Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent company of EagleBank (the "Bank"), today announced a net loss of $338 thousand for the first quarter 2024, compared to net income of $20.2 million for the fourth quarter 2023 (the "prior quarter"). Net loss was $(0.01) per share (diluted) for the first quarter 2024, compared to net income of $0.67 per share (diluted) for the prior quarter. Pre-provision net revenue ("PPNR")1, a non-GAAP financial measure, was $38.3 million for the first quarter 2024, compared to $38.8 million for the prior quarter.

The $20.6 million decrease from earnings in the prior quarter was attributable to a $20.7 million increase in provision for credit losses, due primarily to an updated valuation for a commercial real estate ("CRE") office property collateralizing a lending relationship that was partially charged-off in the first quarter 2024. The provision for credit losses was $35.2 million for the first quarter 2024, comprising the impact of the updated valuation and an increase in the office allowance for credit losses ("ACL") coverage ratio.

Susan G. Riel, President and Chief Executive Officer of the Company, commented, "Our results for the quarter showcased the strong fundamentals of our business, evidenced by the stability in our pre-provision net revenue, our growing reserve for credit losses, and our strong capital levels. The quarter showcased the progress we are making towards achieving our strategic objectives of enhancing the diversification of our deposits, growing the commercial lending team, and proactively managing our office portfolio."

Ms. Riel continued, "I am pleased that we are being proactive in addressing our challenges while always maintaining a trusted brand and franchise in our community. I am excited about the prospects of EagleBank and its ability to serve our communities and customers for years to come."

Eric R. Newell, Chief Financial Officer of the Company said, "Our operational performance remained stable over the last twelve months, and we are proud to have increased our deposits by over $1.0 billion and our loans by over $245.0 million over the last year. With these solid operating results, and our strong capital position evidenced by our common equity and tangible common equity1 ratios exceeding 10%, we are well positioned to continue executing on our strategic priorities."

Ms. Riel added, "The EagleBank team continues to serve our customers and communities, showing tenacity and commitment through a challenging operating environment. I thank all of our employees for their hard work and dedication. Additionally, we remain committed to a Relationship First culture of respect, diversity and inclusion in both the workplace and the communities we serve."

First Quarter 2024 Highlights

  • Net loss was $338 thousand for the first quarter 2024, compared to net income of $20.2 million in the prior quarter, with PPNR of $38.3 million for the first quarter 2024, compared to $38.8 million for the prior quarter.
  • The ACL as a percentage of total loans was 1.25% at quarter-end; up from 1.08% at the prior quarter-end. Performing office coverage2 was 3.67% at quarter-end; as compared to 1.91% at the prior quarter-end.
  • The net interest margin ("NIM") remained steady at 2.43% for the first quarter 2024, compared to 2.45% for the prior quarter.
  • The Company declared a quarterly dividend of $0.45 per share.
  • At quarter-end, the common equity ratio, tangible common equity ratio, and common equity tier 1 capital (to risk-weighted assets) ratio were 10.85%, 10.03%, and 13.80%, respectively.
  • Loans at quarter-end were $8.0 billion, up $14.0 million, or 0.2%, from the prior quarter-end.
  • Deposits at quarter-end were $8.5 billion, down $306.6 million, or 3.5%, from the prior quarter-end. The decrease was primarily attributable to anticipated seasonality in deposits from tax payments. Deposits have increased over $1.0 billion as compared to March 31, 2023.
  • Total estimated insured deposits at quarter-end were $6.2 billion, or 72.4% of deposits. Total on-balance sheet liquidity and available capacity was $2.9 billion at quarter-end.

Income Statement

  • Net interest income was $74.7 million for the first quarter 2024, compared to $73.0 million for the prior quarter. The increase in net interest income was primarily driven by an increase in the average balances of deposits held with other banks and yields on the loan portfolio.
  • Provision for credit losses was $35.2 million for the first quarter 2024, compared to $14.5 million for the prior quarter. The increase in the provision was primarily driven by an updated valuation for a CRE office property collateralizing a lending relationship that was partially charged off in the first quarter 2024 due to an updated appraisal. In addition, there was an increase in the provision primarily attributable to the increase in the office ACL coverage ratio.
  • Noninterest income was $3.6 million for the first quarter 2024, compared to $2.9 million for the prior quarter. The primary driver for the increase was market value adjustments on our derivative book.
  • Noninterest expense was $40.0 million for the first quarter 2024, compared to $37.1 million for the prior quarter. The increase over the comparative quarters was primarily due to increased salaries and employee benefits expenses in connection with first quarter seasonality and related payroll tax increases in the first quarter 2024, along with higher Federal Deposit Insurance Corporation ("FDIC") fees.

Loans and Funding

  • Total loans were $8.0 billion at March 31, 2024, up 0.2% from the prior quarter-end. The increase in total loans was driven by increased fundings of ongoing construction projects for commercial and residential properties, partially offset by a reduction in CRE loans from quarter-end to the prior quarter-end.At March 31, 2024, income-producing commercial real estate loans secured by office properties other than owner-occupied properties were 11.2% of the total loan portfolio at principal, down from 11.9% at the prior quarter-end.
  • Total deposits were $8.5 billion at March 31, 2024, down 3.5% from the prior quarter-end. The decrease was primarily attributable to seasonality in deposits from tax payments.
  • Borrowings were $1.7 billion at March 31, 2024, up 21.9% from the prior quarter-end due primarily to net fundings on the Company's secured borrowing lines.

Asset Quality

  • Allowance for credit losses was 1.25% of total loans at March 31, 2024, compared to 1.08% at the prior quarter-end. Performing office coverage was 3.67% at quarter-end; as compared to 1.91% at the prior quarter-end.Net charge-offs were $21.4 million for the quarter.
  • Nonperforming assets were $92.3 million at March 31, 2024.
    • NPAs as a percentage of assets were 0.79% at March 31, 2024, compared to 0.57% at the prior quarter-end. At March 31, 2024, other real estate owned consisted of four properties with an aggregate carrying value of $773 thousand.
    • Loans 30-89 days past due were $31.1 million at March 31, 2024, up from $13.6 million at the prior quarter-end attributed to two relationships; one has since been brought current and the other as posing a limited risk of loss.

Capital

  • Total shareholders' equity was $1.3 billion at March 31, 2024, down 1.2% from the prior quarter-end. The decrease in shareholders' equity of $14.9 million was primarily from reduced valuations of available-for-sale securities and a decline in retained earnings.
  • Book value per share was $41.72, down $0.86 from the prior quarter-end.
  • Tangible book value per share1 was $38.26, down $0.82 from the prior quarter-end.

Additional financial information: The financial information that follows provides more detail on the Company's financial performance for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023 and March 31, 2023, as well as eight quarters of trend data. Persons wishing additional information should refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other reports filed with the SEC.

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through twelve banking offices and four lending offices located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, diversity, equity and inclusion in both its workplace and the communities in which it operates.

Conference call: Eagle Bancorp will host a conference call to discuss its first quarter 2024 financial results on Thursday, April 25, 2024 at 10:00 a.m. Eastern Time.

The listen-only webcast can be accessed at:

  • https://edge.media-server.com/mmc/p/ubgqftw2/
  • For analysts who wish to participate in the conference call, please register at the following URL:https://register.vevent.com/register/BI92527acbd31b4c4fbe973b59797f475f
  • A replay of the conference call will be available on the Company's website through May 9, 2024: https://www.eaglebankcorp.com/

Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "can," "anticipates," "believes," "expects," "plans," "estimates," "potential," "continue," "should," "could," "strive," "feel" and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company's market (including volatility in interest rates and interest rate policy; the current high inflationary environment; competitive factors) and other conditions (such as the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks), which by their nature are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and in other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company's past results are not necessarily indicative of future performance, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters' performance projections. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Eagle Bancorp, Inc.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)
           
  Three Months Ended
  March 31,   December 31,   March 31,
    2024       2023       2023  
Interest Income          
Interest and fees on loans $ 137,994     $ 135,964     $ 120,850  
Interest and dividends on investment securities   12,680       13,142       13,545  
Interest on balances with other banks and short-term investments   24,862       18,230       5,774  
Interest on federal funds sold   66       85       78  
Total interest income   175,602       167,421       140,247  
Interest Expense          
Interest on deposits   79,383       78,239       48,954  
Interest on customer repurchase agreements   315       272       302  
Interest on borrowings   21,206       15,918       15,967  
Total interest expense   100,904       94,429       65,223  
Net Interest Income   74,698       72,992       75,024  
Provision for Credit Losses   35,175       14,490       6,164  
Provision for (Reversal of) Credit Losses for Unfunded Commitments   456       (594 )     848  
Net Interest Income After Provision For (Reversal of) Credit Losses   39,067       59,096       68,012  
           
Noninterest Income          
Service charges on deposits   1,699       1,688       1,510  
Gain on sale of loans         23       305  
Net gain (loss) on sale of investment securities   4       3       (21 )
Increase in cash surrender value of bank-owned life insurance   703       687       655  
Other income   1,183       493       1,251  
Total noninterest income   3,589       2,894       3,700  
Noninterest Expense          
Salaries and employee benefits   21,726       18,416       24,174  
Premises and equipment expenses   3,059       2,967       3,317  
Marketing and advertising   859       1,071       636  
Data processing   3,293       3,436       3,099  
Legal, accounting and professional fees   2,507       2,722       3,254  
FDIC insurance   6,412       4,444       1,486  
Other expenses   2,141       4,042       4,618  
Total noninterest expense   39,997       37,098       40,584  
Income Before Income Tax Expense   2,659       24,892       31,128  
Income Tax Expense   2,997       4,667       6,894  
Net (Loss) Income $ (338 )   $ 20,225     $ 24,234  
           
(Loss) Earnings Per Common Share          
Basic $ (0.01 )   $ 0.68     $ 0.78  
Diluted $ (0.01 )   $ 0.67     $ 0.78  
 
Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
  March 31,   December 31,   March 31,
    2024       2023       2023  
Assets          
Cash and due from banks $ 10,076     $ 9,047     $ 9,940  
Federal funds sold   11,343       3,740       3,746  
Interest-bearing deposits with banks and other short-term investments   696,453       709,897       159,078  
Investment securities available-for-sale at fair value (amortized cost of $1,613,659, $1,668,316, and $1,763,371, respectively, and allowance for credit losses of $17, $17 and $31, respectively)   1,445,034       1,506,388       1,582,185  
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,957, $1,956 and $2,008, respectively (fair value of $878,159, $901,582 and $965,786, respectively)   1,000,732       1,015,737       1,075,303  
Federal Reserve and Federal Home Loan Bank stock   54,678       25,748       79,134  
Loans held for sale               6,488  
Loans   7,982,702       7,968,695       7,737,676  
Less: allowance for credit losses   (99,684 )     (85,940 )     (78,377 )
Loans, net   7,883,018       7,882,755       7,659,299  
Premises and equipment, net   9,504       10,189       12,929  
Operating lease right-of-use assets   17,679       19,129       23,060  
Deferred income taxes   87,813       86,620       89,117  
Bank-owned life insurance   113,624       112,921       111,217  
Goodwill and intangible assets, net   104,611       104,925       104,226  
Other real estate owned   773       1,108       1,962  
Other assets   177,310       176,334       171,183  
Total Assets $ 11,612,648     $ 11,664,538     $ 11,088,867  
Liabilities and Shareholders' Equity          
Liabilities          
Deposits:          
Noninterest-bearing demand $ 1,835,524     $ 2,279,081     $ 2,247,706  
Interest-bearing transaction   1,207,566       997,448       907,637  
Savings and money market   3,235,391       3,314,043       2,970,093  
Time deposits   2,222,958       2,217,467       1,337,805  
Total deposits   8,501,439       8,808,039       7,463,241  
Customer repurchase agreements   37,059       30,587       37,854  
Borrowings   1,669,948       1,369,918       2,183,626  
Operating lease liabilities   21,611       23,238       27,634  
Reserve for unfunded commitments   6,045       5,590       6,704  
Other liabilities   117,133       152,883       127,850  
Total Liabilities   10,353,235       10,390,255       9,846,909  
Shareholders' Equity          
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,185,732, 29,925,612, and 31,111,647, respectively   297       296       308  
Additional paid-in capital   377,334       374,888       397,012  
Retained earnings   1,047,550       1,061,456       1,025,552  
Accumulated other comprehensive loss   (165,768 )     (162,357 )     (180,914 )
Total Shareholders' Equity   1,259,413       1,274,283       1,241,958  
Total Liabilities and Shareholders' Equity $ 11,612,648     $ 11,664,538     $ 11,088,867  
 

Loan Mix and Asset Quality(Dollars in thousands)
 
  March 31,   December 31,   March 31,
    2024       2023       2023  
  Amount %   Amount %   Amount %
Loan Balances - Period End:                
Commercial $ 1,408,767 18 %   $ 1,473,766 18 %   $ 1,482,983 19 %
PPP loans   467 %     528 %     709 %
Income producing - commercial real estate   4,040,655 50 %     4,094,614 51 %     3,970,903 51 %
Owner occupied - commercial real estate   1,185,582 15 %     1,172,239 15 %     1,095,699 14 %
Real estate mortgage - residential   72,087 1 %     73,396 1 %     73,677 1 %
Construction - commercial and residential   1,082,556 13 %     969,766 12 %     948,877 13 %
Construction - C&I (owner occupied)   138,379 2 %     132,021 2 %     109,013 1 %
Home equity   53,251 1 %     51,964 1 %     53,829 1 %
Other consumer   958 %     401 %     1,986 %
Total loans $ 7,982,702 100 %   $ 7,968,695 100 %   $ 7,737,676 100 %
 
  Three Months Ended or As Of
  March 31,   December 31,   March 31,
    2024     2023     2023
Asset Quality:          
Net charge-offs $ 21,430   $ 11,936   $ 975
Nonperforming loans $ 91,491   $ 65,524   $ 6,757
Other real estate owned $ 773   $ 1,108   $ 1,962
Nonperforming assets $ 92,264   $ 66,632   $ 8,719
Special mention $ 265,348   $ 207,059   $ 76,032
Substandard $ 361,776   $ 335,815   $ 87,950
 
Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)
                       
  Three Months Ended
  March 31, 2024   December 31, 2023
  Average Balance   Interest   AverageYield/Rate   Average Balance   Interest   AverageYield/Rate
ASSETS                      
Interest earning assets:                      
Interest-bearing deposits with other banks and other short-term investments $ 1,841,771     $ 24,862   5.43 %   $ 1,340,972     $ 18,230   5.39 %
Loans (1) (2)   7,988,941       137,994   6.95 %     7,963,074       135,964   6.77 %
Investment securities available-for-sale (2)   1,516,503       7,247   1.92 %     1,498,132       7,611   2.02 %
Investment securities held-to-maturity (2)   1,011,231       5,433   2.16 %     1,027,230       5,531   2.14 %
Federal funds sold   7,051       66   3.76 %     8,314       85   4.06 %
Total interest earning assets   12,365,497     $ 175,602   5.71 %     11,837,722     $ 167,421   5.61 %
Total noninterest earning assets   508,987               530,364          
Less: allowance for credit losses   (90,014 )             (84,783 )        
Total noninterest earning assets   418,973               445,581          
TOTAL ASSETS $ 12,784,470             $ 12,283,303          
                       
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Interest bearing liabilities:                      
Interest-bearing transaction $ 1,833,493     $ 16,830   3.69 %   $ 1,843,617     $ 16,607   3.57 %
Savings and money market   3,423,388       35,930   4.22 %     3,297,581       35,384   4.26 %
Time deposits   2,187,320       26,623   4.90 %     2,164,038       26,248   4.81 %
Total interest bearing deposits   7,444,201       79,383   4.29 %     7,305,236       78,239   4.25 %
Customer repurchase agreements   36,084       315   3.51 %     31,290       272   3.45 %
Borrowings   1,796,863       21,206   4.75 %     1,370,627       15,918   4.61 %
Total interest bearing liabilities   9,277,148     $ 100,904   4.37 %     8,707,153     $ 94,429   4.30 %
Noninterest bearing liabilities:                      
Noninterest bearing demand   2,057,460               2,166,133          
Other liabilities   160,206               171,254          
Total noninterest bearing liabilities   2,217,666               2,337,387          
Shareholders' equity   1,289,656               1,238,763          
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 12,784,470             $ 12,283,303          
Net interest income     $ 74,698           $ 72,992    
Net interest spread         1.34 %           1.31 %
Net interest margin         2.43 %           2.45 %
Cost of funds         3.58 %           3.45 %

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $5.1 million and $4.7 million for the three months ended March 31, 2024 and December 31, 2023, respectively.(2) Interest and fees on loans and investments exclude tax equivalent adjustments.

Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
(Dollars in thousands)
                       
  Three Months Ended March 31,
    2024       2023  
  Average Balance   Interest   AverageYield/Rate   Average Balance   Interest   AverageYield/Rate
ASSETS                      
Interest earning assets:                      
Interest bearing deposits with other banks and other short-term investments $ 1,841,771     $ 24,862   5.43 %   $ 526,506     $ 5,774   4.45 %
Loans held for sale (1)           %     4,093       60   5.95 %
Loans (1) (2)   7,988,941       137,994   6.95 %     7,712,023       120,790   6.35 %
Investment securities available-for-sale (2)   1,516,503       7,247   1.92 %     1,660,258       7,811   1.91 %
Investment securities held-to-maturity (2)   1,011,231       5,433   2.16 %     1,087,047       5,734   2.14 %
Federal funds sold   7,051       66   3.76 %     14,890       78   2.12 %
Total interest earning assets   12,365,497     $ 175,602   5.71 %     11,004,817     $ 140,247   5.17 %
Total noninterest earning assets   508,987               495,889          
Less: allowance for credit losses   (90,014 )             (74,650 )        
Total noninterest earning assets   418,973               421,239          
TOTAL ASSETS $ 12,784,470             $ 11,426,056          
                       
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Interest bearing liabilities:                      
Interest bearing transaction $ 1,833,493     $ 16,830   3.69 %   $ 1,065,421     $ 6,107   2.32 %
Savings and money market   3,423,388       35,930   4.22 %     3,326,807       33,274   4.06 %
Time deposits   2,187,320       26,623   4.90 %     1,078,227       9,573   3.60 %
Total interest bearing deposits   7,444,201       79,383   4.29 %     5,470,455       48,954   3.63 %
Customer repurchase agreements   36,084       315   3.51 %     38,257       302   3.20 %
Borrowings   1,796,863       21,206   4.75 %     1,321,206       15,967   4.90 %
Total interest bearing liabilities   9,277,148     $ 100,904   4.37 %     6,829,918     $ 65,223   3.87 %
Noninterest bearing liabilities:                      
Noninterest bearing demand   2,057,460               3,263,670          
Other liabilities   160,206               91,490          
Total noninterest bearing liabilities   2,217,666               3,355,160          
Shareholders' equity   1,289,656               1,240,978          
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 12,784,470             $ 11,426,056          
Net interest income     $ 74,698           $ 75,024    
Net interest spread         1.34 %           1.30 %
Net interest margin         2.43 %           2.77 %
Cost of funds(3)         3.58 %           2.62 %

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $5.1 million and $3.7 million for the three months ended March 31, 2024 and 2023, respectively.(2) Interest and fees on loans and investments exclude tax equivalent adjustments.(3) Beginning in the second quarter of 2023, the Company revised its cost of funds methodology to use a daily average calculation where interest expense on interest bearing liabilities is divided by average interest bearing liabilities and average noninterest bearing deposits. Previously, the Company calculated the cost of funds as the difference between yield on earning assets and net interest margin. Prior period has been conformed to the current presentation.

 

Eagle Bancorp, Inc.
Statements of Operations and Highlights Quarterly Trends (Unaudited)
(Dollars in thousands, except per share data)
                               
  Three Months Ended
  March 31,   December 31,   September 30,   June 30,   March 31,   December 31,   September 30,   June 30,
Income Statements:   2024       2023       2023       2023       2023       2022       2022       2022  
Total interest income $ 175,602     $ 167,421     $ 161,149     $ 156,510     $ 140,247     $ 129,130     $ 111,527     $ 95,635  
Total interest expense   100,904       94,429       90,430       84,699       65,223       43,530       27,630       12,717  
Net interest income   74,698       72,992       70,719       71,811       75,024       85,600       83,897       82,918  
Provision for (reversal of) credit losses   35,175       14,490       5,644       5,238       6,164       (464 )     3,022       495  
Provision for (reversal of) credit losses for unfunded commitments   456       (594 )     (839 )     318       848       161       774       553  
Net interest income after provision for (reversal of) credit losses   39,067       59,096       65,914       66,255       68,012       85,903       80,101       81,870  
Noninterest income before investment gain (loss)   3,585       2,891       6,342       8,593       3,721       5,326       5,304       5,715  
Net gain (loss) on sale of investment securities   4       3       5       2       (21 )     3       4       (151 )
Total noninterest income   3,589       2,894       6,347       8,595       3,700       5,329       5,308       5,564  
Salaries and employee benefits   21,726       18,416       21,549       21,957       24,174       23,691       21,538       21,805  
Premises and equipment expenses   3,059       2,967       3,095       3,227       3,317       3,292       3,275       3,523  
Marketing and advertising   859       1,071       768       884       636       1,290       1,181       1,186  
Other expenses   14,353       14,644       12,221       11,910       12,457       10,645       10,212       32,448  
Total noninterest expense   39,997       37,098       37,633       37,978       40,584       38,918       36,206       58,962  
Income before income tax expense   2,659       24,892       34,628       36,872       31,128       52,314       49,203       28,472  
Income tax expense   2,997       4,667       7,245       8,180       6,894       10,121       11,906       12,776  
Net (loss) income $ (338 )   $ 20,225     $ 27,383     $ 28,692     $ 24,234     $ 42,193     $ 37,297     $ 15,696  
Per Share Data:                              
(Loss) earnings per weighted average common share, basic $ (0.01 )   $ 0.68     $ 0.91     $ 0.94     $ 0.78     $ 1.32     $ 1.16     $ 0.49  
(Loss) earnings per weighted average common share, diluted $ (0.01 )   $ 0.67     $ 0.91     $ 0.94     $ 0.78     $ 1.32     $ 1.16     $ 0.49  
Weighted average common shares outstanding, basic   30,068,173       29,925,557       29,910,218       30,454,766       31,109,267       31,819,631       32,084,464       32,080,657  
Weighted average common shares outstanding, diluted   30,068,173       29,966,962       29,944,692       30,505,468       31,180,346       31,898,619       32,155,678       32,142,427  
Actual shares outstanding at period end   30,185,732       29,925,612       29,917,982       29,912,082       31,111,647       31,346,903       32,082,321       32,081,241  
Book value per common share at period end $ 41.72     $ 42.58     $ 40.64     $ 40.78     $ 39.92     $ 39.18     $ 38.02     $ 39.05  
Tangible book value per common share at period end (1) $ 38.26     $ 39.08     $ 37.12     $ 37.29     $ 36.57     $ 35.86     $ 34.77     $ 35.80  
Dividend per common share $ 0.45     $ 0.45     $ 0.45     $ 0.45     $ 0.45     $ 0.45     $ 0.45     $ 0.45  
Performance Ratios (annualized):                              
Return on average assets (0.01)%     0.65 %     0.91 %     0.96 %     0.86 %     1.49 %     1.29 %     0.54 %
Return on average common equity (0.11)%     6.48 %     8.80 %     9.24 %     7.92 %     13.57 %     11.64 %     4.91 %
Return on average tangible common equity (1) (0.11)%     7.08 %     9.61 %     10.08 %     8.65 %     14.82 %     12.67 %     5.35 %
Net interest margin   2.43 %     2.45 %     2.43 %     2.49 %     2.77 %     3.14 %     3.02 %     2.94 %
Efficiency ratio (2)   51.1 %     48.9 %     48.8 %     47.2 %     51.6 %     42.8 %     40.6 %     66.6 %
Other Ratios:                              
Allowance for credit losses to total loans (3)   1.25 %     1.08 %     1.05 %     1.00 %     1.01 %     0.97 %     1.04 %     1.02 %
Allowance for credit losses to total nonperforming loans   109 %     131 %     119 %     268 %     1,160 %     1,151 %     997 %     386 %
Nonperforming assets to total assets   0.79 %     0.57 %     0.64 %     0.28 %     0.08 %     0.08 %     0.09 %     0.19 %
Net charge-offs (recoveries) (annualized) to average total loans (3)   1.07 %     0.60 %     0.02 %     0.29 %     0.05 %     0.05 %     %   (0.04)%
Tier 1 capital (to average assets)   10.26 %     10.73 %     10.96 %     10.84 %     11.42 %     11.63 %     11.55 %     10.68 %
Total capital (to risk weighted assets)   14.87 %     14.79 %     14.54 %     14.51 %     14.74 %     14.94 %     15.60 %     15.14 %
Common equity tier 1 capital (to risk weighted assets)   13.80 %     13.90 %     13.68 %     13.55 %     13.75 %     14.03 %     14.64 %     14.06 %
Tangible common equity ratio (1)   10.03 %     10.12 %     10.04 %     10.21 %     10.36 %     10.18 %     10.52 %     10.60 %
Average Balances (in thousands):                              
Total assets $ 12,784,470     $ 12,283,303     $ 11,942,905     $ 11,960,111     $ 11,426,056     $ 11,255,956     $ 11,431,110     $ 11,701,679  
Total earning assets $ 12,365,497     $ 11,837,722     $ 11,532,186     $ 11,546,050     $ 11,004,817     $ 10,829,703     $ 11,030,670     $ 11,300,267  
Total loans (3) $ 7,988,941     $ 7,963,074     $ 7,795,144     $ 7,790,555     $ 7,712,023     $ 7,379,198     $ 7,282,589     $ 7,104,727  
Total deposits $ 9,501,661     $ 9,471,369     $ 8,946,641     $ 8,514,938     $ 8,734,125     $ 9,524,139     $ 9,907,497     $ 10,184,886  
Total borrowings $ 1,832,947     $ 1,401,917     $ 1,646,179     $ 2,102,507     $ 1,359,463     $ 411,060     $ 158,001     $ 152,583  
Total shareholders' equity $ 1,289,656     $ 1,238,763     $ 1,235,162     $ 1,245,647     $ 1,240,978     $ 1,233,705     $ 1,271,753     $ 1,281,742  

(1) A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document. (2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.(3) Excludes loans held for sale.

GAAP Reconciliation to Non-GAAP Financial Measures (unaudited)
(dollars in thousands, except per share data)
           
  March 31,   December 31,   March 31,
    2024       2023       2023  
Tangible common equity          
Common shareholders' equity $ 1,259,413     $ 1,274,283     $ 1,241,958  
Less: Intangible assets   (104,611 )     (104,925 )     (104,226 )
Tangible common equity $ 1,154,802     $ 1,169,358     $ 1,137,732  
           
Tangible common equity ratio          
Total assets $ 11,612,648     $ 11,664,538     $ 11,088,867  
Less: Intangible assets   (104,611 )     (104,925 )     (104,226 )
Tangible assets $ 11,508,037     $ 11,559,613     $ 10,984,641  
           
Tangible common equity ratio   10.03 %     10.12 %     10.36 %
           
Per share calculations          
Book value per common share $ 41.72     $ 42.58     $ 39.92  
Less: Intangible book value per common share   (3.46 )     (3.50 )     (3.35 )
Tangible book value per common share $ 38.26     $ 39.08     $ 36.57  
           
Shares outstanding at period end   30,185,732       29,925,612       31,111,647  
 
  Three Months Ended
  March 31,   December 31,   March 31,
    2024       2023       2023  
Average tangible common equity          
Average common shareholders' equity $ 1,289,656     $ 1,238,763     $ 1,240,978  
Less: Average intangible assets   (104,718 )     (105,032 )     (104,231 )
Average tangible common equity $ 1,184,938     $ 1,133,731     $ 1,136,747  
           
Return on average tangible common equity          
Net (loss) income $ (338 )   $ 20,225     $ 24,234  
Return on average tangible common equity (0.11 )%     7.08 %     8.65 %
           
Efficiency ratio          
Net interest income $ 74,698     $ 72,992     $ 75,024  
Noninterest income   3,589       2,894       3,700  
Operating revenue $ 78,287     $ 75,886     $ 78,724  
Noninterest expense $ 39,997     $ 37,098     $ 40,584  
Efficiency ratio   51.09 %     48.89 %     51.55 %
           
Pre-provision net revenue          
Net interest income $ 74,698     $ 72,992     $ 75,024  
Noninterest income   3,589       2,894       3,700  
Less: Noninterest expense   (39,997 )     (37,098 )     (40,584 )
Pre-provision net revenue $ 38,290     $ 38,788     $ 38,140  
 

Tangible common equity, tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, average tangible common equity, and the annualized return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders' equity, or tangible common equity, and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders' equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders' equity. The Company considers this information important to shareholders as tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios, and as such is useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions.

The efficiency ratio is a non-GAAP measure calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank's overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities.

Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans.

1 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures that accompany this document.2 Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total loans.

EAGLE BANCORP, INC.CONTACT:Eric R. Newell240.497.1796

For the March 31, 2024 Earnings Presentation, please click here.

Eagle Bancorp (NASDAQ:EGBN)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Eagle Bancorp.
Eagle Bancorp (NASDAQ:EGBN)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Eagle Bancorp.