Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent
company of EagleBank (the “Bank”), today announced record net
income of $43.5 million for the first quarter of 2021, as compared
to $23.1 million net income for the first quarter of 2020, an 88%
increase. Net income per basic and diluted common share for the
first quarter of 2021 was $1.36 compared to $0.70 for the first
quarter of 2020, a 94% increase. The increase in earnings is
largely due to the first quarter of 2021 including a reversal of
the provision for credit losses and significant gain on sale of
residential mortgages, whereas the first quarter of 2020 included
provisions for credit losses at the beginning of the COVID-19
pandemic, as well as, mark-to-market losses related to a hedge
position on mortgage operations.
First Quarter 2021
Highlights
- Income Statement
- Net income of $43.5 million
- Total revenue of $93.2 million (up 9.4% from a year ago)
- Reversal of allowance for credit losses of $2.4 million
- Net interest margin of 2.98%
- Return on average assets ("ROAA") of 1.53%
- Return on average common equity ("ROACE") of 14.05%
- Return on average tangible common equity ("ROATCE") of
15.33%1
- Efficiency ratio of 40.7%
- Balance
Sheet
- Assets of $11.1 billion
- Book value per share of $39.45 (up
9.2% from a year ago)
- Tangible book value per share of $36.16 (up 10.0% from a year
ago)1
- Total risk based capital ratio of
17.86%
- Annualized net charge-off ratio to
average loans of 0.27%
- Nonperforming assets to total
assets of 0.51%
- Allowance for credit losses to
total loans of 1.36%
____________________1 A reconciliation of
non-GAAP financial measures to the nearest non-GAAP measure is
provided in the tables that accompany this document.
Susan G. Riel, President and Chief Executive
Officer of Eagle Bancorp, Inc. commented, "We ended the first
quarter of 2021 with record net income, continued strengthening in
asset quality and a high level of capital. Earnings included a
reversal to the allowance for credit losses as our outlook on the
economy has improved, and another large gain on sale of residential
mortgages from our residential mortgage division, which continues
to generate strong results. For the quarter, we generated net
income of $43.5 million with an ROAA of 1.53%, ROACE of 14.05% and
a ROATCE2 of 15.33%."
"These earnings continue to demonstrate balanced
financial performance including our ability to manage an efficient
bank and we remain a leader among our peers with an efficiency
ratio for the quarter of 40.7%. As an example of our expense
management, during the quarter we relocated two branches with
expiring leases to better locations nearby and consolidated two
back-office locations, also with expiring leases, into a single new
location, saving about $460,000 annually in rental expenses."
"While loan demand remains challenged during the
pandemic, our earnings continue to generate capital that we expect
will enable us to hit the ground running when economic activity and
business openings expand. We believe the Washington, D.C. area is
one of the most resilient and strongest economies in the nation and
we remain optimistic about the reopening of businesses, and the
positive impact the government stimulus will have on the regional
economy. At quarter end, our shareholders equity reached $1.26
billion and our total risk-based capital was 17.86%. This gives us
the ability to originate loans for large commercial projects, as
well as a lot of runway to grow the loan portfolio when economic
conditions improve and more opportunities arise."
"For our shareholders, at the end of the quarter
our board increased the dividend to $0.25 per share, our first
increase since the dividend was re-instituted in the second quarter
of 2019. We also authorized a new stock repurchase plan in December
2020."
"We once again thank all of our employees for
their commitment and diligence in serving the needs of our clients
and communities and following safe health practices. As we look
toward summer with optimism, we remain focused on strong and
balanced operating performance. We will continue to proactively
manage any asset quality concerns while delivering best-in-class
service to our customers. We will continue to exercise prudent
oversight of expenses, while retaining an infrastructure that is
competitive, supports our growth initiatives, and proactively
enhances our risk management systems as we position ourselves for
future growth.”
Income Statement
- Net interest
income was $82.7 million in the first quarter of 2021, up
from $79.7 million in the first quarter of 2020. The increase of
$3.0 million was primarily from a 22% increase in average earning
assets partially offset by a reduction in net interest margin.
- Net interest
margin was 2.98% for the first quarter of 2021, as
compared to 3.49% for the first quarter of 2020. The decrease in
margin primarily reflects a lower rate environment, significantly
higher cash balances from strong deposit inflows and lower rates on
Paycheck Protection Program ("PPP") loans.
- Pre-provision net
revenue ("PPNR")3 was $55.3 million in the first quarter
of 2021, up from $47.9 million in the first quarter of 2020. As a
percent of average assets, PPNR in the first quarter of 2021 was
1.95%, down from 2.04% in the first quarter of 2020. This decline
was a result of a 15.4% increase in PPNR being outpaced by a 21.9%
increase in average assets.
____________________2 A reconciliation of non-GAAP financial
measures to the nearest non-GAAP measure is provided in the tables
that accompany this document.
| ($ in thousands) |
Three Months Ended |
| |
March 31, 2021 |
|
March 31, 2020 |
|
Net interest income (GAAP) |
$ |
82,651 |
|
|
|
$ |
79,744 |
|
|
| Non-interest income
(GAAP) |
10,587 |
|
|
|
5,470 |
|
|
| Non-interest expense
(GAAP) |
(37,987 |
) |
|
|
(37,347 |
) |
|
| Pre-provision net revenue
(non-GAAP) |
$ |
55,251 |
|
|
|
$ |
47,867 |
|
|
| |
|
|
|
| Average Assets (GAAP) |
$ |
11,517,836 |
|
|
|
$ |
9,447,663 |
|
|
| PPNR to Average Assets
(non-GAAP) |
1.95 |
|
% |
|
2.04 |
|
% |
| |
|
|
|
|
|
|
|
- Provision for credit
losses resulted in a reversal of $2.4 million in the first
quarter of 2021, as compared to a provision of $14.3 million for
the first quarter 2020. The reversal was driven by the improved
macroeconomic outlook, improvement of credits in the loan portfolio
and a reduction in total loans.
- Net charge-offs
were $5.2 million in the first quarter of 2021 as compared to $2.2
million in the first quarter of 2020. On an annualized basis, this
was 0.27% of average loans (excluding loans held for sale) in the
first quarter of 2021, as compared 0.12% in the first quarter of
2020. Charge-offs in the first quarter of 2021 were mostly a
variety of commercial C&I credits, which included two
restaurants, one commercial real estate credit for a hotel and two
Small Business Administration ("SBA") credits.
- Noninterest income
was $10.6 million in the first quarter of 2021, as compared to $5.5
million for the first quarter 2020, a 94% increase. The increase
was primarily due to a substantially higher gain on the sale of
loans of $5.2 million and a $911 thousand gain from the
cancellation of an FHLB borrowing for the first quarter of 2021 as
compared to $0.9 million for the first quarter of 2020 (which
included $2.6 million in hedge and mark-to-market losses).
Residential mortgage loan locked commitments were $303.3 million
for the first quarter of 2021 as compared to $422.2 million for the
first quarter of 2020.
-
Noninterest expenses were $38.0 million for the
first quarter of 2021 as compared to $37.3 million for the first
quarter 2020, a 2% increase. The major changes between the two
quarters were as follows:
- Salaries and
employee benefits were up $4.0 million as the number of employees
increased, the incentive bonus accruals based on economic outlook
were higher in the first quarter of 2021 (due to the gradual
reopening of the economy) than in the first quarter of 2020 (due to
the onset of the COVID-19 pandemic) and an increase in share based
compensation awards and vesting in 2021.
- Legal,
accounting and professional fees were down $4.0 million in the
first quarter of 2021, as the first quarter of 2020 included
elevated expenses from previously disclosed litigation.
- FDIC expenses
were up $1.0 million off a higher deposit base.
- Efficiency ratio
was 40.7% for the first quarter of 2021, an improvement from 43.8%
for the first quarter of 2020. The improvement in the first quarter
of 2021 over the first quarter of 2020 was from increases in
noninterest income and net interest income, while non-interest
expenses remained relatively flat.
- Effective income tax
rate for the first quarter of 2021 was 25.1% as compared
to 26.5% for the first quarter of 2020. The decrease was due
primarily to an increase in Low Income Housing Tax Credits in the
first quarter of 2021.
____________________3 A reconciliation of non-GAAP financial
measures to the nearest non-GAAP measure is provided in the table
below.
Balance Sheet
- Total assets at
March 31, 2021 were $11.1 billion, up less than 1% from the
prior quarter-end and up 11.4% from a year ago. The increase in
assets over assets from a year ago was primarily driven by deposit
inflows in the second and third quarters of 2020.
- Total loans
(excluding loans held for sale) were $7.5 billion as of March 31,
2021, a decrease of 3.0% from the prior quarter end and a decrease
of 4.0% from a year ago. If PPP loans were excluded, the balance
was $7.0 billion4 at March 31, 2021, a decrease of 4.7% from
the prior quarter end and a decrease of 11.2% from a year ago. We
have continued to focus on serving our current loan clients and
maintaining credit quality, over expanding the loan portfolio at
lower rates and less favorable terms.
| ($ in thousands) |
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
| |
|
|
|
|
|
| Total loans, excluding loans
held for sale (GAAP) |
$ |
7,526,689 |
|
|
|
7,760,212 |
|
|
|
7,840,873 |
|
|
| Less: PPP loans |
(565,018 |
) |
|
|
(454,771 |
) |
|
|
$ |
— |
|
|
|
Total loans, excluding loans held for sale and PPP loans
(Non-GAAP) |
$ |
6,961,671 |
|
|
|
$ |
7,305,441 |
|
|
|
$ |
7,840,873 |
|
|
|
|
- Allowance for credit
losses was 1.36% of gross loans, compared to 1.41% the
prior quarter-end and 1.23% a year ago. Adjusted to exclude PPP
loans, which are fully government guaranteed, the allowance for
credit losses was 1.47%5, compared to 1.50% the prior quarter end
and 1.23% a year ago. The reduction in the allowance for credit
losses in the first quarter of 2021, is due to a provision reversal
of $2.4 million and net charge-offs of $5.2 million.
____________________4 A reconciliation of GAAP to non-GAAP
financial measures is provided below.5 A reconciliation of GAAP to
non-GAAP financial measures is provided below.
| ($ in thousands) |
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
| |
|
|
|
|
|
| Allowance for credit
losses, adjusted |
|
|
|
|
|
|
Allowance for credit losses |
$ |
102,070 |
|
|
|
$ |
109,579 |
|
|
|
$ |
96,336 |
|
|
| |
|
|
|
|
|
| Total loans (GAAP) |
$ |
7,526,689 |
|
|
|
$ |
7,760,212 |
|
|
|
$ |
7,840,873 |
|
|
| Less: PPP loans |
(565,018 |
) |
|
|
(454,771 |
) |
|
|
— |
|
|
| Total loans excluding PPP
loans (non-GAAP) |
$ |
6,961,671 |
|
|
|
$ |
7,305,441 |
|
|
|
$ |
7,840,873 |
|
|
| |
|
|
|
|
|
| Allowance for credit losses to
total loans (GAAP) |
1.36 |
|
% |
|
1.41 |
|
% |
|
1.23 |
|
% |
| Allowance for credit losses to
total loans excluding PPP loans (non-GAAP) |
1.47 |
|
% |
|
1.50 |
|
% |
|
1.23 |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
- Investment
portfolio had a balance of $1.4 billion at March 31,
2021, up $218 million or 18.9% from the prior quarter end and up
$510 million or 59.4% from a year ago. Investments made during the
quarter were primarily 20 year, 2% agency mortgage backed
securities and callable agency bonds. We continue to judiciously
deploy excess liquidity in to the investment portfolio to achieve
higher yields over cash alternatives.
- Total deposits
were $9.2 billion at March 31, 2021, up $9.6 million or 0.1%
from the prior quarter end, and up $1.1 billion or 13.0% from a
year ago. Deposit growth slowed in the first quarter of 2021 which
allowed the Bank to reduce its excess liquidity as it deployed
funds into the investment portfolio.
- Total
shareholders’ equity was $1.26 billion at March 31,
2021, up $19.9 million or 1.6% from the prior quarter end, and up
$98.1 million or 8.4% from a year ago. In the first quarter of
2021, the increases in stockholders equity were partially offset by
common dividends declared of $7.9 million and stock repurchases of
$62 thousand.
- Book value per
share was $39.45, up 1.0% from the prior quarter end and up 9.2%
from a year ago.
- Tangible book value per share was
$36.166, up 1.2% from the prior quarter end and up 10.0% from a
year ago.
- Capital ratios for
the Company remain strong and substantially in excess of regulatory
minimum requirements. Regulatory ratios based on risk based capital
ratios continue to trend up, driven by strong earnings and declines
in risk weighted assets, including relatively little change in
outstanding loans. Tier 1 Capital which was adversely impacted by
the increase in average assets, trended down.
____________________6 A reconciliation of non-GAAP financial
measures to the nearest non-GAAP measure is provided in the tables
that accompany this document.
| |
For the Company |
| |
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|
Well Capitalized Minimum |
| Regulatory
Ratios |
|
|
|
|
|
|
|
|
Total Capital (to risk weighted assets) |
17.86 |
% |
|
17.04 |
% |
|
15.44 |
% |
|
10.00 |
% |
| Tier 1 Capital (to risk
weighted assets) |
14.42 |
% |
|
13.49 |
% |
|
12.14 |
% |
|
8.00 |
% |
| Common Equity Tier 1 (to risk
weighted assets) |
14.42 |
% |
|
13.49 |
% |
|
12.14 |
% |
|
6.50 |
% |
| Tier 1 Capital (to average
assets) |
10.28 |
% |
|
10.31 |
% |
|
11.33 |
% |
|
5.00 |
% |
| |
|
|
|
|
|
|
|
| Common Capital
Ratios |
|
|
|
|
|
|
|
| Common Equity Ratio |
11.33 |
% |
|
11.16 |
% |
|
11.64 |
% |
|
— |
% |
| Tangible Common Equity
Ratio |
10.48 |
% |
|
10.31 |
% |
|
10.70 |
% |
|
— |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Additional Commentary
- Stock repurchase
plan: In December 2020, the Board of Directors approved a
new stock repurchase plan of up to 1,588,848 shares, or
approximately 5% of shares outstanding, which commenced January 1,
2021. In the first quarter of 2021, the Company completed
repurchases of 1,466 shares for $62,000 at an average cost of
$42.46 per share under the Stock Repurchase Plan.
- Increase in the
dividend: On March 31, 2021, the Board of Directors
declared a quarterly cash dividend of $0.25 per common share
payable on May 3, 2021 to shareholders of record on April 21, 2021.
This was an increase over the prior quarterly dividend of $0.22 per
share that had been in place since the second quarter of 2019.
- Deposit mix: The
Company continues to emphasize achieving core deposit growth. The
mix of average noninterest deposits to average total deposits
remained favorable at 32% in the first quarter of 2021, as compared
to 29% in the first quarter of 2020. In the first quarter of 2021,
CDs with a total balance of $230.9 million with a weighted average
rate of 1.69% matured. These CDs had weighted average term of 18
months at issuance.
- Loans
closed/payoffs: We continue to seek well structured new
loan opportunities. Loan payoffs in the first quarter of 2021
continued at a level similar to the fourth quarter of 2020. With
new loan closings down, total loan balances (excluding loans held
for sale and PPP loans) fell $344 million from the prior quarter
end. Unfunded commitments declined to $1.9 billion as of March 31,
2021 as compared to $2.1 billion a year ago.
- Loan
yields: In addition to the current sharply lower interest
rate environment which continued from 2020, we have focused less on
higher risk and higher yielding construction lending and more on
strong commercial real estate credits secured by stabilized income
producing properties.
- The yield on the
loan portfolio was 4.65% for the first quarter of 2021 as compared
to 5.07% for the first quarter of 2020.
- Loan yields, excluding lower
yielding PPP loans, was 4.73%7 in the first quarter of 2021, as
compared to 5.07% in the first quarter of 2020.
| ($ in thousands) |
Three Months Ended |
| |
March 31, 2021 |
|
March 31, 2020 |
| |
Average Balance |
|
Interest |
|
AverageYield/Rate |
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
| Loan Yields,
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield (GAAP) |
$ |
7,726,716 |
|
|
$ |
88,499 |
|
|
4.65 |
% |
|
$ |
7,650,993 |
|
|
$ |
96,401 |
|
|
5.07 |
% |
|
PPP Loan yield (non-GAAP) |
|
516,317 |
|
|
|
4,452 |
|
|
3.50 |
% |
|
|
— |
|
|
|
— |
|
|
— |
% |
| Loans yield, excluding PPP
loans (non-GAAP) |
|
7,210,399 |
|
|
|
84,047 |
|
|
4.73 |
% |
|
|
7,650,993 |
|
|
|
96,401 |
|
|
5.07 |
% |
| |
- Paycheck protection
program: As a SBA preferred lender, the Bank actively
participated in the PPP, and at March 31, 2021 had an
outstanding balance of PPP loans of $565.0 million. During the
first quarter of 2021, PPP originations were $192.7 million and the
PPP loans balances forgiven were $82.9 million.
- COVID-19 loan
deferrals: At March 31, 2021, 58 notes were deferred with
outstanding balances of $143.4 million, which was 1.9% of total
loans.
- Industry segments impacted
by COVID-19: Industry segments which we believe may have
heightened risk from the COVID-19 pandemic are as follows:
| ($ in thousands) |
March 31, 2021 |
| |
Principal Balance |
|
% of Total Loans |
| Industry |
|
|
|
|
Accommodation and Food Service |
$ |
807,237 |
|
|
10.7 |
% |
| Retail Trade |
85,878 |
|
|
1.1 |
% |
| |
|
|
|
| Commercial
Real Estate exposure (not included above) |
|
|
| Restaurant |
42,386 |
|
|
0.6 |
% |
| Hotel |
26,255 |
|
|
0.3 |
% |
| Retail |
374,863 |
|
|
5.0 |
% |
|
Total |
$ |
1,336,619 |
|
|
17.8 |
% |
-
Nonperforming loans and assets: On a linked
quarter basis, both non-performing loans and assets decreased.
- Nonperforming
loans were $52.3 million or 0.69% of total loans at March 31,
2021, down from $60.9 million or 0.79% at the prior quarter end,
and up from $47.7 million or 0.61% of total loans a year ago.
- Nonperforming assets were $57.3
million or 0.51% of total assets at March 31, 2021, down from
$65.9 million or 0.59% at the prior quarter end, and up from $56.0
million or 0.56% of total assets a year ago. At March 31, 2021,
other real estate owned was $5.0 million, unchanged from the prior
quarter end.
- Legal update: As
previously disclosed by the Company, on December 24, 2020, by
stipulation of the parties, the United States District Court for
the Southern District of New York stayed the putative class action
lawsuit filed against the Company and certain of its officers, its
current and former President and Chief Executive Officer, its
current and former Chief Financial Officer and its former General
Counsel on behalf of persons who purchased or otherwise acquired
Company securities between March 2, 2015 and July 17, 2019 (the
“class”), pending a non-binding mediation that had been scheduled
for April 13, 2021.Immediately following the non-binding mediation,
the lead plaintiff, on behalf of the class, the Company and each of
the other defendants continued a settlement dialogue and reached an
agreement to settle the putative class action lawsuit, involving a
total payment by the Company of $7.5 million in exchange for the
release of all of the defendants from all alleged claims in the
class action suit, without any admission or concession of
wrongdoing by the Company or the other defendants. The agreement
remains subject to final documentation, court approval and other
customary conditions. The Company expects that the full amount of a
final settlement will be paid by the Company’s insurance carriers
under applicable insurance policies. There can be no assurance,
however, that the agreement will be fully documented, receive court
approval and/or meet all other conditions.On January 25, 2021, the
Company entered into a settlement agreement with respect to a
previously disclosed shareholder demand letter, covering
substantially the same subject matters as the disclosed civil
securities class action litigation pending in the United States
District Court for the Southern District of New York (SDNY). As
required by DC Superior Court administrative procedures,
shareholder's counsel first filed a derivative action complaint
against the individual directors and officers named in the demand
letter, and the Company as nominal Defendant before filing the
executed stipulation of settlement accompanied by the shareholder's
brief in support of their unopposed motion to approve the
settlement. Court approval of the stipulation of settlement remains
pending a hearing currently scheduled for May 12, 2021.Although the
Company believes the stipulation of settlement is in the best
interests of the Company’s shareholders, there can be no assurance
that the stipulation of settlement will be approved by the
court.
Additional financial
information: The financial information that follows
provides more detail on the Company’s financial performance for the
three months ended March 31, 2021 as compared to the three
months ended March 31, 2020, 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, 2020, and other reports filed with the Securities and
Exchange Commission (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 twenty branch 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.
Conference call: Eagle Bancorp
will host a conference call to discuss its first quarter 2021
financial results on Thursday, April 22, 2021 at 10:00 a.m. eastern
time. The public is invited to listen to this conference call by
dialing 1.877.303.6220, conference ID Code 1139926, 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 May 6, 2021.
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 the macroeconomic and other
challenges and uncertainties resulting from the COVID-19 pandemic,
including on our credit quality, asset and loan growth and broader
business operations), interest rates and interest rate policy,
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, 2020, 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.
____________________7 A reconciliation of
non-GAAP financial measures to the nearest non-GAAP measure is
provided below.
| Eagle Bancorp,
Inc. |
|
|
|
| Consolidated Financial
Highlights (Unaudited) |
|
|
|
| (dollars in thousands, except
per share data) |
|
| |
Three Months Ended |
| |
March 31, 2021 |
|
March 31, 2020 |
| Income
Statements: |
|
|
|
|
Total interest income |
$ |
94,194 |
|
|
|
$ |
103,801 |
|
| Total interest expense |
11,543 |
|
|
|
24,057 |
|
| Net interest income |
82,651 |
|
|
|
79,744 |
|
| Provision for credit
losses |
(2,350 |
) |
|
|
14,310 |
|
| Provision for Unfunded
Commitments |
(442 |
) |
|
|
2,112 |
|
| Net interest income after
provision for credit losses |
85,443 |
|
|
|
63,322 |
|
| Noninterest income (before
investment gain) |
10,366 |
|
|
|
4,648 |
|
| Gain (loss) on sale of
investment securities |
221 |
|
|
|
822 |
|
| Total noninterest income |
10,587 |
|
|
|
5,470 |
|
| Total noninterest expense |
37,987 |
|
|
|
37,347 |
|
| Income before income tax
expense |
58,043 |
|
|
|
31,445 |
|
| Income tax expense |
14,574 |
|
|
|
8,322 |
|
| Net income |
$ |
43,469 |
|
|
|
$ |
23,123 |
|
| Per Share
Data: |
|
|
|
| Earnings per weighted average
common share, basic |
$ |
1.36 |
|
|
|
$ |
0.70 |
|
| Earnings per weighted average
common share, diluted |
$ |
1.36 |
|
|
|
$ |
0.70 |
|
| Weighted average common shares
outstanding, basic |
31,869,655 |
|
|
|
32,850,112 |
|
| Weighted average common shares
outstanding, diluted |
31,922,940 |
|
|
|
32,875,508 |
|
| Actual shares outstanding at
period end |
31,960,379 |
|
|
|
32,197,258 |
|
| Book value per common share at
period end |
$ |
39.45 |
|
|
|
$ |
36.11 |
|
| Tangible book value per common
share at period end (1) |
$ |
36.16 |
|
|
|
$ |
32.86 |
|
| Dividend per common share |
$ |
0.25 |
|
|
|
$ |
0.22 |
|
| Performance Ratios
(annualized): |
|
|
|
| Return on average assets |
1.53 |
|
% |
|
0.98 |
% |
| Return on average common
equity |
14.05 |
|
% |
|
7.81 |
% |
| Return on average tangible
common equity |
15.33 |
|
% |
|
8.56 |
% |
| Net interest margin |
2.98 |
|
% |
|
3.49 |
% |
| Efficiency ratio
(2) |
40.74 |
|
% |
|
43.83 |
% |
| Other
Ratios: |
|
|
|
| Allowance for credit losses to
total loans (3) |
1.36 |
|
% |
|
1.23 |
% |
| Allowance for credit losses to
total nonperforming loans |
195.25 |
|
% |
|
201.80 |
% |
| Nonperforming loans to total
loans (3) |
0.69 |
|
% |
|
0.61 |
% |
| Nonperforming assets to total
assets |
0.51 |
|
% |
|
0.56 |
% |
| Net charge-offs (annualized)
to average loans (3) |
0.27 |
|
% |
|
0.12 |
% |
| Common equity to total
assets |
11.33 |
|
% |
|
11.64 |
% |
| Tier 1 capital (to average
assets) |
10.28 |
|
% |
|
11.33 |
% |
| Total capital (to risk
weighted assets) |
17.86 |
|
% |
|
15.44 |
% |
| Common equity tier 1 capital
(to risk weighted assets) |
14.42 |
|
% |
|
12.14 |
% |
| Tangible common equity ratio
(1) |
10.48 |
|
% |
|
10.70 |
% |
| Loan Balances - Period
End (in thousands): |
|
|
|
| Commercial and Industrial |
$ |
1,398,155 |
|
|
|
$ |
1,773,478 |
|
| PPP loans |
$ |
565,018 |
|
|
|
$ |
— |
|
| |
|
|
|
| Commercial real estate -
income producing |
$ |
3,430,077 |
|
|
|
$ |
3,827,024 |
|
| Commercial real estate - owner
occupied |
$ |
1,012,457 |
|
|
|
$ |
971,634 |
|
| 1-4 Family mortgage |
$ |
71,209 |
|
|
|
$ |
104,558 |
|
| Construction - commercial and
residential |
$ |
829,481 |
|
|
|
$ |
969,166 |
|
| Construction - C&I (owner
occupied) |
$ |
152,240 |
|
|
|
$ |
114,138 |
|
| Home equity |
$ |
67,167 |
|
|
|
$ |
78,228 |
|
| Other consumer |
$ |
885 |
|
|
|
$ |
2,647 |
|
| Average Balances (in
thousands): |
|
|
|
| Total assets |
$ |
11,517,837 |
|
|
|
$ |
9,447,663 |
|
| Total earning assets |
$ |
11,236,440 |
|
|
|
$ |
9,176,174 |
|
| Total loans |
$ |
7,726,716 |
|
|
|
$ |
7,650,993 |
|
| Total deposits |
$ |
9,601,249 |
|
|
|
$ |
7,696,764 |
|
| Total borrowings |
$ |
573,750 |
|
|
|
$ |
485,948 |
|
| Total shareholders’
equity |
$ |
1,254,780 |
|
|
|
$ |
1,191,180 |
|
(1) Tangible common equity to tangible assets
(the "tangible common equity ratio"), tangible book value per
common share, and the annualized 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
table below provides reconciliation of financial measures defined
by GAAP with non-GAAP financial measures. (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) |
| |
Three Months Ended |
| |
March 31, 2021 |
|
March 31, 2020 |
|
Common shareholders' equity |
$ |
1,260,833 |
|
|
|
$ |
1,162,777 |
|
|
| Less: Intangible assets |
(105,179 |
) |
|
|
(104,695 |
) |
|
| Tangible common
equity |
$ |
1,155,654 |
|
|
|
$ |
1,058,082 |
|
|
| Book value per common
share |
$ |
39.45 |
|
|
|
$ |
36.11 |
|
|
| Less: Intangible book value
per common share |
(3.29 |
) |
|
|
(3.25 |
) |
|
| Tangible book value
per common share |
$ |
36.16 |
|
|
|
$ |
32.86 |
|
|
| Total assets |
$ |
11,127,864 |
|
|
|
$ |
9,992,219 |
|
|
| Less: Intangible assets |
(105,179 |
) |
|
|
(104,695 |
) |
|
| Tangible
assets |
$ |
11,022,685 |
|
|
|
$ |
9,887,524 |
|
|
| Tangible common equity
ratio |
10.48 |
|
% |
|
10.70 |
|
% |
| Average common shareholders'
equity |
$ |
1,254,780 |
|
|
|
$ |
1,191,180 |
|
|
| Less: Average intangible
assets |
(105,164 |
) |
|
|
(104,697 |
) |
|
| Average tangible
common equity |
$ |
1,149,616 |
|
|
|
$ |
1,086,483 |
|
|
| Net Income Available to Common
Shareholders |
$ |
43,469 |
|
|
|
$ |
23,123 |
|
|
| Annualized Return on
Average Tangible Common Equity |
15.33 |
|
% |
|
8.56 |
|
% |
|
Eagle Bancorp, Inc. |
|
Consolidated Balance Sheets (Unaudited) |
|
(dollars in thousands, except per share data) |
| Assets |
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|
Cash and due from banks |
$ |
9,112 |
|
|
|
$ |
8,435 |
|
|
|
$ |
7,177 |
|
|
| Federal funds sold |
25,785 |
|
|
|
28,200 |
|
|
|
28,277 |
|
|
| Interest bearing deposits with
banks and other short-term investments |
1,708,374 |
|
|
|
1,752,420 |
|
|
|
904,160 |
|
|
| Investment securities
available for sale (amortized cost of $1,365,139, $1,129,057, and
$838,831, and allowance for credit losses of $78, $167, and $0, as
of March 31, 2021, December 31, 2020 and March 31, 2020,
respectively). |
1,369,107 |
|
|
|
1,151,083 |
|
|
|
858,916 |
|
|
| Federal Reserve and Federal
Home Loan Bank stock |
33,978 |
|
|
|
40,104 |
|
|
|
39,988 |
|
|
| Loans held for sale |
142,196 |
|
|
|
88,205 |
|
|
|
60,036 |
|
|
| Loans |
7,526,689 |
|
|
|
7,760,212 |
|
|
|
7,840,873 |
|
|
| Less allowance for credit
losses |
(102,070 |
) |
|
|
(109,579 |
) |
|
|
(96,336 |
) |
|
| Loans, net |
7,424,619 |
|
|
|
7,650,633 |
|
|
|
7,744,537 |
|
|
| Premises and equipment,
net |
15,045 |
|
|
|
13,553 |
|
|
|
13,687 |
|
|
| Operating lease right-of-use
assets |
30,707 |
|
|
|
25,237 |
|
|
|
25,655 |
|
|
| Deferred income taxes |
44,623 |
|
|
|
38,571 |
|
|
|
30,366 |
|
|
| Bank owned life insurance |
77,119 |
|
|
|
76,729 |
|
|
|
76,139 |
|
|
| Intangible assets, net |
105,179 |
|
|
|
105,114 |
|
|
|
104,695 |
|
|
| Other real estate owned |
4,987 |
|
|
|
4,987 |
|
|
|
8,237 |
|
|
| Other assets |
137,033 |
|
|
|
134,531 |
|
|
|
90,349 |
|
|
| Total
Assets |
$ |
11,127,864 |
|
|
|
$ |
11,117,802 |
|
|
|
$ |
9,992,219 |
|
|
| |
|
|
|
|
|
| Liabilities and
Shareholders' Equity |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
| Noninterest bearing
demand |
$ |
2,594,334 |
|
|
|
$ |
2,809,334 |
|
|
|
$ |
1,994,209 |
|
|
| Interest bearing
transaction |
862,709 |
|
|
|
756,923 |
|
|
|
931,597 |
|
|
| Savings and money market |
4,875,840 |
|
|
|
4,645,186 |
|
|
|
3,950,495 |
|
|
| Time, $100,000 or more |
513,998 |
|
|
|
546,173 |
|
|
|
608,355 |
|
|
| Other time |
351,963 |
|
|
|
431,587 |
|
|
|
656,912 |
|
|
| Total deposits |
9,198,844 |
|
|
|
9,189,203 |
|
|
|
8,141,568 |
|
|
| Customer repurchase
agreements |
20,061 |
|
|
|
26,726 |
|
|
|
31,377 |
|
|
| Other short-term
borrowings |
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
| Long-term borrowings |
218,175 |
|
|
|
268,077 |
|
|
|
267,784 |
|
|
| Operating lease
liabilities |
33,338 |
|
|
|
28,022 |
|
|
|
28,242 |
|
|
| Reserve for unfunded
commitments |
5,056 |
|
|
|
5,498 |
|
|
|
6,230 |
|
|
| Other liabilities |
91,557 |
|
|
|
59,384 |
|
|
|
54,240 |
|
|
| Total
liabilities |
9,867,031 |
|
|
|
9,876,910 |
|
|
|
8,829,441 |
|
|
| Shareholders'
Equity |
|
|
|
|
|
| Common stock, par value $.01
per share; shares authorized 100,000,000, shares issued and
outstanding 31,960,379, 31,779,663, and 32,197,258,
respectively |
316 |
|
|
|
315 |
|
|
|
320 |
|
|
| Additional paid in
capital |
428,917 |
|
|
|
427,016 |
|
|
|
439,321 |
|
|
| Retained earnings |
833,598 |
|
|
|
798,061 |
|
|
|
710,072 |
|
|
| Accumulated other
comprehensive income (loss) |
(1,998 |
) |
|
|
15,500 |
|
|
|
13,065 |
|
|
| Total Shareholders'
Equity |
1,260,833 |
|
|
|
1,240,892 |
|
|
|
1,162,778 |
|
|
| Total Liabilities and
Shareholders' Equity |
$ |
11,127,864 |
|
|
|
$ |
11,117,802 |
|
|
|
$ |
9,992,219 |
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Statements of Income (Unaudited) |
|
(dollars in thousands, except per share data) |
| |
Three Months Ended |
| Interest
Income |
March 31, 2021 |
|
March 31, 2020 |
|
Interest and fees on loans |
$ |
89,238 |
|
|
|
$ |
96,755 |
|
| Interest and dividends on
investment securities |
4,395 |
|
|
|
5,427 |
|
| Interest on balances with
other banks and short-term investments |
553 |
|
|
|
1,559 |
|
| Interest on federal funds
sold |
8 |
|
|
|
60 |
|
| Total interest income |
94,194 |
|
|
|
103,801 |
|
| Interest
Expense |
|
|
|
| Interest on deposits |
7,899 |
|
|
|
20,546 |
|
| Interest on customer
repurchase agreements |
11 |
|
|
|
87 |
|
| Interest on other short-term
borrowings |
495 |
|
|
|
357 |
|
| Interest on long-term
borrowings |
3,138 |
|
|
|
3,067 |
|
| Total interest expense |
11,543 |
|
|
|
24,057 |
|
| Net Interest
Income |
82,651 |
|
|
|
79,744 |
|
| Provision for Credit
Losses |
(2,350 |
) |
|
|
14,310 |
|
| Provision for Unfunded
Commitments |
(442 |
) |
|
|
2,112 |
|
| Net Interest Income
After Provision For Credit Losses |
85,443 |
|
|
|
63,322 |
|
| Noninterest
Income |
|
|
|
| Service charges on
deposits |
977 |
|
|
|
1,425 |
|
| Gain on sale of loans |
5,178 |
|
|
|
944 |
|
| Gain (loss) on sale of
investment securities |
221 |
|
|
|
822 |
|
| Increase in the cash surrender
value of bank owned life insurance |
389 |
|
|
|
414 |
|
| Other income |
3,822 |
|
|
|
1,865 |
|
| Total noninterest income |
10,587 |
|
|
|
5,470 |
|
| Noninterest
Expense |
|
|
|
| Salaries and employee
benefits |
21,769 |
|
|
|
17,797 |
|
| Premises and equipment
expenses |
3,618 |
|
|
|
3,821 |
|
| Marketing and advertising |
886 |
|
|
|
1,078 |
|
| Data processing |
2,814 |
|
|
|
2,496 |
|
| Legal, accounting and
professional fees |
2,999 |
|
|
|
6,988 |
|
| FDIC insurance |
2,428 |
|
|
|
1,424 |
|
| Other expenses |
3,473 |
|
|
|
3,743 |
|
| Total noninterest expense |
37,987 |
|
|
|
37,347 |
|
| Income Before Income
Tax Expense |
58,043 |
|
|
|
31,445 |
|
| Income Tax
Expense |
14,574 |
|
|
|
8,322 |
|
| Net
Income |
$ |
43,469 |
|
|
|
$ |
23,123 |
|
| Earnings Per Common
Share |
|
|
|
| Basic |
$ |
1.36 |
|
|
|
$ |
0.70 |
|
| Diluted |
$ |
1.36 |
|
|
|
$ |
0.70 |
|
|
Eagle Bancorp, Inc. |
|
Consolidated Average Balances, Interest Yields And Rates
(Unaudited) |
|
(dollars in thousands) |
| |
Three Months Ended |
| |
March 31, 2021 |
|
March 31, 2020 |
| |
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 |
$ |
2,103,679 |
|
|
$ |
553 |
|
|
0.11 |
% |
|
$ |
588,148 |
|
|
$ |
1,559 |
|
|
1.07 |
% |
| Loans held for sale
(1) |
104,784 |
|
|
739 |
|
|
2.82 |
% |
|
38,749 |
|
|
354 |
|
|
3.65 |
% |
| Loans (1)
(2) |
7,726,716 |
|
|
88,499 |
|
|
4.65 |
% |
|
7,650,993 |
|
|
96,401 |
|
|
5.07 |
% |
| Investment securities
available for sale (2) |
1,268,952 |
|
|
4,395 |
|
|
1.40 |
% |
|
867,666 |
|
|
5,427 |
|
|
2.52 |
% |
| Federal funds sold |
32,309 |
|
|
8 |
|
|
0.10 |
% |
|
30,618 |
|
|
60 |
|
|
0.79 |
% |
| Total interest earning
assets |
11,236,440 |
|
|
94,194 |
|
|
3.40 |
% |
|
9,176,174 |
|
|
103,801 |
|
|
4.55 |
% |
| Total noninterest earning
assets |
390,775 |
|
|
|
|
|
|
356,317 |
|
|
|
|
|
| Less: allowance for credit
losses |
109,379 |
|
|
|
|
|
|
84,828 |
|
|
|
|
|
| Total noninterest earning
assets |
281,396 |
|
|
|
|
|
|
271,489 |
|
|
|
|
|
| TOTAL
ASSETS |
$ |
11,517,836 |
|
|
|
|
|
|
$ |
9,447,663 |
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
transaction |
$ |
771,321 |
|
|
$ |
427 |
|
|
0.22 |
% |
|
$ |
805,134 |
|
|
$ |
1,666 |
|
|
0.83 |
% |
| Savings and money market |
4,839,348 |
|
|
3,970 |
|
|
0.33 |
% |
|
3,337,958 |
|
|
11,082 |
|
|
1.34 |
% |
| Time deposits |
921,208 |
|
|
3,503 |
|
|
1.54 |
% |
|
1,287,310 |
|
|
7,798 |
|
|
2.44 |
% |
| Total interest bearing
deposits |
6,531,877 |
|
|
7,900 |
|
|
0.49 |
% |
|
5,430,402 |
|
|
20,546 |
|
|
1.52 |
% |
| Customer repurchase
agreements |
20,615 |
|
|
11 |
|
|
0.22 |
% |
|
30,008 |
|
|
87 |
|
|
1.17 |
% |
| Other short-term
borrowings |
300,003 |
|
|
495 |
|
|
0.66 |
% |
|
220,058 |
|
|
357 |
|
|
0.64 |
% |
| Long-term borrowings |
253,132 |
|
|
3,137 |
|
|
4.96 |
% |
|
235,882 |
|
|
3,067 |
|
|
5.14 |
% |
| Total interest bearing
liabilities |
7,105,627 |
|
|
11,543 |
|
|
0.66 |
% |
|
5,916,350 |
|
|
24,057 |
|
|
1.64 |
% |
| Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing
demand |
3,069,372 |
|
|
|
|
|
|
2,266,362 |
|
|
|
|
|
| Other liabilities |
88,057 |
|
|
|
|
|
|
73,771 |
|
|
|
|
|
| Total noninterest bearing
liabilities |
3,157,429 |
|
|
|
|
|
|
2,340,133 |
|
|
|
|
|
| Shareholders’ Equity |
1,254,780 |
|
|
|
|
|
|
1,191,180 |
|
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,517,836 |
|
|
|
|
|
|
$ |
9,447,663 |
|
|
|
|
|
| Net interest income |
|
|
$ |
82,651 |
|
|
|
|
|
|
$ |
79,744 |
|
|
|
| Net interest spread |
|
|
|
|
2.74 |
% |
|
|
|
|
|
2.91 |
% |
| Net interest margin |
|
|
|
|
2.98 |
% |
|
|
|
|
|
3.49 |
% |
| Cost of funds |
|
|
|
|
0.42 |
% |
|
|
|
|
|
1.06 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $7.8 million and $4.3 million for the three
months ended March 31, 2021 and March 31, 2020, respectively.(2)
Interest and fees on loans and investments exclude tax equivalent
adjustments.
|
Statements of Income and Highlights Quarterly Trends
(Unaudited) |
|
(dollars in thousands, except per share data) |
| |
|
|
Three Months Ended |
| |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
| Income
Statements: |
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
Total interest income |
$ |
94,194 |
|
|
|
$ |
94,680 |
|
|
$ |
93,833 |
|
|
|
$ |
97,672 |
|
|
$ |
103,801 |
|
|
$ |
107,183 |
|
|
|
$ |
109,034 |
|
|
$ |
108,279 |
|
| Total interest expense |
11,543 |
|
|
|
13,262 |
|
|
14,795 |
|
|
|
16,309 |
|
|
24,057 |
|
|
26,473 |
|
|
|
28,045 |
|
|
26,950 |
|
| Net interest income |
82,651 |
|
|
|
81,418 |
|
|
79,038 |
|
|
|
81,363 |
|
|
79,744 |
|
|
80,710 |
|
|
|
80,989 |
|
|
81,329 |
|
| Provision for credit
losses |
(2,350 |
) |
|
|
4,917 |
|
|
6,607 |
|
|
|
19,737 |
|
|
14,310 |
|
|
2,945 |
|
|
|
3,186 |
|
|
3,600 |
|
| Provision for unfunded
commitments |
(442 |
) |
|
|
406 |
|
|
(2,078 |
) |
|
|
940 |
|
|
2,112 |
|
|
— |
|
|
|
— |
|
|
— |
|
| Net interest income after
provision for credit losses |
85,443 |
|
|
|
76,095 |
|
|
74,509 |
|
|
|
60,686 |
|
|
63,322 |
|
|
77,765 |
|
|
|
77,803 |
|
|
77,729 |
|
| Noninterest income (before
investment gain (loss)) |
10,366 |
|
|
|
9,722 |
|
|
17,729 |
|
|
|
11,782 |
|
|
4,648 |
|
|
6,845 |
|
|
|
6,161 |
|
|
5,797 |
|
| Gain (loss) on sale of
investment securities |
221 |
|
|
|
165 |
|
|
115 |
|
|
|
713 |
|
|
822 |
|
|
(111 |
) |
|
|
153 |
|
|
563 |
|
| Total noninterest income |
10,587 |
|
|
|
9,887 |
|
|
17,844 |
|
|
|
12,495 |
|
|
5,470 |
|
|
6,734 |
|
|
|
6,314 |
|
|
6,360 |
|
| Salaries and employee
benefits |
21,769 |
|
|
|
20,151 |
|
|
19,388 |
|
|
|
17,104 |
|
|
17,797 |
|
|
19,360 |
|
|
|
19,095 |
|
|
17,743 |
|
| Premises and equipment |
3,618 |
|
|
|
3,301 |
|
|
5,125 |
|
|
|
3,468 |
|
|
3,821 |
|
|
3,380 |
|
|
|
3,503 |
|
|
3,652 |
|
| Marketing and advertising |
886 |
|
|
|
1,161 |
|
|
928 |
|
|
|
1,111 |
|
|
1,078 |
|
|
1,200 |
|
|
|
1,210 |
|
|
1,268 |
|
| Other expenses |
11,714 |
|
|
|
10,396 |
|
|
11,474 |
|
|
|
13,209 |
|
|
14,651 |
|
|
10,786 |
|
|
|
9,665 |
|
|
10,696 |
|
| Total noninterest expense |
37,987 |
|
|
|
35,009 |
|
|
36,915 |
|
|
|
34,892 |
|
|
37,347 |
|
|
34,726 |
|
|
|
33,473 |
|
|
33,359 |
|
| Income before income tax
expense |
58,043 |
|
|
|
50,973 |
|
|
55,438 |
|
|
|
38,289 |
|
|
31,445 |
|
|
49,773 |
|
|
|
50,644 |
|
|
50,730 |
|
| Income tax expense |
14,574 |
|
|
|
12,081 |
|
|
14,092 |
|
|
|
9,433 |
|
|
8,322 |
|
|
14,317 |
|
|
|
14,149 |
|
|
13,487 |
|
| Net income |
43,469 |
|
|
|
38,892 |
|
|
41,346 |
|
|
|
28,856 |
|
|
23,123 |
|
|
35,456 |
|
|
|
36,495 |
|
|
37,243 |
|
| Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per weighted average
common share, basic |
$ |
1.36 |
|
|
|
$ |
1.21 |
|
|
$ |
1.28 |
|
|
|
$ |
0.90 |
|
|
$ |
0.70 |
|
|
$ |
1.06 |
|
|
|
$ |
1.07 |
|
|
$ |
1.08 |
|
| Earnings per weighted average
common share, diluted |
$ |
1.36 |
|
|
|
$ |
1.21 |
|
|
$ |
1.28 |
|
|
|
$ |
0.90 |
|
|
$ |
0.70 |
|
|
$ |
1.06 |
|
|
|
$ |
1.07 |
|
|
$ |
1.08 |
|
| Weighted average common shares
outstanding, basic |
31,869,655 |
|
|
|
32,037,099 |
|
|
32,229,322 |
|
|
|
32,224,695 |
|
|
32,850,112 |
|
|
33,468,572 |
|
|
|
34,232,890 |
|
|
34,540,152 |
|
| Weighted average common shares
outstanding, diluted |
31,922,940 |
|
|
|
32,075,175 |
|
|
32,250,885 |
|
|
|
32,240,825 |
|
|
32,875,508 |
|
|
33,498,681 |
|
|
|
34,255,889 |
|
|
34,565,253 |
|
| Actual shares outstanding at
period end |
31,960,379 |
|
|
|
31,779,663 |
|
|
32,228,636 |
|
|
|
32,224,756 |
|
|
32,197,258 |
|
|
33,241,496 |
|
|
|
33,720,522 |
|
|
34,539,853 |
|
| Book value per common share at
period end |
$ |
39.45 |
|
|
|
$ |
39.05 |
|
|
$ |
37.96 |
|
|
|
$ |
36.86 |
|
|
$ |
36.11 |
|
|
$ |
35.82 |
|
|
|
$ |
35.13 |
|
|
$ |
34.30 |
|
| Tangible book value per common
share at period end (1) |
$ |
36.16 |
|
|
|
$ |
35.74 |
|
|
$ |
34.70 |
|
|
|
$ |
33.62 |
|
|
$ |
32.86 |
|
|
$ |
32.67 |
|
|
|
$ |
32.02 |
|
|
$ |
31.25 |
|
| Dividend per common share |
$ |
0.25 |
|
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
| Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
1.53 |
|
% |
|
1.39 |
% |
|
1.57 |
|
% |
|
1.12 |
% |
|
0.98 |
% |
|
1.49 |
|
% |
|
1.62 |
% |
|
1.74 |
% |
| Return on average common
equity |
14.05 |
|
% |
|
12.53 |
% |
|
14.46 |
|
% |
|
9.84 |
% |
|
7.81 |
% |
|
11.78 |
|
% |
|
12.09 |
% |
|
12.81 |
% |
| Return on average tangible
common equity |
15.33 |
|
% |
|
13.69 |
% |
|
15.93 |
|
% |
|
10.80 |
% |
|
8.56 |
% |
|
12.91 |
|
% |
|
13.25 |
% |
|
14.08 |
% |
| Net interest margin |
2.98 |
|
% |
|
2.98 |
% |
|
3.08 |
|
% |
|
3.26 |
% |
|
3.49 |
% |
|
3.49 |
|
% |
|
3.72 |
% |
|
3.91 |
% |
| Efficiency ratio
(2) |
40.74 |
|
% |
|
38.34 |
% |
|
38.10 |
|
% |
|
37.18 |
% |
|
43.83 |
% |
|
39.71 |
|
% |
|
38.34 |
% |
|
38.04 |
% |
| Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans (3) |
1.36 |
|
% |
|
1.41 |
% |
|
1.40 |
|
% |
|
1.36 |
% |
|
1.23 |
% |
|
0.98 |
|
% |
|
0.98 |
% |
|
0.98 |
% |
| Allowance for credit losses to
total nonperforming loans |
195.25 |
|
% |
|
179.80 |
% |
|
189.83 |
|
% |
|
184.52 |
% |
|
201.80 |
% |
|
151.16 |
|
% |
|
127.87 |
% |
|
192.70 |
% |
| Nonperforming loans to total
loans (3) |
0.69 |
|
% |
|
0.79 |
% |
|
0.74 |
|
% |
|
0.74 |
% |
|
0.61 |
% |
|
0.65 |
|
% |
|
0.76 |
% |
|
0.51 |
% |
| Nonperforming assets to total
assets |
0.51 |
|
% |
|
0.59 |
% |
|
0.62 |
|
% |
|
0.69 |
% |
|
0.56 |
% |
|
0.56 |
|
% |
|
0.66 |
% |
|
0.45 |
% |
| Net charge-offs (annualized)
to average loans (3) |
0.27 |
|
% |
|
0.28 |
% |
|
0.26 |
|
% |
|
0.36 |
% |
|
0.12 |
% |
|
0.16 |
|
% |
|
0.08 |
% |
|
0.08 |
% |
| Tier 1 capital (to average
assets) |
10.28 |
|
% |
|
10.31 |
% |
|
10.82 |
|
% |
|
10.63 |
% |
|
11.33 |
% |
|
11.62 |
|
% |
|
12.19 |
% |
|
12.66 |
% |
| Total capital (to risk
weighted assets) |
17.86 |
|
% |
|
17.04 |
% |
|
16.72 |
|
% |
|
16.33 |
% |
|
15.44 |
% |
|
16.20 |
|
% |
|
16.08 |
% |
|
16.36 |
% |
| Common equity tier 1 capital
(to risk weighted assets) |
14.42 |
|
% |
|
13.49 |
% |
|
13.19 |
|
% |
|
12.79 |
% |
|
12.14 |
% |
|
12.87 |
|
% |
|
12.76 |
% |
|
12.87 |
% |
| Tangible common equity ratio
(1) |
10.48 |
|
% |
|
10.31 |
% |
|
11.18 |
|
% |
|
11.17 |
% |
|
10.70 |
% |
|
12.22 |
|
% |
|
12.13 |
% |
|
12.60 |
% |
| Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
11,517,836 |
|
|
|
$ |
11,141,826 |
|
|
$ |
10,473,595 |
|
|
|
$ |
10,326,709 |
|
|
$ |
9,447,663 |
|
|
$ |
9,426,220 |
|
|
|
$ |
8,923,406 |
|
|
$ |
8,595,523 |
|
| Total earning assets |
$ |
11,236,440 |
|
|
|
$ |
10,872,259 |
|
|
$ |
10,205,939 |
|
|
|
$ |
10,056,500 |
|
|
$ |
9,176,174 |
|
|
$ |
9,160,034 |
|
|
|
$ |
8,655,196 |
|
|
$ |
8,328,323 |
|
| Total loans |
$ |
7,726,716 |
|
|
|
$ |
7,896,324 |
|
|
$ |
7,910,260 |
|
|
|
$ |
8,015,751 |
|
|
$ |
7,650,993 |
|
|
$ |
7,532,179 |
|
|
|
$ |
7,492,816 |
|
|
$ |
7,260,899 |
|
| Total deposits |
$ |
9,601,249 |
|
|
|
$ |
9,227,733 |
|
|
$ |
8,591,912 |
|
|
|
$ |
8,482,718 |
|
|
$ |
7,696,764 |
|
|
$ |
7,716,973 |
|
|
|
$ |
7,319,314 |
|
|
$ |
6,893,981 |
|
| Total borrowings |
$ |
573,750 |
|
|
|
$ |
596,307 |
|
|
$ |
596,472 |
|
|
|
$ |
598,463 |
|
|
$ |
485,948 |
|
|
$ |
449,432 |
|
|
|
$ |
345,464 |
|
|
$ |
470,214 |
|
| Total shareholders’
equity |
$ |
1,254,780 |
|
|
|
$ |
1,235,174 |
|
|
$ |
1,211,145 |
|
|
|
$ |
1,179,452 |
|
|
$ |
1,191,180 |
|
|
$ |
1,194,337 |
|
|
|
$ |
1,197,513 |
|
|
$ |
1,166,487 |
|
(1) Tangible common equity to tangible assets (the "tangible
common equity ratio") and tangible book value per common share are
non-GAAP financial measures derived from GAAP based amounts. The
Company calculates the tangible common equityratio 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 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.(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
Eagle Bancorp (NASDAQ:EGBN)
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Von Jun 2024 bis Jul 2024
Eagle Bancorp (NASDAQ:EGBN)
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Von Jul 2023 bis Jul 2024
