Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent
company of EagleBank (the “Bank”), today announced record net
income of $48.0 million for the second quarter of 2021. These
earnings included $4.7 million of accelerated interest income from
the sale of Paycheck Protection Program ("PPP") loans and a $4.6
million reversal from the allowance for credit losses on loans and
the reserve for unfunded commitments (as compared to the second
quarter of 2020, which included a provision of $20.7 million to the
allowance for credit losses on loans and the reserve for unfunded
commitments).
As compared to $28.9 million net income for the
second quarter of 2020, this was a 66% increase. Net income per
basic and diluted common share was $1.50 for the second quarter of
2021 compared to $0.90 for the second quarter of 2020. The increase
in earnings is largely due to the overall improvement in the
economy, in particular, the outlook for credit quality.
Net income for the six months ended June 30,
2021, was $91.5 million, as compared to $52.0 million for the six
months ended June 30, 2020, a 76% increase. Net income per basic
and diluted common share for the six months ended June 30, 2021 was
$2.87 and $2.86, respectively, compared to $1.60 for both basic and
diluted for the six months ended June 30, 2020.
Second Quarter 2021
Highlights
- Income Statement
- Net income of $48.0 million
- Total revenue of $95.2 million (up 2.2% from a year ago)
- Reversal from the allowance for credit losses of $4.6 million
on loans and the reserve for unfunded commitments
- Sale of PPP loans accelerated $4.7 million of net deferred fees
and costs into interest income
- Net interest margin of 3.04%
- Return on average assets ("ROAA") of 1.68%
- Return on average common equity ("ROACE") of 14.92%
- Return on average tangible common equity ("ROATCE") of
16.25%1
- Efficiency ratio of 37.1%
- Balance Sheet
- Assets of $11.0 billion
- Total loans (excluding loans held
for sale) were $7.3 billion, down $267.1 million from the prior
quarter end
- Loans (excluding PPP) were $7.0
billion, up $59.8 million from the prior quarter
end2
- Sale of $169.8 million of PPP
loans
- Book value per share of $40.87 (up
11% from a year ago)
- Tangible book value per share of $37.58 (up 12% from a year
ago)3
- Total risk based capital ratio of
17.98%
- Annualized net charge-off ratio to
average loans of 0.30%
- Nonperforming assets to total
assets of 0.50%
- Allowance for credit losses to total loans of 1.28%
- Other events
- Announced an increase of the cash dividend to $0.35 per share,
up from $0.25 per share in the prior quarter
- In early July, received board and regulatory approval for
redemption of $150 million of subordinated debt in the third
quarter of 2021
Susan G. Riel, President and Chief Executive
Officer of Eagle Bancorp, Inc., commented, "We ended the second
quarter of 2021 with record net income, a modest increase in
non-PPP related loans,4 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 continued to improve, the sale of a significant portion
of our PPP loans and another substantial gain on sale of
residential mortgages from our residential mortgage division, which
continues to generate strong results."
"During the quarter, we made a decision to sell
a significant portion of our PPP loans, which generated nearly $4.7
million in accelerated net deferred fees and costs into interest
income. The sale was to a well-regarded firm with significant
expertise in the ongoing servicing and processing associated with
PPP loans. The sale enables us to free up personnel to focus on
originating new business and to continue to provide a high level of
service to our clients."
"While we remain a leader among our peers with
an efficiency ratio of 37.1%, we continually seek out ways to
control or reduce expenses. This quarter we closed our Rosslyn,
Virginia branch as it had an expiring lease and our customers can
be served from other northern Virginia branches. The combined
annual pre-tax cost savings in rental expense will be about $263
thousand."
"Additionally, given the Bank's robust capital
levels, we requested and received board and regulatory approval
earlier this month to redeem $150 million of subordinated debt
issued in 2016. In the second quarter of 2021, the rate on the debt
was 5.00%, which translates into an annualized pre-tax cost savings
of $7.5 million when redeemed."
"While loan growth remains challenging, we
mentioned in last quarter's earnings call we would be more
'assertive' with loan opportunities, and we are pleased to report
that this quarter our funding for new loan originations outpaced
payoffs which increased total loans, excluding held for sale and
PPP loans, by almost $60 million. 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 continued reopening of
businesses, and the positive impact the government stimulus
continues to have on the regional economy. At quarter end, our
shareholders equity reached $1.3 billion and our total risk-based
capital was 17.98%. This gives us the ability to originate loans
for large commercial projects, as well as a lot of runway to grow
the loan portfolio as economic conditions continue to improve and
more opportunities arise."
"For our shareholders, at the end of the quarter
our board increased the dividend to $0.35 per share, up from $0.25
per share in the previous quarter."
As we look toward the second half of the year
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.”
"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 $84.6 million for the second quarter of 2021,
up from $81.4 million for the second quarter of 2020. The
increase of $3.3 million, or 4.0%, was primarily related to
the acceleration of $4.7 million in net deferred fees and costs
into interest income as a result of the sale of $169.8 million in
PPP loans in the second quarter of 2021. We also saw a 10% increase
in average earning assets offset by a reduction in net interest
margin when comparing the second quarter of 2021 to the same period
in 2020.Net interest income was $167.3 million for the six months
ended June 30, 2021, up from $161.1 million for the six months
ended June 30, 2020.
- Net interest
margin was 3.04% for the second quarter of 2021, as
compared to 3.26% for the second quarter of 2020. Absent the sale
of $169.8 million of PPP loans, which accelerated $4.7 million of
previously deferred net fees and costs into interest income, the
net interest margin for the second quarter of 2021 would have been
2.88%5. The decrease in margin primarily reflects a lower rate
environment as well as significantly higher cash balances from
strong deposit inflows.Net interest margin was 3.02% for the six
months ended June 30, 2021, as compared to 3.36% for the six months
ended June 30, 2020.
|
|
Three Months Ended |
|
Six Months Ended |
($ in
thousands) |
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
Net interest margin,
adjusted: |
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
84,632 |
|
|
$ |
81,363 |
|
|
$ |
167,283 |
|
|
$ |
161,107 |
|
Less: PPP accelerated net
deferred fees and costs (non-GAAP) |
|
(4,667) |
|
|
— |
|
|
(4,667) |
|
|
— |
|
Adjusted net interest income
(non-GAAP) |
|
$ |
79,965 |
|
|
$ |
81,363 |
|
|
$ |
162,616 |
|
|
$ |
161,107 |
|
|
|
|
|
|
|
|
|
|
Average interest earning
assets (GAAP) |
|
$ |
11,153,012 |
|
|
$ |
10,056,500 |
|
|
$ |
11,194,577 |
|
|
$ |
9,616,337 |
|
|
|
|
|
|
|
|
|
|
Net interest margin
(GAAP) |
|
3.04 |
% |
|
3.26 |
% |
|
3.02 |
% |
|
3.36 |
% |
Net interest margin, excluding
PPP accelerated net deferred fees and costs (non-GAAP) |
|
2.88 |
% |
|
3.26 |
% |
|
2.93 |
% |
|
3.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Adjusted pre-provision net
revenue ("Adjusted PPNR"),6 a non-GAAP
measure, was $54.2 million for the second quarter of 2021, compared
to $59.0 million the second quarter of 2020. As a percent of
average assets, adjusted PPNR for the second quarter of 2021 was
1.90%, down from 2.30% for the second quarter of 2020. This decline
in Adjusted PPNR to average assets was a result of lower
non-interest income and higher non-interest expenses while average
assets increased by 10.9%.
Pre-provision net revenue was $109.5 million for
the six months ended June 30, 2021, compared to $106.8 million for
the six months ended June 30, 2020.
($ in thousands) |
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
Adjusted net interest income (non-GAAP) |
|
$ |
79,965 |
|
|
$ |
81,363 |
|
|
$ |
162,616 |
|
|
$ |
161,107 |
|
Non-interest income
(GAAP) |
|
10,925 |
|
|
12,495 |
|
|
21,512 |
|
|
17,965 |
|
Non-interest expense
(GAAP) |
|
(36,684) |
|
|
(34,892) |
|
|
(74,671) |
|
|
(72,239) |
|
Adjusted PPNR (non-GAAP) |
|
$ |
54,206 |
|
|
$ |
58,966 |
|
|
$ |
109,457 |
|
|
$ |
106,833 |
|
|
|
|
|
|
|
|
|
|
Average Assets (GAAP) |
|
$ |
11,453,080 |
|
|
$ |
10,326,709 |
|
|
$ |
11,485,280 |
|
|
$ |
9,887,186 |
|
Adjusted PPNR to Average
Assets (non-GAAP) |
|
1.90 |
% |
|
2.30 |
% |
|
1.92 |
% |
|
2.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Provision for credit losses
on loans resulted in a reversal of $3.9 million for the
second quarter of 2021, compared to a provision of
$19.7 million for the second quarter of 2020. The reversal was
primarily driven by the improved macroeconomic outlook and the
improvement of credits in the loan portfolio.Provision for credit
losses resulted in a reversal of $6.2 million for the six months
ended June 30, 2021, as compared to a provision of
$34.0 million for the six months ended June 30, 2020.
- Provision for unfunded
commitments resulted in a reversal of $761 thousand for
the second quarter of 2021, compared to a provision of
$940 thousand for the second quarter of 2020. The reversal was
driven primarily by the improved macroeconomic outlook.Provision
for unfunded commitments resulted in a reversal of $1.2 million for
the six months ended June 30, 2021, as compared to a provision of
$3.1 million for the six months ended June 30, 2020.
- Noninterest income
was $10.9 million for the second quarter of 2021, as compared to
$12.5 million for the second quarter 2020, a 13% decrease. The
decrease was primarily due to a decline in loan fees and other
fees, which was partially offset by FHA multifamily trade premiums
of $2.6 million and $3.5 million in gain on sale from residential
mortgage loans. While we are encouraged by the pipeline and current
quarter contribution of the FHA multifamily business, revenue from
this business can be uneven quarter to quarter. Residential
mortgage loan locked commitments were $248.3 million for the second
quarter of 2021 as compared to $418.0 million for the second
quarter of 2020.Noninterest income was $21.5 million for the six
months ended June 30, 2021, compared to $18.0 million for the
six months ended June 30, 2020.
-
Noninterest expenses were $35.5 million for the
second quarter 2021 compared to $34.9 million for the second
quarter of 2020. The major changes between the second quarter of
2021 and the second quarter of 2020 were as follows:
- Salaries and
employee benefits were $19.9 million, up $2.8 million, as a result
of higher incentive bonus accruals based on the economic outlook
and increases in share based compensation.
- Expenses for
Other Real Estate Owned ("OREO") were $71 thousand, down by $877
thousand. The second quarter of 2020 included construction costs to
complete a property for eventual sale.
- Legal,
accounting and professional fees were $3.5 million, down $476
thousand.
Noninterest expenses were $73.5
million for the six months ended June 30, 2021, compared to
$72.2 million for the six months ended June 30, 2020.
- Efficiency ratio
was 37.1% for the second quarter of 2021 compared to 37.2% for the
second quarter of 2020. The efficiency ratio was relatively flat
because the increase in net interest income was offset by a
decrease in noninterest income and an increase in noninterest
expenses.The efficiency ratio was 38.9% for the six months ended
June 30, 2021, compared to 40.3% for the six months ended June 30,
2020.
- Effective income tax
rate for the second quarter of 2021 was 25.8% and for the
second quarter of 2020 was 24.6%.Effective income tax rate for the
six months ended June 30, 2021 and 2020 was 25.5%.
Balance Sheet
- Total assets at
June 30, 2021 were $11.0 billion, down 1.4% from year-end and
up 11.8% from a year ago. The increase in assets from a year ago
was primarily driven by increases to cash and investments as a
result of large deposit inflows in the second half of 2020.
- Investment
portfolio had a balance of $1.7 billion at June 30,
2021, up 46% from year-end and up 118% from a year ago. We will
continue to judiciously deploy accumulated excess liquidity into
the investment portfolio to achieve higher yields over cash
alternatives. Investments made during the second quarter of 2021
were primarily 20 year, 2% agency mortgage backed securities and
callable agency bonds.
- Total loans
(excluding loans held for sale) were $7.3 billion as of
June 30, 2021, a decrease of 6.5% from year-end and a decrease
of 9.5% from a year ago. If PPP loans were excluded, the balance
was $7.0 billion at June 30, 2021, a decrease of 3.9% from
year-end and a decrease of 7.2% from a year ago.7
($ in thousands) |
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
Total loans, excluding loans held for sale (GAAP) |
|
$ |
7,259,558 |
|
|
$ |
7,526,689 |
|
|
$ |
7,760,212 |
|
|
$ |
8,021,761 |
|
Less: PPP loans |
|
(238,041) |
|
|
(565,018) |
|
|
(454,771) |
|
|
(456,476) |
|
Total loans, excluding loans
held for sale and PPP loans (Non-GAAP) |
|
$ |
7,021,517 |
|
|
$ |
6,961,671 |
|
|
$ |
7,305,441 |
|
|
$ |
7,565,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On a linked quarter basis, total loans
(excluding loans held for sale and PPP loans) at June 30, 2021,
increased by $59.8 million from the prior quarter end as funding
for new loan originations and advances increased and payoffs and
paydowns decreased. Originations of loans held for investment for
the quarter were at their highest level since the third quarter of
2019
Unfunded commitments declined to $2.0 billion as
of June 30, 2021 and December 31, 2020, as compared to $2.1
billion a year ago.
In regards to loan yields, the ongoing low
interest rate environment and our focus on strong commercial real
estate credits secured by stabilized income producing properties,
rather than higher risk and higher yielding construction lending
continues to bring down the yield on the loan portfolio (excluding
the impact of the PPP loan sale).
- The yield on the
loan portfolio was 4.79% for the second quarter of 2021 as compared
to 4.63% for the second quarter of 2020. The increase in yield was
driven by the sale of PPP loans which accelerated net deferred fees
and costs into interest income. Excluding PPP loans and the impact
of the PPP loan sale, the adjusted loan yield (a non-GAAP measure)
was 4.52% for the second quarter of 2021, down from 4.70% for the
second quarter of 2020.8
- The yield on the
loan portfolio was 4.72% for the six months ended June 30, 2021 as
compared to 4.84% for the six months ended June 30, 2020.
($ in thousands) |
Three Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
Loan Yields,
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
Loan yield (GAAP) |
$ |
7,382,238 |
|
|
$ |
88,148 |
|
|
4.79 |
% |
|
$ |
8,015,751 |
|
|
$ |
92,242 |
|
|
4.63 |
% |
Less: PPP interest income
(non-GAAP)9 |
(418,552) |
|
|
(9,752) |
|
|
9.35 |
% |
|
(328,576) |
|
|
(2,380) |
|
|
2.91 |
% |
Adjusted loan yield
(non-GAAP) |
$ |
6,963,686 |
|
|
$ |
78,396 |
|
|
4.52 |
% |
|
$ |
7,687,175 |
|
|
$ |
89,862 |
|
|
4.70 |
% |
|
Six Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
Loan Yields,
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
Loan yield (GAAP) |
$ |
7,553,525 |
|
|
$ |
176,649 |
|
|
4.72 |
% |
|
$ |
7,833,372 |
|
|
$ |
188,643 |
|
|
4.84 |
% |
Less: PPP interest income
(non-GAAP)9 |
(467,164) |
|
|
(16,520) |
|
|
7.13 |
% |
|
(164,288) |
|
|
(2,380) |
|
|
2.91 |
% |
Adjusted loan yield
(non-GAAP) |
$ |
7,086,361 |
|
|
$ |
160,129 |
|
|
4.56 |
% |
|
$ |
7,669,084 |
|
|
$ |
186,263 |
|
|
4.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Allowance for credit
losses was 1.28% of gross loans at June 30, 2021, compared
to 1.41% at year-end and 1.36% a year ago. Adjusted to exclude PPP
loans, which are fully government guaranteed, the allowance for
credit losses was 1.32%, compared to 1.50% at year-end and 1.44% a
year ago.10 The reduction in the allowance for credit losses for
the six months ended June 30, 2021 is due to a provision reversal
of $6.2 million and net charge-offs of $10.8 million.Net
charge-offs for the second quarter of 2021 were $5.6 million as
compared to $7.1 million for second quarter of 2020. Net
charge-offs for the quarter consisted of one CRE loan on an office
building for $3.5 million with the remaining balance being smaller
CRE and C&I loans. On an annualized basis, this was 0.30% of
average loans (excluding loans held for sale) for the second
quarter of 2021, as compared to 0.36% for the second quarter of
2020.
($ in thousands) |
|
June 30, 2021 |
|
December 31, 2020 |
|
June 30, 2020 |
|
|
|
|
|
|
|
Allowance for credit
losses, adjusted |
|
|
|
|
|
|
Allowance for credit losses |
|
$ |
92,560 |
|
|
$ |
109,579 |
|
|
$ |
108,796 |
|
|
|
|
|
|
|
|
Total loans (GAAP) |
|
$ |
7,259,558 |
|
|
$ |
7,760,212 |
|
|
$ |
8,021,761 |
|
Less: PPP loans |
|
(238,041) |
|
|
(454,771) |
|
|
(456,476) |
|
Total loans excluding PPP
loans (non-GAAP) |
|
$ |
7,021,517 |
|
|
$ |
7,305,441 |
|
|
$ |
7,565,285 |
|
|
|
|
|
|
|
|
Allowance for credit losses to
total loans (GAAP) |
|
1.28 |
% |
|
1.41 |
% |
|
1.36 |
% |
Allowance for credit losses to
total loans excluding PPP loans (non-GAAP) |
|
1.32 |
% |
|
1.50 |
% |
|
1.44 |
% |
|
|
|
|
|
|
|
|
|
|
- Total deposits
were $9.0 billion at June 30, 2021, down 1.9% from the
year-end, and up 13.6% from a year ago. The decline of deposits in
the second quarter of 2021 allowed the Bank to reduce its excess
liquidity as it deployed funds into the investment portfolio.In
terms of deposit mix, the Bank continues to focus on achieving core
deposit growth. The mix of average noninterest deposits to average
total deposits remained favorable at 33% for the second quarter of
2021, as compared to 30% for the second quarter of 2020.In regards
to deposit costs, in the second quarter of 2021, the Bank continued
to see higher priced CDs runoff and slightly reduced rates paid on
higher balance accounts.
- In the second quarter of 2021, CDs with a total balance of $200
million and a weighted average rate of 1.21% matured. These CDs had
a weighted average term of 16 months at issuance.
- The cost of funds was 0.37% in the second quarter of 2021, as
compared to 0.65% in the second quarter of 2020.
- Total
shareholders’ equity was $1.3 billion at June 30,
2021, up 5.3% from year-end, and up 10.0% from a year ago. For the
six months ended June 30, 2021, increases in shareholders' equity
from earnings were partially offset by common dividends declared of
$7.9 million ($0.25 per share) in the first quarter of 2021 and
$11.2 million ($0.35 per share) in the second quarter of 2021.
- Book value per
share was $40.87, up 4.7% from year-end and up 10.9% from a year
ago.
- Tangible book value per share was
$37.5811, up 5.1% from year end and up 11.8% 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
relatively modest change in risk weighted assets.
|
|
|
|
|
For the Company |
|
|
June 30, 2021 |
|
December 31, 2020 |
|
June 30,2020 |
|
WellCapitalized Minimum |
Regulatory
Ratios |
|
|
|
|
|
|
|
|
Total Capital (to risk weighted assets) |
|
17.98 |
% |
|
17.04 |
% |
|
16.26 |
% |
|
10.00 |
% |
Tier 1 Capital (to risk
weighted assets) |
|
14.67 |
% |
|
13.49 |
% |
|
12.80 |
% |
|
8.00 |
% |
Common Equity Tier 1 (to risk
weighted assets) |
|
14.67 |
% |
|
13.49 |
% |
|
12.80 |
% |
|
6.50 |
% |
Tier 1 Capital (to average
assets) |
|
10.65 |
% |
|
10.31 |
% |
|
10.63 |
% |
|
5.00 |
% |
|
|
|
|
|
|
|
|
|
Common Capital
Ratios |
|
|
|
|
|
|
|
|
Common Equity Ratio |
|
11.92 |
% |
|
11.16 |
% |
|
12.12 |
% |
|
— |
% |
Tangible Common Equity
Ratio |
|
11.07 |
% |
|
10.31 |
% |
|
11.17 |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Commentary
- Subordinated debt:
In early July, we requested and received board and regulatory
approval to redeem $150 million of subordinated debt issued in
2016. In the second quarter of 2021, the rate on the debt was
5.00%, which translates into an annualized pre-tax cost savings of
$7.5 million when redeemed. This redemption will accelerate about
$1.3 million in deferred costs in the third quarter of 2021.
- Cost savings
initiatives: The Bank continues to pursue its "branch
light" strategy to improve efficiency while putting more emphasis
on relationships and technology. After a full analysis of our
branch structure, the Bank closed its Rosslyn Branch in June 2021
as its lease expired. The annual cost savings in rent, common area
maintenance and taxes is about $263 thousand, and there was no
write-off of leasehold improvements as all improvements had been
fully amortized upon the expiration of the lease.All of the
employees from the Rosslyn Branch have filled, or will be filling,
vacant positions within the Company, reducing the need to hire
additional personnel.
- Paycheck protection
program: During the second quarter of 2021, the Bank sold
$169.8 million of PPP loans to a third party. As a result of this
sale, the Bank accelerated $4.7 million of previously deferred net
fees and costs into interest income. At June 30, 2021, the
Bank had an outstanding balance of PPP loans of $238.0
million.
- COVID-19 and watch-rated
loans: Beginning in the fourth quarter of 2020, all loans
that received a second COVID-19 deferral or payment modification
were downgraded to a watch-rating if not already rated as such.
This was done to raise the visibility of these loans within the
loan portfolio. After these COVID-19 deferred or modified loans
demonstrate six months of payments and sustained performance, they
may be considered for removal as a watch-rated loan. Watch-rated
loans at June 30, 2021 were $545 million, of which $451 million
were loans that received a COVID-19 deferral or payment
modification.
-
Non-performing loans and assets: On a linked
quarter basis, both non-performing loans and assets decreased.
- Nonperforming
loans were $49.5 million or 0.68% of total loans at June 30,
2021, down from $52.3 million or 0.69% at the prior quarter end,
and down from $59.0 million or 0.74% of total loans a year
ago.
- Nonperforming
assets were $54.5 million or 0.50% of total assets at June 30,
2021, down from $57.3 million or 0.51% at the prior quarter end,
and down from $67.2 million or 0.69% of total assets a year ago. At
June 30, 2021, other real estate owned was $5.0 million, unchanged
from the prior quarter end.
- Dividend: On June
30, 2021, the Board of Directors declared a quarterly cash dividend
of $0.35 per common share payable on August 2, 2021 to shareholders
of record on July 22, 2021. This represents a $0.10 per share
increase over the prior quarterly dividend of $0.25 per share.
- 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 second quarter of 2021 there were no repurchases of
shares under the stock repurchase plan. 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.
- Legal update: From
time to time, the Company and its subsidiaries are involved in
various legal proceedings incidental to their business in the
ordinary course, including matters in which damages in various
amounts are claimed. Based on information currently available, the
Company does not believe that the liabilities (if any) resulting
from such legal proceedings will have a material effect on the
financial position of the Company. However, in light of the
inherent uncertainties involved in such matters, ongoing legal
expenses or an adverse outcome in one or more of these matters
could materially and adversely affect the Company’s financial
condition, results of operations or cash flows in any particular
reporting period, as well as its reputation.On July 24, 2019, a
putative class action lawsuit was filed in the United States
District Court for the Southern District of New York (the “SDNY”)
against the Company, its current and former President and Chief
Executive Officer and its current and former Chief Financial
Officer, on behalf of persons similarly situated, who purchased or
otherwise acquired Company securities between March 2, 2015 and
July 17, 2019. On November 7, 2019, the Court appointed a lead
plaintiff and lead counsel in that matter, and on January 21, 2020,
the lead plaintiff filed an amended complaint on behalf of the same
class against the same defendants as well as the Company’s former
General Counsel. The plaintiff alleges that certain of the
Company’s 10-K reports and other public statements and disclosures
contained materially false or misleading statements about, among
other things, the effectiveness of its internal controls and
related party loans, in violation of Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder and
Section 20(a) of that act, resulting in injury to the purported
class members as a result of the decline in the value of the
Company’s common stock following the disclosure of increased legal
expenses associated with certain government investigations
involving the Company. 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 pending a non-binding mediation that
had been scheduled for April 13, 2021. Immediately following the
non-binding mediation, the parties 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 Company expects that the full amount of a final settlement will
be paid by the Company’s insurance carriers under applicable
insurance policies. On June 28, 2021, the lead plaintiff filed the
executed Stipulation and Agreement of Settlement with the Court,
along with an unopposed motion for preliminary approval of the
proposed settlement. The Court has scheduled a preliminary approval
hearing for August 12, 2021; the Company anticipates that a final
approval hearing will be held later this year. There can be no
assurance, however, that the agreement will receive court approval
and/or meet all other conditions.As previously disclosed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020, 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 SDNY. The letter demanded that the Board undertake
an investigation into the Board’s and management’s alleged
violations of law and alleged breaches of fiduciary duties, and
take appropriate actions following such investigation. 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 and Agreement of Settlement accompanied by the
shareholder’s brief in support of its unopposed motion to approve
the settlement. Court approval of the settlement remains pending.
Although the Company believes the Stipulation and Agreement of
Settlement is in the best interests of the Company’s shareholders,
there can be no assurance that it will be approved by the Court.The
Company has received various document requests and subpoenas from
the Securities and Exchange Commission (the “Commission”), banking
regulators and U.S. Attorney’s offices in connection with
investigations, which the Company believes relate to the Company’s
identification, classification and disclosure of related party
transactions; the retirement of certain former officers and
directors; and the relationship of the Company and certain of its
former officers and directors with a local public official, among
other things. The Company is cooperating with these investigations.
There have been no regulatory restrictions placed on the Company’s
ability to fully engage in its banking business as presently
conducted as a result of these ongoing investigations. In
connection with the Commission’s investigation, which we initially
disclosed on Form 8-K on July 18, 2019, our current Chief Financial
Officer recently received a Wells Notice from the Commission Staff
that the Staff has made a preliminary determination to recommend to
the Commission enforcement actions against him. Neither the Company
nor any other current employee or director has received a Wells
Notice.The Company and our Chief Financial Officer are continuing
to cooperate with the Staff’s investigation, and we understand that
our Chief Financial Officer has made a submission to the SEC in
response to the Wells Notice. The Company has, in addition,
initiated discussions with the Staff about a potential resolution
or settlement of the Staff’s investigation with respect to the
Company. The Company is hopeful that these discussions will lead to
a resolution of the investigation in the next few months as it
relates to the Company and any current employees and directors on a
mutually agreeable basis, but there can be no assurance that will
be the case. There also can be no assurance that this would result
in resolution of any charges against former employees or directors,
given the Staff’s ongoing review of the factual record. Any
agreements reached by the Company with the Staff would be subject
to approval by the Commission, and there can be no assurance that
it would be approved. We are unable to predict the outcome of the
investigation or these discussions or whether any potential
resolution would have a material impact on the Company.The Company
has also recently initiated discussions with the Staff of the
Federal Reserve Board about a potential resolution or settlement of
its investigation with respect to the Company. With respect to the
other investigations described above, we are unable to predict
their duration, scope or outcome.The amount of legal fees and
expenditures for the year is net of expected insurance coverage
where we believe we have a high likelihood of recovery pursuant to
our D&O insurance policies, but does not include any offset for
potential claims we may have in the future as to which recovery is
impossible to predict at this time.
Additional financial
information: The financial information that follows
provides more detail on the Company’s financial performance for the
three months ended June 30, 2021 as compared to the three
months ended June 30, 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, quarterly report on Form 10-Q for the quarter ended March
31, 2021 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 nineteen 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, 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 second quarter 2021
financial results on Thursday, July 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 : 1286237, 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 August 5, 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, the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021, the Company's upcoming Quarterly
Report on Form 10-Q for the quarter ended June 30, 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.
Eagle Bancorp,
Inc. |
|
|
|
|
|
|
|
Consolidated Financial
Highlights (Unaudited) |
|
|
|
|
|
|
|
(dollars in thousands, except
per share data) |
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
Income
Statements: |
|
|
|
|
|
|
|
Total interest income |
$ |
94,920 |
|
|
$ |
97,672 |
|
|
$ |
189,114 |
|
|
$ |
201,473 |
|
Total interest expense |
10,288 |
|
|
16,309 |
|
|
21,831 |
|
|
40,366 |
|
Net interest income |
84,632 |
|
|
81,363 |
|
|
167,283 |
|
|
161,107 |
|
Provision for credit
losses |
(3,856) |
|
|
19,737 |
|
|
(6,206) |
|
|
34,047 |
|
Provision for Unfunded
Commitments |
(761) |
|
|
940 |
|
|
(1,203) |
|
|
3,052 |
|
Net interest income after
provision for credit losses |
89,249 |
|
|
60,686 |
|
|
174,692 |
|
|
124,008 |
|
Noninterest income (before
investment gain) |
10,607 |
|
|
11,782 |
|
|
20,973 |
|
|
16,430 |
|
Gain (loss) on sale of
investment securities |
318 |
|
|
713 |
|
|
539 |
|
|
1,535 |
|
Total noninterest income |
10,925 |
|
|
12,495 |
|
|
21,512 |
|
|
17,965 |
|
Total noninterest expense |
35,494 |
|
|
34,892 |
|
|
73,481 |
|
|
72,239 |
|
Income before income tax
expense |
64,680 |
|
|
38,289 |
|
|
122,723 |
|
|
69,734 |
|
Income tax expense |
16,687 |
|
|
9,433 |
|
|
31,261 |
|
|
17,755 |
|
Net income |
$ |
47,993 |
|
|
$ |
28,856 |
|
|
$ |
91,462 |
|
|
$ |
51,979 |
|
Per Share
Data: |
|
|
|
|
|
|
|
Earnings per weighted average
common share, basic |
$ |
1.50 |
|
|
$ |
0.90 |
|
|
$ |
2.87 |
|
|
$ |
1.60 |
|
Earnings per weighted average
common share, diluted |
$ |
1.50 |
|
|
$ |
0.90 |
|
|
$ |
2.86 |
|
|
$ |
1.60 |
|
Weighted average common shares
outstanding, basic |
31,962,819 |
|
|
32,224,695 |
|
|
31,916,494 |
|
|
32,537,402 |
|
Weighted average common shares
outstanding, diluted |
32,025,110 |
|
|
32,240,825 |
|
|
31,974,215 |
|
|
32,560,742 |
|
Actual shares outstanding at
period end |
31,961,573 |
|
|
32,224,756 |
|
|
31,961,573 |
|
|
32,224,756 |
|
Book value per common share at
period end |
$ |
40.87 |
|
|
$ |
36.86 |
|
|
$ |
40.87 |
|
|
$ |
36.86 |
|
Tangible book value per common
share at period end (1) |
$ |
37.58 |
|
|
$ |
33.62 |
|
|
$ |
37.58 |
|
|
$ |
33.62 |
|
Dividend per common share |
$ |
0.35 |
|
|
$ |
0.22 |
|
|
$ |
0.60 |
|
|
$ |
0.44 |
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
Return on average assets |
1.68 |
% |
|
1.12 |
% |
|
1.61 |
% |
|
1.06 |
% |
Return on average common
equity |
14.92 |
% |
|
9.84 |
% |
|
14.49 |
% |
|
8.82 |
% |
Return on average tangible
common equity |
16.25 |
% |
|
10.80 |
% |
|
15.80 |
% |
|
9.67 |
% |
Net interest margin |
3.04 |
% |
|
3.26 |
% |
|
3.02 |
% |
|
3.36 |
% |
Efficiency ratio
(2) |
37.14 |
% |
|
37.18 |
% |
|
38.92 |
% |
|
40.34 |
% |
Other
Ratios: |
|
|
|
|
|
|
|
Allowance for credit losses to
total loans (3) |
1.28 |
% |
|
1.36 |
% |
|
1.28 |
% |
|
1.36 |
% |
Allowance for credit losses to
total nonperforming loans |
187.07 |
% |
|
184.52 |
% |
|
187.07 |
% |
|
184.52 |
% |
Nonperforming loans to total
loans (3) |
0.68 |
% |
|
0.74 |
% |
|
0.68 |
% |
|
0.74 |
% |
Nonperforming assets to total
assets |
0.50 |
% |
|
0.69 |
% |
|
0.50 |
% |
|
0.69 |
% |
Net charge-offs (annualized)
to average loans (3) |
0.30 |
% |
|
0.36 |
% |
|
0.29 |
% |
|
0.24 |
% |
Common equity to total
assets |
11.92 |
% |
|
12.12 |
% |
|
11.92 |
% |
|
12.12 |
% |
Tier 1 capital (to average
assets) |
10.65 |
% |
|
10.63 |
% |
|
10.65 |
% |
|
10.63 |
% |
Total capital (to risk
weighted assets) |
17.98 |
% |
|
16.26 |
% |
|
17.54 |
% |
|
16.26 |
% |
Common equity tier 1 capital
(to risk weighted assets) |
14.67 |
% |
|
12.80 |
% |
|
14.32 |
% |
|
12.80 |
% |
Tangible common equity ratio
(1) |
11.07 |
% |
|
11.17 |
% |
|
11.07 |
% |
|
11.17 |
% |
(continued) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
Loan Balances - Period
End (in thousands): |
|
|
|
|
|
|
|
Commercial and Industrial |
$ |
1,359,157 |
|
|
$ |
1,607,056 |
|
|
$ |
1,359,157 |
|
|
$ |
1,607,056 |
|
PPP loans |
$ |
238,041 |
|
|
$ |
456,476 |
|
|
$ |
238,041 |
|
|
$ |
456,476 |
|
Commercial real estate -
income producing |
$ |
3,534,057 |
|
|
$ |
3,678,946 |
|
|
$ |
3,534,057 |
|
|
$ |
3,678,946 |
|
Commercial real estate - owner
occupied |
$ |
991,936 |
|
|
$ |
964,077 |
|
|
$ |
991,936 |
|
|
$ |
964,077 |
|
1-4 Family mortgage |
$ |
77,131 |
|
|
$ |
93,601 |
|
|
$ |
77,131 |
|
|
$ |
93,601 |
|
Construction - commercial and
residential |
$ |
835,733 |
|
|
$ |
995,550 |
|
|
$ |
835,733 |
|
|
$ |
995,550 |
|
Construction - C&I (owner
occupied) |
$ |
161,187 |
|
|
$ |
149,845 |
|
|
$ |
161,187 |
|
|
$ |
149,845 |
|
Home equity |
$ |
60,559 |
|
|
$ |
74,921 |
|
|
$ |
60,559 |
|
|
$ |
74,921 |
|
Other consumer |
$ |
1,757 |
|
|
$ |
1,289 |
|
|
$ |
1,757 |
|
|
$ |
1,289 |
|
Average Balances (in
thousands): |
|
|
|
|
|
|
|
Total assets |
$ |
11,453,080 |
|
|
$ |
10,326,709 |
|
|
$ |
11,485,280 |
|
|
$ |
9,887,186 |
|
Total earning assets |
$ |
11,153,012 |
|
|
$ |
10,056,500 |
|
|
$ |
11,194,577 |
|
|
$ |
9,616,337 |
|
Total loans |
$ |
7,382,238 |
|
|
$ |
8,015,751 |
|
|
$ |
7,553,525 |
|
|
$ |
7,833,372 |
|
Total deposits |
$ |
9,530,909 |
|
|
$ |
8,482,718 |
|
|
$ |
9,565,885 |
|
|
$ |
8,089,741 |
|
Total borrowings |
$ |
536,926 |
|
|
$ |
598,463 |
|
|
$ |
555,237 |
|
|
$ |
542,206 |
|
Total shareholders’
equity |
$ |
1,290,029 |
|
|
$ |
1,179,452 |
|
|
$ |
1,272,502 |
|
|
$ |
1,185,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 MonthsEnded |
|
Six MonthsEnded |
|
Year Ended |
|
Three MonthsEnded |
|
Six MonthsEnded |
|
June 30, 2021 |
|
June 30, 2021 |
|
December 31, 2020 |
|
June 30, 2020 |
|
June 30, 2020 |
Common shareholders'
equity |
|
|
$ |
1,306,336 |
|
|
$ |
1,240,892 |
|
|
|
|
$ |
1,187,895 |
|
Less: Intangible assets |
|
|
(105,148) |
|
|
(105,114) |
|
|
|
|
(104,651) |
|
Tangible common
equity |
|
|
$ |
1,201,188 |
|
|
$ |
1,135,778 |
|
|
|
|
$ |
1,083,244 |
|
Book value per common
share |
|
|
$ |
40.87 |
|
|
$ |
39.05 |
|
|
|
|
$ |
36.86 |
|
Less: Intangible book value
per common share |
|
|
(3.29) |
|
|
(3.31) |
|
|
|
|
(3.24) |
|
Tangible book value
per common share |
|
|
$ |
37.58 |
|
|
$ |
35.74 |
|
|
|
|
$ |
33.62 |
|
Total assets |
|
|
$ |
10,960,719 |
|
|
$ |
11,117,802 |
|
|
|
|
$ |
9,799,670 |
|
Less: Intangible assets |
|
|
(105,148) |
|
|
(105,114) |
|
|
|
|
(104,651) |
|
Tangible
assets |
|
|
$ |
10,855,571 |
|
|
$ |
11,012,688 |
|
|
|
|
$ |
9,695,019 |
|
Tangible common equity
ratio |
|
|
11.07 |
% |
|
10.31 |
% |
|
|
|
11.17 |
% |
Average common shareholders' equity |
$ |
1,290,029 |
|
|
$ |
1,272,502 |
|
|
$ |
1,204,341 |
|
|
$ |
1,179,452 |
|
|
$ |
1,185,316 |
|
Less: Average intangible
assets |
(105,165) |
|
|
(105,164) |
|
|
(104,903) |
|
|
(104,672) |
|
|
(104,684) |
|
Average tangible
common equity |
$ |
1,184,864 |
|
|
$ |
1,167,338 |
|
|
$ |
1,099,438 |
|
|
$ |
1,074,780 |
|
|
$ |
1,080,632 |
|
Net Income Available to Common
Shareholders |
$ |
47,993 |
|
|
$ |
91,462 |
|
|
$ |
132,217 |
|
|
$ |
28,856 |
|
|
$ |
51,979 |
|
Annualized Return on
Average Tangible Common Equity |
16.25 |
% |
|
15.80 |
% |
|
12.03 |
% |
|
10.80 |
% |
|
9.67 |
% |
|
Eagle Bancorp, Inc. |
Consolidated Balance Sheets (Unaudited) |
(dollars in thousands, except per share data) |
Assets |
June 30, 2021 |
|
December 31, 2020 |
|
June 30, 2020 |
Cash and due from banks |
$ |
9,290 |
|
|
$ |
8,435 |
|
|
$ |
12,199 |
|
Federal funds sold |
20,346 |
|
|
28,200 |
|
|
25,466 |
|
Interest bearing deposits with
banks and other short-term investments |
1,566,586 |
|
|
1,752,420 |
|
|
598,377 |
|
Investment securities
available for sale (amortized cost of $1,674,264 $1,129,057, and
$750,653, and allowance for credit losses of $132, $167 and $138 as
of June 30, 2021, December 31, 2020 and June 30, 2020,
respectively). |
1,681,031 |
|
|
1,151,083 |
|
|
772,394 |
|
Federal Reserve and Federal
Home Loan Bank stock |
34,033 |
|
|
40,104 |
|
|
40,018 |
|
Loans held for sale |
55,949 |
|
|
88,205 |
|
|
68,433 |
|
Loans |
7,259,558 |
|
|
7,760,212 |
|
|
8,021,761 |
|
Less allowance for credit
losses |
(92,560) |
|
|
(109,579) |
|
|
(108,796) |
|
Loans, net |
7,166,998 |
|
|
7,650,633 |
|
|
7,912,965 |
|
Premises and equipment,
net |
15,941 |
|
|
13,553 |
|
|
12,970 |
|
Operating lease right-of-use
assets |
29,066 |
|
|
25,237 |
|
|
25,368 |
|
Deferred income taxes |
42,369 |
|
|
38,571 |
|
|
37,364 |
|
Bank owned life insurance |
107,516 |
|
|
76,729 |
|
|
75,913 |
|
Intangible assets, net |
105,148 |
|
|
105,114 |
|
|
104,651 |
|
Other real estate owned |
4,987 |
|
|
4,987 |
|
|
8,237 |
|
Other assets |
121,458 |
|
|
134,531 |
|
|
105,315 |
|
Total
Assets |
$ |
10,960,718 |
|
|
$ |
11,117,802 |
|
|
$ |
9,799,670 |
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest bearing
demand |
$ |
2,641,636 |
|
|
$ |
2,809,334 |
|
|
$ |
2,416,058 |
|
Interest bearing
transaction |
946,228 |
|
|
756,923 |
|
|
861,703 |
|
Savings and money market |
4,653,161 |
|
|
4,645,186 |
|
|
3,504,718 |
|
Time, $100,000 or more |
443,842 |
|
|
546,173 |
|
|
527,870 |
|
Other time |
334,180 |
|
|
431,587 |
|
|
625,623 |
|
Total deposits |
9,019,047 |
|
|
9,189,203 |
|
|
7,935,972 |
|
Customer repurchase
agreements |
19,651 |
|
|
26,726 |
|
|
31,198 |
|
Other short-term
borrowings |
300,000 |
|
|
300,000 |
|
|
300,000 |
|
Long-term borrowings |
218,273 |
|
|
268,077 |
|
|
267,882 |
|
Operating lease
liabilities |
31,662 |
|
|
28,022 |
|
|
27,137 |
|
Reserve for unfunded
commitments |
4,295 |
|
|
5,498 |
|
|
7,170 |
|
Other liabilities |
61,454 |
|
|
59,384 |
|
|
42,416 |
|
Total
liabilities |
9,654,382 |
|
|
9,876,910 |
|
|
8,611,775 |
|
Shareholders'
Equity |
|
|
|
|
|
Common stock, par value $.01
per share; shares authorized 100,000,000, shares issued and
outstanding 31,961,573, 31,779,663, and 32,224,756
respectively |
316 |
|
|
315 |
|
|
320 |
|
Additional paid in
capital |
431,103 |
|
|
427,016 |
|
|
440,934 |
|
Retained earnings |
870,397 |
|
|
798,061 |
|
|
731,973 |
|
Accumulated other
comprehensive income |
4,520 |
|
|
15,500 |
|
|
14,668 |
|
Total Shareholders'
Equity |
1,306,336 |
|
|
1,240,892 |
|
|
1,187,895 |
|
Total Liabilities and
Shareholders' Equity |
$ |
10,960,718 |
|
|
$ |
11,117,802 |
|
|
$ |
9,799,670 |
|
|
Eagle Bancorp, Inc. |
Consolidated Statements of Income (Unaudited) |
(dollars in thousands, except per share data) |
|
Three Months Ended |
|
Year-To-Date Ended |
Interest
Income |
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
Interest and fees on loans |
$ |
88,704 |
|
|
$ |
92,928 |
|
|
$ |
177,942 |
|
|
$ |
189,683 |
|
Interest and dividends on
investment securities |
5,606 |
|
|
4,571 |
|
|
10,001 |
|
|
9,998 |
|
Interest on balances with
other banks and short-term investments |
603 |
|
|
161 |
|
|
1,156 |
|
|
1,720 |
|
Interest on federal funds
sold |
7 |
|
|
12 |
|
|
15 |
|
|
72 |
|
Total interest income |
94,920 |
|
|
97,672 |
|
|
189,114 |
|
|
201,473 |
|
Interest
Expense |
|
|
|
|
|
|
|
Interest on deposits |
6,799 |
|
|
12,514 |
|
|
14,698 |
|
|
33,060 |
|
Interest on customer
repurchase agreements |
9 |
|
|
86 |
|
|
20 |
|
|
173 |
|
Interest on other short-term
borrowings |
501 |
|
|
501 |
|
|
996 |
|
|
858 |
|
Interest on long-term
borrowings |
2,979 |
|
|
3,208 |
|
|
6,117 |
|
|
6,275 |
|
Total interest expense |
10,288 |
|
|
16,309 |
|
|
21,831 |
|
|
40,366 |
|
Net Interest
Income |
84,632 |
|
|
81,363 |
|
|
167,283 |
|
|
161,107 |
|
Provision for Credit
Losses |
(3,856) |
|
|
19,737 |
|
|
(6,206) |
|
|
34,047 |
|
Provision for Unfunded
Commitments |
(761) |
|
|
940 |
|
|
(1,203) |
|
|
3,052 |
|
Net Interest Income
After Provision For Credit Losses |
89,249 |
|
|
60,686 |
|
|
174,692 |
|
|
124,008 |
|
Noninterest
Income |
|
|
|
|
|
|
|
Service charges on
deposits |
1,122 |
|
|
942 |
|
|
2,099 |
|
|
2,367 |
|
Gain on sale of loans |
3,478 |
|
|
3,079 |
|
|
8,656 |
|
|
4,023 |
|
Gain on sale of investment
securities |
318 |
|
|
713 |
|
|
539 |
|
|
1,535 |
|
Increase in the cash surrender
value of bank owned life insurance |
398 |
|
|
828 |
|
|
787 |
|
|
1,242 |
|
Other income |
5,609 |
|
|
6,933 |
|
|
9,431 |
|
|
8,798 |
|
Total noninterest income |
10,925 |
|
|
12,495 |
|
|
21,512 |
|
|
17,965 |
|
Noninterest
Expense |
|
|
|
|
|
|
|
Salaries and employee
benefits |
19,876 |
|
|
17,104 |
|
|
41,645 |
|
|
34,901 |
|
Premises and equipment
expenses |
3,644 |
|
|
3,468 |
|
|
7,262 |
|
|
7,289 |
|
Marketing and advertising |
980 |
|
|
1,111 |
|
|
1,866 |
|
|
2,189 |
|
Data processing |
2,751 |
|
|
2,759 |
|
|
5,565 |
|
|
5,255 |
|
Legal, accounting and
professional fees |
3,503 |
|
|
3,979 |
|
|
6,502 |
|
|
10,967 |
|
FDIC insurance |
1,609 |
|
|
1,980 |
|
|
4,037 |
|
|
3,404 |
|
Other expenses |
3,131 |
|
|
4,491 |
|
|
6,604 |
|
|
8,234 |
|
Total noninterest expense |
35,494 |
|
|
34,892 |
|
|
73,481 |
|
|
72,239 |
|
Income Before Income
Tax Expense |
64,680 |
|
|
38,289 |
|
|
122,723 |
|
|
69,734 |
|
Income Tax
Expense |
16,687 |
|
|
9,433 |
|
|
31,261 |
|
|
17,755 |
|
Net
Income |
$ |
47,993 |
|
|
$ |
28,856 |
|
|
$ |
91,462 |
|
|
$ |
51,979 |
|
Earnings Per Common
Share |
|
|
|
|
|
|
|
Basic |
$ |
1.50 |
|
|
$ |
0.90 |
|
|
$ |
2.87 |
|
|
$ |
1.60 |
|
Diluted |
$ |
1.50 |
|
|
$ |
0.90 |
|
|
$ |
2.86 |
|
|
$ |
1.60 |
|
|
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields And Rates
(Unaudited) |
(dollars in thousands) |
|
Three Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
2,087,831 |
|
|
$ |
603 |
|
|
0.12 |
% |
|
$ |
1,102,931 |
|
|
$ |
161 |
|
|
0.06 |
% |
Loans held for sale
(1) |
76,668 |
|
|
557 |
|
|
2.87 |
% |
|
80,227 |
|
|
686 |
|
|
3.42 |
% |
Loans (1)
(2) |
7,382,238 |
|
|
88,148 |
|
|
4.79 |
% |
|
8,015,751 |
|
|
92,242 |
|
|
4.63 |
% |
Investment securities
available for sale (2) |
1,576,977 |
|
|
5,604 |
|
|
1.43 |
% |
|
821,340 |
|
|
4,571 |
|
|
2.24 |
% |
Federal funds sold |
29,298 |
|
|
7 |
|
|
0.10 |
% |
|
36,251 |
|
|
12 |
|
|
0.13 |
% |
Total interest earning
assets |
11,153,012 |
|
|
94,919 |
|
|
3.41 |
% |
|
10,056,500 |
|
|
97,672 |
|
|
3.91 |
% |
Total noninterest earning
assets |
400,978 |
|
|
|
|
|
|
373,842 |
|
|
|
|
|
Less: allowance for credit
losses |
100,910 |
|
|
|
|
|
|
103,633 |
|
|
|
|
|
Total noninterest earning
assets |
300,068 |
|
|
|
|
|
|
270,209 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
11,453,080 |
|
|
|
|
|
|
$ |
10,326,709 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
842,914 |
|
|
$ |
388 |
|
|
0.18 |
% |
|
$ |
801,508 |
|
|
$ |
530 |
|
|
0.27 |
% |
Savings and money market |
4,715,193 |
|
|
3,698 |
|
|
0.31 |
% |
|
3,914,916 |
|
|
5,608 |
|
|
0.58 |
% |
Time deposits |
797,383 |
|
|
2,712 |
|
|
1.36 |
% |
|
1,199,946 |
|
|
6,376 |
|
|
2.14 |
% |
Total interest bearing
deposits |
6,355,490 |
|
|
6,798 |
|
|
0.43 |
% |
|
5,916,370 |
|
|
12,514 |
|
|
0.85 |
% |
Customer repurchase
agreements |
18,683 |
|
|
9 |
|
|
0.19 |
% |
|
30,611 |
|
|
86 |
|
|
1.13 |
% |
Other short-term
borrowings |
300,003 |
|
|
501 |
|
|
0.66 |
% |
|
300,003 |
|
|
501 |
|
|
0.66 |
% |
Long-term borrowings |
218,240 |
|
|
2,979 |
|
|
5.40 |
% |
|
267,849 |
|
|
3,208 |
|
|
4.74 |
% |
Total interest bearing
liabilities |
6,892,416 |
|
|
10,287 |
|
|
0.60 |
% |
|
6,514,833 |
|
|
16,309 |
|
|
1.01 |
% |
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
demand |
3,175,419 |
|
|
|
|
|
|
2,566,348 |
|
|
|
|
|
Other liabilities |
95,216 |
|
|
|
|
|
|
66,076 |
|
|
|
|
|
Total noninterest bearing
liabilities |
3,270,635 |
|
|
|
|
|
|
2,632,424 |
|
|
|
|
|
Shareholders’ Equity |
1,290,029 |
|
|
|
|
|
|
1,179,452 |
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,453,080 |
|
|
|
|
|
|
$ |
10,326,709 |
|
|
|
|
|
Net interest income |
|
|
$ |
84,632 |
|
|
|
|
|
|
$ |
81,363 |
|
|
|
Net interest spread |
|
|
|
|
2.81 |
% |
|
|
|
|
|
2.90 |
% |
Net interest margin |
|
|
|
|
3.04 |
% |
|
|
|
|
|
3.26 |
% |
Cost of funds |
|
|
|
|
0.37 |
% |
|
|
|
|
|
0.65 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $13.4 million and $6.3 million for the
three months ended June 30, 2021 and June 30, 2020,
respectively.(2) Interest and fees on loans and investments exclude
tax equivalent adjustments.
|
|
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields And Rates
(Unaudited) |
(dollars in thousands) |
|
Six Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
2,095,711 |
|
|
$ |
1,156 |
|
|
0.11 |
% |
|
$ |
845,540 |
|
|
$ |
1,720 |
|
|
0.41 |
% |
Loans held for sale
(1) |
90,648 |
|
|
1,294 |
|
|
2.84 |
% |
|
59,488 |
|
|
1,040 |
|
|
3.50 |
% |
Loans (1)
(2) |
7,553,525 |
|
|
176,649 |
|
|
4.72 |
% |
|
7,833,372 |
|
|
188,643 |
|
|
4.84 |
% |
Investment securities
available for sale (2) |
1,423,898 |
|
|
10,001 |
|
|
1.42 |
% |
|
844,503 |
|
|
9,998 |
|
|
2.38 |
% |
Federal funds sold |
30,795 |
|
|
15 |
|
|
0.10 |
% |
|
33,434 |
|
|
72 |
|
|
0.43 |
% |
Total interest earning
assets |
11,194,577 |
|
|
189,115 |
|
|
3.41 |
% |
|
9,616,337 |
|
|
201,473 |
|
|
4.21 |
% |
Total noninterest earning
assets |
395,823 |
|
|
|
|
|
|
365,080 |
|
|
|
|
|
Less: allowance for credit
losses |
105,120 |
|
|
|
|
|
|
94,231 |
|
|
|
|
|
Total noninterest earning
assets |
290,703 |
|
|
|
|
|
|
270,849 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
11,485,280 |
|
|
|
|
|
|
$ |
9,887,186 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
807,315 |
|
|
$ |
815 |
|
|
0.20 |
% |
|
$ |
803,321 |
|
|
$ |
2,196 |
|
|
0.55 |
% |
Savings and money market |
4,776,928 |
|
|
7,668 |
|
|
0.32 |
% |
|
3,626,437 |
|
|
16,690 |
|
|
0.93 |
% |
Time deposits |
858,954 |
|
|
6,215 |
|
|
1.46 |
% |
|
1,243,628 |
|
|
14,174 |
|
|
2.29 |
% |
Total interest bearing
deposits |
6,443,197 |
|
|
14,698 |
|
|
0.46 |
% |
|
5,673,386 |
|
|
33,060 |
|
|
1.17 |
% |
Customer repurchase
agreements |
19,644 |
|
|
20 |
|
|
0.21 |
% |
|
30,310 |
|
|
173 |
|
|
1.15 |
% |
Other short-term
borrowings |
300,003 |
|
|
997 |
|
|
0.66 |
% |
|
260,030 |
|
|
858 |
|
|
0.65 |
% |
Long-term borrowings |
235,590 |
|
|
6,117 |
|
|
5.16 |
% |
|
251,866 |
|
|
6,275 |
|
|
4.93 |
% |
Total interest bearing
liabilities |
6,998,434 |
|
|
21,832 |
|
|
0.63 |
% |
|
6,215,592 |
|
|
40,366 |
|
|
1.31 |
% |
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
demand |
3,122,688 |
|
|
|
|
|
|
2,416,355 |
|
|
|
|
|
Other liabilities |
91,656 |
|
|
|
|
|
|
69,923 |
|
|
|
|
|
Total noninterest bearing
liabilities |
3,214,344 |
|
|
|
|
|
|
2,486,278 |
|
|
|
|
|
Shareholders’ Equity |
1,272,502 |
|
|
|
|
|
|
1,185,316 |
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,485,280 |
|
|
|
|
|
|
$ |
9,887,186 |
|
|
|
|
|
Net interest income |
|
|
$ |
167,283 |
|
|
|
|
|
|
$ |
161,107 |
|
|
|
Net interest spread |
|
|
|
|
2.78 |
% |
|
|
|
|
|
2.90 |
% |
Net interest margin |
|
|
|
|
3.02 |
% |
|
|
|
|
|
3.36 |
% |
Cost of funds |
|
|
|
|
0.39 |
% |
|
|
|
|
|
0.85 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $21.2 million and $10.7 million for the six
months ended June 30, 2021 and June 30, 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 |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
Income
Statements: |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
Total interest income |
$ |
94,920 |
|
|
$ |
94,194 |
|
|
$ |
94,680 |
|
|
$ |
93,833 |
|
|
$ |
97,672 |
|
|
$ |
103,801 |
|
|
$ |
107,183 |
|
|
$ |
109,034 |
|
Total interest expense |
10,288 |
|
|
11,543 |
|
|
13,262 |
|
|
14,795 |
|
|
16,309 |
|
|
24,057 |
|
|
26,473 |
|
|
28,045 |
|
Net interest income |
84,632 |
|
|
82,651 |
|
|
81,418 |
|
|
79,038 |
|
|
81,363 |
|
|
79,744 |
|
|
80,710 |
|
|
80,989 |
|
Provision for credit
losses |
(3,856) |
|
|
(2,350) |
|
|
4,917 |
|
|
6,607 |
|
|
19,737 |
|
|
14,310 |
|
|
2,945 |
|
|
3,186 |
|
Provision for unfunded
commitments |
(761) |
|
|
(442) |
|
|
406 |
|
|
(2,078) |
|
|
940 |
|
|
2,112 |
|
|
— |
|
|
— |
|
Net interest income after
provision for credit losses |
89,249 |
|
|
85,443 |
|
|
76,095 |
|
|
74,509 |
|
|
60,686 |
|
|
63,322 |
|
|
77,765 |
|
|
77,803 |
|
Noninterest income (before
investment gain (loss)) |
10,607 |
|
|
10,366 |
|
|
9,722 |
|
|
17,729 |
|
|
11,782 |
|
|
4,648 |
|
|
6,845 |
|
|
6,161 |
|
Gain (loss) on sale of
investment securities |
318 |
|
|
221 |
|
|
165 |
|
|
115 |
|
|
713 |
|
|
822 |
|
|
(111) |
|
|
153 |
|
Total noninterest income |
10,925 |
|
|
10,587 |
|
|
9,887 |
|
|
17,844 |
|
|
12,495 |
|
|
5,470 |
|
|
6,734 |
|
|
6,314 |
|
Salaries and employee
benefits |
19,876 |
|
|
21,769 |
|
|
20,151 |
|
|
19,388 |
|
|
17,104 |
|
|
17,797 |
|
|
19,360 |
|
|
19,095 |
|
Premises and equipment |
3,644 |
|
|
3,618 |
|
|
3,301 |
|
|
5,125 |
|
|
3,468 |
|
|
3,821 |
|
|
3,380 |
|
|
3,503 |
|
Marketing and advertising |
980 |
|
|
886 |
|
|
1,161 |
|
|
928 |
|
|
1,111 |
|
|
1,078 |
|
|
1,200 |
|
|
1,210 |
|
Other expenses |
10,994 |
|
|
11,714 |
|
|
10,396 |
|
|
11,474 |
|
|
13,209 |
|
|
14,651 |
|
|
10,786 |
|
|
9,665 |
|
Total noninterest expense |
35,494 |
|
|
37,987 |
|
|
35,009 |
|
|
36,915 |
|
|
34,892 |
|
|
37,347 |
|
|
34,726 |
|
|
33,473 |
|
Income before income tax
expense |
64,680 |
|
|
58,043 |
|
|
50,973 |
|
|
55,438 |
|
|
38,289 |
|
|
31,445 |
|
|
49,773 |
|
|
50,644 |
|
Income tax expense |
16,687 |
|
|
14,574 |
|
|
12,081 |
|
|
14,092 |
|
|
9,433 |
|
|
8,322 |
|
|
14,317 |
|
|
14,149 |
|
Net income |
47,993 |
|
|
43,469 |
|
|
38,892 |
|
|
41,346 |
|
|
28,856 |
|
|
23,123 |
|
|
35,456 |
|
|
36,495 |
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted average
common share, basic |
$ |
1.50 |
|
|
$ |
1.36 |
|
|
$ |
1.21 |
|
|
$ |
1.28 |
|
|
$ |
0.90 |
|
|
$ |
0.70 |
|
|
$ |
1.06 |
|
|
$ |
1.07 |
|
Earnings per weighted average
common share, diluted |
$ |
1.50 |
|
|
$ |
1.36 |
|
|
$ |
1.21 |
|
|
$ |
1.28 |
|
|
$ |
0.90 |
|
|
$ |
0.70 |
|
|
$ |
1.06 |
|
|
$ |
1.07 |
|
Weighted average common shares
outstanding, basic |
31,962,819 |
|
|
31,869,655 |
|
|
32,037,099 |
|
|
32,229,322 |
|
|
32,224,695 |
|
|
32,850,112 |
|
|
33,468,572 |
|
|
34,232,890 |
|
Weighted average common shares
outstanding, diluted |
32,025,110 |
|
|
31,922,940 |
|
|
32,075,175 |
|
|
32,250,885 |
|
|
32,240,825 |
|
|
32,875,508 |
|
|
33,498,681 |
|
|
34,255,889 |
|
Actual shares outstanding at
period end |
31,961,573 |
|
|
31,960,379 |
|
|
31,779,663 |
|
|
32,228,636 |
|
|
32,224,756 |
|
|
32,197,258 |
|
|
33,241,496 |
|
|
33,720,522 |
|
Book value per common share at
period end |
$ |
40.87 |
|
|
$ |
39.45 |
|
|
$ |
39.05 |
|
|
$ |
37.96 |
|
|
$ |
36.86 |
|
|
$ |
36.11 |
|
|
$ |
35.82 |
|
|
$ |
35.13 |
|
Tangible book value per common
share at period end (1) |
$ |
37.58 |
|
|
$ |
36.16 |
|
|
$ |
35.74 |
|
|
$ |
34.70 |
|
|
$ |
33.62 |
|
|
$ |
32.86 |
|
|
$ |
32.67 |
|
|
$ |
32.02 |
|
Dividend per common share |
$ |
0.35 |
|
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
1.68 |
% |
|
1.53 |
% |
|
1.39 |
% |
|
1.57 |
% |
|
1.12 |
% |
|
0.98 |
% |
|
1.49 |
% |
|
1.62 |
% |
Return on average common
equity |
14.92 |
% |
|
14.05 |
% |
|
12.53 |
% |
|
14.46 |
% |
|
9.84 |
% |
|
7.81 |
% |
|
11.78 |
% |
|
12.09 |
% |
Return on average tangible
common equity |
16.25 |
% |
|
15.33 |
% |
|
13.69 |
% |
|
15.93 |
% |
|
10.80 |
% |
|
8.56 |
% |
|
12.91 |
% |
|
13.25 |
% |
Net interest margin |
3.04 |
% |
|
2.98 |
% |
|
2.98 |
% |
|
3.08 |
% |
|
3.26 |
% |
|
3.49 |
% |
|
3.49 |
% |
|
3.72 |
% |
Efficiency ratio
(2) |
37.14 |
% |
|
40.74 |
% |
|
38.34 |
% |
|
38.10 |
% |
|
37.18 |
% |
|
43.83 |
% |
|
39.71 |
% |
|
38.34 |
% |
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to
total loans (3) |
1.28 |
% |
|
1.36 |
% |
|
1.41 |
% |
|
1.40 |
% |
|
1.36 |
% |
|
1.23 |
% |
|
0.98 |
% |
|
0.98 |
% |
Allowance for credit losses to
total nonperforming loans |
187.07 |
% |
|
195.25 |
% |
|
179.80 |
% |
|
189.83 |
% |
|
184.52 |
% |
|
201.80 |
% |
|
151.16 |
% |
|
127.87 |
% |
Nonperforming loans to total
loans (3) |
0.68 |
% |
|
0.69 |
% |
|
0.79 |
% |
|
0.74 |
% |
|
0.74 |
% |
|
0.61 |
% |
|
0.65 |
% |
|
0.76 |
% |
Nonperforming assets to total
assets |
0.50 |
% |
|
0.51 |
% |
|
0.59 |
% |
|
0.62 |
% |
|
0.69 |
% |
|
0.56 |
% |
|
0.56 |
% |
|
0.66 |
% |
Net charge-offs (annualized)
to average loans (3) |
0.30 |
% |
|
0.27 |
% |
|
0.28 |
% |
|
0.26 |
% |
|
0.36 |
% |
|
0.12 |
% |
|
0.16 |
% |
|
0.08 |
% |
Tier 1 capital (to average
assets) |
10.65 |
% |
|
10.28 |
% |
|
10.31 |
% |
|
10.82 |
% |
|
10.63 |
% |
|
11.33 |
% |
|
11.62 |
% |
|
12.19 |
% |
Total capital (to risk
weighted assets) |
17.98 |
% |
|
17.86 |
% |
|
17.04 |
% |
|
16.72 |
% |
|
16.26 |
% |
|
15.44 |
% |
|
16.20 |
% |
|
16.08 |
% |
Common equity tier 1 capital
(to risk weighted assets) |
14.67 |
% |
|
14.42 |
% |
|
13.49 |
% |
|
13.19 |
% |
|
12.80 |
% |
|
12.14 |
% |
|
12.87 |
% |
|
12.76 |
% |
Tangible common equity ratio
(1) |
11.07 |
% |
|
10.48 |
% |
|
10.31 |
% |
|
11.18 |
% |
|
11.17 |
% |
|
10.70 |
% |
|
12.22 |
% |
|
12.13 |
% |
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
11,453,080 |
|
|
$ |
11,517,836 |
|
|
$ |
11,141,826 |
|
|
$ |
10,473,595 |
|
|
$ |
10,326,709 |
|
|
$ |
9,447,663 |
|
|
$ |
9,426,220 |
|
|
$ |
8,923,406 |
|
Total earning assets |
$ |
11,152,933 |
|
|
$ |
11,236,440 |
|
|
$ |
10,872,259 |
|
|
$ |
10,205,939 |
|
|
$ |
10,056,500 |
|
|
$ |
9,176,174 |
|
|
$ |
9,160,034 |
|
|
$ |
8,655,196 |
|
Total loans |
$ |
7,382,238 |
|
|
$ |
7,726,716 |
|
|
$ |
7,896,324 |
|
|
$ |
7,910,260 |
|
|
$ |
8,015,751 |
|
|
$ |
7,650,993 |
|
|
$ |
7,532,179 |
|
|
$ |
7,492,816 |
|
Total deposits |
$ |
9,530,909 |
|
|
$ |
9,601,249 |
|
|
$ |
9,227,733 |
|
|
$ |
8,591,912 |
|
|
$ |
8,482,718 |
|
|
$ |
7,696,764 |
|
|
$ |
7,716,973 |
|
|
$ |
7,319,314 |
|
Total borrowings |
$ |
536,926 |
|
|
$ |
573,750 |
|
|
$ |
596,307 |
|
|
$ |
596,472 |
|
|
$ |
598,463 |
|
|
$ |
485,948 |
|
|
$ |
449,432 |
|
|
$ |
345,464 |
|
Total shareholders’
equity |
$ |
1,290,029 |
|
|
$ |
1,254,780 |
|
|
$ |
1,235,174 |
|
|
$ |
1,211,145 |
|
|
$ |
1,179,452 |
|
|
$ |
1,191,180 |
|
|
$ |
1,194,337 |
|
|
$ |
1,197,513 |
|
(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 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 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.
________________________________
1 A reconciliation between this non-GAAP financial measure and
the nearest GAAP measure is provided in the tables that accompany
this document.2 A reconciliation between this non-GAAP financial
measure and the nearest GAAP measure is provided in the table under
the subsection, “Total Loans.”3 A reconciliation between this
non-GAAP financial measure and the nearest GAAP measure is provided
in the tables that accompany this document.4 A reconciliation
between this non-GAAP financial measure and the nearest GAAP
measure is provided in the table under the subsection, “Total
Loans.”5 A reconciliation between this non-GAAP financial measure
and the nearest GAAP measure is provided in the table below.6 A
reconciliation between this non-GAAP financial measure and the
nearest GAAP measure is provided in the table below.7 A
reconciliation between these non-GAAP financial measures and the
nearest GAAP measures is provided in the table below.8 A
reconciliation between these non-GAAP financial measures and the
nearest GAAP measures is provided in the table below.9 Includes
interest on PPP loans, accelerated net deferred fees and costs from
PPP loan sale and accelerated interest income from forgiveness of
PPP loan.10 A reconciliation between these non-GAAP financial
measures and the nearest GAAP measures is provided in the table
below.11 A reconciliation of non-GAAP financial measures to the
nearest non-GAAP measure is provided in the tables that accompany
this document.
CONTACT:David G. Danielson240.552.9534
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