EGBN
$47.16
Eagle Bancorp
$.57
1.22%
Earnings Details
3rd Quarter September 2022
Wednesday, October 19, 2022 4:15:00 PM
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Summary

Eagle Bancorp (EGBN) Recent Earnings

Eagle Bancorp (EGBN) reported 3rd Quarter September 2022 earnings of $1.16 per share on revenue of $116.8 million. The consensus earnings estimate was $1.23 per share on revenue of $84.3 million. Revenue grew 19.9% on a year-over-year basis.

Eagle Bancorp Inc, through EagleBank, provides commercial banking services to its business & professional clients & full service consumer banking services to individuals & working. It also offers online banking, mobile banking & a remote deposit service.

Results
Reported Earnings
$1.16
Earnings Whisper
-
Consensus Estimate
$1.23
Reported Revenue
$116.8 Mil
Revenue Estimate
$84.3 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Eagle Bancorp, Inc. Announces Net Income for Third Quarter 2022 of $37.3 Million or $1.16 per Diluted Share

BETHESDA, Md., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent company of EagleBank (the "Bank"), today announced net income of $37.3 million for the third quarter 2022, compared to net income of $15.7 million for the prior quarter and $43.6 million for the year-ago quarter. Net income (basic and diluted) was $1.16 per share for the third quarter 2022, compared to $0.49 per share for the prior quarter and $1.36 per share for the year-ago quarter.

The increase in earnings of $21.6 million from the second quarter of 2022 (the "prior quarter") was primarily attributable to the prior quarter having one-time noninterest expense accruals of $22.9 million related to the previously disclosed settlement agreements with the Securities and Exchange Commission ("SEC") and the Board of Governors of the Federal Reserve System ("FRB"). Partially offsetting this increase in earnings from the second quarter of 2022 was the increase in the provision for credit losses by $2.5 million in the third quarter.

Earnings per share (diluted) of $1.16 for the third quarter of 2022 reflects a decrease of $0.04 per share as compared to adjusted earnings per share (diluted) for the prior quarter of $1.20,1 which is adjusted to remove the one-time noninterest expense accruals described above.

Year-to-date earnings per share (diluted)2 of $3.07, reflects a decrease of $1.15 per share compared to prior year-to-date earnings per share (diluted) of $4.22. If adjusted to remove the one-time noninterest expense accruals described above, year-to-date adjusted earnings per share (diluted) of $3.781, reflects a decrease of $0.44 per share, compared to prior year-to-date earnings per share (diluted) of $4.22.

Third Quarter 2022 Highlights

  • Loans increased by $149.8 million from the prior quarter-end. This was the fourth consecutive quarterly increase. Loans were up 2.1% from the prior quarter and 6.6% from the year-ago quarter.
  • The provision for credit losses was $3.0 million for the quarter, up from $0.5 million the prior quarter. This increased the allowance for credit losses on loans to 1.04%, up from 1.02% a quarter ago and down from 1.21% a year ago.
  • Deposits decreased by $408.3 million from the prior quarter end, and average deposits for the quarter decreased by $277.4 million. This decrease, coupled with the increase in loans, raised the quarter-end loans-to-deposits ratio to 83%, up from 78% a quarter ago and 71% a year ago.
  • 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, shareholders' equity, book value per share and tangible book value per share all declined from the prior quarter end.
  • During the quarter, the Company declared a quarterly dividend of $0.45 per share.
  • At quarter end, the Company closed its Merrifield, Virginia branch as the lease was expiring.
(Dollars in thousands, except per share)As Of or For the Three Months Ended Percent Change
 Sept. 30, June 30, Sept. 30, Q3-22 Q3-22
  2022   2022   2021  vs. Q2-22 vs. Q3-21
Income Statement         
Net income$37,297  $15,696  $43,609  137.6% (14.5)%
Net income per diluted share$1.16  $0.49  $1.36  136.7% (14.7)%
Dividend per common share$0.45  $0.45  $0.40  % 12.5%
          
Selected Ratios         
Return on Average Assets 1.29%  0.54%  1.46%    
Return on Average Common Equity 11.64%  4.91%  13.00%    
Return on Average Tangible Common Equity3 12.67%  5.35%  14.11%    
Net interest margin 3.02%  2.94%  2.73%    
Efficiency Ratio3 40.6%  66.6%  41.7%    
          
Balance Sheet         
Assets$10,713,044  $10,941,655  $11,585,317  (2.1)% (7.5)%
Loans$7,304,498  $7,154,686  $6,850,863  2.1% 6.6%
Loans (excluding PPP loans)4$7,297,257  $7,145,709  $6,783,552  2.1% 7.6%
Deposits$8,763,350  $9,171,618  $9,668,488  (4.5)% (9.4)%
Total Capital (to risk weighted assets) 16.10%  15.70%  16.59%    
          
Per Share         
Book value per share$38.02  $39.05  $41.68  (2.6)% (8.8)%
Tangible book value per share$34.77  $35.80  $38.39  (2.9)% (9.4)%
          
Asset quality         
Allowance for credit losses to total loans 1.04%  1.02%  1.21%    
Nonperforming assets ("NPAs") to total assets 0.09%  0.19%  0.31%    
Net (recovery) charge-off ratio to avg. loans (annualized) 0.00%  (0.04)%  0.08%    
                

CEO Commentary

Susan G. Riel, President and Chief Executive Officer of Eagle Bancorp, Inc. commented, "The results for the third quarter are encouraging as loan balances increased for a fourth consecutive quarter and asset quality metrics remained strong."

"Additionally, both our CRE and C&I teams had their best quarter of the year so far, and pipelines remain strong. As we close out 2022, our lending teams continue to be active and successful in their calling efforts. And on construction lending, even with the successful completion of projects, our unfunded commitments were up slightly to $2.4 billion at quarter-end. As more opportunities arise, even with a more difficult economy, our total risk-based capital of 16.10% gives us ample room to continue to grow the loan portfolio, and with equity of more than $1.2 billion, the ability to close on credits of substantial size."

"For our shareholders, we remain focused on returning cash through dividends. At the end of the quarter, our board declared a dividend of $0.45 per share."

"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 $83.9 million for the third quarter 2022, compared to $82.9 million for the prior quarter and $79.0 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 short-term investments and investment securities; offset by the impact of fewer earning assets. The combination of these factors outpaced the increase in interest expense on a smaller deposit base. Deposits declined during the third quarter as a result of disintermediation in the current ongoing higher interest rate environment.
  • Net interest margin was 3.02% for the third quarter 2022, compared to 2.94% for the prior quarter and 2.73% for the year-ago quarter. The increase in margin from the prior quarter was limited to 8 basis points. The relatively slow rate of NIM growth was primarily due to an increase in the cost of funds resulting from ongoing market volatility and the high interest rate environment, which substantially offset the increase in yield on interest earning assets. For the third quarter, our increased yield on interest earning assets was only slightly more than the increase in the cost of funds.
    • The yield on interest earning assets, which is inclusive of the yields on loans and securities, was 4.01% for the third quarter 2022 compared to 3.39% for the prior quarter and 3.08% for the year-ago quarter. The increase of 62 basis points from the prior quarter was from variable rate loans adjusting upward, higher rates on newly originated loans and higher rates on short-term investments.
    • The yield on the loan portfolio was 5.10% for the third quarter 2022, compared to 4.51% for the prior quarter and 4.59% for the year-ago quarter. The increase of 59 basis points from the prior quarter was from variable rate loans adjusting upward and from higher rates on newly originated loans.
    • The cost of funds was 0.99% for third quarter 2022, compared to 0.45% for the prior quarter and 0.35% for the year-ago quarter. The increase of 54 basis points from the prior quarter was primarily due to higher deposit rates paid on savings and money market accounts during the third quarter and utilizing short-term investments and short-term borrowings to satisfy deposit outflows resulting from the reduction of interest-bearing deposits with the Bank during the third quarter.
  • Pre-provision net revenue ("PPNR"),5 a non-GAAP measure, was $53.0 million for the third quarter 2022, compared to $29.5 million for the prior quarter and $51.0 million for the year-ago quarter. As a percent of average assets, PPNR for the third quarter 2022 was 1.85%, compared to 1.01% for the prior quarter and 1.72% for the year-ago quarter. This increase in both PPNR and PPNR as a percent of average assets from the prior quarter was primarily attributable to the prior quarter having a one-time accrual of $22.9 million in noninterest expense in connection with the settlement agreements with the SEC and FRB.
(Dollars in thousands)Three Months Ended Percent Change
 Sept 30, June 30, Sept 30, Q3-22 Q3-22
  2022   2022   2021  vs. Q2-22 vs. Q3-21
Net interest income$83,897  $82,918  $79,045  1.2% 6.1%
Noninterest income 5,308   5,564   8,299  (4.6)% (36.0)%
Less: Noninterest expense (36,206)  (58,962)  (36,375) (38.6)% (0.5)%
PPNR$52,999  $29,520  $50,969  79.5% 4.0%
            
Average Assets$11,431,110  $11,701,679  $11,826,326  (2.3)% (3.3)%
PPNR to Avg. Assets (non-GAAP) 1.85%  1.01%  1.72%    
  • Provision for credit losses on loans was $3.0 million for the third quarter 2022, compared to a provision of $0.5 million for the prior quarter and a reversal of $8.2 million for the year-ago quarter. The increase in the third quarter 2022 provision over the prior quarter was primarily driven by higher period-end loan balances, higher reserves on one individually evaluated loan, and a modest weakening in the unemployment forecast coupled with an increase in the localization factor based on the national unemployment forecast. These factors were partially mitigated by improvements observed in a number of Q&E factors, including improved risk ratings on hotel loans which were greater than the increased management overlay on office property loans in the Washington DC area.
  • Noninterest income was $5.3 million for the third quarter 2022, as compared to $5.6 million for the prior quarter and $8.3 million for the year-ago quarter. The primary driver for the decrease from the prior quarter and the year ago quarter is higher rates on mortgage loans leading to fewer mortgage originations.

Residential mortgage loan locked commitments were $57.5 million, down from $92.0 million the prior quarter and down from $279.8 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 $36.2 million for the third quarter 2022 compared to $59.0 million for the prior quarter and $36.4 million for the year-ago quarter. The notable changes from the prior quarter were as follows:
    • Other expenses in the prior quarter included one-time accruals of $22.9 million in non-tax deductible expenses related to the settlement agreements with the SEC and FRB.
    • Salaries and employee benefits were $21.5 million, down $267 thousand from the prior quarter. The decrease was primarily due to lower incentive bonus accruals.
    • Data processing expenses were $3.4 million, up $716 thousand from the prior quarter. The increase was primarily attributable to expenses associated with network upgrades.
    • Legal, accounting and professional fees were $2.3 million, up $195 thousand from the prior quarter.

At the end of the quarter, the Merrifield, Virginia branch was closed, reducing the number of banking locations to sixteen. Estimated annual cost savings on rent, common area maintenance and taxes are $275 thousand. All branch employees were repositioned to fill open positions at other locations, and deposits were transferred to our Fairfax, Virginia branch. There were no notable unamortized expenses as the lease is set to expire on October 31, 2022.

  • Efficiency ratio6 was 40.6% for the third quarter 2022 compared to 66.6% for the prior quarter and 41.7% for the year-ago quarter. The improvement in the efficiency ratio this quarter was primarily driven by the inclusion of one-time expenses related to the settlement agreements with the SEC and FRB in the prior quarter.
  • Effective income tax rate for the third quarter 2022 was 24.2%, compared to 44.9% for the prior quarter and 25.4% for the year-ago quarter. The decrease in the effective tax rate this quarter was primarily driven by the inclusion of one-time non-deductible expenses related to the settlement agreements with the SEC and FRB in the prior quarter.

Balance Sheet

  • Total assets at September 30, 2022 were $10.7 billion, down 2.1% from a quarter ago and down 7.5% from a year ago. The decrease from the prior quarter-end was primarily driven by the utilization of interest-bearing deposits with banks and other short-term investments along with short-term borrowings to satisfy deposit outflows; and decreases in the value of our investment securities AFS as interest rates rose during the quarter.
  • Investment securities AFS and Held-to-Maturity ("HTM") had an aggregate balance of $2.8 billion at September 30, 2022, down 4.7% from a quarter ago and up 54.7% from a year ago. The decrease from the prior quarter-end was primarily from lower carrying values on AFS securities and principal paydowns. If the overall interest rate environment continues to rise, carrying values will continue to decrease for securities in the AFS portfolio. Investments purchased during the third quarter of 2022 were primarily agency mortgage backed securities and agency bonds.
  • Total loans (excluding loans held for sale) were $7.304 billion as of September 30, 2022, up 2.1% from a quarter ago and up 6.6% from a year ago. Excluding PPP loans, loan balances were $7.297 billion as of September 30, 2022, up 2.1% from a quarter ago and up 7.6% 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)September 30, June 30, September 30, Q3-22 Q3-22
  2022   2022   2021  vs. Q2-22 vs. Q3-21
Total loans, excluding loans held for sale (GAAP)$7,304,498  $7,154,686  $6,850,863  2.1% 6.6%
Less: PPP loans (non-GAAP) (7,241)  (8,977)  (67,311)      
Total loans, excluding loans held for sale and PPP loans (non-GAAP)$7,297,257  $7,145,709  $6,783,552  2.1% 7.6%
  • Allowance for credit losses was 1.04% of total loans at September 30, 2022, compared to 1.02% a quarter ago, and 1.21% 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) was a net recovery of $57 thousand, which was less than 0.01%8 for the third quarter 2022, as compared to a recovery of 0.04%8 a quarter ago, and a net charge-off of 0.08%8 for the year-ago quarter.

  • Nonperforming loans and assets: Nonperforming loans decreased compared to the prior quarter and the year-ago quarter. The decrease was driven primarily by loans being paid in full or returning to accrual status due to ongoing payment performance. One note was moved from nonperforming loans to nonperforming assets. At quarter end, other real estate owned ("OREO") consisted of four properties with a value of $2.0 million.
    • Nonperforming loans as a percent of loans were 0.10% at September 30, 2022, compared to 0.26% a quarter ago and 0.46% a year ago.
    • Nonperforming assets as a percent of assets were 0.09% at September 30, 2022, compared to 0.19% a quarter ago and 0.31% a year ago.
  • Total deposits were $8.8 billion at September 30, 2022, down 4.5% from a quarter ago and down 9.4% from a year ago. The outflow of deposits increased the ratio of loans-to-deposits to 83% from 78% the prior quarter. This decrease is primarily attributable to current market conditions and a loss of deposits through disintermediation as a result of the continued increase in the overall interest rate environment. Most of the outflows were from interest bearing accounts (savings and money market accounts) as average noninterest bearing deposits to average total deposits was 38.4% for the third quarter 2022, up from 37.9% a quarter ago and 33.9% for the year-ago quarter.
  • Total shareholders’ equity was $1.2 billion at September 30, 2022, down 2.6% from a quarter ago, and down 8.4% 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 AFS, that are recorded in accumulated other comprehensive income (loss). These reductions to equity were partially offset by earnings of $1.16 per share, less dividends declared of $0.45 per share (retained earnings of $0.71).
    • Book value per share was $38.02, down $1.03 from a quarter ago, and down $3.66 from a year ago.
    • Tangible book value per share9 was $34.77, down $1.03 from a quarter ago, and down $3.62 from a year ago.
  • Dividends: On September 20, 2022, the Board of Directors declared a quarterly cash dividend of $0.45 per share payable on October 31, 2022 to shareholders of record on October 10, 2022.
  • Capital ratios for the Company are in the table below.
 For the Company
 September 30, June 30, September 30,
 202210
 2022
 2021
Regulatory Ratios     
Total Capital (to risk weighted assets)16.10% 15.70% 16.59%
Tier 1 Capital (to risk weighted assets)15.11% 14.58% 15.33%
Common Equity Tier 1 (to risk weighted assets)15.11% 14.58% 15.33%
Tier 1 Capital (to average assets)11.55% 10.68% 10.58%
      
Common Capital Ratios     
Common Equity Ratio11.39% 11.45% 11.49%
Tangible Common Equity Ratio10.52% 10.60% 10.68%

Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended September 30, 2022 as compared to the three months ended June 30, 2022 and September 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 June 30, 2022 and other reports filed with the SEC.

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through sixteen banking offices and five lending offices, located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, diversity, equity and inclusion in both its workplace and the communities in which it operates.

Conference call: Eagle Bancorp will host a conference call to discuss its third quarter 2022 financial results on Thursday, October 20, 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/BIb2a1705d60bc42988a46b4c716f15944 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 November 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 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 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
2 Year-to-date is for the nine months ended September 30, 2022. Prior year-to-date is for the nine months ended September 30, 2021.
3 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
4 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table under the subsection, "Total Loans."
5 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below. 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 following table. An explanation of the reconciliations and the reasons why the Company believes this non-GAAP financial measure to be important for investors is included with the reconciliation tables accompanying this document.
8 On an annualized basis.
9 A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
10Capital ratios for September 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
 September 30, June 30, September 30,
  2022   2022   2021 
Income Statements:     
Total interest income$111,527  $95,635  $89,152 
Total interest expense 27,630   12,717   10,107 
Net interest income 83,897   82,918   79,045 
Provision for (reversal of) credit losses 3,022   495   (8,203)
Provision for unfunded commitments 774   553   716 
Net interest income after provision for credit losses 80,101   81,870   86,532 
Noninterest income (before investment gain) 5,304   5,715   6,780 
Net gain (loss) on sale of investment securities 4   (151)  1,519 
Total noninterest income 5,308   5,564   8,299 
Total noninterest expense 36,206   58,962   36,375 
Income before income tax expense 49,203   28,472   58,456 
Income tax expense 11,906   12,776   14,847 
Net income$37,297  $15,696  $43,609 
      
Per Share Data:     
Earnings per weighted average common share, basic$1.16  $0.49  $1.36 
Earnings per weighted average common share, diluted$1.16  $0.49  $1.36 
Weighted average common shares outstanding, basic 32,084,464   32,080,657   31,959,357 
Weighted average common shares outstanding, diluted 32,155,678   32,142,427   32,030,527 
Actual shares outstanding at period end 32,082,321   32,081,241   31,947,458 
Book value per common share at period end$38.02  $39.05  $41.68 
Tangible book value per common share at period end(1)$34.77  $35.80  $38.39 
Dividend per common share$0.45  $0.45  $0.40 
      
Performance Ratios (annualized):     
Return on average assets 1.29%  0.54%  1.46%
Return on average common equity 11.64%  4.91%  13.00%
Return on average tangible common equity(1) 12.67%  5.35%  14.11%
Net interest margin 3.02%  2.94%  2.73%
Efficiency ratio(2) 40.6%  66.6%  41.7%
      
Other Ratios:     
Allowance for credit losses to total loans(3) 1.04%  1.02%  1.21%
Allowance for credit losses to total nonperforming loans 997%  386%  265%
Nonperforming loans to total loans(3) 0.10%  0.26%  0.46%
Nonperforming assets to total assets 0.09%  0.19%  0.31%
Net (recovery) charge-off (annualized) to average total loans(3) 0.00%  (0.04)%  0.08%
Average noninterest bearing deposits to average deposits 38.4%  37.9%  33.9%
Yield on loans(3) 5.10%  4.51%  4.59%
Cost of funds 0.99%  0.45%  0.35%


Eagle Bancorp, Inc.
Consolidated Financial Highlights (Continued) (Unaudited)
(Dollars in thousands)
      
 Three Months Ended
 September 30, June 30, September 30,
 2022
 2022
 2021
Capital Ratios     
Tier 1 capital (to average assets) 11.55%  10.68%  10.58%
Total capital (to risk weighted assets) 16.10%  15.70%  16.59%
Common equity tier 1 capital (to risk weighted assets) 15.11%  14.58%  15.33%
Common equity to total assets 11.39%  11.45%  11.49%
Tangible common equity ratio(1) 10.52%  10.60%  10.68%
      
Loan Balances - Period End:     
Commercial and Industrial$1,415,998  $1,394,835  $1,289,215 
PPP loans 7,241   8,977   67,311 
Commercial real estate - income producing 3,668,720   3,606,506   3,337,303 
Commercial real estate - owner occupied 1,091,283   1,080,249   977,617 
1-4 Family mortgage 71,731   72,793   76,259 
Construction - commercial and residential 858,100   804,170   824,133 
Construction - C&I (owner occupied) 139,238   129,717   222,366 
Home equity 51,396   53,193   55,527 
Other consumer 791   4,246   1,132 
Total loans$7,304,498  $7,154,686  $6,850,863 
      
Average Balances:     
Total assets$11,431,110  $11,701,679  $11,826,326 
Total earning assets$11,030,670  $11,300,267  $11,486,280 
Total loans(3)$7,282,589  $7,104,727  $7,055,621 
Total deposits$9,907,497  $10,184,886  $9,948,114 
Total borrowings$158,001  $152,583  $448,697 
Total shareholders’ equity$1,271,753  $1,281,742  $1,331,022 
      
Asset Quality:     
Net (recovery) charge-off$(57) $(674) $1,328 
Nonperforming loans$7,602  $18,842  $31,247 
Other real estate owned$1,962  $1,487  $5,135 
Nonperforming assets$9,564  $20,329  $36,382 

(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)
      
 September 30, June 30, September 30,
  2022   2022   2021 
Common shareholders' equity$1,219,771  $1,252,720  $1,331,697 
Less: Intangible assets (104,240)  (104,257)  (105,103)
Tangible common equity$1,115,531  $1,148,463  $1,226,594 
      
Book value per common share$38.02  $39.05  $41.68 
Less: Intangible book value per common share (3.25)  (3.25)  (3.29)
Tangible book value per common share$34.77  $35.80  $38.39 
      
Total assets$10,713,044  $10,941,655  $11,585,317 
Less: Intangible assets (104,240)  (104,257)  (105,103)
Tangible assets$10,608,804  $10,837,398  $11,480,214 
      
Tangible common equity ratio 10.52%  10.60%  10.68%
      
Allowance for credit losses$(75,767) $(72,665) $(82,906)
      
Total loans, excluding loans held for sale$7,304,498  $7,154,686  $6,850,863 
Less: PPP loans (non-GAAP) (7,241)  (8,977)  (67,311)
Total loans excluding PPP loans (non-GAAP)$7,297,257  $7,145,709  $6,783,552 
      
Allowance for credit losses:     
As a % of total loans (GAAP) 1.04%  1.02%  1.21%
As a % of total loans excl. PPP loans (non-GAAP) 1.04%  1.02%  1.22%
      
 Three Months Ended
 September 30, June 30, September 30,
  2022   2022   2021 
Average common shareholders' equity$1,271,753  $1,281,742  $1,331,022 
Less: Average intangible assets (104,253)  (104,246)  (105,126)
Average tangible common equity$1,167,500  $1,177,496  $1,225,896 
      
Net Income$37,297  $15,696  $43,609 
Return on average tangible common equity(1) 12.67%  5.35%  14.11%
      
Net interest income$83,897  $82,918  $79,045 
Noninterest income 5,308   5,564   8,299 
Operating revenue$89,205  $88,482  $87,344 
Noninterest expense$36,206  $58,962  $36,375 
Efficiency ratio 40.6%  66.6%  41.7%
      
(1) Periods of less than a year are annualized.
 


GAAP Reconciliation (unaudited)
(dollars in thousands, except per share data)
    
 Nine Months Three Months
 Ended Ended
 September 30, June 30,
 2022 2022
Net income$98,737 $15,696
Reversal: Penalty, disgorgement & prejudgment interest 22,874  22,874
Adjusted net income (non-GAAP)$121,611 $38,570
    
Earnings per share (diluted)$3.07 $0.49
Reversal: Penalty, disgorgement & prejudgment interest 0.71  0.71
Adjusted earnings per share (diluted) (non-GAAP)$3.78 $1.20
    
Weighted average common shares outstanding, diluted 32,138,586  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 net income and adjusted earnings per share (diluted) are non-GAAP financial measures derived from GAAP based amounts. The Company calculates adjusted net income for the second quarter of 2022 by excluding from net income the $22.9 million accrual of non-tax deductible expenses in connection with the Company's agreements in principle with the SEC and FRB to resolve the previously disclosed investigations with respect to the Company. The Company calculates adjusted earnings per share (diluted) by dividing the same $22.9 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 FRB, 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)
 September 30, June 30, September 30,
Assets 2022   2022   2021 
Cash and due from banks$27,235  $13,132  $8,806 
Federal funds sold 69,809   42,697   38,934 
Interest-bearing deposits with banks and other short-term investments 47,131   369,337   2,452,744 
Investment securities available-for-sale at fair value (amortized cost of $
1,873,872 , $1,897,985, and $1,789,416, net of allowance for credit
losses of $18, $18 and $256 as of September 30, 2022, June 30, 2022
and September 30, 2021, respectively)
 1,649,753   1,755,254   1,786,659 
Investment securities held-to-maturity (fair value of $988,199,
$1,084,706 and $0, net of allowance for credit losses of $802, $826 and
$0, as of September 30, 2022, June 30, 2022 and September 30, 2021,
respectively)
 1,114,084   1,143,632    
Federal Reserve and Federal Home Loan Bank stock 42,311   33,990   34,093 
Loans held for sale 9,387   13,814   53,413 
Loans 7,304,498   7,154,686   6,850,863 
Less allowance for credit losses (75,767)  (72,665)  (82,906)
Loans, net 7,228,731   7,082,021   6,767,957 
Premises and equipment, net 13,684   13,643   15,293 
Operating lease right-of-use assets 26,022   27,548   30,080 
Deferred income taxes 112,904   92,167   44,733 
Bank-owned life insurance 110,678   110,047   108,158 
Goodwill and other intangible assets, net 104,240   104,257   105,103 
Other real estate owned 1,962   1,487   5,135 
Other assets 155,113   138,629   134,209 
Total assets$10,713,044  $10,941,655  $11,585,317 
Liabilities and Shareholders' Equity     
Deposits:     
Noninterest-bearing demand$2,928,774  $2,831,934  $2,836,418 
Interest-bearing transaction 964,567   985,431   812,410 
Savings and money market 4,220,768   4,741,180   5,268,157 
Time 649,241   613,073   751,503 
Total deposits 8,763,350   9,171,618   9,668,488 
Customer repurchase agreements 21,465   26,539   29,401 
Other short-term borrowings 515,000   280,000   300,000 
Long-term borrowings 69,763   69,732   69,639 
Operating lease liabilities 30,837   32,414   34,345 
Reserve for unfunded commitments 5,696   4,921   5,011 
Other liabilities 87,162   103,711   146,736 
Total liabilities 9,493,273   9,688,935   10,253,620 
Shareholders' Equity     
Common stock, par value $.01 per share; shares authorized
100,000,000, shares issued and outstanding 32,082,321, 32,081,241,
and 31,947,458 respectively
 318   318   316 
Additional paid-in capital 442,880   440,418   432,479 
Retained earnings 987,212   964,353   901,218 
Accumulated other comprehensive loss (210,639)  (152,369)  (2,316)
Total Shareholders' Equity 1,219,771   1,252,720   1,331,697 
Total Liabilities and Shareholders' Equity$10,713,044  $10,941,655  $11,585,317 
            


Eagle Bancorp, Inc.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
 Three Months Ended Nine Months Ended
 Sept 30, June 30, Sept 30, Sept 30, Sept 30,
 2022  2022   2021   2022   2021 
Interest Income         
Interest and fees on loans$93,744 $80,142  $82,182  $249,716  $260,124 
Interest and dividends on investment securities 13,463  12,997   5,877   37,890   15,878 
Interest on balances with other banks and short-term invest. 4,100  2,451   1,083   7,608   2,239 
Interest on federal funds sold 220  45   10   269   25 
Total interest income 111,527  95,635   89,152   295,483   278,266 
          
Interest Expense         
Interest on deposits 26,125  11,538   6,590   44,022   21,288 
Interest on customer repurchase agreements 55  22   14   90   34 
Interest on other short-term borrowings 412  120   506   992   1,502 
Interest on long-term borrowings 1,038  1,037   2,997   3,112   9,114 
Total interest expense 27,630  12,717   10,107   48,216   31,938 
Net Interest Income 83,897  82,918   79,045   247,267   246,328 
Provision for (Reversal of) Credit Losses 3,022  495   (8,203)  730   (14,409)
Provision for (Reversal of) Unfunded Commitments 774  553   716   1,316   (487)
Net Interest Income After Provision For Credit Losses 80,101  81,870   86,532   245,221   261,224 
          
Noninterest Income         
Service charges on deposits 1,339  1,345   1,204   3,970   3,303 
Gain on sale of loans 821  855   3,332   3,168   11,988 
Net gain (loss) on sale of investment securities 4  (151)  1,519   (172)  2,058 
Incr. in the cash surrender value of  bank-owned life insurance 631  632   642   1,889   1,429 
Other income 2,513  2,883   1,602   9,470   11,033 
Total noninterest income 5,308  5,564   8,299   18,325   29,811 
          
Noninterest Expense         
Salaries and employee benefits 21,538  21,805   22,145   60,362   63,790 
Premises and equipment expenses 3,275  3,523   3,859   9,926   11,121 
Marketing and advertising 1,181  1,186   1,013   3,431   2,879 
Data processing 3,445  2,729   2,886   9,054   8,451 
Legal, accounting and professional fees 2,332  2,137   2,021   6,030   8,523 
FDIC insurance 1,287  906   1,549   3,251   5,586 
Other expenses 3,148  26,676   2,902   34,126   9,506 
Total noninterest expense 36,206  58,962   36,375   126,180   109,856 
Income Before Income Tax Expense 49,203  28,472   58,456   137,366   181,179 
Income Tax Expense 11,906  12,776   14,847   38,629   46,108 
Net Income$37,297 $15,696  $43,609  $98,737  $135,071 
          
Earnings Per Common Share         
Basic$1.16 $0.49  $1.36  $3.08  $4.23 
Diluted$1.16 $0.49  $1.36  $3.07  $4.22 
                   


Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)
            
 Three Months Ended
 September 30, 2022 June 30, 2022
 Average
Balance
 Interest Average
Yield/Rate
 Average
Balance
 Interest Average
Yield/Rate
ASSETS           
Interest earning assets:           
Interest bearing deposits with other banks and other short-term investments$771,063 $4,100 2.11% $1,193,253 $2,451 0.82%
Loans held for sale(1) 11,586  150 5.18%  16,342  179 4.38%
Loans(1) (2) 7,282,589  93,594 5.10%  7,104,727  79,963 4.51%
Investment securities available-for-sale(2) 1,782,859  7,587 1.69%  1,793,047  7,022 1.57%
Investment securities held-to-maturity(2) 1,128,943  5,876 2.06%  1,157,308  5,975 2.07%
Federal funds sold 53,630  220 1.63%  35,590  45 0.51%
Total interest earning assets 11,030,670 $111,527 4.01%  11,300,267 $95,635 3.39%
Total noninterest earning assets 475,581      474,336    
Less: allowance for credit losses 75,141      72,924    
Total noninterest earning assets 400,440      401,412    
TOTAL ASSETS$11,431,110     $11,701,679    
            
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest bearing liabilities:           
Interest bearing transaction$960,970 $1,891 0.78% $856,388 $630 0.30%
Savings and money market 4,504,216  21,711 1.91%  4,810,047  8,772 0.73%
Time deposits 633,241  2,523 1.58%  657,220  2,136 1.30%
Total interest bearing deposits 6,098,427  26,125 1.70%  6,323,655  11,538 0.73%
Customer repurchase agreements 26,546  55 0.82%  25,112  22 0.35%
Other short-term borrowings 61,703  412 2.67%  57,750  120 0.83%
Long-term borrowings 69,752  1,038 5.95%  69,721  1,037 5.95%
Total interest bearing liabilities 6,256,428 $27,630 1.75%  6,476,238 $12,717 0.79%
Noninterest bearing liabilities:           
Noninterest bearing demand 3,809,070      3,861,231    
Other liabilities 93,859      82,468    
Total noninterest bearing liabilities 3,902,929      3,943,699    
Shareholders’ equity 1,271,753      1,281,742    
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$11,431,110     $11,701,679    
Net interest income  $83,897     $82,918  
            
Net interest spread    2.26%     2.60%
Net interest margin    3.02%     2.94%
Cost of funds    0.99%     0.45%

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.4 million and $4.3 million for the three months ended September 30, 2022 and June 30, 2022, respectively.

(2) Interest and fees on loans and investments exclude tax equivalent adjustments.

 
Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
(Dollars in thousands)
            
 Three Months Ended September 30,
  2022   2021 
 Average
Balance
 Interest Average
Yield/Rate
 Average
Balance
 Interest Average
Yield/Rate
ASSETS           
Interest earning assets:           
Interest bearing deposits with other banks and other short-term investments$771,063 $4,100 2.11% $2,668,265 $1,083 0.16%
Loans held for sale(1) 11,586  150 5.18%  56,866  642 4.52%
Loans(1) (2) 7,282,589  93,594 5.10%  7,055,621  81,540 4.59%
Investment securities available-for-sale(2) 1,782,859  7,587 1.69%  1,670,723  5,877 1.40%
Investment securities held-to-maturity(2) 1,128,943  5,876 2.06%     %
Federal funds sold 53,630  220 1.63%  34,805  10 0.11%
Total interest earning assets 11,030,670 $111,527 4.01%  11,486,280 $89,152 3.08%
Total noninterest earning assets 475,581      432,215    
Less: allowance for credit losses 75,141      92,169    
Total noninterest earning assets 400,440      340,046    
TOTAL ASSETS$11,431,110     $11,826,326    
            
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest bearing liabilities:           
Interest bearing transaction$960,970 $1,891 0.78% $842,086 $402 0.19%
Savings and money market 4,504,216  21,711 1.91%  4,971,866  3,645 0.29%
Time deposits 633,241  2,523 1.58%  763,513  2,543 1.32%
Total interest bearing deposits 6,098,427  26,125 1.70%  6,577,465  6,590 0.40%
Customer repurchase agreements 26,546  55 0.82%  27,348  14 0.20%
Other short-term borrowings 61,703  412 2.67%  300,003  506 0.67%
Long-term borrowings 69,752  1,038 5.95%  121,346  2,997 9.88%
Total interest bearing liabilities 6,256,428 $27,630 1.75%  7,026,162 $10,107 0.57%
Noninterest bearing liabilities:           
Noninterest bearing demand 3,809,070      3,370,649    
Other liabilities 93,859      98,493    
Total noninterest bearing liabilities 3,902,929      3,469,142    
Shareholders’ equity 1,271,753      1,331,022    
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$11,431,110     $11,826,326    
Net interest income  $83,897     $79,045  
            
Net interest spread    2.26%     2.51%
Net interest margin    3.02%     2.73%
Cost of funds    0.99%     0.35%

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.4 million and $6.3 million for the three months ended September 30, 2022 and September 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
 September 30, June 30, March 31, December 31, September 30, June 30, March 31, December 31,
Income Statements: 2022   2022   2022   2021   2021   2021   2021   2020 
Total interest income$111,527  $95,635  $88,321  $86,230  $89,152  $94,920  $94,194  $94,680 
Total interest expense 27,630   12,717   7,869   8,044   10,107   10,288   11,543   13,262 
Net interest income 83,897   82,918   80,452   78,186   79,045   84,632   82,651   81,418 
Provision for (reversal of) credit losses 3,022   495   (2,787)  (6,412)  (8,203)  (3,856)  (2,350)  4,917 
Provision for (reversal of) unfunded commitments 774   553   (11)  (632)  716   (761)  (442)  406 
Net interest income after provision for credit losses 80,101   81,870   83,250   85,230   86,532   89,249   85,443   76,095 
Noninterest income before investment gain (loss) 5,304   5,715   7,478   9,668   6,780   10,607   10,366   9,722 
Net gain (loss) on sale of investment securities 4   (151)  (25)  906   1,519   318   221   165 
Total noninterest income 5,308   5,564   7,453   10,574   8,299   10,925   10,587   9,887 
Salaries and employee benefits 21,538   21,805   17,019   24,608   22,145   19,876   21,769   20,151 
Premises and equipment 3,275   3,523   3,128   3,755   3,859   3,644   3,618   3,301 
Marketing and advertising 1,181   1,186   1,064   1,286   1,013   980   886   1,161 
Other expenses 10,212   32,448   9,801   9,660   9,358   10,994   11,714   10,396 
Total noninterest expense 36,206   58,962   31,012   39,309   36,375   35,494   37,987   35,009 
Income before income tax expense 49,203   28,472   59,691   56,495   58,456   64,680   58,043   50,973 
Income tax expense 11,906   12,776   13,947   14,875   14,847   16,687   14,574   12,081 
Net income$37,297  $15,696  $45,744  $41,620  $43,609  $47,993  $43,469  $38,892 
Per Share Data:               
Earnings per weighted average common share, basic$1.16  $0.49  $1.43  $1.30  $1.36  $1.50  $1.36  $1.21 
Earnings per weighted average common share, diluted$1.16  $0.49  $1.42  $1.30  $1.36  $1.50  $1.36  $1.21 
Weighted average common shares outstanding, basic 32,084,464   32,080,657   32,033,280   31,950,320   31,959,357   31,962,819   31,869,655   32,037,099 
Weighted average common shares outstanding, diluted 32,155,678   32,142,427   32,110,099   32,030,998   32,030,527   32,025,110   31,922,940   32,075,175 
Actual shares outstanding at period end 32,082,321   32,081,241   32,079,474   31,950,092   31,947,458   31,961,573   31,960,379   31,779,663 
Book value per common share at period end$38.02  $39.05  $39.89  $42.28  $41.68  $40.87  $39.45  $39.05 
Tangible book value per common share at period end(1)$34.77  $35.80  $36.64  $38.97  $38.39  $37.58  $36.16  $35.74 
Dividend per common share$0.45  $0.45  $0.40  $0.40  $0.40  $0.35  $0.25  $0.22 
Performance Ratios (annualized):               
Return on average assets 1.29%  0.54%  1.46%  1.32%  1.46%  1.68%  1.53%  1.39%
Return on average common equity 11.64%  4.91%  13.83%  12.30%  13.00%  14.92%  14.05%  12.53%
Return on average tangible common equity(1) 12.67%  5.35%  14.99%  13.35%  14.11%  16.25%  15.33%  13.69%
Net interest margin 3.02%  2.94%  2.65%  2.55%  2.73%  3.04%  2.98%  2.98%
Efficiency ratio(2) 40.59%  66.6%  35.3%  44.3%  41.7%  37.1%  40.7%  38.3%
Other Ratios:               
Allowance for credit losses to total loans(3) 1.04%  1.02%  1.01%  1.06%  1.21%  1.28%  1.36%  1.41%
Allowance for credit losses to total nonperforming loans 997%  386%  301%  257%  265%  187%  195%  180%
Nonperforming loans to total loans(3) 0.10%  0.26%  0.33%  0.41%  0.46%  0.68%  0.69%  0.79%
Nonperforming assets to total assets 0.09%  0.19%  0.23%  0.26%  0.31%  0.50%  0.51%  0.59%
Net (recovery) charge-off (annualized) to average total loans(3) 0.00%  (0.04)%  0.03%  0.07%  0.08%  0.30%  0.27%  0.28%
Tier 1 capital (to average assets) 11.55%  10.68%  9.93%  10.19%  10.58%  10.65%  10.28%  10.31%
Total capital (to risk weighted assets) 16.10%  15.70%  15.86%  16.15%  16.59%  17.98%  17.86%  17.04%
Common equity tier 1 capital (to risk weighted assets) 15.11%  14.58%  14.74%  15.02%  15.33%  14.67%  14.42%  13.49%
Tangible common equity ratio(1) 10.52%  10.60%  10.57%  10.60%  10.68%  11.07%  10.48%  10.31%
Average Balances (in thousands):               
Total assets$11,431,110  $11,701,679  $12,701,152  $12,538,596  $11,826,326  $11,453,080  $11,517,836  $11,141,826 
Total earning assets$11,030,670  $11,300,267  $12,326,473  $12,180,872  $11,486,280  $11,152,933  $11,236,440  $10,872,259 
Total loans(3)$7,282,589  $7,104,727  $7,053,701  $6,890,414  $7,055,621  $7,382,238  $7,726,716  $7,896,324 
Total deposits$9,907,497  $10,184,886  $10,874,976  $10,670,206  $9,948,114  $9,530,909  $9,601,249  $9,227,733 
Total borrowings$158,001  $152,583  $371,987  $402,393  $448,697  $536,926  $573,750  $596,307 
Total shareholders’ equity$1,271,753  $1,281,742  $1,341,785  $1,342,525  $1,331,022  $1,290,029  $1,254,780  $1,235,174 

(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. Danielson
240.552.9534


Source: Eagle Bancorp, Inc.