Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent
company of EagleBank (the "Bank"), today announced net income of
$25.2 million for the second quarter 2022, compared to net income
of $45.7 million for the prior quarter and $48.0 million
for the year-ago quarter. Net income was $0.79 per share (basic)
and $0.78 per share (diluted) for the second quarter 2022, compared
to $1.43 per share (basic) and $1.42 per share (diluted) for the
prior quarter and $1.50 per share (basic and diluted) for the
year-ago quarter.
The decrease in earnings of $20.5 million from
the first quarter of 2022 (the "prior quarter") was primarily
driven by an increase in noninterest expense accruals related to
the previously disclosed agreement in principle with the Securities
and Exchange Commission ("SEC") staff to pay a civil money penalty
and disgorgement, plus prejudgment interest, for an aggregate
expense of $13.4 million1 to resolve the SEC's investigation with
respect to the Company, while the prior quarter included a
reduction in noninterest expense accruals related to share-based
compensation awards and deferred compensation to our former CEO and
Chairman of $5.0 million.
Second Quarter 2022
Highlights
-
The Company reached an agreement in principle with the SEC to
resolve the previously disclosed investigation with respect to the
Company. Under the terms of the settlement, the Company would pay a
civil money penalty and disgorgement, plus prejudgment interest, in
an aggregate amount of $13.4 million, which the Company accrued as
non-tax deductible expenses during the quarter. Absent the
agreement in principle with the SEC, adjusted net income (a
non-GAAP measure) was $38.6 million2 and adjusted earnings per
share (a non-GAAP measure), was $1.20.2
-
The Company declared a quarterly dividend of $0.45 per share, an
increase of $0.05 over the prior quarter.
-
Loans increased by $40.9 million from the prior quarter-end. This
was the third consecutive quarterly increase.
-
There was a $495 thousand provision for credit losses on loans.
This was the first provision for credit losses after five
consecutive quarterly reversals.
-
The increase in the overall interest rate environment continued to
create unrealized losses in securities available-for-sale ("AFS"),
which are recorded in accumulated other comprehensive income
(loss). As a result, combined with the reduction in net income,
shareholders' equity, book value per share and tangible book value
per share declined from the prior quarter-end.
| (Dollars in thousands, except
per share) |
As Of or For the Three Months Ended |
|
Percent Change |
| |
June 30, |
|
March 31, |
|
June 30, |
|
Q2-22 |
|
Q2-22 |
| |
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
vs. Q1-22 |
|
vs. Q2 21 |
| Income
Statement |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
25,220 |
|
|
$ |
45,744 |
|
|
$ |
47,993 |
|
|
(44.9 |
)% |
|
(47.5 |
)% |
| Net income per diluted
share |
$ |
0.78 |
|
|
$ |
1.42 |
|
|
$ |
1.50 |
|
|
(45.1 |
)% |
|
(48.0 |
)% |
|
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
12.5 |
% |
|
28.6 |
% |
| |
|
|
|
|
|
|
|
|
|
| Selected
Ratios |
|
|
|
|
|
|
|
|
|
| Return on Average Assets |
|
0.86 |
% |
|
|
1.46 |
% |
|
|
1.68 |
% |
|
|
|
|
| Return on Average Common
Equity |
|
7.89 |
% |
|
|
13.83 |
% |
|
|
14.92 |
% |
|
|
|
|
| Return on Average Tangible
Common Equity3 |
|
8.59 |
% |
|
|
14.99 |
% |
|
|
16.25 |
% |
|
|
|
|
| Net interest margin |
|
2.94 |
% |
|
|
2.65 |
% |
|
|
3.04 |
% |
|
|
|
|
| Efficiency Ratio1 |
|
55.87 |
% |
|
|
35.28 |
% |
|
|
37.14 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Balance
Sheet |
|
|
|
|
|
|
|
|
|
| Assets |
$ |
10,936,448 |
|
|
$ |
11,227,223 |
|
|
$ |
10,960,718 |
|
|
(2.6 |
)% |
|
(0.2 |
)% |
| Loans |
$ |
7,154,686 |
|
|
$ |
7,113,807 |
|
|
$ |
7,259,558 |
|
|
0.6 |
% |
|
(1.4 |
)% |
| Loans (excluding PPP
loans)4 |
$ |
7,145,709 |
|
|
$ |
7,078,063 |
|
|
$ |
7,021,517 |
|
|
1.0 |
% |
|
1.8 |
% |
| Deposits |
$ |
9,171,618 |
|
|
$ |
9,586,259 |
|
|
$ |
9,019,047 |
|
|
(4.3 |
)% |
|
1.7 |
% |
| Total Capital (to risk
weighted assets) |
|
15.81 |
% |
|
|
15.86 |
% |
|
|
17.98 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Per
Share |
|
|
|
|
|
|
|
|
|
| Book value per share |
$ |
39.35 |
|
|
$ |
39.89 |
|
|
$ |
40.87 |
|
|
(1.4 |
)% |
|
(3.7 |
)% |
| Tangible book value per
share |
$ |
36.10 |
|
|
$ |
36.64 |
|
|
$ |
37.58 |
|
|
(1.5 |
)% |
|
(3.9 |
)% |
| |
|
|
|
|
|
|
|
|
|
| Asset
quality |
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans |
|
1.02 |
% |
|
|
1.01 |
% |
|
|
1.28 |
% |
|
|
|
|
| Nonperforming assets ("NPAs")
to total assets |
|
0.19 |
% |
|
|
0.23 |
% |
|
|
0.50 |
% |
|
|
|
|
| Net (recovery) charge-off
ratio to avg. loans (annualized) |
|
(0.04 |
)% |
|
|
0.03 |
% |
|
|
0.30 |
% |
|
|
|
|
CEO Commentary
Susan G. Riel, President and Chief Executive
Officer of Eagle Bancorp, Inc. commented, "The results for the
second quarter are encouraging as loan balances increased for a
third consecutive quarter and asset quality metrics continue to
improve."
"Additionally, our CRE and C&I pipelines
remain strong as our lending teams continue to be active in their
calling efforts. And on construction lending, even with the
successful completion of projects, our unfunded commitments were up
slightly to $2.3 billion at quarter-end. As more opportunities
arise, our total risk-based capital of 15.81%, gives us ample room
to continue to grow the loan portfolio."
"For our shareholders, we remain focused on
increasing value and returning cash through dividends. At the end
of the quarter, our board declared a dividend of $0.45 per share,
which is an increase of $0.05 per share from the prior
quarter."
"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 $82.9 million for the second quarter 2022,
compared to $80.5 million for the prior quarter and
$84.6 million for the year-ago quarter. The increase in net
interest income from the prior quarter was driven by higher average
loans for the quarter, higher yield on loans as the overall rate
environment increased, and higher rates on excess liquidity due to
increased rates on excess reserves as well as deployment into
investment securities. The combination of these three factors
outpaced the increase in interest expense.
- Net
interest margin was 2.94% for the second quarter 2022,
compared to 2.65% for the prior quarter and 3.04% for the year-ago
quarter. The increase in margin from the prior quarter was
primarily attributable to a decrease in the average of low yielding
interest earning assets associated with deposit outflows and an
increase in average balances on loans and investments that have
higher yields. The combined impact led to a greater increase in
yield on earning assets over the increase in cost of funds.
- The yield on
interest earning assets, which includes the yield on securities,
was 3.39% for the second quarter 2022 compared to 2.91% for the
prior quarter and 3.41% for the year-ago quarter. This is an
increase of 48 basis points from the prior quarter.
- The yield on the
loan portfolio was 4.51% for the second quarter 2022, compared to
4.35% for the prior quarter and 4.79% for the year-ago quarter. The
increase of 16 basis points from the prior quarter was primarily
due to rates on variable rate loans adjusting upward and higher
rates on new loans. Variable rate loans reprice periodically,
creating a short lag versus deposit rates on savings and money
market accounts which we repriced shortly following the Federal
Open Market Committee ("FOMC") announcement in the second
quarter.
- The cost of
funds was 0.45% for second quarter 2022, compared to 0.26% for the
prior quarter and 0.37% for the year-ago quarter. The increase of
19 basis points from the prior quarter was primarily from higher
deposit rates paid on savings and money market accounts, offset
partially by deposit outflows from savings and money market
accounts.
- Pre-provision net
revenue ("PPNR"),5 a non-GAAP measure, was $39.0 million
for the second quarter 2022, compared to $56.9 million for the
prior quarter and $60.1 million for the year-ago quarter. As a
percent of average assets, adjusted PPNR for the second quarter
2022 was 1.33%, compared to 1.79% for the prior quarter and 2.10%
for the year-ago quarter. This decrease in both PPNR and PPNR as a
percent of average assets from the prior quarter was primarily
attributable to the accrual of $13.4 million in noninterest expense
in connection with entering into the agreement in principle with
the SEC described above and the prior quarter included the accrual
reduction of $5.0 million related to share-based compensation
awards and deferred compensation for our former CEO and
Chairman.
| (Dollars in thousands) |
Three Months Ended |
|
Percent Change |
| |
June 30, |
|
March 31, |
|
June 30, |
|
Q2-22 |
|
Q2-22 |
| |
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
vs. Q1-22 |
|
vs. Q2 21 |
|
Net interest income |
$ |
82,918 |
|
|
$ |
80,452 |
|
|
$ |
84,632 |
|
|
3.1 |
% |
|
(2.0 |
)% |
| Noninterest income |
|
5,564 |
|
|
|
7,453 |
|
|
|
10,925 |
|
|
(25.3 |
)% |
|
(49.1 |
)% |
| Less: Noninterest expense |
|
(49,438 |
) |
|
|
(31,012 |
) |
|
|
(35,494 |
) |
|
59.4 |
% |
|
39.3 |
% |
| PPNR |
$ |
39,044 |
|
|
$ |
56,893 |
|
|
$ |
60,063 |
|
|
(31.4 |
)% |
|
(35.0 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Average Assets |
$ |
11,701,622 |
|
|
$ |
12,701,152 |
|
|
$ |
11,453,080 |
|
|
(7.9 |
)% |
|
2.2 |
% |
| PPNR to Avg. Assets
(non-GAAP) |
|
1.33 |
% |
|
|
1.79 |
% |
|
|
2.10 |
% |
|
|
|
|
|
|
- Provision for credit losses
on loans was $495 thousand for the second quarter 2022,
compared to a reversal of $2.8 million for the prior quarter and a
reversal of $3.9 million for the year-ago quarter. The second
quarter 2022 provision was primarily driven by adjustments to the
qualitative components of the CECL model owing to the high
inflationary environment and the related uncertainty and impacts on
the broader economy. This was offset by improvements in asset
quality, particularly the release of specific impairment reserves
related to the sale of three loans from a single relationship.
- Noninterest income
was $5.6 million for the second quarter 2022, as compared to $7.5
million for the prior quarter and $10.9 million for the year-ago
quarter. The decline in noninterest income from the prior quarter
was primarily due to a decrease in loan fees, Federal Housing
Administration trade premiums and gains on sale of residential
mortgage loans and Small Business Administration loans.Residential
mortgage loan locked commitments were $92.0 million, down from
$136.7 million the prior quarter and down from $248.3 million for
the year-ago quarter. As interest rates continued to rise in the
second quarter, refinance activity continued to slow resulting in
fewer locked loans.
-
Noninterest expense was $49.4 million for the
second quarter 2022 compared to $31.0 million for the prior quarter
and $35.5 million for the year-ago quarter. The major changes from
the prior quarter were as follows:
- Other expense
includes the accrual of $13.4 million of non-tax deductible
expenses during the quarter to cover the Company's civil money
penalty and disgorgement, plus prejudgment interest, in connection
with the Company's agreement in principle with the SEC to resolve
the previously disclosed investigation with respect to the
Company.
- Salaries and
employee benefits were $21.8 million, up $4.8 million from the
prior quarter. The increase was primarily due to the prior
quarter-end including an accrual reduction of $5.0 million related
to share-based compensation awards and deferred compensation for
our former CEO and Chairman.
- Legal,
accounting and professional fees were $2.1 million, up $576
thousand from the prior quarter.
- Efficiency
ratio6 was 55.9% for the second quarter
2022 compared to 35.3% for the prior quarter and 37.1% for the
year-ago quarter. The increase in the efficiency ratio this quarter
was primarily driven by the increase in noninterest expense (see
noninterest expense section above), as compared to the prior
quarter, which had an accrual reduction related to share-based
compensation awards and deferred compensation to our former CEO and
Chairman. Neither of these items were tax deductible.
- Effective income tax
rate for the second quarter 2022 was 33.6%, compared to
23.4% for the prior quarter and 25.8% for the year-ago quarter. The
increase in the effective tax rate this quarter was primarily
driven by the increase in noninterest expense (see noninterest
expense section above), as compared to the prior quarter, which had
an accrual reduction related to share-based compensation awards and
deferred compensation to our former CEO and Chairman. Neither of
these items were tax deductible.
Balance Sheet
- Total assets at
June 30, 2022 were $10.9 billion, down 2.6% from a quarter ago
and down 0.2% from a year ago. The decrease from the prior
quarter-end was driven by the utilization of interest-bearing
deposits with banks and other short-term investments to satisfy
deposit outflows.
- Investment securities AFS
and Held-to-Maturity ("HTM") had an aggregate balance of
$2.9 billion at June 30, 2022, down 1.0% from a quarter ago
and up 72.4% from a year ago. The decrease from the prior
quarter-end was primarily from lower carrying values on AFS
securities. Investments purchased during the second quarter of 2022
were primarily agency mortgage backed securities and agency
bonds.
- Total loans
(excluding loans held for sale) were $7.155 billion as of
June 30, 2022, up 0.6% from a quarter ago and down 1.4% from a
year ago. Excluding PPP loans, loan balances were $7.146 billion as
of June 30, 2022, up 1.0% from a quarter ago and up 1.8% from
a year ago.7 The increase in loans, excluding PPP loans, from the
prior quarter-end was driven by growth in commercial real estate
("CRE") loans and commercial & industrial loans
("C&I").
| |
|
|
|
|
|
|
Percent Change |
| (Dollars in thousands) |
June 30, |
|
March 31, |
|
June 30, |
|
Q1-22 |
|
Q1-22 |
| |
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
vs. Q4 21 |
|
vs. Q1 21 |
|
Total loans, excluding loans held for sale (GAAP) |
$ |
7,154,686 |
|
|
$ |
7,113,807 |
|
|
$ |
7,259,558 |
|
|
0.6 |
% |
|
(1.4 |
)% |
| Less: PPP loans
(non-GAAP) |
|
(8,977 |
) |
|
|
(35,744 |
) |
|
|
(238,041 |
) |
|
|
|
|
| Total loans, excluding loans
held for sale and PPP loans (non-GAAP) |
$ |
7,145,709 |
|
|
$ |
7,078,063 |
|
|
$ |
7,021,517 |
|
|
1.0 |
% |
|
1.8 |
% |
-
Allowance for credit losses was 1.02% of total
loans at June 30, 2022, compared to 1.01% a quarter ago, and
1.28% a year ago. See commentary above in section "Provision for
Credit Losses on Loans".Net charge-off as a percent of average
loans (excluding loans held for sale) (on an annualized basis), was
a net recovery of 0.04% for the second quarter 2022, as compared to
a charge-off of 0.03% a quarter ago, and 0.30% for the year-ago
quarter. Net recovery for the quarter was $674 thousand.
-
Nonperforming loans and assets: Both nonperforming
loans and assets decreased compared to the prior quarter and the
year-ago quarter. The decrease was driven primarily by the sale of
several nonaccrual notes from one relationship, which exceeded the
aggregate balance of three new nonperforming loans. Additionally,
one nonperforming property was sold with a small gain.
- Nonperforming loans as a percent of
loans were 0.26% at June 30, 2022, compared to 0.33% a quarter
ago and 0.68% a year ago.
- Nonperforming assets as a percent of
assets were 0.19% at June 30, 2022, compared to 0.23% a
quarter ago and 0.50% a year ago.
- Total deposits were $9.2 billion at
June 30, 2022, down 4.3% from a quarter ago and up 1.7% from a
year ago. The outflow of deposits increased the ratio of loans to
deposits up to 78% from 74% the prior quarter. Most of the outflows
were in interest bearing accounts (savings and money market
accounts) as average noninterest bearing deposits to average total
deposits was 37.9% for the second quarter 2022, up from 36.1% a
quarter ago and 33.3% for the year-ago quarter.
- Total shareholders’ equity was $1.3 billion at
June 30, 2022, down 1.4% from a quarter ago, and down 3.4%
from a year ago. The decrease in shareholders' equity from the
prior quarter-end was primarily due to the continued increase in
the overall interest rate environment, which created increased
unrealized losses in investment securities available for sale, that
are recorded in accumulated other comprehensive income (loss).
These reductions to equity were partially offset by earnings (which
were negatively impacted by the agreement in principle with the
SEC), less dividends declared. These factors reduced book value and
tangible book value from the prior quarter-end:
- Book value per share was $39.35, down from $39.89 a quarter
ago, and down from $40.87 a year ago.
- Tangible book value per share8 was $36.10, down from $36.64 a
quarter ago, and down from $37.58 a year ago.
- Dividends: On June 16, 2022, the Board of
Directors declared a quarterly cash dividend of $0.45 per common
share payable on July 29, 2022 to shareholders of record on
July 11, 2022.
- Capital ratios are based on our preliminary
analysis for the periods in the table below. We believe that
capital ratios for the Company remain strong and substantially in
excess of regulatory minimum requirements.
| |
For the Company |
| |
|
|
|
|
|
|
Well |
| |
June 30, |
|
March 31, |
|
June 30, |
|
Capitalized |
| |
20229 |
|
2022 |
|
2021 |
|
Minimum |
| Regulatory
Ratios |
|
|
|
|
|
|
|
|
Total Capital (to risk weighted assets) |
15.81 |
% |
|
15.86 |
% |
|
17.98 |
% |
|
10.00 |
% |
| Tier 1 Capital (to risk
weighted assets) |
14.68 |
% |
|
14.74 |
% |
|
14.67 |
% |
|
8.00 |
% |
| Common Equity Tier 1 (to risk
weighted assets) |
14.68 |
% |
|
14.74 |
% |
|
14.67 |
% |
|
6.50 |
% |
| Tier 1 Capital (to average
assets) |
10.76 |
% |
|
9.93 |
% |
|
10.65 |
% |
|
5.00 |
% |
| |
|
|
|
|
|
|
|
| Common Capital
Ratios |
|
|
|
|
|
|
|
| Common Equity Ratio |
11.54 |
% |
|
11.40 |
% |
|
11.92 |
% |
|
— |
% |
| Tangible Common Equity
Ratio |
10.69 |
% |
|
10.57 |
% |
|
11.07 |
% |
|
— |
% |
Legal Update
- The Bank is in
advanced discussions with the staff of the Board of Governors of
the Federal Reserve System (the “Federal Reserve Board”) to resolve
the previously disclosed investigation with respect to the Bank. We
are hopeful that these discussions with the Federal Reserve Board
staff will lead to a resolution of the investigation in the next
few weeks on a mutually agreeable basis, but there can be no
assurance that will be the case. Any agreements reached by the Bank
with the staff would be subject to approval by the Federal Reserve
Board, and there can be no assurance that it would be approved. We
are unable to predict the outcome of the investigation or these
discussions. Depending on the progress of the discussions in the
coming weeks, the Company may be required to recognize a loss with
respect to this investigation in the financial statements as of,
and for the three-month and six-months periods ending, June 30,
2022 in its upcoming Quarterly Report on Form 10-Q for the three
months ended June 30, 2022. However, as of the date of this
earnings release, the Company has not accrued any reserve with
respect to this investigation because the amount of probable loss
is not reasonably estimable 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, 2022 as compared to the three
months ended March 31, 2022 and June 30, 2021 as well as
eight quarters of trend data. Persons wishing additional
information should refer to the Company’s annual report on Form
10-K for the year ended December 31, 2021, quarterly report on
Form 10-Q for the quarter ended March 31, 2022 and other
reports filed with the SEC.
About Eagle Bancorp: The
Company is the holding company for EagleBank, which commenced
operations in 1998. The Bank is headquartered in Bethesda,
Maryland, and operates through seventeen banking offices and five
lending offices, located in Suburban Maryland, Washington, D.C. and
Northern Virginia. The Company focuses on building relationships
with businesses, professionals and individuals in its marketplace,
and is committed to a culture of respect, diversity, equity and
inclusion in both its workplace and the communities in which it
operates.
Conference call: Eagle Bancorp
will host a conference call to discuss its second quarter 2022
financial results on Thursday, July 21, 2022 at 10:00 a.m.
eastern time. The public is invited to listen to this registering
at the link
https://register.vevent.com/register/BIbfb78eb2f18a476f86d056e181426905,
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, 2022.
Forward-looking statements:
This press release contains forward-looking statements within the
meaning of the Securities Exchange Act of 1934, as amended,
including statements of goals, intentions, and expectations as to
future trends, plans, events or results of Company operations and
policies and regarding general economic conditions. In some cases,
forward-looking statements can be identified by use of words such
as "may," "will," "can," "anticipates," "believes," "expects,"
"plans," "estimates," "potential," "continue," "should," "could,"
"strive," "feel" and similar words or phrases. These statements are
based upon current and anticipated economic conditions, nationally
and in the Company’s market (including ongoing challenges and
uncertainties relating to the evolution and continuation of the
COVID-19 pandemic, including on our credit quality, asset and loan
growth and broader business operations), volatility in interest
rates and interest rate policy, the current high inflationary
environment competitive factors, and other conditions which by
their nature, are not susceptible to accurate forecast and are
subject to significant uncertainty. Because of these uncertainties
and the assumptions on which this discussion and the
forward-looking statements are based, actual future operations and
results in the future may differ materially from those indicated
herein. For details on factors that could affect these
expectations, see the risk factors and other cautionary language
included in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2021 and in other periodic and current reports
filed with the SEC. Readers are cautioned against placing undue
reliance on any such forward-looking statements. The Company’s past
results are not necessarily indicative of future performance, and
nothing contained herein is meant to or should be considered and
treated as earnings guidance of future quarters’ performance
projections. All information is as of the date of this press
release. Any forward-looking statements made by or on behalf of the
Company speak only as to the date they are made. Except to the
extent required by applicable law or regulation, the Company
undertakes no obligation to revise or update publicly any
forward-looking statement for any reason.
____________________________________1 Aggregate
is comprised of $10.0 million civil penalty, $2.6 million
disgorgement and $750,493 prejudgment interest.2 A reconciliation
between this non-GAAP financial measure and the nearest GAAP
measure is provided in the tables that accompany this document3 A
reconciliation between this non-GAAP financial measure and the
nearest GAAP measure is provided in the tables that accompany this
document.4 A reconciliation between this non-GAAP financial measure
and the nearest GAAP measure is provided in the table under the
subsection, "Total Loans."5 A reconciliation between this non-GAAP
financial measure and the nearest GAAP measure is provided in the
table below. An explanation of the reconciliations and the reasons
why the Company believes this non-GAAP financial measure to be
important for investors is included with the reconciliation tables
accompanying this document. 6 A reconciliation between this
non-GAAP financial measure and the nearest GAAP measure is provided
in the tables that accompany this document.7 A reconciliation
between this non-GAAP financial measure and the nearest GAAP
measure is provided in the table below. An explanation of the
reconciliations and the reasons why the Company believes this
non-GAAP financial measure to be important for investors is
included with the reconciliation tables accompanying this document.
8 A reconciliation of non-GAAP financial measures to the nearest
GAAP measure is provided in the tables that accompany this
document.9 Capital ratios for June 30, 2022 are subject to final
filings with the Federal Reserve.
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Financial Highlights (Unaudited) |
|
(Dollars in thousands, except per share data) |
| |
|
|
|
|
|
| |
Three Months Ended |
| |
June 30, |
|
March 31, |
|
June 30, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
| Income
Statements: |
|
|
|
|
|
| Total interest income |
$ |
95,635 |
|
|
$ |
88,321 |
|
|
$ |
94,920 |
|
| Total interest expense |
|
12,717 |
|
|
|
7,869 |
|
|
|
10,288 |
|
| Net interest income |
|
82,918 |
|
|
|
80,452 |
|
|
|
84,632 |
|
| Provision (reversal) for
credit losses |
|
495 |
|
|
|
(2,787 |
) |
|
|
(3,856 |
) |
| Provision (reversal) for
unfunded commitments |
|
553 |
|
|
|
(11 |
) |
|
|
(761 |
) |
| Net interest income after
provision for credit losses |
|
81,870 |
|
|
|
83,250 |
|
|
|
89,249 |
|
| Noninterest income (before
investment gain) |
|
5,715 |
|
|
|
7,478 |
|
|
|
10,607 |
|
| Gain (loss) on sale of
investment securities |
|
(151 |
) |
|
|
(25 |
) |
|
|
318 |
|
| Total noninterest income |
|
5,564 |
|
|
|
7,453 |
|
|
|
10,925 |
|
| Total noninterest expense |
|
49,438 |
|
|
|
31,012 |
|
|
|
35,494 |
|
| Income before income tax
expense |
|
37,996 |
|
|
|
59,691 |
|
|
|
64,680 |
|
| Income tax expense |
|
12,776 |
|
|
|
13,947 |
|
|
|
16,687 |
|
| Net income |
$ |
25,220 |
|
|
$ |
45,744 |
|
|
$ |
47,993 |
|
| |
|
|
|
|
|
| Per Share
Data: |
|
|
|
|
|
| Earnings per weighted average
common share, basic |
$ |
0.79 |
|
|
$ |
1.43 |
|
|
$ |
1.50 |
|
| Earnings per weighted average
common share, diluted |
$ |
0.78 |
|
|
$ |
1.42 |
|
|
$ |
1.50 |
|
| Weighted average common shares
outstanding, basic |
|
32,080,657 |
|
|
|
32,033,280 |
|
|
|
31,962,819 |
|
| Weighted average common shares
outstanding, diluted |
|
32,142,427 |
|
|
|
32,110,099 |
|
|
|
32,025,110 |
|
| Actual shares outstanding at
period end |
|
32,081,241 |
|
|
|
32,079,474 |
|
|
|
31,961,573 |
|
| Book value per common share at
period end |
$ |
39.35 |
|
|
$ |
39.89 |
|
|
$ |
40.87 |
|
| Tangible book value per common
share at period end(1) |
$ |
36.10 |
|
|
$ |
36.64 |
|
|
$ |
37.58 |
|
| Dividend per common share |
$ |
0.45 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
| |
|
|
|
|
|
| Performance Ratios
(annualized): |
|
|
|
|
|
| Return on average assets |
|
0.86 |
% |
|
|
1.46 |
% |
|
|
1.68 |
% |
| Return on average common
equity |
|
7.89 |
% |
|
|
13.83 |
% |
|
|
14.92 |
% |
| Return on average tangible
common equity(1) |
|
8.59 |
% |
|
|
14.99 |
% |
|
|
16.25 |
% |
| Net interest margin |
|
2.94 |
% |
|
|
2.65 |
% |
|
|
3.04 |
% |
| Efficiency
ratio(2) |
|
55.9 |
% |
|
|
35.3 |
% |
|
|
37.1 |
% |
| |
|
|
|
|
|
| Other
Ratios: |
|
|
|
|
|
| Allowance for credit losses to
total loans(3) |
|
1.02 |
% |
|
|
1.01 |
% |
|
|
1.28 |
% |
| Allowance for credit losses to
total nonperforming loans |
|
386 |
% |
|
|
301 |
% |
|
|
187 |
% |
| Nonperforming loans to total
loans(3) |
|
0.26 |
% |
|
|
0.33 |
% |
|
|
0.68 |
% |
| Nonperforming assets to total
assets |
|
0.19 |
% |
|
|
0.23 |
% |
|
|
0.50 |
% |
| Net (recovery) charge-off
(annualized) to average total loans(3) |
|
(0.04 |
)% |
|
|
0.03 |
% |
|
|
0.30 |
% |
| Average noninterest bearing
deposits to average deposits |
|
37.9 |
% |
|
|
36.1 |
% |
|
|
33.3 |
% |
| Yield on
loans(3) |
|
4.51 |
% |
|
|
4.35 |
% |
|
|
4.79 |
% |
| Cost of funds |
|
0.45 |
% |
|
|
0.26 |
% |
|
|
0.37 |
% |
|
Eagle Bancorp, Inc. |
|
Consolidated Financial Highlights (Continued)
(Unaudited) |
|
(Dollars in thousands) |
| |
|
|
|
|
|
| |
Three Months Ended |
| |
June 30, |
|
March 31, |
|
June 30, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
| Capital
Ratios |
|
|
|
|
|
| Common equity to total
assets |
|
11.54 |
% |
|
|
11.40 |
% |
|
|
11.92 |
% |
| Tier 1 capital (to average
assets) |
|
10.76 |
% |
|
|
9.93 |
% |
|
|
10.65 |
% |
| Total capital (to risk
weighted assets) |
|
15.81 |
% |
|
|
15.86 |
% |
|
|
17.98 |
% |
| Common equity tier 1 capital
(to risk weighted assets) |
|
14.68 |
% |
|
|
14.74 |
% |
|
|
14.67 |
% |
| Tangible common equity
ratio(1) |
|
10.69 |
% |
|
|
10.57 |
% |
|
|
11.07 |
% |
| |
|
|
|
|
|
| Loan Balances - Period
End: |
|
|
|
|
|
| Commercial and Industrial |
$ |
1,394,835 |
|
|
$ |
1,377,615 |
|
|
$ |
1,359,157 |
|
| PPP loans |
$ |
8,977 |
|
|
$ |
35,744 |
|
|
$ |
238,041 |
|
| Commercial real estate -
income producing |
$ |
3,606,506 |
|
|
$ |
3,543,795 |
|
|
$ |
3,534,057 |
|
| Commercial real estate - owner
occupied |
$ |
1,080,249 |
|
|
$ |
1,104,982 |
|
|
$ |
991,936 |
|
| 1-4 Family mortgage |
$ |
72,793 |
|
|
$ |
72,238 |
|
|
$ |
77,131 |
|
| Construction - commercial and
residential |
$ |
804,170 |
|
|
$ |
783,101 |
|
|
$ |
835,733 |
|
| Construction - C&I (owner
occupied) |
$ |
129,717 |
|
|
$ |
140,282 |
|
|
$ |
161,187 |
|
| Home equity |
$ |
53,193 |
|
|
$ |
54,804 |
|
|
$ |
60,559 |
|
| Other consumer |
$ |
4,246 |
|
|
$ |
1,246 |
|
|
$ |
1,757 |
|
| |
|
|
|
|
|
| Average
Balances: |
|
|
|
|
|
| Total assets |
$ |
11,701,622 |
|
|
$ |
12,701,152 |
|
|
$ |
11,453,080 |
|
| Total earning assets |
$ |
11,300,267 |
|
|
$ |
12,326,473 |
|
|
$ |
11,153,012 |
|
| Total loans(3) |
$ |
7,104,727 |
|
|
$ |
7,053,701 |
|
|
$ |
7,382,238 |
|
| Total deposits |
$ |
10,184,886 |
|
|
$ |
10,874,976 |
|
|
$ |
9,530,909 |
|
| Total borrowings |
$ |
152,583 |
|
|
$ |
371,987 |
|
|
$ |
536,926 |
|
| Total shareholders’
equity |
$ |
1,281,847 |
|
|
$ |
1,341,785 |
|
|
$ |
1,290,029 |
|
| |
|
|
|
|
|
| Asset
Quality: |
|
|
|
|
|
| Net (recovery) charge-off |
$ |
(674 |
) |
|
$ |
459 |
|
|
$ |
5,586 |
|
| Nonperforming loans |
$ |
18,844 |
|
|
$ |
23,750 |
|
|
$ |
49,479 |
|
| Other real estate owned |
$ |
1,487 |
|
|
$ |
1,635 |
|
|
$ |
4,987 |
|
| Nonperforming assets |
$ |
20,331 |
|
|
$ |
25,386 |
|
|
$ |
54,466 |
|
(1) A reconciliation of non-GAAP financial
measures to the nearest non-GAAP measure is provided in the tables
that accompany this document.(2) Computed by dividing noninterest
expense by the sum of net interest income and noninterest income.
The efficiency ratio measures a bank’s overhead as a percentage of
its revenue. (3) Excludes loans held for sale.
|
|
|
GAAP Reconciliation (unaudited) |
|
(dollars in thousands, except per share data) |
| |
|
|
|
|
|
| |
June 30, |
|
March 31, |
|
June 30, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
| Common shareholders'
equity |
$ |
1,262,243 |
|
|
$ |
1,279,554 |
|
|
$ |
1,306,336 |
|
| Less: Intangible assets |
|
(104,257 |
) |
|
|
(104,241 |
) |
|
|
(105,148 |
) |
| Tangible common
equity |
$ |
1,157,986 |
|
|
$ |
1,175,313 |
|
|
$ |
1,201,188 |
|
| |
|
|
|
|
|
| Book value per common
share |
$ |
39.35 |
|
|
$ |
39.89 |
|
|
$ |
40.87 |
|
| Less: Intangible book value
per common share |
|
(3.25 |
) |
|
|
(3.25 |
) |
|
|
(3.29 |
) |
| Tangible book value
per common share |
$ |
36.10 |
|
|
$ |
36.64 |
|
|
$ |
37.58 |
|
| |
|
|
|
|
|
| Total assets |
$ |
10,936,448 |
|
|
$ |
11,227,223 |
|
|
$ |
10,960,718 |
|
| Less: Intangible assets |
|
(104,257 |
) |
|
|
(104,241 |
) |
|
|
(105,148 |
) |
| Tangible
assets |
$ |
10,832,191 |
|
|
$ |
11,122,982 |
|
|
$ |
10,855,570 |
|
| |
|
|
|
|
|
| Tangible common equity
ratio |
|
10.69 |
% |
|
|
10.57 |
% |
|
|
11.07 |
% |
| |
|
|
|
|
|
| Allowance for credit
losses |
$ |
(72,665 |
) |
|
$ |
(71,505 |
) |
|
$ |
(92,560 |
) |
| |
|
|
|
|
|
| Total loans, excluding loans
held for sale |
$ |
7,154,686 |
|
|
$ |
7,113,807 |
|
|
$ |
7,259,558 |
|
| Less: PPP loans
(non-GAAP) |
|
(8,977 |
) |
|
|
(35,744 |
) |
|
|
(238,041 |
) |
| Total loans excluding
PPP loans (non-GAAP) |
$ |
7,145,709 |
|
|
$ |
7,078,063 |
|
|
$ |
7,021,517 |
|
| |
|
|
|
|
|
| Allowance for credit
losses: |
|
|
|
|
|
| As a % of total loans
(GAAP) |
|
1.02 |
% |
|
|
1.01 |
% |
|
|
1.28 |
% |
| As a % of total loans
excl. PPP loans (non-GAAP) |
|
1.02 |
% |
|
|
1.01 |
% |
|
|
1.32 |
% |
| |
|
|
|
|
|
| |
Three Months Ended |
| |
June 30, |
|
March 31, |
|
June 30, |
| |
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
| Average common shareholders'
equity |
$ |
1,281,847 |
|
|
$ |
1,341,785 |
|
|
$ |
1,290,029 |
|
| Less: Average intangible
assets |
|
(104,257 |
) |
|
|
(104,246 |
) |
|
|
(105,165 |
) |
| Average tangible
common equity |
$ |
1,177,590 |
|
|
$ |
1,237,539 |
|
|
$ |
1,184,864 |
|
| |
|
|
|
|
|
| Net Income |
$ |
25,220 |
|
|
$ |
45,744 |
|
|
$ |
47,993 |
|
| Return on average
tangible common equity(1) |
|
8.59 |
% |
|
|
14.99 |
% |
|
|
16.25 |
% |
| |
|
|
|
|
|
| Net interest income |
$ |
82,918 |
|
|
$ |
80,452 |
|
|
$ |
84,632 |
|
| Noninterest income |
|
5,564 |
|
|
|
7,453 |
|
|
|
10,925 |
|
| Operating revenue |
$ |
88,482 |
|
|
$ |
87,905 |
|
|
$ |
95,557 |
|
| Noninterest expense |
$ |
49,438 |
|
|
$ |
31,012 |
|
|
$ |
35,494 |
|
| Efficiency
ratio |
|
55.9 |
% |
|
|
35.3 |
% |
|
|
37.1 |
% |
| |
|
|
|
|
|
| Salaries and employee
benefits |
$ |
— |
|
|
$ |
17,019 |
|
|
$ |
— |
|
| Accrual reduction for former
CEO and Chairman |
|
— |
|
|
|
5,018 |
|
|
|
— |
|
| Adj. Salaries and
employee benefits (non-GAAP) |
$ |
— |
|
|
$ |
22,037 |
|
|
$ |
— |
|
| |
|
|
|
|
|
| (1) Periods of less than a
year are annualized. |
|
|
|
|
|
|
GAAP Reconciliation (unaudited) |
|
(dollars in thousands, except per share data) |
| |
|
| |
Three Months |
| |
Ended |
| |
June 30, |
| |
2022 |
|
Net income |
$ |
25,220 |
| Reversal: Penalty &
disgorgement |
|
13,350 |
| Adjusted net income |
$ |
38,570 |
| |
|
| Earnings per share
(diluted) |
$ |
0.78 |
| Reversal: Penalty,
disgorgement & prejudgment interest |
|
0.42 |
| Adjusted earnings per share
(diluted) |
$ |
1.20 |
| |
|
| Weighted average common shares
outstanding, diluted |
|
32,142,427 |
| |
|
|
GAAP Reconciliation (unaudited) -
Continued
Tangible common equity to tangible assets (the
"tangible common equity ratio"), tangible book value per common
share, and the return on average tangible common equity are
non-GAAP financial measures derived from GAAP based amounts. The
Company calculates the tangible common equity ratio by excluding
the balance of intangible assets from common shareholders' equity
and dividing by tangible assets. The Company calculates tangible
book value per common share by dividing tangible common equity by
common shares outstanding, as compared to book value per common
share, which the Company calculates by dividing common
shareholders' equity by common shares outstanding. The Company
calculates the annualized return on average tangible common equity
ratio by dividing net income available to common shareholders by
average tangible common equity which is calculated by excluding the
average balance of intangible assets from the average common
shareholders’ equity. The Company considers this information
important to shareholders as tangible equity is a measure that is
consistent with the calculation of capital for bank regulatory
purposes, which excludes intangible assets from the calculation of
risk based ratios and as such is useful for investors, regulators,
management and others to evaluate capital adequacy and to compare
against other financial institutions. The above table provides
reconciliation of these financial measures defined by GAAP with
non-GAAP financial measures.
Pre-provision net revenue is a non-GAAP
financial measure derived from GAAP based amounts. The Company
calculates PPNR by subtracting noninterest expenses from the sum of
net interest income and noninterest income. PPNR to Average Assets
is calculated by dividing the PPNR amount by average assets to
obtain a percentage. The Company considers this information
important to shareholders because it illustrates revenue excluding
the impact of provisions and reversals to the allowance for credit
losses on loans. The table in the "Income Statement" section of
this earnings release provides a reconciliation of PPNR and PPNR to
Average Assets to the nearest GAAP measure.
Total loans excluding PPP loans is a non-GAAP
financial measure derived from GAAP based amounts. The Company
calculates Total loans excluding PPP loans by subtracting the total
amount of outstanding PPP loans from the amount of total loans,
excluding loans held for sale. The Company considers this
information important to shareholders because it allows investors
to see changes in the Company's loan growth without the impact of
the PPP loans, which were loan products specific to relief efforts
in response to the COVID-19 pandemic. Excluding the impact of PPP
loans also allows investors to better compare the Company's loan
growth to historical periods prior to the pandemic. The table in
the "Balance Sheet" section of this earnings release and the table
above provides a reconciliation of total loans excluding PPP loans
to the nearest GAAP measure.
Efficiency ratio is a non-GAAP measure
calculated by dividing GAAP non-interest expense by the sum of GAAP
net interest income and GAAP non-interest (loss) income. Management
believes that reporting the non-GAAP efficiency ratio more closely
measures its effectiveness of controlling operational activities.
The table above shows the calculation of the efficiency ratio from
these GAAP measures.
Adjusted salaries and employee benefits is a
non-GAAP financial measure derived from GAAP based amounts. The
Company calculates adjusted salaries and employee benefits by
subtracting from total salaries and employee benefits the one-time
accrual reduction of $5.0 million related to share-based
compensation awards and deferred compensation for the Company's
former CEO and Chairman in the first quarter of 2022. The Company
considers this information important to shareholders because the
accrual reduction was a one-time event that occurred during the
first quarter of 2022. The Adjusted Salaries and Employee Benefits
non-GAAP measure provides investors insight into how salaries and
employee benefits changed exclusive of the one-time accrual
reduction, and allows investors to better compare the Company's
performance against historical periods. The table above provides a
reconciliation of adjusted salaries and employee benefits to the
nearest GAAP measure.
Adjusted net income and adjusted earnings per
share (diluted) are non-GAAP financial measures derived from GAAP
based amounts. The Company calculates adjusted net income by
excluding from net income the $13.4 million accrual of non-tax
deductible expenses during the quarter to cover the Company's civil
money penalty and disgorgement, plus prejudgment interest, in
connection with the Company's agreement in principle with the SEC
to resolve the previously disclosed investigation with respect to
the Company. The Company calculates adjusted earnings per share
(diluted) by dividing the same $13.4 million accrual by the
weighted average shares outstanding (diluted) in the second quarter
of 2022. The Company considers this information important to
shareholders because adjusted net income and adjusted earnings per
share (diluted) provides investors insight into how Company
earnings changed exclusive of the costs related to the agreement in
principle with the SEC, and allow investors to better compare the
Company's performance against historical periods. The table above
provides a reconciliation of adjusted net income and adjusted
earnings per share (diluted) to the nearest GAAP measure.
|
Eagle Bancorp, Inc. |
|
Consolidated Balance Sheets (Unaudited) |
|
(Dollars in thousands, except per share data) |
|
|
| |
June 30, |
|
March 31, |
|
June 30, |
|
Assets |
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
| Cash
and due from banks |
$ |
13,132 |
|
|
$ |
12,140 |
|
|
$ |
9,290 |
|
|
Federal funds sold |
|
42,697 |
|
|
|
27,359 |
|
|
|
20,346 |
|
|
Interest bearing deposits with banks and other short-term
investments |
|
369,337 |
|
|
|
682,883 |
|
|
|
1,566,586 |
|
|
Investment securities available for sale at fair value (amortized
cost of$1,897,967 , $1,873,491, and $1,674,264, net of allowance
for credit lossesof $18, $18 and $132 as of June 30, 2022,
March 31, 2022 and June 30,2021, respectively) |
|
1,755,254 |
|
|
|
1,775,633 |
|
|
|
1,681,031 |
|
|
Investment securities held to maturity (fair value of
$1,083,880,$1,144,505 and $0, net of allowance for credit losses of
$826, $817 and $0,as of June 30, 2022, March 31, 2022 and
June 30, 2021, respectively) |
|
1,143,632 |
|
|
|
1,153,399 |
|
|
|
— |
|
|
Federal Reserve and Federal Home Loan Bank stock |
|
33,990 |
|
|
|
29,026 |
|
|
|
34,033 |
|
| Loans
held for sale |
|
13,814 |
|
|
|
25,504 |
|
|
|
55,949 |
|
|
Loans |
|
7,154,686 |
|
|
|
7,113,807 |
|
|
|
7,259,558 |
|
| Less
allowance for credit losses |
|
(72,665 |
) |
|
|
(71,505 |
) |
|
|
(92,560 |
) |
|
Loans, net |
|
7,082,021 |
|
|
|
7,042,302 |
|
|
|
7,166,998 |
|
|
Premises and equipment, net |
|
13,643 |
|
|
|
14,014 |
|
|
|
15,941 |
|
|
Operating lease right-of-use assets |
|
27,548 |
|
|
|
28,969 |
|
|
|
29,066 |
|
|
Deferred income taxes |
|
92,167 |
|
|
|
81,087 |
|
|
|
42,369 |
|
| Bank
owned life insurance |
|
110,047 |
|
|
|
109,415 |
|
|
|
107,516 |
|
|
Intangible assets, net |
|
104,257 |
|
|
|
104,241 |
|
|
|
105,148 |
|
| Other
real estate owned |
|
1,487 |
|
|
|
1,635 |
|
|
|
4,987 |
|
| Other
assets |
|
133,422 |
|
|
|
139,616 |
|
|
|
121,458 |
|
|
Total assets |
$ |
10,936,448 |
|
|
$ |
11,227,223 |
|
|
$ |
10,960,718 |
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest bearing demand |
$ |
2,831,934 |
|
|
$ |
2,951,594 |
|
|
$ |
2,641,636 |
|
|
Interest bearing transaction |
|
985,431 |
|
|
|
888,598 |
|
|
|
946,228 |
|
|
Savings and money market |
|
4,741,180 |
|
|
|
5,047,548 |
|
|
|
4,653,161 |
|
| Time
deposits |
|
613,073 |
|
|
|
698,519 |
|
|
|
778,022 |
|
| Total
deposits |
|
9,171,618 |
|
|
|
9,586,259 |
|
|
|
9,019,047 |
|
|
Customer repurchase agreements |
|
26,539 |
|
|
|
28,293 |
|
|
|
19,651 |
|
| Other
short-term borrowings |
|
280,000 |
|
|
|
150,000 |
|
|
|
300,000 |
|
|
Long-term borrowings |
|
69,732 |
|
|
|
69,701 |
|
|
|
218,273 |
|
|
Operating lease liabilities |
|
32,414 |
|
|
|
33,935 |
|
|
|
31,662 |
|
|
Reserve for unfunded commitments |
|
4,921 |
|
|
|
4,369 |
|
|
|
4,295 |
|
| Other
liabilities |
|
88,981 |
|
|
|
75,112 |
|
|
|
61,454 |
|
|
Total liabilities |
|
9,674,205 |
|
|
|
9,947,669 |
|
|
|
9,654,382 |
|
|
Shareholders' Equity |
|
|
|
|
|
|
Common stock, par value $.01 per share; shares authorized
100,000,000,shares issued and outstanding 32,081,241, 32,079,474,
and 31,961,573respectively |
|
318 |
|
|
|
318 |
|
|
|
316 |
|
|
Additional paid in capital |
|
440,418 |
|
|
|
437,820 |
|
|
|
431,103 |
|
|
Retained earnings |
|
973,876 |
|
|
|
963,140 |
|
|
|
870,397 |
|
|
Accumulated other comprehensive income (loss) |
|
(152,369 |
) |
|
|
(121,724 |
) |
|
|
4,520 |
|
|
Total Shareholders' Equity |
|
1,262,243 |
|
|
|
1,279,554 |
|
|
|
1,306,336 |
|
|
Total Liabilities and Shareholders' Equity |
$ |
10,936,448 |
|
|
$ |
11,227,223 |
|
|
$ |
10,960,718 |
|
|
Eagle Bancorp, Inc. |
|
Consolidated Statements of Income (Unaudited) |
|
(Dollars in thousands, except per share data) |
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Interest
Income |
|
|
|
|
|
|
|
|
|
| Interest and fees on
loans |
$ |
80,142 |
|
|
$ |
75,830 |
|
|
$ |
88,704 |
|
|
$ |
155,972 |
|
|
$ |
177,942 |
|
| Interest and dividends on
investment securities |
|
12,997 |
|
|
|
11,430 |
|
|
|
5,606 |
|
|
|
24,427 |
|
|
|
10,001 |
|
| Interest on balances with
other banks and short-term invest. |
|
2,451 |
|
|
|
1,057 |
|
|
|
603 |
|
|
|
3,508 |
|
|
|
1,156 |
|
| Interest on federal funds
sold |
|
45 |
|
|
|
4 |
|
|
|
7 |
|
|
|
49 |
|
|
|
15 |
|
| Total interest income |
|
95,635 |
|
|
|
88,321 |
|
|
|
94,920 |
|
|
|
183,956 |
|
|
|
189,114 |
|
| |
|
|
|
|
|
|
|
|
|
| Interest
Expense |
|
|
|
|
|
|
|
|
|
| Interest on deposits |
|
11,538 |
|
|
|
6,359 |
|
|
|
6,799 |
|
|
|
17,897 |
|
|
|
14,698 |
|
| Interest on customer
repurchase agreements |
|
22 |
|
|
|
13 |
|
|
|
9 |
|
|
|
35 |
|
|
|
20 |
|
| Interest on other short-term
borrowings |
|
120 |
|
|
|
460 |
|
|
|
501 |
|
|
|
580 |
|
|
|
996 |
|
| Interest on long-term
borrowings |
|
1,037 |
|
|
|
1,037 |
|
|
|
2,979 |
|
|
|
2,074 |
|
|
|
6,117 |
|
| Total interest expense |
|
12,717 |
|
|
|
7,869 |
|
|
|
10,288 |
|
|
|
20,586 |
|
|
|
21,831 |
|
| Net Interest
Income |
|
82,918 |
|
|
|
80,452 |
|
|
|
84,632 |
|
|
|
163,370 |
|
|
|
167,283 |
|
| Provision / (Reversal)
for Credit Losses |
|
495 |
|
|
|
(2,787 |
) |
|
|
(3,856 |
) |
|
|
(2,292 |
) |
|
|
(6,206 |
) |
| Provision / (Reversal)
for Unfunded Commitments |
|
553 |
|
|
|
(11 |
) |
|
|
(761 |
) |
|
|
542 |
|
|
|
(1,203 |
) |
| Net Interest Income
After Provision For Credit Losses |
|
81,870 |
|
|
|
83,250 |
|
|
|
89,249 |
|
|
|
165,120 |
|
|
|
174,692 |
|
| |
|
|
|
|
|
|
|
|
|
| Noninterest
Income |
|
|
|
|
|
|
|
|
|
| Service charges on
deposits |
|
1,345 |
|
|
|
1,286 |
|
|
|
1,122 |
|
|
|
2,631 |
|
|
|
2,099 |
|
| Gain on sale of loans |
|
855 |
|
|
|
1,492 |
|
|
|
3,478 |
|
|
|
2,347 |
|
|
|
8,656 |
|
| Gain (loss) on sale of
investment securities |
|
(151 |
) |
|
|
(25 |
) |
|
|
318 |
|
|
|
(176 |
) |
|
|
539 |
|
| Incr. in the cash surrender
value of bank owned life insurance |
|
632 |
|
|
|
626 |
|
|
|
398 |
|
|
|
1,258 |
|
|
|
787 |
|
| Other income |
|
2,883 |
|
|
|
4,074 |
|
|
|
5,609 |
|
|
|
6,957 |
|
|
|
9,431 |
|
| Total noninterest income |
|
5,564 |
|
|
|
7,453 |
|
|
|
10,925 |
|
|
|
13,017 |
|
|
|
21,512 |
|
| |
|
|
|
|
|
|
|
|
|
| Noninterest
Expense |
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
21,805 |
|
|
|
17,019 |
|
|
|
19,876 |
|
|
|
38,824 |
|
|
|
41,645 |
|
| Premises and equipment
expenses |
|
3,523 |
|
|
|
3,128 |
|
|
|
3,644 |
|
|
|
6,651 |
|
|
|
7,262 |
|
| Marketing and advertising |
|
1,186 |
|
|
|
1,064 |
|
|
|
980 |
|
|
|
2,250 |
|
|
|
1,866 |
|
| Data processing |
|
2,729 |
|
|
|
2,880 |
|
|
|
2,751 |
|
|
|
5,609 |
|
|
|
5,565 |
|
| Legal, accounting and
professional fees |
|
2,137 |
|
|
|
1,561 |
|
|
|
3,503 |
|
|
|
3,698 |
|
|
|
6,502 |
|
| FDIC insurance |
|
906 |
|
|
|
1,058 |
|
|
|
1,609 |
|
|
|
1,964 |
|
|
|
4,037 |
|
| Other expense |
|
17,152 |
|
|
|
4,302 |
|
|
|
3,131 |
|
|
|
21,454 |
|
|
|
6,604 |
|
| Total noninterest expense |
|
49,438 |
|
|
|
31,012 |
|
|
|
35,494 |
|
|
|
80,450 |
|
|
|
73,481 |
|
| Income Before Income
Tax Expense |
|
37,996 |
|
|
|
59,691 |
|
|
|
64,680 |
|
|
|
97,687 |
|
|
|
122,723 |
|
| Income Tax
Expense |
|
12,776 |
|
|
|
13,947 |
|
|
|
16,687 |
|
|
|
26,723 |
|
|
|
31,261 |
|
| Net
Income |
$ |
25,220 |
|
|
$ |
45,744 |
|
|
$ |
47,993 |
|
|
$ |
70,964 |
|
|
$ |
91,462 |
|
| |
|
|
|
|
|
|
|
|
|
| Earnings Per Common
Share |
|
|
|
|
|
|
|
|
|
| Basic |
$ |
0.79 |
|
|
$ |
1.43 |
|
|
$ |
1.50 |
|
|
$ |
2.21 |
|
|
$ |
2.87 |
|
| Diluted |
$ |
0.78 |
|
|
$ |
1.42 |
|
|
$ |
1.50 |
|
|
$ |
2.21 |
|
|
$ |
2.86 |
|
|
Eagle Bancorp, Inc. |
|
Consolidated Average Balances, Interest Yields And Rates
vs. Prior Quarter (Unaudited) |
|
(Dollars in thousands) |
|
|
| |
Three Months Ended |
| |
June 30, 2022 |
|
March 31, 2022 |
| |
Average Balance |
|
Interest |
|
AverageYield/Rate |
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
1,193,253 |
|
$ |
2,451 |
|
0.82 |
% |
|
$ |
2,403,017 |
|
$ |
1,057 |
|
0.18 |
% |
| Loans held for
sale(1) |
|
16,342 |
|
|
179 |
|
4.38 |
% |
|
|
26,887 |
|
|
219 |
|
3.26 |
% |
| Loans(1)
(2) |
|
7,104,727 |
|
|
79,963 |
|
4.51 |
% |
|
|
7,053,701 |
|
|
75,611 |
|
4.35 |
% |
| Investment securities
available for sale(2) |
|
1,793,047 |
|
|
7,022 |
|
1.57 |
% |
|
|
2,794,681 |
|
|
11,280 |
|
1.64 |
% |
| Investment securities held to
maturity(2) |
|
1,157,308 |
|
|
5,975 |
|
2.07 |
% |
|
|
24,011 |
|
|
150 |
|
2.53 |
% |
| Federal funds sold |
|
35,590 |
|
|
45 |
|
0.51 |
% |
|
|
24,176 |
|
|
4 |
|
0.07 |
% |
| Total interest earning
assets |
|
11,300,267 |
|
$ |
95,635 |
|
3.39 |
% |
|
|
12,326,473 |
|
$ |
88,321 |
|
2.91 |
% |
| Total noninterest earning
assets |
|
474,279 |
|
|
|
|
|
|
449,784 |
|
|
|
|
| Less: allowance for credit
losses |
|
72,924 |
|
|
|
|
|
|
75,105 |
|
|
|
|
| Total noninterest earning
assets |
|
401,355 |
|
|
|
|
|
|
374,679 |
|
|
|
|
| TOTAL
ASSETS |
$ |
11,701,622 |
|
|
|
|
|
$ |
12,701,152 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
transaction |
$ |
856,388 |
|
$ |
630 |
|
0.30 |
% |
|
$ |
754,833 |
|
$ |
322 |
|
0.17 |
% |
| Savings and money market |
|
4,810,047 |
|
|
8,772 |
|
0.73 |
% |
|
|
5,476,721 |
|
|
3,723 |
|
0.28 |
% |
| Time deposits |
|
657,220 |
|
|
2,136 |
|
1.30 |
% |
|
|
722,646 |
|
|
2,314 |
|
1.30 |
% |
| Total interest bearing
deposits |
|
6,323,655 |
|
|
11,538 |
|
0.73 |
% |
|
|
6,954,200 |
|
|
6,359 |
|
0.37 |
% |
| Customer repurchase
agreements |
|
25,112 |
|
|
22 |
|
0.35 |
% |
|
|
25,628 |
|
|
13 |
|
0.21 |
% |
| Other short-term
borrowings |
|
57,750 |
|
|
120 |
|
0.83 |
% |
|
|
276,669 |
|
|
460 |
|
0.67 |
% |
| Long-term borrowings |
|
69,721 |
|
|
1,037 |
|
5.95 |
% |
|
|
69,690 |
|
|
1,037 |
|
5.95 |
% |
| Total interest bearing
liabilities |
|
6,476,238 |
|
$ |
12,717 |
|
0.79 |
% |
|
|
7,326,187 |
|
$ |
7,869 |
|
0.44 |
% |
| Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing
demand |
|
3,861,231 |
|
|
|
|
|
|
3,920,776 |
|
|
|
|
| Other liabilities |
|
82,306 |
|
|
|
|
|
|
112,404 |
|
|
|
|
| Total noninterest bearing
liabilities |
|
3,943,537 |
|
|
|
|
|
|
4,033,180 |
|
|
|
|
| Shareholders’ equity |
|
1,281,847 |
|
|
|
|
|
|
1,341,785 |
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,701,622 |
|
|
|
|
|
$ |
12,701,152 |
|
|
|
|
| Net interest income |
|
|
$ |
82,918 |
|
|
|
|
|
$ |
80,452 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net interest spread |
|
|
|
|
2.60 |
% |
|
|
|
|
|
2.47 |
% |
| Net interest margin |
|
|
|
|
2.94 |
% |
|
|
|
|
|
2.65 |
% |
| Cost of funds |
|
|
|
|
0.45 |
% |
|
|
|
|
|
0.26 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $4.3 million and $3.7 million for
the three months ended June 30, 2022 and March 31, 2022,
respectively.(2) Interest and fees on loans and investments exclude
tax equivalent adjustments.
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Average Balances, Interest Yields And Rates
vs. Year Ago Quarter (Unaudited) |
|
(Dollars in thousands) |
|
|
| |
Three Months Ended June 30, |
| |
|
2022 |
|
|
|
2021 |
|
| |
Average Balance |
|
Interest |
|
AverageYield/Rate |
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
1,193,253 |
|
$ |
2,451 |
|
0.82 |
% |
|
$ |
2,087,831 |
|
$ |
603 |
|
0.12 |
% |
| Loans held for
sale(1) |
|
16,342 |
|
|
179 |
|
4.38 |
% |
|
|
76,668 |
|
|
557 |
|
2.87 |
% |
| Loans(1)
(2) |
|
7,104,727 |
|
|
79,963 |
|
4.51 |
% |
|
|
7,382,238 |
|
|
88,149 |
|
4.79 |
% |
| Investment securities
available for sale(2) |
|
1,793,047 |
|
|
7,022 |
|
1.57 |
% |
|
|
1,576,977 |
|
|
5,604 |
|
1.43 |
% |
| Investment securities held to
maturity(2) |
|
1,157,308 |
|
|
5,975 |
|
2.07 |
% |
|
|
— |
|
|
— |
|
— |
% |
| Federal funds sold |
|
35,590 |
|
|
45 |
|
0.51 |
% |
|
|
29,298 |
|
|
7 |
|
0.10 |
% |
| Total interest earning
assets |
|
11,300,267 |
|
$ |
95,635 |
|
3.39 |
% |
|
|
11,153,012 |
|
$ |
94,920 |
|
3.41 |
% |
| Total noninterest earning
assets |
|
474,279 |
|
|
|
|
|
|
400,978 |
|
|
|
|
| Less: allowance for credit
losses |
|
72,924 |
|
|
|
|
|
|
100,910 |
|
|
|
|
| Total noninterest earning
assets |
|
401,355 |
|
|
|
|
|
|
300,068 |
|
|
|
|
| TOTAL
ASSETS |
$ |
11,701,622 |
|
|
|
|
|
$ |
11,453,080 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
transaction |
$ |
856,388 |
|
$ |
630 |
|
0.30 |
% |
|
$ |
842,914 |
|
$ |
388 |
|
0.18 |
% |
| Savings and money market |
|
4,810,047 |
|
|
8,772 |
|
0.73 |
% |
|
|
4,715,193 |
|
|
3,699 |
|
0.31 |
% |
| Time deposits |
|
657,220 |
|
|
2,136 |
|
1.30 |
% |
|
|
797,383 |
|
|
2,712 |
|
1.36 |
% |
| Total interest bearing
deposits |
|
6,323,655 |
|
|
11,538 |
|
0.73 |
% |
|
|
6,355,490 |
|
|
6,799 |
|
0.43 |
% |
| Customer repurchase
agreements |
|
25,112 |
|
|
22 |
|
0.35 |
% |
|
|
18,683 |
|
|
9 |
|
0.19 |
% |
| Other short-term
borrowings |
|
57,750 |
|
|
120 |
|
0.83 |
% |
|
|
300,003 |
|
|
501 |
|
0.66 |
% |
| Long-term borrowings |
|
69,721 |
|
|
1,037 |
|
5.95 |
% |
|
|
218,240 |
|
|
2,979 |
|
5.40 |
% |
| Total interest bearing
liabilities |
|
6,476,238 |
|
$ |
12,717 |
|
0.79 |
% |
|
|
6,892,416 |
|
$ |
10,288 |
|
0.60 |
% |
| Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing
demand |
|
3,861,231 |
|
|
|
|
|
|
3,175,419 |
|
|
|
|
| Other liabilities |
|
82,306 |
|
|
|
|
|
|
95,216 |
|
|
|
|
| Total noninterest bearing
liabilities |
|
3,943,537 |
|
|
|
|
|
|
3,270,635 |
|
|
|
|
| Shareholders’ equity |
|
1,281,847 |
|
|
|
|
|
|
1,290,029 |
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,701,622 |
|
|
|
|
|
$ |
11,453,080 |
|
|
|
|
| Net interest income |
|
|
$ |
82,918 |
|
|
|
|
|
$ |
84,632 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net interest spread |
|
|
|
|
2.60 |
% |
|
|
|
|
|
2.81 |
% |
| Net interest margin |
|
|
|
|
2.94 |
% |
|
|
|
|
|
3.04 |
% |
| Cost of funds |
|
|
|
|
0.45 |
% |
|
|
|
|
|
0.37 |
% |
(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 $13.4 million
for the three months ended June 30, 2022 and June 30,
2021, respectively.(2) Interest and fees on loans and investments
exclude tax equivalent adjustments.
|
|
|
Eagle Bancorp, Inc. |
|
Statements of Income and Highlights Quarterly Trends
(Unaudited) |
|
(Dollars in thousands, except per share data) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
Income Statements: |
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
| Total
interest income |
$ |
95,635 |
|
|
$ |
88,321 |
|
|
$ |
86,230 |
|
|
$ |
89,152 |
|
|
$ |
94,920 |
|
|
$ |
94,194 |
|
|
$ |
94,680 |
|
|
$ |
93,833 |
|
| Total
interest expense |
|
12,717 |
|
|
|
7,869 |
|
|
|
8,044 |
|
|
|
10,107 |
|
|
|
10,288 |
|
|
|
11,543 |
|
|
|
13,262 |
|
|
|
14,795 |
|
| Net
interest income |
|
82,918 |
|
|
|
80,452 |
|
|
|
78,186 |
|
|
|
79,045 |
|
|
|
84,632 |
|
|
|
82,651 |
|
|
|
81,418 |
|
|
|
79,038 |
|
|
Provision (reversal) for credit losses |
|
495 |
|
|
|
(2,787 |
) |
|
|
(6,412 |
) |
|
|
(8,203 |
) |
|
|
(3,856 |
) |
|
|
(2,350 |
) |
|
|
4,917 |
|
|
|
6,607 |
|
|
Provision (reversal) for unfunded commitments |
|
553 |
|
|
|
(11 |
) |
|
|
(632 |
) |
|
|
716 |
|
|
|
(761 |
) |
|
|
(442 |
) |
|
|
406 |
|
|
|
(2,078 |
) |
| Net
interest income after provision for credit losses |
|
81,870 |
|
|
|
83,250 |
|
|
|
85,230 |
|
|
|
86,532 |
|
|
|
89,249 |
|
|
|
85,443 |
|
|
|
76,095 |
|
|
|
74,509 |
|
|
Noninterest income before investment gain (loss) |
|
5,715 |
|
|
|
7,478 |
|
|
|
9,668 |
|
|
|
6,780 |
|
|
|
10,607 |
|
|
|
10,366 |
|
|
|
9,722 |
|
|
|
17,729 |
|
| Gain
(loss) on sale of investment securities |
|
(151 |
) |
|
|
(25 |
) |
|
|
906 |
|
|
|
1,519 |
|
|
|
318 |
|
|
|
221 |
|
|
|
165 |
|
|
|
115 |
|
| Total
noninterest income |
|
5,564 |
|
|
|
7,453 |
|
|
|
10,574 |
|
|
|
8,299 |
|
|
|
10,925 |
|
|
|
10,587 |
|
|
|
9,887 |
|
|
|
17,844 |
|
|
Salaries and employee benefits |
|
21,805 |
|
|
|
17,019 |
|
|
|
24,608 |
|
|
|
22,145 |
|
|
|
19,876 |
|
|
|
21,769 |
|
|
|
20,151 |
|
|
|
19,388 |
|
|
Premises and equipment |
|
3,523 |
|
|
|
3,128 |
|
|
|
3,755 |
|
|
|
3,859 |
|
|
|
3,644 |
|
|
|
3,618 |
|
|
|
3,301 |
|
|
|
5,125 |
|
|
Marketing and advertising |
|
1,186 |
|
|
|
1,064 |
|
|
|
1,286 |
|
|
|
1,013 |
|
|
|
980 |
|
|
|
886 |
|
|
|
1,161 |
|
|
|
928 |
|
| Other
expenses |
|
22,924 |
|
|
|
9,801 |
|
|
|
9,660 |
|
|
|
9,358 |
|
|
|
10,994 |
|
|
|
11,714 |
|
|
|
10,396 |
|
|
|
11,474 |
|
| Total
noninterest expense |
|
49,438 |
|
|
|
31,012 |
|
|
|
39,309 |
|
|
|
36,375 |
|
|
|
35,494 |
|
|
|
37,987 |
|
|
|
35,009 |
|
|
|
36,915 |
|
|
Income before income tax expense |
|
37,996 |
|
|
|
59,691 |
|
|
|
56,495 |
|
|
|
58,456 |
|
|
|
64,680 |
|
|
|
58,043 |
|
|
|
50,973 |
|
|
|
55,438 |
|
|
Income tax expense |
|
12,776 |
|
|
|
13,947 |
|
|
|
14,875 |
|
|
|
14,847 |
|
|
|
16,687 |
|
|
|
14,574 |
|
|
|
12,081 |
|
|
|
14,092 |
|
| Net
income |
$ |
25,220 |
|
|
$ |
45,744 |
|
|
$ |
41,620 |
|
|
$ |
43,609 |
|
|
$ |
47,993 |
|
|
$ |
43,469 |
|
|
$ |
38,892 |
|
|
$ |
41,346 |
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted average common share, basic |
$ |
0.79 |
|
|
$ |
1.43 |
|
|
$ |
1.30 |
|
|
$ |
1.36 |
|
|
$ |
1.50 |
|
|
$ |
1.36 |
|
|
$ |
1.21 |
|
|
$ |
1.28 |
|
|
Earnings per weighted average common share, diluted |
$ |
0.78 |
|
|
$ |
1.42 |
|
|
$ |
1.30 |
|
|
$ |
1.36 |
|
|
$ |
1.50 |
|
|
$ |
1.36 |
|
|
$ |
1.21 |
|
|
$ |
1.28 |
|
|
Weighted average common shares outstanding, basic |
|
32,080,657 |
|
|
|
32,033,280 |
|
|
|
31,950,320 |
|
|
|
31,959,357 |
|
|
|
31,962,819 |
|
|
|
31,869,655 |
|
|
|
32,037,099 |
|
|
|
32,229,322 |
|
|
Weighted average common shares outstanding, diluted |
|
32,142,427 |
|
|
|
32,110,099 |
|
|
|
32,030,998 |
|
|
|
32,030,527 |
|
|
|
32,025,110 |
|
|
|
31,922,940 |
|
|
|
32,075,175 |
|
|
|
32,250,885 |
|
|
Actual shares outstanding at period end |
|
32,081,241 |
|
|
|
32,079,474 |
|
|
|
31,950,092 |
|
|
|
31,947,458 |
|
|
|
31,961,573 |
|
|
|
31,960,379 |
|
|
|
31,779,663 |
|
|
|
32,228,636 |
|
| Book
value per common share at period end |
$ |
39.35 |
|
|
$ |
39.89 |
|
|
$ |
42.28 |
|
|
$ |
41.68 |
|
|
$ |
40.87 |
|
|
$ |
39.45 |
|
|
$ |
39.05 |
|
|
$ |
37.96 |
|
|
Tangible book value per common share at period
end(1) |
$ |
36.10 |
|
|
$ |
36.64 |
|
|
$ |
38.97 |
|
|
$ |
38.39 |
|
|
$ |
37.58 |
|
|
$ |
36.16 |
|
|
$ |
35.74 |
|
|
$ |
34.70 |
|
|
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
Performance Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.86 |
% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
|
1.46 |
% |
|
|
1.68 |
% |
|
|
1.53 |
% |
|
|
1.39 |
% |
|
|
1.57 |
% |
|
Return on average common equity |
|
7.89 |
% |
|
|
13.83 |
% |
|
|
12.30 |
% |
|
|
13.00 |
% |
|
|
14.92 |
% |
|
|
14.05 |
% |
|
|
12.53 |
% |
|
|
14.46 |
% |
|
Return on average tangible common equity(1) |
|
8.59 |
% |
|
|
14.99 |
% |
|
|
13.35 |
% |
|
|
14.11 |
% |
|
|
16.25 |
% |
|
|
15.33 |
% |
|
|
13.69 |
% |
|
|
15.93 |
% |
| Net
interest margin |
|
2.94 |
% |
|
|
2.65 |
% |
|
|
2.55 |
% |
|
|
2.73 |
% |
|
|
3.04 |
% |
|
|
2.98 |
% |
|
|
2.98 |
% |
|
|
3.08 |
% |
|
Efficiency ratio(2) |
|
55.87 |
% |
|
|
35.3 |
% |
|
|
44.3 |
% |
|
|
41.7 |
% |
|
|
37.1 |
% |
|
|
40.7 |
% |
|
|
38.3 |
% |
|
|
38.1 |
% |
|
Other Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans(3) |
|
1.02 |
% |
|
|
1.01 |
% |
|
|
1.06 |
% |
|
|
1.21 |
% |
|
|
1.28 |
% |
|
|
1.36 |
% |
|
|
1.41 |
% |
|
|
1.40 |
% |
|
Allowance for credit losses to total nonperforming loans |
|
386 |
% |
|
|
301 |
% |
|
|
257 |
% |
|
|
265 |
% |
|
|
187 |
% |
|
|
195 |
% |
|
|
180 |
% |
|
|
190 |
% |
|
Nonperforming loans to total loans(3) |
|
0.26 |
% |
|
|
0.33 |
% |
|
|
0.41 |
% |
|
|
0.46 |
% |
|
|
0.68 |
% |
|
|
0.69 |
% |
|
|
0.79 |
% |
|
|
0.74 |
% |
|
Nonperforming assets to total assets |
|
0.19 |
% |
|
|
0.23 |
% |
|
|
0.26 |
% |
|
|
0.31 |
% |
|
|
0.50 |
% |
|
|
0.51 |
% |
|
|
0.59 |
% |
|
|
0.62 |
% |
| Net
(recovery) charge-off (annualized) to average total
loans(3) |
|
(0.04 |
)% |
|
|
0.03 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
|
0.30 |
% |
|
|
0.27 |
% |
|
|
0.28 |
% |
|
|
0.26 |
% |
| Tier
1 capital (to average assets) |
|
10.76 |
% |
|
|
9.93 |
% |
|
|
10.19 |
% |
|
|
10.58 |
% |
|
|
10.65 |
% |
|
|
10.28 |
% |
|
|
10.31 |
% |
|
|
10.82 |
% |
| Total
capital (to risk weighted assets) |
|
15.81 |
% |
|
|
15.86 |
% |
|
|
16.15 |
% |
|
|
16.59 |
% |
|
|
17.98 |
% |
|
|
17.86 |
% |
|
|
17.04 |
% |
|
|
16.72 |
% |
|
Common equity tier 1 capital (to risk weighted assets) |
|
14.68 |
% |
|
|
14.74 |
% |
|
|
15.02 |
% |
|
|
15.33 |
% |
|
|
14.67 |
% |
|
|
14.42 |
% |
|
|
13.49 |
% |
|
|
13.19 |
% |
|
Tangible common equity ratio(1) |
|
10.69 |
% |
|
|
10.57 |
% |
|
|
10.60 |
% |
|
|
10.68 |
% |
|
|
11.07 |
% |
|
|
10.48 |
% |
|
|
10.31 |
% |
|
|
11.18 |
% |
|
Average Balances (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
$ |
11,701,622 |
|
|
$ |
12,701,152 |
|
|
$ |
12,538,596 |
|
|
$ |
11,826,326 |
|
|
$ |
11,453,080 |
|
|
$ |
11,517,836 |
|
|
$ |
11,141,826 |
|
|
$ |
10,473,595 |
|
| Total
earning assets |
$ |
11,300,267 |
|
|
$ |
12,326,473 |
|
|
$ |
12,180,872 |
|
|
$ |
11,486,280 |
|
|
$ |
11,152,933 |
|
|
$ |
11,236,440 |
|
|
$ |
10,872,259 |
|
|
$ |
10,205,939 |
|
| Total
loans(3) |
$ |
7,104,727 |
|
|
$ |
7,053,701 |
|
|
$ |
6,890,414 |
|
|
$ |
7,055,621 |
|
|
$ |
7,382,238 |
|
|
$ |
7,726,716 |
|
|
$ |
7,896,324 |
|
|
$ |
7,910,260 |
|
| Total
deposits |
$ |
10,184,886 |
|
|
$ |
10,874,976 |
|
|
$ |
10,670,206 |
|
|
$ |
9,948,114 |
|
|
$ |
9,530,909 |
|
|
$ |
9,601,249 |
|
|
$ |
9,227,733 |
|
|
$ |
8,591,912 |
|
| Total
borrowings |
$ |
152,583 |
|
|
$ |
371,987 |
|
|
$ |
402,393 |
|
|
$ |
448,697 |
|
|
$ |
536,926 |
|
|
$ |
573,750 |
|
|
$ |
596,307 |
|
|
$ |
596,472 |
|
| Total
shareholders’ equity |
$ |
1,281,847 |
|
|
$ |
1,341,785 |
|
|
$ |
1,342,525 |
|
|
$ |
1,331,022 |
|
|
$ |
1,290,029 |
|
|
$ |
1,254,780 |
|
|
$ |
1,235,174 |
|
|
$ |
1,211,145 |
|
(1) See footnote (1) for Consolidated Financial
Highlights.(2) Computed by dividing noninterest expense by the sum
of net interest income and noninterest income.(3) Excludes loans
held for sale.
EAGLE BANCORP, INC.
CONTACT:David G. Danielson240.552.9534
Eagle Bancorp (NASDAQ:EGBN)
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Von Jun 2024 bis Jul 2024
Eagle Bancorp (NASDAQ:EGBN)
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Von Jul 2023 bis Jul 2024
