Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent
company of EagleBank (the "Bank"), today announced a net loss of
$338 thousand for the first quarter 2024, compared to net income of
$20.2 million for the fourth quarter 2023 (the "prior quarter").
Net loss was $(0.01) per share (diluted) for the first quarter
2024, compared to net income of $0.67 per share (diluted) for the
prior quarter. Pre-provision net revenue ("PPNR")1, a non-GAAP
financial measure, was $38.3 million for the first quarter 2024,
compared to $38.8 million for the prior quarter.
The $20.6 million decrease from earnings in the
prior quarter was attributable to a $20.7 million increase in
provision for credit losses, due primarily to an updated valuation
for a commercial real estate ("CRE") office property
collateralizing a lending relationship that was partially
charged-off in the first quarter 2024. The provision for credit
losses was $35.2 million for the first quarter 2024, comprising the
impact of the updated valuation and an increase in the office
allowance for credit losses ("ACL") coverage ratio.
Susan G. Riel, President and Chief Executive
Officer of the Company, commented, "Our results for the quarter
showcased the strong fundamentals of our business, evidenced by the
stability in our pre-provision net revenue, our growing reserve for
credit losses, and our strong capital levels. The quarter showcased
the progress we are making towards achieving our strategic
objectives of enhancing the diversification of our deposits,
growing the commercial lending team, and proactively managing our
office portfolio."
Ms. Riel continued, "I am pleased that we are
being proactive in addressing our challenges while always
maintaining a trusted brand and franchise in our community. I am
excited about the prospects of EagleBank and its ability to serve
our communities and customers for years to come."
Eric R. Newell, Chief Financial Officer of the
Company said, "Our operational performance remained stable over the
last twelve months, and we are proud to have increased our deposits
by over $1.0 billion and our loans by over $245.0 million over the
last year. With these solid operating results, and our strong
capital position evidenced by our common equity and tangible common
equity1 ratios exceeding 10%, we are well positioned to continue
executing on our strategic priorities."
Ms. Riel added, "The EagleBank team continues to
serve our customers and communities, showing tenacity and
commitment through a challenging operating environment. I thank all
of our employees for their hard work and dedication. Additionally,
we remain committed to a Relationship First culture of respect,
diversity and inclusion in both the workplace and the communities
we serve."
First Quarter 2024
Highlights
-
Net loss was $338 thousand for the first quarter 2024, compared to
net income of $20.2 million in the prior quarter, with PPNR of
$38.3 million for the first quarter 2024, compared to $38.8 million
for the prior quarter.
-
The ACL as a percentage of total loans was 1.25% at quarter-end; up
from 1.08% at the prior quarter-end. Performing office coverage2
was 3.67% at quarter-end; as compared to 1.91% at the prior
quarter-end.
-
The net interest margin ("NIM") remained steady at 2.43% for the
first quarter 2024, compared to 2.45% for the prior quarter.
-
The Company declared a quarterly dividend of $0.45 per share.
-
At quarter-end, the common equity ratio, tangible common equity
ratio, and common equity tier 1 capital (to risk-weighted assets)
ratio were 10.85%, 10.03%, and 13.80%, respectively.
-
Loans at quarter-end were $8.0 billion, up $14.0 million, or 0.2%,
from the prior quarter-end.
-
Deposits at quarter-end were $8.5 billion, down $306.6 million, or
3.5%, from the prior quarter-end. The decrease was primarily
attributable to anticipated seasonality in deposits from tax
payments. Deposits have increased over $1.0 billion as compared to
March 31, 2023.
-
Total estimated insured deposits at quarter-end were $6.2 billion,
or 72.4% of deposits. Total on-balance sheet liquidity and
available capacity was $2.9 billion at quarter-end.
Income Statement
- Net
interest income was $74.7 million for the first quarter
2024, compared to $73.0 million for the prior quarter. The increase
in net interest income was primarily driven by an increase in the
average balances of deposits held with other banks and yields on
the loan portfolio.
-
Provision for credit losses was $35.2 million for
the first quarter 2024, compared to $14.5 million for the prior
quarter. The increase in the provision was primarily driven by an
updated valuation for a CRE office property collateralizing a
lending relationship that was partially charged off in the first
quarter 2024 due to an updated appraisal. In addition, there was an
increase in the provision primarily attributable to the increase in
the office ACL coverage ratio.
-
Noninterest income was $3.6 million for the first
quarter 2024, compared to $2.9 million for the prior quarter. The
primary driver for the increase was market value adjustments on our
derivative book.
-
Noninterest expense was $40.0 million for the
first quarter 2024, compared to $37.1 million for the prior
quarter. The increase over the comparative quarters was primarily
due to increased salaries and employee benefits expenses in
connection with first quarter seasonality and related payroll tax
increases in the first quarter 2024, along with higher Federal
Deposit Insurance Corporation ("FDIC") fees.
Loans and Funding
- Total
loans were $8.0 billion at March 31, 2024, up 0.2%
from the prior quarter-end. The increase in total loans was driven
by increased fundings of ongoing construction projects for
commercial and residential properties, partially offset by a
reduction in CRE loans from quarter-end to the prior quarter-end.At
March 31, 2024, income-producing commercial real estate loans
secured by office properties other than owner-occupied properties
were 11.2% of the total loan portfolio at principal, down from
11.9% at the prior quarter-end.
- Total
deposits were $8.5 billion at March 31, 2024, down
3.5% from the prior quarter-end. The decrease was primarily
attributable to seasonality in deposits from tax payments.
-
Borrowings were $1.7 billion at March 31,
2024, up 21.9% from the prior quarter-end due primarily to net
fundings on the Company's secured borrowing lines.
Asset Quality
-
Allowance for credit losses was 1.25% of total
loans at March 31, 2024, compared to 1.08% at the prior
quarter-end. Performing office coverage was 3.67% at quarter-end;
as compared to 1.91% at the prior quarter-end.Net charge-offs were
$21.4 million for the quarter.
-
Nonperforming assets were $92.3 million at
March 31, 2024.
- NPAs as a
percentage of assets were 0.79% at March 31, 2024, compared to
0.57% at the prior quarter-end. At March 31, 2024, other real
estate owned consisted of four properties with an aggregate
carrying value of $773 thousand.
- Loans 30-89 days
past due were $31.1 million at March 31, 2024, up from $13.6
million at the prior quarter-end attributed to two relationships;
one has since been brought current and the other as posing a
limited risk of loss.
Capital
- Total
shareholders' equity was $1.3 billion at March 31,
2024, down 1.2% from the prior quarter-end. The decrease in
shareholders' equity of $14.9 million was primarily from reduced
valuations of available-for-sale securities and a decline in
retained earnings.
- Book
value per share was $41.72, down $0.86 from the prior
quarter-end.
- Tangible
book value per share1 was $38.26, down $0.82 from the
prior quarter-end.
Additional financial
information: The financial information that follows
provides more detail on the Company's financial performance for the
three months ended March 31, 2024 as compared to the three
months ended December 31, 2023 and March 31, 2023, 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, 2023, 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 twelve banking offices and four
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 2024
financial results on Thursday, April 25, 2024 at 10:00 a.m.
Eastern Time.
The listen-only webcast can be accessed at:
-
https://edge.media-server.com/mmc/p/ubgqftw2/
- For analysts who
wish to participate in the conference call, please register at the
following
URL:https://register.vevent.com/register/BI92527acbd31b4c4fbe973b59797f475f
- A replay of the
conference call will be available on the Company's website through
May 9, 2024: https://www.eaglebankcorp.com/
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 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, 2023 and in other periodic and
current reports filed with the SEC. Readers are cautioned against
placing undue reliance on any such forward-looking statements. The
Company's past results are not necessarily indicative of future
performance, and nothing contained herein is meant to or should be
considered and treated as earnings guidance of future quarters'
performance projections. All information is as of the date of this
press release. Any forward-looking statements made by or on behalf
of the Company speak only as to the date they are made. Except to
the extent required by applicable law or regulation, the Company
undertakes no obligation to revise or update publicly any
forward-looking statement for any reason.
Eagle Bancorp, Inc. |
Consolidated Statements of Operations
(Unaudited) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Interest
Income |
|
|
|
|
|
Interest and fees on loans |
$ |
137,994 |
|
|
$ |
135,964 |
|
|
$ |
120,850 |
|
Interest and dividends on investment securities |
|
12,680 |
|
|
|
13,142 |
|
|
|
13,545 |
|
Interest on balances with other banks and short-term
investments |
|
24,862 |
|
|
|
18,230 |
|
|
|
5,774 |
|
Interest on federal funds sold |
|
66 |
|
|
|
85 |
|
|
|
78 |
|
Total interest income |
|
175,602 |
|
|
|
167,421 |
|
|
|
140,247 |
|
Interest
Expense |
|
|
|
|
|
Interest on deposits |
|
79,383 |
|
|
|
78,239 |
|
|
|
48,954 |
|
Interest on customer repurchase agreements |
|
315 |
|
|
|
272 |
|
|
|
302 |
|
Interest on borrowings |
|
21,206 |
|
|
|
15,918 |
|
|
|
15,967 |
|
Total interest expense |
|
100,904 |
|
|
|
94,429 |
|
|
|
65,223 |
|
Net Interest
Income |
|
74,698 |
|
|
|
72,992 |
|
|
|
75,024 |
|
Provision for Credit
Losses |
|
35,175 |
|
|
|
14,490 |
|
|
|
6,164 |
|
Provision for
(Reversal of) Credit Losses for Unfunded Commitments |
|
456 |
|
|
|
(594 |
) |
|
|
848 |
|
Net Interest Income
After Provision For (Reversal of) Credit Losses |
|
39,067 |
|
|
|
59,096 |
|
|
|
68,012 |
|
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
Service charges on deposits |
|
1,699 |
|
|
|
1,688 |
|
|
|
1,510 |
|
Gain on sale of loans |
|
— |
|
|
|
23 |
|
|
|
305 |
|
Net gain (loss) on sale of investment securities |
|
4 |
|
|
|
3 |
|
|
|
(21 |
) |
Increase in cash surrender value of bank-owned life
insurance |
|
703 |
|
|
|
687 |
|
|
|
655 |
|
Other income |
|
1,183 |
|
|
|
493 |
|
|
|
1,251 |
|
Total noninterest income |
|
3,589 |
|
|
|
2,894 |
|
|
|
3,700 |
|
Noninterest
Expense |
|
|
|
|
|
Salaries and employee benefits |
|
21,726 |
|
|
|
18,416 |
|
|
|
24,174 |
|
Premises and equipment expenses |
|
3,059 |
|
|
|
2,967 |
|
|
|
3,317 |
|
Marketing and advertising |
|
859 |
|
|
|
1,071 |
|
|
|
636 |
|
Data processing |
|
3,293 |
|
|
|
3,436 |
|
|
|
3,099 |
|
Legal, accounting and professional fees |
|
2,507 |
|
|
|
2,722 |
|
|
|
3,254 |
|
FDIC insurance |
|
6,412 |
|
|
|
4,444 |
|
|
|
1,486 |
|
Other expenses |
|
2,141 |
|
|
|
4,042 |
|
|
|
4,618 |
|
Total noninterest expense |
|
39,997 |
|
|
|
37,098 |
|
|
|
40,584 |
|
Income Before Income
Tax Expense |
|
2,659 |
|
|
|
24,892 |
|
|
|
31,128 |
|
Income Tax
Expense |
|
2,997 |
|
|
|
4,667 |
|
|
|
6,894 |
|
Net (Loss)
Income |
$ |
(338 |
) |
|
$ |
20,225 |
|
|
$ |
24,234 |
|
|
|
|
|
|
|
(Loss) Earnings Per
Common Share |
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
0.68 |
|
|
$ |
0.78 |
|
Diluted |
$ |
(0.01 |
) |
|
$ |
0.67 |
|
|
$ |
0.78 |
|
|
Eagle Bancorp, Inc. |
Consolidated Balance Sheets (Unaudited) |
(Dollars in thousands, except per share data) |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Assets |
|
|
|
|
|
Cash and due from banks |
$ |
10,076 |
|
|
$ |
9,047 |
|
|
$ |
9,940 |
|
Federal funds sold |
|
11,343 |
|
|
|
3,740 |
|
|
|
3,746 |
|
Interest-bearing deposits with
banks and other short-term investments |
|
696,453 |
|
|
|
709,897 |
|
|
|
159,078 |
|
Investment securities
available-for-sale at fair value (amortized cost of $1,613,659,
$1,668,316, and $1,763,371, respectively, and allowance for credit
losses of $17, $17 and $31, respectively) |
|
1,445,034 |
|
|
|
1,506,388 |
|
|
|
1,582,185 |
|
Investment securities
held-to-maturity at amortized cost, net of allowance for credit
losses of $1,957, $1,956 and $2,008, respectively (fair value of
$878,159, $901,582 and $965,786, respectively) |
|
1,000,732 |
|
|
|
1,015,737 |
|
|
|
1,075,303 |
|
Federal Reserve and Federal
Home Loan Bank stock |
|
54,678 |
|
|
|
25,748 |
|
|
|
79,134 |
|
Loans held for sale |
|
— |
|
|
|
— |
|
|
|
6,488 |
|
Loans |
|
7,982,702 |
|
|
|
7,968,695 |
|
|
|
7,737,676 |
|
Less: allowance for credit
losses |
|
(99,684 |
) |
|
|
(85,940 |
) |
|
|
(78,377 |
) |
Loans, net |
|
7,883,018 |
|
|
|
7,882,755 |
|
|
|
7,659,299 |
|
Premises and equipment,
net |
|
9,504 |
|
|
|
10,189 |
|
|
|
12,929 |
|
Operating lease right-of-use
assets |
|
17,679 |
|
|
|
19,129 |
|
|
|
23,060 |
|
Deferred income taxes |
|
87,813 |
|
|
|
86,620 |
|
|
|
89,117 |
|
Bank-owned life insurance |
|
113,624 |
|
|
|
112,921 |
|
|
|
111,217 |
|
Goodwill and intangible
assets, net |
|
104,611 |
|
|
|
104,925 |
|
|
|
104,226 |
|
Other real estate owned |
|
773 |
|
|
|
1,108 |
|
|
|
1,962 |
|
Other assets |
|
177,310 |
|
|
|
176,334 |
|
|
|
171,183 |
|
Total Assets |
$ |
11,612,648 |
|
|
$ |
11,664,538 |
|
|
$ |
11,088,867 |
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing demand |
$ |
1,835,524 |
|
|
$ |
2,279,081 |
|
|
$ |
2,247,706 |
|
Interest-bearing transaction |
|
1,207,566 |
|
|
|
997,448 |
|
|
|
907,637 |
|
Savings and money market |
|
3,235,391 |
|
|
|
3,314,043 |
|
|
|
2,970,093 |
|
Time deposits |
|
2,222,958 |
|
|
|
2,217,467 |
|
|
|
1,337,805 |
|
Total deposits |
|
8,501,439 |
|
|
|
8,808,039 |
|
|
|
7,463,241 |
|
Customer repurchase
agreements |
|
37,059 |
|
|
|
30,587 |
|
|
|
37,854 |
|
Borrowings |
|
1,669,948 |
|
|
|
1,369,918 |
|
|
|
2,183,626 |
|
Operating lease
liabilities |
|
21,611 |
|
|
|
23,238 |
|
|
|
27,634 |
|
Reserve for unfunded
commitments |
|
6,045 |
|
|
|
5,590 |
|
|
|
6,704 |
|
Other liabilities |
|
117,133 |
|
|
|
152,883 |
|
|
|
127,850 |
|
Total Liabilities |
|
10,353,235 |
|
|
|
10,390,255 |
|
|
|
9,846,909 |
|
Shareholders'
Equity |
|
|
|
|
|
Common stock, par value $0.01
per share; shares authorized 100,000,000, shares issued and
outstanding 30,185,732, 29,925,612, and 31,111,647,
respectively |
|
297 |
|
|
|
296 |
|
|
|
308 |
|
Additional paid-in
capital |
|
377,334 |
|
|
|
374,888 |
|
|
|
397,012 |
|
Retained earnings |
|
1,047,550 |
|
|
|
1,061,456 |
|
|
|
1,025,552 |
|
Accumulated other
comprehensive loss |
|
(165,768 |
) |
|
|
(162,357 |
) |
|
|
(180,914 |
) |
Total Shareholders' Equity |
|
1,259,413 |
|
|
|
1,274,283 |
|
|
|
1,241,958 |
|
Total Liabilities and Shareholders' Equity |
$ |
11,612,648 |
|
|
$ |
11,664,538 |
|
|
$ |
11,088,867 |
|
|
Loan Mix and Asset Quality(Dollars in
thousands) |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
Amount |
% |
|
Amount |
% |
|
Amount |
% |
Loan Balances - Period
End: |
|
|
|
|
|
|
|
|
Commercial |
$ |
1,408,767 |
18 |
% |
|
$ |
1,473,766 |
18 |
% |
|
$ |
1,482,983 |
19 |
% |
PPP loans |
|
467 |
— |
% |
|
|
528 |
— |
% |
|
|
709 |
— |
% |
Income producing - commercial real estate |
|
4,040,655 |
50 |
% |
|
|
4,094,614 |
51 |
% |
|
|
3,970,903 |
51 |
% |
Owner occupied - commercial real estate |
|
1,185,582 |
15 |
% |
|
|
1,172,239 |
15 |
% |
|
|
1,095,699 |
14 |
% |
Real estate mortgage - residential |
|
72,087 |
1 |
% |
|
|
73,396 |
1 |
% |
|
|
73,677 |
1 |
% |
Construction - commercial and residential |
|
1,082,556 |
13 |
% |
|
|
969,766 |
12 |
% |
|
|
948,877 |
13 |
% |
Construction - C&I (owner occupied) |
|
138,379 |
2 |
% |
|
|
132,021 |
2 |
% |
|
|
109,013 |
1 |
% |
Home equity |
|
53,251 |
1 |
% |
|
|
51,964 |
1 |
% |
|
|
53,829 |
1 |
% |
Other consumer |
|
958 |
— |
% |
|
|
401 |
— |
% |
|
|
1,986 |
— |
% |
Total loans |
$ |
7,982,702 |
100 |
% |
|
$ |
7,968,695 |
100 |
% |
|
$ |
7,737,676 |
100 |
% |
|
|
Three Months Ended or As Of |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
Asset
Quality: |
|
|
|
|
|
Net charge-offs |
$ |
21,430 |
|
$ |
11,936 |
|
$ |
975 |
Nonperforming loans |
$ |
91,491 |
|
$ |
65,524 |
|
$ |
6,757 |
Other real estate owned |
$ |
773 |
|
$ |
1,108 |
|
$ |
1,962 |
Nonperforming assets |
$ |
92,264 |
|
$ |
66,632 |
|
$ |
8,719 |
Special mention |
$ |
265,348 |
|
$ |
207,059 |
|
$ |
76,032 |
Substandard |
$ |
361,776 |
|
$ |
335,815 |
|
$ |
87,950 |
|
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields And Rates
vs. Prior Quarter (Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, 2024 |
|
December 31, 2023 |
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with other banks and other short-term
investments |
$ |
1,841,771 |
|
|
$ |
24,862 |
|
5.43 |
% |
|
$ |
1,340,972 |
|
|
$ |
18,230 |
|
5.39 |
% |
Loans (1)
(2) |
|
7,988,941 |
|
|
|
137,994 |
|
6.95 |
% |
|
|
7,963,074 |
|
|
|
135,964 |
|
6.77 |
% |
Investment securities
available-for-sale (2) |
|
1,516,503 |
|
|
|
7,247 |
|
1.92 |
% |
|
|
1,498,132 |
|
|
|
7,611 |
|
2.02 |
% |
Investment securities
held-to-maturity (2) |
|
1,011,231 |
|
|
|
5,433 |
|
2.16 |
% |
|
|
1,027,230 |
|
|
|
5,531 |
|
2.14 |
% |
Federal funds sold |
|
7,051 |
|
|
|
66 |
|
3.76 |
% |
|
|
8,314 |
|
|
|
85 |
|
4.06 |
% |
Total interest earning assets |
|
12,365,497 |
|
|
$ |
175,602 |
|
5.71 |
% |
|
|
11,837,722 |
|
|
$ |
167,421 |
|
5.61 |
% |
Total noninterest earning
assets |
|
508,987 |
|
|
|
|
|
|
|
530,364 |
|
|
|
|
|
Less: allowance for credit
losses |
|
(90,014 |
) |
|
|
|
|
|
|
(84,783 |
) |
|
|
|
|
Total noninterest earning assets |
|
418,973 |
|
|
|
|
|
|
|
445,581 |
|
|
|
|
|
TOTAL ASSETS |
$ |
12,784,470 |
|
|
|
|
|
|
$ |
12,283,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
transaction |
$ |
1,833,493 |
|
|
$ |
16,830 |
|
3.69 |
% |
|
$ |
1,843,617 |
|
|
$ |
16,607 |
|
3.57 |
% |
Savings and money market |
|
3,423,388 |
|
|
|
35,930 |
|
4.22 |
% |
|
|
3,297,581 |
|
|
|
35,384 |
|
4.26 |
% |
Time deposits |
|
2,187,320 |
|
|
|
26,623 |
|
4.90 |
% |
|
|
2,164,038 |
|
|
|
26,248 |
|
4.81 |
% |
Total interest bearing deposits |
|
7,444,201 |
|
|
|
79,383 |
|
4.29 |
% |
|
|
7,305,236 |
|
|
|
78,239 |
|
4.25 |
% |
Customer repurchase
agreements |
|
36,084 |
|
|
|
315 |
|
3.51 |
% |
|
|
31,290 |
|
|
|
272 |
|
3.45 |
% |
Borrowings |
|
1,796,863 |
|
|
|
21,206 |
|
4.75 |
% |
|
|
1,370,627 |
|
|
|
15,918 |
|
4.61 |
% |
Total interest bearing liabilities |
|
9,277,148 |
|
|
$ |
100,904 |
|
4.37 |
% |
|
|
8,707,153 |
|
|
$ |
94,429 |
|
4.30 |
% |
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
demand |
|
2,057,460 |
|
|
|
|
|
|
|
2,166,133 |
|
|
|
|
|
Other liabilities |
|
160,206 |
|
|
|
|
|
|
|
171,254 |
|
|
|
|
|
Total noninterest bearing liabilities |
|
2,217,666 |
|
|
|
|
|
|
|
2,337,387 |
|
|
|
|
|
Shareholders' equity |
|
1,289,656 |
|
|
|
|
|
|
|
1,238,763 |
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
12,784,470 |
|
|
|
|
|
|
$ |
12,283,303 |
|
|
|
|
|
Net interest income |
|
|
$ |
74,698 |
|
|
|
|
|
$ |
72,992 |
|
|
Net interest spread |
|
|
|
|
1.34 |
% |
|
|
|
|
|
1.31 |
% |
Net interest margin |
|
|
|
|
2.43 |
% |
|
|
|
|
|
2.45 |
% |
Cost of funds |
|
|
|
|
3.58 |
% |
|
|
|
|
|
3.45 |
% |
(1) Loans placed on nonaccrual status are
included in average balances. Net loan fees and late charges
included in interest income on loans totaled $5.1 million and $4.7
million for the three months ended March 31, 2024 and December
31, 2023, 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, |
|
|
2024 |
|
|
|
2023 |
|
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
1,841,771 |
|
|
$ |
24,862 |
|
5.43 |
% |
|
$ |
526,506 |
|
|
$ |
5,774 |
|
4.45 |
% |
Loans held for sale
(1) |
|
— |
|
|
|
— |
|
— |
% |
|
|
4,093 |
|
|
|
60 |
|
5.95 |
% |
Loans (1)
(2) |
|
7,988,941 |
|
|
|
137,994 |
|
6.95 |
% |
|
|
7,712,023 |
|
|
|
120,790 |
|
6.35 |
% |
Investment securities
available-for-sale (2) |
|
1,516,503 |
|
|
|
7,247 |
|
1.92 |
% |
|
|
1,660,258 |
|
|
|
7,811 |
|
1.91 |
% |
Investment securities
held-to-maturity (2) |
|
1,011,231 |
|
|
|
5,433 |
|
2.16 |
% |
|
|
1,087,047 |
|
|
|
5,734 |
|
2.14 |
% |
Federal funds sold |
|
7,051 |
|
|
|
66 |
|
3.76 |
% |
|
|
14,890 |
|
|
|
78 |
|
2.12 |
% |
Total interest earning assets |
|
12,365,497 |
|
|
$ |
175,602 |
|
5.71 |
% |
|
|
11,004,817 |
|
|
$ |
140,247 |
|
5.17 |
% |
Total noninterest earning
assets |
|
508,987 |
|
|
|
|
|
|
|
495,889 |
|
|
|
|
|
Less: allowance for credit
losses |
|
(90,014 |
) |
|
|
|
|
|
|
(74,650 |
) |
|
|
|
|
Total noninterest earning assets |
|
418,973 |
|
|
|
|
|
|
|
421,239 |
|
|
|
|
|
TOTAL ASSETS |
$ |
12,784,470 |
|
|
|
|
|
|
$ |
11,426,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
1,833,493 |
|
|
$ |
16,830 |
|
3.69 |
% |
|
$ |
1,065,421 |
|
|
$ |
6,107 |
|
2.32 |
% |
Savings and money market |
|
3,423,388 |
|
|
|
35,930 |
|
4.22 |
% |
|
|
3,326,807 |
|
|
|
33,274 |
|
4.06 |
% |
Time deposits |
|
2,187,320 |
|
|
|
26,623 |
|
4.90 |
% |
|
|
1,078,227 |
|
|
|
9,573 |
|
3.60 |
% |
Total interest bearing deposits |
|
7,444,201 |
|
|
|
79,383 |
|
4.29 |
% |
|
|
5,470,455 |
|
|
|
48,954 |
|
3.63 |
% |
Customer repurchase
agreements |
|
36,084 |
|
|
|
315 |
|
3.51 |
% |
|
|
38,257 |
|
|
|
302 |
|
3.20 |
% |
Borrowings |
|
1,796,863 |
|
|
|
21,206 |
|
4.75 |
% |
|
|
1,321,206 |
|
|
|
15,967 |
|
4.90 |
% |
Total interest bearing liabilities |
|
9,277,148 |
|
|
$ |
100,904 |
|
4.37 |
% |
|
|
6,829,918 |
|
|
$ |
65,223 |
|
3.87 |
% |
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
demand |
|
2,057,460 |
|
|
|
|
|
|
|
3,263,670 |
|
|
|
|
|
Other liabilities |
|
160,206 |
|
|
|
|
|
|
|
91,490 |
|
|
|
|
|
Total noninterest bearing liabilities |
|
2,217,666 |
|
|
|
|
|
|
|
3,355,160 |
|
|
|
|
|
Shareholders' equity |
|
1,289,656 |
|
|
|
|
|
|
|
1,240,978 |
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
12,784,470 |
|
|
|
|
|
|
$ |
11,426,056 |
|
|
|
|
|
Net interest income |
|
|
$ |
74,698 |
|
|
|
|
|
$ |
75,024 |
|
|
Net interest spread |
|
|
|
|
1.34 |
% |
|
|
|
|
|
1.30 |
% |
Net interest margin |
|
|
|
|
2.43 |
% |
|
|
|
|
|
2.77 |
% |
Cost of funds(3) |
|
|
|
|
3.58 |
% |
|
|
|
|
|
2.62 |
% |
(1) Loans placed on nonaccrual status are
included in average balances. Net loan fees and late charges
included in interest income on loans totaled $5.1 million and $3.7
million for the three months ended March 31, 2024 and 2023,
respectively.(2) Interest and fees on loans and investments exclude
tax equivalent adjustments.(3) Beginning in the second quarter of
2023, the Company revised its cost of funds methodology to use a
daily average calculation where interest expense on interest
bearing liabilities is divided by average interest bearing
liabilities and average noninterest bearing deposits. Previously,
the Company calculated the cost of funds as the difference between
yield on earning assets and net interest margin. Prior period has
been conformed to the current presentation.
Eagle Bancorp, Inc. |
Statements of Operations and Highlights Quarterly Trends
(Unaudited) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
Income Statements: |
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
Total interest income |
$ |
175,602 |
|
|
$ |
167,421 |
|
|
$ |
161,149 |
|
|
$ |
156,510 |
|
|
$ |
140,247 |
|
|
$ |
129,130 |
|
|
$ |
111,527 |
|
|
$ |
95,635 |
|
Total interest expense |
|
100,904 |
|
|
|
94,429 |
|
|
|
90,430 |
|
|
|
84,699 |
|
|
|
65,223 |
|
|
|
43,530 |
|
|
|
27,630 |
|
|
|
12,717 |
|
Net interest income |
|
74,698 |
|
|
|
72,992 |
|
|
|
70,719 |
|
|
|
71,811 |
|
|
|
75,024 |
|
|
|
85,600 |
|
|
|
83,897 |
|
|
|
82,918 |
|
Provision for (reversal of)
credit losses |
|
35,175 |
|
|
|
14,490 |
|
|
|
5,644 |
|
|
|
5,238 |
|
|
|
6,164 |
|
|
|
(464 |
) |
|
|
3,022 |
|
|
|
495 |
|
Provision for (reversal of)
credit losses for unfunded commitments |
|
456 |
|
|
|
(594 |
) |
|
|
(839 |
) |
|
|
318 |
|
|
|
848 |
|
|
|
161 |
|
|
|
774 |
|
|
|
553 |
|
Net interest income after
provision for (reversal of) credit losses |
|
39,067 |
|
|
|
59,096 |
|
|
|
65,914 |
|
|
|
66,255 |
|
|
|
68,012 |
|
|
|
85,903 |
|
|
|
80,101 |
|
|
|
81,870 |
|
Noninterest income before
investment gain (loss) |
|
3,585 |
|
|
|
2,891 |
|
|
|
6,342 |
|
|
|
8,593 |
|
|
|
3,721 |
|
|
|
5,326 |
|
|
|
5,304 |
|
|
|
5,715 |
|
Net gain (loss) on sale of
investment securities |
|
4 |
|
|
|
3 |
|
|
|
5 |
|
|
|
2 |
|
|
|
(21 |
) |
|
|
3 |
|
|
|
4 |
|
|
|
(151 |
) |
Total noninterest income |
|
3,589 |
|
|
|
2,894 |
|
|
|
6,347 |
|
|
|
8,595 |
|
|
|
3,700 |
|
|
|
5,329 |
|
|
|
5,308 |
|
|
|
5,564 |
|
Salaries and employee
benefits |
|
21,726 |
|
|
|
18,416 |
|
|
|
21,549 |
|
|
|
21,957 |
|
|
|
24,174 |
|
|
|
23,691 |
|
|
|
21,538 |
|
|
|
21,805 |
|
Premises and equipment
expenses |
|
3,059 |
|
|
|
2,967 |
|
|
|
3,095 |
|
|
|
3,227 |
|
|
|
3,317 |
|
|
|
3,292 |
|
|
|
3,275 |
|
|
|
3,523 |
|
Marketing and advertising |
|
859 |
|
|
|
1,071 |
|
|
|
768 |
|
|
|
884 |
|
|
|
636 |
|
|
|
1,290 |
|
|
|
1,181 |
|
|
|
1,186 |
|
Other expenses |
|
14,353 |
|
|
|
14,644 |
|
|
|
12,221 |
|
|
|
11,910 |
|
|
|
12,457 |
|
|
|
10,645 |
|
|
|
10,212 |
|
|
|
32,448 |
|
Total noninterest expense |
|
39,997 |
|
|
|
37,098 |
|
|
|
37,633 |
|
|
|
37,978 |
|
|
|
40,584 |
|
|
|
38,918 |
|
|
|
36,206 |
|
|
|
58,962 |
|
Income before income tax
expense |
|
2,659 |
|
|
|
24,892 |
|
|
|
34,628 |
|
|
|
36,872 |
|
|
|
31,128 |
|
|
|
52,314 |
|
|
|
49,203 |
|
|
|
28,472 |
|
Income tax expense |
|
2,997 |
|
|
|
4,667 |
|
|
|
7,245 |
|
|
|
8,180 |
|
|
|
6,894 |
|
|
|
10,121 |
|
|
|
11,906 |
|
|
|
12,776 |
|
Net (loss) income |
$ |
(338 |
) |
|
$ |
20,225 |
|
|
$ |
27,383 |
|
|
$ |
28,692 |
|
|
$ |
24,234 |
|
|
$ |
42,193 |
|
|
$ |
37,297 |
|
|
$ |
15,696 |
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per weighted
average common share, basic |
$ |
(0.01 |
) |
|
$ |
0.68 |
|
|
$ |
0.91 |
|
|
$ |
0.94 |
|
|
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
0.49 |
|
(Loss) earnings per weighted
average common share, diluted |
$ |
(0.01 |
) |
|
$ |
0.67 |
|
|
$ |
0.91 |
|
|
$ |
0.94 |
|
|
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
0.49 |
|
Weighted average common shares
outstanding, basic |
|
30,068,173 |
|
|
|
29,925,557 |
|
|
|
29,910,218 |
|
|
|
30,454,766 |
|
|
|
31,109,267 |
|
|
|
31,819,631 |
|
|
|
32,084,464 |
|
|
|
32,080,657 |
|
Weighted average common shares
outstanding, diluted |
|
30,068,173 |
|
|
|
29,966,962 |
|
|
|
29,944,692 |
|
|
|
30,505,468 |
|
|
|
31,180,346 |
|
|
|
31,898,619 |
|
|
|
32,155,678 |
|
|
|
32,142,427 |
|
Actual shares outstanding at
period end |
|
30,185,732 |
|
|
|
29,925,612 |
|
|
|
29,917,982 |
|
|
|
29,912,082 |
|
|
|
31,111,647 |
|
|
|
31,346,903 |
|
|
|
32,082,321 |
|
|
|
32,081,241 |
|
Book value per common share at
period end |
$ |
41.72 |
|
|
$ |
42.58 |
|
|
$ |
40.64 |
|
|
$ |
40.78 |
|
|
$ |
39.92 |
|
|
$ |
39.18 |
|
|
$ |
38.02 |
|
|
$ |
39.05 |
|
Tangible book value per common
share at period end (1) |
$ |
38.26 |
|
|
$ |
39.08 |
|
|
$ |
37.12 |
|
|
$ |
37.29 |
|
|
$ |
36.57 |
|
|
$ |
35.86 |
|
|
$ |
34.77 |
|
|
$ |
35.80 |
|
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
(0.01)% |
|
|
0.65 |
% |
|
|
0.91 |
% |
|
|
0.96 |
% |
|
|
0.86 |
% |
|
|
1.49 |
% |
|
|
1.29 |
% |
|
|
0.54 |
% |
Return on average common
equity |
(0.11)% |
|
|
6.48 |
% |
|
|
8.80 |
% |
|
|
9.24 |
% |
|
|
7.92 |
% |
|
|
13.57 |
% |
|
|
11.64 |
% |
|
|
4.91 |
% |
Return on average tangible
common equity (1) |
(0.11)% |
|
|
7.08 |
% |
|
|
9.61 |
% |
|
|
10.08 |
% |
|
|
8.65 |
% |
|
|
14.82 |
% |
|
|
12.67 |
% |
|
|
5.35 |
% |
Net interest margin |
|
2.43 |
% |
|
|
2.45 |
% |
|
|
2.43 |
% |
|
|
2.49 |
% |
|
|
2.77 |
% |
|
|
3.14 |
% |
|
|
3.02 |
% |
|
|
2.94 |
% |
Efficiency ratio
(2) |
|
51.1 |
% |
|
|
48.9 |
% |
|
|
48.8 |
% |
|
|
47.2 |
% |
|
|
51.6 |
% |
|
|
42.8 |
% |
|
|
40.6 |
% |
|
|
66.6 |
% |
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to
total loans (3) |
|
1.25 |
% |
|
|
1.08 |
% |
|
|
1.05 |
% |
|
|
1.00 |
% |
|
|
1.01 |
% |
|
|
0.97 |
% |
|
|
1.04 |
% |
|
|
1.02 |
% |
Allowance for credit losses to
total nonperforming loans |
|
109 |
% |
|
|
131 |
% |
|
|
119 |
% |
|
|
268 |
% |
|
|
1,160 |
% |
|
|
1,151 |
% |
|
|
997 |
% |
|
|
386 |
% |
Nonperforming assets to total
assets |
|
0.79 |
% |
|
|
0.57 |
% |
|
|
0.64 |
% |
|
|
0.28 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.19 |
% |
Net charge-offs (recoveries)
(annualized) to average total loans (3) |
|
1.07 |
% |
|
|
0.60 |
% |
|
|
0.02 |
% |
|
|
0.29 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
— |
% |
|
(0.04)% |
Tier 1 capital (to average
assets) |
|
10.26 |
% |
|
|
10.73 |
% |
|
|
10.96 |
% |
|
|
10.84 |
% |
|
|
11.42 |
% |
|
|
11.63 |
% |
|
|
11.55 |
% |
|
|
10.68 |
% |
Total capital (to risk
weighted assets) |
|
14.87 |
% |
|
|
14.79 |
% |
|
|
14.54 |
% |
|
|
14.51 |
% |
|
|
14.74 |
% |
|
|
14.94 |
% |
|
|
15.60 |
% |
|
|
15.14 |
% |
Common equity tier 1 capital
(to risk weighted assets) |
|
13.80 |
% |
|
|
13.90 |
% |
|
|
13.68 |
% |
|
|
13.55 |
% |
|
|
13.75 |
% |
|
|
14.03 |
% |
|
|
14.64 |
% |
|
|
14.06 |
% |
Tangible common equity ratio
(1) |
|
10.03 |
% |
|
|
10.12 |
% |
|
|
10.04 |
% |
|
|
10.21 |
% |
|
|
10.36 |
% |
|
|
10.18 |
% |
|
|
10.52 |
% |
|
|
10.60 |
% |
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
12,784,470 |
|
|
$ |
12,283,303 |
|
|
$ |
11,942,905 |
|
|
$ |
11,960,111 |
|
|
$ |
11,426,056 |
|
|
$ |
11,255,956 |
|
|
$ |
11,431,110 |
|
|
$ |
11,701,679 |
|
Total earning assets |
$ |
12,365,497 |
|
|
$ |
11,837,722 |
|
|
$ |
11,532,186 |
|
|
$ |
11,546,050 |
|
|
$ |
11,004,817 |
|
|
$ |
10,829,703 |
|
|
$ |
11,030,670 |
|
|
$ |
11,300,267 |
|
Total loans
(3) |
$ |
7,988,941 |
|
|
$ |
7,963,074 |
|
|
$ |
7,795,144 |
|
|
$ |
7,790,555 |
|
|
$ |
7,712,023 |
|
|
$ |
7,379,198 |
|
|
$ |
7,282,589 |
|
|
$ |
7,104,727 |
|
Total deposits |
$ |
9,501,661 |
|
|
$ |
9,471,369 |
|
|
$ |
8,946,641 |
|
|
$ |
8,514,938 |
|
|
$ |
8,734,125 |
|
|
$ |
9,524,139 |
|
|
$ |
9,907,497 |
|
|
$ |
10,184,886 |
|
Total borrowings |
$ |
1,832,947 |
|
|
$ |
1,401,917 |
|
|
$ |
1,646,179 |
|
|
$ |
2,102,507 |
|
|
$ |
1,359,463 |
|
|
$ |
411,060 |
|
|
$ |
158,001 |
|
|
$ |
152,583 |
|
Total shareholders'
equity |
$ |
1,289,656 |
|
|
$ |
1,238,763 |
|
|
$ |
1,235,162 |
|
|
$ |
1,245,647 |
|
|
$ |
1,240,978 |
|
|
$ |
1,233,705 |
|
|
$ |
1,271,753 |
|
|
$ |
1,281,742 |
|
(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.
GAAP Reconciliation to Non-GAAP Financial Measures
(unaudited) |
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Tangible common
equity |
|
|
|
|
|
Common shareholders' equity |
$ |
1,259,413 |
|
|
$ |
1,274,283 |
|
|
$ |
1,241,958 |
|
Less: Intangible assets |
|
(104,611 |
) |
|
|
(104,925 |
) |
|
|
(104,226 |
) |
Tangible common equity |
$ |
1,154,802 |
|
|
$ |
1,169,358 |
|
|
$ |
1,137,732 |
|
|
|
|
|
|
|
Tangible common equity
ratio |
|
|
|
|
|
Total assets |
$ |
11,612,648 |
|
|
$ |
11,664,538 |
|
|
$ |
11,088,867 |
|
Less: Intangible assets |
|
(104,611 |
) |
|
|
(104,925 |
) |
|
|
(104,226 |
) |
Tangible assets |
$ |
11,508,037 |
|
|
$ |
11,559,613 |
|
|
$ |
10,984,641 |
|
|
|
|
|
|
|
Tangible common equity ratio |
|
10.03 |
% |
|
|
10.12 |
% |
|
|
10.36 |
% |
|
|
|
|
|
|
Per share
calculations |
|
|
|
|
|
Book value per common share |
$ |
41.72 |
|
|
$ |
42.58 |
|
|
$ |
39.92 |
|
Less: Intangible book value per common share |
|
(3.46 |
) |
|
|
(3.50 |
) |
|
|
(3.35 |
) |
Tangible book value per common share |
$ |
38.26 |
|
|
$ |
39.08 |
|
|
$ |
36.57 |
|
|
|
|
|
|
|
Shares outstanding at period end |
|
30,185,732 |
|
|
|
29,925,612 |
|
|
|
31,111,647 |
|
|
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Average tangible
common equity |
|
|
|
|
|
Average common shareholders' equity |
$ |
1,289,656 |
|
|
$ |
1,238,763 |
|
|
$ |
1,240,978 |
|
Less: Average intangible assets |
|
(104,718 |
) |
|
|
(105,032 |
) |
|
|
(104,231 |
) |
Average tangible common equity |
$ |
1,184,938 |
|
|
$ |
1,133,731 |
|
|
$ |
1,136,747 |
|
|
|
|
|
|
|
Return on average
tangible common equity |
|
|
|
|
|
Net (loss) income |
$ |
(338 |
) |
|
$ |
20,225 |
|
|
$ |
24,234 |
|
Return on average tangible common equity |
(0.11 |
)% |
|
|
7.08 |
% |
|
|
8.65 |
% |
|
|
|
|
|
|
Efficiency
ratio |
|
|
|
|
|
Net interest income |
$ |
74,698 |
|
|
$ |
72,992 |
|
|
$ |
75,024 |
|
Noninterest income |
|
3,589 |
|
|
|
2,894 |
|
|
|
3,700 |
|
Operating revenue |
$ |
78,287 |
|
|
$ |
75,886 |
|
|
$ |
78,724 |
|
Noninterest expense |
$ |
39,997 |
|
|
$ |
37,098 |
|
|
$ |
40,584 |
|
Efficiency ratio |
|
51.09 |
% |
|
|
48.89 |
% |
|
|
51.55 |
% |
|
|
|
|
|
|
Pre-provision net
revenue |
|
|
|
|
|
Net interest income |
$ |
74,698 |
|
|
$ |
72,992 |
|
|
$ |
75,024 |
|
Noninterest income |
|
3,589 |
|
|
|
2,894 |
|
|
|
3,700 |
|
Less: Noninterest expense |
|
(39,997 |
) |
|
|
(37,098 |
) |
|
|
(40,584 |
) |
Pre-provision net revenue |
$ |
38,290 |
|
|
$ |
38,788 |
|
|
$ |
38,140 |
|
|
Tangible common equity, tangible common equity
to tangible assets (the "tangible common equity ratio"), tangible
book value per common share, average tangible common equity, and
the annualized return on average tangible common equity are
non-GAAP financial measures derived from GAAP based amounts. The
Company calculates the tangible common equity ratio by excluding
the balance of intangible assets from common shareholders' equity,
or tangible common 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 efficiency ratio is a non-GAAP measure
calculated by dividing GAAP noninterest expense by the sum of GAAP
net interest income and GAAP noninterest income. The efficiency
ratio measures a bank's overhead as a percentage of its revenue.
The Company believes that reporting the non-GAAP efficiency ratio
more closely measures its effectiveness of controlling operational
activities.
Pre-provision net revenue is a non-GAAP
financial measure calculated by subtracting noninterest expenses
from the sum of net interest income and noninterest income. 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.
1 A reconciliation of non-GAAP financial measures and the
nearest GAAP measures is provided in the GAAP Reconciliation to
Non-GAAP Financial Measures that accompany this document.2
Calculated as the ACL attributable to loans collateralized by
performing office properties as a percentage of total loans.
EAGLE BANCORP, INC.CONTACT:Eric R.
Newell240.497.1796
For the March 31, 2024 Earnings Presentation, please click
here.
Grafico Azioni Eagle Bancorp (NASDAQ:EGBN)
Storico
Da Nov 2024 a Dic 2024
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