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 creditlosses of $18, $18 and $256 as of September 30,
2022, June 30, 2022and 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
authorized100,000,000, 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 |
|
AverageYield/Rate |
|
Average Balance |
|
Interest |
|
AverageYield/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 |
|
AverageYield/Rate |
|
Average Balance |
|
Interest |
|
AverageYield/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. Danielson240.552.9534
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