,281,742        
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 11,431,110           $ 11,701,679        
Net interest income     $ 83,897           $ 82,918    
                       
Net interest spread         2.26 %           2.60 %
Net interest margin         3.02 %           2.94 %
Cost of funds         0.99 %           0.45 %

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.4 million and $4.3 million for the three months ended September 30, 2022 and June 30, 2022, respectively.

(2) Interest and fees on loans and investments exclude tax equivalent adjustments.

 
Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
(Dollars in thousands)
                       
  Three Months Ended September 30,
    2022       2021  
  Average
Balance
  Interest   Average
Yield/Rate
  Average
Balance
  Interest   Average
Yield/Rate
ASSETS                      
Interest earning assets:                      
Interest bearing deposits with other banks and other short-term investments $ 771,063   $ 4,100   2.11 %   $ 2,668,265   $ 1,083   0.16 %
Loans held for sale(1)   11,586     150   5.18 %     56,866     642   4.52 %
Loans(1) (2)   7,282,589     93,594   5.10 %     7,055,621     81,540   4.59 %
Investment securities available-for-sale(2)   1,782,859     7,587   1.69 %     1,670,723     5,877   1.40 %
Investment securities held-to-maturity(2)   1,128,943     5,876   2.06 %           %
Federal funds sold   53,630     220   1.63 %     34,805     10   0.11 %
Total interest earning assets   11,030,670   $ 111,527   4.01 %     11,486,280   $ 89,152   3.08 %
Total noninterest earning assets   475,581             432,215        
Less: allowance for credit losses   75,141             92,169        
Total noninterest earning assets   400,440             340,046        
TOTAL ASSETS $ 11,431,110           $ 11,826,326        
                       
LIABILITIES AND SHAREHOLDERS’ EQUITY                      
Interest bearing liabilities:                      
Interest bearing transaction $ 960,970   $ 1,891   0.78 %   $ 842,086   $ 402   0.19 %
Savings and money market   4,504,216     21,711   1.91 %     4,971,866     3,645   0.29 %
Time deposits   633,241     2,523   1.58 %     763,513     2,543   1.32 %
Total interest bearing deposits   6,098,427     26,125   1.70 %     6,577,465     6,590   0.40 %
Customer repurchase agreements   26,546     55   0.82 %     27,348     14   0.20 %
Other short-term borrowings   61,703     412   2.67 %     300,003     506   0.67 %
Long-term borrowings   69,752     1,038   5.95 %     121,346     2,997   9.88 %
Total interest bearing liabilities   6,256,428   $ 27,630   1.75 %     7,026,162   $ 10,107   0.57 %
Noninterest bearing liabilities:                      
Noninterest bearing demand   3,809,070             3,370,649        
Other liabilities   93,859             98,493        
Total noninterest bearing liabilities   3,902,929             3,469,142        
Shareholders’ equity   1,271,753             1,331,022        
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 11,431,110           $ 11,826,326        
Net interest income     $ 83,897           $ 79,045    
                       
Net interest spread         2.26 %           2.51 %
Net interest margin         3.02 %           2.73 %
Cost of funds         0.99 %           0.35 %

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.4 million and $6.3 million for the three months ended September 30, 2022 and September 30, 2021, respectively.

(2) Interest and fees on loans and investments exclude tax equivalent adjustments.

 
Eagle Bancorp, Inc.
Statements of Income and Highlights Quarterly Trends (Unaudited)
(Dollars in thousands, except per share data)
                               
  Three Months Ended
  September 30,   June 30,   March 31,   December 31,   September 30,   June 30,   March 31,   December 31,
Income Statements:   2022       2022       2022       2021       2021       2021       2021       2020  
Total interest income $ 111,527     $ 95,635     $ 88,321     $ 86,230     $ 89,152     $ 94,920     $ 94,194     $ 94,680  
Total interest expense   27,630       12,717       7,869       8,044       10,107       10,288       11,543       13,262  
Net interest income   83,897       82,918       80,452       78,186       79,045       84,632       82,651       81,418  
Provision for (reversal of) credit losses   3,022       495       (2,787 )     (6,412 )     (8,203 )     (3,856 )     (2,350 )     4,917  
Provision for (reversal of) unfunded commitments   774       553       (11 )     (632 )     716       (761 )     (442 )     406  
Net interest income after provision for credit losses   80,101       81,870       83,250       85,230       86,532       89,249       85,443       76,095  
Noninterest income before investment gain (loss)   5,304       5,715       7,478       9,668       6,780       10,607       10,366       9,722  
Net gain (loss) on sale of investment securities   4       (151 )     (25 )     906       1,519       318       221       165  
Total noninterest income   5,308       5,564       7,453       10,574       8,299       10,925       10,587       9,887  
Salaries and employee benefits   21,538       21,805       17,019       24,608       22,145       19,876       21,769       20,151  
Premises and equipment   3,275       3,523       3,128       3,755       3,859       3,644       3,618       3,301  
Marketing and advertising   1,181       1,186       1,064       1,286       1,013       980       886       1,161  
Other expenses   10,212       32,448       9,801       9,660       9,358       10,994       11,714       10,396  
Total noninterest expense   36,206       58,962       31,012       39,309       36,375       35,494       37,987       35,009  
Income before income tax expense   49,203       28,472       59,691       56,495       58,456       64,680       58,043       50,973  
Income tax expense   11,906       12,776       13,947       14,875       14,847       16,687       14,574       12,081  
Net income $ 37,297     $ 15,696     $ 45,744     $ 41,620     $ 43,609     $ 47,993     $ 43,469     $ 38,892  
Per Share Data:                              
Earnings per weighted average common share, basic $ 1.16     $ 0.49     $ 1.43     $ 1.30     $ 1.36     $ 1.50     $ 1.36     $ 1.21  
Earnings per weighted average common share, diluted $ 1.16     $ 0.49     $ 1.42     $ 1.30     $ 1.36     $ 1.50     $ 1.36     $ 1.21  
Weighted average common shares outstanding, basic   32,084,464       32,080,657       32,033,280       31,950,320       31,959,357       31,962,819       31,869,655       32,037,099  
Weighted average common shares outstanding, diluted   32,155,678       32,142,427       32,110,099       32,030,998       32,030,527       32,025,110       31,922,940       32,075,175  
Actual shares outstanding at period end   32,082,321       32,081,241       32,079,474       31,950,092       31,947,458       31,961,573       31,960,379       31,779,663  
Book value per common share at period end $ 38.02     $ 39.05     $ 39.89     $ 42.28     $ 41.68     $ 40.87     $ 39.45     $ 39.05  
Tangible book value per common share at period end(1) $ 34.77     $ 35.80     $ 36.64     $ 38.97     $ 38.39     $ 37.58     $ 36.16     $ 35.74  
Dividend per common share $ 0.45     $ 0.45     $ 0.40     $ 0.40     $ 0.40     $ 0.35     $ 0.25     $ 0.22  
Performance Ratios (annualized):                              
Return on average assets   1.29 %     0.54 %     1.46 %     1.32 %     1.46 %     1.68 %     1.53 %     1.39 %
Return on average common equity   11.64 %     4.91 %     13.83 %     12.30 %     13.00 %     14.92 %     14.05 %     12.53 %
Return on average tangible common equity(1)   12.67 %     5.35 %     14.99 %     13.35 %     14.11 %     16.25 %     15.33 %     13.69 %
Net interest margin   3.02 %     2.94 %     2.65 %     2.55 %     2.73 %     3.04 %     2.98 %     2.98 %
Efficiency ratio(2)   40.59 %     66.6 %     35.3 %     44.3 %     41.7 %     37.1 %     40.7 %     38.3 %
Other Ratios:                              
Allowance for credit losses to total loans(3)   1.04 %     1.02 %     1.01 %     1.06 %     1.21 %     1.28 %     1.36 %     1.41 %
Allowance for credit losses to total nonperforming loans   997 %     386 %     301 %     257 %     265 %     187 %     195 %     180 %
Nonperforming loans to total loans(3)   0.10 %     0.26 %     0.33 %     0.41 %     0.46 %     0.68 %     0.69 %     0.79 %
Nonperforming assets to total assets   0.09 %     0.19 %     0.23 %     0.26 %     0.31 %     0.50 %     0.51 %     0.59 %
Net (recovery) charge-off (annualized) to average total loans(3)   0.00 %     (0.04 )%     0.03 %     0.07 %     0.08 %     0.30 %     0.27 %     0.28 %
Tier 1 capital (to average assets)   11.55 %     10.68 %     9.93 %     10.19 %     10.58 %     10.65 %     10.28 %     10.31 %
Total capital (to risk weighted assets)   16.10 %     15.70 %     15.86 %     16.15 %     16.59 %     17.98 %     17.86 %     17.04 %
Common equity tier 1 capital (to risk weighted assets)   15.11 %     14.58 %     14.74 %     15.02 %     15.33 %     14.67 %     14.42 %     13.49 %
Tangible common equity ratio(1)   10.52 %     10.60 %     10.57 %     10.60 %     10.68 %     11.07 %     10.48 %     10.31 %
Average Balances (in thousands):                              
Total assets $ 11,431,110     $ 11,701,679     $ 12,701,152     $ 12,538,596     $ 11,826,326     $ 11,453,080     $ 11,517,836     $ 11,141,826  
Total earning assets $ 11,030,670     $ 11,300,267     $ 12,326,473     $ 12,180,872     $ 11,486,280     $ 11,152,933     $ 11,236,440     $ 10,872,259  
Total loans(3) $ 7,282,589     $ 7,104,727     $ 7,053,701     $ 6,890,414     $ 7,055,621     $ 7,382,238     $ 7,726,716     $ 7,896,324  
Total deposits $ 9,907,497     $ 10,184,886     $ 10,874,976     $ 10,670,206     $ 9,948,114     $ 9,530,909     $ 9,601,249     $ 9,227,733  
Total borrowings $ 158,001     $ 152,583     $ 371,987     $ 402,393     $ 448,697     $ 536,926     $ 573,750     $ 596,307  
Total shareholders’ equity $ 1,271,753     $ 1,281,742     $ 1,341,785     $ 1,342,525     $ 1,331,022     $ 1,290,029     $ 1,254,780     $ 1,235,174  

(1) See footnote (1) for Consolidated Financial Highlights.
(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
(3) Excludes loans held for sale.

EAGLE BANCORP, INC.
CONTACT:
David G. Danielson
240.552.9534

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