Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent
company of EagleBank (the "Bank"), today announced net income of
$20.2 million for the fourth quarter 2023, compared to net income
of $27.4 million for the third quarter 2023 (the "prior
quarter"). Net income was $0.68 per share (basic) and $0.67 per
share (diluted) for the fourth quarter 2023, compared to $0.91 per
share for the prior quarter (basic and diluted).
The $7.2 million decrease in earnings from the
prior quarter was attributable to a higher provision for credit
losses and lower noninterest income. These reductions were
partially offset by higher net interest income as interest income
on loans and investments outpaced the increase in interest
expense.
Susan G. Riel, President and Chief Executive
Officer of the Company, commented, "EagleBank's franchise showed
resiliency throughout 2023 by exhibiting continued strength with
strong capital levels, strong operating efficiency, and commitment
to our customers through a dynamic and uncertain operating
environment. The Company's 2023 performance reflected a
normalization of asset quality metrics and elevated funding costs
from higher interest rates. The team's efforts positively impacted
our momentum in the face of these challenges. Deposits ended higher
than the comparable year-ago period for the first time in six
quarters, and net interest income increased quarter over quarter
for the first time in four quarters."
"The EagleBank team is committed to continuing
its efforts to grow and improve the quality of our deposit
portfolio, reduce the reliance on wholesale funding, and grow our
commercial lending team," Ms. Riel said. "I am confident the
management team has identified strategies to be executed in 2024 to
position the Company for future sustainable growth and an enhanced
earnings profile. I am excited about the future and prospects of
EagleBank and its ability to serve our communities and customers
for years to come." "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."
Fourth Quarter 2023
Highlights
-
The funding mix continued to improve as deposits at quarter-end
were $8.8 billion, up $432 million, or 5.2%, from the prior
quarter-end, and are now higher than a year ago before the market
disruption in the first quarter of 2023. The increase in deposits
was primarily from growth in noninterest bearing demand deposits
reflecting a large deposit toward the end of the quarter from a
third-party payment processor and money market accounts from a
fourth quarter consumer deposit campaign. Average noninterest
bearings deposits as a percent of average deposits declined to
22.9%, from 25.1% in the prior quarter. Additionally, brokered
deposits declined to 27.0% of deposits at quarter-end, from 29.1% a
quarter ago.
-
The net interest margin ("NIM") was 2.45% for the fourth quarter
2023, compared to 2.43% for the prior quarter.
-
The Company declared a quarterly dividend of $0.45 per share.
-
At quarter-end, the common equity and tangible common equity ratios
were 10.92% and 10.12%1, respectively.
-
Loans at quarter-end were $8.0 billion, up $52 million, or 0.6%,
from the prior quarter-end.
-
Nonperforming assets as a percentage of total assets was 0.57% and
the net charge-off year-to-date was 0.24% of average total
loans.
-
The provision for credit losses was $14.5 million for the quarter,
as compared to $5.6 million the prior quarter. The allowance for
credit losses as a percent of total loans was 1.08% at quarter-end;
up from 1.05% a quarter ago.
-
Total estimated uninsured deposits at December 31, 2023 were
$2.8 billion2, or 31.4% of deposits.
Income Statement
- Net
interest income was $73.0 million for the fourth quarter
2023, compared to $70.7 million for the prior quarter. The increase
in net interest income from the prior quarter was primarily driven
by an increase in earning assets as well as higher yields on loans
and investments.
-
Provision for credit losses on loans was $14.5
million for the fourth quarter 2023, compared to $5.6 million for
the prior quarter. The increase in the fourth quarter 2023
provision over the prior quarter was primarily driven by the
partial charge-off of an office loan that moved to nonperforming
and by the sale of a CRE multi-family construction loan. In
addition, there was an increase in qualitative reserve that was
offset by a reduction in the quantitative reserve. The increase in
the qualitative reserve was related to changes in the nature and
volume of the portfolio, changes in delinquencies and loss
experience, and changes in loan ratings. The reduction in the
quantitative reserves was based on a decline in individually
evaluated loans.
-
Noninterest income was $2.9 million for the fourth
quarter 2023, as compared to $6.3 million for the prior quarter.
The primary driver for the decrease in the fourth quarter 2023 from
the prior quarter were market value adjustments on our derivative
book due to lower interest rates.
-
Noninterest expense was $37.1 million for the
fourth quarter 2023, as compared to $37.6 million for the prior
quarter. Noninterest expense was down $535 thousand from the prior
quarter, primarily due to lower overall expenses offset by higher
FDIC fees, which were up $1.1 million from the prior quarter on
higher assessment fees.
Loans, Total Assets and
Funding
- Total
loans (excluding loans held for sale) were $8.0 billion at
December 31, 2023, up 0.7% from a quarter ago. The increase in
total loans from the prior quarter-end was driven by growth in
C&I loans and construction loans for commercial and residential
properties as period-end balances for commercial real estate loans
were down. At December 31, 2023, income-producing commercial
real estate loans secured by office properties other than
owner-occupied properties ("CRE office loans") were 11.9% of the
total loan portfolio. Our CRE office loans are primarily located in
the Washington, D.C. market; with 24.5% in the District of
Columbia, 35.4% in Washington's Maryland suburbs, 32.7% in Northern
Virginia, and 7.4% located outside these markets.
- Total
deposits were $8.8 billion at December 31, 2023, up
5.2% from a quarter ago. The increase from the prior quarter-end
was primarily attributable to an increase in noninterest bearing
demand and money market accounts as time deposits declined.
Brokered deposits were 27.0% of deposits at quarter-end, down from
29.1% a quarter ago. The decrease in brokered funds as a percent of
deposits was from both the increase in total deposits and a decline
in brokered demand deposits. The increase in deposits lowered the
loan-to-deposit ratio to 90% at December 31, 2023, down from
95% a quarter ago.
-
Borrowings were $1.4 billion at December 31,
2023, unchanged from a quarter ago. As of December 31, 2023,
the Company had aggregate available borrowing capacity of $2.1
billion, which includes $1.9 billion in additional aggregate
capacity to borrow with the Federal Home Loan Bank and Bank Term
Funding Program on assets that have been pledged and unencumbered
securities totaling approximately $244 million available for
pledging to the Federal Home Loan Bank or Bank Term Funding
Program.
Asset Quality
-
Allowance for credit losses was 1.08% of total
loans at December 31, 2023, compared to 1.05% a quarter ago.
See commentary above in section "Provision for Credit Losses on
Loans." Net charge-off was $11.9 million for the quarter, which as
a percent of average loans (excluding loans held for sale)3 was
0.60% for the fourth quarter 2023, compared to 0.02% a quarter ago.
Charge-offs for the fourth quarter 2023 were primarily from the
partial charge-off of the office loan and a charge-off related to a
write-down of a CRE multi-family construction loan that was
sold.
-
Nonperforming loans and assets were $65.5 million
and $66.6 million, respectively, at December 31, 2023.
- Nonperforming
loans ("NPLs") as a percent of loans were 0.82% at
December 31, 2023, compared to 0.89% a quarter ago. The
decrease from a quarter ago was primarily from the the sale of the
CRE multi-family construction loan offset by the addition of the
office loan.
- Nonperforming
assets ("NPAs") as a percent of assets were 0.57% at
December 31, 2023, compared to 0.64% a quarter ago. The
decrease in NPAs from the prior quarter are related to the two
loans mentioned above. At quarter end, other real estate owned
consisted of two properties with an aggregate value of $1.1
million.
- Loans 30-89 days
late were $20.7 million at December 31, 2023, down from $46.4
million a quarter ago. The decrease from the prior quarter was
primarily from the two properties that were added last quarter
migrating to nonperforming.
Capital
- Total
shareholders’ equity was $1.3 billion at December 31,
2023, up 4.8% from a quarter ago. The increase in shareholders'
equity of $58.4 million from the prior quarter-end was primarily
from higher valuations of AFS securities and retained
earnings.
- Book
value per share was $42.58, up $1.94 from a quarter
ago.
- Tangible
book value per share4 was $39.08, up $1.96 from a quarter
ago.
Additional financial
information: The financial information that follows
provides more detail on the Company’s financial performance for the
three months ended December 31, 2023 as compared to the three
months ended September 30, 2023 and December 31, 2022, as
well as eight quarters of trend data. Persons wishing additional
information should refer to the Company’s Annual Report on Form
10-K for the year ended December 31, 2022, and other reports
filed with the SEC.
About Eagle Bancorp: The
Company is the holding company for EagleBank, which commenced
operations in 1998. The Bank is headquartered in Bethesda,
Maryland, and operates through 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 fourth quarter 2023
financial results on Thursday, January 25, 2024 at 10:00 a.m.
eastern time.
The listen-only webcast can be accessed at:
-
https://edge.media-server.com/mmc/p/4hh5z8e9
- For analysts who wish to
participate in the conference call, please register at the
following URL:
-
https://register.vevent.com/register/BI893787e0a29c4aa283a1a1c1b90db360
- A replay of the conference call
will be available on the Company’s website through February 8,
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, 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 fourth
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.
Eagle Bancorp, Inc. |
Consolidated Statements of Income (Unaudited) |
(Dollars in thousands, except per share data) |
|
Three Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Interest Income |
|
|
|
|
|
Interest and fees on loans |
$ |
135,964 |
|
|
$ |
132,273 |
|
|
$ |
109,251 |
|
Interest and dividends on investment securities |
|
13,142 |
|
|
|
13,732 |
|
|
|
13,591 |
|
Interest on balances with other banks and short-term
investments |
|
18,230 |
|
|
|
15,067 |
|
|
|
5,696 |
|
Interest on federal funds sold |
|
85 |
|
|
|
77 |
|
|
|
592 |
|
Total interest income |
|
167,421 |
|
|
|
161,149 |
|
|
|
129,130 |
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
Interest on deposits |
|
78,239 |
|
|
|
70,929 |
|
|
|
39,239 |
|
Interest on customer repurchase agreements |
|
272 |
|
|
|
311 |
|
|
|
266 |
|
Interest on borrowings |
|
15,918 |
|
|
|
19,190 |
|
|
|
4,025 |
|
Total interest expense |
|
94,429 |
|
|
|
90,430 |
|
|
|
43,530 |
|
Net Interest Income |
|
72,992 |
|
|
|
70,719 |
|
|
|
85,600 |
|
Provision for Credit Losses |
|
14,490 |
|
|
|
5,644 |
|
|
|
(464 |
) |
(Reversal of) Provision for Credit Losses for Unfunded
Commitments |
|
(594 |
) |
|
|
(839 |
) |
|
|
161 |
|
Net Interest Income After (Reversal of) Provision For
Credit Losses |
|
59,096 |
|
|
|
65,914 |
|
|
|
85,903 |
|
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
Service charges on deposits |
|
1,688 |
|
|
|
1,631 |
|
|
|
1,429 |
|
Gain (Loss) on sale of loans |
|
23 |
|
|
|
(5 |
) |
|
|
534 |
|
Net gain on sale of investment securities |
|
3 |
|
|
|
5 |
|
|
|
3 |
|
Increase in cash surrender value of bank-owned life
insurance |
|
687 |
|
|
|
669 |
|
|
|
658 |
|
Other income |
|
493 |
|
|
|
4,047 |
|
|
|
2,705 |
|
Total noninterest income |
|
2,894 |
|
|
|
6,347 |
|
|
|
5,329 |
|
|
|
|
|
|
|
Noninterest Expense |
|
|
|
|
|
Salaries and employee benefits |
|
18,416 |
|
|
|
21,549 |
|
|
|
23,691 |
|
Premises and equipment expenses |
|
2,967 |
|
|
|
3,095 |
|
|
|
3,292 |
|
Marketing and advertising |
|
1,071 |
|
|
|
768 |
|
|
|
1,290 |
|
Data processing |
|
3,436 |
|
|
|
3,194 |
|
|
|
3,117 |
|
Legal, accounting and professional fees |
|
2,722 |
|
|
|
2,162 |
|
|
|
2,553 |
|
FDIC insurance |
|
4,444 |
|
|
|
3,342 |
|
|
|
1,718 |
|
Other expenses |
|
4,042 |
|
|
|
3,523 |
|
|
|
3,257 |
|
Total noninterest expense |
|
37,098 |
|
|
|
37,633 |
|
|
|
38,918 |
|
Income Before Income Tax Expense |
|
24,892 |
|
|
|
34,628 |
|
|
|
52,314 |
|
Income Tax Expense |
|
4,667 |
|
|
|
7,245 |
|
|
|
10,121 |
|
Net Income |
$ |
20,225 |
|
|
$ |
27,383 |
|
|
$ |
42,193 |
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
Basic |
$ |
0.68 |
|
|
$ |
0.91 |
|
|
$ |
1.32 |
|
Diluted |
$ |
0.67 |
|
|
$ |
0.91 |
|
|
$ |
1.32 |
|
Eagle Bancorp, Inc. |
Consolidated Balance Sheets (Unaudited) |
(Dollars in thousands, except per share data) |
|
December 31, |
|
September 30, |
|
December 31, |
Assets |
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Cash and due from banks |
$ |
9,047 |
|
|
$ |
8,625 |
|
|
$ |
12,655 |
|
Federal funds sold |
|
3,740 |
|
|
|
13,611 |
|
|
|
33,927 |
|
Interest-bearing deposits with banks and other short-term
investments |
|
709,897 |
|
|
|
235,819 |
|
|
|
265,272 |
|
Investment securities available-for-sale at fair value (amortized
cost of $1,668,316, $1,700,233, and $1,803,898, net of allowance
for credit losses of $17, $17 and $17 as of December 31, 2023,
September 30, 2023 and December 31, 2022,
respectively) |
|
1,506,388 |
|
|
|
1,474,945 |
|
|
|
1,598,666 |
|
Investment securities held-to-maturity at amortized cost, net of
allowance for credit losses of $1,956, $2,010 and $766 (fair value
of $901,582, $872,710 and $968,707, as of December 31, 2023,
September 30, 2023 and December 31, 2022,
respectively) |
|
1,015,737 |
|
|
|
1,032,485 |
|
|
|
1,093,374 |
|
Federal Reserve and Federal Home Loan Bank stock |
|
25,748 |
|
|
|
25,689 |
|
|
|
65,067 |
|
Loans held for sale |
|
— |
|
|
|
— |
|
|
|
6,734 |
|
Loans |
|
7,968,695 |
|
|
|
7,916,391 |
|
|
|
7,635,632 |
|
Less allowance for credit losses |
|
(85,940 |
) |
|
|
(83,332 |
) |
|
|
(74,444 |
) |
Loans, net |
|
7,882,755 |
|
|
|
7,833,059 |
|
|
|
7,561,188 |
|
Premises and equipment, net |
|
10,189 |
|
|
|
11,216 |
|
|
|
13,475 |
|
Operating lease right-of-use assets |
|
19,129 |
|
|
|
20,151 |
|
|
|
24,544 |
|
Deferred income taxes |
|
86,620 |
|
|
|
98,987 |
|
|
|
96,567 |
|
Bank-owned life insurance |
|
112,921 |
|
|
|
112,234 |
|
|
|
110,998 |
|
Goodwill and intangible assets, net |
|
104,925 |
|
|
|
105,239 |
|
|
|
104,233 |
|
Other real estate owned |
|
1,108 |
|
|
|
1,487 |
|
|
|
1,962 |
|
Other assets |
|
176,334 |
|
|
|
190,667 |
|
|
|
162,192 |
|
Total assets |
$ |
11,664,538 |
|
|
$ |
11,164,214 |
|
|
$ |
11,150,854 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest bearing demand |
$ |
2,279,081 |
|
|
$ |
2,072,665 |
|
|
$ |
3,150,751 |
|
Interest bearing transaction |
|
997,448 |
|
|
|
932,779 |
|
|
|
1,138,235 |
|
Savings and money market |
|
3,314,043 |
|
|
|
3,129,773 |
|
|
|
3,640,697 |
|
Time deposits |
|
2,217,467 |
|
|
|
2,241,089 |
|
|
|
783,499 |
|
Total deposits |
|
8,808,039 |
|
|
|
8,376,306 |
|
|
|
8,713,182 |
|
Customer repurchase agreements |
|
30,587 |
|
|
|
25,689 |
|
|
|
35,100 |
|
Borrowings |
|
1,369,918 |
|
|
|
1,369,888 |
|
|
|
1,044,795 |
|
Operating lease liabilities |
|
23,238 |
|
|
|
24,422 |
|
|
|
29,267 |
|
Reserve for unfunded commitments |
|
5,590 |
|
|
|
6,183 |
|
|
|
5,857 |
|
Other liabilities |
|
152,883 |
|
|
|
145,842 |
|
|
|
94,332 |
|
Total liabilities |
|
10,390,255 |
|
|
|
9,948,330 |
|
|
|
9,922,533 |
|
Shareholders' Equity |
|
|
|
|
|
Common stock, par value $.01 per share; shares authorized
100,000,000, shares issued and outstanding 29,925,612, 29,917,982,
and 31,346,903 respectively |
|
296 |
|
|
|
296 |
|
|
|
310 |
|
Additional paid in capital |
|
374,888 |
|
|
|
372,394 |
|
|
|
412,303 |
|
Retained earnings |
|
1,061,456 |
|
|
|
1,054,699 |
|
|
|
1,015,215 |
|
Accumulated other comprehensive loss |
|
(162,357 |
) |
|
|
(211,505 |
) |
|
|
(199,507 |
) |
Total Shareholders' Equity |
|
1,274,283 |
|
|
|
1,215,884 |
|
|
|
1,228,321 |
|
Total Liabilities and Shareholders' Equity |
$ |
11,664,538 |
|
|
$ |
11,164,214 |
|
|
$ |
11,150,854 |
|
Loan Mix and Asset Quality(Dollars in
thousands) |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Amount |
% |
|
Amount |
% |
|
Amount |
% |
Loan Balances - Period End: |
|
|
|
|
|
|
|
|
Commercial and Industrial |
$ |
1,473,766 |
18 |
% |
|
$ |
1,418,760 |
18 |
% |
|
$ |
1,487,349 |
19 |
% |
PPP loans |
|
528 |
— |
% |
|
|
588 |
— |
% |
|
|
3,256 |
— |
% |
Commercial real estate - income producing |
|
4,094,614 |
51 |
% |
|
|
4,147,301 |
52 |
% |
|
|
3,919,941 |
51 |
% |
Commercial real estate - owner occupied |
|
1,172,239 |
15 |
% |
|
|
1,182,959 |
15 |
% |
|
|
1,110,325 |
15 |
% |
1-4 Family mortgage |
|
73,396 |
1 |
% |
|
|
76,511 |
1 |
% |
|
|
73,001 |
1 |
% |
Construction - commercial and residential |
|
969,766 |
12 |
% |
|
|
904,282 |
11 |
% |
|
|
877,755 |
12 |
% |
Construction - C&I (owner occupied) |
|
132,021 |
2 |
% |
|
|
129,616 |
2 |
% |
|
|
110,479 |
1 |
% |
Home equity |
|
51,964 |
1 |
% |
|
|
53,917 |
1 |
% |
|
|
51,782 |
1 |
% |
Other consumer |
|
401 |
— |
% |
|
|
2,457 |
— |
% |
|
|
1,744 |
— |
% |
Total loans |
$ |
7,968,695 |
100 |
% |
|
$ |
7,916,391 |
100 |
% |
|
$ |
7,635,632 |
100 |
% |
|
Three Months Ended or As Of |
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
2023 |
|
|
2022 |
Asset Quality: |
|
|
|
|
|
Net charge-off |
$ |
11,936 |
|
$ |
340 |
|
$ |
896 |
Nonperforming loans |
$ |
65,524 |
|
$ |
70,158 |
|
$ |
6,468 |
Other real estate owned |
$ |
1,108 |
|
$ |
1,487 |
|
$ |
1,962 |
Nonperforming assets |
$ |
66,632 |
|
$ |
71,645 |
|
$ |
8,430 |
Special mention |
$ |
204,971 |
|
$ |
158,182 |
|
$ |
113,578 |
Substandard |
$ |
335,325 |
|
$ |
219,001 |
|
$ |
88,666 |
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields And Rates
vs. Prior Quarter (Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
December 31, 2023 |
|
September 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 |
$ |
1,340,972 |
|
$ |
18,230 |
|
5.39 |
% |
|
$ |
1,127,451 |
|
$ |
15,067 |
|
5.30 |
% |
Loans(1) (2) |
|
7,963,074 |
|
|
135,964 |
|
6.77 |
% |
|
|
7,795,144 |
|
|
132,273 |
|
6.73 |
% |
Investment securities available-for-sale(2) |
|
1,498,132 |
|
|
7,611 |
|
2.02 |
% |
|
|
1,554,348 |
|
|
8,126 |
|
2.07 |
% |
Investment securities held-to-maturity(2) |
|
1,027,230 |
|
|
5,531 |
|
2.14 |
% |
|
|
1,047,515 |
|
|
5,606 |
|
2.12 |
% |
Federal funds sold |
|
8,314 |
|
|
85 |
|
4.06 |
% |
|
|
7,728 |
|
|
77 |
|
3.95 |
% |
Total interest earning assets |
|
11,837,722 |
|
$ |
167,421 |
|
5.61 |
% |
|
|
11,532,186 |
|
$ |
161,149 |
|
5.54 |
% |
Total noninterest earning assets |
|
530,364 |
|
|
|
|
|
|
489,683 |
|
|
|
|
Less: allowance for credit losses |
|
84,783 |
|
|
|
|
|
|
78,964 |
|
|
|
|
Total noninterest earning assets |
|
445,581 |
|
|
|
|
|
|
410,719 |
|
|
|
|
TOTAL ASSETS |
$ |
12,283,303 |
|
|
|
|
|
$ |
11,942,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing transaction |
$ |
1,843,617 |
|
$ |
16,607 |
|
3.57 |
% |
|
$ |
1,421,522 |
|
$ |
12,785 |
|
3.57 |
% |
Savings and money market |
|
3,297,581 |
|
|
35,384 |
|
4.26 |
% |
|
|
3,113,755 |
|
|
32,855 |
|
4.19 |
% |
Time deposits |
|
2,164,038 |
|
|
26,248 |
|
4.81 |
% |
|
|
2,162,582 |
|
|
25,289 |
|
4.64 |
% |
Total interest bearing deposits |
|
7,305,236 |
|
|
78,239 |
|
4.25 |
% |
|
|
6,697,859 |
|
|
70,929 |
|
4.20 |
% |
Customer repurchase agreements |
|
31,290 |
|
|
272 |
|
3.45 |
% |
|
|
36,082 |
|
|
311 |
|
3.42 |
% |
Borrowings |
|
1,370,627 |
|
|
15,918 |
|
4.61 |
% |
|
|
1,610,097 |
|
|
19,190 |
|
4.73 |
% |
Total interest bearing liabilities |
|
8,707,153 |
|
$ |
94,429 |
|
4.30 |
% |
|
|
8,344,038 |
|
$ |
90,430 |
|
4.30 |
% |
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing demand |
|
2,166,133 |
|
|
|
|
|
|
2,248,782 |
|
|
|
|
Other liabilities |
|
171,254 |
|
|
|
|
|
|
114,923 |
|
|
|
|
Total noninterest bearing liabilities |
|
2,337,387 |
|
|
|
|
|
|
2,363,705 |
|
|
|
|
Shareholders’ equity |
|
1,238,763 |
|
|
|
|
|
|
1,235,162 |
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
12,283,303 |
|
|
|
|
|
$ |
11,942,905 |
|
|
|
|
Net interest income |
|
|
$ |
72,992 |
|
|
|
|
|
$ |
70,719 |
|
|
Net interest spread |
|
|
|
|
1.31 |
% |
|
|
|
|
|
1.24 |
% |
Net interest margin |
|
|
|
|
2.45 |
% |
|
|
|
|
|
2.43 |
% |
Cost of funds |
|
|
|
|
3.45 |
% |
|
|
|
|
|
3.39 |
% |
(1) Loans placed on nonaccrual status are included
in average balances. Net loan fees and late charges included in
interest income on loans totaled $4.7 million and
$4.1 million for the three months ended December 31, 2023
and September 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 December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
|
Average Balance |
|
Interest |
|
AverageYield/Rate |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
1,340,972 |
|
$ |
18,230 |
|
5.39 |
% |
|
$ |
600,653 |
|
$ |
5,696 |
|
3.76 |
% |
Loans held for sale(1) |
|
— |
|
|
— |
|
— |
% |
|
|
6,868 |
|
|
102 |
|
5.89 |
% |
Loans(1) (2) |
|
7,963,074 |
|
|
135,964 |
|
6.77 |
% |
|
|
7,379,198 |
|
|
109,149 |
|
5.87 |
% |
Investment securities available-for-sale(2) |
|
1,498,132 |
|
|
7,611 |
|
2.02 |
% |
|
|
1,658,228 |
|
|
7,753 |
|
1.85 |
% |
Investment securities held-to-maturity(2) |
|
1,027,230 |
|
|
5,531 |
|
2.14 |
% |
|
|
1,105,209 |
|
|
5,838 |
|
2.10 |
% |
Federal funds sold |
|
8,314 |
|
|
85 |
|
4.06 |
% |
|
|
79,547 |
|
|
592 |
|
2.95 |
% |
Total interest earning assets |
|
11,837,722 |
|
$ |
167,421 |
|
5.61 |
% |
|
|
10,829,703 |
|
$ |
129,130 |
|
4.73 |
% |
Total noninterest earning assets |
|
530,364 |
|
|
|
|
|
|
501,977 |
|
|
|
|
Less: allowance for credit losses |
|
84,783 |
|
|
|
|
|
|
75,724 |
|
|
|
|
Total noninterest earning assets |
|
445,581 |
|
|
|
|
|
|
426,253 |
|
|
|
|
TOTAL ASSETS |
$ |
12,283,303 |
|
|
|
|
|
$ |
11,255,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing transaction |
$ |
1,843,617 |
|
$ |
16,607 |
|
3.57 |
% |
|
$ |
996,951 |
|
$ |
3,877 |
|
1.54 |
% |
Savings and money market |
|
3,297,581 |
|
|
35,384 |
|
4.26 |
% |
|
|
3,963,022 |
|
|
31,571 |
|
3.16 |
% |
Time deposits |
|
2,164,038 |
|
|
26,248 |
|
4.81 |
% |
|
|
667,202 |
|
|
3,791 |
|
2.25 |
% |
Total interest bearing deposits |
|
7,305,236 |
|
|
78,239 |
|
4.25 |
% |
|
|
5,627,175 |
|
|
39,239 |
|
2.77 |
% |
Customer repurchase agreements |
|
31,290 |
|
|
272 |
|
3.45 |
% |
|
|
45,521 |
|
|
266 |
|
2.32 |
% |
Borrowings |
|
1,370,627 |
|
|
15,918 |
|
4.61 |
% |
|
|
365,539 |
|
|
4,025 |
|
4.37 |
% |
Total interest bearing liabilities |
|
8,707,153 |
|
$ |
94,429 |
|
4.30 |
% |
|
|
6,038,235 |
|
$ |
43,530 |
|
2.86 |
% |
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing demand |
|
2,166,133 |
|
|
|
|
|
|
3,896,964 |
|
|
|
|
Other liabilities |
|
171,254 |
|
|
|
|
|
|
87,052 |
|
|
|
|
Total noninterest bearing liabilities |
|
2,337,387 |
|
|
|
|
|
|
3,984,016 |
|
|
|
|
Shareholders’ equity |
|
1,238,763 |
|
|
|
|
|
|
1,233,705 |
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
12,283,303 |
|
|
|
|
|
$ |
11,255,956 |
|
|
|
|
Net interest income |
|
|
$ |
72,992 |
|
|
|
|
|
$ |
85,600 |
|
|
Net interest spread |
|
|
|
|
1.31 |
% |
|
|
|
|
|
1.87 |
% |
Net interest margin |
|
|
|
|
2.45 |
% |
|
|
|
|
|
3.14 |
% |
Cost of funds(3) |
|
|
|
|
3.45 |
% |
|
|
|
|
|
1.74 |
% |
(1) Loans placed on nonaccrual status are included
in average balances. Net loan fees and late charges included in
interest income on loans totaled $4.7 million and
$3.8 million for the three months ended December 31, 2023
and December 31, 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. Prior period has been conformed to the current
presentation.
Eagle Bancorp, Inc. |
Statements of Income and Highlights Quarterly Trends
(Unaudited) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
Income Statements: |
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
Total interest income |
$ |
167,421 |
|
|
$ |
161,149 |
|
|
$ |
156,510 |
|
|
$ |
140,247 |
|
|
$ |
129,130 |
|
|
$ |
111,527 |
|
|
$ |
95,635 |
|
|
$ |
88,321 |
|
Total interest expense |
|
94,429 |
|
|
|
90,430 |
|
|
|
84,699 |
|
|
|
65,223 |
|
|
|
43,530 |
|
|
|
27,630 |
|
|
|
12,717 |
|
|
|
7,869 |
|
Net interest income |
|
72,992 |
|
|
|
70,719 |
|
|
|
71,811 |
|
|
|
75,024 |
|
|
|
85,600 |
|
|
|
83,897 |
|
|
|
82,918 |
|
|
|
80,452 |
|
Provision for (reversal of) credit losses |
|
14,490 |
|
|
|
5,644 |
|
|
|
5,238 |
|
|
|
6,164 |
|
|
|
(464 |
) |
|
|
3,022 |
|
|
|
495 |
|
|
|
(2,787 |
) |
Provision for (reversal of) unfunded commitments |
|
(594 |
) |
|
|
(839 |
) |
|
|
318 |
|
|
|
848 |
|
|
|
161 |
|
|
|
774 |
|
|
|
553 |
|
|
|
(11 |
) |
Net interest income after provision for credit losses |
|
59,096 |
|
|
|
65,914 |
|
|
|
66,255 |
|
|
|
68,012 |
|
|
|
85,903 |
|
|
|
80,101 |
|
|
|
81,870 |
|
|
|
83,250 |
|
Noninterest income before investment gain (loss) |
|
2,891 |
|
|
|
6,342 |
|
|
|
8,593 |
|
|
|
3,721 |
|
|
|
5,326 |
|
|
|
5,304 |
|
|
|
5,715 |
|
|
|
7,478 |
|
Net gain (loss) on sale of investment securities |
|
3 |
|
|
|
5 |
|
|
|
2 |
|
|
|
(21 |
) |
|
|
3 |
|
|
|
4 |
|
|
|
(151 |
) |
|
|
(25 |
) |
Total noninterest income |
|
2,894 |
|
|
|
6,347 |
|
|
|
8,595 |
|
|
|
3,700 |
|
|
|
5,329 |
|
|
|
5,308 |
|
|
|
5,564 |
|
|
|
7,453 |
|
Salaries and employee benefits |
|
18,416 |
|
|
|
21,549 |
|
|
|
21,957 |
|
|
|
24,174 |
|
|
|
23,691 |
|
|
|
21,538 |
|
|
|
21,805 |
|
|
|
17,019 |
|
Premises and equipment |
|
2,967 |
|
|
|
3,095 |
|
|
|
3,227 |
|
|
|
3,317 |
|
|
|
3,292 |
|
|
|
3,275 |
|
|
|
3,523 |
|
|
|
3,128 |
|
Marketing and advertising |
|
1,071 |
|
|
|
768 |
|
|
|
884 |
|
|
|
636 |
|
|
|
1,290 |
|
|
|
1,181 |
|
|
|
1,186 |
|
|
|
1,064 |
|
Other expenses |
|
14,644 |
|
|
|
12,221 |
|
|
|
11,910 |
|
|
|
12,457 |
|
|
|
10,645 |
|
|
|
10,212 |
|
|
|
32,448 |
|
|
|
9,801 |
|
Total noninterest expense |
|
37,098 |
|
|
|
37,633 |
|
|
|
37,978 |
|
|
|
40,584 |
|
|
|
38,918 |
|
|
|
36,206 |
|
|
|
58,962 |
|
|
|
31,012 |
|
Income before income tax expense |
|
24,892 |
|
|
|
34,628 |
|
|
|
36,872 |
|
|
|
31,128 |
|
|
|
52,314 |
|
|
|
49,203 |
|
|
|
28,472 |
|
|
|
59,691 |
|
Income tax expense |
|
4,667 |
|
|
|
7,245 |
|
|
|
8,180 |
|
|
|
6,894 |
|
|
|
10,121 |
|
|
|
11,906 |
|
|
|
12,776 |
|
|
|
13,947 |
|
Net income |
$ |
20,225 |
|
|
$ |
27,383 |
|
|
$ |
28,692 |
|
|
$ |
24,234 |
|
|
$ |
42,193 |
|
|
$ |
37,297 |
|
|
$ |
15,696 |
|
|
$ |
45,744 |
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted average common share, basic |
$ |
0.68 |
|
|
$ |
0.91 |
|
|
$ |
0.94 |
|
|
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
0.49 |
|
|
$ |
1.43 |
|
Earnings per weighted average common share, diluted |
$ |
0.67 |
|
|
$ |
0.91 |
|
|
$ |
0.94 |
|
|
$ |
0.78 |
|
|
$ |
1.32 |
|
|
$ |
1.16 |
|
|
$ |
0.49 |
|
|
$ |
1.42 |
|
Weighted average common shares outstanding, basic |
|
29,925,557 |
|
|
|
29,910,218 |
|
|
|
30,454,766 |
|
|
|
31,109,267 |
|
|
|
31,819,631 |
|
|
|
32,084,464 |
|
|
|
32,080,657 |
|
|
|
32,033,280 |
|
Weighted average common shares outstanding, diluted |
|
29,966,962 |
|
|
|
29,944,692 |
|
|
|
30,505,468 |
|
|
|
31,180,346 |
|
|
|
31,898,619 |
|
|
|
32,155,678 |
|
|
|
32,142,427 |
|
|
|
32,110,099 |
|
Actual shares outstanding at period end |
|
29,925,612 |
|
|
|
29,917,982 |
|
|
|
29,912,082 |
|
|
|
31,111,647 |
|
|
|
31,346,903 |
|
|
|
32,082,321 |
|
|
|
32,081,241 |
|
|
|
32,079,474 |
|
Book value per common share at period end |
$ |
42.58 |
|
|
$ |
40.64 |
|
|
$ |
40.78 |
|
|
$ |
39.92 |
|
|
$ |
39.18 |
|
|
$ |
38.02 |
|
|
$ |
39.05 |
|
|
$ |
39.89 |
|
Tangible book value per common share at period
end(1) |
$ |
39.08 |
|
|
$ |
37.12 |
|
|
$ |
37.29 |
|
|
$ |
36.57 |
|
|
$ |
35.86 |
|
|
$ |
34.77 |
|
|
$ |
35.80 |
|
|
$ |
36.64 |
|
Dividend per common share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.40 |
|
Performance Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.65 |
% |
|
|
0.91 |
% |
|
|
0.96 |
% |
|
|
0.86 |
% |
|
|
1.49 |
% |
|
|
1.29 |
% |
|
|
0.54 |
% |
|
|
1.46 |
% |
Return on average common equity |
|
6.48 |
% |
|
|
8.80 |
% |
|
|
9.24 |
% |
|
|
7.92 |
% |
|
|
13.57 |
% |
|
|
11.64 |
% |
|
|
4.91 |
% |
|
|
13.83 |
% |
Return on average tangible common equity(1) |
|
7.08 |
% |
|
|
9.61 |
% |
|
|
10.08 |
% |
|
|
8.65 |
% |
|
|
14.82 |
% |
|
|
12.67 |
% |
|
|
5.35 |
% |
|
|
14.99 |
% |
Net interest margin |
|
2.45 |
% |
|
|
2.43 |
% |
|
|
2.49 |
% |
|
|
2.77 |
% |
|
|
3.14 |
% |
|
|
3.02 |
% |
|
|
2.94 |
% |
|
|
2.65 |
% |
Efficiency ratio(2) |
|
48.9 |
% |
|
|
48.8 |
% |
|
|
47.2 |
% |
|
|
51.6 |
% |
|
|
42.8 |
% |
|
|
40.6 |
% |
|
|
66.6 |
% |
|
|
35.3 |
% |
Other Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans(3) |
|
1.08 |
% |
|
|
1.05 |
% |
|
|
1.00 |
% |
|
|
1.01 |
% |
|
|
0.97 |
% |
|
|
1.04 |
% |
|
|
1.02 |
% |
|
|
1.01 |
% |
Allowance for credit losses to total nonperforming loans |
|
131 |
% |
|
|
118 |
% |
|
|
268 |
% |
|
|
1,160 |
% |
|
|
1,151 |
% |
|
|
997 |
% |
|
|
386 |
% |
|
|
301 |
% |
Nonperforming loans to total loans(3) |
|
0.82 |
% |
|
|
0.89 |
% |
|
|
0.37 |
% |
|
|
0.09 |
% |
|
|
0.08 |
% |
|
|
0.10 |
% |
|
|
0.26 |
% |
|
|
0.33 |
% |
Nonperforming assets to total assets |
|
0.57 |
% |
|
|
0.64 |
% |
|
|
0.28 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.19 |
% |
|
|
0.23 |
% |
Net charge-off (recovery)(annualized) to average total
loans(3) |
|
0.60 |
% |
|
|
0.02 |
% |
|
|
0.29 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
— |
% |
|
(0.04) % |
|
|
0.03 |
% |
Tier 1 capital (to average assets) |
|
10.73 |
% |
|
|
10.96 |
% |
|
|
10.84 |
% |
|
|
11.42 |
% |
|
|
11.63 |
% |
|
|
11.55 |
% |
|
|
10.68 |
% |
|
|
9.82 |
% |
Total capital (to risk weighted assets) |
|
14.79 |
% |
|
|
14.54 |
% |
|
|
14.51 |
% |
|
|
14.74 |
% |
|
|
14.94 |
% |
|
|
15.60 |
% |
|
|
15.14 |
% |
|
|
15.21 |
% |
Common equity tier 1 capital (to risk weighted assets) |
|
13.90 |
% |
|
|
13.68 |
% |
|
|
13.55 |
% |
|
|
13.75 |
% |
|
|
14.03 |
% |
|
|
14.64 |
% |
|
|
14.06 |
% |
|
|
14.12 |
% |
Tangible common equity ratio(1) |
|
10.12 |
% |
|
|
10.04 |
% |
|
|
10.21 |
% |
|
|
10.36 |
% |
|
|
10.18 |
% |
|
|
10.52 |
% |
|
|
10.60 |
% |
|
|
10.57 |
% |
Average Balances (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
12,283,303 |
|
|
$ |
11,942,905 |
|
|
$ |
11,960,111 |
|
|
$ |
11,426,056 |
|
|
$ |
11,255,956 |
|
|
$ |
11,431,110 |
|
|
$ |
11,701,679 |
|
|
$ |
12,701,152 |
|
Total earning assets |
$ |
11,837,722 |
|
|
$ |
11,532,186 |
|
|
$ |
11,546,050 |
|
|
$ |
11,004,817 |
|
|
$ |
10,829,703 |
|
|
$ |
11,030,670 |
|
|
$ |
11,300,267 |
|
|
$ |
12,326,473 |
|
Total loans(3) |
$ |
7,963,074 |
|
|
$ |
7,795,144 |
|
|
$ |
7,790,555 |
|
|
$ |
7,712,023 |
|
|
$ |
7,379,198 |
|
|
$ |
7,282,589 |
|
|
$ |
7,104,727 |
|
|
$ |
7,053,701 |
|
Total deposits |
$ |
9,471,369 |
|
|
$ |
8,946,641 |
|
|
$ |
8,514,938 |
|
|
$ |
8,734,125 |
|
|
$ |
9,524,139 |
|
|
$ |
9,907,497 |
|
|
$ |
10,184,886 |
|
|
$ |
10,874,976 |
|
Total borrowings |
$ |
1,401,917 |
|
|
$ |
1,646,179 |
|
|
$ |
2,102,507 |
|
|
$ |
1,359,463 |
|
|
$ |
411,060 |
|
|
$ |
158,001 |
|
|
$ |
152,583 |
|
|
$ |
371,987 |
|
Total shareholders’ equity |
$ |
1,238,763 |
|
|
$ |
1,235,162 |
|
|
$ |
1,245,647 |
|
|
$ |
1,240,978 |
|
|
$ |
1,233,705 |
|
|
$ |
1,271,753 |
|
|
$ |
1,281,742 |
|
|
$ |
1,341,785 |
|
(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 (unaudited) |
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Tangible common equity |
|
|
|
|
|
Common shareholders' equity |
$ |
1,274,283 |
|
|
$ |
1,215,884 |
|
|
$ |
1,228,321 |
|
Less: Intangible assets |
|
(104,925 |
) |
|
|
(105,239 |
) |
|
|
(104,233 |
) |
Tangible common equity |
$ |
1,169,358 |
|
|
$ |
1,110,645 |
|
|
$ |
1,124,088 |
|
|
|
|
|
|
|
Reverse: AOCI loss |
|
162,357 |
|
|
|
211,505 |
|
|
|
199,507 |
|
Tangible common equity, excluding AOCI |
$ |
1,331,715 |
|
|
$ |
1,322,150 |
|
|
$ |
1,323,595 |
|
|
|
|
|
|
|
Tangible common equity ratio |
|
|
|
|
|
Total assets |
$ |
11,664,538 |
|
|
$ |
11,164,214 |
|
|
$ |
11,150,854 |
|
Less: Intangible assets |
|
(104,925 |
) |
|
|
(105,239 |
) |
|
|
(104,233 |
) |
Tangible assets |
$ |
11,559,613 |
|
|
$ |
11,058,975 |
|
|
$ |
11,046,621 |
|
|
|
|
|
|
|
Tangible common equity ratio |
|
10.12 |
% |
|
|
10.04 |
% |
|
|
10.18 |
% |
|
|
|
|
|
|
Per share calculations |
|
|
|
|
|
Book value per common share |
$ |
42.58 |
|
|
$ |
40.64 |
|
|
$ |
39.18 |
|
Less: Intangible book value per common share |
|
(3.50 |
) |
|
|
(3.52 |
) |
|
|
(3.32 |
) |
Tangible book value per common share |
$ |
39.08 |
|
|
$ |
37.12 |
|
|
$ |
35.86 |
|
|
|
|
|
|
|
Book value per common share |
$ |
42.58 |
|
|
$ |
40.64 |
|
|
$ |
39.18 |
|
Reverse: AOCI loss |
|
5.42 |
|
|
|
7.07 |
|
|
|
6.36 |
|
Adjusted book value excluding AOCI per common share |
$ |
48.00 |
|
|
$ |
47.71 |
|
|
$ |
45.54 |
|
|
|
|
|
|
|
Tangible book value per common share |
$ |
39.08 |
|
|
$ |
37.12 |
|
|
$ |
35.86 |
|
Reverse: Loss on AOCI |
|
5.42 |
|
|
|
7.07 |
|
|
|
6.36 |
|
Adjusted tangible book value excluding AOCI per common share |
$ |
44.50 |
|
|
$ |
44.19 |
|
|
$ |
42.22 |
|
|
|
|
|
|
|
Shares outstanding period end |
|
29,925,612 |
|
|
|
29,917,982 |
|
|
|
31,346,903 |
|
GAAP Reconciliation (unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
Three Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Average tangible common equity |
|
|
|
|
|
Average common shareholders' equity |
$ |
1,238,763 |
|
|
$ |
1,235,162 |
|
|
$ |
1,233,705 |
|
Less: Average intangible assets |
|
(105,032 |
) |
|
|
(104,639 |
) |
|
|
(104,238 |
) |
Average tangible common equity |
$ |
1,133,731 |
|
|
$ |
1,130,523 |
|
|
$ |
1,129,467 |
|
|
|
|
|
|
|
Return on Average Tangible Common Equity |
|
|
|
|
|
Net income |
$ |
20,225 |
|
|
$ |
27,383 |
|
|
$ |
42,193 |
|
Return on Average Tangible Common Equity |
|
7.08 |
% |
|
|
9.61 |
% |
|
|
14.82 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
|
|
|
|
Net interest income |
$ |
72,992 |
|
|
$ |
70,719 |
|
|
$ |
85,600 |
|
Noninterest income |
|
2,894 |
|
|
|
6,347 |
|
|
|
5,329 |
|
Operating revenue |
$ |
75,886 |
|
|
$ |
77,066 |
|
|
$ |
90,929 |
|
Noninterest expense |
$ |
37,098 |
|
|
$ |
37,633 |
|
|
$ |
38,918 |
|
Efficiency ratio |
|
48.9 |
% |
|
|
48.8 |
% |
|
|
42.8 |
% |
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.
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
December 31, 2023 Call Report.3 Net charge-offs as a percent
of average loans (excluding loans held for sale) are shown on an
annualized basis.4 A reconciliation of non-GAAP financial measures
to the nearest GAAP measure is provided in the tables that
accompany this document.
EAGLE BANCORP, INC. |
CONTACT: |
David G. Danielson |
240.552.9534 |
Download
PDF: http://ml.globenewswire.com/Resource/Download/45dd6a05-19f5-412e-8334-a92b44da0b4a
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