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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eagle Bancorp Inc | NASDAQ:EGBN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.18 | 8.12 | 23.76 | 0 | 09:09:36 |
The $4.5 million increase in earnings from the prior quarter was attributable to several items including income from a Small Business Investment Company ("SBIC") investment, an increase in swap fee income, lower noninterest expenses, a lower provision for credit losses and a lower provision for unfunded commitments. These improvements were partially offset by lower net interest income as the cost of funding outpaced the increase in yield on earning assets.
Second Quarter 2023 Highlights
(Dollars in thousands, except per share data) | As of or for the Three Months Ended | Percent Change | |||||||||||||||
June 30, | March 31, | June 30, | Q2-23 | Q2-23 | |||||||||||||
2023 | 2023 | 2022 | vs. Q1-23 | vs. Q2-22 | |||||||||||||
Earnings and Per Share Data | |||||||||||||||||
Net Income / (Loss) | $28,692 | $24,234 | $15,696 | 18.4 | % | 82.8 | % | ||||||||||
Adjusted Net Income2 | — | — | $38,570 | — | (25.6)% | ||||||||||||
Earnings per share (diluted) | $0.94 | $0.78 | $0.49 | 20.6 | % | 91.9 | % | ||||||||||
Adjusted earnings per share (diluted)2 | — | — | $1.20 | — | (21.6)% | ||||||||||||
Dividend per share | $0.45 | $0.45 | $0.45 | — | — | ||||||||||||
Return ratios | |||||||||||||||||
Return on average assets | 0.96 | % | 0.86 | % | 0.54 | % | — | — | |||||||||
Return on average common equity | 9.24 | % | 7.92 | % | 4.91 | % | — | — | |||||||||
Return on average tangible common equity2 | 10.08 | % | 8.65 | % | 5.35 | % | — | — | |||||||||
Net interest margin | 2.49 | % | 2.77 | % | 2.94 | % | — | — | |||||||||
Efficiency ratio2 | 47.2 | % | 51.6 | % | 66.6 | % | — | — | |||||||||
Balance Sheet | |||||||||||||||||
Assets | $ | 11,035 | $ | 11,089 | $ | 10,942 | (0.5)% | 0.9 | % | ||||||||
Loans | $ | 7,767 | $ | 7,738 | $ | 7,155 | 0.4 | % | 8.6 | % | |||||||
Deposits | $ | 7,718 | $ | 7,463 | $ | 9,172 | 3.4 | % | (15.8)% | ||||||||
Borrowings | $ | 1,907 | $ | 2,184 | $ | 350 | (12.7)% | 445.2 | % | ||||||||
Book and Tangible Book | |||||||||||||||||
Book value per share | $ | 40.78 | $ | 39.92 | $ | 39.05 | 2.2 | % | 4.4 | % | |||||||
Tangible book per share2 | $ | 37.29 | $ | 36.57 | $ | 35.80 | 2.0 | % | 4.2 | % | |||||||
Capital ratios | |||||||||||||||||
Equity/assets | 11.05 | % | 11.20 | % | 11.45 | % | — | — | |||||||||
Tangible equity/assets | 10.21 | % | 10.36 | % | 10.60 | % | — | — | |||||||||
Total capital (to risk weighted assets) | 14.51 | % | 14.74 | % | 15.14 | % | — | — | |||||||||
Asset quality | |||||||||||||||||
Allowance for credit losses to total loans | 1.00 | % | 1.01 | % | 1.02 | % | — | — | |||||||||
Nonperforming assets ("NPAs") to total assets | 0.28 | % | 0.08 | % | 0.19 | % | — | — | |||||||||
Net charge-off to average loans (annualized) | 0.29 | % | 0.05 | % | (0.04)% | — | — |
CEO Commentary
Susan G. Riel, President and Chief Executive Officer of Eagle Bancorp, Inc. commented, "While earnings stabilized and were higher than the prior quarter, we remain committed to improving results for our shareholders. During the quarter, our deposits were up, borrowings decreased, and credit metrics continue to remain strong. And, while rising rates continued to put pressure on bank stocks, we used the opportunity to repurchase shares at a historically low price relative to book and tangible book values. Additionally, our regulatory capital ratios remain strong."
"We are also mindful of continuing to remain a highly efficient bank and in the first half of the year we took action to save costs by closing three branches3 and ceasing the origination of first lien residential mortgages as future prospects for sufficient returns were low. Early in the third quarter, we also made the difficult decision to implement a reduction-in-force along with a strategic review of operating expenses." "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
(Dollars in thousands) | Three Months Ended | Percent Change | |||||||||||||||
June 30, | March 31, | June 30, | Q2-23 | Q2-23 | |||||||||||||
2023 | 2023 | 2022 | vs. Q1-23 | vs. Q2-22 | |||||||||||||
Net interest income | $ | 71,811 | $ | 75,024 | $ | 82,918 | (4.3)% | (13.4)% | |||||||||
Noninterest income | 8,595 | 3,700 | 5,564 | 132.3 | % | 54.5 | % | ||||||||||
Noninterest expense | (37,978 | ) | (40,584 | ) | (58,962 | ) | (6.4)% | (35.6)% | |||||||||
PPNR (non-GAAP) | $ | 42,428 | $ | 38,140 | $ | 29,520 | 11.2 | % | 43.7 | % | |||||||
Average Assets | $ | 11,960,111 | $ | 11,426,056 | $ | 11,701,679 | 4.7 | % | 2.2 | % | |||||||
As a Percent of Average Assets | Basis Point Change | ||||||||||||||||
Net interest income | 2.41 | % | 2.66 | % | 2.81 | % | (25) bps | (40) bps | |||||||||
Noninterest income | 0.29 | % | 0.13 | % | 0.19 | % | 16 bps | 10 bps | |||||||||
Noninterest expense | (1.27)% | (1.44)% | (2.00)% | 17 bps | 73 bps | ||||||||||||
PPNR to Average Assets (non-GAAP) | 1.43 | % | 1.35 | % | 1.00 | % | 8 bps | 43 bps |
Notable changes from the prior quarter were as follows:
During the second quarter 2023, the Georgetown branch (DC) and Chantilly branch (VA) were closed as their leases were expiring. Associated unamortized costs included in the second quarter was $240 thousand. This reduced our branch count to thirteen, and the annualized pre-tax cost savings in rental expense starting in the third quarter of 2023 will be approximately $408 thousand.
Balance Sheet
(Dollars in thousands) | June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||
Amount | % | Amount | % | Amount | % | |||||||||
Loan Balances - Period End: | ||||||||||||||
Commercial and Industrial | $ | 1,431,284 | 18 | % | $ | 1,482,983 | 19 | % | $ | 1,394,835 | 20 | % | ||
PPP loans | 649 | — | % | 709 | — | % | 8,977 | — | % | |||||
Commercial real estate - income producing | 4,086,049 | 53 | % | 3,970,903 | 51 | % | 3,606,506 | 50 | % | |||||
Commercial real estate - owner occupied | 1,122,334 | 14 | % | 1,095,699 | 14 | % | 1,080,249 | 15 | % | |||||
1-4 Family mortgage | 76,596 | 1 | % | 73,677 | 1 | % | 72,793 | 1 | % | |||||
Construction - commercial and residential | 862,869 | 11 | % | 948,877 | 13 | % | 804,170 | 11 | % | |||||
Construction - C&I (owner occupied) | 132,843 | 2 | % | 109,013 | 1 | % | 129,717 | 2 | % | |||||
Home equity | 53,934 | 1 | % | 53,829 | 1 | % | 53,193 | 1 | % | |||||
Other consumer | 161 | — | % | 1,986 | — | % | 4,246 | — | % | |||||
Total loans | $ | 7,766,719 | 100 | % | $ | 7,737,676 | 100 | % | $ | 7,154,686 | 100 | % |
(Dollars in thousands) | Three Months Ended or As Of | ||||||||
June 30, | March 31, | June 30, | |||||||
2023 | 2023 | 2022 | |||||||
Asset Quality: | |||||||||
Net charge-off (recovery) | $ | 5,598 | $ | 975 | $ | (674 | ) | ||
Nonperforming loans | $ | 29,170 | $ | 6,756 | $ | 18,842 | |||
Other real estate owned | $ | 1,487 | $ | 1,962 | $ | 1,487 | |||
Nonperforming assets | $ | 30,657 | $ | 8,718 | $ | 20,329 |
Borrowings from the BTFP are secured by U.S. Treasuries, agency debt and mortgage-backed securities as collateral, and borrowings from the FHLB are 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 June 30, 2023, the Company had aggregate undrawn borrowing capacity of $1.84 billion, which includes $1.57 billion in additional aggregate capacity to borrow with the FHLB and BTFP on assets that have been pledged and unencumbered securities totaling approximately $0.27 billion available for pledging to the FHLB or BTFP.
For the Company | Regulatory | ||||||||||
June 30, | March 31, | June 30, | Capital | ||||||||
202310 | 2023 | 2022 | Requirements | ||||||||
Regulatory Capital Ratios | |||||||||||
Total Capital (to risk weighted assets) | 14.51 | % | 14.74 | % | 15.14 | % | 10.50 | % | |||
Tier 1 Capital (to risk weighted assets) | 13.55 | % | 13.75 | % | 14.06 | % | 8.50 | % | |||
Common Equity Tier 1 (to risk weighted assets) | 13.55 | % | 13.75 | % | 14.06 | % | 7.00 | % | |||
Tier 1 Capital (to average assets) | 10.84 | % | 11.42 | % | 10.68 | % | 4.00 | % | |||
Common Capital Ratios | |||||||||||
Common Equity Ratio | 11.05 | % | 11.20 | % | 11.45 | % | — | ||||
Tangible Common Equity Ratio8 | 10.21 | % | 10.36 | % | 10.60 | % | — |
Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended June 30, 2023 as compared to the three months ended March 31, 2023 and June 30, 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 thirteen 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 second quarter 2023 financial results on Thursday, July 27, 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/BI30f9a7927bd6415a9f57cd5c54b5bf55 or by accessing the call on the Company’s website, www.EagleBankCorp.com. A replay of the conference call will be available on the Company’s website through August 10, 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 its impact 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 second 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 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document. Adjusted net income and adjusted earnings per share (diluted) for the year ago quarter are compared to GAAP net income and earnings per share for the second quarter of 2023.3 Branches closed were Alexandria, VA (March 2023), Georgetown, DC (May 2023) and Chantilly, VA (May 2023).4 Beginning in the second quarter of 2023, the Company revised its methodology for calculating cost of funds. Prior periods have been conformed to the current presentation. See footnote (3) on page 14.5 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below. 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 June 30, 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 June 30, 2023 are subject to final filings with the Federal Reserve.
GAAP Reconciliation (unaudited) | |||||||||||
(dollars in thousands, except per share data) | |||||||||||
June 30, | March 31, | June 30, | |||||||||
2023 | 2023 | 2022 | |||||||||
Tangible equity and assets | |||||||||||
Common shareholders' equity | $ | 1,219,766 | $ | 1,241,958 | $ | 1,252,720 | |||||
Less: Intangible assets | (104,220 | ) | (104,226 | ) | (104,257 | ) | |||||
Tangible common equity | $ | 1,115,546 | $ | 1,137,732 | $ | 1,148,463 | |||||
Book value per common share | $ | 40.78 | $ | 39.92 | $ | 39.05 | |||||
Less: Intangible book value per common share | (3.49 | ) | (3.35 | ) | (3.25 | ) | |||||
Tangible book value per common share | $ | 37.29 | $ | 36.57 | $ | 35.80 | |||||
Shares outstanding period end | 29,912,082 | 31,111,647 | 32,081,241 | ||||||||
Total assets | $ | 11,034,741 | $ | 11,088,867 | $ | 10,941,655 | |||||
Less: Intangible assets | (104,220 | ) | (104,226 | ) | (104,257 | ) | |||||
Tangible assets | $ | 10,930,521 | $ | 10,984,641 | $ | 10,837,398 | |||||
Tangible common equity ratio | 10.21 | % | 10.36 | % | 10.60 | % | |||||
Three Months Ended | |||||||||||
June 30, | March 31, | June 30, | |||||||||
2023 | 2023 | 2022 | |||||||||
Average tangible common equity | |||||||||||
Average common shareholders' equity | $ | 1,245,647 | $ | 1,240,978 | $ | 1,281,742 | |||||
Less: Average intangible assets | (104,224 | ) | (104,231 | ) | (104,246 | ) | |||||
Average tangible common equity | $ | 1,141,423 | $ | 1,136,747 | $ | 1,177,496 | |||||
Return on Average Tangible Common Equity | 10.08 | % | 8.65 | % | 5.35 | % | |||||
Adjusted Efficiency | |||||||||||
Net interest income | $ | 71,811 | $ | 75,024 | $ | 82,918 | |||||
Noninterest income | 8,595 | 3,700 | 5,564 | ||||||||
Operating revenue | $ | 80,406 | $ | 78,724 | $ | 88,482 | |||||
Noninterest expense | $ | 37,978 | $ | 40,584 | $ | 58,962 | |||||
Less: Penalty, disgorgement and prejudgment interest | — | — | 22,874 | ||||||||
Adjusted noninterest expense | $ | 37,978 | $ | 40,584 | $ | 36,088 | |||||
Efficiency ratio | 47.2 | % | 51.6 | % | 66.6 | % | |||||
Adjusted efficiency ratio | 47.2 | % | 51.6 | % | 40.8 | % |
GAAP Reconciliation (unaudited) | ||||||||
(dollars in thousands, except per share data) | ||||||||
Three Months Ended | ||||||||
June 30, | March 31, | June 30, | ||||||
2023 | 2023 | 2022 | ||||||
Adjusted Net Income | ||||||||
Net Income | $ | 28,692 | $ | 24,234 | $ | 15,696 | ||
Income before income tax expense | $ | 36,872 | $ | 31,128 | $ | 28,472 | ||
Reversal: Penalty, disgorgement & prejudgment interest | — | — | 22,874 | |||||
Adjusted income before income tax expense | 36,872 | 31,128 | 51,346 | |||||
Income tax expense(1) | 8,180 | 6,894 | 12,776 | |||||
Adjusted net income | $ | 28,692 | $ | 24,234 | $ | 38,570 | ||
Adjusted Earnings Per Share | ||||||||
Earnings per share (diluted) | $ | 0.94 | $ | 0.78 | $ | 0.49 | ||
Reversal: Penalty, disgorgement and prejudgment interest | — | — | 0.71 | |||||
Adjusted earnings per share (diluted) | $ | 0.94 | $ | 0.78 | $ | 1.20 | ||
Weighted average common shares outstanding, diluted | 30,505,468 | 31,180,346 | 32,142,427 |
(1) For the three months ended June 30, 2023, the effective tax rate for the quarter was applied to the adjustment. For the three months ended June 30, 2022, the adjustment was non-taxable with no impact of the effective tax rate.
Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, average tangible common equity, 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 tables provides reconciliation of these financial measures defined by GAAP with non-GAAP financial measures.
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.
Adjusted net income is a non-GAAP financial measure calculated by reversing the penalty, disgorgement and prejudgment interest (2nd quarter 2022) to net income. The Company considers this information important to shareholders because it illustrates net income excluding the impact of non-recurring items. The above table provides reconciliation of these financial measures defined by GAAP to non-GAAP financial measures.
Adjusted earnings per share is a non-GAAP financial measure calculated by dividing the penalty, disgorgement and prejudgment interest (2nd quarter 2022) by weighted average common shares outstanding (diluted) then adding the result to earnings per share. The Company considers this information important to shareholders because it illustrates earnings on a per share basis excluding the impact of non-recurring items. The above table provides reconciliation of these financial measures defined by GAAP to 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.
Eagle Bancorp, Inc. | |||||||||||
Consolidated Balance Sheets (Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||
June 30, | March 31, | June 30, | |||||||||
Assets | 2023 | 2023 | 2022 | ||||||||
Cash and due from banks | $ | 9,865 | $ | 9,940 | $ | 13,132 | |||||
Federal funds sold | 3,981 | 3,746 | 42,697 | ||||||||
Interest-bearing deposits with banks and other short-term investments | 174,072 | 159,078 | 369,337 | ||||||||
Investment securities available-for-sale at fair value (amortized cost of $1,732,722, $1,763,371, and $1,897,985, net of allowance for credit losses of $17, $31 and $18 as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively) | 1,535,589 | 1,582,185 | 1,755,254 | ||||||||
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $2,010, $2,008 and $826 (fair value of $923,313, $965,786 and $1,084,706, as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively) | 1,055,181 | 1,075,303 | 1,143,632 | ||||||||
Federal Reserve and Federal Home Loan Bank stock | 46,199 | 79,134 | 33,990 | ||||||||
Loans held for sale | — | 6,488 | 13,814 | ||||||||
Loans | 7,766,719 | 7,737,676 | 7,154,686 | ||||||||
Less allowance for credit losses | (78,029 | ) | (78,377 | ) | (72,665 | ) | |||||
Loans, net | 7,688,690 | 7,659,299 | 7,082,021 | ||||||||
Premises and equipment, net | 11,979 | 12,929 | 13,643 | ||||||||
Operating lease right-of-use assets | 21,580 | 23,060 | 27,548 | ||||||||
Deferred income taxes | 92,574 | 89,117 | 92,167 | ||||||||
Bank-owned life insurance | 111,565 | 111,217 | 110,047 | ||||||||
Goodwill and intangible assets, net | 104,220 | 104,226 | 104,257 | ||||||||
Other real estate owned | 1,487 | 1,962 | 1,487 | ||||||||
Other assets | 177,759 | 171,183 | 138,629 | ||||||||
Total assets | $ | 11,034,741 | $ | 11,088,867 | $ | 10,941,655 | |||||
Liabilities and Shareholders' Equity | |||||||||||
Deposits: | |||||||||||
Noninterest bearing demand | $ | 2,010,353 | $ | 2,247,706 | $ | 2,831,934 | |||||
Interest bearing transaction | 930,308 | 907,637 | 985,431 | ||||||||
Savings and money market | 2,791,040 | 2,970,093 | 4,741,180 | ||||||||
Time deposits | 1,986,426 | 1,337,805 | 613,073 | ||||||||
Total deposits | 7,718,127 | 7,463,241 | 9,171,618 | ||||||||
Customer repurchase agreements | 37,017 | 37,854 | 26,539 | ||||||||
Other short-term borrowings | 1,836,759 | 2,113,801 | 280,000 | ||||||||
Long-term borrowings | 69,856 | 69,825 | 69,732 | ||||||||
Operating lease liabilities | 26,007 | 27,634 | 32,414 | ||||||||
Reserve for unfunded commitments | 7,023 | 6,704 | 4,921 | ||||||||
Other liabilities | 120,186 | 127,850 | 103,711 | ||||||||
Total liabilities | 9,814,975 | 9,846,909 | 9,688,935 | ||||||||
Shareholders' Equity | |||||||||||
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 29,912,082, 31,111,647, and 32,081,241 respectively | 296 | 308 | 318 | ||||||||
Additional paid in capital | 370,278 | 397,012 | 440,418 | ||||||||
Retained earnings | 1,040,779 | 1,025,552 | 964,353 | ||||||||
Accumulated other comprehensive loss | (191,587 | ) | (180,914 | ) | (152,369 | ) | |||||
Total Shareholders' Equity | 1,219,766 | 1,241,958 | 1,252,720 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 11,034,741 | $ | 11,088,867 | $ | 10,941,655 |
Eagle Bancorp, Inc. | ||||||||||
Consolidated Statements of Income (Unaudited) | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||
Three Months Ended | ||||||||||
June 30, | March 31, | June 30, | ||||||||
2023 | 2023 | 2022 | ||||||||
Interest Income | ||||||||||
Interest and fees on loans | $ | 128,993 | $ | 120,850 | $ | 80,142 | ||||
Interest and dividends on investment securities | 14,241 | 13,545 | 12,997 | |||||||
Interest on balances with other banks and short-term invest. | 13,229 | 5,774 | 2,451 | |||||||
Interest on federal funds sold | 47 | 78 | 45 | |||||||
Total interest income | 156,510 | 140,247 | 95,635 | |||||||
Interest Expense | ||||||||||
Interest on deposits | 59,422 | 48,954 | 11,538 | |||||||
Interest on customer repurchase agreements | 333 | 302 | 22 | |||||||
Interest on other short-term borrowings | 23,907 | 14,930 | 120 | |||||||
Interest on long-term borrowings | 1,037 | 1,037 | 1,037 | |||||||
Total interest expense | 84,699 | 65,223 | 12,717 | |||||||
Net Interest Income | 71,811 | 75,024 | 82,918 | |||||||
Provision for Credit Losses | 5,238 | 6,164 | 495 | |||||||
Provision for Unfunded Commitments | 318 | 848 | 553 | |||||||
Net Interest Income After Provision For Credit Losses | 66,255 | 68,012 | 81,870 | |||||||
Noninterest Income | ||||||||||
Service charges on deposits | 1,626 | 1,510 | 1,345 | |||||||
Gain on sale of loans | 95 | 305 | 855 | |||||||
Net gain (loss) on sale of investment securities | 2 | (21 | ) | (151 | ) | |||||
Increase in cash surrender value of bank-owned life insurance | 648 | 655 | 632 | |||||||
Other income | 6,224 | 1,251 | 2,883 | |||||||
Total noninterest income | 8,595 | 3,700 | 5,564 | |||||||
Noninterest Expense | ||||||||||
Salaries and employee benefits | 21,957 | 24,174 | 21,805 | |||||||
Premises and equipment expenses | 3,227 | 3,317 | 3,523 | |||||||
Marketing and advertising | 884 | 636 | 1,186 | |||||||
Data processing | 3,354 | 3,099 | 2,729 | |||||||
Legal, accounting and professional fees | 2,649 | 3,254 | 2,137 | |||||||
FDIC insurance | 2,581 | 1,486 | 906 | |||||||
Other expenses | 3,326 | 4,618 | 26,676 | |||||||
Total noninterest expense | 37,978 | 40,584 | 58,962 | |||||||
Income Before Income Tax Expense | 36,872 | 31,128 | 28,472 | |||||||
Income Tax Expense | 8,180 | 6,894 | 12,776 | |||||||
Net Income | $ | 28,692 | $ | 24,234 | $ | 15,696 | ||||
Earnings Per Common Share | ||||||||||
Basic | $ | 0.94 | $ | 0.78 | $ | 0.49 | ||||
Diluted | $ | 0.94 | $ | 0.78 | $ | 0.49 |
Eagle Bancorp, Inc. | |||||||||||||||||
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited) | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
June 30, 2023 | March 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 | $ | 1,053,961 | $ | 13,229 | 5.03 | % | $ | 526,506 | $ | 5,774 | 4.45 | % | |||||
Loans held for sale(1) | 813 | 13 | 6.40 | % | 4,093 | 60 | 5.86 | % | |||||||||
Loans(1) (2) | 7,790,555 | 128,980 | 6.64 | % | 7,712,023 | 120,790 | 6.35 | % | |||||||||
Investment securities available-for-sale(2) | 1,626,330 | 8,526 | 2.10 | % | 1,660,258 | 7,811 | 1.91 | % | |||||||||
Investment securities held-to-maturity(2) | 1,068,755 | 5,715 | 2.14 | % | 1,087,047 | 5,734 | 2.14 | % | |||||||||
Federal funds sold | 5,636 | 47 | 3.34 | % | 14,890 | 78 | 2.12 | % | |||||||||
Total interest earning assets | 11,546,050 | $ | 156,510 | 5.44 | % | 11,004,817 | $ | 140,247 | 5.17 | % | |||||||
Total noninterest earning assets | 492,426 | 495,889 | |||||||||||||||
Less: allowance for credit losses | 78,365 | 74,650 | |||||||||||||||
Total noninterest earning assets | 414,061 | 421,239 | |||||||||||||||
TOTAL ASSETS | $ | 11,960,111 | $ | 11,426,056 | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Interest bearing transaction | $ | 1,312,710 | $ | 10,640 | 3.25 | % | $ | 1,065,421 | $ | 6,107 | 2.32 | % | |||||
Savings and money market | 2,967,678 | 30,861 | 4.17 | % | 3,326,807 | 33,274 | 4.06 | % | |||||||||
Time deposits | 1,675,690 | 17,921 | 4.29 | % | 1,078,227 | 9,573 | 3.60 | % | |||||||||
Total interest bearing deposits | 5,956,078 | 59,422 | 4.00 | % | 5,470,455 | 48,954 | 3.63 | % | |||||||||
Customer repurchase agreements | 41,105 | 333 | 3.25 | % | 38,257 | 302 | 3.20 | % | |||||||||
Other short-term borrowings | 1,991,557 | 23,907 | 4.80 | % | 1,251,392 | 14,930 | 4.77 | % | |||||||||
Long-term borrowings | 69,845 | 1,037 | 5.94 | % | 69,814 | 1,037 | 5.94 | % | |||||||||
Total interest bearing liabilities | 8,058,585 | $ | 84,699 | 4.22 | % | 6,829,918 | $ | 65,223 | 3.87 | % | |||||||
Noninterest bearing liabilities: | |||||||||||||||||
Noninterest bearing demand | 2,558,860 | 3,263,670 | |||||||||||||||
Other liabilities | 97,019 | 91,490 | |||||||||||||||
Total noninterest bearing liabilities | 2,655,879 | 3,355,160 | |||||||||||||||
Shareholders’ equity | 1,245,647 | 1,240,978 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,960,111 | $ | 11,426,056 | |||||||||||||
Net interest income | $ | 71,811 | $ | 75,024 | |||||||||||||
Net interest spread | 1.22 | % | 1.30 | % | |||||||||||||
Net interest margin | 2.49 | % | 2.77 | % | |||||||||||||
Cost of funds(3) | 3.20 | % | 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 $4.2 million and $3.7 million for the three months ended June 30, 2023 and March 31, 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. Under the current methodology, the cost of funds for fourth quarter 2022 was 1.74% and for third quarter 2022 was 1.09%.
Eagle Bancorp, Inc. | |||||||||||||||||
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited) | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
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 | $ | 1,053,961 | $ | 13,229 | 5.03 | % | $ | 1,193,253 | $ | 2,451 | 0.82 | % | |||||
Loans held for sale(1) | 813 | 13 | 6.40 | % | 16,342 | 179 | 4.38 | % | |||||||||
Loans(1) (2) | 7,790,555 | 128,980 | 6.64 | % | 7,104,727 | 79,963 | 4.51 | % | |||||||||
Investment securities available-for-sale(2) | 1,626,330 | 8,526 | 2.10 | % | 1,793,047 | 7,022 | 1.57 | % | |||||||||
Investment securities held-to-maturity(2) | 1,068,755 | 5,715 | 2.14 | % | 1,157,308 | 5,975 | 2.07 | % | |||||||||
Federal funds sold | 5,636 | 47 | 3.34 | % | 35,590 | 45 | 0.51 | % | |||||||||
Total interest earning assets | 11,546,050 | $ | 156,510 | 5.44 | % | 11,300,267 | $ | 95,635 | 3.39 | % | |||||||
Total noninterest earning assets | 492,426 | 474,336 | |||||||||||||||
Less: allowance for credit losses | 78,365 | 72,924 | |||||||||||||||
Total noninterest earning assets | 414,061 | 401,412 | |||||||||||||||
TOTAL ASSETS | $ | 11,960,111 | $ | 11,701,679 | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Interest bearing transaction | $ | 1,312,710 | $ | 10,640 | 3.25 | % | $ | 856,388 | $ | 630 | 0.30 | % | |||||
Savings and money market | 2,967,678 | 30,861 | 4.17 | % | 4,810,047 | 8,772 | 0.73 | % | |||||||||
Time deposits | 1,675,690 | 17,921 | 4.29 | % | 657,220 | 2,136 | 1.30 | % | |||||||||
Total interest bearing deposits | 5,956,078 | 59,422 | 4.00 | % | 6,323,655 | 11,538 | 0.73 | % | |||||||||
Customer repurchase agreements | 41,105 | 333 | 3.25 | % | 25,112 | 22 | 0.35 | % | |||||||||
Other short-term borrowings | 1,991,557 | 23,907 | 4.80 | % | 57,750 | 120 | 0.83 | % | |||||||||
Long-term borrowings | 69,845 | 1,037 | 5.94 | % | 69,721 | 1,037 | 5.95 | % | |||||||||
Total interest bearing liabilities | 8,058,585 | $ | 84,699 | 4.22 | % | 6,476,238 | $ | 12,717 | 0.79 | % | |||||||
Noninterest bearing liabilities: | |||||||||||||||||
Noninterest bearing demand | 2,558,860 | 3,861,231 | |||||||||||||||
Other liabilities | 97,019 | 82,468 | |||||||||||||||
Total noninterest bearing liabilities | 2,655,879 | 3,943,699 | |||||||||||||||
Shareholders’ equity | 1,245,647 | 1,281,742 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,960,111 | $ | 11,701,679 | |||||||||||||
Net interest income | $ | 71,811 | $ | 82,918 | |||||||||||||
Net interest spread | 1.22 | % | 2.60 | % | |||||||||||||
Net interest margin | 2.49 | % | 2.94 | % | |||||||||||||
Cost of funds(3) | 3.20 | % | 0.49 | % |
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $4.2 million and $4.3 million for the three months ended June 30, 2023 and June 30, 2022, respectively.(2) Interest and fees on loans and investments exclude tax equivalent adjustments.(3) Beginning in the 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.
Eagle Bancorp, Inc. | |||||||||||||||||||||||||||||||
Statements of Income and Highlights Quarterly Trends (Unaudited) | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||||||
Income Statements: | 2023 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||||||||||||||
Total interest income | $ | 156,510 | $ | 140,247 | $ | 129,130 | $ | 111,527 | $ | 95,635 | $ | 88,321 | $ | 86,230 | $ | 89,152 | |||||||||||||||
Total interest expense | 84,699 | 65,223 | 43,530 | 27,630 | 12,717 | 7,869 | 8,044 | 10,107 | |||||||||||||||||||||||
Net interest income | 71,811 | 75,024 | 85,600 | 83,897 | 82,918 | 80,452 | 78,186 | 79,045 | |||||||||||||||||||||||
Provision for (reversal of) credit losses | 5,238 | 6,164 | (464 | ) | 3,022 | 495 | (2,787 | ) | (6,412 | ) | (8,203 | ) | |||||||||||||||||||
Provision for (reversal of) unfunded commitments | 318 | 848 | 161 | 774 | 553 | (11 | ) | (632 | ) | 716 | |||||||||||||||||||||
Net interest income after provision for credit losses | 66,255 | 68,012 | 85,903 | 80,101 | 81,870 | 83,250 | 85,230 | 86,532 | |||||||||||||||||||||||
Noninterest income before investment gain (loss) | 8,593 | 3,721 | 5,326 | 5,304 | 5,715 | 7,478 | 9,668 | 6,780 | |||||||||||||||||||||||
Net gain (loss) on sale of investment securities | 2 | (21 | ) | 3 | 4 | (151 | ) | (25 | ) | 906 | 1,519 | ||||||||||||||||||||
Total noninterest income | 8,595 | 3,700 | 5,329 | 5,308 | 5,564 | 7,453 | 10,574 | 8,299 | |||||||||||||||||||||||
Salaries and employee benefits | 21,957 | 24,174 | 23,691 | 21,538 | 21,805 | 17,019 | 24,608 | 22,145 | |||||||||||||||||||||||
Premises and equipment | 3,227 | 3,317 | 3,292 | 3,275 | 3,523 | 3,128 | 3,755 | 3,859 | |||||||||||||||||||||||
Marketing and advertising | 884 | 636 | 1,290 | 1,181 | 1,186 | 1,064 | 1,286 | 1,013 | |||||||||||||||||||||||
Other expenses | 11,910 | 12,457 | 10,645 | 10,212 | 32,448 | 9,801 | 9,660 | 9,358 | |||||||||||||||||||||||
Total noninterest expense | 37,978 | 40,584 | 38,918 | 36,206 | 58,962 | 31,012 | 39,309 | 36,375 | |||||||||||||||||||||||
Income before income tax expense | 36,872 | 31,128 | 52,314 | 49,203 | 28,472 | 59,691 | 56,495 | 58,456 | |||||||||||||||||||||||
Income tax expense | 8,180 | 6,894 | 10,121 | 11,906 | 12,776 | 13,947 | 14,875 | 14,847 | |||||||||||||||||||||||
Net income | $ | 28,692 | $ | 24,234 | $ | 42,193 | $ | 37,297 | $ | 15,696 | $ | 45,744 | $ | 41,620 | $ | 43,609 | |||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||
Earnings per weighted average common share, basic | $ | 0.94 | $ | 0.78 | $ | 1.32 | $ | 1.16 | $ | 0.49 | $ | 1.43 | $ | 1.30 | $ | 1.36 | |||||||||||||||
Earnings per weighted average common share, diluted | $ | 0.94 | $ | 0.78 | $ | 1.32 | $ | 1.16 | $ | 0.49 | $ | 1.42 | $ | 1.30 | $ | 1.36 | |||||||||||||||
Weighted average common shares outstanding, basic | 30,454,766 | 31,109,267 | 31,819,631 | 32,084,464 | 32,080,657 | 32,033,280 | 31,950,320 | 31,959,357 | |||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 30,505,468 | 31,180,346 | 31,898,619 | 32,155,678 | 32,142,427 | 32,110,099 | 32,030,998 | 32,030,527 | |||||||||||||||||||||||
Actual shares outstanding at period end | 29,912,082 | 31,111,647 | 31,346,903 | 32,082,321 | 32,081,241 | 32,079,474 | 31,950,092 | 31,947,458 | |||||||||||||||||||||||
Book value per common share at period end | $ | 40.78 | $ | 39.92 | $ | 39.18 | $ | 38.02 | $ | 39.05 | $ | 39.89 | $ | 42.28 | $ | 41.68 | |||||||||||||||
Tangible book value per common share at period end(1) | $ | 37.29 | $ | 36.57 | $ | 35.86 | $ | 34.77 | $ | 35.80 | $ | 36.64 | $ | 38.97 | $ | 38.39 | |||||||||||||||
Dividend per common share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.40 | $ | 0.40 | $ | 0.40 | |||||||||||||||
Performance Ratios (annualized): | |||||||||||||||||||||||||||||||
Return on average assets | 0.96 | % | 0.86 | % | 1.49 | % | 1.29 | % | 0.54 | % | 1.46 | % | 1.32 | % | 1.46 | % | |||||||||||||||
Return on average common equity | 9.24 | % | 7.92 | % | 13.57 | % | 11.64 | % | 4.91 | % | 13.83 | % | 12.30 | % | 13.00 | % | |||||||||||||||
Return on average tangible common equity(1) | 10.08 | % | 8.65 | % | 14.82 | % | 12.67 | % | 5.35 | % | 14.99 | % | 13.35 | % | 14.11 | % | |||||||||||||||
Net interest margin | 2.49 | % | 2.77 | % | 3.14 | % | 3.02 | % | 2.94 | % | 2.65 | % | 2.55 | % | 2.73 | % | |||||||||||||||
Efficiency ratio(2) | 47.2 | % | 51.6 | % | 42.8 | % | 40.6 | % | 66.6 | % | 35.3 | % | 44.3 | % | 41.7 | % | |||||||||||||||
Other Ratios: | |||||||||||||||||||||||||||||||
Allowance for credit losses to total loans(3) | 1.00 | % | 1.01 | % | 0.97 | % | 1.04 | % | 1.02 | % | 1.01 | % | 1.06 | % | 1.21 | % | |||||||||||||||
Allowance for credit losses to total nonperforming loans | 268 | % | 1,160 | % | 1,151 | % | 997 | % | 386 | % | 301 | % | 257 | % | 265 | % | |||||||||||||||
Nonperforming loans to total loans(3) | 0.38 | % | 0.09 | % | 0.08 | % | 0.10 | % | 0.26 | % | 0.33 | % | 0.41 | % | 0.46 | % | |||||||||||||||
Nonperforming assets to total assets | 0.28 | % | 0.08 | % | 0.08 | % | 0.09 | % | 0.19 | % | 0.23 | % | 0.26 | % | 0.31 | % | |||||||||||||||
Net charge-off (recovery)(annualized) to average total loans(3) | 0.29 | % | 0.05 | % | 0.05 | % | — | % | (0.04) % | 0.03 | % | 0.07 | % | 0.08 | % | ||||||||||||||||
Tier 1 capital (to average assets) | 10.84 | % | 11.42 | % | 11.63 | % | 11.55 | % | 10.68 | % | 9.82 | % | 10.19 | % | 10.58 | % | |||||||||||||||
Total capital (to risk weighted assets) | 14.51 | % | 14.74 | % | 14.94 | % | 15.60 | % | 15.14 | % | 15.21 | % | 15.74 | % | 16.18 | % | |||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 13.55 | % | 13.75 | % | 14.03 | % | 14.64 | % | 14.06 | % | 14.12 | % | 14.63 | % | 14.95 | % | |||||||||||||||
Tangible common equity ratio(1) | 10.21 | % | 10.36 | % | 10.18 | % | 10.52 | % | 10.60 | % | 10.57 | % | 10.60 | % | 10.68 | % | |||||||||||||||
Average Balances (in thousands): | |||||||||||||||||||||||||||||||
Total assets | $ | 11,960,111 | $ | 11,426,056 | $ | 11,255,956 | $ | 11,431,110 | $ | 11,701,679 | $ | 12,701,152 | $ | 12,538,596 | $ | 11,826,326 | |||||||||||||||
Total earning assets | $ | 11,546,050 | $ | 11,004,817 | $ | 10,829,703 | $ | 11,030,670 | $ | 11,300,267 | $ | 12,326,473 | $ | 12,180,872 | $ | 11,486,280 | |||||||||||||||
Total loans(3) | $ | 7,790,555 | $ | 7,712,023 | $ | 7,379,198 | $ | 7,282,589 | $ | 7,104,727 | $ | 7,053,701 | $ | 6,890,414 | $ | 7,055,621 | |||||||||||||||
Total deposits | $ | 8,514,938 | $ | 8,734,125 | $ | 9,524,139 | $ | 9,907,497 | $ | 10,184,886 | $ | 10,874,976 | $ | 10,670,206 | $ | 9,948,114 | |||||||||||||||
Total borrowings | $ | 2,102,507 | $ | 1,359,463 | $ | 411,060 | $ | 158,001 | $ | 152,583 | $ | 371,987 | $ | 402,393 | $ | 448,697 | |||||||||||||||
Total shareholders’ equity | $ | 1,245,647 | $ | 1,240,978 | $ | 1,233,705 | $ | 1,271,753 | $ | 1,281,742 | $ | 1,341,785 | $ | 1,342,525 | $ | 1,331,022 |
(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.
EAGLE BANCORP, INC. |
CONTACT: |
David G. Danielson |
240.552.9534 |
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1 Month Eagle Bancorp Chart |
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