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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.24 | -1.19% | 19.94 | 18.84 | 20.26 | 20.32 | 19.83 | 20.15 | 270,535 | 01:00:00 |
The $1.3 million decrease in earnings from the prior quarter was attributable to several items including lower noninterest income as the prior quarter included nonrecurring recognition of income from a Small Business Investment Company ("SBIC") investment, lower net interest income as the cost of interest bearing liabilities outpaced income on interest-earning assets, and a reversal of $1.6 million of interest income because of a loan entering nonperforming status in the quarter.
Susan G. Riel, President and Chief Executive Officer of the Company commented, "The Company's steady performance this quarter was the result of continued efforts of the EagleBank team to offer our customers the products and services they need to run their businesses. As a result, our earnings and margin, absent the reversal of interest income, continued to stabilize. Additionally, our funding mix improved with deposit inflows and paydowns of short-term debt, and our asset quality metrics and regulatory capital ratios remain strong.
"The EagleBank team is working diligently to position the Company's balance sheet to enable appropriate diversification of assets and loans, and is building capabilities to drive core deposit growth. These strategies will position the Company for future sustainable growth and an enhanced earnings profile. I am excited about the future of EagleBank and its ability to serve our communities and customers through the successful execution of these strategies. "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."
Third Quarter 2023 Highlights
(Dollars in thousands, except per share data) | As of or for the Three Months Ended | Percent Change | |||||||||||||||
Sept. 30, | June 30, | Sept. 30, | Q3-23 | Q3-23 | |||||||||||||
2023 | 2023 | 2022 | vs. Q2-23 | vs. Q3-22 | |||||||||||||
Earnings and Per Share Data | |||||||||||||||||
Net Income | $ | 27,383 | $ | 28,692 | $ | 37,297 | (4.6)% | (26.6)% | |||||||||
Earnings per common share (diluted) | $ | 0.91 | $ | 0.94 | $ | 1.16 | (2.8)% | (21.2)% | |||||||||
Dividend per common share | $ | 0.45 | $ | 0.45 | $ | 0.45 | |||||||||||
Return Ratios | |||||||||||||||||
Return on average assets | 0.91 | % | 0.96 | % | 1.29 | % | |||||||||||
Return on average common equity | 8.80 | % | 9.24 | % | 11.64 | % | |||||||||||
Return on average tangible common equity1 | 9.61 | % | 10.08 | % | 12.67 | % | |||||||||||
Net interest margin | 2.43 | % | 2.49 | % | 3.02 | % | |||||||||||
Efficiency ratio1 | 48.8 | % | 47.2 | % | 40.6 | % | |||||||||||
Balance Sheet | |||||||||||||||||
Assets | $ | 11,164 | $ | 11,035 | $ | 10,713 | 1.2 | % | 4.2 | % | |||||||
Loans | $ | 7,916 | $ | 7,767 | $ | 7,304 | 1.9 | % | 8.4 | % | |||||||
Deposits | $ | 8,376 | $ | 7,718 | $ | 8,763 | 8.5 | % | (4.4)% | ||||||||
Borrowings | $ | 1,370 | $ | 1,907 | $ | 585 | (28.2)% | 134.3 | % | ||||||||
Book and Tangible Book | |||||||||||||||||
Book value per common share | $ | 40.64 | $ | 40.78 | $ | 38.02 | (0.3)% | 6.9 | % | ||||||||
Tangible book per common share1 | $ | 37.12 | $ | 37.29 | $ | 34.77 | (0.5)% | 6.8 | % | ||||||||
Capital Ratios | |||||||||||||||||
Equity/assets | 10.89 | % | 11.05 | % | 11.39 | % | |||||||||||
Tangible equity/assets | 10.04 | % | 10.21 | % | 10.52 | % | |||||||||||
Total capital (to risk weighted assets) | 14.54 | % | 14.51 | % | 15.60 | % | |||||||||||
Asset Quality | |||||||||||||||||
Allowance for credit losses to total loans | 1.05 | % | 1.00 | % | 1.04 | % | |||||||||||
Nonperforming assets ("NPAs") to total assets | 0.64 | % | 0.28 | % | 0.09 | % | |||||||||||
Net charge-off to average loans (annualized) | 0.02 | % | 0.29 | % | — | % |
Income Statement
(Dollars in thousands) | Three Months Ended | Percent Change | ||||||||||||||
Sept. 30, | June 30, | Sept. 30, | Q3-23 | Q3-23 | ||||||||||||
2023 | 2023 | 2022 | vs. Q2-23 | vs. Q3-22 | ||||||||||||
Net interest income | $ | 70,719 | $ | 71,811 | $ | 83,897 | (1.5)% | (15.7)% | ||||||||
Noninterest income | 6,347 | 8,595 | 5,308 | (26.2)% | 19.6 | % | ||||||||||
Noninterest expense | (37,633 | ) | (37,978 | ) | (36,206 | ) | (0.9)% | 3.9 | % | |||||||
PPNR (non-GAAP) | $ | 39,433 | $ | 42,428 | $ | 52,999 | (7.1)% | (25.6)% | ||||||||
Average Assets | $ | 11,942,905 | $ | 11,960,111 | $ | 11,431,110 | (0.1)% | 4.5 | % | |||||||
As a Percent of Average Assets | Basis Point Change | |||||||||||||||
Net interest income | 2.35 | % | 2.41 | % | 2.91 | % | (6) bps | (56) bps | ||||||||
Noninterest income | 0.21 | % | 0.29 | % | 0.18 | % | (8) bps | 3 bps | ||||||||
Noninterest expense | (1.25)% | (1.27)% | (1.26)% | 2 bps | 1 bps | |||||||||||
PPNR to Average Assets (non-GAAP) | 1.31 | % | 1.43 | % | 1.83 | % | (12) bps | (52) bps |
Balance Sheet
(Dollars in thousands) | Sept. 30, 2023 | June 30, 2023 | Sept. 30, 2022 | |||||||||||
Amount | % | Amount | % | Amount | % | |||||||||
Loan Balances - Period End: | ||||||||||||||
Commercial and Industrial | $ | 1,418,760 | 18 | % | $ | 1,431,284 | 18 | % | $ | 1,415,998 | 19 | % | ||
PPP loans | 588 | — | % | 649 | — | % | 7,241 | — | % | |||||
Commercial real estate - income producing | 4,147,301 | 52 | % | 4,086,049 | 53 | % | 3,668,720 | 50 | % | |||||
Commercial real estate - owner occupied | 1,182,959 | 15 | % | 1,122,334 | 14 | % | 1,091,283 | 15 | % | |||||
1-4 Family mortgage | 76,511 | 1 | % | 76,596 | 1 | % | 71,731 | 1 | % | |||||
Construction - commercial and residential | 904,282 | 11 | % | 862,869 | 11 | % | 858,100 | 12 | % | |||||
Construction - C&I (owner occupied) | 129,616 | 2 | % | 132,843 | 2 | % | 139,238 | 2 | % | |||||
Home equity | 53,917 | 1 | % | 53,934 | 1 | % | 51,396 | 1 | % | |||||
Other consumer | 2,457 | — | % | 161 | — | % | 791 | — | % | |||||
Total loans | $ | 7,916,391 | 100 | % | $ | 7,766,719 | 100 | % | $ | 7,304,498 | 100 | % |
(Dollars in thousands) | Three Months Ended or As Of | ||||||||
Sept. 30, | June 30, | Sept. 30, | |||||||
2023 | 2023 | 2022 | |||||||
Asset Quality: | |||||||||
Net charge-off (recovery) | $ | 340 | $ | 5,598 | $ | (57 | ) | ||
Nonperforming loans | $ | 70,418 | $ | 29,098 | $ | 7,601 | |||
Other real estate owned | $ | 1,487 | $ | 1,487 | $ | 1,962 | |||
Nonperforming assets | $ | 71,905 | $ | 30,585 | $ | 9,563 | |||
Special mention | $ | 158,182 | $ | 155,810 | $ | 106,672 | |||
Substandard | $ | 219,001 | $ | 219,045 | $ | 89,724 |
For the Company | Regulatory | ||||||||||
Sept. 30, | June 30, | Sept. 30, | Capital | ||||||||
20239 | 2023 | 2022 | Requirements | ||||||||
Regulatory Capital Ratios | |||||||||||
Total Capital (to risk weighted assets) | 14.54 | % | 14.52 | % | 15.60 | % | 10.50 | % | |||
Tier 1 Capital (to risk weighted assets) | 13.68 | % | 13.55 | % | 14.64 | % | 8.50 | % | |||
Common Equity Tier 1 (to risk weighted assets) | 13.68 | % | 13.55 | % | 14.64 | % | 7.00 | % | |||
Tier 1 Capital (to average assets) | 10.96 | % | 10.84 | % | 11.55 | % | 4.00 | % | |||
Common Capital Ratios | |||||||||||
Common Equity Ratio | 10.89 | % | 11.05 | % | 11.39 | % | — | ||||
Tangible Common Equity Ratio8 | 10.04 | % | 10.21 | % | 10.52 | % | — |
Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended September 30, 2023 as compared to the three months ended June 30, 2023 and September 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 third quarter 2023 financial results on Thursday, October 26, 2023 at 10:00 a.m. eastern time.
The listen-only webcast can be accessed at:https://edge.media-server.com/mmc/p/iffrccgu/
For analysts who wish to participate in the conference call, please register at the following URL:https://register.vevent.com/register/BIab5af7f55cc3442a8257605b6478c064
A replay of the conference call will be available on the Company’s website through November 9, 2023: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, 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 Bank completes its third 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 the Bank's September 30, 2023 Call Report.3 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 14.4 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below. 5 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.6 Net charge-offs as a percent of average loans (excluding loans held for sale) are shown on an annualized basis.7 Estimated amount of uninsured deposits to be reported on line RCON5597 of schedule RC-O in the Bank's September 30, 2023 Call Report.8 A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.9 Capital ratios for September 30, 2023 are subject to final filings with the Federal Reserve.
GAAP Reconciliation (unaudited) | |||||||||||
(dollars in thousands, except per share data) | |||||||||||
September 30, | June 30, | September 30, | |||||||||
2023 | 2023 | 2022 | |||||||||
Tangible equity and assets | |||||||||||
Common shareholders' equity | $ | 1,215,884 | $ | 1,219,766 | $ | 1,219,771 | |||||
Less: Intangible assets | (105,239 | ) | (104,220 | ) | (104,240 | ) | |||||
Tangible common equity | $ | 1,110,645 | $ | 1,115,546 | $ | 1,115,531 | |||||
Book value per common share | $ | 40.64 | $ | 40.78 | $ | 38.02 | |||||
Less: Intangible book value per common share | (3.52 | ) | (3.49 | ) | (3.25 | ) | |||||
Tangible book value per common share | $ | 37.12 | $ | 37.29 | $ | 34.77 | |||||
Shares outstanding period end | 29,917,982 | 29,912,082 | 32,082,321 | ||||||||
Total assets | $ | 11,164,214 | $ | 11,034,741 | $ | 10,713,044 | |||||
Less: Intangible assets | (105,239 | ) | (104,220 | ) | (104,240 | ) | |||||
Tangible assets | $ | 11,058,975 | $ | 10,930,521 | $ | 10,608,804 | |||||
Tangible common equity ratio | 10.04 | % | 10.21 | % | 10.52 | % | |||||
Three Months Ended | |||||||||||
September 30, | June 30, | September 30, | |||||||||
2023 | 2023 | 2022 | |||||||||
Average tangible common equity | |||||||||||
Average common shareholders' equity | $ | 1,235,162 | $ | 1,245,647 | $ | 1,271,753 | |||||
Less: Average intangible assets | (104,639 | ) | (104,224 | ) | (104,253 | ) | |||||
Average tangible common equity | $ | 1,130,523 | $ | 1,141,423 | $ | 1,167,500 | |||||
Return on Average Tangible Common Equity | 9.61 | % | 10.08 | % | 12.67 | % | |||||
Efficiency ratio | |||||||||||
Net interest income | $ | 70,719 | $ | 71,811 | $ | 83,897 | |||||
Noninterest income | 6,347 | 8,595 | 5,308 | ||||||||
Operating revenue | $ | 77,066 | $ | 80,406 | $ | 89,205 | |||||
Noninterest expense | $ | 37,633 | $ | 37,978 | $ | 36,206 | |||||
Efficiency ratio | 48.8 | % | 47.2 | % | 40.6 | % | |||||
GAAP Reconciliation - Notes
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 provide reconciliations 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.
PPNR 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 the nearest GAAP measure to PPNR and PPNR to Average Assets.
Eagle Bancorp, Inc. | |||||||||||
Consolidated Balance Sheets (Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||
September 30, | June 30, | September 30, | |||||||||
Assets | 2023 | 2023 | 2022 | ||||||||
Cash and due from banks | $ | 8,625 | $ | 9,865 | $ | 27,235 | |||||
Federal funds sold | 13,611 | 3,981 | 69,809 | ||||||||
Interest-bearing deposits with banks and other short-term investments | 235,819 | 174,072 | 47,131 | ||||||||
Investment securities available-for-sale at fair value (amortized cost of $1,700,233, $1,732,722, and $1,873,872, net of allowance for credit losses of $17, $17 and $18 as of September 30, 2023, June 30, 2023 and September 30, 2022, respectively) | 1,474,945 | 1,535,589 | 1,649,753 | ||||||||
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $2,010, $2,010 and $802 (fair value of $872,710, $923,313 and $989,001, as of September 30, 2023, June 30, 2023 and September 30, 2022, respectively) | 1,032,485 | 1,055,181 | 1,114,084 | ||||||||
Federal Reserve and Federal Home Loan Bank stock | 25,689 | 46,199 | 42,311 | ||||||||
Loans held for sale | — | — | 9,387 | ||||||||
Loans | 7,916,391 | 7,766,719 | 7,304,498 | ||||||||
Less allowance for credit losses | (83,332 | ) | (78,029 | ) | (75,767 | ) | |||||
Loans, net | 7,833,059 | 7,688,690 | 7,228,731 | ||||||||
Premises and equipment, net | 11,216 | 11,979 | 13,684 | ||||||||
Operating lease right-of-use assets | 20,151 | 21,580 | 26,022 | ||||||||
Deferred income taxes | 98,987 | 92,574 | 112,904 | ||||||||
Bank-owned life insurance | 112,234 | 111,565 | 110,678 | ||||||||
Goodwill and intangible assets, net | 105,239 | 104,220 | 104,240 | ||||||||
Other real estate owned | 1,487 | 1,487 | 1,962 | ||||||||
Other assets | 190,667 | 177,759 | 155,113 | ||||||||
Total assets | $ | 11,164,214 | $ | 11,034,741 | $ | 10,713,044 | |||||
Liabilities and Shareholders' Equity | |||||||||||
Deposits: | |||||||||||
Noninterest bearing demand | $ | 2,072,665 | $ | 2,010,353 | $ | 2,928,774 | |||||
Interest bearing transaction | 932,779 | 930,308 | 964,567 | ||||||||
Savings and money market | 3,129,773 | 2,791,040 | 4,220,768 | ||||||||
Time deposits | 2,241,089 | 1,986,426 | 649,241 | ||||||||
Total deposits | 8,376,306 | 7,718,127 | 8,763,350 | ||||||||
Customer repurchase agreements | 25,689 | 37,017 | 21,465 | ||||||||
Other short-term borrowings | 1,300,001 | 1,836,759 | 515,000 | ||||||||
Long-term borrowings | 69,887 | 69,856 | 69,763 | ||||||||
Operating lease liabilities | 24,422 | 26,007 | 30,837 | ||||||||
Reserve for unfunded commitments | 6,183 | 7,023 | 5,696 | ||||||||
Other liabilities | 145,842 | 120,186 | 87,162 | ||||||||
Total liabilities | 9,948,330 | 9,814,975 | 9,493,273 | ||||||||
Shareholders' Equity | |||||||||||
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 29,917,982, 29,912,082, and 32,082,321 respectively | 296 | 296 | 318 | ||||||||
Additional paid in capital | 372,394 | 370,278 | 442,880 | ||||||||
Retained earnings | 1,054,699 | 1,040,779 | 987,212 | ||||||||
Accumulated other comprehensive loss | (211,505 | ) | (191,587 | ) | (210,639 | ) | |||||
Total Shareholders' Equity | 1,215,884 | 1,219,766 | 1,219,771 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 11,164,214 | $ | 11,034,741 | $ | 10,713,044 |
Eagle Bancorp, Inc. | |||||||||
Consolidated Statements of Income (Unaudited) | |||||||||
(Dollars in thousands, except per share data) | |||||||||
Three Months Ended | |||||||||
September 30 | June 30, | September 30, | |||||||
2023 | 2023 | 2022 | |||||||
Interest Income | |||||||||
Interest and fees on loans | $ | 132,273 | $ | 128,993 | $ | 93,744 | |||
Interest and dividends on investment securities | 13,732 | 14,241 | 13,463 | ||||||
Interest on balances with other banks and short-term investments | 15,067 | 13,229 | 4,100 | ||||||
Interest on federal funds sold | 77 | 47 | 220 | ||||||
Total interest income | 161,149 | 156,510 | 111,527 | ||||||
Interest Expense | |||||||||
Interest on deposits | 70,929 | 59,422 | 26,125 | ||||||
Interest on customer repurchase agreements | 311 | 333 | 55 | ||||||
Interest on other short-term borrowings | 18,152 | 23,907 | 412 | ||||||
Interest on long-term borrowings | 1,038 | 1,037 | 1,038 | ||||||
Total interest expense | 90,430 | 84,699 | 27,630 | ||||||
Net Interest Income | 70,719 | 71,811 | 83,897 | ||||||
Provision for Credit Losses | 5,644 | 5,238 | 3,022 | ||||||
(Reversal of) Provision for Credit Losses for Unfunded Commitments | (839 | ) | 318 | 774 | |||||
Net Interest Income After (Reversal of) Provision For Credit Losses | 65,914 | 66,255 | 80,101 | ||||||
Noninterest Income | |||||||||
Service charges on deposits | 1,631 | 1,626 | 1,339 | ||||||
(Loss) Gain on sale of loans | (5 | ) | 95 | 821 | |||||
Net gain on sale of investment securities | 5 | 2 | 4 | ||||||
Increase in cash surrender value of bank-owned life insurance | 669 | 648 | 631 | ||||||
Other income | 4,047 | 6,224 | 2,513 | ||||||
Total noninterest income | 6,347 | 8,595 | 5,308 | ||||||
Noninterest Expense | |||||||||
Salaries and employee benefits | 21,549 | 21,957 | 21,538 | ||||||
Premises and equipment expenses | 3,095 | 3,227 | 3,275 | ||||||
Marketing and advertising | 768 | 884 | 1,181 | ||||||
Data processing | 3,194 | 3,354 | 3,445 | ||||||
Legal, accounting and professional fees | 2,162 | 2,649 | 2,332 | ||||||
FDIC insurance | 3,342 | 2,581 | 1,287 | ||||||
Other expenses | 3,523 | 3,326 | 3,148 | ||||||
Total noninterest expense | 37,633 | 37,978 | 36,206 | ||||||
Income Before Income Tax Expense | 34,628 | 36,872 | 49,203 | ||||||
Income Tax Expense | 7,245 | 8,180 | 11,906 | ||||||
Net Income | $ | 27,383 | $ | 28,692 | $ | 37,297 | |||
Earnings Per Common Share | |||||||||
Basic | $ | 0.91 | $ | 0.94 | $ | 1.16 | |||
Diluted | $ | 0.91 | $ | 0.94 | $ | 1.16 |
Eagle Bancorp, Inc. | |||||||||||||||||
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited) | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2023 | June 30, 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 | $ | 1,127,451 | $ | 15,067 | 5.30 | % | $ | 1,053,961 | $ | 13,229 | 5.03 | % | |||||
Loans held for sale(1) | — | — | — | % | 813 | 13 | 6.41 | % | |||||||||
Loans(1) (2) | 7,795,144 | 132,273 | 6.73 | % | 7,790,555 | 128,980 | 6.64 | % | |||||||||
Investment securities available-for-sale(2) | 1,554,348 | 8,126 | 2.07 | % | 1,626,330 | 8,526 | 2.10 | % | |||||||||
Investment securities held-to-maturity(2) | 1,047,515 | 5,606 | 2.12 | % | 1,068,755 | 5,715 | 2.14 | % | |||||||||
Federal funds sold | 7,728 | 77 | 3.95 | % | 5,636 | 47 | 3.34 | % | |||||||||
Total interest earning assets | 11,532,186 | $ | 161,149 | 5.54 | % | 11,546,050 | $ | 156,510 | 5.44 | % | |||||||
Total noninterest earning assets | 489,683 | 492,426 | |||||||||||||||
Less: allowance for credit losses | 78,964 | 78,365 | |||||||||||||||
Total noninterest earning assets | 410,719 | 414,061 | |||||||||||||||
TOTAL ASSETS | $ | 11,942,905 | $ | 11,960,111 | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Interest bearing transaction | $ | 1,421,522 | $ | 12,785 | 3.57 | % | $ | 1,312,710 | $ | 10,640 | 3.25 | % | |||||
Savings and money market | 3,113,755 | 32,855 | 4.19 | % | 2,967,678 | 30,861 | 4.17 | % | |||||||||
Time deposits | 2,162,582 | 25,289 | 4.64 | % | 1,675,690 | 17,921 | 4.29 | % | |||||||||
Total interest bearing deposits | 6,697,859 | 70,929 | 4.20 | % | 5,956,078 | 59,422 | 4.00 | % | |||||||||
Customer repurchase agreements | 36,082 | 311 | 3.42 | % | 41,105 | 333 | 3.25 | % | |||||||||
Other short-term borrowings | 1,540,221 | 18,152 | 4.68 | % | 1,991,557 | 23,907 | 4.81 | % | |||||||||
Long-term borrowings | 69,876 | 1,038 | 5.89 | % | 69,845 | 1,037 | 5.96 | % | |||||||||
Total interest bearing liabilities | 8,344,038 | $ | 90,430 | 4.30 | % | 8,058,585 | $ | 84,699 | 4.22 | % | |||||||
Noninterest bearing liabilities: | |||||||||||||||||
Noninterest bearing demand | 2,248,782 | 2,558,860 | |||||||||||||||
Other liabilities | 114,923 | 97,019 | |||||||||||||||
Total noninterest bearing liabilities | 2,363,705 | 2,655,879 | |||||||||||||||
Shareholders’ equity | 1,235,162 | 1,245,647 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,942,905 | $ | 11,960,111 | |||||||||||||
Net interest income | $ | 70,719 | $ | 71,811 | |||||||||||||
Net interest spread | 1.24 | % | 1.22 | % | |||||||||||||
Net interest margin | 2.43 | % | 2.49 | % | |||||||||||||
Cost of funds | 3.39 | % | 3.20 | % |
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $4.1 million and $4.2 million for the three months ended September 30, 2023 and June 30, 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 September 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 | $ | 1,127,451 | $ | 15,067 | 5.30 | % | $ | 771,063 | $ | 4,100 | 2.11 | % | |||||
Loans held for sale(1) | — | — | — | % | 11,586 | 150 | 5.14 | % | |||||||||
Loans(1) (2) | 7,795,144 | 132,273 | 6.73 | % | 7,282,589 | 93,594 | 5.10 | % | |||||||||
Investment securities available-for-sale(2) | 1,554,348 | 8,126 | 2.07 | % | 1,782,859 | 7,587 | 1.69 | % | |||||||||
Investment securities held-to-maturity(2) | 1,047,515 | 5,606 | 2.12 | % | 1,128,943 | 5,876 | 2.06 | % | |||||||||
Federal funds sold | 7,728 | 77 | 3.95 | % | 53,630 | 220 | 1.63 | % | |||||||||
Total interest earning assets | 11,532,186 | $ | 161,149 | 5.54 | % | 11,030,670 | $ | 111,527 | 4.01 | % | |||||||
Total noninterest earning assets | 489,683 | 475,581 | |||||||||||||||
Less: allowance for credit losses | 78,964 | 75,141 | |||||||||||||||
Total noninterest earning assets | 410,719 | 400,440 | |||||||||||||||
TOTAL ASSETS | $ | 11,942,905 | $ | 11,431,110 | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Interest bearing transaction | $ | 1,421,522 | $ | 12,785 | 3.57 | % | $ | 960,970 | $ | 1,891 | 0.78 | % | |||||
Savings and money market | 3,113,755 | 32,855 | 4.19 | % | 4,504,216 | 21,711 | 1.91 | % | |||||||||
Time deposits | 2,162,582 | 25,289 | 4.64 | % | 633,241 | 2,523 | 1.58 | % | |||||||||
Total interest bearing deposits | 6,697,859 | 70,929 | 4.20 | % | 6,098,427 | 26,125 | 1.70 | % | |||||||||
Customer repurchase agreements | 36,082 | 311 | 3.42 | % | 26,546 | 55 | 0.82 | % | |||||||||
Other short-term borrowings | 1,540,221 | 18,152 | 4.68 | % | 61,703 | 412 | 2.65 | % | |||||||||
Long-term borrowings | 69,876 | 1,038 | 5.89 | % | 69,752 | 1,038 | 5.90 | % | |||||||||
Total interest bearing liabilities | 8,344,038 | $ | 90,430 | 4.30 | % | 6,256,428 | $ | 27,630 | 1.75 | % | |||||||
Noninterest bearing liabilities: | |||||||||||||||||
Noninterest bearing demand | 2,248,782 | 3,809,070 | |||||||||||||||
Other liabilities | 114,923 | 93,859 | |||||||||||||||
Total noninterest bearing liabilities | 2,363,705 | 3,902,929 | |||||||||||||||
Shareholders’ equity | 1,235,162 | 1,271,753 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,942,905 | $ | 11,431,110 | |||||||||||||
Net interest income | $ | 70,719 | $ | 83,897 | |||||||||||||
Net interest spread | 1.24 | % | 2.26 | % | |||||||||||||
Net interest margin | 2.43 | % | 3.02 | % | |||||||||||||
Cost of funds(3) | 3.39 | % | 1.09 | % |
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $4.1 million and $3.4 million for the three months ended September 30, 2023 and September 30, 2022, 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.
Eagle Bancorp, Inc. | |||||||||||||||||||||||||||||||
Statements of Income and Highlights Quarterly Trends (Unaudited) | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||
Income Statements: | 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | |||||||||||||||||||||||
Total interest income | $ | 161,149 | $ | 156,510 | $ | 140,247 | $ | 129,130 | $ | 111,527 | $ | 95,635 | $ | 88,321 | $ | 86,230 | |||||||||||||||
Total interest expense | 90,430 | 84,699 | 65,223 | 43,530 | 27,630 | 12,717 | 7,869 | 8,044 | |||||||||||||||||||||||
Net interest income | 70,719 | 71,811 | 75,024 | 85,600 | 83,897 | 82,918 | 80,452 | 78,186 | |||||||||||||||||||||||
Provision for (reversal of) credit losses | 5,644 | 5,238 | 6,164 | (464 | ) | 3,022 | 495 | (2,787 | ) | (6,412 | ) | ||||||||||||||||||||
Provision for (reversal of) unfunded commitments | (839 | ) | 318 | 848 | 161 | 774 | 553 | (11 | ) | (632 | ) | ||||||||||||||||||||
Net interest income after provision for credit losses | 65,914 | 66,255 | 68,012 | 85,903 | 80,101 | 81,870 | 83,250 | 85,230 | |||||||||||||||||||||||
Noninterest income before investment gain (loss) | 6,342 | 8,593 | 3,721 | 5,326 | 5,304 | 5,715 | 7,478 | 9,668 | |||||||||||||||||||||||
Net gain (loss) on sale of investment securities | 5 | 2 | (21 | ) | 3 | 4 | (151 | ) | (25 | ) | 906 | ||||||||||||||||||||
Total noninterest income | 6,347 | 8,595 | 3,700 | 5,329 | 5,308 | 5,564 | 7,453 | 10,574 | |||||||||||||||||||||||
Salaries and employee benefits | 21,549 | 21,957 | 24,174 | 23,691 | 21,538 | 21,805 | 17,019 | 24,608 | |||||||||||||||||||||||
Premises and equipment | 3,095 | 3,227 | 3,317 | 3,292 | 3,275 | 3,523 | 3,128 | 3,755 | |||||||||||||||||||||||
Marketing and advertising | 768 | 884 | 636 | 1,290 | 1,181 | 1,186 | 1,064 | 1,286 | |||||||||||||||||||||||
Other expenses | 12,221 | 11,910 | 12,457 | 10,645 | 10,212 | 32,448 | 9,801 | 9,660 | |||||||||||||||||||||||
Total noninterest expense | 37,633 | 37,978 | 40,584 | 38,918 | 36,206 | 58,962 | 31,012 | 39,309 | |||||||||||||||||||||||
Income before income tax expense | 34,628 | 36,872 | 31,128 | 52,314 | 49,203 | 28,472 | 59,691 | 56,495 | |||||||||||||||||||||||
Income tax expense | 7,245 | 8,180 | 6,894 | 10,121 | 11,906 | 12,776 | 13,947 | 14,875 | |||||||||||||||||||||||
Net income | $ | 27,383 | $ | 28,692 | $ | 24,234 | $ | 42,193 | $ | 37,297 | $ | 15,696 | $ | 45,744 | $ | 41,620 | |||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||
Earnings per weighted average common share, basic | $ | 0.91 | $ | 0.94 | $ | 0.78 | $ | 1.32 | $ | 1.16 | $ | 0.49 | $ | 1.43 | $ | 1.30 | |||||||||||||||
Earnings per weighted average common share, diluted | $ | 0.91 | $ | 0.94 | $ | 0.78 | $ | 1.32 | $ | 1.16 | $ | 0.49 | $ | 1.42 | $ | 1.30 | |||||||||||||||
Weighted average common shares outstanding, basic | 29,910,218 | 30,454,766 | 31,109,267 | 31,819,631 | 32,084,464 | 32,080,657 | 32,033,280 | 31,950,320 | |||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 29,944,692 | 30,505,468 | 31,180,346 | 31,898,619 | 32,155,678 | 32,142,427 | 32,110,099 | 32,030,998 | |||||||||||||||||||||||
Actual shares outstanding at period end | 29,917,982 | 29,912,082 | 31,111,647 | 31,346,903 | 32,082,321 | 32,081,241 | 32,079,474 | 31,950,092 | |||||||||||||||||||||||
Book value per common share at period end | $ | 40.64 | $ | 40.78 | $ | 39.92 | $ | 39.18 | $ | 38.02 | $ | 39.05 | $ | 39.89 | $ | 42.28 | |||||||||||||||
Tangible book value per common share at period end(1) | $ | 37.12 | $ | 37.29 | $ | 36.57 | $ | 35.86 | $ | 34.77 | $ | 35.80 | $ | 36.64 | $ | 38.97 | |||||||||||||||
Dividend per common share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.40 | $ | 0.40 | |||||||||||||||
Performance Ratios (annualized): | |||||||||||||||||||||||||||||||
Return on average assets | 0.91 | % | 0.96 | % | 0.86 | % | 1.49 | % | 1.29 | % | 0.54 | % | 1.46 | % | 1.32 | % | |||||||||||||||
Return on average common equity | 8.80 | % | 9.24 | % | 7.92 | % | 13.57 | % | 11.64 | % | 4.91 | % | 13.83 | % | 12.30 | % | |||||||||||||||
Return on average tangible common equity(1) | 9.61 | % | 10.08 | % | 8.65 | % | 14.82 | % | 12.67 | % | 5.35 | % | 14.99 | % | 13.35 | % | |||||||||||||||
Net interest margin | 2.43 | % | 2.49 | % | 2.77 | % | 3.14 | % | 3.02 | % | 2.94 | % | 2.65 | % | 2.55 | % | |||||||||||||||
Efficiency ratio(2) | 48.8 | % | 47.2 | % | 51.6 | % | 42.8 | % | 40.6 | % | 66.6 | % | 35.3 | % | 44.3 | % | |||||||||||||||
Other Ratios: | |||||||||||||||||||||||||||||||
Allowance for credit losses to total loans(3) | 1.05 | % | 1.00 | % | 1.01 | % | 0.97 | % | 1.04 | % | 1.02 | % | 1.01 | % | 1.06 | % | |||||||||||||||
Allowance for credit losses to total nonperforming loans | 118 | % | 268 | % | 1,160 | % | 1,151 | % | 997 | % | 386 | % | 301 | % | 257 | % | |||||||||||||||
Nonperforming loans to total loans(3) | 0.89 | % | 0.37 | % | 0.09 | % | 0.08 | % | 0.10 | % | 0.26 | % | 0.33 | % | 0.41 | % | |||||||||||||||
Nonperforming assets to total assets | 0.64 | % | 0.28 | % | 0.08 | % | 0.08 | % | 0.09 | % | 0.19 | % | 0.23 | % | 0.26 | % | |||||||||||||||
Net charge-off (recovery)(annualized) to average total loans(3) | 0.02 | % | 0.29 | % | 0.05 | % | 0.05 | % | — | % | (0.04)% | 0.03 | % | 0.07 | % | ||||||||||||||||
Tier 1 capital (to average assets) | 10.96 | % | 10.84 | % | 11.42 | % | 11.63 | % | 11.55 | % | 10.68 | % | 9.82 | % | 10.19 | % | |||||||||||||||
Total capital (to risk weighted assets) | 14.54 | % | 14.51 | % | 14.74 | % | 14.94 | % | 15.60 | % | 15.14 | % | 15.21 | % | 15.74 | % | |||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 13.68 | % | 13.55 | % | 13.75 | % | 14.03 | % | 14.64 | % | 14.06 | % | 14.12 | % | 14.63 | % | |||||||||||||||
Tangible common equity ratio(1) | 10.04 | % | 10.21 | % | 10.36 | % | 10.18 | % | 10.52 | % | 10.60 | % | 10.57 | % | 10.60 | % | |||||||||||||||
Average Balances (in thousands): | |||||||||||||||||||||||||||||||
Total assets | $ | 11,942,905 | $ | 11,960,111 | $ | 11,426,056 | $ | 11,255,956 | $ | 11,431,110 | $ | 11,701,679 | $ | 12,701,152 | $ | 12,538,596 | |||||||||||||||
Total earning assets | $ | 11,532,186 | $ | 11,546,050 | $ | 11,004,817 | $ | 10,829,703 | $ | 11,030,670 | $ | 11,300,267 | $ | 12,326,473 | $ | 12,180,872 | |||||||||||||||
Total loans(3) | $ | 7,795,144 | $ | 7,790,555 | $ | 7,712,023 | $ | 7,379,198 | $ | 7,282,589 | $ | 7,104,727 | $ | 7,053,701 | $ | 6,890,414 | |||||||||||||||
Total deposits | $ | 8,946,641 | $ | 8,514,938 | $ | 8,734,125 | $ | 9,524,139 | $ | 9,907,497 | $ | 10,184,886 | $ | 10,874,976 | $ | 10,670,206 | |||||||||||||||
Total borrowings | $ | 1,646,179 | $ | 2,102,507 | $ | 1,359,463 | $ | 411,060 | $ | 158,001 | $ | 152,583 | $ | 371,987 | $ | 402,393 | |||||||||||||||
Total shareholders’ equity | $ | 1,235,162 | $ | 1,245,647 | $ | 1,240,978 | $ | 1,233,705 | $ | 1,271,753 | $ | 1,281,742 | $ | 1,341,785 | $ | 1,342,525 |
(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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