Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent
company of EagleBank (the “Bank”), today announced net income of
$41.6 million for the fourth quarter of 2021, compared to net
income of $38.9 million for the fourth quarter of 2020, a 7.0%
increase. Net income per basic and diluted common share was $1.30
for the fourth quarter of 2021, compared to $1.21 for the fourth
quarter of 2020.
The increase in earnings is largely due to the
release of reserves from the allowance for credit losses and higher
level of earning assets, and to a lesser degree from higher FHA fee
income and a reduction in FDIC expenses. These improvements were
partially offset by higher accruals for salary and benefits, lower
gain on sale of loans and lower net interest income. Earnings for
the fourth quarter of 2021 included a net reversal of $7.0 million
from the allowance for credit losses on loans and the reserve for
unfunded commitments, as compared to the fourth quarter of 2020,
which included a net provision of $5.3 million.
Net income for the year ended December 31,
2021, was $176.7 million, compared to $132.2 million for the year
ended December 31, 2020, a 33.6% increase. Net income per
basic and diluted common share for the year ended December 31,
2021 was $5.53 and $5.52, respectively, compared to $4.09 for both
basic and diluted common shares, for the year ended
December 31, 2020.
Fourth Quarter 2021
Highlights
- Income Statement
- Net income of $41.6 million
- Net reversal of $7.0 million (which includes a reversal to the
reserve for unfunded commitments of $632 thousand)
- Net interest margin of 2.55%
- Return on average assets ("ROAA") of 1.32%
- Return on average common equity ("ROACE") of 12.30%
- Return on average tangible common equity ("ROATCE") of
13.35%1
- Efficiency ratio of 44.3%
- Balance Sheet
- Total assets of $11.8 billion
- Total loans (excluding loans held
for sale) were $7.1 billion, up 3.1% from the prior quarter
end
- Loans (excluding PPP of $51.1
million) were $7.0 billion, up 3.4% from the prior quarter
end2
- Book value per share of $42.28, up
8.3% from a year ago
- Tangible book value per share of $38.97, up 9.0% from a year
ago3
- Total risk based capital ratio of
16.15%
- Annualized net charge-off ratio to
average loans of 0.07%
- Nonperforming assets ("NPAs") to
total assets of 0.26%
- Allowance for credit losses to total loans of 1.06%
- Other events
- Announced a cash dividend of $0.40 per share
- Repurchased a total of 13,175 in 2021 at an average price of
$51.75 per share
CEO Commentary
Susan G. Riel, President and Chief Executive
Officer of Eagle Bancorp, Inc., commented, "We ended the year
strong with record full year earnings, meaningful loan growth
during the fourth quarter and a level of asset quality and
improving economic factors, that led to another reversal from the
allowance for credit losses. Earnings for the year were $176.7
million or $5.52 per diluted share. Loans, on a linked quarter
basis, were up $215 million or 3.1%. In regards to asset quality,
NPAs were 0.26% of assets at quarter end and annualized net charge
offs for the quarter were 0.07%.
"The loan growth during the quarter was
encouraging, even as payoffs and paydowns remained high. We saw
significant contributions from both our CRE and C&I teams,
particularly in December. The largest net increase was in owner
occupied CRE loans, followed by commercial loans and income
producing CRE. Construction loans also increased, but was mostly
offset by completed projects.
"Our other lending teams also did well. The FHA
team ended the year strong with a fourth quarter that resulted in
trade premiums, origination fees and mortgage servicing rights
income of $2.5 million. The mortgage team also did well with locked
loans in the fourth quarter of $163 million.
"With unfunded commitments of $2 billion at year
end, as more opportunities arise, our total risk-based capital of
16.15%, gives us room to continue to grow the loan portfolio."
Ms. Riel continued, "We continue to be a leader
among our peers with an efficiency ratio of 44.3%, a key component
of which, is our branch light strategy. This year we closed three
branches, all of which had expiring leases and clients who can be
served from other northern Virginia branches and through digital
channels. The most recent closure was of our Reston location in
December, reducing our branch count to 17 and raising our average
deposits per branch to $587 million.
"For our shareholders, we remain focused on
increasing value and returning cash through dividends and share
repurchases. At the end of the quarter, our board declared a
dividend of $0.40 per share, bringing our total dividends for the
year to $1.40 per share, or $38.9 million. Additionally, in
December, our board approved the adoption of a new share repurchase
program for 2022.
"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 $78.2 million for the fourth quarter of 2021,
down from $81.4 million for the fourth quarter of 2020. The decline
in net interest income was driven by the decline in loans (versus
the same period in the prior year) and a lower rate environment,
partially offset by a 12.04% increase in average earning assets.Net
interest income was $324.5 million for the year ended
December 31, 2021, up from $321.6 million for the year ended
December 31, 2020.
- Net interest
margin was 2.55% for the fourth quarter of 2021, as
compared to 2.98% for the fourth quarter of 2020. The decrease in
margin from a year ago primarily reflects a lower rate environment
as well as significantly higher cash balances from strong deposit
inflows which led to higher average earning assets. In the fourth
quarter of 2021, a concerted effort was made to deploy more cash
into the investment portfolio (as discussed in the Balance Sheet
section).Net interest margin was 2.81% for the year ended
December 31, 2021, as compared to 3.19% for the year ended
December 31, 2020.
| (Dollars in
thousands) |
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Net interest margin,
adjusted: |
|
|
|
|
|
|
|
| Net interest income
(GAAP) |
$ |
78,186 |
|
|
$ |
81,417 |
|
|
$ |
324,514 |
|
|
$ |
321,562 |
|
| Less: PPP accelerated net
deferred fees and costs from sale (non-GAAP) |
|
— |
|
|
|
— |
|
|
|
(4,667 |
) |
|
|
— |
|
| Add: Accelerated interest
expense on redemption of sub-debt (non-GAAP) |
|
— |
|
|
|
— |
|
|
|
1,313 |
|
|
|
— |
|
| Adjusted net interest income
(non-GAAP) |
$ |
78,186 |
|
|
$ |
81,417 |
|
|
$ |
321,160 |
|
|
$ |
321,562 |
|
| Average interest earning
assets (GAAP) |
$ |
12,180,872 |
|
|
$ |
10,872,259 |
|
|
$ |
11,516,495 |
|
|
$ |
10,872,239 |
|
| Net interest margin
(GAAP) |
|
2.55 |
% |
|
|
2.98 |
% |
|
|
2.81 |
% |
|
|
3.19 |
% |
| Adjusted Net interest margin
(non-GAAP) |
|
2.55 |
% |
|
|
2.98 |
% |
|
|
2.79 |
% |
|
|
3.19 |
% |
- Adjusted pre-provision net
revenue ("Adjusted PPNR"),4 a non-GAAP measure, was $49.5
million for the fourth quarter of 2021, compared to $56.3 million
the fourth quarter of 2020. As a percent of average assets,
adjusted PPNR for the fourth quarter of 2021 was 1.56%, down from
2.01% for the fourth quarter of 2020. This decline in Adjusted PPNR
to average assets was primarily a result of higher noninterest
expenses and higher average assets.Adjusted pre-provision net
revenue was $212.4 million for the year ended December 31,
2021, compared to $223.1 million for the year ended
December 31, 2020.
| (Dollars in
thousands) |
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Adjusted net interest income
(non-GAAP) |
$ |
78,186 |
|
|
$ |
81,417 |
|
|
$ |
321,160 |
|
|
$ |
321,562 |
|
| Noninterest income (GAAP) |
|
10,574 |
|
|
|
9,887 |
|
|
|
40,385 |
|
|
|
45,696 |
|
| Noninterest expense
(GAAP) |
|
(39,309 |
) |
|
|
(35,008 |
) |
|
|
(149,165 |
) |
|
|
(144,162 |
) |
| Adjusted PPNR (non-GAAP) |
$ |
49,451 |
|
|
$ |
56,296 |
|
|
$ |
212,380 |
|
|
$ |
223,096 |
|
| Average Assets (GAAP) |
$ |
12,538,597 |
|
|
$ |
11,141,826 |
|
|
$ |
11,836,735 |
|
|
$ |
10,349,963 |
|
| Adjusted PPNR to Average
Assets (non-GAAP) |
|
1.56 |
% |
|
|
2.01 |
% |
|
|
1.79 |
% |
|
|
2.16 |
% |
- Provision for credit losses
on loans was a reversal of $6.4 million for the fourth
quarter of 2021, compared to a provision of $4.9 million for the
fourth quarter of 2020. The reversal was primarily driven by
improvements in the economic environment and related adjustments to
the quantitative components of the CECL model, as well as,
improvements in asset quality.Provision for credit losses was a
reversal of $20.8 million for the year ended December 31,
2021, as compared to a provision of $45.6 million for the year
ended December 31, 2020.
- Provision for unfunded
commitments was a reversal of $632 thousand for the fourth
quarter of 2021, compared to a provision of $406 thousand for the
fourth quarter of 2020. The reversal was primarily driven by the
funding of available credit, reducing unfunded commitments in the
fourth quarter of 2021.Provision for unfunded commitments was a
reversal of $1.1 million for the year ended December 31, 2021,
compared to a provision of $1.4 million for the year ended
December 31, 2020.
- Noninterest income
was $10.6 million for the fourth quarter of 2021, as compared to
$9.9 million for the fourth quarter 2020, a 6.9% increase. The
increase was driven by FHA multi-family income associated with
trade premiums, origination fees and mortgage servicing rights of
$2.5 million and gains on sale of investment securities of $906
thousand, which more than offset the lower gain on sale of loans.
Residential mortgage loan locked commitments were $163.0 million
for the fourth quarter of 2021, compared to $427.5 million for the
fourth quarter of 2020.Noninterest income was $40.4 million for the
year ended December 31, 2021, compared to $45.7 million for
the year ended December 31, 2020.
-
Noninterest expenses were $39.3 million for the
fourth quarter 2021 compared to $35.0 million for the fourth
quarter of 2020. The major changes between the fourth quarter of
2021 and the fourth quarter of 2020 were as follows:
- Salaries and
employee benefits were $24.6 million, up $4.5 million, as a result
of higher incentive bonus accruals based on the Company performance
and increases in share based compensation.
- FDIC insurance
expenses were $311 thousand, down $2.1 million. In the fourth
quarter of 2021, with assets remaining over $10 billion for four
consecutive quarters, the bank qualified as a large institution
resulting in a lower FDIC assessment. Our assessments under the
large bank methodology are about one-third of small bank
methodology.
- Legal, accounting and professional
fees were $3.0 million, up $645 thousand.
Noninterest expenses
were $149.2 million for the year ended December 31, 2021,
compared to $144.2 million for the year ended December 31,
2020.
- Efficiency ratio5
was 44.3% for the fourth quarter of 2021 compared to 38.3% for the
fourth quarter of 2020. The efficiency ratio increase was driven by
lower net interest income and higher noninterest expenses (see
Noninterest Expense section) in the fourth quarter of 2021 in
comparison to the fourth quarter of 2020.The efficiency ratio was
40.9% for the year ended December 31, 2021, compared to 39.3%
for the year ended December 31, 2020.
- Effective income tax
rate for the fourth quarter ended 2021 was 26.3%, compared
to 23.7% in the fourth quarter of 2020. This change is the result
of the provision to tax return true-up process which took place in
the fourth quarter each year.Effective income tax rate for the year
ended December 31, 2021 and 2020 was 25.7% and 24.9%,
respectively.
Balance Sheet
- Total assets at
December 31, 2021 were $11.8 billion, up 6.6% 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 third and fourth quarters of 2021.
- Investment
portfolio had a balance of $2.6 billion at
December 31, 2021, up 128% from a year ago. More than half of
the increase came in the fourth quarter of 2021 as investments
increased by $836.7 million over the third quarter of 2021.
Investments made during the fourth quarter of 2021 were primarily
agency mortgage backed securities and agency bonds.
- Total loans
(excluding loans held for sale) were $7.1 billion as of
December 31, 2021, a decrease of 9.0% from a year ago. A
portion of the decrease was driven by PPP loan forgiveness and, in
the second quarter of 2021, the sale of PPP loans. Excluding PPP
loans, loans were $7.0 billion at December 31, 2021, a
decrease of 4.0% from the prior year-end.6
| (Dollars in
thousands) |
December 31,2021 |
|
September 30,2021 |
|
June 30, 2021 |
|
December 31,2020 |
|
Total loans, excluding loans held for sale (GAAP) |
$ |
7,065,598 |
|
|
$ |
6,850,863 |
|
|
$ |
7,259,558 |
|
|
$ |
7,760,212 |
|
| Less: PPP loans
(non-GAAP) |
|
(51,105 |
) |
|
|
(67,311 |
) |
|
|
(238,041 |
) |
|
|
(454,771 |
) |
| Total loans, excluding loans
held for sale and PPP loans (non-GAAP) |
$ |
7,014,493 |
|
|
$ |
6,783,552 |
|
|
$ |
7,021,517 |
|
|
$ |
7,305,441 |
|
On a linked quarter
basis, total loans (excluding loans held for sale and PPP loans) at
December 31, 2021, increased by $230.9 million, or 3.4%, from
the prior quarter end as originations and advances exceeded payoffs
and paydowns7.
The yield on the loan
portfolio was 4.45% for the fourth quarter of 2021 as compared to
4.50% for the fourth quarter of 2020. The adjusted loan yield,
which excludes PPP, was 4.46% for the fourth quarter of 2020, down
from 4.62%, for the fourth quarter of 2020 as higher yielding loans
repriced, paid-off or paid-down, and the yield on recent
originations and advances reflect current market rates.8
The yield on the loan
portfolio was 4.62% for the year ended December 31, 2021 as
compared to 4.66% for the year ended December 31, 2020.
| |
Three Months Ended December 31, |
| (Dollars in
thousands) |
2021 |
|
2020 |
| |
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
| Loan Yields,
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield (GAAP) |
$ |
6,890,414 |
|
|
$ |
77,283 |
|
|
4.45 |
% |
|
$ |
7,896,324 |
|
|
$ |
89,356 |
|
|
4.50 |
% |
| Less: PPP interest income
(non-GAAP)9 |
|
(56,298 |
) |
|
|
(430 |
) |
|
3.03 |
% |
|
|
(456,415 |
) |
|
|
(2,931 |
) |
|
2.55 |
% |
| Adjusted loan yield
(non-GAAP) |
$ |
6,834,116 |
|
|
$ |
76,853 |
|
|
4.46 |
% |
|
$ |
7,439,909 |
|
|
$ |
86,425 |
|
|
4.62 |
% |
| |
Year Ended December 31, |
| (Dollars in
thousands) |
2021 |
|
2020 |
| |
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
| Loan Yields,
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield (GAAP) |
$ |
7,260,886 |
|
|
$ |
335,471 |
|
|
4.62 |
% |
|
$ |
7,868,523 |
|
|
$ |
366,729 |
|
|
4.66 |
% |
| Less: PPP interest income
(non-GAAP)9 |
|
(280,563 |
) |
|
|
(17,004 |
) |
|
6.06 |
% |
|
|
(311,323 |
) |
|
|
(8,076 |
) |
|
2.59 |
% |
| Adjusted loan yield
(non-GAAP) |
$ |
6,980,323 |
|
|
$ |
318,467 |
|
|
4.56 |
% |
|
$ |
7,557,200 |
|
|
$ |
358,653 |
|
|
4.75 |
% |
- Allowance for credit
losses was 1.06% of total loans at December 31, 2021,
and 1.41% a year ago. Adjusted to exclude PPP loans, which are
fully government guaranteed, the allowance for credit losses was
1.07%, compared to 1.50% a year ago.10 The reduction in the
allowance for credit losses as a percent of total loans for the
year ended December 31, 2021 is due to a provision reversal of
$20.8 million and net charge-offs of $13.3 million, which had a
greater impact on the ratio than the decline in loans.Net
charge-offs for the fourth quarter of 2021 were $1.2 million as
compared to $5.5 million for fourth quarter of 2020. On an
annualized basis, this was 0.07% of average loans (excluding loans
held for sale) for the fourth quarter of 2021, as compared to 0.28%
for the fourth quarter of 2020.Net charge-offs for 2021 were $13.3
million, which represented 0.18% of average loans, and for 2020
were $20.1 million, which represented 0.26% of average loans.
| (Dollars in
thousands) |
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 2020 |
| Allowance for credit
losses, adjusted |
|
|
|
|
|
|
Allowance for credit losses (GAAP) |
$ |
74,965 |
|
|
$ |
82,906 |
|
|
$ |
109,579 |
|
| |
|
|
|
|
|
| Total loans, excluding loans
held for sale (GAAP) |
$ |
7,065,598 |
|
|
$ |
6,850,863 |
|
|
$ |
7,760,212 |
|
| Less: PPP loans
(non-GAAP) |
|
(51,105 |
) |
|
|
(67,311 |
) |
|
|
(454,771 |
) |
| Total loans excluding PPP
loans (non-GAAP) |
$ |
7,014,493 |
|
|
$ |
6,783,552 |
|
|
$ |
7,305,441 |
|
| |
|
|
|
|
|
| Allowance for credit losses to
total loans (GAAP) |
|
1.06 |
% |
|
|
1.21 |
% |
|
|
1.41 |
% |
| Allowance for credit losses to
total loans excluding PPP loans (non-GAAP) |
|
1.07 |
% |
|
|
1.22 |
% |
|
|
1.50 |
% |
- Total deposits were
$10.0 billion at December 31, 2021, up 8.6% from a year ago.
Most of the increase was in the second half of the year. While
deposits are up significantly, the deposit mix and cost of funds
remains favorable.
- Average noninterest bearing deposits
to average total deposits was 36.3% for the fourth quarter of 2021,
as compared to 32.7% for the fourth quarter of 2020.
- The cost of funds was 0.26% in the
fourth quarter of 2021, as compared to 0.48% in the fourth quarter
of 2020. A portion of the favorable decline is attributable to the
redemption of $150 million of subordinated debt with a 5% rate on
August 2, 2021.
- Total
shareholders’ equity was $1.35 billion at
December 31, 2021, up 8.9% from a year ago. For the year ended
December 31, 2021, increases in shareholders' equity from
earnings were partially offset by common dividends declared of
$38.9 million and stock repurchases of $682 thousand.
- Book value per
share was $42.28, up 8.3% from a year ago.
- Tangible book value per share was
$38.9711, up 9.0% 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 remain high, supported by earnings. Capital
ratios did experience some decline in the fourth quarter of 2021 as
non-risk weighted cash was moved into risk-weighted securities and
loans.
| |
For the Company |
| |
December 31,2021 |
|
September 30, 2021 |
|
December 31,2020 |
|
WellCapitalizedMinimum |
| Regulatory
Ratios |
|
|
|
|
|
|
|
|
Total Capital (to risk weighted assets) |
16.15 |
% |
|
16.59 |
% |
|
17.04 |
% |
|
10.00 |
% |
| Tier 1 Capital (to risk
weighted assets) |
15.02 |
% |
|
15.33 |
% |
|
13.49 |
% |
|
8.00 |
% |
| Common Equity Tier 1 (to risk
weighted assets) |
15.02 |
% |
|
15.33 |
% |
|
13.49 |
% |
|
6.50 |
% |
| Tier 1 Capital (to average
assets) |
10.19 |
% |
|
10.58 |
% |
|
10.31 |
% |
|
5.00 |
% |
| |
|
|
|
|
|
|
|
| Common Capital
Ratios |
|
|
|
|
|
|
|
| Common Equity Ratio |
11.40 |
% |
|
11.49 |
% |
|
11.16 |
% |
|
— |
% |
| Tangible Common Equity
Ratio |
10.60 |
% |
|
10.68 |
% |
|
10.31 |
% |
|
— |
% |
Additional Commentary
- Cost savings
initiatives: The Bank continues to pursue its "branch
light" strategy to improve efficiency while putting more emphasis
on relationships and technology. After continued analysis of our
branch structure, the Bank closed its Reston Branch in December
2021, as its lease is set to expire shortly. The annual cost
savings in rent, common area maintenance and taxes is about $287
thousand.
- Paycheck protection
program: At December 31, 2021, the Bank had an
outstanding balance of PPP loans of $51.1 million, down from $67.3
million at the prior quarter end. The remaining PPP loans were
mostly originated in mid-2020.
- COVID-19 and watch-rated
loans: Beginning in the third 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 December 31, 2021 were $351 million (down from $509
million the prior quarter-end), of which $261 million (down from
$415 million the prior quarter end) were loans that received a
COVID-19 deferral or payment modification (includes loans that were
upgraded to watch-rated).
- Nonperforming loans and assets: Both
nonperforming loans and assets decreased on a linked quarter basis
and year over year.
- Nonperforming
loans were $29.2 million, or 0.41%, of total loans at
December 31, 2021, down from $31.2 million, or 0.46%, at the
prior quarter end, and down from $60.9 million, or 0.79%, of total
loans a year ago.
- Nonperforming
assets were $30.8 million, or 0.26%, of total assets at
December 31, 2021, down from $36.4 million, or 0.31%, at the
prior quarter end, and down from $65.9 million, or 0.59%, of total
assets a year ago. At December 31, 2021, other real estate
owned ("OREO") was $1.6 million.
- In November
2021, the bank sold one of its four OREO properties for a gain on
$1.1 million. At December 31, 2021, the OREO properties had a
carrying value of $1.6 million (comprising three properties), down
from $5.1 million at the prior quarter end and down from $5.0
million a year ago.
- Dividend: On
November 17, 2021, the Board of Directors declared a quarterly cash
dividend of $0.40 per common share payable on January 31, 2022 to
shareholders of record on January 19, 2022.
- Stock
repurchase plan: The 2021 stock repurchase plan expired on
December 31, 2021. Under this plan, the Company:
- In the fourth
quarter of 2021, repurchased 100 shares for $5,353 at an average
cost of $53.53 per share.
- In full-year
2021, repurchased 13,175 shares for $682,254 at an average cost of
$51.78 per share.In December 2021, the Board of Directors approved
a new stock repurchase plan for 2022 of up to 1,600,000 shares, or
approximately 5% of shares outstanding.
Additional financial
information: The financial information that follows
provides more detail on the Company’s financial performance for the
three months and year ended December 31, 2021 as compared to
the three months and year ended December 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, quarterly reports on
Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and
September 30, 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 seventeen 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 fourth quarter 2021
financial results on Thursday, January 20, 2022 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: 7254649, or by
accessing the call on the Company’s website, www.EagleBankCorp.com.
A replay of the conference call will be available on the Company’s
website through February 3, 2022.
Forward-looking statements:
This press release contains forward-looking statements within the
meaning of the Securities Exchange Act of 1934, as amended,
including statements of goals, intentions, and expectations as to
future trends, plans, events or results of Company operations and
policies and regarding general economic conditions. In some cases,
forward-looking statements can be identified by use of words such
as “may,” “will,” “can,” “anticipates,” “believes,” “expects,”
“plans,” “estimates,” “potential,” “continue,” “should,” “could,”
“strive,” “feel” and similar words or phrases. These statements are
based upon current and anticipated economic conditions, nationally
and in the Company’s market (including 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
quarters ended March 31, 2021, June 30, 2021 and September 30,
2021, the Company's upcoming Quarterly Report on Form 10-K for the
year ended December 31, 2021, and in other periodic and current
reports filed with the SEC. Readers are cautioned against placing
undue reliance on any such forward-looking statements. The
Company’s past results are not necessarily indicative of future
performance, and nothing contained herein is meant to or should be
considered and treated as earnings guidance of future quarters’
performance projections. All information is as of the date of this
press release. Any forward-looking statements made by or on behalf
of the Company speak only as to the date they are made. Except to
the extent required by applicable law or regulation, the Company
undertakes no obligation to revise or update publicly any
forward-looking statement for any reason.
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Financial Highlights (Unaudited) |
|
(Dollars in thousands, except per share data) |
| |
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Income
Statements: |
|
|
|
|
|
|
|
| Total interest income |
$ |
86,230 |
|
|
$ |
94,680 |
|
|
$ |
364,496 |
|
|
$ |
389,986 |
|
| Total interest expense |
|
8,044 |
|
|
|
13,263 |
|
|
|
39,982 |
|
|
|
68,424 |
|
| Net interest income |
|
78,186 |
|
|
|
81,417 |
|
|
|
324,514 |
|
|
|
321,562 |
|
| Provision for credit
losses |
|
(6,412 |
) |
|
|
4,917 |
|
|
|
(20,821 |
) |
|
|
45,571 |
|
| Provision for Unfunded
Commitments |
|
(632 |
) |
|
|
406 |
|
|
|
(1,119 |
) |
|
|
1,380 |
|
| Net interest income after
provision for credit losses |
|
85,230 |
|
|
|
76,094 |
|
|
|
346,454 |
|
|
|
274,611 |
|
| Noninterest income (before
investment gain) |
|
9,668 |
|
|
|
9,722 |
|
|
|
37,421 |
|
|
|
43,881 |
|
| Gain (loss) on sale of
investment securities |
|
906 |
|
|
|
165 |
|
|
|
2,964 |
|
|
|
1,815 |
|
| Total noninterest income |
|
10,574 |
|
|
|
9,887 |
|
|
|
40,385 |
|
|
|
45,696 |
|
| Total noninterest expense |
|
39,309 |
|
|
|
35,008 |
|
|
|
149,165 |
|
|
|
144,162 |
|
| Income before income tax
expense |
|
56,495 |
|
|
|
50,973 |
|
|
|
237,674 |
|
|
|
176,145 |
|
| Income tax expense |
|
14,875 |
|
|
|
12,081 |
|
|
|
60,983 |
|
|
|
43,928 |
|
| Net income |
$ |
41,620 |
|
|
$ |
38,892 |
|
|
$ |
176,691 |
|
|
$ |
132,217 |
|
| Per Share
Data: |
|
|
|
|
|
|
|
| Earnings per weighted average
common share, basic |
$ |
1.30 |
|
|
$ |
1.21 |
|
|
$ |
5.53 |
|
|
$ |
4.09 |
|
| Earnings per weighted average
common share, diluted |
$ |
1.30 |
|
|
$ |
1.21 |
|
|
$ |
5.52 |
|
|
$ |
4.09 |
|
| Weighted average common shares
outstanding, basic |
|
31,950,320 |
|
|
|
32,037,099 |
|
|
|
31,935,824 |
|
|
|
32,334,201 |
|
| Weighted average common shares
outstanding, diluted |
|
32,030,998 |
|
|
|
32,075,175 |
|
|
|
32,003,090 |
|
|
|
32,383,021 |
|
| Actual shares outstanding at
period end |
|
31,950,092 |
|
|
|
31,779,663 |
|
|
|
31,950,092 |
|
|
|
31,779,663 |
|
| Book value per common share at
period end |
$ |
42.28 |
|
|
$ |
39.05 |
|
|
$ |
42.28 |
|
|
$ |
39.05 |
|
| Tangible book value per common
share at period end (1) |
$ |
38.97 |
|
|
$ |
35.74 |
|
|
$ |
38.97 |
|
|
$ |
35.74 |
|
| Dividend per common share |
$ |
0.40 |
|
|
$ |
0.22 |
|
|
$ |
1.40 |
|
|
$ |
0.88 |
|
| Performance Ratios
(annualized): |
|
|
|
|
|
|
|
| Return on average assets |
|
1.32 |
% |
|
|
1.39 |
% |
|
|
1.49 |
% |
|
|
1.28 |
% |
| Return on average common
equity |
|
12.30 |
% |
|
|
12.53 |
% |
|
|
13.54 |
% |
|
|
10.98 |
% |
| Return on average tangible
common equity |
|
13.35 |
% |
|
|
13.69 |
% |
|
|
14.73 |
% |
|
|
12.03 |
% |
| Net interest margin |
|
2.55 |
% |
|
|
2.98 |
% |
|
|
2.81 |
% |
|
|
3.19 |
% |
| Efficiency ratio
(2) |
|
44.29 |
% |
|
|
38.34 |
% |
|
|
40.88 |
% |
|
|
39.25 |
% |
| Other
Ratios: |
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans (3) |
|
1.06 |
% |
|
|
1.41 |
% |
|
|
1.06 |
% |
|
|
1.41 |
% |
| Allowance for credit losses to
total nonperforming loans |
|
256.66 |
% |
|
|
179.80 |
% |
|
|
256.66 |
% |
|
|
179.80 |
% |
| Nonperforming loans to total
loans (3) |
|
0.41 |
% |
|
|
0.79 |
% |
|
|
0.41 |
% |
|
|
0.79 |
% |
| Nonperforming assets to total
assets |
|
0.26 |
% |
|
|
0.59 |
% |
|
|
0.26 |
% |
|
|
0.59 |
% |
| Net charge-offs (annualized)
to average loans (3) |
|
0.07 |
% |
|
|
0.28 |
% |
|
|
0.18 |
% |
|
|
0.26 |
% |
| Common equity to total
assets |
|
11.40 |
% |
|
|
11.16 |
% |
|
|
11.40 |
% |
|
|
11.16 |
% |
| Tier 1 capital (to average
assets) |
|
10.19 |
% |
|
|
10.31 |
% |
|
|
10.19 |
% |
|
|
10.31 |
% |
| Total capital (to risk
weighted assets) |
|
16.15 |
% |
|
|
17.04 |
% |
|
|
16.15 |
% |
|
|
17.04 |
% |
| Common equity tier 1 capital
(to risk weighted assets) |
|
15.02 |
% |
|
|
13.48 |
% |
|
|
15.02 |
% |
|
|
13.48 |
% |
| Tangible common equity ratio
(1) |
|
10.60 |
% |
|
|
10.31 |
% |
|
|
10.60 |
% |
|
|
10.31 |
% |
|
(continued) |
|
|
|
|
|
|
|
| |
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Loan Balances - Period
End (in thousands): |
|
|
|
|
|
|
|
| Commercial and Industrial |
$ |
1,354,317 |
|
|
$ |
1,437,433 |
|
|
$ |
1,354,317 |
|
|
$ |
1,437,433 |
|
| PPP loans |
$ |
51,105 |
|
|
$ |
454,771 |
|
|
$ |
51,105 |
|
|
$ |
454,771 |
|
| Commercial real estate -
income producing |
$ |
3,385,299 |
|
|
$ |
3,687,000 |
|
|
$ |
3,385,299 |
|
|
$ |
3,687,000 |
|
| Commercial real estate - owner
occupied |
$ |
1,087,776 |
|
|
$ |
997,694 |
|
|
$ |
1,087,776 |
|
|
$ |
997,694 |
|
| 1-4 Family mortgage |
$ |
73,966 |
|
|
$ |
76,592 |
|
|
$ |
73,966 |
|
|
$ |
76,592 |
|
| Construction - commercial and
residential |
$ |
896,319 |
|
|
$ |
873,261 |
|
|
$ |
896,319 |
|
|
$ |
873,261 |
|
| Construction - C&I (owner
occupied) |
$ |
159,579 |
|
|
$ |
158,905 |
|
|
$ |
159,579 |
|
|
$ |
158,905 |
|
| Home equity |
$ |
55,811 |
|
|
$ |
73,167 |
|
|
$ |
55,811 |
|
|
$ |
73,167 |
|
| Other consumer |
$ |
1,428 |
|
|
$ |
1,389 |
|
|
$ |
1,428 |
|
|
$ |
1,389 |
|
| Average Balances (in
thousands): |
|
|
|
|
|
|
|
| Total assets |
$ |
12,538,596 |
|
|
$ |
11,141,826 |
|
|
$ |
11,836,735 |
|
|
$ |
10,349,963 |
|
| Total earning assets |
$ |
12,180,872 |
|
|
$ |
10,872,259 |
|
|
$ |
11,516,495 |
|
|
$ |
10,080,239 |
|
| Total loans |
$ |
6,890,414 |
|
|
$ |
7,896,324 |
|
|
$ |
7,260,886 |
|
|
$ |
7,868,523 |
|
| Total deposits |
$ |
10,670,205 |
|
|
$ |
9,227,733 |
|
|
$ |
9,940,577 |
|
|
$ |
8,502,022 |
|
| Total borrowings |
$ |
402,393 |
|
|
$ |
596,307 |
|
|
$ |
489,857 |
|
|
$ |
569,446 |
|
| Total shareholders’
equity |
$ |
1,342,525 |
|
|
$ |
1,235,174 |
|
|
$ |
1,304,902 |
|
|
$ |
1,204,341 |
|
(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 EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Common shareholders'
equity |
|
|
|
|
$ |
1,350,775 |
|
|
$ |
1,240,892 |
|
| Less: Intangible assets |
|
|
|
|
|
(105,793 |
) |
|
|
(105,114 |
) |
| Tangible common
equity |
|
|
|
|
$ |
1,244,982 |
|
|
$ |
1,135,778 |
|
| Book value per common
share |
|
|
|
|
$ |
42.28 |
|
|
$ |
39.05 |
|
| Less: Intangible book value
per common share |
|
|
|
|
|
(3.31 |
) |
|
|
(3.31 |
) |
| Tangible book value
per common share |
|
|
|
|
$ |
38.97 |
|
|
$ |
35.74 |
|
| Total assets |
|
|
|
|
$ |
11,847,310 |
|
|
$ |
11,117,802 |
|
| Less: Intangible assets |
|
|
|
|
|
(105,793 |
) |
|
|
(105,114 |
) |
| Tangible
assets |
|
|
|
|
$ |
11,741,517 |
|
|
$ |
11,012,688 |
|
| Tangible common equity
ratio |
|
|
|
|
|
10.60 |
% |
|
|
10.31 |
% |
| Average common shareholders'
equity |
$ |
1,342,525 |
|
|
$ |
1,235,173 |
|
|
$ |
1,304,902 |
|
|
$ |
1,204,341 |
|
| Less: Average intangible
assets |
|
(105,565 |
) |
|
|
(105,131 |
) |
|
|
(105,256 |
) |
|
|
(104,903 |
) |
| Average tangible
common equity |
$ |
1,236,960 |
|
|
$ |
1,130,042 |
|
|
$ |
1,199,646 |
|
|
$ |
1,099,438 |
|
| Net Income Available to Common
Shareholders |
$ |
41,620 |
|
|
$ |
38,892 |
|
|
$ |
176,691 |
|
|
$ |
132,217 |
|
| Annualized Return on
Average Tangible Common Equity |
|
13.35 |
% |
|
|
13.69 |
% |
|
|
14.73 |
% |
|
|
12.03 |
% |
|
Net interest income (GAAP) |
$ |
78,186 |
|
|
$ |
81,417 |
|
|
$ |
324,514 |
|
|
$ |
321,562 |
|
| Less: PPP accelerated net
deferred fees and costs from sale (non-GAAP) |
|
— |
|
|
|
— |
|
|
|
(4,667 |
) |
|
|
— |
|
| Add: Accelerated interest
expense on redemption of sub-debt (non-GAAP) |
|
— |
|
|
|
— |
|
|
|
1,313 |
|
|
|
— |
|
| Adjusted net interest income
(non-GAAP) |
$ |
78,186 |
|
|
$ |
81,417 |
|
|
$ |
321,160 |
|
|
$ |
321,562 |
|
| Noninterest income (GAAP) |
$ |
10,574 |
|
|
$ |
9,887 |
|
|
$ |
40,385 |
|
|
$ |
45,696 |
|
| Adjusted operating revenue
(non-GAAP) |
$ |
88,760 |
|
|
$ |
91,304 |
|
|
$ |
361,545 |
|
|
$ |
367,258 |
|
| Noninterest expense
(GAAP) |
$ |
39,309 |
|
|
$ |
35,008 |
|
|
$ |
149,165 |
|
|
$ |
144,162 |
|
| Adjusted efficiency
ratio (non-GAAP) |
|
44.29 |
% |
|
|
38.34 |
% |
|
|
41.26 |
% |
|
|
39.25 |
% |
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Balance Sheets (Unaudited) |
|
(Dollars in thousands, except per share data) |
| Assets |
December 31,2021 |
|
September 30,2021 |
|
December 31,2020 |
|
Cash and due from banks |
$ |
12,886 |
|
|
$ |
8,806 |
|
|
$ |
8,435 |
|
| Federal funds sold |
|
20,391 |
|
|
|
38,934 |
|
|
|
28,200 |
|
| Interest bearing deposits with
banks and other short-term investments |
|
1,680,945 |
|
|
|
2,452,744 |
|
|
|
1,752,420 |
|
| Investment securities
available for sale (amortized cost of $2,642,665, $1,789,416, and
$1,129,057, and allowance for credit losses of $620, $256 and $167
as of December 31, 2021, September 30, 2021 and December 31, 2020,
respectively |
|
2,623,408 |
|
|
|
1,786,659 |
|
|
|
1,151,083 |
|
| Federal Reserve and Federal
Home Loan Bank stock |
|
34,153 |
|
|
|
34,093 |
|
|
|
40,104 |
|
| Loans held for sale |
|
47,218 |
|
|
|
53,413 |
|
|
|
88,205 |
|
| Loans |
|
7,065,598 |
|
|
|
6,850,863 |
|
|
|
7,760,212 |
|
| Less allowance for credit
losses |
|
(74,965 |
) |
|
|
(82,906 |
) |
|
|
(109,579 |
) |
| Loans, net |
|
6,990,633 |
|
|
|
6,767,957 |
|
|
|
7,650,633 |
|
| Premises and equipment,
net |
|
14,557 |
|
|
|
15,293 |
|
|
|
13,553 |
|
| Operating lease right-of-use
assets |
|
30,555 |
|
|
|
30,080 |
|
|
|
25,237 |
|
| Deferred income taxes |
|
43,174 |
|
|
|
44,733 |
|
|
|
38,571 |
|
| Bank owned life insurance |
|
108,789 |
|
|
|
108,158 |
|
|
|
76,729 |
|
| Intangible assets, net |
|
105,793 |
|
|
|
105,103 |
|
|
|
105,114 |
|
| Other real estate owned |
|
1,635 |
|
|
|
5,135 |
|
|
|
4,987 |
|
| Other assets |
|
133,173 |
|
|
|
134,209 |
|
|
|
134,531 |
|
| Total
Assets |
$ |
11,847,310 |
|
|
$ |
11,585,317 |
|
|
$ |
11,117,802 |
|
| Liabilities and
Shareholders' Equity |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
| Noninterest bearing
demand |
$ |
3,277,956 |
|
|
$ |
2,836,418 |
|
|
$ |
2,809,334 |
|
| Interest bearing
transaction |
|
777,255 |
|
|
|
812,410 |
|
|
|
756,923 |
|
| Savings and money market |
|
5,197,247 |
|
|
|
5,268,157 |
|
|
|
4,645,186 |
|
| Time, $100,000 or more |
|
327,651 |
|
|
|
347,937 |
|
|
|
546,173 |
|
| Other time |
|
401,431 |
|
|
|
403,566 |
|
|
|
431,587 |
|
| Total deposits |
|
9,981,540 |
|
|
|
9,668,488 |
|
|
|
9,189,203 |
|
| Customer repurchase
agreements |
|
23,918 |
|
|
|
29,401 |
|
|
|
26,726 |
|
| Other short-term
borrowings |
|
300,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
| Long-term borrowings |
|
69,670 |
|
|
|
69,639 |
|
|
|
268,077 |
|
| Operating lease
liabilities |
|
35,501 |
|
|
|
34,345 |
|
|
|
28,022 |
|
| Reserve for unfunded
commitments |
|
4,379 |
|
|
|
5,011 |
|
|
|
5,498 |
|
| Other liabilities |
|
81,527 |
|
|
|
146,736 |
|
|
|
59,384 |
|
| Total
liabilities |
|
10,496,535 |
|
|
|
10,253,620 |
|
|
|
9,876,910 |
|
| Shareholders'
Equity |
|
|
|
|
|
| Common stock, par value $.01
per share; shares authorized 100,000,000, shares issued and
outstanding 31,950,092, 31,947,458, and 31,779,663
respectively |
|
316 |
|
|
|
316 |
|
|
|
315 |
|
| Additional paid in
capital |
|
434,640 |
|
|
|
432,479 |
|
|
|
427,016 |
|
| Retained earnings |
|
930,061 |
|
|
|
901,218 |
|
|
|
798,061 |
|
| Accumulated other
comprehensive income (loss) |
|
(14,242 |
) |
|
|
(2,316 |
) |
|
|
15,500 |
|
| Total Shareholders'
Equity |
|
1,350,775 |
|
|
|
1,331,697 |
|
|
|
1,240,892 |
|
| Total Liabilities and
Shareholders' Equity |
$ |
11,847,310 |
|
|
$ |
11,585,317 |
|
|
$ |
11,117,802 |
|
|
Eagle Bancorp, Inc. |
|
Consolidated Statements of Income (Unaudited) |
|
(Dollars in thousands, except per share data) |
| |
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
Interest Income |
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
|
|
2020 |
| Interest and fees on
loans |
$ |
77,625 |
|
|
$ |
89,875 |
|
$ |
337,749 |
|
|
$ |
368,854 |
| Interest and dividends on
investment securities |
|
7,327 |
|
|
|
4,301 |
|
|
23,205 |
|
|
|
18,440 |
| Interest on balances with
other banks and short-term investments |
|
1,272 |
|
|
|
497 |
|
|
3,511 |
|
|
|
2,601 |
| Interest on federal funds
sold |
|
6 |
|
|
|
7 |
|
|
31 |
|
|
|
91 |
| Total interest income |
|
86,230 |
|
|
|
94,680 |
|
|
364,496 |
|
|
|
389,986 |
| Interest
Expense |
|
|
|
|
|
|
|
| Interest on deposits |
|
6,484 |
|
|
|
9,511 |
|
|
27,772 |
|
|
|
53,566 |
| Interest on customer
repurchase agreements |
|
17 |
|
|
|
36 |
|
|
51 |
|
|
|
293 |
| Interest on other short-term
borrowings |
|
506 |
|
|
|
506 |
|
|
2,008 |
|
|
|
1,869 |
| Interest on long-term
borrowings |
|
1,037 |
|
|
|
3,210 |
|
|
10,151 |
|
|
|
12,696 |
| Total interest expense |
|
8,044 |
|
|
|
13,263 |
|
|
39,982 |
|
|
|
68,424 |
| Net Interest
Income |
|
78,186 |
|
|
|
81,417 |
|
|
324,514 |
|
|
|
321,562 |
| Provision for Credit
Losses |
|
(6,412 |
) |
|
|
4,917 |
|
|
(20,821 |
) |
|
|
45,571 |
| Provision for Unfunded
Commitments |
|
(632 |
) |
|
|
406 |
|
|
(1,119 |
) |
|
|
1,380 |
| Net Interest Income
After Provision For Credit Losses |
|
85,230 |
|
|
|
76,094 |
|
|
346,454 |
|
|
|
274,611 |
| Noninterest
Income |
|
|
|
|
|
|
|
| Service charges on
deposits |
|
1,259 |
|
|
|
988 |
|
|
4,562 |
|
|
|
4,416 |
| Gain on sale of loans |
|
2,057 |
|
|
|
5,840 |
|
|
14,045 |
|
|
|
22,089 |
| Gain on sale of investment
securities |
|
906 |
|
|
|
165 |
|
|
2,964 |
|
|
|
1,815 |
| Increase in the cash surrender
value of bank owned life insurance |
|
630 |
|
|
|
416 |
|
|
2,059 |
|
|
|
2,071 |
| Other income |
|
5,722 |
|
|
|
2,478 |
|
|
16,755 |
|
|
|
15,305 |
| Total noninterest income |
|
10,574 |
|
|
|
9,887 |
|
|
40,385 |
|
|
|
45,696 |
| Noninterest
Expense |
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
24,608 |
|
|
|
20,151 |
|
|
88,398 |
|
|
|
74,440 |
| Premises and equipment
expenses |
|
3,755 |
|
|
|
3,301 |
|
|
14,876 |
|
|
|
15,715 |
| Marketing and advertising |
|
1,286 |
|
|
|
1,161 |
|
|
4,165 |
|
|
|
4,278 |
| Data processing |
|
3,258 |
|
|
|
2,747 |
|
|
11,709 |
|
|
|
10,702 |
| Legal, accounting and
professional fees |
|
2,987 |
|
|
|
2,342 |
|
|
11,510 |
|
|
|
16,406 |
| FDIC insurance |
|
311 |
|
|
|
2,385 |
|
|
5,897 |
|
|
|
7,941 |
| Other expenses |
|
3,104 |
|
|
|
2,921 |
|
|
12,610 |
|
|
|
14,680 |
| Total noninterest expense |
|
39,309 |
|
|
|
35,008 |
|
|
149,165 |
|
|
|
144,162 |
| Income Before Income
Tax Expense |
|
56,495 |
|
|
|
50,973 |
|
|
237,674 |
|
|
|
176,145 |
| Income Tax
Expense |
|
14,875 |
|
|
|
12,081 |
|
|
60,983 |
|
|
|
43,928 |
| Net
Income |
$ |
41,620 |
|
|
$ |
38,892 |
|
$ |
176,691 |
|
|
$ |
132,217 |
| Earnings Per Common
Share |
|
|
|
|
|
|
|
| Basic |
$ |
1.30 |
|
|
$ |
1.21 |
|
$ |
5.53 |
|
|
$ |
4.09 |
| Diluted |
$ |
1.30 |
|
|
$ |
1.21 |
|
$ |
5.52 |
|
|
$ |
4.08 |
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Average Balances, Interest Yields And Rates
(Unaudited) |
|
(Dollars in thousands) |
| |
Three Months Ended December 31, |
| |
|
2021 |
|
|
|
2020 |
|
| |
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
3,124,657 |
|
$ |
1,272 |
|
0.16 |
% |
|
$ |
1,752,046 |
|
$ |
497 |
|
0.11 |
% |
| Loans held for sale
(1) |
|
46,647 |
|
|
342 |
|
2.93 |
% |
|
|
70,945 |
|
|
520 |
|
2.93 |
% |
| Loans (1)
(2) |
|
6,890,414 |
|
|
77,283 |
|
4.45 |
% |
|
|
7,896,324 |
|
|
89,355 |
|
4.50 |
% |
| Investment securities
available for sale (2) |
|
2,088,907 |
|
|
7,327 |
|
1.39 |
% |
|
|
1,122,078 |
|
|
4,301 |
|
1.52 |
% |
| Federal funds sold |
|
30,247 |
|
|
6 |
|
0.08 |
% |
|
|
30,866 |
|
|
7 |
|
0.10 |
% |
| Total interest earning
assets |
|
12,180,872 |
|
|
86,230 |
|
2.81 |
% |
|
|
10,872,259 |
|
|
94,680 |
|
3.46 |
% |
| Total noninterest earning
assets |
|
440,613 |
|
|
|
|
|
|
378,406 |
|
|
|
|
| Less: allowance for credit
losses |
|
82,889 |
|
|
|
|
|
|
108,839 |
|
|
|
|
| Total noninterest earning
assets |
|
357,724 |
|
|
|
|
|
|
269,567 |
|
|
|
|
| TOTAL
ASSETS |
$ |
12,538,596 |
|
|
|
|
|
$ |
11,141,826 |
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
transaction |
$ |
803,027 |
|
$ |
392 |
|
0.19 |
% |
|
$ |
772,056 |
|
$ |
511 |
|
0.26 |
% |
| Savings and money market |
|
5,257,520 |
|
|
3,688 |
|
0.28 |
% |
|
|
4,443,676 |
|
|
4,652 |
|
0.42 |
% |
| Time deposits |
|
735,254 |
|
|
2,404 |
|
1.30 |
% |
|
|
998,872 |
|
|
4,347 |
|
1.73 |
% |
| Total interest bearing
deposits |
|
6,795,801 |
|
|
6,484 |
|
0.38 |
% |
|
|
6,214,604 |
|
|
9,510 |
|
0.61 |
% |
| Customer repurchase
agreements |
|
32,730 |
|
|
17 |
|
0.21 |
% |
|
|
28,259 |
|
|
36 |
|
0.51 |
% |
| Other short-term
borrowings |
|
300,003 |
|
|
506 |
|
0.67 |
% |
|
|
300,003 |
|
|
506 |
|
0.66 |
% |
| Long-term borrowings |
|
69,660 |
|
|
1,037 |
|
5.96 |
% |
|
|
268,045 |
|
|
3,211 |
|
4.69 |
% |
| Total interest bearing
liabilities |
|
7,198,194 |
|
|
8,044 |
|
0.44 |
% |
|
|
6,810,911 |
|
|
13,263 |
|
0.77 |
% |
| Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing
demand |
|
3,874,405 |
|
|
|
|
|
|
3,013,129 |
|
|
|
|
| Other liabilities |
|
123,472 |
|
|
|
|
|
|
82,612 |
|
|
|
|
| Total noninterest bearing
liabilities |
|
3,997,877 |
|
|
|
|
|
|
3,095,741 |
|
|
|
|
| Shareholders’ equity |
|
1,342,525 |
|
|
|
|
|
|
1,235,174 |
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
12,538,596 |
|
|
|
|
|
$ |
11,141,826 |
|
|
|
|
| Net interest income |
|
|
$ |
78,186 |
|
|
|
|
|
$ |
81,417 |
|
|
| Net interest spread |
|
|
|
|
2.37 |
% |
|
|
|
|
|
2.69 |
% |
| Net interest margin |
|
|
|
|
2.55 |
% |
|
|
|
|
|
2.98 |
% |
| Cost of funds |
|
|
|
|
0.26 |
% |
|
|
|
|
|
0.48 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $4.3 million and $6.2 million for the three
months ended December 31, 2021 and 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) |
| |
Year Ended December 31, |
| |
|
2021 |
|
|
|
2020 |
|
| |
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
2,499,377 |
|
$ |
3,511 |
|
0.14 |
% |
|
$ |
1,181,591 |
|
$ |
2,601 |
|
0.22 |
% |
| Loans held for sale
(1) |
|
71,043 |
|
|
2,278 |
|
3.21 |
% |
|
|
67,361 |
|
|
2,125 |
|
3.15 |
% |
| Loans (1)
(2) |
|
7,260,886 |
|
|
335,471 |
|
4.62 |
% |
|
|
7,868,523 |
|
|
366,729 |
|
4.66 |
% |
| Investment securities
available for sale (2) |
|
1,653,522 |
|
|
23,205 |
|
1.40 |
% |
|
|
929,983 |
|
|
18,440 |
|
1.98 |
% |
| Federal funds sold |
|
31,667 |
|
|
31 |
|
0.10 |
% |
|
|
32,781 |
|
|
91 |
|
0.28 |
% |
| Total interest earning
assets |
|
11,516,495 |
|
|
364,496 |
|
3.16 |
% |
|
|
10,080,239 |
|
|
389,986 |
|
3.87 |
% |
| Total noninterest earning
assets |
|
416,492 |
|
|
|
|
|
|
371,345 |
|
|
|
|
| Less: allowance for credit
losses |
|
96,252 |
|
|
|
|
|
|
101,621 |
|
|
|
|
| Total noninterest earning
assets |
|
320,240 |
|
|
|
|
|
|
269,724 |
|
|
|
|
| TOTAL
ASSETS |
$ |
11,836,735 |
|
|
|
|
|
$ |
10,349,963 |
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
transaction |
$ |
814,999 |
|
$ |
1,609 |
|
0.20 |
% |
|
$ |
783,568 |
|
$ |
3,190 |
|
0.41 |
% |
| Savings and money market |
|
4,947,198 |
|
|
15,000 |
|
0.30 |
% |
|
|
3,925,413 |
|
|
26,271 |
|
0.67 |
% |
| Time deposits |
|
803,718 |
|
|
11,163 |
|
1.39 |
% |
|
|
1,149,185 |
|
|
24,105 |
|
2.10 |
% |
| Total interest bearing
deposits |
|
6,565,915 |
|
|
27,772 |
|
0.42 |
% |
|
|
5,858,166 |
|
|
53,566 |
|
0.91 |
% |
| Customer repurchase
agreements |
|
24,884 |
|
|
51 |
|
0.20 |
% |
|
|
29,345 |
|
|
293 |
|
1.00 |
% |
| Other short-term
borrowings |
|
300,003 |
|
|
2,008 |
|
0.67 |
% |
|
|
280,126 |
|
|
1,870 |
|
0.66 |
% |
| Long-term borrowings |
|
164,970 |
|
|
10,151 |
|
6.15 |
% |
|
|
259,975 |
|
|
12,696 |
|
4.80 |
% |
| Total interest bearing
liabilities |
|
7,055,772 |
|
|
39,982 |
|
0.57 |
% |
|
|
6,427,612 |
|
|
68,425 |
|
1.06 |
% |
| Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing
demand |
|
3,374,662 |
|
|
|
|
|
|
2,643,856 |
|
|
|
|
| Other liabilities |
|
101,399 |
|
|
|
|
|
|
74,154 |
|
|
|
|
| Total noninterest bearing
liabilities |
|
3,476,061 |
|
|
|
|
|
|
2,718,010 |
|
|
|
|
| Shareholders’ equity |
|
1,304,902 |
|
|
|
|
|
|
1,204,341 |
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,836,735 |
|
|
|
|
|
$ |
10,349,963 |
|
|
|
|
| Net interest income |
|
|
$ |
324,514 |
|
|
|
|
|
$ |
321,561 |
|
|
| Net interest spread |
|
|
|
|
2.59 |
% |
|
|
|
|
|
2.81 |
% |
| Net interest margin |
|
|
|
|
2.81 |
% |
|
|
|
|
|
3.19 |
% |
| Cost of funds |
|
|
|
|
0.35 |
% |
|
|
|
|
|
0.68 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $30.6 million and $22.3 million for the
years ended December 31, 2021 and 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 |
| |
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
| Income
Statements: |
2021 |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
Total interest income |
$ |
86,230 |
|
|
$ |
89,152 |
|
|
$ |
94,920 |
|
|
$ |
94,194 |
|
|
$ |
94,680 |
|
|
$ |
93,833 |
|
|
$ |
97,672 |
|
|
$ |
103,801 |
|
| Total interest expense |
|
8,044 |
|
|
|
10,107 |
|
|
|
10,288 |
|
|
|
11,543 |
|
|
|
13,262 |
|
|
|
14,795 |
|
|
|
16,309 |
|
|
|
24,057 |
|
| Net interest income |
|
78,186 |
|
|
|
79,045 |
|
|
|
84,632 |
|
|
|
82,651 |
|
|
|
81,418 |
|
|
|
79,038 |
|
|
|
81,363 |
|
|
|
79,744 |
|
| Provision for credit
losses |
|
(6,412 |
) |
|
|
(8,203 |
) |
|
|
(3,856 |
) |
|
|
(2,350 |
) |
|
|
4,917 |
|
|
|
6,607 |
|
|
|
19,737 |
|
|
|
14,310 |
|
| Provision for unfunded
commitments |
|
(632 |
) |
|
|
716 |
|
|
|
(761 |
) |
|
|
(442 |
) |
|
|
406 |
|
|
|
(2,078 |
) |
|
|
940 |
|
|
|
2,112 |
|
| Net interest income after
provision for credit losses |
|
85,230 |
|
|
|
86,532 |
|
|
|
89,249 |
|
|
|
85,443 |
|
|
|
76,095 |
|
|
|
74,509 |
|
|
|
60,686 |
|
|
|
63,322 |
|
| Noninterest income (before
investment gain (loss)) |
|
9,668 |
|
|
|
6,780 |
|
|
|
10,607 |
|
|
|
10,366 |
|
|
|
9,722 |
|
|
|
17,729 |
|
|
|
11,782 |
|
|
|
4,648 |
|
| Gain on sale of investment
securities |
|
906 |
|
|
|
1,519 |
|
|
|
318 |
|
|
|
221 |
|
|
|
165 |
|
|
|
115 |
|
|
|
713 |
|
|
|
822 |
|
| Total noninterest income |
|
10,574 |
|
|
|
8,299 |
|
|
|
10,925 |
|
|
|
10,587 |
|
|
|
9,887 |
|
|
|
17,844 |
|
|
|
12,495 |
|
|
|
5,470 |
|
| Salaries and employee
benefits |
|
24,608 |
|
|
|
22,145 |
|
|
|
19,876 |
|
|
|
21,769 |
|
|
|
20,151 |
|
|
|
19,388 |
|
|
|
17,104 |
|
|
|
17,797 |
|
| Premises and equipment |
|
3,755 |
|
|
|
3,859 |
|
|
|
3,644 |
|
|
|
3,618 |
|
|
|
3,301 |
|
|
|
5,125 |
|
|
|
3,468 |
|
|
|
3,821 |
|
| Marketing and advertising |
|
1,286 |
|
|
|
1,013 |
|
|
|
980 |
|
|
|
886 |
|
|
|
1,161 |
|
|
|
928 |
|
|
|
1,111 |
|
|
|
1,078 |
|
| Other expenses |
|
9,660 |
|
|
|
9,358 |
|
|
|
10,994 |
|
|
|
11,714 |
|
|
|
10,396 |
|
|
|
11,474 |
|
|
|
13,209 |
|
|
|
14,651 |
|
| Total noninterest expense |
|
39,309 |
|
|
|
36,375 |
|
|
|
35,494 |
|
|
|
37,987 |
|
|
|
35,009 |
|
|
|
36,915 |
|
|
|
34,892 |
|
|
|
37,347 |
|
| Income before income tax
expense |
|
56,495 |
|
|
|
58,456 |
|
|
|
64,680 |
|
|
|
58,043 |
|
|
|
50,973 |
|
|
|
55,438 |
|
|
|
38,289 |
|
|
|
31,445 |
|
| Income tax expense |
|
14,875 |
|
|
|
14,847 |
|
|
|
16,687 |
|
|
|
14,574 |
|
|
|
12,081 |
|
|
|
14,092 |
|
|
|
9,433 |
|
|
|
8,322 |
|
| Net income |
|
41,620 |
|
|
|
43,609 |
|
|
|
47,993 |
|
|
|
43,469 |
|
|
|
38,892 |
|
|
|
41,346 |
|
|
|
28,856 |
|
|
|
23,123 |
|
| Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per weighted average
common share, basic |
$ |
1.30 |
|
|
$ |
1.36 |
|
|
$ |
1.50 |
|
|
$ |
1.36 |
|
|
$ |
1.21 |
|
|
$ |
1.28 |
|
|
$ |
0.90 |
|
|
$ |
0.70 |
|
| Earnings per weighted average
common share, diluted |
$ |
1.30 |
|
|
$ |
1.36 |
|
|
$ |
1.50 |
|
|
$ |
1.36 |
|
|
$ |
1.21 |
|
|
$ |
1.28 |
|
|
$ |
0.90 |
|
|
$ |
0.70 |
|
| Weighted average common shares
outstanding, basic |
|
31,950 |
|
|
|
31,959 |
|
|
|
31,963 |
|
|
|
31,870 |
|
|
|
32,037 |
|
|
|
32,229 |
|
|
|
32,225 |
|
|
|
32,850 |
|
| Weighted average common shares
outstanding, diluted |
|
32,031 |
|
|
|
32,031 |
|
|
|
32,025 |
|
|
|
31,923 |
|
|
|
32,075 |
|
|
|
32,251 |
|
|
|
32,241 |
|
|
|
32,876 |
|
| Actual shares outstanding at
period end |
|
31,950,092 |
|
|
|
31,947,458 |
|
|
|
31,961,573 |
|
|
|
31,960,379 |
|
|
|
31,779,663 |
|
|
|
32,228,636 |
|
|
|
32,224,756 |
|
|
|
32,197,258 |
|
| Book value per common share at
period end |
$ |
42.28 |
|
|
$ |
41.68 |
|
|
$ |
40.87 |
|
|
$ |
39.45 |
|
|
$ |
39.05 |
|
|
$ |
37.96 |
|
|
$ |
36.86 |
|
|
$ |
36.11 |
|
| Tangible book value per common
share at period end (1) |
$ |
38.97 |
|
|
$ |
38.39 |
|
|
$ |
37.58 |
|
|
$ |
36.16 |
|
|
$ |
35.74 |
|
|
$ |
34.70 |
|
|
$ |
33.62 |
|
|
$ |
32.86 |
|
| Dividend per common share |
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
| Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
|
1.32 |
% |
|
|
1.46 |
% |
|
|
1.68 |
% |
|
|
1.53 |
% |
|
|
1.39 |
% |
|
|
1.57 |
% |
|
|
1.12 |
% |
|
|
0.98 |
% |
| Return on average common
equity |
|
12.30 |
% |
|
|
13.00 |
% |
|
|
14.92 |
% |
|
|
14.05 |
% |
|
|
12.53 |
% |
|
|
14.46 |
% |
|
|
9.84 |
% |
|
|
7.81 |
% |
| Return on average tangible
common equity |
|
13.35 |
% |
|
|
14.11 |
% |
|
|
16.25 |
% |
|
|
15.33 |
% |
|
|
13.69 |
% |
|
|
15.93 |
% |
|
|
10.80 |
% |
|
|
8.56 |
% |
| Net interest margin |
|
2.55 |
% |
|
|
2.73 |
% |
|
|
3.04 |
% |
|
|
2.98 |
% |
|
|
2.98 |
% |
|
|
3.08 |
% |
|
|
3.26 |
% |
|
|
3.49 |
% |
| Efficiency ratio
(2) |
|
44.29 |
% |
|
|
41.65 |
% |
|
|
37.14 |
% |
|
|
40.74 |
% |
|
|
38.34 |
% |
|
|
38.10 |
% |
|
|
37.18 |
% |
|
|
43.83 |
% |
| Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans (3) |
|
1.06 |
% |
|
|
1.21 |
% |
|
|
1.28 |
% |
|
|
1.36 |
% |
|
|
1.41 |
% |
|
|
1.40 |
% |
|
|
1.36 |
% |
|
|
1.23 |
% |
| Allowance for credit losses to
total nonperforming loans |
|
256.66 |
% |
|
|
265.32 |
% |
|
|
187.07 |
% |
|
|
195.25 |
% |
|
|
179.80 |
% |
|
|
189.83 |
% |
|
|
184.52 |
% |
|
|
201.80 |
% |
| Nonperforming loans to total
loans (3) |
|
0.41 |
% |
|
|
0.46 |
% |
|
|
0.68 |
% |
|
|
0.69 |
% |
|
|
0.79 |
% |
|
|
0.74 |
% |
|
|
0.74 |
% |
|
|
0.61 |
% |
| Nonperforming assets to total
assets |
|
0.26 |
% |
|
|
0.31 |
% |
|
|
0.50 |
% |
|
|
0.51 |
% |
|
|
0.59 |
% |
|
|
0.62 |
% |
|
|
0.69 |
% |
|
|
0.56 |
% |
| Net charge-offs (annualized)
to average loans (3) |
|
0.07 |
% |
|
|
0.08 |
% |
|
|
0.30 |
% |
|
|
0.27 |
% |
|
|
0.28 |
% |
|
|
0.26 |
% |
|
|
0.36 |
% |
|
|
0.12 |
% |
| Tier 1 capital (to average
assets) |
|
10.19 |
% |
|
|
10.58 |
% |
|
|
10.65 |
% |
|
|
10.28 |
% |
|
|
10.31 |
% |
|
|
10.82 |
% |
|
|
10.63 |
% |
|
|
11.33 |
% |
| Total capital (to risk
weighted assets) |
|
16.15 |
% |
|
|
16.59 |
% |
|
|
17.98 |
% |
|
|
17.86 |
% |
|
|
17.04 |
% |
|
|
16.72 |
% |
|
|
16.26 |
% |
|
|
15.44 |
% |
| Common equity tier 1 capital
(to risk weighted assets) |
|
15.02 |
% |
|
|
15.33 |
% |
|
|
14.67 |
% |
|
|
14.42 |
% |
|
|
13.49 |
% |
|
|
13.19 |
% |
|
|
12.80 |
% |
|
|
12.14 |
% |
| Tangible common equity ratio
(1) |
|
10.60 |
% |
|
|
10.68 |
% |
|
|
11.07 |
% |
|
|
10.48 |
% |
|
|
10.31 |
% |
|
|
11.18 |
% |
|
|
11.17 |
% |
|
|
10.70 |
% |
| Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
12,538,596 |
|
|
$ |
11,826,326 |
|
|
$ |
11,453,080 |
|
|
$ |
11,517,836 |
|
|
$ |
11,141,826 |
|
|
$ |
10,473,595 |
|
|
$ |
10,326,709 |
|
|
$ |
9,447,663 |
|
| Total earning assets |
$ |
12,180,872 |
|
|
$ |
11,486,280 |
|
|
$ |
11,152,933 |
|
|
$ |
11,236,440 |
|
|
$ |
10,872,259 |
|
|
$ |
10,205,939 |
|
|
$ |
10,056,500 |
|
|
$ |
9,176,174 |
|
| Total loans |
$ |
6,890,414 |
|
|
$ |
7,055,621 |
|
|
$ |
7,382,238 |
|
|
$ |
7,726,716 |
|
|
$ |
7,896,324 |
|
|
$ |
7,910,260 |
|
|
$ |
8,015,751 |
|
|
$ |
7,650,993 |
|
| Total deposits |
$ |
10,670,206 |
|
|
$ |
9,948,114 |
|
|
$ |
9,530,909 |
|
|
$ |
9,601,249 |
|
|
$ |
9,227,733 |
|
|
$ |
8,591,912 |
|
|
$ |
8,482,718 |
|
|
$ |
7,696,764 |
|
| Total borrowings |
$ |
402,393 |
|
|
$ |
448,697 |
|
|
$ |
536,926 |
|
|
$ |
573,750 |
|
|
$ |
596,307 |
|
|
$ |
596,472 |
|
|
$ |
598,463 |
|
|
$ |
485,948 |
|
| Total shareholders’
equity |
$ |
1,342,525 |
|
|
$ |
1,331,022 |
|
|
$ |
1,290,029 |
|
|
$ |
1,254,780 |
|
|
$ |
1,235,174 |
|
|
$ |
1,211,145 |
|
|
$ |
1,179,452 |
|
|
$ |
1,191,180 |
|
(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 below.5 Noninterest
expense divided by the sum of net interest income and noninterest
income.6 A reconciliation between these non-GAAP financial measures
and the nearest GAAP measures 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 above.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 loans.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.
EAGLE BANCORP,
INCCONTACT:David G.
Danielson240.552.9534
Eagle Bancorp (NASDAQ:EGBN)
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