BETHESDA, Md., Jan. 18, 2023 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent company of EagleBank (the "Bank"), today announced net income of $42.2 million for the fourth quarter 2022, compared to net income of $37.3 million for the prior quarter and $41.6 million for the year-ago quarter. Net income (basic and diluted) was $1.32 per share for the fourth quarter 2022, compared to $1.16 per share for the prior quarter and $1.30 per share for the year-ago quarter.
The increase in earnings of $4.9 million from the third quarter of 2022 (the "prior quarter") was primarily attributable to the difference created by moving from a provision to the allowance for credit losses to a reversal from the allowance for credit losses, a lower tax provision and higher net interest income. Partially offsetting these increases in earnings from the prior quarter were higher noninterest expenses.
Full year 2022 net income was $140.9 million, or $4.40 per share (basic) and $4.39 per share (diluted). On a diluted basis, this was a decrease of $1.13 per share compared to $5.52 per share for the prior year. If adjusted to remove the one-time noninterest expense accruals for the previously disclosed settlement agreements and the reduction in noninterest expense accruals associated with compensation of the former CEO/Chairman, adjusted net income, a non-GAAP measure, was $158.8 million, or $4.95 per share (diluted).1 As adjusted, this is a decrease of $0.57 per share, compared to $5.52 per share (diluted) for the prior year.
Fourth Quarter 2022 Highlights
(Dollars in thousands, except per share) | As Of or For the Three Months Ended | Percent Change | |||||||||||||||
Dec. 31, | Sept. 30, | Dec. 31, | Q4-22 | Q4-22 | |||||||||||||
2022 | 2022 | 2021 | vs. Q3-22 | vs. Q4-21 | |||||||||||||
Income Statement | |||||||||||||||||
Net income | $ | 42,193 | $ | 37,297 | $ | 41,620 | 13.1 | % | 1.4 | % | |||||||
Net income per diluted share | $ | 1.32 | $ | 1.16 | $ | 1.30 | 13.8 | % | 1.5 | % | |||||||
Dividend per common share | $ | 0.45 | $ | 0.45 | $ | 0.40 | — | % | 12.5 | % | |||||||
Selected Ratios | |||||||||||||||||
Return on Average Assets | 1.49 | % | 1.29 | % | 1.32 | % | — | — | |||||||||
Return on Average Common Equity | 13.57 | % | 11.64 | % | 12.30 | % | — | — | |||||||||
Return on Average Tangible Common Equity2 | 14.82 | % | 12.67 | % | 13.35 | % | — | — | |||||||||
Net interest margin | 3.14 | % | 3.02 | % | 2.55 | % | — | — | |||||||||
Efficiency Ratio3 | 42.8 | % | 40.6 | % | 44.3 | % | — | — | |||||||||
Balance Sheet | |||||||||||||||||
Assets | $ | 11,150,854 | $ | 10,713,044 | $ | 11,847,310 | 4.1 | % | (5.9 | )% | |||||||
Loans | $ | 7,635,632 | $ | 7,304,498 | $ | 7,065,598 | 4.5 | % | 8.1 | % | |||||||
Loans (excluding PPP loans)3 | $ | 7,632,376 | $ | 7,297,257 | $ | 7,014,493 | 4.6 | % | 8.8 | % | |||||||
Deposits | $ | 8,713,182 | $ | 8,763,350 | $ | 9,981,540 | (0.6 | )% | (12.7 | )% | |||||||
Total Capital (to risk weighted assets) | 14.99 | % | 15.60 | % | 15.74 | % | — | — | |||||||||
Per Share | |||||||||||||||||
Book value per share | $ | 39.18 | $ | 38.02 | $ | 42.28 | 3.1 | % | (7.3 | )% | |||||||
Tangible book value per share(2) | $ | 35.86 | $ | 34.77 | $ | 38.97 | 3.1 | % | (8.0 | )% | |||||||
Asset quality | |||||||||||||||||
Allowance for credit losses to total loans | 0.97 | % | 1.04 | % | 1.06 | % | — | — | |||||||||
Nonperforming assets ("NPAs") to total assets | 0.08 | % | 0.09 | % | 0.26 | % | — | — | |||||||||
Net charge-off ratio to avg. loans (annualized) | 0.05 | % | — | % | 0.07 | % | — | — | |||||||||
CEO Commentary
Susan G. Riel, President and Chief Executive Officer of Eagle Bancorp, Inc. commented, "We ended 2022 on a high note, as we had our best quarter of the year for loan growth, asset quality metrics remained strong and we were active in stock repurchases. Loans at quarter-end were up 4.5% from the prior quarter and pipelines remain strong. Strong asset quality metrics coupled with improvements in the quantitative model led us to once again book a reversal to our reserve for credit losses. And, for our shareholders, during the quarter, we repurchased 738,300 shares of stock with an aggregate value of $33.1 million."
"We once again thank all of our employees for their commitment in serving the needs of our clients and communities. Additionally, we remain committed to a culture of respect, diversity and inclusion in both the workplace and the communities we serve."
Income Statement
(Dollars in thousands) | Three Months Ended | Percent Change | |||||||||||||||
December 31, | September 30, | December 31, | Q4-22 | Q4-22 | |||||||||||||
2022 | 2022 | 2021 | vs. Q3-22 | vs. Q4-21 | |||||||||||||
Net interest income | $ | 85,600 | $ | 83,897 | $ | 78,186 | 2.0 | % | 9.5 | % | |||||||
Noninterest income | 5,329 | 5,308 | 10,574 | 0.4 | % | (49.6 | )% | ||||||||||
Less: Noninterest expense | (38,918 | ) | (36,206 | ) | (39,309 | ) | 7.5 | % | (1.0 | )% | |||||||
PPNR | $ | 52,011 | $ | 52,999 | $ | 49,451 | (1.9 | )% | 5.2 | % | |||||||
Average Assets | $ | 11,255,956 | $ | 11,431,110 | $ | 12,538,596 | (1.5 | )% | (10.2 | )% | |||||||
PPNR to Avg. Assets (non-GAAP) | 1.83 | % | 1.85 | % | 1.56 | % | — | — |
Balance Sheet
Percent Change | |||||||||||||||||
(Dollars in thousands) | December 31, | September 30, | December 31, | Q4-22 | Q4-22 | ||||||||||||
2022 | 2022 | 2021 | vs. Q3-22 | vs. Q4-21 | |||||||||||||
Total loans, excluding loans held for sale (GAAP) | $ | 7,635,632 | $ | 7,304,498 | $ | 7,065,598 | 4.5 | % | 8.1 | % | |||||||
Less: PPP loans (non-GAAP) | (3,256 | ) | (7,241 | ) | (51,105 | ) | |||||||||||
Total loans, excluding loans held for sale and PPP loans (non-GAAP) | $ | 7,632,376 | $ | 7,297,257 | $ | 7,014,493 | 4.6 | % | 8.8 | % |
For the Company | ||||||||
December 31, | September 30, | December 31, | ||||||
202210 | 2022 | 2021 | ||||||
Regulatory Ratios | ||||||||
Total Capital (to risk weighted assets) | 14.99 | % | 15.60 | % | 15.74 | % | ||
Tier 1 Capital (to risk weighted assets) | 14.23 | % | 14.64 | % | 14.63 | % | ||
Common Equity Tier 1 (to risk weighted assets) | 14.23 | % | 14.64 | % | 14.63 | % | ||
Tier 1 Capital (to average assets) | 11.78 | % | 11.55 | % | 10.19 | % | ||
Common Capital Ratios | ||||||||
Common Equity Ratio | 11.02 | % | 11.39 | % | 11.40 | % | ||
Tangible Common Equity Ratio11 | 10.18 | % | 10.52 | % | 10.60 | % |
Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended December 31, 2022 as compared to the three months ended September 30, 2022 and December 31, 2021 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, 2021, quarterly report on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 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 sixteen banking offices and five 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 2022 financial results on Thursday, January 19, 2023 at 10:00 a.m. eastern time. The public is invited to listen to this registering at the link https://register.vevent.com/register/BI395df276641b44e4aee3848563fb62eb or by accessing the call on the Company’s website, www.EagleBankCorp.com. A replay of the conference call will be available on the Company’s website through February 2, 2023.
Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "can," "anticipates," "believes," "expects," "plans," "estimates," "potential," "continue," "should," "could," "strive," "feel" and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market (including ongoing challenges and uncertainties relating to the continued evolution of COVID-19, including on our credit quality, asset and loan growth and broader business operations), volatility in interest rates and interest rate policy, the current high inflationary environment competitive factors, and other conditions 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, 2021 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.
__________________________________1 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document. Aggregate comprised of settlement agreements of $22.9 million and noninterest expense accrual reductions of $5.0 million.2 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.3 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table under the subsection, "Total Loans."4 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below. An explanation of the reconciliations and the reasons why the Company believes this non-GAAP financial measure to be important for investors is included with the reconciliation tables accompanying this document.5 Periods of less than one year are annualized.6 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.7 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the following table. An explanation of the reconciliations and the reasons why the Company believes this non-GAAP financial measure to be important for investors is included with the reconciliation tables accompanying this document.8 On an annualized basis.9 A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.10Capital ratios for December 31, 2022 are subject to final filings with the Federal Reserve.11A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
Eagle Bancorp, Inc. | |||||||||||
Consolidated Financial Highlights (Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||
Three Months Ended | |||||||||||
December 31, | September 30, | December 31, | |||||||||
2022 | 2022 | 2021 | |||||||||
Income Statements: | |||||||||||
Total interest income | $ | 129,130 | $ | 111,527 | $ | 86,230 | |||||
Total interest expense | 43,530 | 27,630 | 8,044 | ||||||||
Net interest income | 85,600 | 83,897 | 78,186 | ||||||||
Provision for (reversal of) credit losses | (464 | ) | 3,022 | (6,412 | ) | ||||||
Provision for (reversal of) unfunded commitments | 161 | 774 | (632 | ) | |||||||
Net interest income after provision for credit losses | 85,903 | 80,101 | 85,230 | ||||||||
Noninterest income (before investment gain) | 5,326 | 5,304 | 9,668 | ||||||||
Net gain on sale of investment securities | 3 | 4 | 906 | ||||||||
Total noninterest income | 5,329 | 5,308 | 10,574 | ||||||||
Total noninterest expense | 38,918 | 36,206 | 39,309 | ||||||||
Income before income tax expense | 52,314 | 49,203 | 56,495 | ||||||||
Income tax expense | 10,121 | 11,906 | 14,875 | ||||||||
Net income | $ | 42,193 | $ | 37,297 | $ | 41,620 | |||||
Per Share Data: | |||||||||||
Earnings per weighted average common share, basic | $ | 1.32 | $ | 1.16 | $ | 1.30 | |||||
Earnings per weighted average common share, diluted | $ | 1.32 | $ | 1.16 | $ | 1.30 | |||||
Weighted average common shares outstanding, basic | 31,819,631 | 32,084,464 | 31,950,320 | ||||||||
Weighted average common shares outstanding, diluted | 31,898,619 | 32,155,678 | 32,030,998 | ||||||||
Actual shares outstanding at period end | 31,346,903 | 32,082,321 | 31,950,092 | ||||||||
Book value per common share at period end | $ | 39.18 | $ | 38.02 | $ | 42.28 | |||||
Tangible book value per common share at period end(1) | $ | 35.86 | $ | 34.77 | $ | 38.97 | |||||
Dividend per common share | $ | 0.45 | $ | 0.45 | $ | 0.40 | |||||
Performance Ratios (annualized): | |||||||||||
Return on average assets | 1.49 | % | 1.29 | % | 1.32 | % | |||||
Return on average common equity | 13.57 | % | 11.64 | % | 12.30 | % | |||||
Return on average tangible common equity(1) | 14.82 | % | 12.67 | % | 13.35 | % | |||||
Net interest margin | 3.14 | % | 3.02 | % | 2.55 | % | |||||
Efficiency ratio(2) | 42.8 | % | 40.6 | % | 44.3 | % | |||||
Other Ratios: | |||||||||||
Allowance for credit losses to total loans(3) | 0.97 | % | 1.04 | % | 1.06 | % | |||||
Allowance for credit losses to total nonperforming loans | 1,151 | % | 997 | % | 257 | % | |||||
Nonperforming loans to total loans(3) | 0.08 | % | 0.10 | % | 0.41 | % | |||||
Nonperforming assets to total assets | 0.08 | % | 0.09 | % | 0.26 | % | |||||
Net charge-off (annualized) to average total loans(3) | 0.05 | % | — | % | 0.07 | % | |||||
Average noninterest bearing deposits to average deposits | 40.9 | % | 38.4 | % | 36.3 | % | |||||
Yield on loans(3) | 5.87 | % | 5.10 | % | 4.45 | % | |||||
Cost of funds | 1.59 | % | 0.99 | % | 0.26 | % | |||||
Eagle Bancorp, Inc. | |||||||||||
Consolidated Financial Highlights (Continued) (Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Three Months Ended | |||||||||||
December 31, | September 30, | December 31, | |||||||||
2022 | 2022 | 2021 | |||||||||
Capital Ratios | |||||||||||
Tier 1 capital (to average assets) | 11.78 | % | 11.55 | % | 10.19 | % | |||||
Total capital (to risk weighted assets) | 14.99 | % | 15.60 | % | 15.74 | % | |||||
Common equity tier 1 capital (to risk weighted assets) | 14.23 | % | 14.64 | % | 14.63 | % | |||||
Common equity to total assets | 11.02 | % | 11.39 | % | 11.40 | % | |||||
Tangible common equity ratio(1) | 10.18 | % | 10.52 | % | 10.60 | % | |||||
Loan Balances - Period End: | |||||||||||
Commercial and Industrial | $ | 1,487,349 | $ | 1,415,998 | $ | 1,354,317 | |||||
PPP loans | 3,256 | 7,241 | 51,105 | ||||||||
Commercial real estate - income producing | 3,919,941 | 3,668,720 | 3,385,298 | ||||||||
Commercial real estate - owner occupied | 1,110,325 | 1,091,283 | 1,087,776 | ||||||||
1-4 Family mortgage | 73,001 | 71,731 | 73,966 | ||||||||
Construction - commercial and residential | 877,755 | 858,100 | 896,319 | ||||||||
Construction - C&I (owner occupied) | 110,479 | 139,238 | 159,579 | ||||||||
Home equity | 51,782 | 51,396 | 55,811 | ||||||||
Other consumer | 1,744 | 791 | 1,427 | ||||||||
Total loans | $ | 7,635,632 | $ | 7,304,498 | $ | 7,065,598 | |||||
Average Balances: | |||||||||||
Total assets | $ | 11,255,956 | $ | 11,431,110 | $ | 12,538,596 | |||||
Total earning assets | $ | 10,829,703 | $ | 11,030,670 | $ | 12,180,872 | |||||
Total loans(3) | $ | 7,379,198 | $ | 7,282,589 | $ | 6,890,414 | |||||
Total deposits | $ | 9,524,139 | $ | 9,907,497 | $ | 10,670,205 | |||||
Total borrowings | $ | 411,060 | $ | 158,001 | $ | 402,393 | |||||
Total shareholders’ equity | $ | 1,233,705 | $ | 1,271,753 | $ | 1,342,525 | |||||
Asset Quality: | |||||||||||
Net charge-off (recovery) | $ | 896 | $ | (57 | ) | $ | 1,165 | ||||
Nonperforming loans | $ | 6,469 | $ | 7,602 | $ | 29,208 | |||||
Other real estate owned | $ | 1,962 | $ | 1,962 | $ | 1,635 | |||||
Nonperforming assets | $ | 8,431 | $ | 9,564 | $ | 30,843 |
(1) A reconciliation of non-GAAP financial measures to the nearest non-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. The efficiency ratio measures a bank’s overhead as a percentage of its revenue. (3) Excludes loans held for sale.
GAAP Reconciliation (unaudited) | |||||||||||
(dollars in thousands, except per share data) | |||||||||||
December 31, | September 30, | December 31, | |||||||||
2022 | 2022 | 2021 | |||||||||
Common shareholders' equity | $ | 1,228,321 | $ | 1,219,771 | $ | 1,350,775 | |||||
Less: Intangible assets | (104,233 | ) | (104,240 | ) | (105,793 | ) | |||||
Tangible common equity | $ | 1,124,088 | $ | 1,115,531 | $ | 1,244,982 | |||||
Book value per common share | $ | 39.18 | $ | 38.02 | $ | 42.28 | |||||
Less: Intangible book value per common share | (3.32 | ) | (3.25 | ) | (3.31 | ) | |||||
Tangible book value per common share | $ | 35.86 | $ | 34.77 | $ | 38.97 | |||||
Total assets | $ | 11,150,854 | $ | 10,713,044 | $ | 11,847,310 | |||||
Less: Intangible assets | (104,233 | ) | (104,240 | ) | (105,793 | ) | |||||
Tangible assets | $ | 11,046,621 | $ | 10,608,804 | $ | 11,741,517 | |||||
Tangible common equity ratio | 10.18 | % | 10.52 | % | 10.60 | % | |||||
Allowance for credit losses | $ | (74,444 | ) | $ | (75,767 | ) | $ | (74,965 | ) | ||
Total loans, excluding loans held for sale | $ | 7,635,632 | $ | 7,304,498 | $ | 7,065,598 | |||||
Less: PPP loans (non-GAAP) | (3,256 | ) | (7,241 | ) | (51,105 | ) | |||||
Total loans excluding PPP loans (non-GAAP) | $ | 7,632,376 | $ | 7,297,257 | $ | 7,014,493 | |||||
Allowance for credit losses: | |||||||||||
As a % of total loans (GAAP) | 0.97 | % | 1.04 | % | 1.06 | % | |||||
As a % of total loans excl. PPP loans (non-GAAP) | 0.98 | % | 1.04 | % | 1.07 | % | |||||
Three Months Ended | |||||||||||
December 31, | September 30, | December 31, | |||||||||
2022 | 2022 | 2021 | |||||||||
Average common shareholders' equity | $ | 1,233,705 | $ | 1,271,753 | $ | 1,342,525 | |||||
Less: Average intangible assets | (104,238 | ) | (104,253 | ) | (105,565 | ) | |||||
Average tangible common equity | $ | 1,129,467 | $ | 1,167,500 | $ | 1,236,960 | |||||
Net Income | $ | 42,193 | $ | 37,297 | $ | 41,620 | |||||
Return on average tangible common equity(1) | 14.82 | % | 12.67 | % | 13.35 | % | |||||
Net interest income | $ | 85,600 | $ | 83,897 | $ | 78,186 | |||||
Noninterest income | 5,329 | 5,308 | 10,574 | ||||||||
Operating revenue | $ | 90,929 | $ | 89,205 | $ | 88,760 | |||||
Noninterest expense | $ | 38,918 | $ | 36,206 | $ | 39,309 | |||||
Efficiency ratio | 42.8 | % | 40.6 | % | 44.3 | % |
(1) Periods of less than a year are annualized.
GAAP Reconciliation (unaudited) | |||||||
(dollars in thousands, except per share data) | |||||||
For the Year Ended | |||||||
December 31, | December 31, | ||||||
2022 | 2021 | ||||||
Net income | $ | 140,930 | $ | 176,691 | |||
Reversal: Accrual reduction(1) | (5,018 | ) | — | ||||
Reversal: Penalty, disgorgement & prejudgment interest(2) | 22,874 | — | |||||
Adjusted net income (non-GAAP) | $ | 158,786 | $ | 176,691 | |||
Earnings per share (diluted) | $ | 4.39 | $ | 5.52 | |||
Reversal: Accrual reduction(1) | (0.15 | ) | — | ||||
Reversal: Penalty, disgorgement & prejudgment interest(2) | 0.71 | — | |||||
Adjusted earnings per share (diluted) (non-GAAP) | $ | 4.95 | $ | 5.52 | |||
Weighted average common shares outstanding, diluted | 32,078,070 | 32,003,090 |
(1) Reversal of accrual reduction for non-tax deductible expenses of $5.0 million related to share-based compensation awards and deferred compensation for the Company's former CEO and Chairman, recorded in the first quarter of 2022.(2) Reversal of accrual for non-tax deductible expenses of $22.9 million in connection with the Company's agreements in principal with the SEC and FRB to resolve the previously disclosed investigations with respect to the Company, recorded in the second quarter of 2022.
GAAP Reconciliation (unaudited) - Continued
Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, 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 table provides reconciliation of these financial measures defined by GAAP with non-GAAP financial measures.
Pre-provision net revenue is a non-GAAP financial measure derived from GAAP based amounts. The Company calculates PPNR by subtracting noninterest expenses from the sum of net interest income and noninterest income. PPNR to Average Assets is calculated by dividing the PPNR amount by average assets to obtain a percentage. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans. The table in the "Income Statement" section of this earnings release provides a reconciliation of PPNR and PPNR to Average Assets to the nearest GAAP measure.
Total loans excluding PPP loans is a non-GAAP financial measure derived from GAAP based amounts. The Company calculates Total loans excluding PPP loans by subtracting the total amount of outstanding PPP loans from the amount of total loans, excluding loans held for sale. The Company considers this information important to shareholders because it allows investors to see changes in the Company's loan growth without the impact of the PPP loans, which were loan products specific to relief efforts in response to the COVID-19 pandemic. Excluding the impact of PPP loans also allows investors to better compare the Company's loan growth to historical periods prior to the pandemic. The table in the "Balance Sheet" section of this earnings release and the table above provides a reconciliation of total loans excluding PPP loans to the nearest GAAP measure.
Efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest (loss) income. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities. The table above shows the calculation of the efficiency ratio from these GAAP measures.
Adjusted net income and adjusted earnings per share (diluted) are non-GAAP financial measures derived from GAAP based amounts.
Eagle Bancorp, Inc. | |||||||||||
Consolidated Balance Sheets (Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||
December 31, | September 30, | December 31, | |||||||||
Assets | 2022 | 2022 | 2021 | ||||||||
Cash and due from banks | $ | 12,655 | $ | 27,235 | $ | 12,886 | |||||
Federal funds sold | 33,927 | 69,809 | 20,391 | ||||||||
Interest-bearing deposits with banks and other short-term investments | 265,272 | 47,131 | 1,680,945 | ||||||||
Investment securities available-for-sale at fair value (amortized cost of $1,803,898 , $1,873,872, and $2,642,667, net of allowance for credit losses of $17, $18 and $620 as of December 31, 2022, September 30, 2022 and December 31, 2021, respectively) | 1,598,666 | 1,649,753 | 2,623,408 | ||||||||
Investment securities held-to-maturity (fair value of $1,094,140, $989,001 and $0, net of allowance for credit losses of $766, $802 and $0, as of December 31, 2022, September 30, 2022 and December 31, 2021, respectively) | 1,093,374 | 1,114,084 | — | ||||||||
Federal Reserve and Federal Home Loan Bank stock | 65,067 | 42,311 | 34,153 | ||||||||
Loans held for sale | 6,734 | 9,387 | 47,218 | ||||||||
Loans | 7,635,632 | 7,304,498 | 7,065,598 | ||||||||
Less allowance for credit losses | (74,444 | ) | (75,767 | ) | (74,965 | ) | |||||
Loans, net | 7,561,188 | 7,228,731 | 6,990,633 | ||||||||
Premises and equipment, net | 13,475 | 13,684 | 14,557 | ||||||||
Operating lease right-of-use assets | 24,544 | 26,022 | 30,555 | ||||||||
Deferred income taxes | 96,567 | 112,904 | 43,174 | ||||||||
Bank-owned life insurance | 110,998 | 110,678 | 108,789 | ||||||||
Goodwill and other intangible assets, net | 104,233 | 104,240 | 105,793 | ||||||||
Other real estate owned | 1,962 | 1,962 | 1,635 | ||||||||
Other assets | 162,192 | 155,113 | 133,173 | ||||||||
Total assets | $ | 11,150,854 | $ | 10,713,044 | $ | 11,847,310 | |||||
Liabilities and Shareholders' Equity | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing demand | $ | 3,150,751 | $ | 2,928,774 | $ | 3,277,956 | |||||
Interest-bearing transaction | 1,138,235 | 964,567 | 777,255 | ||||||||
Savings and money market | 3,640,697 | 4,220,768 | 5,197,247 | ||||||||
Time | 783,499 | 649,241 | 729,082 | ||||||||
Total deposits | 8,713,182 | 8,763,350 | 9,981,540 | ||||||||
Customer repurchase agreements | 35,100 | 21,465 | 23,918 | ||||||||
Other short-term borrowings | 975,001 | 515,000 | 300,000 | ||||||||
Long-term borrowings | 69,794 | 69,763 | 69,670 | ||||||||
Operating lease liabilities | 29,267 | 30,837 | 35,501 | ||||||||
Reserve for unfunded commitments | 5,857 | 5,696 | 4,379 | ||||||||
Other liabilities | 94,332 | 87,162 | 81,527 | ||||||||
Total liabilities | 9,922,533 | 9,493,273 | 10,496,535 | ||||||||
Shareholders' Equity | |||||||||||
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 31,346,903, 32,082,321, and 31,950,092 respectively | 310 | 318 | 316 | ||||||||
Additional paid-in capital | 412,303 | 442,880 | 434,640 | ||||||||
Retained earnings | 1,015,215 | 987,212 | 930,061 | ||||||||
Accumulated other comprehensive loss | (199,507 | ) | (210,639 | ) | (14,242 | ) | |||||
Total Shareholders' Equity | 1,228,321 | 1,219,771 | 1,350,775 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 11,150,854 | $ | 10,713,044 | $ | 11,847,310 | |||||
Eagle Bancorp, Inc. | |||||||||||||||||||
Consolidated Statements of Income (Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
Dec. 31, | Sept. 30, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans | $ | 109,251 | $ | 93,744 | $ | 77,625 | $ | 358,967 | $ | 337,749 | |||||||||
Interest and dividends on investment securities | 13,591 | 13,463 | 7,327 | 51,481 | 23,205 | ||||||||||||||
Interest on balances with other banks and short-term invest. | 5,696 | 4,100 | 1,272 | 13,304 | 3,511 | ||||||||||||||
Interest on federal funds sold | 592 | 220 | 6 | 861 | 31 | ||||||||||||||
Total interest income | 129,130 | 111,527 | 86,230 | 424,613 | 364,496 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 39,239 | 26,125 | 6,484 | 83,261 | 27,772 | ||||||||||||||
Interest on customer repurchase agreements | 266 | 55 | 17 | 356 | 51 | ||||||||||||||
Interest on other short-term borrowings | 2,988 | 412 | 506 | 3,980 | 2,008 | ||||||||||||||
Interest on long-term borrowings | 1,037 | 1,038 | 1,037 | 4,149 | 10,151 | ||||||||||||||
Total interest expense | 43,530 | 27,630 | 8,044 | 91,746 | 39,982 | ||||||||||||||
Net Interest Income | 85,600 | 83,897 | 78,186 | 332,867 | 324,514 | ||||||||||||||
Provision for (Reversal of) Credit Losses | (464 | ) | 3,022 | (6,412 | ) | 266 | (20,821 | ) | |||||||||||
Provision for (Reversal of) Unfunded Commitments | 161 | 774 | (632 | ) | 1,477 | (1,119 | ) | ||||||||||||
Net Interest Income After Provision For Credit Losses | 85,903 | 80,101 | 85,230 | 331,124 | 346,454 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges on deposits | 1,429 | 1,339 | 1,259 | 5,399 | 4,562 | ||||||||||||||
Gain on sale of loans | 534 | 821 | 2,057 | 3,702 | 14,045 | ||||||||||||||
Net gain (loss) on sale of investment securities | 3 | 4 | 906 | (169 | ) | 2,964 | |||||||||||||
Incr. in the cash surrender value of bank-owned life insurance | 658 | 631 | 630 | 2,547 | 2,059 | ||||||||||||||
Other income | 2,705 | 2,513 | 5,722 | 12,175 | 16,755 | ||||||||||||||
Total noninterest income | 5,329 | 5,308 | 10,574 | 23,654 | 40,385 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||
Salaries and employee benefits | 23,691 | 21,538 | 24,608 | 84,053 | 88,398 | ||||||||||||||
Premises and equipment expenses | 3,292 | 3,275 | 3,755 | 13,218 | 14,876 | ||||||||||||||
Marketing and advertising | 1,290 | 1,181 | 1,286 | 4,721 | 4,165 | ||||||||||||||
Data processing | 3,117 | 3,445 | 3,258 | 12,171 | 11,709 | ||||||||||||||
Legal, accounting and professional fees | 2,553 | 2,332 | 2,987 | 8,583 | 11,510 | ||||||||||||||
FDIC insurance | 1,718 | 1,287 | 311 | 4,969 | 5,897 | ||||||||||||||
Other expenses | 3,257 | 3,148 | 3,104 | 37,383 | 12,610 | ||||||||||||||
Total noninterest expense | 38,918 | 36,206 | 39,309 | 165,098 | 149,165 | ||||||||||||||
Income Before Income Tax Expense | 52,314 | 49,203 | 56,495 | 189,680 | 237,674 | ||||||||||||||
Income Tax Expense | 10,121 | 11,906 | 14,875 | 48,750 | 60,983 | ||||||||||||||
Net Income | $ | 42,193 | $ | 37,297 | $ | 41,620 | $ | 140,930 | $ | 176,691 | |||||||||
Earnings Per Common Share | |||||||||||||||||||
Basic | $ | 1.32 | $ | 1.16 | $ | 1.30 | $ | 4.40 | $ | 5.53 | |||||||||
Diluted | $ | 1.32 | $ | 1.16 | $ | 1.30 | $ | 4.39 | $ | 5.52 | |||||||||
Eagle Bancorp, Inc. | |||||||||||||||||||||
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited) | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
December 31, 2022 | September 30, 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 | $ | 600,653 | $ | 5,696 | 3.76 | % | $ | 771,063 | $ | 4,100 | 2.11 | % | |||||||||
Loans held for sale(1) | 6,868 | 102 | 5.94 | % | 11,586 | 150 | 5.18 | % | |||||||||||||
Loans(1) (2) | 7,379,198 | 109,149 | 5.87 | % | 7,282,589 | 93,594 | 5.10 | % | |||||||||||||
Investment securities available-for-sale(2) | 1,658,228 | 7,753 | 1.85 | % | 1,782,859 | 7,587 | 1.69 | % | |||||||||||||
Investment securities held-to-maturity(2) | 1,105,209 | 5,838 | 2.10 | % | 1,128,943 | 5,876 | 2.06 | % | |||||||||||||
Federal funds sold | 79,547 | 592 | 2.95 | % | 53,630 | 220 | 1.63 | % | |||||||||||||
Total interest earning assets | 10,829,703 | $ | 129,130 | 4.73 | % | 11,030,670 | $ | 111,527 | 4.01 | % | |||||||||||
Total noninterest earning assets | 501,977 | 475,581 | |||||||||||||||||||
Less: allowance for credit losses | 75,724 | 75,141 | |||||||||||||||||||
Total noninterest earning assets | 426,253 | 400,440 | |||||||||||||||||||
TOTAL ASSETS | $ | 11,255,956 | $ | 11,431,110 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||
Interest bearing transaction | $ | 996,951 | $ | 3,877 | 1.54 | % | $ | 960,970 | $ | 1,891 | 0.78 | % | |||||||||
Savings and money market | 3,963,022 | 31,571 | 3.16 | % | 4,504,216 | 21,711 | 1.91 | % | |||||||||||||
Time deposits | 667,202 | 3,791 | 2.25 | % | 633,241 | 2,523 | 1.58 | % | |||||||||||||
Total interest bearing deposits | 5,627,175 | 39,239 | 2.77 | % | 6,098,427 | 26,125 | 1.70 | % | |||||||||||||
Customer repurchase agreements | 45,521 | 266 | 2.32 | % | 26,546 | 55 | 0.82 | % | |||||||||||||
Other short-term borrowings | 295,756 | 2,988 | 4.04 | % | 61,703 | 412 | 2.67 | % | |||||||||||||
Long-term borrowings | 69,783 | 1,037 | 5.94 | % | 69,752 | 1,038 | 5.95 | % | |||||||||||||
Total interest bearing liabilities | 6,038,235 | $ | 43,530 | 2.86 | % | 6,256,428 | $ | 27,630 | 1.75 | % | |||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||
Noninterest bearing demand | 3,896,964 | 3,809,070 | |||||||||||||||||||
Other liabilities | 87,052 | 93,859 | |||||||||||||||||||
Total noninterest bearing liabilities | 3,984,016 | 3,902,929 | |||||||||||||||||||
Shareholders’ equity | 1,233,705 | 1,271,753 | |||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,255,956 | $ | 11,431,110 | |||||||||||||||||
Net interest income | $ | 85,600 | $ | 83,897 | |||||||||||||||||
Net interest spread | 1.87 | % | 2.26 | % | |||||||||||||||||
Net interest margin | 3.14 | % | 3.02 | % | |||||||||||||||||
Cost of funds | 1.59 | % | 0.99 | % |
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.8 million and $3.4 million for the three months ended December 31, 2022 and September 30, 2022, 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, | |||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||
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 | $ | 600,653 | $ | 5,696 | 3.76 | % | $ | 3,124,657 | $ | 1,272 | 0.16 | % | |||||||||
Loans held for sale(1) | 6,868 | 102 | 5.94 | % | 46,647 | 342 | 2.93 | % | |||||||||||||
Loans(1) (2) | 7,379,198 | 109,149 | 5.87 | % | 6,890,414 | 77,283 | 4.45 | % | |||||||||||||
Investment securities available-for-sale(2) | 1,658,228 | 7,753 | 1.85 | % | 2,088,907 | 7,327 | 1.39 | % | |||||||||||||
Investment securities held-to-maturity(2) | 1,105,209 | 5,838 | 2.10 | % | — | — | — | % | |||||||||||||
Federal funds sold | 79,547 | 592 | 2.95 | % | 30,247 | 6 | 0.08 | % | |||||||||||||
Total interest earning assets | 10,829,703 | $ | 129,130 | 4.73 | % | 12,180,872 | $ | 86,230 | 2.81 | % | |||||||||||
Total noninterest earning assets | 501,977 | 440,613 | |||||||||||||||||||
Less: allowance for credit losses | 75,724 | 82,889 | |||||||||||||||||||
Total noninterest earning assets | 426,253 | 357,724 | |||||||||||||||||||
TOTAL ASSETS | $ | 11,255,956 | $ | 12,538,596 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||
Interest bearing transaction | $ | 996,951 | $ | 3,877 | 1.54 | % | $ | 803,027 | $ | 392 | 0.19 | % | |||||||||
Savings and money market | 3,963,022 | 31,571 | 3.16 | % | 5,257,520 | 3,688 | 0.28 | % | |||||||||||||
Time deposits | 667,202 | 3,791 | 2.25 | % | 735,254 | 2,404 | 1.30 | % | |||||||||||||
Total interest bearing deposits | 5,627,175 | 39,239 | 2.77 | % | 6,795,801 | 6,484 | 0.38 | % | |||||||||||||
Customer repurchase agreements | 45,521 | 266 | 2.32 | % | 32,730 | 17 | 0.21 | % | |||||||||||||
Other short-term borrowings | 295,756 | 2,988 | 4.04 | % | 300,003 | 506 | 0.67 | % | |||||||||||||
Long-term borrowings | 69,783 | 1,037 | 5.94 | % | 69,660 | 1,037 | 5.96 | % | |||||||||||||
Total interest bearing liabilities | 6,038,235 | $ | 43,530 | 2.86 | % | 7,198,194 | $ | 8,044 | 0.44 | % | |||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||
Noninterest bearing demand | 3,896,964 | 3,874,405 | |||||||||||||||||||
Other liabilities | 87,052 | 123,472 | |||||||||||||||||||
Total noninterest bearing liabilities | 3,984,016 | 3,997,877 | |||||||||||||||||||
Shareholders’ equity | 1,233,705 | 1,342,525 | |||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,255,956 | $ | 12,538,596 | |||||||||||||||||
Net interest income | $ | 85,600 | $ | 78,186 | |||||||||||||||||
Net interest spread | 1.87 | % | 2.37 | % | |||||||||||||||||
Net interest margin | 3.14 | % | 2.55 | % | |||||||||||||||||
Cost of funds | 1.59 | % | 0.26 | % |
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.8 million and $4.3 million for the three months ended December 31, 2022 and December 31, 2021, respectively.(2) Interest and fees on loans and investments exclude tax equivalent adjustments.
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: | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||||||
Total interest income | $ | 129,130 | $ | 111,527 | $ | 95,635 | $ | 88,321 | $ | 86,230 | $ | 89,152 | $ | 94,920 | $ | 94,194 | |||||||||||||||
Total interest expense | 43,530 | 27,630 | 12,717 | 7,869 | 8,044 | 10,107 | 10,288 | 11,543 | |||||||||||||||||||||||
Net interest income | 85,600 | 83,897 | 82,918 | 80,452 | 78,186 | 79,045 | 84,632 | 82,651 | |||||||||||||||||||||||
Provision for (reversal of) credit losses | (464 | ) | 3,022 | 495 | (2,787 | ) | (6,412 | ) | (8,203 | ) | (3,856 | ) | (2,350 | ) | |||||||||||||||||
Provision for (reversal of) unfunded commitments | 161 | 774 | 553 | (11 | ) | (632 | ) | 716 | (761 | ) | (442 | ) | |||||||||||||||||||
Net interest income after provision for credit losses | 85,903 | 80,101 | 81,870 | 83,250 | 85,230 | 86,532 | 89,249 | 85,443 | |||||||||||||||||||||||
Noninterest income before investment gain (loss) | 5,326 | 5,304 | 5,715 | 7,478 | 9,668 | 6,780 | 10,607 | 10,366 | |||||||||||||||||||||||
Net gain (loss) on sale of investment securities | 3 | 4 | (151 | ) | (25 | ) | 906 | 1,519 | 318 | 221 | |||||||||||||||||||||
Total noninterest income | 5,329 | 5,308 | 5,564 | 7,453 | 10,574 | 8,299 | 10,925 | 10,587 | |||||||||||||||||||||||
Salaries and employee benefits | 23,691 | 21,538 | 21,805 | 17,019 | 24,608 | 22,145 | 19,876 | 21,769 | |||||||||||||||||||||||
Premises and equipment | 3,292 | 3,275 | 3,523 | 3,128 | 3,755 | 3,859 | 3,644 | 3,618 | |||||||||||||||||||||||
Marketing and advertising | 1,290 | 1,181 | 1,186 | 1,064 | 1,286 | 1,013 | 980 | 886 | |||||||||||||||||||||||
Other expenses | 10,645 | 10,212 | 32,448 | 9,801 | 9,660 | 9,358 | 10,994 | 11,714 | |||||||||||||||||||||||
Total noninterest expense | 38,918 | 36,206 | 58,962 | 31,012 | 39,309 | 36,375 | 35,494 | 37,987 | |||||||||||||||||||||||
Income before income tax expense | 52,314 | 49,203 | 28,472 | 59,691 | 56,495 | 58,456 | 64,680 | 58,043 | |||||||||||||||||||||||
Income tax expense | 10,121 | 11,906 | 12,776 | 13,947 | 14,875 | 14,847 | 16,687 | 14,574 | |||||||||||||||||||||||
Net income | $ | 42,193 | $ | 37,297 | $ | 15,696 | $ | 45,744 | $ | 41,620 | $ | 43,609 | $ | 47,993 | $ | 43,469 | |||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||
Earnings per weighted average common share, basic | $ | 1.32 | $ | 1.16 | $ | 0.49 | $ | 1.43 | $ | 1.30 | $ | 1.36 | $ | 1.50 | $ | 1.36 | |||||||||||||||
Earnings per weighted average common share, diluted | $ | 1.32 | $ | 1.16 | $ | 0.49 | $ | 1.42 | $ | 1.30 | $ | 1.36 | $ | 1.50 | $ | 1.36 | |||||||||||||||
Weighted average common shares outstanding, basic | 31,819,631 | 32,084,464 | 32,080,657 | 32,033,280 | 31,950,320 | 31,959,357 | 31,962,819 | 31,869,655 | |||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 31,898,619 | 32,155,678 | 32,142,427 | 32,110,099 | 32,030,998 | 32,030,527 | 32,025,110 | 31,922,940 | |||||||||||||||||||||||
Actual shares outstanding at period end | 31,346,903 | 32,082,321 | 32,081,241 | 32,079,474 | 31,950,092 | 31,947,458 | 31,961,573 | 31,960,379 | |||||||||||||||||||||||
Book value per common share at period end | $ | 39.18 | $ | 38.02 | $ | 39.05 | $ | 39.89 | $ | 42.28 | $ | 41.68 | $ | 40.87 | $ | 39.45 | |||||||||||||||
Tangible book value per common share at period end(1) | $ | 35.86 | $ | 34.77 | $ | 35.80 | $ | 36.64 | $ | 38.97 | $ | 38.39 | $ | 37.58 | $ | 36.16 | |||||||||||||||
Dividend per common share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.35 | $ | 0.25 | |||||||||||||||
Performance Ratios (annualized): | |||||||||||||||||||||||||||||||
Return on average assets | 1.49 | % | 1.29 | % | 0.54 | % | 1.46 | % | 1.32 | % | 1.46 | % | 1.68 | % | 1.53 | % | |||||||||||||||
Return on average common equity | 13.57 | % | 11.64 | % | 4.91 | % | 13.83 | % | 12.30 | % | 13.00 | % | 14.92 | % | 14.05 | % | |||||||||||||||
Return on average tangible common equity(1) | 14.82 | % | 12.67 | % | 5.35 | % | 14.99 | % | 13.35 | % | 14.11 | % | 16.25 | % | 15.33 | % | |||||||||||||||
Net interest margin | 3.14 | % | 3.02 | % | 2.94 | % | 2.65 | % | 2.55 | % | 2.73 | % | 3.04 | % | 2.98 | % | |||||||||||||||
Efficiency ratio(2) | 42.80 | % | 40.6 | % | 66.6 | % | 35.3 | % | 44.3 | % | 41.7 | % | 37.1 | % | 40.7 | % | |||||||||||||||
Other Ratios: | |||||||||||||||||||||||||||||||
Allowance for credit losses to total loans(3) | 0.97 | % | 1.04 | % | 1.02 | % | 1.01 | % | 1.06 | % | 1.21 | % | 1.28 | % | 1.36 | % | |||||||||||||||
Allowance for credit losses to total nonperforming loans | 1,151 | % | 997 | % | 386 | % | 301 | % | 257 | % | 265 | % | 187 | % | 195 | % | |||||||||||||||
Nonperforming loans to total loans(3) | 0.08 | % | 0.10 | % | 0.26 | % | 0.33 | % | 0.41 | % | 0.46 | % | 0.68 | % | 0.69 | % | |||||||||||||||
Nonperforming assets to total assets | 0.08 | % | 0.09 | % | 0.19 | % | 0.23 | % | 0.26 | % | 0.31 | % | 0.50 | % | 0.51 | % | |||||||||||||||
Net charge-off (recovery)(annualized) to average total loans(3) | 0.05 | % | — | % | (0.04 | )% | 0.03 | % | 0.07 | % | 0.08 | % | 0.30 | % | 0.27 | % | |||||||||||||||
Tier 1 capital (to average assets) | 11.78 | % | 11.55 | % | 10.68 | % | 9.93 | % | 10.19 | % | 10.58 | % | 10.65 | % | 10.28 | % | |||||||||||||||
Total capital (to risk weighted assets) | 14.99 | % | 15.60 | % | 15.14 | % | 15.21 | % | 15.74 | % | 16.18 | % | 17.44 | % | 17.50 | % | |||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 14.23 | % | 14.64 | % | 14.06 | % | 14.12 | % | 14.63 | % | 14.95 | % | 14.24 | % | 14.12 | % | |||||||||||||||
Tangible common equity ratio(1) | 10.18 | % | 10.52 | % | 10.60 | % | 10.57 | % | 10.60 | % | 10.68 | % | 11.07 | % | 10.48 | % | |||||||||||||||
Average Balances (in thousands): | |||||||||||||||||||||||||||||||
Total assets | $ | 11,255,956 | $ | 11,431,110 | $ | 11,701,679 | $ | 12,701,152 | $ | 12,538,596 | $ | 11,826,326 | $ | 11,453,080 | $ | 11,517,836 | |||||||||||||||
Total earning assets | $ | 10,829,703 | $ | 11,030,670 | $ | 11,300,267 | $ | 12,326,473 | $ | 12,180,872 | $ | 11,486,280 | $ | 11,152,933 | $ | 11,236,440 | |||||||||||||||
Total loans(3) | $ | 7,379,198 | $ | 7,282,589 | $ | 7,104,727 | $ | 7,053,701 | $ | 6,890,414 | $ | 7,055,621 | $ | 7,382,238 | $ | 7,726,716 | |||||||||||||||
Total deposits | $ | 9,524,139 | $ | 9,907,497 | $ | 10,184,886 | $ | 10,874,976 | $ | 10,670,206 | $ | 9,948,114 | $ | 9,530,909 | $ | 9,601,249 | |||||||||||||||
Total borrowings | $ | 411,060 | $ | 158,001 | $ | 152,583 | $ | 371,987 | $ | 402,393 | $ | 448,697 | $ | 536,926 | $ | 573,750 | |||||||||||||||
Total shareholders’ equity | $ | 1,233,705 | $ | 1,271,753 | $ | 1,281,742 | $ | 1,341,785 | $ | 1,342,525 | $ | 1,331,022 | $ | 1,290,029 | $ | 1,254,780 |
(1) A reconciliation of non-GAAP financial measures to the nearest non-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.
CONTACT:David G. Danielson240.552.9534
Source: Eagle Bancorp, Inc.