Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent
company of EagleBank (the "Bank"), today announced net income of
$24.2 million for the first quarter 2023, compared to net income of
$42.2 million for the fourth quarter 2022 (the "prior
quarter") and $45.7 million for the first quarter 2022 (the
"year ago quarter"). Net income was $0.78 per share (basic and
diluted) for the first quarter 2023, compared to $1.32 per share
(basic and diluted) for the prior quarter, and $1.43 per share
(basic) and $1.42 per share (diluted) for the year-ago quarter.
The $18.0 million decrease in earnings from the
prior quarter was primarily attributable to the decrease in net
interest income and a higher provision for credit losses. The
decrease in net interest income was primarily attributable to
higher interest expense as the rate paid on deposits increased in
response to Federal Reserve rate increases and the funding mix
changed reflecting a higher level of borrowings at rates higher
than those of the deposits the borrowings replaced. These increases
in interest expense outpaced the increase in interest income from
loans. Additionally, the higher provision for credit losses was
primarily attributable to qualitative factors, loan growth, and, to
a lesser extent, reserves on corporate bonds within the securities
portfolio.
First Quarter 2023
Highlights
-
Common equity and tangible common equity ratios at quarter-end were
11.20% and 10.36%1, respectively.
-
Nonperforming assets as a percent of assets was 0.08%. Net
charge-off for the quarter was $975 thousand.
-
Investment securities Held-to-Maturity had a fair value that was
$112 million less than carrying value at quarter-end. This amount
(unadjusted for tax impact) is 9.0% of quarter-end common
shareholders' equity, which was $1.2 billion, and 9.8% of
quarter-end tangible common equity, which was $1.1 billion1.
-
Loans at quarter-end were $7.7 billion, up $102 million from the
prior quarter-end. This was the sixth consecutive quarterly
increase. Loans were up 1.3% from the prior quarter and 8.8% from
the year-ago quarter.
-
The provision for credit losses was $6.2 million for the quarter,
as compared to a reversal of $0.5 million the prior quarter. The
allowance for credit losses on loans was 1.01%, up from 0.97% a
quarter ago and flat from 1.01% a year ago.
-
The funding mix changed as deposits at quarter-end were $7.5
billion, down $1.2 billion from the prior quarter-end. Short-term
borrowings were $2.1 billion, up $1.1 billion from the prior
quarter-end.
-
Aggregate borrowing capacity at quarter-end was $1.7 billion, which
consists of $689 million of additional aggregate capacity to borrow
from the Federal Home Loan Bank of Atlanta ("FHLB") and Bank Term
Funding Program ("BTFP") on assets that have been pledged, and
unencumbered securities totaling approximately $1.0 billion
available for pledging to the FHLB or the BTFP.
-
Uninsured deposits at quarter-end were $3.2 billion2, or 42.9% of
total deposits.
-
For our shareholders, during the quarter the Company repurchased
400,000 shares at an average price of $45.65 per share (including
commissions), totaling an aggregate of $18.3 million. Additionally,
the Company declared a quarterly dividend of $0.45 per share.
(Dollars in thousands, except
per share data) |
As of or for the Three Months Ended |
|
Percent Change |
|
March 31, |
|
Dec. 31, |
|
March 31, |
|
Q1-23 |
|
Q1-23 |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
vs. Q4-22 |
|
vs. Q1-22 |
Income
Statement |
|
|
|
|
|
|
|
|
|
Net income |
$ |
24,234 |
|
|
$ |
42,193 |
|
|
$ |
45,744 |
|
|
(42.6 |
)% |
|
(47.0 |
)% |
Net income per diluted
share |
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.42 |
|
|
(40.9 |
)% |
|
(45.1 |
)% |
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.40 |
|
|
— |
% |
|
12.5 |
% |
|
|
|
|
|
|
|
|
|
|
Selected
Ratios |
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.86 |
% |
|
|
1.49 |
% |
|
|
1.46 |
% |
|
— |
|
— |
— |
|
Return on average common
equity |
|
7.92 |
% |
|
|
13.57 |
% |
|
|
13.83 |
% |
|
— |
|
— |
— |
|
Return on average tangible
common equity3 |
|
8.65 |
% |
|
|
14.82 |
% |
|
|
14.99 |
% |
|
— |
|
— |
— |
|
Net interest margin |
|
2.77 |
% |
|
|
3.14 |
% |
|
|
2.65 |
% |
|
— |
|
— |
— |
|
Efficiency ratio3 |
|
51.6 |
% |
|
|
42.8 |
% |
|
|
35.3 |
% |
|
— |
|
— |
— |
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
Assets |
$ |
11,088,867 |
|
|
$ |
11,150,854 |
|
|
$ |
11,227,223 |
|
|
(0.6 |
)% |
|
(1.2 |
)% |
Loans |
$ |
7,737,676 |
|
|
$ |
7,635,632 |
|
|
$ |
7,113,807 |
|
|
1.3 |
% |
|
8.8 |
% |
Deposits |
$ |
7,463,241 |
|
|
$ |
8,713,182 |
|
|
$ |
9,586,259 |
|
|
(14.3 |
)% |
|
(22.1 |
)% |
Total capital (to risk
weighted assets) |
|
14.74 |
% |
|
|
14.94 |
% |
|
|
15.21 |
% |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Per
Share |
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
39.92 |
|
|
$ |
39.18 |
|
|
$ |
39.89 |
|
|
1.9 |
% |
|
0.1 |
% |
Tangible book value per
share3 |
$ |
36.57 |
|
|
$ |
35.86 |
|
|
$ |
36.64 |
|
|
2.0 |
% |
|
(0.2 |
)% |
|
|
|
|
|
|
|
|
|
|
Asset
quality |
|
|
|
|
|
|
|
|
|
Allowance for credit losses to
total loans |
|
1.01 |
% |
|
|
0.97 |
% |
|
|
1.01 |
% |
|
— |
|
— |
— |
|
Nonperforming assets ("NPAs")
to total assets |
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.23 |
% |
|
— |
|
— |
— |
|
Net charge-off to average
loans (annualized) |
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.03 |
% |
|
— |
|
— |
— |
|
CEO Commentary
Susan G. Riel, President and Chief Executive
Officer of Eagle Bancorp, Inc., commented, "While we are
disappointed with our first quarter operating results, our capital
ratios are well in excess of regulatory minimums and our asset
quality metrics remained strong, even against the backdrop of a
challenging market, including continued disintermediation of
deposits amid a rising interest rate environment. We met the
liquidity needs of our depositors, and the credit needs of our
borrowers, while holding firm to our commitment to strong
underwriting and risk management practices. Additionally, first
quarter earnings provided continued support for shareholders in the
form of share repurchases and dividends. I believe our strong
Relationships FIRST franchise and balance sheet, including a
sizable amount of unencumbered assets and borrowing capacity,
position EagleBank well to meet the banking needs of the
communities and customers we serve."
"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 $75.0 million for the first quarter 2023,
compared to $85.6 million for the prior quarter and
$80.5 million for the year-ago quarter. The decrease in net
interest income from the prior quarter was primarily driven by the
impact of higher interest rates paid on deposits, a change in the
funding mix reflecting a higher level of borrowings at rates higher
than those of the deposits the borrowings replaced, and, late in
the quarter, a shift in noninterest bearing deposit accounts to
interest bearing deposit accounts. Higher interest rates also
benefited loan yields as variable rate loans adjusted upward, new
loans were added at current rates and total loans were higher, but
the increase to interest income was less than the increase in
interest expense on average deposits and average borrowings.
- Net
interest margin ("NIM") was 2.77% for the first quarter
2023, compared to 3.14% for the prior quarter and 2.65% for the
year-ago quarter. The decrease in margin from the prior quarter was
37 basis points. The NIM contraction was based on the cost of funds
increasing by 81 basis points, partially offset by the yield on
earning assets increasing 44 basis points.
- The yield on
interest earning assets, which is inclusive of the yields on loans
and securities, was 5.17% for the first quarter 2023 compared to
4.73% for the prior quarter and 2.91% for the year-ago quarter. The
increase of 44 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 6.35% for the first quarter 2023, compared to
5.87% for the prior quarter and 4.35% for the year-ago quarter. The
increase of 48 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 2.40% for
first quarter 2023, compared to 1.59% for the prior quarter and
0.26% for the year-ago quarter. The increase of 81 basis points
from the prior quarter was primarily due to higher rates paid on
savings and money market accounts and a change in the funding mix
reflecting a higher level of borrowings at rates higher than those
of the deposits the borrowings replaced. Additionally, late in the
quarter, some noninterest bearing deposit accounts moved to
interest bearing deposit accounts.
- Pre-provision net
revenue ("PPNR"),4 a non-GAAP measure, was $38.1 million
for the first quarter 2023, compared to $52.0 million for the prior
quarter and $56.9 million for the year-ago quarter. As a percent of
average assets, PPNR for the first quarter 2023 was 1.35%5,
compared to 1.83%5 for the prior quarter and 1.79%5 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 decrease in net interest income as a percent of average
assets (down 35 bps) as the rise in deposit and borrowing costs
increased interest expense faster than the rise in loan rates
increased interest income and, to a lesser extent, the decrease in
noninterest income as a percent of average assets (down 6 bps) as
the mortgage division ceased taking mortgage applications in the
first quarter of 2023.
(Dollars in thousands) |
Three Months Ended |
|
Percent Change |
|
March 31, |
|
December 31, |
|
March 31, |
|
Q1-23 |
|
Q1-23 |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
vs. Q4-22 |
|
vs. Q1-22 |
Net interest income |
$ |
75,024 |
|
|
$ |
85,600 |
|
|
$ |
80,452 |
|
|
(12.4 |
)% |
|
(6.7 |
)% |
Noninterest income |
|
3,700 |
|
|
|
5,329 |
|
|
|
7,453 |
|
|
(30.6 |
)% |
|
(50.4 |
)% |
Less: Noninterest expense |
|
(40,584 |
) |
|
|
(38,918 |
) |
|
|
(31,012 |
) |
|
4.3 |
% |
|
30.9 |
% |
PPNR |
$ |
38,140 |
|
|
$ |
52,011 |
|
|
$ |
56,893 |
|
|
(26.7 |
)% |
|
(33.0 |
)% |
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
11,426,056 |
|
|
$ |
11,255,956 |
|
|
$ |
12,701,152 |
|
|
1.5 |
% |
|
(10.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
As a Percent of Average Assets |
|
Basis Point Change |
Net interest income |
|
2.66 |
% |
|
|
3.01 |
% |
|
|
2.53 |
% |
|
(35) bps |
|
13 bps |
Noninterest income |
|
0.13 |
% |
|
|
0.19 |
% |
|
|
0.23 |
% |
|
(6) bps |
|
(10) bps |
Noninterest expense |
|
(1.44 |
)% |
|
|
(1.37 |
)% |
|
|
(0.97 |
)% |
|
(7) bps |
|
(47) bps |
PPNR to Average Assets
(non-GAAP) |
|
1.35 |
% |
|
|
1.83 |
% |
|
|
1.79 |
% |
|
(48) bps |
|
(44) bps |
- Provision for credit losses
on loans was $6.2 million for the first quarter 2023,
compared to a reversal of $0.5 million for the prior quarter and a
reversal of $2.8 million for the year-ago quarter. The increase in
the first quarter 2023 provision over the prior quarter was
primarily driven by changes in the qualitative and environmental
("Q&E") portion of the credit model associated with an
additional allowance for commercial real estate office properties,
and an increase in loans. Additionally, $1.2 million of the first
quarter 2023 provision related to several corporate bonds in the
securities portfolio. Corporate bonds represented less than 4% of
the book value of the securities portfolio (combined
available-for-sale and held-to-maturity portfolios).
- Noninterest income
was $3.7 million for the first quarter 2023, as compared to $5.3
million for the prior quarter and $7.5 million for the year-ago
quarter. The primary driver for the decrease in the first quarter
2023 and the prior quarter as compared to the year-ago quarter is
higher rates on mortgage loans leading to fewer mortgage
originations. Additionally, the residential mortgage division
ceased taking mortgage applications in the first quarter of
2023.
-
Noninterest expense was $40.6 million for the
first quarter 2023 compared to $38.9 million for the prior quarter
and $31.0 million for the year-ago quarter. Noninterest expense was
up $1.7 million from the prior quarter, which included a
$958 thousand one-time reversal of a legal accounts receivable
(described below). The notable changes from the prior quarter were
as follows:
- Salaries and
employee benefits were $24.2 million, up $483 thousand from the
prior quarter. The increase was primarily due to a combination of
higher employee benefit costs and higher payroll taxes offset by
lower incentive accruals.
- Legal,
accounting and professional fees were $3.3 million, up $701
thousand from the prior quarter. The increase was primarily due to
a $958 thousand reversal of legal accounts receivable as
Directors & Officers insurance availability relating to the
previously settled litigations and investigations was fully
depleted.
- Marketing and
advertising expenses were $636 thousand, down $654 thousand from
the prior quarter as advertising and promotion costs were
reduced.
- Other expenses
were $4.6 million, up $1.4 million from the prior quarter. The
increase was primarily attributable to compensation for the
Company's Executive Chairman.
At the end of the quarter, the Alexandria,
Virginia branch was closed as it had an expiring lease. This
reduced our branch count to fifteen and the annualized pre-tax cost
savings in rental expense will be approximately $197 thousand.
-
Efficiency ratio6 was 51.6% for the first quarter
2023 compared to 42.8% for the prior quarter and 35.3% for the
year-ago quarter. The increase in the efficiency ratio this quarter
was primarily driven by the impact of higher interest rates on
funding driving down net interest income, rather than an increase
in noninterest expense. In comparison to the prior quarter, net
interest income as a percent of average assets was down 35 basis
points while noninterest expense as a percent of average assets was
up 7 basis points.
- Effective income tax
rate for the first quarter 2023 was 22.1%, compared to
19.3% for the prior quarter and 23.4% for the year-ago quarter. The
increase in the effective tax rate from the prior quarter was due
to the prior quarter including an update to our apportionment of
revenues among the states in which we operate.
Balance Sheet
- Total assets were
$11.1 billion at March 31, 2023, down 0.6% from a quarter ago
and down 1.2% from a year ago. The decrease in assets from the
prior quarter-end was primarily from a reduction in interest
bearing deposits with other banks, securities and Fed Funds sold,
partially offset by higher loans.
- Investment securities
Available-for-Sale ("AFS") had a balance of $1.6 billion
at March 31, 2023, down 1.0% from a quarter ago and down 10.9%
from a year ago. The decrease from the prior quarter-end was
primarily from principal paydowns and maturities received, offset
by a slightly higher carrying value on AFS securities. No new
investments were purchased during the first quarter of 2023.
- Investment securities
Held-to-Maturity ("HTM") had a balance of $1.1 billion at
March 31, 2023, down 1.7% from a quarter ago and down 6.8%
from a year ago. The decrease from the prior quarter-end was
primarily from principal paydowns and maturities received, as well
as a higher credit reserve placed against several corporate bond
securities within the portfolio. No new investments were purchased
during the first quarter of 2023.Investment securities HTM had a
fair value which was $112 million less than carrying value at
quarter-end, compared to a difference of $125 million a quarter
ago.
- Total loans
(excluding loans held for sale) were $7.7 billion at March 31,
2023, up 1.3% from a quarter ago and up 8.8% from a year ago. The
increase in total loans from the prior quarter-end was driven by
growth in commercial real estate ("CRE") loans and commercial &
industrial loans ("C&I"). The increase in loans and the
decrease in deposits increased the loan-to-deposit ratio to 104%
from 88% the prior quarter.
-
Allowance for credit losses was 1.01% of total
loans at March 31, 2023, compared to 0.97% a quarter ago, and
1.01% a year ago. See commentary above in section "Provision for
Credit Losses on Loans".Net charge-off was $975 thousand for the
quarter, which as a percent of average loans (excluding loans held
for sale)7 was 0.05% for the first quarter 2023, compared to 0.05%
a quarter ago, and 0.03% the year-ago quarter.
-
Nonperforming loans and assets were $6.8 million
and $8.7 million, respectively, at March 31, 2023.
- Nonperforming
loans as a percent of loans were 0.09% at March 31, 2023,
compared to 0.08% a quarter ago and 0.33% a year ago. At quarter
end, the number of nonperforming notes was 18, down from 21 the
prior quarter end.
- Nonperforming
assets as a percent of assets were 0.08% at March 31, 2023,
compared to 0.08% a quarter ago and 0.23% a year ago. At quarter
end, other real estate owned ("OREO") consisted of four properties
with an aggregate value of $2.0 million.
- Loans 30-89 days
late were $15.7 million at March 31, 2023, up from $2.2
million a quarter ago and $13.0 million a year ago. The increase
from the prior quarter was from one credit for $14.1 million, which
has since been brought current.
- Total
deposits were $7.5 billion at March 31, 2023, down
14.3% from a quarter ago and down 22.1% from a year ago. The
decrease from the prior quarter-end was primarily attributable to
outflows from noninterest bearing deposits and savings/money market
accounts, partially offset by the increase in time deposits. For
the quarter, average noninterest bearing deposits to average total
deposits was 37.4% for the first quarter 2023, down from 40.9% a
quarter ago and up from 36.1% for the year-ago quarter. The
percentage in the first quarter 2023 reflected lower noninterest
bearing deposits, partially offset by lower average deposits.Total
estimated uninsured deposits at March 31, 2023 were $3.2
billion8, or 42.9% of deposits.
- Other
short-term borrowings were $2.1 billion at March 31,
2023, up from $975 million a quarter ago, and up from $150 million
a year ago. The increase in borrowings from the prior quarter-end
was primarily driven by the decrease in total deposits and, to a
lesser extent, loan growth. These short-term borrowings consisted
of $800 million from the BTFP secured by U.S. Treasuries, agency
debt and mortgage-backed securities as collateral, and $1.3 billion
from the FHLB secured by collateral consisting of qualifying loans
in the Bank's commercial mortgage, residential mortgage and home
equity loan portfolios as well as qualifying securities. The BTFP
provides a source of liquidity in addition to sources available
from the FHLB and others. The Company drew advances from the BTFP
to optimize its funding mix taking into account collateral terms
and interest rates at the time the program was accessed. As of
March 31, 2023, the Company had aggregate undrawn borrowing
capacity of $1.7 billion, which includes $689 million in additional
aggregate capacity to borrow with the FHLB and BTFP on assets that
have been pledged and unencumbered securities totaling
approximately $1.0 billion available for pledging to the FHLB or
BTFP.
- BTFP borrowings were $800 million
at March 31, 2023 with a rate of 4.38% for a term of up to one
year.
- FHLB borrowings
were $1.3 billion at March 31, 2023 with a floating rate, at
an average rate of 5.08%.
- Total
shareholders’ equity was $1.2 billion at March 31,
2023, up 1.1% from a quarter ago, and down 2.9% from a year ago.
The increase in shareholders' equity of $13.6 million from the
prior quarter-end was primarily from net income and improved
valuations of AFS securities, partially offset by reductions in
capital from the impact of share repurchases and dividends
declared. Net income for the quarter was $0.78 per share and
dividends declared were $0.45 per share.
- Book value per
share was $39.92, up $0.74 from a quarter ago, and up $0.03 from a
year ago.
- Tangible book
value per share9 was $36.57, up $0.71 from a quarter ago, and down
$0.07 from a year ago.
- Dividends: On
March 16, 2023, the Board of Directors declared a quarterly
cash dividend of $0.45 per share payable on April 28, 2023 to
shareholders of record on April 6, 2023.
- Stock Repurchases:
During the quarter, the Company repurchased 400,000 shares at an
average price of $45.65 per share (including commissions), totaling
an aggregate of $18.3 million.
- Capital ratios for
the Company are in the table below. Regulatory capital ratios for
the Company continue to be strong and in excess of the regulatory
requirements (inclusive of applicable buffers). Regulatory capital
ratios based on risk weighted assets were down primarily on the
increase in risk weighted assets from the prior quarter. Common
capital ratios were higher as retained earnings and reduction in
unrealized losses on investment securities AFS led to an increase
in both equity and tangible common equity, and assets and tangible
assets were slightly lower than the prior quarter.
|
For the Company |
|
Minimum Required |
|
March 31, |
|
December 31, |
|
March 31, |
|
For Capital |
|
202310 |
|
2022 |
|
2022 |
|
Adequacy Purposes |
Regulatory Capital
Ratios |
|
|
|
|
|
|
|
Total Capital (to risk
weighted assets) |
14.74% |
|
14.94% |
|
15.21% |
|
10.50% |
Tier 1 Capital (to risk
weighted assets) |
13.75% |
|
14.03% |
|
14.12% |
|
8.50% |
Common Equity Tier 1 (to risk
weighted assets) |
13.75% |
|
14.03% |
|
14.12% |
|
7.00% |
Tier 1 Capital (to average
assets) |
11.42% |
|
11.63% |
|
9.82% |
|
4.00% |
|
|
|
|
|
|
|
|
Common Capital
Ratios |
|
|
|
|
|
|
|
Common Equity Ratio |
11.20% |
|
11.02% |
|
11.40% |
|
— |
Tangible Common Equity
Ratio9 |
10.36% |
|
10.18% |
|
10.57% |
|
— |
Additional financial
information: The financial information that follows
provides more detail on the Company’s financial performance for the
three months ended March 31, 2023 as compared to the three
months ended December 31, 2022 and March 31, 2022, 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, 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 fifteen 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 first quarter 2023
financial results on Thursday, April 20, 2023 at 10:00 a.m.
eastern time. The public is invited to listen to this call by
registering at the link
https://register.vevent.com/register/BI71620bd5fb594956898b4cef6d7bd4ea
or by accessing the call on the Company’s website,
www.EagleBankCorp.com. A replay of the conference call will be
available on the Company’s website through May 4, 2023.
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 continued evolution of COVID-19,
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 (such as the impact of bank failures
or adverse developments at other banks and related negative press
about the banking industry in general on investor and depositor
sentiment regarding the stability and liquidity of banks), 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, 2022 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. Information regarding the Company’s
uninsured deposits consists of preliminary estimates, which are
forward-looking statements and subject to change, possibly
materially, as the Company completes its first quarter 2023 Call
Report. 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 Estimated amount of uninsured
deposits to be reported on line RCON5597 of schedule RC-O in
EagleBank's March 31, 2023 Call Report.3 A reconciliation between
this non-GAAP financial measure and the nearest GAAP measure is
provided in the tables that accompany this document. 4 A
reconciliation between this non-GAAP financial measure and the
nearest GAAP measure is provided in the table below. 5 Periods of
less than one year are annualized.6 A reconciliation between this
non-GAAP financial measure and the nearest GAAP measure is provided
in the tables that accompany this document.7 Net charge-offs as a
percent of average loans (excluding loans held for sale) are shown
on an annualized basis.8 Estimated amount of uninsured deposits to
be reported on line RCON5597 of schedule RC-O in EagleBank's March
31, 2023 Call Report.9 A reconciliation of non-GAAP financial
measures to the nearest GAAP measure is provided in the tables that
accompany this document.10 Capital ratios for March 31, 2023
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 |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Income
Statements: |
|
|
|
|
|
Total interest income |
$ |
140,247 |
|
|
$ |
129,130 |
|
|
$ |
88,321 |
|
Total interest expense |
|
65,223 |
|
|
|
43,530 |
|
|
|
7,869 |
|
Net interest income |
|
75,024 |
|
|
|
85,600 |
|
|
|
80,452 |
|
Provision for (reversal of)
credit losses |
|
6,164 |
|
|
|
(464 |
) |
|
|
(2,787 |
) |
Provision for (reversal of)
unfunded commitments |
|
848 |
|
|
|
161 |
|
|
|
(11 |
) |
Net interest income after
provision for credit losses |
|
68,012 |
|
|
|
85,903 |
|
|
|
83,250 |
|
Noninterest income (before
investment gain) |
|
3,721 |
|
|
|
5,326 |
|
|
|
7,478 |
|
Net gain (loss) on sale of
investment securities |
|
(21 |
) |
|
|
3 |
|
|
|
(25 |
) |
Total noninterest income |
|
3,700 |
|
|
|
5,329 |
|
|
|
7,453 |
|
Total noninterest expense |
|
40,584 |
|
|
|
38,918 |
|
|
|
31,012 |
|
Income before income tax
expense |
|
31,128 |
|
|
|
52,314 |
|
|
|
59,691 |
|
Income tax expense |
|
6,894 |
|
|
|
10,121 |
|
|
|
13,947 |
|
Net income |
$ |
24,234 |
|
|
$ |
42,193 |
|
|
$ |
45,744 |
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
Earnings per weighted average
common share, basic |
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.43 |
|
Earnings per weighted average
common share, diluted |
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.42 |
|
Weighted average common shares
outstanding, basic |
|
31,109,267 |
|
|
|
31,819,631 |
|
|
|
32,033,280 |
|
Weighted average common shares
outstanding, diluted |
|
31,180,346 |
|
|
|
31,898,619 |
|
|
|
32,110,099 |
|
Actual shares outstanding at
period end |
|
31,111,647 |
|
|
|
31,346,903 |
|
|
|
32,079,474 |
|
Book value per common share at
period end |
$ |
39.92 |
|
|
$ |
39.18 |
|
|
$ |
39.89 |
|
Tangible book value per common
share at period end (1) |
$ |
36.57 |
|
|
$ |
35.86 |
|
|
$ |
36.64 |
|
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
Return on average assets |
|
0.86 |
% |
|
|
1.49 |
% |
|
|
1.46 |
% |
Return on average common
equity |
|
7.92 |
% |
|
|
13.57 |
% |
|
|
13.83 |
% |
Return on average tangible
common equity (1) |
|
8.65 |
% |
|
|
14.82 |
% |
|
|
14.99 |
% |
Net interest margin |
|
2.77 |
% |
|
|
3.14 |
% |
|
|
2.65 |
% |
Efficiency ratio (2) |
|
51.6 |
% |
|
|
42.8 |
% |
|
|
35.3 |
% |
|
|
|
|
|
|
Other
Ratios: |
|
|
|
|
|
Allowance for credit losses to
total loans (3) |
|
1.01 |
% |
|
|
0.97 |
% |
|
|
1.01 |
% |
Allowance for credit losses to
total nonperforming loans |
|
1,160 |
% |
|
|
1,151 |
% |
|
|
301 |
% |
Nonperforming loans to total
loans (3) |
|
0.09 |
% |
|
|
0.08 |
% |
|
|
0.33 |
% |
Nonperforming assets to total
assets |
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.23 |
% |
Net charge-off (annualized) to
average total loans (3) |
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.03 |
% |
Average noninterest bearing
deposits to average deposits |
|
37.4 |
% |
|
|
40.9 |
% |
|
|
36.1 |
% |
Yield on loans(3) |
|
6.35 |
% |
|
|
5.87 |
% |
|
|
4.35 |
% |
Cost of funds |
|
2.40 |
% |
|
|
1.59 |
% |
|
|
0.26 |
% |
Eagle Bancorp, Inc. |
Consolidated Financial Highlights (Continued)
(Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Capital
Ratios: |
|
|
|
|
|
Tier 1 capital (to average
assets)(4) |
|
11.42 |
% |
|
|
11.63 |
% |
|
|
9.82 |
% |
Total capital (to risk
weighted assets)(4) |
|
14.74 |
% |
|
|
14.94 |
% |
|
|
15.21 |
% |
Common equity tier 1 capital
(to risk weighted assets)(4) |
|
13.75 |
% |
|
|
14.03 |
% |
|
|
14.12 |
% |
Common equity to total
assets |
|
11.20 |
% |
|
|
11.02 |
% |
|
|
11.40 |
% |
Tangible common equity ratio
(1) |
|
10.36 |
% |
|
|
10.18 |
% |
|
|
10.57 |
% |
|
|
|
|
|
|
Loan Balances - Period
End: |
|
|
|
|
|
Commercial and Industrial |
$ |
1,482,983 |
|
|
$ |
1,487,349 |
|
|
$ |
1,377,615 |
|
PPP loans |
|
709 |
|
|
|
3,256 |
|
|
|
35,744 |
|
Commercial real estate -
income producing |
|
3,970,903 |
|
|
|
3,919,941 |
|
|
|
3,543,795 |
|
Commercial real estate - owner
occupied |
|
1,095,699 |
|
|
|
1,110,325 |
|
|
|
1,104,982 |
|
1-4 Family mortgage |
|
73,677 |
|
|
|
73,001 |
|
|
|
72,238 |
|
Construction - commercial and
residential |
|
948,877 |
|
|
|
877,755 |
|
|
|
783,101 |
|
Construction - C&I (owner
occupied) |
|
109,013 |
|
|
|
110,479 |
|
|
|
140,282 |
|
Home equity |
|
53,829 |
|
|
|
51,782 |
|
|
|
54,804 |
|
Other consumer |
|
1,986 |
|
|
|
1,744 |
|
|
|
1,246 |
|
Total loans |
$ |
7,737,676 |
|
|
$ |
7,635,632 |
|
|
$ |
7,113,807 |
|
|
|
|
|
|
|
Average
Balances: |
|
|
|
|
|
Total assets |
$ |
11,426,056 |
|
|
$ |
11,255,956 |
|
|
$ |
12,701,152 |
|
Total earning assets |
$ |
11,004,817 |
|
|
$ |
10,829,703 |
|
|
$ |
12,326,473 |
|
Total loans(3) |
$ |
7,712,023 |
|
|
$ |
7,379,198 |
|
|
$ |
7,053,701 |
|
Total deposits |
$ |
8,734,125 |
|
|
$ |
9,524,139 |
|
|
$ |
10,874,976 |
|
Total borrowings |
$ |
1,359,463 |
|
|
$ |
411,060 |
|
|
$ |
371,987 |
|
Total shareholders’
equity |
$ |
1,240,978 |
|
|
$ |
1,233,705 |
|
|
$ |
1,341,785 |
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
Net charge-off |
$ |
975 |
|
|
$ |
896 |
|
|
$ |
459 |
|
Nonperforming loans |
$ |
6,757 |
|
|
$ |
6,469 |
|
|
$ |
23,750 |
|
Other real estate owned |
$ |
1,962 |
|
|
$ |
1,962 |
|
|
$ |
1,635 |
|
Nonperforming assets |
$ |
8,719 |
|
|
$ |
8,431 |
|
|
$ |
25,386 |
|
(1) A reconciliation of non-GAAP financial
measures to the nearest 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.(4) Capital
ratios for March 31, 2023 are subject to final filings with
the Federal Reserve.
GAAP Reconciliation (unaudited) |
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Common shareholders'
equity |
$ |
1,241,958 |
|
|
$ |
1,228,321 |
|
|
$ |
1,279,554 |
|
Less: Intangible assets |
|
(104,226 |
) |
|
|
(104,233 |
) |
|
|
(104,241 |
) |
Tangible common
equity |
$ |
1,137,732 |
|
|
$ |
1,124,088 |
|
|
$ |
1,175,313 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
39.92 |
|
|
$ |
39.18 |
|
|
$ |
39.89 |
|
Less: Intangible book value
per common share |
|
(3.35 |
) |
|
|
(3.32 |
) |
|
|
(3.25 |
) |
Tangible book value
per common share |
$ |
36.57 |
|
|
$ |
35.86 |
|
|
$ |
36.64 |
|
|
|
|
|
|
|
Total assets |
$ |
11,088,867 |
|
|
$ |
11,150,854 |
|
|
$ |
11,227,223 |
|
Less: Intangible assets |
|
(104,226 |
) |
|
|
(104,233 |
) |
|
|
(104,241 |
) |
Tangible
assets |
$ |
10,984,641 |
|
|
$ |
11,046,621 |
|
|
$ |
11,122,982 |
|
|
|
|
|
|
|
Tangible common equity
ratio |
|
10.36 |
% |
|
|
10.18 |
% |
|
|
10.57 |
% |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Average common shareholders'
equity |
$ |
1,240,978 |
|
|
$ |
1,233,705 |
|
|
$ |
1,341,785 |
|
Less: Average intangible
assets |
|
(104,231 |
) |
|
|
(104,238 |
) |
|
|
(104,246 |
) |
Average tangible
common equity |
$ |
1,136,747 |
|
|
$ |
1,129,467 |
|
|
$ |
1,237,539 |
|
|
|
|
|
|
|
Net income |
$ |
24,234 |
|
|
$ |
42,193 |
|
|
$ |
45,744 |
|
Return on average
tangible common equity(1) |
|
8.65 |
% |
|
|
14.82 |
% |
|
|
14.99 |
% |
|
|
|
|
|
|
Net interest income |
$ |
75,024 |
|
|
$ |
85,600 |
|
|
$ |
80,452 |
|
Noninterest income |
|
3,700 |
|
|
|
5,329 |
|
|
|
7,453 |
|
Operating revenue |
$ |
78,724 |
|
|
$ |
90,929 |
|
|
$ |
87,905 |
|
Noninterest expense |
$ |
40,584 |
|
|
$ |
38,918 |
|
|
$ |
31,012 |
|
Efficiency
ratio |
|
51.6 |
% |
|
|
42.8 |
% |
|
|
35.3 |
% |
(1) Periods of less than a year are annualized.
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.
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. The
Company 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.
Eagle Bancorp, Inc. |
Consolidated Balance Sheets (Unaudited) |
(Dollars in thousands, except per share data) |
|
March 31, |
|
December 31, |
|
March 31, |
Assets |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Cash and due from banks |
$ |
9,940 |
|
|
$ |
12,655 |
|
|
$ |
12,140 |
|
Federal funds sold |
|
3,746 |
|
|
|
33,927 |
|
|
|
27,359 |
|
Interest-bearing deposits with
banks and other short-term investments |
|
159,078 |
|
|
|
265,272 |
|
|
|
682,883 |
|
Investment securities
available-for-sale at fair value (amortized cost of $1,763,183 ,
$1,803,898, and $1,873,491, net of allowance for credit losses of
$31, $17 and $18 as of March 31, 2023, December 31, 2022
and March 31, 2022, respectively) |
|
1,582,185 |
|
|
|
1,598,666 |
|
|
|
1,775,633 |
|
Investment securities
held-to-maturity at amortized cost, net of allowance for credit
losses of $2,008, $766 and $817 (fair value of $965,786, $968,707
and $1,144,505, as of March 31, 2023, December 31, 2022
and March 31, 2022, respectively) |
|
1,075,303 |
|
|
|
1,093,374 |
|
|
|
1,153,399 |
|
Federal Reserve and Federal
Home Loan Bank stock |
|
79,134 |
|
|
|
65,067 |
|
|
|
29,026 |
|
Loans held for sale |
|
6,488 |
|
|
|
6,734 |
|
|
|
25,504 |
|
Loans |
|
7,737,676 |
|
|
|
7,635,632 |
|
|
|
7,113,807 |
|
Less allowance for credit
losses |
|
(78,377 |
) |
|
|
(74,444 |
) |
|
|
(71,505 |
) |
Loans, net |
|
7,659,299 |
|
|
|
7,561,188 |
|
|
|
7,042,302 |
|
Premises and equipment,
net |
|
12,929 |
|
|
|
13,475 |
|
|
|
14,014 |
|
Operating lease right-of-use
assets |
|
23,060 |
|
|
|
24,544 |
|
|
|
28,969 |
|
Deferred income taxes |
|
89,117 |
|
|
|
96,567 |
|
|
|
81,087 |
|
Bank-owned life insurance |
|
111,217 |
|
|
|
110,998 |
|
|
|
109,415 |
|
Goodwill and intangible
assets, net |
|
104,226 |
|
|
|
104,233 |
|
|
|
104,241 |
|
Other real estate owned |
|
1,962 |
|
|
|
1,962 |
|
|
|
1,635 |
|
Other assets |
|
171,183 |
|
|
|
162,192 |
|
|
|
139,616 |
|
Total
assets |
$ |
11,088,867 |
|
|
$ |
11,150,854 |
|
|
$ |
11,227,223 |
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest bearing
demand |
$ |
2,247,706 |
|
|
$ |
3,150,751 |
|
|
$ |
2,951,594 |
|
Interest bearing
transaction |
|
907,637 |
|
|
|
1,138,235 |
|
|
|
888,598 |
|
Savings and money market |
|
2,970,093 |
|
|
|
3,640,697 |
|
|
|
5,047,548 |
|
Time deposits |
|
1,337,805 |
|
|
|
783,499 |
|
|
|
698,519 |
|
Total deposits |
|
7,463,241 |
|
|
|
8,713,182 |
|
|
|
9,586,259 |
|
Customer repurchase
agreements |
|
37,854 |
|
|
|
35,100 |
|
|
|
28,293 |
|
Other short-term
borrowings |
|
2,113,801 |
|
|
|
975,001 |
|
|
|
150,000 |
|
Long-term borrowings |
|
69,825 |
|
|
|
69,794 |
|
|
|
69,701 |
|
Operating lease
liabilities |
|
27,634 |
|
|
|
29,267 |
|
|
|
33,935 |
|
Reserve for unfunded
commitments |
|
6,704 |
|
|
|
5,857 |
|
|
|
4,369 |
|
Other liabilities |
|
127,850 |
|
|
|
94,332 |
|
|
|
75,112 |
|
Total
liabilities |
|
9,846,909 |
|
|
|
9,922,533 |
|
|
|
9,947,669 |
|
Shareholders'
Equity |
|
|
|
|
|
Common stock, par value $.01
per share; shares authorized 100,000,000, shares issued and
outstanding 31,111,647, 31,346,903, and 32,079,474
respectively |
|
308 |
|
|
|
310 |
|
|
|
318 |
|
Additional paid in
capital |
|
397,012 |
|
|
|
412,303 |
|
|
|
437,820 |
|
Retained earnings |
|
1,025,552 |
|
|
|
1,015,215 |
|
|
|
963,140 |
|
Accumulated other
comprehensive loss |
|
(180,914 |
) |
|
|
(199,507 |
) |
|
|
(121,724 |
) |
Total Shareholders'
Equity |
|
1,241,958 |
|
|
|
1,228,321 |
|
|
|
1,279,554 |
|
Total Liabilities and
Shareholders' Equity |
$ |
11,088,867 |
|
|
$ |
11,150,854 |
|
|
$ |
11,227,223 |
|
Eagle Bancorp, Inc. |
Consolidated Statements of Income (Unaudited) |
(Dollars in thousands, except per share data) |
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Interest
Income |
|
|
|
|
|
Interest and fees on
loans |
$ |
120,850 |
|
|
$ |
109,251 |
|
|
$ |
75,830 |
|
Interest and dividends on
investment securities |
|
13,545 |
|
|
|
13,591 |
|
|
|
11,430 |
|
Interest on balances with
other banks and short-term invest. |
|
5,774 |
|
|
|
5,696 |
|
|
|
1,057 |
|
Interest on federal funds
sold |
|
78 |
|
|
|
592 |
|
|
|
4 |
|
Total interest income |
|
140,247 |
|
|
|
129,130 |
|
|
|
88,321 |
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
Interest on deposits |
|
48,954 |
|
|
|
39,239 |
|
|
|
6,359 |
|
Interest on customer
repurchase agreements |
|
302 |
|
|
|
266 |
|
|
|
13 |
|
Interest on other short-term
borrowings |
|
14,930 |
|
|
|
2,988 |
|
|
|
460 |
|
Interest on long-term
borrowings |
|
1,037 |
|
|
|
1,037 |
|
|
|
1,037 |
|
Total interest expense |
|
65,223 |
|
|
|
43,530 |
|
|
|
7,869 |
|
Net Interest
Income |
|
75,024 |
|
|
|
85,600 |
|
|
|
80,452 |
|
Provision for
(Reversal of) Credit Losses |
|
6,164 |
|
|
|
(464 |
) |
|
|
(2,787 |
) |
Provision for
(Reversal of) Unfunded Commitments |
|
848 |
|
|
|
161 |
|
|
|
(11 |
) |
Net Interest Income
After Provision For Credit Losses |
|
68,012 |
|
|
|
85,903 |
|
|
|
83,250 |
|
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
Service charges on
deposits |
|
1,510 |
|
|
|
1,429 |
|
|
|
1,286 |
|
Gain on sale of loans |
|
305 |
|
|
|
534 |
|
|
|
1,492 |
|
Net gain (loss) on sale of
investment securities |
|
(21 |
) |
|
|
3 |
|
|
|
(25 |
) |
Increase in cash surrender
value of bank-owned life insurance |
|
655 |
|
|
|
658 |
|
|
|
626 |
|
Other income |
|
1,251 |
|
|
|
2,705 |
|
|
|
4,074 |
|
Total noninterest income |
|
3,700 |
|
|
|
5,329 |
|
|
|
7,453 |
|
|
|
|
|
|
|
Noninterest
Expense |
|
|
|
|
|
Salaries and employee
benefits |
|
24,174 |
|
|
|
23,691 |
|
|
|
17,019 |
|
Premises and equipment
expenses |
|
3,317 |
|
|
|
3,292 |
|
|
|
3,128 |
|
Marketing and advertising |
|
636 |
|
|
|
1,290 |
|
|
|
1,064 |
|
Data processing |
|
3,099 |
|
|
|
3,117 |
|
|
|
2,880 |
|
Legal, accounting and
professional fees |
|
3,254 |
|
|
|
2,553 |
|
|
|
1,561 |
|
FDIC insurance |
|
1,486 |
|
|
|
1,718 |
|
|
|
1,058 |
|
Other expenses |
|
4,618 |
|
|
|
3,257 |
|
|
|
4,302 |
|
Total noninterest expense |
|
40,584 |
|
|
|
38,918 |
|
|
|
31,012 |
|
Income Before Income
Tax Expense |
|
31,128 |
|
|
|
52,314 |
|
|
|
59,691 |
|
Income Tax
Expense |
|
6,894 |
|
|
|
10,121 |
|
|
|
13,947 |
|
Net
Income |
$ |
24,234 |
|
|
$ |
42,193 |
|
|
$ |
45,744 |
|
|
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
|
Basic |
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.43 |
|
Diluted |
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.42 |
|
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields And Rates
vs. Prior Quarter (Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, 2023 |
|
December 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 |
$ |
526,506 |
|
$ |
5,774 |
|
4.45 |
% |
|
$ |
600,653 |
|
$ |
5,696 |
|
3.76 |
% |
Loans held for sale
(1) |
|
4,093 |
|
|
60 |
|
5.86 |
% |
|
|
6,868 |
|
|
102 |
|
5.94 |
% |
Loans (1)
(2) |
|
7,712,023 |
|
|
120,790 |
|
6.35 |
% |
|
|
7,379,198 |
|
|
109,149 |
|
5.87 |
% |
Investment securities
available-for-sale (2) |
|
1,660,258 |
|
|
7,811 |
|
1.91 |
% |
|
|
1,658,228 |
|
|
7,753 |
|
1.85 |
% |
Investment securities
held-to-maturity (2) |
|
1,087,047 |
|
|
5,734 |
|
2.14 |
% |
|
|
1,105,209 |
|
|
5,838 |
|
2.10 |
% |
Federal funds sold |
|
14,890 |
|
|
78 |
|
2.12 |
% |
|
|
79,547 |
|
|
592 |
|
2.95 |
% |
Total interest earning
assets |
|
11,004,817 |
|
$ |
140,247 |
|
5.17 |
% |
|
|
10,829,703 |
|
$ |
129,130 |
|
4.73 |
% |
Total noninterest earning
assets |
|
495,889 |
|
|
|
|
|
|
501,977 |
|
|
|
|
Less: allowance for credit
losses |
|
74,650 |
|
|
|
|
|
|
75,724 |
|
|
|
|
Total noninterest earning
assets |
|
421,239 |
|
|
|
|
|
|
426,253 |
|
|
|
|
TOTAL
ASSETS |
$ |
11,426,056 |
|
|
|
|
|
$ |
11,255,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
1,065,421 |
|
$ |
6,107 |
|
2.32 |
% |
|
$ |
996,951 |
|
$ |
3,877 |
|
1.54 |
% |
Savings and money market |
|
3,326,807 |
|
|
33,274 |
|
4.06 |
% |
|
|
3,963,022 |
|
|
31,571 |
|
3.16 |
% |
Time deposits |
|
1,078,227 |
|
|
9,573 |
|
3.60 |
% |
|
|
667,202 |
|
|
3,791 |
|
2.25 |
% |
Total interest bearing
deposits |
|
5,470,455 |
|
|
48,954 |
|
3.63 |
% |
|
|
5,627,175 |
|
|
39,239 |
|
2.77 |
% |
Customer repurchase
agreements |
|
38,257 |
|
|
302 |
|
3.20 |
% |
|
|
45,521 |
|
|
266 |
|
2.32 |
% |
Other short-term
borrowings |
|
1,251,392 |
|
|
14,930 |
|
4.77 |
% |
|
|
295,756 |
|
|
2,988 |
|
4.04 |
% |
Long-term borrowings |
|
69,814 |
|
|
1,037 |
|
5.94 |
% |
|
|
69,783 |
|
|
1,037 |
|
5.94 |
% |
Total interest bearing
liabilities |
|
6,829,918 |
|
$ |
65,223 |
|
3.87 |
% |
|
|
6,038,235 |
|
$ |
43,530 |
|
2.86 |
% |
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
demand |
|
3,263,670 |
|
|
|
|
|
|
3,896,964 |
|
|
|
|
Other liabilities |
|
91,490 |
|
|
|
|
|
|
87,052 |
|
|
|
|
Total noninterest bearing
liabilities |
|
3,355,160 |
|
|
|
|
|
|
3,984,016 |
|
|
|
|
Shareholders’ equity |
|
1,240,978 |
|
|
|
|
|
|
1,233,705 |
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,426,056 |
|
|
|
|
|
$ |
11,255,956 |
|
|
|
|
Net interest income |
|
|
$ |
75,024 |
|
|
|
|
|
$ |
85,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
1.30 |
% |
|
|
|
|
|
1.87 |
% |
Net interest margin |
|
|
|
|
2.77 |
% |
|
|
|
|
|
3.14 |
% |
Cost of funds |
|
|
|
|
2.40 |
% |
|
|
|
|
|
1.59 |
% |
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $3.7 million and $3.8 million for
the three months ended March 31, 2023 and December 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 March 31, |
|
|
2023 |
|
|
|
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 |
$ |
526,506 |
|
$ |
5,774 |
|
4.45 |
% |
|
$ |
2,403,017 |
|
$ |
1,057 |
|
0.18 |
% |
Loans held for sale
(1) |
|
4,093 |
|
|
60 |
|
5.86 |
% |
|
|
26,887 |
|
|
219 |
|
3.26 |
% |
Loans (1)
(2) |
|
7,712,023 |
|
|
120,790 |
|
6.35 |
% |
|
|
7,053,701 |
|
|
75,611 |
|
4.35 |
% |
Investment securities
available-for-sale (2) |
|
1,660,258 |
|
|
7,811 |
|
1.91 |
% |
|
|
2,794,681 |
|
|
11,280 |
|
1.64 |
% |
Investment securities
held-to-maturity (2) |
|
1,087,047 |
|
|
5,734 |
|
2.14 |
% |
|
|
24,011 |
|
|
150 |
|
2.53 |
% |
Federal funds sold |
|
14,890 |
|
|
78 |
|
2.12 |
% |
|
|
24,176 |
|
|
4 |
|
0.07 |
% |
Total interest earning
assets |
|
11,004,817 |
|
$ |
140,247 |
|
5.17 |
% |
|
|
12,326,473 |
|
$ |
88,321 |
|
2.91 |
% |
Total noninterest earning
assets |
|
495,889 |
|
|
|
|
|
|
449,625 |
|
|
|
|
Less: allowance for credit
losses |
|
74,650 |
|
|
|
|
|
|
75,105 |
|
|
|
|
Total noninterest earning
assets |
|
421,239 |
|
|
|
|
|
|
374,520 |
|
|
|
|
TOTAL
ASSETS |
$ |
11,426,056 |
|
|
|
|
|
$ |
12,700,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
1,065,421 |
|
$ |
6,107 |
|
2.32 |
% |
|
$ |
754,833 |
|
$ |
322 |
|
0.17 |
% |
Savings and money market |
|
3,326,807 |
|
|
33,274 |
|
4.06 |
% |
|
|
5,476,721 |
|
|
3,723 |
|
0.28 |
% |
Time deposits |
|
1,078,227 |
|
|
9,573 |
|
3.60 |
% |
|
|
722,646 |
|
|
2,314 |
|
1.30 |
% |
Total interest bearing
deposits |
|
5,470,455 |
|
|
48,954 |
|
3.63 |
% |
|
|
6,954,200 |
|
|
6,359 |
|
0.37 |
% |
Customer repurchase
agreements |
|
38,257 |
|
|
302 |
|
3.20 |
% |
|
|
25,628 |
|
|
13 |
|
0.21 |
% |
Other short-term
borrowings |
|
1,251,392 |
|
|
14,930 |
|
4.77 |
% |
|
|
276,669 |
|
|
460 |
|
0.67 |
% |
Long-term borrowings |
|
69,814 |
|
|
1,037 |
|
5.94 |
% |
|
|
69,690 |
|
|
1,037 |
|
5.95 |
% |
Total interest bearing
liabilities |
|
6,829,918 |
|
$ |
65,223 |
|
3.87 |
% |
|
|
7,326,187 |
|
$ |
7,869 |
|
0.44 |
% |
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
demand |
|
3,263,670 |
|
|
|
|
|
|
3,920,776 |
|
|
|
|
Other liabilities |
|
91,490 |
|
|
|
|
|
|
112,404 |
|
|
|
|
Total noninterest bearing
liabilities |
|
3,355,160 |
|
|
|
|
|
|
4,033,180 |
|
|
|
|
Shareholders’ equity |
|
1,240,978 |
|
|
|
|
|
|
1,341,626 |
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,426,056 |
|
|
|
|
|
$ |
12,700,993 |
|
|
|
|
Net interest income |
|
|
$ |
75,024 |
|
|
|
|
|
$ |
80,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
1.30 |
% |
|
|
|
|
|
2.47 |
% |
Net interest margin |
|
|
|
|
2.77 |
% |
|
|
|
|
|
2.65 |
% |
Cost of funds |
|
|
|
|
2.40 |
% |
|
|
|
|
|
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 $3.7 million and $3.7 million for
the three months ended March 31, 2023 and March 31, 2022,
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 |
Income
Statements: |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
Total interest income |
$ |
140,247 |
|
|
$ |
129,130 |
|
|
$ |
111,527 |
|
|
$ |
95,635 |
|
|
$ |
88,321 |
|
|
$ |
86,230 |
|
|
$ |
89,152 |
|
|
$ |
94,920 |
|
Total interest expense |
|
65,223 |
|
|
|
43,530 |
|
|
|
27,630 |
|
|
|
12,717 |
|
|
|
7,869 |
|
|
|
8,044 |
|
|
|
10,107 |
|
|
|
10,288 |
|
Net interest income |
|
75,024 |
|
|
|
85,600 |
|
|
|
83,897 |
|
|
|
82,918 |
|
|
|
80,452 |
|
|
|
78,186 |
|
|
|
79,045 |
|
|
|
84,632 |
|
Provision for (reversal of)
credit losses |
|
6,164 |
|
|
|
(464 |
) |
|
|
3,022 |
|
|
|
495 |
|
|
|
(2,787 |
) |
|
|
(6,412 |
) |
|
|
(8,203 |
) |
|
|
(3,856 |
) |
Provision for (reversal of)
unfunded commitments |
|
848 |
|
|
|
161 |
|
|
|
774 |
|
|
|
553 |
|
|
|
(11 |
) |
|
|
(632 |
) |
|
|
716 |
|
|
|
(761 |
) |
Net interest income after
provision for credit losses |
|
68,012 |
|
|
|
85,903 |
|
|
|
80,101 |
|
|
|
81,870 |
|
|
|
83,250 |
|
|
|
85,230 |
|
|
|
86,532 |
|
|
|
89,249 |
|
Noninterest income before
investment gain (loss) |
|
3,721 |
|
|
|
5,326 |
|
|
|
5,304 |
|
|
|
5,715 |
|
|
|
7,478 |
|
|
|
9,668 |
|
|
|
6,780 |
|
|
|
10,607 |
|
Net gain (loss) on sale of
investment securities |
|
(21 |
) |
|
|
3 |
|
|
|
4 |
|
|
|
(151 |
) |
|
|
(25 |
) |
|
|
906 |
|
|
|
1,519 |
|
|
|
318 |
|
Total noninterest income |
|
3,700 |
|
|
|
5,329 |
|
|
|
5,308 |
|
|
|
5,564 |
|
|
|
7,453 |
|
|
|
10,574 |
|
|
|
8,299 |
|
|
|
10,925 |
|
Salaries and employee
benefits |
|
24,174 |
|
|
|
23,691 |
|
|
|
21,538 |
|
|
|
21,805 |
|
|
|
17,019 |
|
|
|
24,608 |
|
|
|
22,145 |
|
|
|
19,876 |
|
Premises and equipment |
|
3,317 |
|
|
|
3,292 |
|
|
|
3,275 |
|
|
|
3,523 |
|
|
|
3,128 |
|
|
|
3,755 |
|
|
|
3,859 |
|
|
|
3,644 |
|
Marketing and advertising |
|
636 |
|
|
|
1,290 |
|
|
|
1,181 |
|
|
|
1,186 |
|
|
|
1,064 |
|
|
|
1,286 |
|
|
|
1,013 |
|
|
|
980 |
|
Other expenses |
|
12,457 |
|
|
|
10,645 |
|
|
|
10,212 |
|
|
|
32,448 |
|
|
|
9,801 |
|
|
|
9,660 |
|
|
|
9,358 |
|
|
|
10,994 |
|
Total noninterest expense |
|
40,584 |
|
|
|
38,918 |
|
|
|
36,206 |
|
|
|
58,962 |
|
|
|
31,012 |
|
|
|
39,309 |
|
|
|
36,375 |
|
|
|
35,494 |
|
Income before income tax
expense |
|
31,128 |
|
|
|
52,314 |
|
|
|
49,203 |
|
|
|
28,472 |
|
|
|
59,691 |
|
|
|
56,495 |
|
|
|
58,456 |
|
|
|
64,680 |
|
Income tax expense |
|
6,894 |
|
|
|
10,121 |
|
|
|
11,906 |
|
|
|
12,776 |
|
|
|
13,947 |
|
|
|
14,875 |
|
|
|
14,847 |
|
|
|
16,687 |
|
Net income |
$ |
24,234 |
|
|
$ |
42,193 |
|
|
$ |
37,297 |
|
|
$ |
15,696 |
|
|
$ |
45,744 |
|
|
$ |
41,620 |
|
|
$ |
43,609 |
|
|
$ |
47,993 |
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted average
common share, basic |
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
0.49 |
|
|
$ |
1.43 |
|
|
$ |
1.30 |
|
|
$ |
1.36 |
|
|
$ |
1.50 |
|
Earnings per weighted average
common share, diluted |
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
0.49 |
|
|
$ |
1.42 |
|
|
$ |
1.30 |
|
|
$ |
1.36 |
|
|
$ |
1.50 |
|
Weighted average common shares
outstanding, basic |
|
31,109,267 |
|
|
|
31,819,631 |
|
|
|
32,084,464 |
|
|
|
32,080,657 |
|
|
|
32,033,280 |
|
|
|
31,950,320 |
|
|
|
31,959,357 |
|
|
|
31,962,819 |
|
Weighted average common shares
outstanding, diluted |
|
31,180,346 |
|
|
|
31,898,619 |
|
|
|
32,155,678 |
|
|
|
32,142,427 |
|
|
|
32,110,099 |
|
|
|
32,030,998 |
|
|
|
32,030,527 |
|
|
|
32,025,110 |
|
Actual shares outstanding at
period end |
|
31,111,647 |
|
|
|
31,346,903 |
|
|
|
32,082,321 |
|
|
|
32,081,241 |
|
|
|
32,079,474 |
|
|
|
31,950,092 |
|
|
|
31,947,458 |
|
|
|
31,961,573 |
|
Book value per common share at
period end |
$ |
39.92 |
|
|
$ |
39.18 |
|
|
$ |
38.02 |
|
|
$ |
39.05 |
|
|
$ |
39.89 |
|
|
$ |
42.28 |
|
|
$ |
41.68 |
|
|
$ |
40.87 |
|
Tangible book value per common
share at period end (1) |
$ |
36.57 |
|
|
$ |
35.86 |
|
|
$ |
34.77 |
|
|
$ |
35.80 |
|
|
$ |
36.64 |
|
|
$ |
38.97 |
|
|
$ |
38.39 |
|
|
$ |
37.58 |
|
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.86 |
% |
|
|
1.49 |
% |
|
|
1.29 |
% |
|
|
0.54 |
% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
|
1.46 |
% |
|
|
1.68 |
% |
Return on average common
equity |
|
7.92 |
% |
|
|
13.57 |
% |
|
|
11.64 |
% |
|
|
4.91 |
% |
|
|
13.83 |
% |
|
|
12.30 |
% |
|
|
13.00 |
% |
|
|
14.92 |
% |
Return on average tangible
common equity(1) |
|
8.65 |
% |
|
|
14.82 |
% |
|
|
12.67 |
% |
|
|
5.35 |
% |
|
|
14.99 |
% |
|
|
13.35 |
% |
|
|
14.11 |
% |
|
|
16.25 |
% |
Net interest margin |
|
2.77 |
% |
|
|
3.14 |
% |
|
|
3.02 |
% |
|
|
2.94 |
% |
|
|
2.65 |
% |
|
|
2.55 |
% |
|
|
2.73 |
% |
|
|
3.04 |
% |
Efficiency ratio
(2) |
|
51.55 |
% |
|
|
42.8 |
% |
|
|
40.6 |
% |
|
|
66.6 |
% |
|
|
35.3 |
% |
|
|
44.3 |
% |
|
|
41.7 |
% |
|
|
37.1 |
% |
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to
total loans (3) |
|
1.01 |
% |
|
|
0.97 |
% |
|
|
1.04 |
% |
|
|
1.02 |
% |
|
|
1.01 |
% |
|
|
1.06 |
% |
|
|
1.21 |
% |
|
|
1.28 |
% |
Allowance for credit losses to
total nonperforming loans |
|
1,160 |
% |
|
|
1,151 |
% |
|
|
997 |
% |
|
|
386 |
% |
|
|
301 |
% |
|
|
257 |
% |
|
|
265 |
% |
|
|
187 |
% |
Nonperforming loans to total
loans (3) |
|
0.09 |
% |
|
|
0.08 |
% |
|
|
0.10 |
% |
|
|
0.26 |
% |
|
|
0.33 |
% |
|
|
0.41 |
% |
|
|
0.46 |
% |
|
|
0.68 |
% |
Nonperforming assets to total
assets |
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.19 |
% |
|
|
0.23 |
% |
|
|
0.26 |
% |
|
|
0.31 |
% |
|
|
0.50 |
% |
Net charge-off
(recovery)(annualized) to average total loans
(3) |
|
0.05 |
% |
|
|
0.05 |
% |
|
|
— |
% |
|
|
(0.04 |
)% |
|
|
0.03 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
|
0.30 |
% |
Tier 1 capital (to average
assets) |
|
11.42 |
% |
|
|
11.63 |
% |
|
|
11.55 |
% |
|
|
10.68 |
% |
|
|
9.82 |
% |
|
|
10.19 |
% |
|
|
10.58 |
% |
|
|
10.65 |
% |
Total capital (to risk
weighted assets) |
|
14.74 |
% |
|
|
14.94 |
% |
|
|
15.60 |
% |
|
|
15.14 |
% |
|
|
15.21 |
% |
|
|
15.74 |
% |
|
|
16.18 |
% |
|
|
17.44 |
% |
Common equity tier 1 capital
(to risk weighted assets) |
|
13.75 |
% |
|
|
14.03 |
% |
|
|
14.64 |
% |
|
|
14.06 |
% |
|
|
14.12 |
% |
|
|
14.63 |
% |
|
|
14.95 |
% |
|
|
14.24 |
% |
Tangible common equity ratio
(1) |
|
10.36 |
% |
|
|
10.18 |
% |
|
|
10.52 |
% |
|
|
10.60 |
% |
|
|
10.57 |
% |
|
|
10.60 |
% |
|
|
10.68 |
% |
|
|
11.07 |
% |
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
11,426,056 |
|
|
$ |
11,255,956 |
|
|
$ |
11,431,110 |
|
|
$ |
11,701,679 |
|
|
$ |
12,701,152 |
|
|
$ |
12,538,596 |
|
|
$ |
11,826,326 |
|
|
$ |
11,453,080 |
|
Total earning assets |
$ |
11,004,817 |
|
|
$ |
10,829,703 |
|
|
$ |
11,030,670 |
|
|
$ |
11,300,267 |
|
|
$ |
12,326,473 |
|
|
$ |
12,180,872 |
|
|
$ |
11,486,280 |
|
|
$ |
11,152,933 |
|
Total
loans(3) |
$ |
7,712,023 |
|
|
$ |
7,379,198 |
|
|
$ |
7,282,589 |
|
|
$ |
7,104,727 |
|
|
$ |
7,053,701 |
|
|
$ |
6,890,414 |
|
|
$ |
7,055,621 |
|
|
$ |
7,382,238 |
|
Total deposits |
$ |
8,734,125 |
|
|
$ |
9,524,139 |
|
|
$ |
9,907,497 |
|
|
$ |
10,184,886 |
|
|
$ |
10,874,976 |
|
|
$ |
10,670,206 |
|
|
$ |
9,948,114 |
|
|
$ |
9,530,909 |
|
Total borrowings |
$ |
1,359,463 |
|
|
$ |
411,060 |
|
|
$ |
158,001 |
|
|
$ |
152,583 |
|
|
$ |
371,987 |
|
|
$ |
402,393 |
|
|
$ |
448,697 |
|
|
$ |
536,926 |
|
Total shareholders’
equity |
$ |
1,240,978 |
|
|
$ |
1,233,705 |
|
|
$ |
1,271,753 |
|
|
$ |
1,281,742 |
|
|
$ |
1,341,785 |
|
|
$ |
1,342,525 |
|
|
$ |
1,331,022 |
|
|
$ |
1,290,029 |
|
(1) A reconciliation of non-GAAP financial
measures to the nearest 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.(3) Excludes loans held for sale.
CONTACT:David G. Danielson240.552.9534
Grafico Azioni Eagle Bancorp (NASDAQ:EGBN)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Eagle Bancorp (NASDAQ:EGBN)
Storico
Da Set 2023 a Set 2024