Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent
company of EagleBank (the "Bank"), today announced net income of
$42.2 million for the fourth quarter 2022, compared to net income
of $37.3 million for the prior quarter and $41.6 million
for the year-ago quarter. Net income (basic and diluted) was $1.32
per share for the fourth quarter 2022, compared to $1.16 per share
for the prior quarter and $1.30 per share for the year-ago quarter.
The increase in earnings of $4.9 million from
the third quarter of 2022 (the "prior quarter") was primarily
attributable to the difference created by moving from a provision
to the allowance for credit losses to a reversal from the allowance
for credit losses, a lower tax provision and higher net interest
income. Partially offsetting these increases in earnings from the
prior quarter were higher noninterest expenses.
Full year 2022 net income was $140.9 million, or
$4.40 per share (basic) and $4.39 per share (diluted). On a diluted
basis, this was a decrease of $1.13 per share compared to $5.52 per
share for the prior year. If adjusted to remove the one-time
noninterest expense accruals for the previously disclosed
settlement agreements and the reduction in noninterest expense
accruals associated with compensation of the former CEO/Chairman,
adjusted net income, a non-GAAP measure, was $158.8 million, or
$4.95 per share (diluted).1 As adjusted, this is a decrease of
$0.57 per share, compared to $5.52 per share (diluted) for the
prior year.
Fourth Quarter 2022
Highlights
-
Loans at quarter-end were $7.6 billion, up $331.1 million from the
prior quarter-end. This was the fifth consecutive quarterly
increase. Loans were up 4.5% from the prior quarter and 8.1% from
the year-ago quarter. Together with the smaller decrease in
deposits, this increased the quarter-end loans-to-deposits ratio to
88%, up from 83% a quarter ago and 71% a year ago.
-
Reversal to the allowance from credit losses was $0.5 million for
the quarter, down from a provision of $3.0 million the prior
quarter. This reduced the allowance for credit losses on loans to
0.97%, down from 1.04% a quarter ago and down from 1.06% a year
ago.
-
Deposits at quarter-end were $8.7 billion, down $50.2 million from
the prior quarter-end, and average deposits for the quarter
decreased by $383.4 million. Short-term borrowings were $975.0
million, up $460.0 million from the prior quarter-end, and average
borrowings for the quarter increased by $253.1 million.
-
During the quarter, the Company repurchased 738,300 shares at an
average price of $44.82 per share (including commissions), totaling
an aggregate of $33.1 million, and for 2023 adopted a new share
repurchase program authorizing the repurchase of 1.6 million
shares, or approximately 5% of outstanding shares.
-
During the quarter, the Company declared a quarterly dividend of
$0.45 per share.
(Dollars in thousands, except
per share) |
As Of or For the Three Months Ended |
|
Percent Change |
|
Dec. 31, |
|
Sept. 30, |
|
Dec. 31, |
|
Q4-22 |
|
Q4-22 |
|
2022 |
|
2022 |
|
2021 |
|
vs. Q3-22 |
|
vs. Q4-21 |
Income
Statement |
|
|
|
|
|
|
|
|
|
Net income |
$ |
42,193 |
|
|
$ |
37,297 |
|
|
$ |
41,620 |
|
|
13.1 |
% |
|
1.4 |
% |
Net income per diluted
share |
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
1.30 |
|
|
13.8 |
% |
|
1.5 |
% |
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.40 |
|
|
— |
% |
|
12.5 |
% |
|
|
|
|
|
|
|
|
|
|
Selected
Ratios |
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
1.49 |
% |
|
|
1.29 |
% |
|
|
1.32 |
% |
|
— |
|
|
— |
|
Return on Average Common
Equity |
|
13.57 |
% |
|
|
11.64 |
% |
|
|
12.30 |
% |
|
— |
|
|
— |
|
Return on Average Tangible
Common Equity2 |
|
14.82 |
% |
|
|
12.67 |
% |
|
|
13.35 |
% |
|
— |
|
|
— |
|
Net interest margin |
|
3.14 |
% |
|
|
3.02 |
% |
|
|
2.55 |
% |
|
— |
|
|
— |
|
Efficiency Ratio3 |
|
42.8 |
% |
|
|
40.6 |
% |
|
|
44.3 |
% |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
Assets |
$ |
11,150,854 |
|
|
$ |
10,713,044 |
|
|
$ |
11,847,310 |
|
|
4.1 |
% |
|
(5.9 |
)% |
Loans |
$ |
7,635,632 |
|
|
$ |
7,304,498 |
|
|
$ |
7,065,598 |
|
|
4.5 |
% |
|
8.1 |
% |
Loans (excluding PPP
loans)3 |
$ |
7,632,376 |
|
|
$ |
7,297,257 |
|
|
$ |
7,014,493 |
|
|
4.6 |
% |
|
8.8 |
% |
Deposits |
$ |
8,713,182 |
|
|
$ |
8,763,350 |
|
|
$ |
9,981,540 |
|
|
(0.6 |
)% |
|
(12.7 |
)% |
Total Capital (to risk
weighted assets) |
|
14.99 |
% |
|
|
15.60 |
% |
|
|
15.74 |
% |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Per
Share |
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
39.18 |
|
|
$ |
38.02 |
|
|
$ |
42.28 |
|
|
3.1 |
% |
|
(7.3 |
)% |
Tangible book value per
share(2) |
$ |
35.86 |
|
|
$ |
34.77 |
|
|
$ |
38.97 |
|
|
3.1 |
% |
|
(8.0 |
)% |
|
|
|
|
|
|
|
|
|
|
Asset
quality |
|
|
|
|
|
|
|
|
|
Allowance for credit losses to
total loans |
|
0.97 |
% |
|
|
1.04 |
% |
|
|
1.06 |
% |
|
— |
|
|
— |
|
Nonperforming assets ("NPAs")
to total assets |
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.26 |
% |
|
— |
|
|
— |
|
Net charge-off ratio to avg.
loans (annualized) |
|
0.05 |
% |
|
|
— |
% |
|
|
0.07 |
% |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEO Commentary
Susan G. Riel, President and Chief Executive
Officer of Eagle Bancorp, Inc. commented, "We ended 2022 on a high
note, as we had our best quarter of the year for loan growth, asset
quality metrics remained strong and we were active in stock
repurchases. Loans at quarter-end were up 4.5% from the prior
quarter and pipelines remain strong. Strong asset quality metrics
coupled with improvements in the quantitative model led us to once
again book a reversal to our reserve for credit losses. And, for
our shareholders, during the quarter, we repurchased 738,300 shares
of stock with an aggregate value of $33.1 million."
"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 $85.6 million for the fourth quarter 2022,
compared to $83.9 million for the prior quarter and
$78.2 million for the year-ago quarter. The increase in net
interest income from the prior quarter was primarily driven by
higher average loans for the quarter and higher yields on loans as
the overall rate environment remained elevated. The combination of
these factors outpaced the increase in interest expense from higher
rates on interest bearing deposits and borrowings, and an increase
in borrowings.
- Net
interest margin ("NIM") was 3.14% for the fourth quarter
2022, compared to 3.02% for the prior quarter and 2.55% for the
year-ago quarter. The increase in margin from the prior quarter was
12 basis points. The NIM growth was based on the yield on earning
assets increasing by 72 basis points, offset by the 60 basis points
increase in the cost of funds.
- The yield on
interest earning assets, which is inclusive of the yields on loans
and securities, was 4.73% for the fourth quarter 2022 compared to
4.01% for the prior quarter and 2.81% for the year-ago quarter. The
increase of 72 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 5.87% for the fourth quarter 2022, compared to
5.10% for the prior quarter and 4.45% for the year-ago quarter. The
increase of 77 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 1.59% for
fourth quarter 2022, compared to 0.99% for the prior quarter and
0.26% for the year-ago quarter. The increase of 60 basis points
from the prior quarter was primarily due to higher rates paid on
savings and money market accounts and borrowings during the fourth
quarter.
- Pre-provision net
revenue ("PPNR"),4 a non-GAAP measure, was $52.0 million
for the fourth quarter 2022, compared to $53.0 million for the
prior quarter and $49.5 million for the year-ago quarter. As a
percent of average assets, PPNR for the fourth quarter 2022 was
1.83%5, compared to 1.85%5 for the prior quarter and 1.56%5 for the
year-ago quarter. This small decrease in both PPNR and PPNR as a
percent of average assets from the prior quarter was primarily
attributable to the increase in net interest income being slightly
less than the increase in noninterest expense. The larger increase
from the year-ago quarter was attributable to the increase in net
interest income from higher rates and an expanded net interest
margin, more than offsetting the decline in noninterest income from
lower mortgage originations.
(Dollars in thousands) |
Three Months Ended |
|
Percent Change |
|
December 31, |
|
September 30, |
|
December 31, |
|
Q4-22 |
|
Q4-22 |
|
2022 |
|
2022 |
|
2021 |
|
vs. Q3-22 |
|
vs. Q4-21 |
Net interest income |
$ |
85,600 |
|
|
$ |
83,897 |
|
|
$ |
78,186 |
|
|
2.0 |
% |
|
9.5 |
% |
Noninterest income |
|
5,329 |
|
|
|
5,308 |
|
|
|
10,574 |
|
|
0.4 |
% |
|
(49.6 |
)% |
Less: Noninterest expense |
|
(38,918 |
) |
|
|
(36,206 |
) |
|
|
(39,309 |
) |
|
7.5 |
% |
|
(1.0 |
)% |
PPNR |
$ |
52,011 |
|
|
$ |
52,999 |
|
|
$ |
49,451 |
|
|
(1.9 |
)% |
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
11,255,956 |
|
|
$ |
11,431,110 |
|
|
$ |
12,538,596 |
|
|
(1.5 |
)% |
|
(10.2 |
)% |
PPNR to Avg. Assets
(non-GAAP) |
|
1.83 |
% |
|
|
1.85 |
% |
|
|
1.56 |
% |
|
— |
|
|
— |
|
- Provision for credit losses
on loans was a reversal of $0.5 million for the fourth
quarter 2022, compared to a provision of $3.0 million for the prior
quarter and a reversal of $6.4 million for the year-ago quarter.
The decrease in the fourth quarter 2022 provision over the prior
quarter was primarily driven by improvements in quantitative
metrics partially offset by higher loan balances and increased risk
in the qualitative and environmental ("Q&E") portion of the
credit model. The improvement in quantitative metrics was
associated with a decrease in the localization factor relative to
the national unemployment forecast. The increased risk in Q&E
portion of the model was attributable to the impact of the elevated
risk associated with economic and business conditions.
- Noninterest income
was $5.3 million for the fourth quarter 2022, as compared to $5.3
million for the prior quarter and $10.6 million for the year-ago
quarter. The primary driver for the decrease in the fourth quarter
2022 and the prior quarter as compared to the year-ago quarter is
higher rates on mortgage loans leading to fewer mortgage
originations.Residential mortgage loan locked commitments were
$37.5 million, down from $57.5 million for the prior quarter and
down from $163.0 million for the year-ago quarter. As interest
rates remained high in the fourth quarter, refinance activity
continued to be slow resulting in a relatively low level of locked
loans.
-
Noninterest expense was $38.9 million for the
fourth quarter 2022 compared to $36.2 million for the prior quarter
and $39.3 million for the year-ago quarter. The notable changes
from the prior quarter were as follows:
- Salaries and
employee benefits were $23.7 million, up $2.2 million from the
prior quarter. The increase was primarily due to higher incentive
bonus accruals.
- Data processing
expenses were $3.1 million, down $328 thousand from the prior
quarter.
- Legal,
accounting and professional fees were $2.6 million, up $221
thousand from the prior quarter.
- Efficiency
ratio6 was 42.8% for the fourth quarter
2022 compared to 40.6% for the prior quarter and 44.3% for the
year-ago quarter. The increase in the efficiency ratio this quarter
was primarily driven by the increase in noninterest expense
outpacing the increase in net interest income.
- Effective income tax rate for the fourth
quarter 2022 was 19.3%, compared to 24.2% for the prior quarter and
26.3% for the year-ago quarter. The decrease in the effective tax
rate this quarter was primarily driven by an update in our state
apportionment of revenues in the states in which we operate.
Balance Sheet
- Total assets at
December 31, 2022 were $11.2 billion, up 4.1% from a quarter
ago and down 5.9% from a year ago. The increase from the prior
quarter-end was primarily driven by the increase in loans, and to a
lesser extent, the increase in interest-bearing deposits with banks
and other short-term investments. The growth in these asset types
were funded with an increase in short-term borrowings.
- Investment securities
Available-for-Sale ("AFS") and Held-to-Maturity ("HTM")
had an aggregate balance of $2.7 billion at December 31, 2022,
down 2.6% from a quarter ago and up 2.6% from a year ago. The
decrease from the prior quarter-end was primarily from principal
paydowns and maturities received, offset by a slightly higher
carrying value on AFS securities. Investments purchased during the
fourth quarter of 2022 were primarily agency mortgage backed
securities for CRA Investment credit.
- Total loans
(excluding loans held for sale) were $7.6 billion as of
December 31, 2022, up 4.5% from a quarter ago and up 8.1% from
a year ago. Excluding PPP loans, adjusted loan balances, a non-GAAP
measure, were up 4.6% from a quarter ago and up 8.8% from a year
ago.7 The increase in total loans from the prior quarter-end was
driven by growth in commercial real estate ("CRE") loans and
commercial & industrial loans ("C&I"). The increase in
loans increased the ratio of loans-to-deposits to 88% from 83% the
prior quarter.
|
|
|
|
|
|
|
Percent Change |
(Dollars in thousands) |
December 31, |
|
September 30, |
|
December 31, |
|
Q4-22 |
|
Q4-22 |
|
2022 |
|
2022 |
|
2021 |
|
vs. Q3-22 |
|
vs. Q4-21 |
Total loans, excluding loans held for sale (GAAP) |
$ |
7,635,632 |
|
|
$ |
7,304,498 |
|
|
$ |
7,065,598 |
|
|
4.5 |
% |
|
8.1 |
% |
Less: PPP loans
(non-GAAP) |
|
(3,256 |
) |
|
|
(7,241 |
) |
|
|
(51,105 |
) |
|
|
|
|
Total loans, excluding loans
held for sale and PPP loans (non-GAAP) |
$ |
7,632,376 |
|
|
$ |
7,297,257 |
|
|
$ |
7,014,493 |
|
|
4.6 |
% |
|
8.8 |
% |
-
Allowance for credit losses was 0.97% of total
loans at December 31, 2022, compared to 1.04% a quarter ago,
and 1.06% a year ago. See commentary above in section "Provision
for Credit Losses on Loans".Net charge-off was $896 thousand, which
as a percent of average loans (excluding loans held for sale) was
0.05%8 for the fourth quarter 2022, compared to a small recovery
which was less than 0.01%7 a quarter ago, and a net charge-off of
0.07%7 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, as well as the partial
charge-off of one relationship. Two notes totaling $326 thousand
were moved to nonperforming status during the quarter. 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 0.08% at December 31, 2022, compared to 0.10% a
quarter ago and 0.41% a year ago.
- Nonperforming assets as a percent of
assets were 0.08% at December 31, 2022, compared to 0.09% a
quarter ago and 0.26% a year ago.
- Total deposits
were $8.7 billion at December 31, 2022, down 0.6% from a
quarter ago and down 12.7% from a year ago. The decrease from the
prior quarter-end and a year ago were primarily attributable to
outflows from savings and money market accounts. In the most recent
quarter, this outflow was partially offset by increases in other
types of deposits. As most of the outflows were from savings and
money market accounts, average noninterest bearing deposits to
average total deposits was 40.9% for the fourth quarter 2022, up
from 38.4% a quarter ago and up from 36.3% for the year-ago
quarter. The increase in this fourth quarter 2022 percentage does
not include the impact of increased short-term borrowings in place
of deposit funding.
- Other short-term borrowings
were $975.0 million at December 31, 2022, up 89.3%
from a quarter ago, and up 225.0% from a year ago. The increase in
borrowings from the prior quarter-end was driven by an effort to
meet strong loan demand at quarter-end in light of the decrease in
total deposits. These short-term borrowings are from the Federal
Home Loan Bank of Atlanta ("FHLB") and are secured by collateral
consisting of a blanket lien on qualifying loans in the Bank's
commercial mortgage, residential mortgage and home equity loan
portfolios.
- Total
shareholders’ equity was $1.2 billion at December 31,
2022, up 0.7% from a quarter ago, and down 9.1% from a year ago.
The increase in shareholders' equity of $8.6 million from the prior
quarter-end was primarily from net income and a reduction in
unrealized losses on investment securities AFS, partially offset by
reductions in capital from the impact of share repurchases and
dividends paid. Net income for the quarter was $1.32 per share and
dividends declared were $0.45 per share.
- Book value per
share was $39.18, up $1.16 from a quarter ago, and down $3.10 from
a year ago.
- Tangible book
value per share9 was $35.86, up $1.09 from a quarter ago, and down
$3.11 from a year ago.
- Dividends: On
December 14, 2022, the Board of Directors declared a quarterly
cash dividend of $0.45 per share payable on January 31, 2023
to shareholders of record on January 5, 2023.
- Stock Repurchases:
During the quarter, the Company repurchased 738,300 shares at an
average price of $44.82 per share (including commissions), totaling
an aggregate of $33.1 million, and for 2023 adopted a new share
repurchase program authorizing the repurchase of 1.6 million
shares, or approximately 5% of outstanding shares.
- Capital ratios for
the Company are in the table below. All capital ratios at
quarter-end were impacted by the reduction in capital from share
repurchases in the fourth quarter of 2022. This impact coupled with
an increase in risk weighted assets and a change in the mix of risk
weighted assets led to a decline in those capital ratios which are
based on risk weighted assets. Tier 1 capital increased as average
assets were lower than the prior quarter and common capital ratios
declined as quarter-end assets were higher than the prior
quarter-end.
|
For the Company |
|
December 31, |
|
September 30, |
|
December 31, |
|
202210 |
|
2022 |
|
2021 |
Regulatory
Ratios |
|
|
|
|
|
Total Capital (to risk weighted assets) |
14.99 |
% |
|
15.60 |
% |
|
15.74 |
% |
Tier 1 Capital (to risk
weighted assets) |
14.23 |
% |
|
14.64 |
% |
|
14.63 |
% |
Common Equity Tier 1 (to risk
weighted assets) |
14.23 |
% |
|
14.64 |
% |
|
14.63 |
% |
Tier 1 Capital (to average
assets) |
11.78 |
% |
|
11.55 |
% |
|
10.19 |
% |
|
|
|
|
|
|
Common Capital
Ratios |
|
|
|
|
|
Common Equity Ratio |
11.02 |
% |
|
11.39 |
% |
|
11.40 |
% |
Tangible Common Equity
Ratio11 |
10.18 |
% |
|
10.52 |
% |
|
10.60 |
% |
Additional financial
information: The financial information that follows
provides more detail on the Company’s financial performance for the
three months ended December 31, 2022 as compared to the three
months ended September 30, 2022 and December 31, 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 quarters ended March 31, 2022, June 30, 2022 and
September 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 fourth quarter 2022
financial results on Thursday, January 19, 2023 at 10:00 a.m.
eastern time. The public is invited to listen to this registering
at the link
https://register.vevent.com/register/BI395df276641b44e4aee3848563fb62eb
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 February 2,
2023.
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 continued evolution of COVID-19,
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. Aggregate comprised of settlement agreements of $22.9
million and noninterest expense accrual reductions of $5.0
million.2 A reconciliation between this non-GAAP financial measure
and the nearest GAAP measure is provided in the tables that
accompany this document.3 A reconciliation between this non-GAAP
financial measure and the nearest GAAP measure is provided in the
table under the subsection, "Total Loans."4 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.5 Periods of less than one year are annualized.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
December 31, 2022 are subject to final filings with the Federal
Reserve.11A reconciliation of non-GAAP financial measures to the
nearest GAAP measure is provided in the tables that accompany this
document.
|
Eagle Bancorp, Inc. |
Consolidated Financial Highlights (Unaudited) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
Three Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
2022 |
|
2022 |
|
2021 |
Income
Statements: |
|
|
|
|
|
Total interest income |
$ |
129,130 |
|
|
$ |
111,527 |
|
|
$ |
86,230 |
|
Total interest expense |
|
43,530 |
|
|
|
27,630 |
|
|
|
8,044 |
|
Net interest income |
|
85,600 |
|
|
|
83,897 |
|
|
|
78,186 |
|
Provision for (reversal of)
credit losses |
|
(464 |
) |
|
|
3,022 |
|
|
|
(6,412 |
) |
Provision for (reversal of)
unfunded commitments |
|
161 |
|
|
|
774 |
|
|
|
(632 |
) |
Net interest income after
provision for credit losses |
|
85,903 |
|
|
|
80,101 |
|
|
|
85,230 |
|
Noninterest income (before
investment gain) |
|
5,326 |
|
|
|
5,304 |
|
|
|
9,668 |
|
Net gain on sale of investment
securities |
|
3 |
|
|
|
4 |
|
|
|
906 |
|
Total noninterest income |
|
5,329 |
|
|
|
5,308 |
|
|
|
10,574 |
|
Total noninterest expense |
|
38,918 |
|
|
|
36,206 |
|
|
|
39,309 |
|
Income before income tax
expense |
|
52,314 |
|
|
|
49,203 |
|
|
|
56,495 |
|
Income tax expense |
|
10,121 |
|
|
|
11,906 |
|
|
|
14,875 |
|
Net income |
$ |
42,193 |
|
|
$ |
37,297 |
|
|
$ |
41,620 |
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
Earnings per weighted average
common share, basic |
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
1.30 |
|
Earnings per weighted average
common share, diluted |
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
1.30 |
|
Weighted average common shares
outstanding, basic |
|
31,819,631 |
|
|
|
32,084,464 |
|
|
|
31,950,320 |
|
Weighted average common shares
outstanding, diluted |
|
31,898,619 |
|
|
|
32,155,678 |
|
|
|
32,030,998 |
|
Actual shares outstanding at
period end |
|
31,346,903 |
|
|
|
32,082,321 |
|
|
|
31,950,092 |
|
Book value per common share at
period end |
$ |
39.18 |
|
|
$ |
38.02 |
|
|
$ |
42.28 |
|
Tangible book value per common
share at period end(1) |
$ |
35.86 |
|
|
$ |
34.77 |
|
|
$ |
38.97 |
|
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
Return on average assets |
|
1.49 |
% |
|
|
1.29 |
% |
|
|
1.32 |
% |
Return on average common
equity |
|
13.57 |
% |
|
|
11.64 |
% |
|
|
12.30 |
% |
Return on average tangible
common equity(1) |
|
14.82 |
% |
|
|
12.67 |
% |
|
|
13.35 |
% |
Net interest margin |
|
3.14 |
% |
|
|
3.02 |
% |
|
|
2.55 |
% |
Efficiency ratio(2) |
|
42.8 |
% |
|
|
40.6 |
% |
|
|
44.3 |
% |
|
|
|
|
|
|
Other
Ratios: |
|
|
|
|
|
Allowance for credit losses to
total loans(3) |
|
0.97 |
% |
|
|
1.04 |
% |
|
|
1.06 |
% |
Allowance for credit losses to
total nonperforming loans |
|
1,151 |
% |
|
|
997 |
% |
|
|
257 |
% |
Nonperforming loans to total
loans(3) |
|
0.08 |
% |
|
|
0.10 |
% |
|
|
0.41 |
% |
Nonperforming assets to total
assets |
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.26 |
% |
Net charge-off (annualized) to
average total loans(3) |
|
0.05 |
% |
|
|
— |
% |
|
|
0.07 |
% |
Average noninterest bearing
deposits to average deposits |
|
40.9 |
% |
|
|
38.4 |
% |
|
|
36.3 |
% |
Yield on loans(3) |
|
5.87 |
% |
|
|
5.10 |
% |
|
|
4.45 |
% |
Cost of funds |
|
1.59 |
% |
|
|
0.99 |
% |
|
|
0.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bancorp, Inc. |
Consolidated Financial Highlights (Continued)
(Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
Three Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
2022 |
|
2022 |
|
2021 |
Capital
Ratios |
|
|
|
|
|
Tier 1 capital (to average assets) |
|
11.78 |
% |
|
|
11.55 |
% |
|
|
10.19 |
% |
Total capital (to risk
weighted assets) |
|
14.99 |
% |
|
|
15.60 |
% |
|
|
15.74 |
% |
Common equity tier 1 capital
(to risk weighted assets) |
|
14.23 |
% |
|
|
14.64 |
% |
|
|
14.63 |
% |
Common equity to total
assets |
|
11.02 |
% |
|
|
11.39 |
% |
|
|
11.40 |
% |
Tangible common equity
ratio(1) |
|
10.18 |
% |
|
|
10.52 |
% |
|
|
10.60 |
% |
|
|
|
|
|
|
Loan Balances - Period
End: |
|
|
|
|
|
Commercial and Industrial |
$ |
1,487,349 |
|
|
$ |
1,415,998 |
|
|
$ |
1,354,317 |
|
PPP loans |
|
3,256 |
|
|
|
7,241 |
|
|
|
51,105 |
|
Commercial real estate -
income producing |
|
3,919,941 |
|
|
|
3,668,720 |
|
|
|
3,385,298 |
|
Commercial real estate - owner
occupied |
|
1,110,325 |
|
|
|
1,091,283 |
|
|
|
1,087,776 |
|
1-4 Family mortgage |
|
73,001 |
|
|
|
71,731 |
|
|
|
73,966 |
|
Construction - commercial and
residential |
|
877,755 |
|
|
|
858,100 |
|
|
|
896,319 |
|
Construction - C&I (owner
occupied) |
|
110,479 |
|
|
|
139,238 |
|
|
|
159,579 |
|
Home equity |
|
51,782 |
|
|
|
51,396 |
|
|
|
55,811 |
|
Other consumer |
|
1,744 |
|
|
|
791 |
|
|
|
1,427 |
|
Total loans |
$ |
7,635,632 |
|
|
$ |
7,304,498 |
|
|
$ |
7,065,598 |
|
|
|
|
|
|
|
Average
Balances: |
|
|
|
|
|
Total assets |
$ |
11,255,956 |
|
|
$ |
11,431,110 |
|
|
$ |
12,538,596 |
|
Total earning assets |
$ |
10,829,703 |
|
|
$ |
11,030,670 |
|
|
$ |
12,180,872 |
|
Total loans(3) |
$ |
7,379,198 |
|
|
$ |
7,282,589 |
|
|
$ |
6,890,414 |
|
Total deposits |
$ |
9,524,139 |
|
|
$ |
9,907,497 |
|
|
$ |
10,670,205 |
|
Total borrowings |
$ |
411,060 |
|
|
$ |
158,001 |
|
|
$ |
402,393 |
|
Total shareholders’
equity |
$ |
1,233,705 |
|
|
$ |
1,271,753 |
|
|
$ |
1,342,525 |
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
Net charge-off (recovery) |
$ |
896 |
|
|
$ |
(57 |
) |
|
$ |
1,165 |
|
Nonperforming loans |
$ |
6,469 |
|
|
$ |
7,602 |
|
|
$ |
29,208 |
|
Other real estate owned |
$ |
1,962 |
|
|
$ |
1,962 |
|
|
$ |
1,635 |
|
Nonperforming assets |
$ |
8,431 |
|
|
$ |
9,564 |
|
|
$ |
30,843 |
|
(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) |
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
2022 |
|
2022 |
|
2021 |
Common shareholders' equity |
$ |
1,228,321 |
|
|
$ |
1,219,771 |
|
|
$ |
1,350,775 |
|
Less: Intangible assets |
|
(104,233 |
) |
|
|
(104,240 |
) |
|
|
(105,793 |
) |
Tangible common
equity |
$ |
1,124,088 |
|
|
$ |
1,115,531 |
|
|
$ |
1,244,982 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
39.18 |
|
|
$ |
38.02 |
|
|
$ |
42.28 |
|
Less: Intangible book value
per common share |
|
(3.32 |
) |
|
|
(3.25 |
) |
|
|
(3.31 |
) |
Tangible book value
per common share |
$ |
35.86 |
|
|
$ |
34.77 |
|
|
$ |
38.97 |
|
|
|
|
|
|
|
Total assets |
$ |
11,150,854 |
|
|
$ |
10,713,044 |
|
|
$ |
11,847,310 |
|
Less: Intangible assets |
|
(104,233 |
) |
|
|
(104,240 |
) |
|
|
(105,793 |
) |
Tangible
assets |
$ |
11,046,621 |
|
|
$ |
10,608,804 |
|
|
$ |
11,741,517 |
|
|
|
|
|
|
|
Tangible common equity
ratio |
|
10.18 |
% |
|
|
10.52 |
% |
|
|
10.60 |
% |
|
|
|
|
|
|
Allowance for credit
losses |
$ |
(74,444 |
) |
|
$ |
(75,767 |
) |
|
$ |
(74,965 |
) |
|
|
|
|
|
|
Total loans, excluding loans
held for sale |
$ |
7,635,632 |
|
|
$ |
7,304,498 |
|
|
$ |
7,065,598 |
|
Less: PPP loans
(non-GAAP) |
|
(3,256 |
) |
|
|
(7,241 |
) |
|
|
(51,105 |
) |
Total loans excluding
PPP loans (non-GAAP) |
$ |
7,632,376 |
|
|
$ |
7,297,257 |
|
|
$ |
7,014,493 |
|
|
|
|
|
|
|
Allowance for credit
losses: |
|
|
|
|
|
As a % of total loans
(GAAP) |
|
0.97 |
% |
|
|
1.04 |
% |
|
|
1.06 |
% |
As a % of total loans
excl. PPP loans (non-GAAP) |
|
0.98 |
% |
|
|
1.04 |
% |
|
|
1.07 |
% |
|
|
|
|
|
|
|
Three Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
2022 |
|
2022 |
|
2021 |
Average common shareholders'
equity |
$ |
1,233,705 |
|
|
$ |
1,271,753 |
|
|
$ |
1,342,525 |
|
Less: Average intangible
assets |
|
(104,238 |
) |
|
|
(104,253 |
) |
|
|
(105,565 |
) |
Average tangible
common equity |
$ |
1,129,467 |
|
|
$ |
1,167,500 |
|
|
$ |
1,236,960 |
|
|
|
|
|
|
|
Net Income |
$ |
42,193 |
|
|
$ |
37,297 |
|
|
$ |
41,620 |
|
Return on average
tangible common equity(1) |
|
14.82 |
% |
|
|
12.67 |
% |
|
|
13.35 |
% |
|
|
|
|
|
|
Net interest income |
$ |
85,600 |
|
|
$ |
83,897 |
|
|
$ |
78,186 |
|
Noninterest income |
|
5,329 |
|
|
|
5,308 |
|
|
|
10,574 |
|
Operating revenue |
$ |
90,929 |
|
|
$ |
89,205 |
|
|
$ |
88,760 |
|
Noninterest expense |
$ |
38,918 |
|
|
$ |
36,206 |
|
|
$ |
39,309 |
|
Efficiency
ratio |
|
42.8 |
% |
|
|
40.6 |
% |
|
|
44.3 |
% |
(1) Periods of less than a year are annualized.
|
GAAP Reconciliation (unaudited) |
(dollars in thousands, except per share data) |
|
|
|
|
|
For the Year Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
Net income |
$ |
140,930 |
|
|
$ |
176,691 |
|
Reversal: Accrual
reduction(1) |
|
(5,018 |
) |
|
|
— |
|
Reversal: Penalty,
disgorgement & prejudgment interest(2) |
|
22,874 |
|
|
|
— |
|
Adjusted net income
(non-GAAP) |
$ |
158,786 |
|
|
$ |
176,691 |
|
|
|
|
|
Earnings per share
(diluted) |
$ |
4.39 |
|
|
$ |
5.52 |
|
Reversal: Accrual
reduction(1) |
|
(0.15 |
) |
|
|
— |
|
Reversal: Penalty,
disgorgement & prejudgment interest(2) |
|
0.71 |
|
|
|
— |
|
Adjusted earnings per
share (diluted) (non-GAAP) |
$ |
4.95 |
|
|
$ |
5.52 |
|
|
|
|
|
Weighted average common shares
outstanding, diluted |
|
32,078,070 |
|
|
|
32,003,090 |
|
(1) Reversal of accrual reduction for non-tax deductible
expenses of $5.0 million related to share-based compensation awards
and deferred compensation for the Company's former CEO and
Chairman, recorded in the first quarter of 2022.(2) Reversal of
accrual for non-tax deductible expenses of $22.9 million in
connection with the Company's agreements in principal with the SEC
and FRB to resolve the previously disclosed investigations with
respect to the Company, recorded in the second quarter of 2022.
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. The
Company 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 2022 by: (1)
subtracting from net income the accrual reduction of $5.0 million
related to share-based compensation awards and deferred
compensation for the Company's former CEO and Chairman, recorded in
the first quarter of 2022, and (2) excluding from net income the
accrual of non-tax deductible expenses of $22.9 million in
connection with the Company's agreements in principle with the
Securities and Exchange Commission ("SEC") and the Board of
Governors of the Federal Reserve System ("FRB") to resolve the
previously disclosed investigations with respect to the Company,
recorded in the second quarter of 2022.
-
The Company calculates adjusted earnings per share (diluted) for
2022 by dividing adjusted net income by the weighted average shares
outstanding (diluted).
-
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 two aforementioned adjustments, and allows
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) |
|
December 31, |
|
September 30, |
|
December 31, |
Assets |
2022 |
|
2022 |
|
2021 |
Cash and due from banks |
$ |
12,655 |
|
|
$ |
27,235 |
|
|
$ |
12,886 |
|
Federal funds sold |
|
33,927 |
|
|
|
69,809 |
|
|
|
20,391 |
|
Interest-bearing deposits with
banks and other short-term investments |
|
265,272 |
|
|
|
47,131 |
|
|
|
1,680,945 |
|
Investment securities
available-for-sale at fair value (amortized cost of $1,803,898 ,
$1,873,872, and $2,642,667, net of allowance for credit losses of
$17, $18 and $620 as of December 31, 2022, September 30,
2022 and December 31, 2021, respectively) |
|
1,598,666 |
|
|
|
1,649,753 |
|
|
|
2,623,408 |
|
Investment securities
held-to-maturity (fair value of $1,094,140, $989,001 and $0, net of
allowance for credit losses of $766, $802 and $0, as of
December 31, 2022, September 30, 2022 and
December 31, 2021, respectively) |
|
1,093,374 |
|
|
|
1,114,084 |
|
|
|
— |
|
Federal Reserve and Federal
Home Loan Bank stock |
|
65,067 |
|
|
|
42,311 |
|
|
|
34,153 |
|
Loans held for sale |
|
6,734 |
|
|
|
9,387 |
|
|
|
47,218 |
|
Loans |
|
7,635,632 |
|
|
|
7,304,498 |
|
|
|
7,065,598 |
|
Less allowance for credit
losses |
|
(74,444 |
) |
|
|
(75,767 |
) |
|
|
(74,965 |
) |
Loans, net |
|
7,561,188 |
|
|
|
7,228,731 |
|
|
|
6,990,633 |
|
Premises and equipment,
net |
|
13,475 |
|
|
|
13,684 |
|
|
|
14,557 |
|
Operating lease right-of-use
assets |
|
24,544 |
|
|
|
26,022 |
|
|
|
30,555 |
|
Deferred income taxes |
|
96,567 |
|
|
|
112,904 |
|
|
|
43,174 |
|
Bank-owned life insurance |
|
110,998 |
|
|
|
110,678 |
|
|
|
108,789 |
|
Goodwill and other intangible
assets, net |
|
104,233 |
|
|
|
104,240 |
|
|
|
105,793 |
|
Other real estate owned |
|
1,962 |
|
|
|
1,962 |
|
|
|
1,635 |
|
Other assets |
|
162,192 |
|
|
|
155,113 |
|
|
|
133,173 |
|
Total
assets |
$ |
11,150,854 |
|
|
$ |
10,713,044 |
|
|
$ |
11,847,310 |
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing
demand |
$ |
3,150,751 |
|
|
$ |
2,928,774 |
|
|
$ |
3,277,956 |
|
Interest-bearing
transaction |
|
1,138,235 |
|
|
|
964,567 |
|
|
|
777,255 |
|
Savings and money market |
|
3,640,697 |
|
|
|
4,220,768 |
|
|
|
5,197,247 |
|
Time |
|
783,499 |
|
|
|
649,241 |
|
|
|
729,082 |
|
Total deposits |
|
8,713,182 |
|
|
|
8,763,350 |
|
|
|
9,981,540 |
|
Customer repurchase
agreements |
|
35,100 |
|
|
|
21,465 |
|
|
|
23,918 |
|
Other short-term
borrowings |
|
975,001 |
|
|
|
515,000 |
|
|
|
300,000 |
|
Long-term borrowings |
|
69,794 |
|
|
|
69,763 |
|
|
|
69,670 |
|
Operating lease
liabilities |
|
29,267 |
|
|
|
30,837 |
|
|
|
35,501 |
|
Reserve for unfunded
commitments |
|
5,857 |
|
|
|
5,696 |
|
|
|
4,379 |
|
Other liabilities |
|
94,332 |
|
|
|
87,162 |
|
|
|
81,527 |
|
Total
liabilities |
|
9,922,533 |
|
|
|
9,493,273 |
|
|
|
10,496,535 |
|
Shareholders'
Equity |
|
|
|
|
|
Common stock, par value $.01
per share; shares authorized 100,000,000, shares issued and
outstanding 31,346,903, 32,082,321, and 31,950,092
respectively |
|
310 |
|
|
|
318 |
|
|
|
316 |
|
Additional paid-in
capital |
|
412,303 |
|
|
|
442,880 |
|
|
|
434,640 |
|
Retained earnings |
|
1,015,215 |
|
|
|
987,212 |
|
|
|
930,061 |
|
Accumulated other
comprehensive loss |
|
(199,507 |
) |
|
|
(210,639 |
) |
|
|
(14,242 |
) |
Total Shareholders'
Equity |
|
1,228,321 |
|
|
|
1,219,771 |
|
|
|
1,350,775 |
|
Total Liabilities and
Shareholders' Equity |
$ |
11,150,854 |
|
|
$ |
10,713,044 |
|
|
$ |
11,847,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bancorp, Inc. |
Consolidated Statements of Income (Unaudited) |
(Dollars in thousands, except per share data) |
|
Three Months Ended |
|
Year Ended |
|
Dec. 31, |
|
Sept. 30, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Interest
Income |
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
109,251 |
|
|
$ |
93,744 |
|
|
$ |
77,625 |
|
|
$ |
358,967 |
|
|
$ |
337,749 |
|
Interest and dividends on
investment securities |
|
13,591 |
|
|
|
13,463 |
|
|
|
7,327 |
|
|
|
51,481 |
|
|
|
23,205 |
|
Interest on balances with
other banks and short-term invest. |
|
5,696 |
|
|
|
4,100 |
|
|
|
1,272 |
|
|
|
13,304 |
|
|
|
3,511 |
|
Interest on federal funds
sold |
|
592 |
|
|
|
220 |
|
|
|
6 |
|
|
|
861 |
|
|
|
31 |
|
Total interest income |
|
129,130 |
|
|
|
111,527 |
|
|
|
86,230 |
|
|
|
424,613 |
|
|
|
364,496 |
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
39,239 |
|
|
|
26,125 |
|
|
|
6,484 |
|
|
|
83,261 |
|
|
|
27,772 |
|
Interest on customer
repurchase agreements |
|
266 |
|
|
|
55 |
|
|
|
17 |
|
|
|
356 |
|
|
|
51 |
|
Interest on other short-term
borrowings |
|
2,988 |
|
|
|
412 |
|
|
|
506 |
|
|
|
3,980 |
|
|
|
2,008 |
|
Interest on long-term
borrowings |
|
1,037 |
|
|
|
1,038 |
|
|
|
1,037 |
|
|
|
4,149 |
|
|
|
10,151 |
|
Total interest expense |
|
43,530 |
|
|
|
27,630 |
|
|
|
8,044 |
|
|
|
91,746 |
|
|
|
39,982 |
|
Net Interest
Income |
|
85,600 |
|
|
|
83,897 |
|
|
|
78,186 |
|
|
|
332,867 |
|
|
|
324,514 |
|
Provision for
(Reversal of) Credit Losses |
|
(464 |
) |
|
|
3,022 |
|
|
|
(6,412 |
) |
|
|
266 |
|
|
|
(20,821 |
) |
Provision for
(Reversal of) Unfunded Commitments |
|
161 |
|
|
|
774 |
|
|
|
(632 |
) |
|
|
1,477 |
|
|
|
(1,119 |
) |
Net Interest Income
After Provision For Credit Losses |
|
85,903 |
|
|
|
80,101 |
|
|
|
85,230 |
|
|
|
331,124 |
|
|
|
346,454 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
|
|
|
|
Service charges on
deposits |
|
1,429 |
|
|
|
1,339 |
|
|
|
1,259 |
|
|
|
5,399 |
|
|
|
4,562 |
|
Gain on sale of loans |
|
534 |
|
|
|
821 |
|
|
|
2,057 |
|
|
|
3,702 |
|
|
|
14,045 |
|
Net gain (loss) on sale of
investment securities |
|
3 |
|
|
|
4 |
|
|
|
906 |
|
|
|
(169 |
) |
|
|
2,964 |
|
Incr. in the cash surrender
value of bank-owned life insurance |
|
658 |
|
|
|
631 |
|
|
|
630 |
|
|
|
2,547 |
|
|
|
2,059 |
|
Other income |
|
2,705 |
|
|
|
2,513 |
|
|
|
5,722 |
|
|
|
12,175 |
|
|
|
16,755 |
|
Total noninterest income |
|
5,329 |
|
|
|
5,308 |
|
|
|
10,574 |
|
|
|
23,654 |
|
|
|
40,385 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense |
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
23,691 |
|
|
|
21,538 |
|
|
|
24,608 |
|
|
|
84,053 |
|
|
|
88,398 |
|
Premises and equipment
expenses |
|
3,292 |
|
|
|
3,275 |
|
|
|
3,755 |
|
|
|
13,218 |
|
|
|
14,876 |
|
Marketing and advertising |
|
1,290 |
|
|
|
1,181 |
|
|
|
1,286 |
|
|
|
4,721 |
|
|
|
4,165 |
|
Data processing |
|
3,117 |
|
|
|
3,445 |
|
|
|
3,258 |
|
|
|
12,171 |
|
|
|
11,709 |
|
Legal, accounting and
professional fees |
|
2,553 |
|
|
|
2,332 |
|
|
|
2,987 |
|
|
|
8,583 |
|
|
|
11,510 |
|
FDIC insurance |
|
1,718 |
|
|
|
1,287 |
|
|
|
311 |
|
|
|
4,969 |
|
|
|
5,897 |
|
Other expenses |
|
3,257 |
|
|
|
3,148 |
|
|
|
3,104 |
|
|
|
37,383 |
|
|
|
12,610 |
|
Total noninterest expense |
|
38,918 |
|
|
|
36,206 |
|
|
|
39,309 |
|
|
|
165,098 |
|
|
|
149,165 |
|
Income Before Income
Tax Expense |
|
52,314 |
|
|
|
49,203 |
|
|
|
56,495 |
|
|
|
189,680 |
|
|
|
237,674 |
|
Income Tax
Expense |
|
10,121 |
|
|
|
11,906 |
|
|
|
14,875 |
|
|
|
48,750 |
|
|
|
60,983 |
|
Net
Income |
$ |
42,193 |
|
|
$ |
37,297 |
|
|
$ |
41,620 |
|
|
$ |
140,930 |
|
|
$ |
176,691 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
1.30 |
|
|
$ |
4.40 |
|
|
$ |
5.53 |
|
Diluted |
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
1.30 |
|
|
$ |
4.39 |
|
|
$ |
5.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields And Rates
vs. Prior Quarter (Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
December 31, 2022 |
|
September 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 |
$ |
600,653 |
|
|
$ |
5,696 |
|
|
3.76 |
% |
|
$ |
771,063 |
|
|
$ |
4,100 |
|
|
2.11 |
% |
Loans held for
sale(1) |
|
6,868 |
|
|
|
102 |
|
|
5.94 |
% |
|
|
11,586 |
|
|
|
150 |
|
|
5.18 |
% |
Loans(1)
(2) |
|
7,379,198 |
|
|
|
109,149 |
|
|
5.87 |
% |
|
|
7,282,589 |
|
|
|
93,594 |
|
|
5.10 |
% |
Investment securities
available-for-sale(2) |
|
1,658,228 |
|
|
|
7,753 |
|
|
1.85 |
% |
|
|
1,782,859 |
|
|
|
7,587 |
|
|
1.69 |
% |
Investment securities
held-to-maturity(2) |
|
1,105,209 |
|
|
|
5,838 |
|
|
2.10 |
% |
|
|
1,128,943 |
|
|
|
5,876 |
|
|
2.06 |
% |
Federal funds sold |
|
79,547 |
|
|
|
592 |
|
|
2.95 |
% |
|
|
53,630 |
|
|
|
220 |
|
|
1.63 |
% |
Total interest earning
assets |
|
10,829,703 |
|
|
$ |
129,130 |
|
|
4.73 |
% |
|
|
11,030,670 |
|
|
$ |
111,527 |
|
|
4.01 |
% |
Total noninterest earning
assets |
|
501,977 |
|
|
|
|
|
|
|
475,581 |
|
|
|
|
|
Less: allowance for credit
losses |
|
75,724 |
|
|
|
|
|
|
|
75,141 |
|
|
|
|
|
Total noninterest earning
assets |
|
426,253 |
|
|
|
|
|
|
|
400,440 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
11,255,956 |
|
|
|
|
|
|
$ |
11,431,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
996,951 |
|
|
$ |
3,877 |
|
|
1.54 |
% |
|
$ |
960,970 |
|
|
$ |
1,891 |
|
|
0.78 |
% |
Savings and money market |
|
3,963,022 |
|
|
|
31,571 |
|
|
3.16 |
% |
|
|
4,504,216 |
|
|
|
21,711 |
|
|
1.91 |
% |
Time deposits |
|
667,202 |
|
|
|
3,791 |
|
|
2.25 |
% |
|
|
633,241 |
|
|
|
2,523 |
|
|
1.58 |
% |
Total interest bearing
deposits |
|
5,627,175 |
|
|
|
39,239 |
|
|
2.77 |
% |
|
|
6,098,427 |
|
|
|
26,125 |
|
|
1.70 |
% |
Customer repurchase
agreements |
|
45,521 |
|
|
|
266 |
|
|
2.32 |
% |
|
|
26,546 |
|
|
|
55 |
|
|
0.82 |
% |
Other short-term
borrowings |
|
295,756 |
|
|
|
2,988 |
|
|
4.04 |
% |
|
|
61,703 |
|
|
|
412 |
|
|
2.67 |
% |
Long-term borrowings |
|
69,783 |
|
|
|
1,037 |
|
|
5.94 |
% |
|
|
69,752 |
|
|
|
1,038 |
|
|
5.95 |
% |
Total interest bearing
liabilities |
|
6,038,235 |
|
|
$ |
43,530 |
|
|
2.86 |
% |
|
|
6,256,428 |
|
|
$ |
27,630 |
|
|
1.75 |
% |
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
demand |
|
3,896,964 |
|
|
|
|
|
|
|
3,809,070 |
|
|
|
|
|
Other liabilities |
|
87,052 |
|
|
|
|
|
|
|
93,859 |
|
|
|
|
|
Total noninterest bearing
liabilities |
|
3,984,016 |
|
|
|
|
|
|
|
3,902,929 |
|
|
|
|
|
Shareholders’ equity |
|
1,233,705 |
|
|
|
|
|
|
|
1,271,753 |
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,255,956 |
|
|
|
|
|
|
$ |
11,431,110 |
|
|
|
|
|
Net interest income |
|
|
$ |
85,600 |
|
|
|
|
|
|
$ |
83,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
1.87 |
% |
|
|
|
|
|
2.26 |
% |
Net interest margin |
|
|
|
|
3.14 |
% |
|
|
|
|
|
3.02 |
% |
Cost of funds |
|
|
|
|
1.59 |
% |
|
|
|
|
|
0.99 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $3.8 million and $3.4 million for
the three months ended December 31, 2022 and
September 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 December 31, |
|
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 |
$ |
600,653 |
|
|
$ |
5,696 |
|
|
3.76 |
% |
|
$ |
3,124,657 |
|
|
$ |
1,272 |
|
|
0.16 |
% |
Loans held for
sale(1) |
|
6,868 |
|
|
|
102 |
|
|
5.94 |
% |
|
|
46,647 |
|
|
|
342 |
|
|
2.93 |
% |
Loans(1)
(2) |
|
7,379,198 |
|
|
|
109,149 |
|
|
5.87 |
% |
|
|
6,890,414 |
|
|
|
77,283 |
|
|
4.45 |
% |
Investment securities
available-for-sale(2) |
|
1,658,228 |
|
|
|
7,753 |
|
|
1.85 |
% |
|
|
2,088,907 |
|
|
|
7,327 |
|
|
1.39 |
% |
Investment securities
held-to-maturity(2) |
|
1,105,209 |
|
|
|
5,838 |
|
|
2.10 |
% |
|
|
— |
|
|
|
— |
|
|
— |
% |
Federal funds sold |
|
79,547 |
|
|
|
592 |
|
|
2.95 |
% |
|
|
30,247 |
|
|
|
6 |
|
|
0.08 |
% |
Total interest earning
assets |
|
10,829,703 |
|
|
$ |
129,130 |
|
|
4.73 |
% |
|
|
12,180,872 |
|
|
$ |
86,230 |
|
|
2.81 |
% |
Total noninterest earning
assets |
|
501,977 |
|
|
|
|
|
|
|
440,613 |
|
|
|
|
|
Less: allowance for credit
losses |
|
75,724 |
|
|
|
|
|
|
|
82,889 |
|
|
|
|
|
Total noninterest earning
assets |
|
426,253 |
|
|
|
|
|
|
|
357,724 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
11,255,956 |
|
|
|
|
|
|
$ |
12,538,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
996,951 |
|
|
$ |
3,877 |
|
|
1.54 |
% |
|
$ |
803,027 |
|
|
$ |
392 |
|
|
0.19 |
% |
Savings and money market |
|
3,963,022 |
|
|
|
31,571 |
|
|
3.16 |
% |
|
|
5,257,520 |
|
|
|
3,688 |
|
|
0.28 |
% |
Time deposits |
|
667,202 |
|
|
|
3,791 |
|
|
2.25 |
% |
|
|
735,254 |
|
|
|
2,404 |
|
|
1.30 |
% |
Total interest bearing
deposits |
|
5,627,175 |
|
|
|
39,239 |
|
|
2.77 |
% |
|
|
6,795,801 |
|
|
|
6,484 |
|
|
0.38 |
% |
Customer repurchase
agreements |
|
45,521 |
|
|
|
266 |
|
|
2.32 |
% |
|
|
32,730 |
|
|
|
17 |
|
|
0.21 |
% |
Other short-term
borrowings |
|
295,756 |
|
|
|
2,988 |
|
|
4.04 |
% |
|
|
300,003 |
|
|
|
506 |
|
|
0.67 |
% |
Long-term borrowings |
|
69,783 |
|
|
|
1,037 |
|
|
5.94 |
% |
|
|
69,660 |
|
|
|
1,037 |
|
|
5.96 |
% |
Total interest bearing
liabilities |
|
6,038,235 |
|
|
$ |
43,530 |
|
|
2.86 |
% |
|
|
7,198,194 |
|
|
$ |
8,044 |
|
|
0.44 |
% |
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
demand |
|
3,896,964 |
|
|
|
|
|
|
|
3,874,405 |
|
|
|
|
|
Other liabilities |
|
87,052 |
|
|
|
|
|
|
|
123,472 |
|
|
|
|
|
Total noninterest bearing
liabilities |
|
3,984,016 |
|
|
|
|
|
|
|
3,997,877 |
|
|
|
|
|
Shareholders’ equity |
|
1,233,705 |
|
|
|
|
|
|
|
1,342,525 |
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,255,956 |
|
|
|
|
|
|
$ |
12,538,596 |
|
|
|
|
|
Net interest income |
|
|
$ |
85,600 |
|
|
|
|
|
|
$ |
78,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
1.87 |
% |
|
|
|
|
|
2.37 |
% |
Net interest margin |
|
|
|
|
3.14 |
% |
|
|
|
|
|
2.55 |
% |
Cost of funds |
|
|
|
|
1.59 |
% |
|
|
|
|
|
0.26 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $3.8 million and $4.3 million for
the three months ended December 31, 2022 and December 31,
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 |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
Income
Statements: |
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
Total interest income |
$ |
129,130 |
|
|
$ |
111,527 |
|
|
$ |
95,635 |
|
|
$ |
88,321 |
|
|
$ |
86,230 |
|
|
$ |
89,152 |
|
|
$ |
94,920 |
|
|
$ |
94,194 |
|
Total interest expense |
|
43,530 |
|
|
|
27,630 |
|
|
|
12,717 |
|
|
|
7,869 |
|
|
|
8,044 |
|
|
|
10,107 |
|
|
|
10,288 |
|
|
|
11,543 |
|
Net interest income |
|
85,600 |
|
|
|
83,897 |
|
|
|
82,918 |
|
|
|
80,452 |
|
|
|
78,186 |
|
|
|
79,045 |
|
|
|
84,632 |
|
|
|
82,651 |
|
Provision for (reversal of)
credit losses |
|
(464 |
) |
|
|
3,022 |
|
|
|
495 |
|
|
|
(2,787 |
) |
|
|
(6,412 |
) |
|
|
(8,203 |
) |
|
|
(3,856 |
) |
|
|
(2,350 |
) |
Provision for (reversal of)
unfunded commitments |
|
161 |
|
|
|
774 |
|
|
|
553 |
|
|
|
(11 |
) |
|
|
(632 |
) |
|
|
716 |
|
|
|
(761 |
) |
|
|
(442 |
) |
Net interest income after
provision for credit losses |
|
85,903 |
|
|
|
80,101 |
|
|
|
81,870 |
|
|
|
83,250 |
|
|
|
85,230 |
|
|
|
86,532 |
|
|
|
89,249 |
|
|
|
85,443 |
|
Noninterest income before
investment gain (loss) |
|
5,326 |
|
|
|
5,304 |
|
|
|
5,715 |
|
|
|
7,478 |
|
|
|
9,668 |
|
|
|
6,780 |
|
|
|
10,607 |
|
|
|
10,366 |
|
Net gain (loss) on sale of
investment securities |
|
3 |
|
|
|
4 |
|
|
|
(151 |
) |
|
|
(25 |
) |
|
|
906 |
|
|
|
1,519 |
|
|
|
318 |
|
|
|
221 |
|
Total noninterest income |
|
5,329 |
|
|
|
5,308 |
|
|
|
5,564 |
|
|
|
7,453 |
|
|
|
10,574 |
|
|
|
8,299 |
|
|
|
10,925 |
|
|
|
10,587 |
|
Salaries and employee
benefits |
|
23,691 |
|
|
|
21,538 |
|
|
|
21,805 |
|
|
|
17,019 |
|
|
|
24,608 |
|
|
|
22,145 |
|
|
|
19,876 |
|
|
|
21,769 |
|
Premises and equipment |
|
3,292 |
|
|
|
3,275 |
|
|
|
3,523 |
|
|
|
3,128 |
|
|
|
3,755 |
|
|
|
3,859 |
|
|
|
3,644 |
|
|
|
3,618 |
|
Marketing and advertising |
|
1,290 |
|
|
|
1,181 |
|
|
|
1,186 |
|
|
|
1,064 |
|
|
|
1,286 |
|
|
|
1,013 |
|
|
|
980 |
|
|
|
886 |
|
Other expenses |
|
10,645 |
|
|
|
10,212 |
|
|
|
32,448 |
|
|
|
9,801 |
|
|
|
9,660 |
|
|
|
9,358 |
|
|
|
10,994 |
|
|
|
11,714 |
|
Total noninterest expense |
|
38,918 |
|
|
|
36,206 |
|
|
|
58,962 |
|
|
|
31,012 |
|
|
|
39,309 |
|
|
|
36,375 |
|
|
|
35,494 |
|
|
|
37,987 |
|
Income before income tax
expense |
|
52,314 |
|
|
|
49,203 |
|
|
|
28,472 |
|
|
|
59,691 |
|
|
|
56,495 |
|
|
|
58,456 |
|
|
|
64,680 |
|
|
|
58,043 |
|
Income tax expense |
|
10,121 |
|
|
|
11,906 |
|
|
|
12,776 |
|
|
|
13,947 |
|
|
|
14,875 |
|
|
|
14,847 |
|
|
|
16,687 |
|
|
|
14,574 |
|
Net income |
$ |
42,193 |
|
|
$ |
37,297 |
|
|
$ |
15,696 |
|
|
$ |
45,744 |
|
|
$ |
41,620 |
|
|
$ |
43,609 |
|
|
$ |
47,993 |
|
|
$ |
43,469 |
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted average
common share, basic |
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
0.49 |
|
|
$ |
1.43 |
|
|
$ |
1.30 |
|
|
$ |
1.36 |
|
|
$ |
1.50 |
|
|
$ |
1.36 |
|
Earnings per weighted average
common share, diluted |
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
0.49 |
|
|
$ |
1.42 |
|
|
$ |
1.30 |
|
|
$ |
1.36 |
|
|
$ |
1.50 |
|
|
$ |
1.36 |
|
Weighted average common shares
outstanding, basic |
|
31,819,631 |
|
|
|
32,084,464 |
|
|
|
32,080,657 |
|
|
|
32,033,280 |
|
|
|
31,950,320 |
|
|
|
31,959,357 |
|
|
|
31,962,819 |
|
|
|
31,869,655 |
|
Weighted average common shares
outstanding, diluted |
|
31,898,619 |
|
|
|
32,155,678 |
|
|
|
32,142,427 |
|
|
|
32,110,099 |
|
|
|
32,030,998 |
|
|
|
32,030,527 |
|
|
|
32,025,110 |
|
|
|
31,922,940 |
|
Actual shares outstanding at
period end |
|
31,346,903 |
|
|
|
32,082,321 |
|
|
|
32,081,241 |
|
|
|
32,079,474 |
|
|
|
31,950,092 |
|
|
|
31,947,458 |
|
|
|
31,961,573 |
|
|
|
31,960,379 |
|
Book value per common share at
period end |
$ |
39.18 |
|
|
$ |
38.02 |
|
|
$ |
39.05 |
|
|
$ |
39.89 |
|
|
$ |
42.28 |
|
|
$ |
41.68 |
|
|
$ |
40.87 |
|
|
$ |
39.45 |
|
Tangible book value per common
share at period end(1) |
$ |
35.86 |
|
|
$ |
34.77 |
|
|
$ |
35.80 |
|
|
$ |
36.64 |
|
|
$ |
38.97 |
|
|
$ |
38.39 |
|
|
$ |
37.58 |
|
|
$ |
36.16 |
|
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.25 |
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.49 |
% |
|
|
1.29 |
% |
|
|
0.54 |
% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
|
1.46 |
% |
|
|
1.68 |
% |
|
|
1.53 |
% |
Return on average common
equity |
|
13.57 |
% |
|
|
11.64 |
% |
|
|
4.91 |
% |
|
|
13.83 |
% |
|
|
12.30 |
% |
|
|
13.00 |
% |
|
|
14.92 |
% |
|
|
14.05 |
% |
Return on average tangible
common equity(1) |
|
14.82 |
% |
|
|
12.67 |
% |
|
|
5.35 |
% |
|
|
14.99 |
% |
|
|
13.35 |
% |
|
|
14.11 |
% |
|
|
16.25 |
% |
|
|
15.33 |
% |
Net interest margin |
|
3.14 |
% |
|
|
3.02 |
% |
|
|
2.94 |
% |
|
|
2.65 |
% |
|
|
2.55 |
% |
|
|
2.73 |
% |
|
|
3.04 |
% |
|
|
2.98 |
% |
Efficiency
ratio(2) |
|
42.80 |
% |
|
|
40.6 |
% |
|
|
66.6 |
% |
|
|
35.3 |
% |
|
|
44.3 |
% |
|
|
41.7 |
% |
|
|
37.1 |
% |
|
|
40.7 |
% |
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to
total loans(3) |
|
0.97 |
% |
|
|
1.04 |
% |
|
|
1.02 |
% |
|
|
1.01 |
% |
|
|
1.06 |
% |
|
|
1.21 |
% |
|
|
1.28 |
% |
|
|
1.36 |
% |
Allowance for credit losses to
total nonperforming loans |
|
1,151 |
% |
|
|
997 |
% |
|
|
386 |
% |
|
|
301 |
% |
|
|
257 |
% |
|
|
265 |
% |
|
|
187 |
% |
|
|
195 |
% |
Nonperforming loans to total
loans(3) |
|
0.08 |
% |
|
|
0.10 |
% |
|
|
0.26 |
% |
|
|
0.33 |
% |
|
|
0.41 |
% |
|
|
0.46 |
% |
|
|
0.68 |
% |
|
|
0.69 |
% |
Nonperforming assets to total
assets |
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.19 |
% |
|
|
0.23 |
% |
|
|
0.26 |
% |
|
|
0.31 |
% |
|
|
0.50 |
% |
|
|
0.51 |
% |
Net charge-off
(recovery)(annualized) to average total
loans(3) |
|
0.05 |
% |
|
|
— |
% |
|
(0.04 |
)% |
|
|
0.03 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
|
0.30 |
% |
|
|
0.27 |
% |
Tier 1 capital (to average
assets) |
|
11.78 |
% |
|
|
11.55 |
% |
|
|
10.68 |
% |
|
|
9.93 |
% |
|
|
10.19 |
% |
|
|
10.58 |
% |
|
|
10.65 |
% |
|
|
10.28 |
% |
Total capital (to risk
weighted assets) |
|
14.99 |
% |
|
|
15.60 |
% |
|
|
15.14 |
% |
|
|
15.21 |
% |
|
|
15.74 |
% |
|
|
16.18 |
% |
|
|
17.44 |
% |
|
|
17.50 |
% |
Common equity tier 1 capital
(to risk weighted assets) |
|
14.23 |
% |
|
|
14.64 |
% |
|
|
14.06 |
% |
|
|
14.12 |
% |
|
|
14.63 |
% |
|
|
14.95 |
% |
|
|
14.24 |
% |
|
|
14.12 |
% |
Tangible common equity
ratio(1) |
|
10.18 |
% |
|
|
10.52 |
% |
|
|
10.60 |
% |
|
|
10.57 |
% |
|
|
10.60 |
% |
|
|
10.68 |
% |
|
|
11.07 |
% |
|
|
10.48 |
% |
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
11,255,956 |
|
|
$ |
11,431,110 |
|
|
$ |
11,701,679 |
|
|
$ |
12,701,152 |
|
|
$ |
12,538,596 |
|
|
$ |
11,826,326 |
|
|
$ |
11,453,080 |
|
|
$ |
11,517,836 |
|
Total earning assets |
$ |
10,829,703 |
|
|
$ |
11,030,670 |
|
|
$ |
11,300,267 |
|
|
$ |
12,326,473 |
|
|
$ |
12,180,872 |
|
|
$ |
11,486,280 |
|
|
$ |
11,152,933 |
|
|
$ |
11,236,440 |
|
Total
loans(3) |
$ |
7,379,198 |
|
|
$ |
7,282,589 |
|
|
$ |
7,104,727 |
|
|
$ |
7,053,701 |
|
|
$ |
6,890,414 |
|
|
$ |
7,055,621 |
|
|
$ |
7,382,238 |
|
|
$ |
7,726,716 |
|
Total deposits |
$ |
9,524,139 |
|
|
$ |
9,907,497 |
|
|
$ |
10,184,886 |
|
|
$ |
10,874,976 |
|
|
$ |
10,670,206 |
|
|
$ |
9,948,114 |
|
|
$ |
9,530,909 |
|
|
$ |
9,601,249 |
|
Total borrowings |
$ |
411,060 |
|
|
$ |
158,001 |
|
|
$ |
152,583 |
|
|
$ |
371,987 |
|
|
$ |
402,393 |
|
|
$ |
448,697 |
|
|
$ |
536,926 |
|
|
$ |
573,750 |
|
Total shareholders’
equity |
$ |
1,233,705 |
|
|
$ |
1,271,753 |
|
|
$ |
1,281,742 |
|
|
$ |
1,341,785 |
|
|
$ |
1,342,525 |
|
|
$ |
1,331,022 |
|
|
$ |
1,290,029 |
|
|
$ |
1,254,780 |
|
(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.(3) Excludes loans held for sale.
CONTACT:David G. Danielson240.552.9534
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