Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent
company of EagleBank (the “Bank”), today announced quarterly net
income of $38.9 million for the fourth quarter of 2020, a 10%
increase, as compared to $35.5 million net income for the fourth
quarter of 2019. Net income per basic and diluted common share for
the fourth quarter of 2020 was $1.21 compared to $1.06 for the same
period in 2019, a 14% increase.
For the full year 2020, the Company reported net
income of $132.2 million ($4.08 per fully diluted share) as
compared to $142.9 million in net income ($4.18 per fully diluted
share) for the full year 2019. The 2020 results include the
adoption of the current expected credit losses ("CECL") accounting
standard effective January 1, 2020.
Fourth Quarter Key Metrics
- Income Statement
- Net income of $38.9 million (2nd best quarterly earnings over
the last eight quarters)
- Revenue growth of 4% over fourth quarter 2019
- Net interest margin of 2.98%
- Return on average assets ("ROAA") of 1.39%
- Return on average common equity ("ROACE") of 12.53%
- Return on average tangible common equity ("ROATCE") of
13.69%1
- Efficiency ratio of 38.34%
- Balance Sheet
- Average assets of $11.1
billion
- Book value per share of $39.05 (up
9% since the end of 2019)
- Tangible book value per share of $35.74 (up 9.4% since the end
of 2019)1
- Total risk based capital ratio of
17.04%
- Annualized net charge-off ratio to
average loans of 0.28%
- Nonperforming assets to total
assets of 0.59%
- Allowance for credit losses to
total loans of 1.41%
Susan G. Riel, President and Chief Executive
Officer of Eagle Bancorp, Inc., commented, "We ended a very
challenging year with two strong quarters, which is a testament to
the strength and resiliency of our franchise, our people and the
market we serve. For the year, we generated net income of $132.2
million while provisioning $45.6 million to increase our allowance
for credit losses as a response to the COVID-19 pandemic along with
the adoption of CECL at the beginning of the year. Full year
returns also remained strong with a ROAA of 1.28% and a ROATCE of
12.03%2. Recognition must also be given to our residential mortgage
division which had a banner year in a low-rate environment
generating gain on sale of loans of $21.8 million, more than
two-and-a-half times the amount in 2019."
"2020 was also a year when our balance sheet
grew by $2.1 billion, with deposits growing by almost $2 billion.
The flow of deposits continued throughout the year, and given the
COVID-19 pandemic could not be economically deployed into loans,
creating excess liquidity. This liquidity was a significant factor
that brought the net interest margin under 3% for the first time
ever."
"In spite of all the headwinds, we continue to
manage an efficient and well-capitalized bank. We remain a leader
among our peers with an efficiency ratio of 38.34% and with total
risk-based capital of 17.04% at year-end 2020, we are well situated
for when loan growth resumes."
"We once again thank all of our employees for
their commitment and diligence in serving client needs and
following safe health practices. As we look toward the new year, we
remain focused on strong and balanced operating performance. We
will continue to proactively manage any credit concerns while
delivering best-in-class service to our customers. We will continue
to exercise prudent oversight of expenses, while retaining an
infrastructure that is competitive, supports our growth
initiatives, and proactively enhances our risk management systems
as we position ourselves for future growth.”
Balance Sheet Highlights
- Total assets at
December 31, 2020 were $11.1 billion, a 24% increase as
compared to $9.0 billion at December 31, 2019, and a 10%
increase as compared to $10.1 billion at September 30, 2020.
- Total loans
(excluding loans held for sale) were $7.8 billion at
December 31, 2020, a 3% increase as compared to $7.5 billion
at December 31, 2019, and a 2% decrease as compared to $7.9
billion at September 30, 2020. Paycheck Protection Program ("PPP")
loans represented $454.8 million of total loans at the end of the
fourth quarter. Excluding PPP loans, the decrease in loan balance
during the fourth quarter 2020 is mostly attributable to the
successful completion of construction projects and the related
construction loan payoffs.
- Loans held for
sale amounted to $88.2 million at December 31, 2020
as compared to $56.7 million at December 31, 2019, a 56%
increase, and $79.1 million at September 30, 2020, a 12%
increase.
- Investment
portfolio totaled $1.2 billion at December 31, 2020,
a 36% increase from the $843.4 million balance at December 31,
2019, and 18% increase from $977.6 million at September 30, 2020.
This was due primarily to the deployment of deposit inflows into
higher yielding assets.
- Total deposits at
December 31, 2020 were $9.2 billion, compared to deposits of
$7.2 billion at December 31, 2019, a 27% increase, and a
12% increase compared to deposits of $8.2 billion at September
30, 2020. The increase in deposits was attributable to the
continued inflow of deposits across noninterest bearing and money
market categories.
- Total borrowed
funds (excluding customer repurchase agreements) were
$568.1 million at December 31, 2020, compared to $467.7
million at December 31, 2019, and $568.0 million at September
30, 2020.
- Total shareholders’
equity increased 4% to $1.24 billion at December 31,
2020 compared to $1.19 billion at December 31, 2019, and
increased 1% from $1.22 billion at September 30, 2020. The increase
in shareholders’ equity at December 31, 2020 compared to the
same period in 2019 was primarily the result of growth in retained
earnings partially offset by $61.4 million in stock repurchases,
dividends declared of $28.3 million, by the day one CECL entry of
$10.9 million net of taxes, and by a $12.5 million increase in
other comprehensive income, net of taxes.In the fourth quarter of
2020, the Company completed repurchases under the Stock Repurchase
Plan approved in August 2019. In December 2020, the Board of
Directors approved a new stock repurchase plan of up to 1,588,848
shares, or approximately 5% of shares outstanding, which commenced
January 1, 2021.
___________________1 A reconciliation of GAAP financial measures
is provided in the tables that accompany this document.2 A
reconciliation of GAAP financial measures is provided in the tables
that accompany this document.
| |
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|
December 31,2020 |
|
September 30,2020 |
|
December 31,2019 |
|
Change sinceSeptember 30, 2020 |
|
Change sinceDecember 31, 2019 |
|
Book value per share |
|
$ |
39.05 |
|
|
$ |
37.96 |
|
|
$ |
35.82 |
|
|
2.9 |
% |
|
9.0 |
% |
| Tangible book value per
share |
|
$ |
35.74 |
|
|
$ |
34.70 |
|
|
$ |
32.67 |
|
|
3.0 |
% |
|
9.4 |
% |
| Actual shares outstanding (in
millions) |
|
|
31.78 |
|
|
|
32.23 |
|
|
|
33.24 |
|
|
(1.4 |
)% |
|
(4.4 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
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|
- Capital ratios
remain substantially in excess of regulatory minimum requirements.
Risk based capital ratios and common equity tier 1 were positively
impacted by continued strong earnings and relatively little change
in outstanding loans. The other three ratios of leverage, common
equity and tangible common equity were adversely impacted by the
strong asset growth driven largely by deposit inflows.
| |
|
December 31,2020 |
|
September 30,2020 |
|
December 31,2019 |
|
Change sinceSeptember 30, 2020 |
|
Change sinceDecember 31, 2019 |
|
Total Risk Based Capital |
|
17.04 |
% |
|
16.72 |
% |
|
16.20 |
% |
|
1.90 |
% |
|
5.20 |
% |
| Common Equity Tier 1 |
|
13.48 |
% |
|
13.19 |
% |
|
12.87 |
% |
|
2.27 |
% |
|
4.82 |
% |
| Tier 1 Risk Based Capital |
|
13.48 |
% |
|
13.19 |
% |
|
12.87 |
% |
|
2.27 |
% |
|
4.82 |
% |
| Tier 1 Leverage |
|
10.31 |
% |
|
10.82 |
% |
|
11.62 |
% |
|
(4.70 |
)% |
|
(11.30 |
)% |
| Common Equity Ratio |
|
11.16 |
% |
|
12.11 |
% |
|
13.25 |
% |
|
(7.80 |
)% |
|
(15.80 |
)% |
| Tangible Common Equity
Ratio |
|
10.31 |
% |
|
11.18 |
% |
|
12.22 |
% |
|
(7.80 |
)% |
|
(15.60 |
)% |
| |
|
|
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|
|
Income Statement Highlights (4th Quarter
2020 vs. 4th Quarter 2019)
- Net interest
income was $81.4 million for the three months ended
December 31, 2020 and $80.7 million for the same period in
2019. Overall, the increase in average earning assets of 19% was
substantially offset by the reduction in net interest margin.
- Net interest
margin was 2.98% for the three months ended
December 31, 2020, as compared to 3.49% for the three months
ended December 31, 2019, which reflects the impact of lower
market interest rates and higher cash balances given strong deposit
flows, partially offset by improved funding mix and lower funding
costs. Additionally, the net interest margin was negatively
impacted by approximately two basis points for the quarter due to
lower rates on PPP loans (versus excluding PPP loans). Average
liquidity for the fourth quarter of 2020 was $1.78 billion versus
$739 million for the fourth quarter of 2019.
- Provision for credit
losses was $4.9 million for the three months ended
December 31, 2020 as compared to $2.9 million for the three
months ended December 31, 2019. The higher provisioning in the
fourth quarter of 2020, as compared to the fourth quarter of 2019,
was primarily due to the impact of COVID-19 on our actual and
expected future credit losses, as modeled under the new CECL
accounting standard.
- Net charge-offs of
$5.5 million in the fourth quarter of 2020 represented an
annualized 0.28% of average loans, excluding loans held for sale,
as compared to $3.0 million, or an annualized 0.16% of average
loans, excluding loans held for sale, in the fourth quarter of
2019. Net charge-offs in the fourth quarter of 2020 were
attributable primarily to a single restaurant credit of $4.1
million.
- Noninterest income
for the three months ended December 31, 2020 increased to $9.9
million from $6.7 million for the three months ended
December 31, 2019, a 47% increase. The increase was primarily
due to a substantially higher gain on the sale of residential
mortgage loans of $5.9 million for the fourth quarter of 2020 as
compared to $2.5 million for the fourth quarter of 2019.
Residential mortgage loans made in the fourth quarter of 2020 were
made exclusively on a best efforts basis, whereas residential
mortgage loans made in the fourth quarter of 2019 were made
predominantly on a mandatory basis. Underlying these gains were
residential mortgage loan locked commitments of $427.5 million for
the fourth quarter of 2020 as compared to $203.2 million for the
fourth quarter of 2019.
- Noninterest
expenses totaled $35.0 million for the three months ended
December 31, 2020, as compared to $34.7 million for the three
months ended December 31, 2019, a 1% increase. The major items
of note were legal and FDIC fees.
- Legal, accounting and professional
fees were $2.3 million in the fourth quarter of 2020, down from
$4.1 million in the fourth quarter of 2019. Included in the
$2.3 million are expenses of $1.1 million primarily associated with
the previously disclosed and ongoing governmental investigations
and class action lawsuit. Additionally, this $1.1 million is net of
recognized receivables for expected insurance recoveries of legal
expenditures where we believe recovery is probable pursuant to our
D&O insurance policies. The Company does not include any offset
for potential claims we may have in the future as to which recovery
is impossible to predict at this time.
- FDIC expenses were $2.4 million in
fourth quarter of 2020, up from $879 thousand in the fourth quarter
of 2019. The increase is primarily due to nonrecurring $633
thousand credit in 2019 and a higher assessment base in 2020
resulting from growth in total assets.
- Efficiency ratio
was 38.34% for the fourth quarter of 2020,improved from 39.71% for
the fourth quarter of 2019 as revenue exceeded the increase in
noninterest expenses.
- Effective income tax rate for the fourth
quarter of 2020 was 23.7% as compared to 28.8% for the fourth
quarter of 2019. The decrease was due primarily to a decrease in
nondeductible expenses, state taxes and adjustments related to the
completion of the 2019 tax returns.
Income Statement Highlights (Full Year
2020 vs. Full Year 2019)
- Net interest
income was $321.6 million for the year ended December 31,
2020, versus $324.0 million for the year ended December 31, 2019.
Overall, the increase in average earnings assets of 17% was offset
by the reduction in net interest margin.
- Net interest
margin was 3.19% for the year ended December 31,
2020, as compared to 3.77% for the year ended December 31,
2019. This decline was due to the sharply lower interest rate
environment in 2020 as compared to 2019, and to substantially
higher on balance sheet liquidity.
- While the Company has been
proactive in lowering its cost of funds (0.68% for the year ended
December 31, 2020 compared to 1.23% in 2019), the yield on
earning assets also declined by 113 basis points (from 5.00% to
3.87%).
- Average on balance sheet liquidity
was $1.2 billion for the year 2020 as compared to $415 million for
the year 2019.
- Additionally, the net interest margin was negatively impacted
by approximately nine basis points due to lower rates on PPP loans
as compared to non-PPP loans.
- Provision for credit
losses was $45.6 million for the year ended
December 31, 2020 as compared to $13.1 million for the year
ended December 31, 2019. The higher provisioning for the year
ended December 31, 2020, as compared to the same period in
2019, is primarily due to the implementation of CECL (effective
January 1, 2020) and the impact of COVID-19 on our actual and
expected future credit losses.
- Net charge-offs of
$20.1 million for the year ended December 31, 2020 represented
0.26% of average loans, excluding loans held for sale, as compared
to $9.4 million, or 0.13% of average loans, excluding loans held
for sale, in the year ended December 31, 2019. Net charge-offs
in 2020 consisted primarily of $12 million in commercial loans,
$7.2 million in commercial real estate loans, and $815 thousand in
mortgage loans.
- Noninterest income
for the year ended December 31, 2020 increased to $45.7
million from $25.7 million for the year ended December 31,
2019, a 78% increase. The increase was due substantially to higher
gains on the sale of residential mortgage loans of $21.8 million in
2020 as compared to $8.2 million in 2019. Underlying these gains
were residential mortgage loan locked commitments of $1.9 billion
in 2020 as compared to $877.3 million in 2019.
- Noninterest
expenses totaled $144.2 million for the year ended
December 31, 2020, as compared to $139.9 million for the year
ended December 31, 2019, a 3% increase.
- Salaries and employee benefits were
$74.4 million, a decrease of $5.4 million or 7% for the year ended
December 31, 2020 compared to $79.8 million for the same
period in 2019. The decrease was primarily due to the $6.2 million
of largely nonrecurring charges accrued in the first quarter of
2019 related to share-based compensation awards and the resignation
of our former CEO and Chairman in March 2019, of which a portion
was released in the second quarter of 2020. The decrease was
partially offset by higher salaries attributable to merit increases
and increased headcount in 2020.
- Legal, accounting and professional
fees were $16.4 million for the year ended December 31, 2020,
an increase of $4.2 million or 35% year-over-year. Legal fees and
expenditures of $9.1 million for the year ended December 31,
2020 were primarily associated with previously disclosed ongoing
governmental investigations and related subpoenas and document
requests and our defense of the previously disclosed class action
lawsuit. The amount of legal fees and expenditures for the year is
net of the probable expected insurance coverage recovery pursuant
to our D&O insurance policies but does not include any offset
for potential claims we may have in the future as to which recovery
is impossible to predict at this time
- FDIC expenses were $7.9 million in
2020, up from $3.2 million in 2019. The year-over-year increase is
primarily due to a nonrecurring credit in 2019 and a higher
assessment base in 2020 resulting from growth in total assets.
- Efficiency Ratio
for 2020 was 39.25% as compared to 39.99% for 2019.
- Effective income tax
rates were 24.9% and 27.4% for 2020 and 2019,
respectively. The decrease in the effective tax rate was due
primarily to a decrease in nondeductible expenses, state taxes and
adjustments related to the completion of the 2019 tax returns.
Additional Quarterly Financial
Commentary
- Loans
Closed/Payoffs: New loans closed in the fourth quarter of
2020 were similar to the level closed in the fourth quarter of
2019, but were outpaced by loan payoffs in the fourth quarter of
2020. Unfunded commitments declined to $1.99 billion as of December
31, 2020 as compared to $2.28 billion as of December 31, 2019.
- Loan Mix: In
addition to the current sharply lower interest rate environment as
compared to 2019, there has been less focus on higher risk and
higher yielding construction lending and more attention towards
strong commercial real estate credits secured by stabilized income
producing properties. The yield on the loan portfolio was 4.50% for
the fourth quarter of 2020 as compared to 5.18% for the fourth
quarter of 2019 and 4.46% for the third quarter of 2020.
- Paycheck Protection
Program: As a Small Business Administration ("SBA")
preferred lender, the Bank actively participated in the PPP, and at
December 31, 2020 had an outstanding balance of PPP loans of
$454.8 million to just over 1,400 businesses. The stated rate for
these loans is 1.00%. For the fourth quarter of 2020, the average
yield which includes fee amortization was 2.55%. The lower loan
yield on these PPP loans negatively affected fourth quarter loan
portfolio yields by 12 basis points. For 2020, the average yield
which includes fee amortization was 2.48%. The lower loan yield on
these PPP loans negatively affected our twelve month loan portfolio
yields in 2020 by 21 basis points. Excluding PPP loans, loan yields
were 4.62% for the fourth quarter of 2020, and were 4.87% for the
full year 2020.
- Deposit Mix: The
Company continues to emphasize achieving core deposit growth and we
continue to seek well-structured new loan opportunities. The mix of
noninterest deposits to total deposits remained favorable and
averaged 33% in the fourth quarter of 2020, as compared to 30% in
the fourth quarter of 2019. Certain long-term core fiduciary
clients increased their deposit balances in the fourth quarter of
2020 seeking some nominal interest income as market interest rates
continued to remain quite low. While the Bank was able to invest
these deposits into earning assets, the spreads were narrow and
contributed to a decline in the net interest margin.
- Nonperforming Loans and
Assets: At December 31, 2020, the Company’s
nonperforming loans were $60.9 million (0.79% of total loans) as
compared to $48.7 million (0.65% of total loans) at
December 31, 2019. Nonperforming assets amounted to $65.9
million (0.59% of total assets) at December 31, 2020 compared
to $50.2 million (0.56% of total assets) at December 31,
2019.
- CECL: The Company
adopted the new CECL accounting standard (ASC 326) in the first
quarter of 2020. The Company made an initial adjustment to the
allowance for credit losses of $10.6 million along with $4.1
million to the reserve for unfunded commitments. This adjustment
increased the ratio of the allowance to total loans from 0.98% at
December 31, 2019 to 1.12% at January 1, 2020. Based on our ongoing
risk analysis and modeling under the CECL allowance methodology,
the Company further increased the allowance for credit losses to
1.40% at September 30, 2020 and 1.41% of total loans as of December
31, 2020, which reflects COVID-19 risks assessments and an updated
unemployment forecast for the Washington, D.C. metropolitan area.
Additionally, the qualitative risk factors have been increased
associated with our higher mix of Accommodation & Food Services
industry loans. The allowance for credit losses of $109.6 million
at December 31, 2020 represented 180% of nonperforming loans
at that date, as compared to a coverage ratio of 190% at September
30, 2020, and 151% at December 31, 2019.
- Loan Deferrals:
Management is closely monitoring borrowers and remains attentive to
signs of deterioration in borrowers’ financial conditions and is
proactively taking steps to mitigate risk as appropriate.
Significant effort has been placed on moving loans off of deferral
status. As of September 30, 2020, a total of 321 notes were on
deferral status representing $851 million in outstanding exposure
or 10.8% of total loans. As of December 31, 2020, deferrals had
been reduced to 36 notes with $72.4 million in outstanding exposure
or 0.9% of gross loans. The table that follows provides additional
detail on deferrals by Industry/Collateral Type.
| (dollars in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Collateral Type |
|
Number ofNotes1 |
|
TotalOutstanding(in millions)1 |
|
DeferredNoteCount |
|
TotalDeferredOutstanding(in millions) |
|
%OutstandingDeferred |
|
Weighted AvgLTV of RECollateral |
|
Avg Loan Size(in millions) |
|
Hotels |
|
43 |
|
|
$ |
529 |
|
|
$ |
— |
|
|
$ |
— |
|
|
— |
% |
|
N/A |
|
|
|
N/A |
|
| Transportation &
Warehousing |
|
60 |
|
|
$ |
171 |
|
|
$ |
29 |
|
|
$ |
38 |
|
|
22 |
% |
|
70 |
% |
|
$ |
1 |
|
| Restaurants |
|
393 |
|
|
$ |
238 |
|
|
$ |
2 |
|
|
$ |
5 |
|
|
2 |
% |
|
75 |
% |
|
$ |
3 |
|
| Retail |
|
139 |
|
|
$ |
276 |
|
|
$ |
1 |
|
|
$ |
4 |
|
|
1 |
% |
|
75 |
% |
|
$ |
4 |
|
| Other Real Estate |
|
911 |
|
|
$ |
3,688 |
|
|
$ |
2 |
|
|
$ |
6 |
|
|
>0.5 |
|
|
44 |
% |
|
$ |
3 |
|
| Healthcare |
|
197 |
|
|
$ |
274 |
|
|
$ |
1 |
|
|
$ |
19 |
|
|
7 |
% |
|
87 |
% |
|
$ |
19 |
|
|
Art/Entertainment/Recreation |
|
66 |
|
|
$ |
139 |
|
|
$ |
— |
|
|
$ |
— |
|
|
— |
% |
|
N/A |
|
|
|
N/A |
|
|
Other |
|
4,473 |
|
|
$ |
2,445 |
|
|
$ |
1 |
|
|
$ |
0.4 |
|
|
>0.5 |
|
|
68 |
% |
|
$ |
1 |
|
| Total |
|
6,282 |
|
|
$ |
7,760 |
|
|
$ |
36 |
|
|
$ |
72.4 |
|
|
1 |
% |
|
N/A |
|
|
|
N/A |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 Includes 1,433
notes and $455 million in PPP loans. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- COVID-19 Loan Deferral
Migration: The table below shows the migration of the $851
million deferred loans from September 30, 2020 through December 31,
2020. The $791 million represents the updated balance of the
deferred loan population from September 30, 2020. The subsequent
columns represent the collateral support and disposition of those
loans. All loans that received a second deferral were automatically
downgraded and added to our watch list to raise visibility within
the loan portfolio.
| (dollars in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry/Collateral Type |
|
September30, 2020Balance |
|
Payoffs |
|
OtherPayments/Adv |
|
December31, 2020Balance |
|
WeightedAvg LTVof RECollateral |
|
Current-PassRated |
|
Current-WatchList |
|
30-89PastDue |
|
NonPerformingLoans |
|
Hotels |
|
$ |
387 |
|
|
$ |
(36 |
) |
|
|
<0.5 |
|
|
$ |
351 |
|
60 |
% |
|
7 |
|
298 |
|
46 |
|
0 |
|
Transportation & Warehousing |
|
$ |
134 |
|
|
$ |
— |
|
|
$ |
4 |
|
|
$ |
138 |
|
64 |
% |
|
0 |
|
138 |
|
0 |
|
0 |
| Restaurants |
|
$ |
115 |
|
|
$ |
(26 |
) |
|
$ |
(2 |
) |
|
$ |
87 |
|
64 |
% |
|
18 |
|
44 |
|
11 |
|
14 |
| Retail |
|
$ |
73 |
|
|
$ |
4 |
|
|
|
<0.5 |
|
|
$ |
77 |
|
69 |
% |
|
3 |
|
72 |
|
1 |
|
0 |
| Other Real Estate |
|
$ |
34 |
|
|
$ |
(1 |
) |
|
|
<0.5 |
|
|
$ |
33 |
|
45 |
% |
|
5 |
|
24 |
|
5 |
|
0 |
| Healthcare |
|
$ |
28 |
|
|
$ |
— |
|
|
|
<0.5 |
|
|
$ |
28 |
|
84 |
% |
|
2 |
|
20 |
|
0 |
|
6 |
|
Art/Entertainment/Recreation |
|
$ |
23 |
|
|
$ |
— |
|
|
|
<0.5 |
|
|
$ |
22 |
|
15 |
% |
|
4 |
|
10 |
|
8 |
|
0 |
|
Other |
|
$ |
57 |
|
|
$ |
(2 |
) |
|
$ |
(1 |
) |
|
$ |
55 |
|
74 |
% |
|
27 |
|
26 |
|
2 |
|
<0.5 |
|
Total |
|
$ |
851 |
|
|
$ |
(61 |
) |
|
$ |
1 |
|
|
$ |
791 |
|
62 |
% |
|
66 |
|
632 |
|
73 |
|
20 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- TDRs: None of the
deferrals are reflected as troubled debt restructurings ("TDRs") in
the Company’s balance sheet and asset quality measures due to the
provision of the Coronavirus Aid Relief and Economic Security Act
(the "CARES Act") that permits U.S. financial institutions to
temporarily suspend the GAAP requirements to treat such short-term
loan modifications as TDRs. These provisions have also been
confirmed by interagency guidance issued by the federal banking
agencies and confirmed with staff members of the Financial
Accounting Standards Board. Other loan portfolio areas of concern
at December 31, 2020 and additional COVID-19 loan related
matters are discussed below.
- Other Exposures:
Industry segments we believe may be more at risk within the Loan
Portfolio are presented below as of year end December 31,
2020:
|
Industry |
|
Principal Balance(in thousands) |
|
|
% of Loan Portfolio |
|
Accommodation & Food Services |
|
$ |
768,568 |
|
1 |
|
9.9 |
% |
| Retail Trade |
|
$ |
98,882 |
|
2 |
|
1.3 |
% |
| |
|
|
|
|
|
|
|
|
| 1 Includes $81,832 of PPP
loans. |
|
|
|
|
|
|
|
|
| 2 Includes $13,512 of PPP
loans. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Accommodation and
Food Services exposure represents 9.9% of the Bank’s loan portfolio
as of December 31, 2020 among 311 customers. Retail Trade
exposure represents 1.3% of the Bank’s loan portfolio. The Bank has
ongoing extensive outreach to these customers, and is assisting
where necessary with PPP loans and payment deferrals or interest
only periods in the short term as customers work with the Bank to
develop longer term stabilization strategies as the landscape of
the COVID-19 pandemic evolves. The duration and severity of the
pandemic will likely impact future credit challenges in these
areas.In addition to the specific industry data listed above, the
Bank has exposure on loans secured by commercial real estate of the
following property types as of December 31, 2020:
|
Property Type |
|
Principal Balance(in thousands) |
|
% of Loan Portfolio |
|
Restaurant |
|
$ |
44,541 |
|
|
0.6 |
% |
| Hotel |
|
$ |
35,741 |
|
|
0.5 |
% |
| Retail |
|
$ |
377,269 |
|
|
4.9 |
% |
Although not
evidenced at December 31, 2020, it is anticipated that some
portion of the CRE (commercial real estate) loans secured by the
above property types could be impacted by the tenancies associated
with impacted industries. The Bank is working with CRE investor
borrowers and monitoring rent collections as part of our portfolio
management process.
- Legal Update: On
January 25, 2021, the Company entered into a settlement agreement
(to be filed in DC Superior Court) with respect to a previously
disclosed shareholder demand letter, covering substantially the
same subject matters as the disclosed civil securities class action
litigation pending in the United States District Court for the
Southern District of New York (SDNY). The demand letter alleges,
derivatively on behalf of the Company, that certain named
individual directors and officers breached their fiduciary duties
with respect to the matters referenced in the demand letter. As
required by DC Superior Court administrative procedures,
shareholder's counsel will first file a derivative action complaint
against the individual directors and officers named in the demand
letter, and the Company as nominal Defendant. Then once the
complaint is processed and the DC Superior Court dockets the case,
shareholder's counsel will file the executed stipulation of
settlement accompanied by the shareholder's brief in support of
their unopposed motion to approve the settlement. The settlement is
subject to certain conditions and limitations, including court
approval.Pursuant to the executed stipulation of settlement of the
demand litigation, the Company has agreed to implement certain
corporate governance enhancements (many of which are already
underway) and to invest an additional $2 million incremental spend
above 2020 levels (over the course of three years) to enhance its
corporate governance, and risk and compliance controls and
infrastructure. The Company has made significant improvements to
its corporate governance and internal controls, including those it
described in its 2019 10-K, filed on March 2, 2020. As part of the
resolution of the matters that were the subject of the demand
letter, once court approval is granted, the Company will make a
one-time payment to the shareholder’s counsel in the amount of
$500,000 for attorneys’ fees and expenses (which one-time amount is
expected to be recovered pursuant to the Company’s D&O
insurance policy).The stipulation of settlement further provides
for releases by the demanding shareholder on behalf of all Eagle
Bancorp shareholders of liability with respect to the subject
matters described in the demand letter and any other potential
future shareholder derivative claims against all current and former
Company and EagleBank officers and directors, and a release by the
Company of certain claims against all current and former officers
and directors, subject to court approval. The stipulation of
settlement does not include or constitute an admission, concession,
or finding of any fault, liability, or wrongdoing by the Company,
EagleBank or any defendant. Although the Company believes the
stipulation of settlement is in the best interests of the Company’s
shareholders, there can be no assurance that the stipulation of
settlement will be approved by the court.The previously disclosed
putative securities class action against the Company and certain of
its current and former officers and directors remains outstanding.
However, on December 23, 2020, the securities class action
plaintiffs and defendants filed a stipulation to stay the class
action litigation pending a non-binding mediation in the spring of
2021, on a date to be determined. The SDNY so-ordered the
stipulation on December 24, 2020. There can be no assurance,
however, that the Class Action litigation will be settled.
Additional financial
information: The financial information which follows
provides more detail on the Company’s financial performance for the
three months and full year ended December 31, 2020 as compared
to the three months and full year ended December 31, 2019 as
well as providing 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, 2019, the Company's
quarterly reports on Form 10-Q for the quarters ended March 31,
2020, June 30, 2020, and September 30, 2020, respectively, and
other reports filed with the Securities and Exchange Commission
(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 twenty branch 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.
Conference Call: Eagle Bancorp
will host a conference call to discuss its fourth quarter and
year-end 2020 financial results on Thursday, January 28, 2021 at
10:00 a.m. eastern time. The public is invited to listen to this
conference call by dialing 1.877.303.6220, conference ID Code
2276066, 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 11, 2021.
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 the macroeconomic and other
challenges and uncertainties resulting from the COVID-19 pandemic,
including on our credit quality and business operations), interest
rates and interest rate policy, 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, 2019, the Company’s Quarterly Report on
Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and
September 30, 2020, the Company’s upcoming Annual Report on Form
10-K for the year ended December 31, 2020, 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. 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 Financial
Highlights (Unaudited) |
|
|
|
|
|
|
|
| (dollars in thousands, except
per share data) |
|
|
|
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
| |
2020 |
|
2019 |
|
2020 |
|
2019 |
| Income
Statements: |
|
|
|
|
|
|
|
|
Total interest income |
$ |
94,680 |
|
|
$ |
107,183 |
|
|
$ |
389,986 |
|
|
$ |
429,630 |
|
| Total interest expense |
13,263 |
|
|
26,473 |
|
|
68,424 |
|
|
105,585 |
|
| Net interest income |
81,417 |
|
|
80,710 |
|
|
321,562 |
|
|
324,045 |
|
| Provision for credit
losses |
4,917 |
|
|
2,945 |
|
|
45,571 |
|
|
13,091 |
|
| Provision for Unfunded
Commitments |
406 |
|
|
— |
|
|
1,380 |
|
|
— |
|
| Net interest income after
provision for credit losses |
76,094 |
|
|
77,765 |
|
|
274,611 |
|
|
310,954 |
|
| Noninterest income (before
investment gain) |
9,722 |
|
|
6,845 |
|
|
43,881 |
|
|
24,182 |
|
| Gain (loss) on sale of
investment securities |
165 |
|
|
(111 |
) |
|
1,815 |
|
|
1,517 |
|
| Total noninterest income |
9,887 |
|
|
6,734 |
|
|
45,696 |
|
|
25,699 |
|
| Total noninterest expense |
35,008 |
|
|
34,726 |
|
|
144,162 |
|
|
139,862 |
|
| Income before income tax
expense |
50,973 |
|
|
49,773 |
|
|
176,145 |
|
|
196,791 |
|
| Income tax expense |
12,081 |
|
|
14,317 |
|
|
43,928 |
|
|
53,848 |
|
| Net income |
$ |
38,892 |
|
|
$ |
35,456 |
|
|
$ |
132,217 |
|
|
$ |
142,943 |
|
| Per Share
Data: |
|
|
|
|
|
|
|
| Earnings per weighted average
common share, basic |
$ |
1.21 |
|
|
$ |
1.06 |
|
|
$ |
4.09 |
|
|
$ |
4.18 |
|
| Earnings per weighted average
common share, diluted |
$ |
1.21 |
|
|
$ |
1.06 |
|
|
$ |
4.08 |
|
|
$ |
4.18 |
|
| Weighted average common shares
outstanding, basic |
32,037,099 |
|
|
33,468,572 |
|
|
32,334,201 |
|
|
34,178,804 |
|
| Weighted average common shares
outstanding, diluted |
32,075,175 |
|
|
33,498,681 |
|
|
32,383,021 |
|
|
34,210,646 |
|
| Actual shares outstanding at
period end |
31,779,663 |
|
|
33,241,496 |
|
|
31,779,663 |
|
|
33,241,496 |
|
| Book value per common share at
period end |
$ |
39.05 |
|
|
$ |
35.82 |
|
|
$ |
39.05 |
|
|
$ |
35.82 |
|
| Tangible book value per common
share at period end (1) |
$ |
35.74 |
|
|
$ |
32.67 |
|
|
$ |
35.74 |
|
|
$ |
32.67 |
|
| Dividend per common share |
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.88 |
|
|
$ |
0.66 |
|
| Performance Ratios
(annualized): |
|
|
|
|
|
|
|
| Return on average assets |
1.39 |
% |
|
1.49 |
% |
|
1.28 |
% |
|
1.61 |
% |
| Return on average common
equity |
12.53 |
% |
|
11.78 |
% |
|
10.98 |
% |
|
12.20 |
% |
| Return on average tangible
common equity |
13.69 |
% |
|
12.91 |
% |
|
12.03 |
% |
|
13.40 |
% |
| Net interest margin |
2.98 |
% |
|
3.49 |
% |
|
3.19 |
% |
|
3.77 |
% |
| Efficiency ratio
(2) |
38.34 |
% |
|
39.71 |
% |
|
39.25 |
% |
|
39.99 |
% |
| Other
Ratios: |
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans (3) |
1.41 |
% |
|
0.98 |
% |
|
1.41 |
% |
|
0.98 |
% |
| Allowance for credit losses to
total nonperforming loans |
179.80 |
% |
|
151.16 |
% |
|
179.80 |
% |
|
151.16 |
% |
| Nonperforming loans to total
loans (3) |
0.79 |
% |
|
0.65 |
% |
|
0.79 |
% |
|
0.65 |
% |
| Nonperforming assets to total
assets |
0.59 |
% |
|
0.56 |
% |
|
0.59 |
% |
|
0.56 |
% |
| Net charge-offs (annualized)
to average loans (3) |
0.28 |
% |
|
0.16 |
% |
|
0.26 |
% |
|
0.13 |
% |
| Common equity to total
assets |
11.16 |
% |
|
13.25 |
% |
|
11.16 |
% |
|
13.25 |
% |
| Tier 1 capital (to average
assets) |
10.31 |
% |
|
11.62 |
% |
|
10.31 |
% |
|
11.62 |
% |
| Total capital (to risk
weighted assets) |
17.04 |
% |
|
16.20 |
% |
|
17.04 |
% |
|
16.20 |
% |
| Common equity tier 1 capital
(to risk weighted assets) |
13.48 |
% |
|
12.87 |
% |
|
13.48 |
% |
|
12.87 |
% |
| Tangible common equity ratio
(1) |
10.31 |
% |
|
12.22 |
% |
|
10.31 |
% |
|
12.22 |
% |
| Loan Balances - Period
End (in thousands): |
|
|
|
|
|
|
|
| Commercial and Industrial |
$ |
1,437,433 |
|
|
$ |
1,545,906 |
|
|
$ |
1,437,433 |
|
|
$ |
1,545,906 |
|
| PPP loans |
$ |
454,771 |
|
|
$ |
— |
|
|
$ |
454,771 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
| Commercial real estate -
income producing |
$ |
3,687,000 |
|
|
$ |
3,702,747 |
|
|
$ |
3,687,000 |
|
|
$ |
3,702,747 |
|
| Commercial real estate - owner
occupied |
$ |
997,694 |
|
|
$ |
985,409 |
|
|
$ |
997,694 |
|
|
$ |
985,409 |
|
| 1-4 Family mortgage |
$ |
76,592 |
|
|
$ |
104,221 |
|
|
$ |
76,592 |
|
|
$ |
104,221 |
|
| Construction - commercial and
residential |
$ |
873,261 |
|
|
$ |
1,035,754 |
|
|
$ |
873,261 |
|
|
$ |
1,035,754 |
|
| Construction - C&I (owner
occupied) |
$ |
158,905 |
|
|
$ |
89,490 |
|
|
$ |
158,905 |
|
|
$ |
89,490 |
|
| Home equity |
$ |
73,167 |
|
|
$ |
80,061 |
|
|
$ |
73,167 |
|
|
$ |
80,061 |
|
| Other consumer |
$ |
1,389 |
|
|
$ |
2,160 |
|
|
$ |
1,389 |
|
|
$ |
2,160 |
|
| Average Balances (in
thousands): |
|
|
|
|
|
|
|
| Total assets |
$ |
11,141,826 |
|
|
$ |
9,426,220 |
|
|
$ |
10,349,963 |
|
|
$ |
8,853,066 |
|
| Total earning assets |
$ |
10,872,259 |
|
|
$ |
9,160,034 |
|
|
$ |
10,080,239 |
|
|
$ |
8,585,184 |
|
| Total loans |
$ |
7,896,324 |
|
|
$ |
7,532,179 |
|
|
$ |
7,868,523 |
|
|
$ |
7,332,886 |
|
| Total deposits |
$ |
9,227,733 |
|
|
$ |
7,716,973 |
|
|
$ |
8,502,022 |
|
|
$ |
7,231,679 |
|
| Total borrowings |
$ |
596,307 |
|
|
$ |
449,432 |
|
|
$ |
569,446 |
|
|
$ |
383,230 |
|
| Total shareholders’
equity |
$ |
1,235,174 |
|
|
$ |
1,194,337 |
|
|
$ |
1,204,341 |
|
|
$ |
1,172,051 |
|
(1) Tangible common equity to tangible assets
(the "tangible common equity ratio"), tangible book value per
common share, 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 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
table below provides reconciliation of financial measures defined
by GAAP with non-GAAP financial measures. (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) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
|
Year Ended |
|
Three Months Ended |
| |
December 31, 2020 |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2019 |
| Common shareholders'
equity |
|
|
$ |
1,240,891 |
|
|
$ |
1,190,681 |
|
|
|
| Less: Intangible assets |
|
|
(105,114 |
) |
|
(104,739 |
) |
|
|
| Tangible common
equity |
|
|
$ |
1,135,777 |
|
|
$ |
1,085,942 |
|
|
|
| Book value per common
share |
|
|
$ |
39.05 |
|
|
$ |
35.82 |
|
|
|
| Less: Intangible book value
per common share |
|
|
(3.31 |
) |
|
(3.15 |
) |
|
|
| Tangible book value
per common share |
|
|
$ |
35.74 |
|
|
$ |
32.67 |
|
|
|
| Total assets |
|
|
$ |
11,117,802 |
|
|
$ |
8,988,719 |
|
|
|
| Less: Intangible assets |
|
|
(105,114 |
) |
|
(104,739 |
) |
|
|
| Tangible
assets |
|
|
$ |
11,012,688 |
|
|
$ |
8,883,980 |
|
|
|
| Tangible common equity
ratio |
|
|
10.31 |
% |
|
12.22 |
% |
|
|
|
Average common shareholders' equity |
$ |
1,235,173 |
|
|
$ |
1,204,341 |
|
|
$ |
1,172,051 |
|
|
$ |
1,194,337 |
|
| Less: Average intangible
assets |
(105,131 |
) |
|
(104,903 |
) |
|
(105,167 |
) |
|
(104,784 |
) |
| Average tangible
common equity |
$ |
1,130,042 |
|
|
$ |
1,099,438 |
|
|
$ |
1,066,884 |
|
|
$ |
1,089,553 |
|
| Net Income Available to Common
Shareholders |
$ |
38,892 |
|
|
$ |
132,217 |
|
|
$ |
142,943 |
|
|
$ |
35,456 |
|
| Average tangible common
equity |
$ |
1,130,042 |
|
|
$ |
1,099,438 |
|
|
$ |
1,066,884 |
|
|
$ |
1,089,553 |
|
| Annualized Return on
Average Tangible Common Equity |
13.69 |
% |
|
12.03 |
% |
|
13.40 |
% |
|
12.91 |
% |
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Balance Sheets (Unaudited) |
|
(dollars in thousands, except per share data) |
| Assets |
December 31,2020 |
|
September 30,2020 |
|
December 31,2019 |
|
Cash and due from banks |
$ |
8,435 |
|
|
$ |
7,559 |
|
|
$ |
7,539 |
|
| Federal funds sold |
28,200 |
|
|
30,830 |
|
|
38,987 |
|
| Interest bearing deposits with
banks and other short-term investments |
1,752,420 |
|
|
818,719 |
|
|
195,447 |
|
| Investment securities
available for sale, at fair value (amortized cost of $1,129,255,
$956,803, and $839,192, and allowance for credit losses of $167,
$156, and $0, as of December 31, 2020, September 30, 2020 and
December 31, 2019, respectively). |
1,151,083 |
|
|
977,570 |
|
|
843,363 |
|
| Federal Reserve and Federal
Home Loan Bank stock |
40,104 |
|
|
40,061 |
|
|
35,194 |
|
| Loans held for sale |
88,205 |
|
|
79,084 |
|
|
56,707 |
|
| Loans |
7,760,212 |
|
|
7,880,255 |
|
|
7,545,748 |
|
| Less allowance for credit
losses |
(109,579 |
) |
|
(110,215 |
) |
|
(73,658 |
) |
| Loans, net |
7,650,633 |
|
|
7,770,040 |
|
|
7,472,090 |
|
| Premises and equipment,
net |
13,553 |
|
|
12,204 |
|
|
14,622 |
|
| Operating lease right-of-use
assets |
25,237 |
|
|
27,180 |
|
|
27,372 |
|
| Deferred income taxes |
38,571 |
|
|
36,363 |
|
|
29,804 |
|
| Bank owned life insurance |
76,729 |
|
|
76,326 |
|
|
75,724 |
|
| Intangible assets, net |
105,114 |
|
|
105,165 |
|
|
104,739 |
|
| Other real estate owned |
4,987 |
|
|
4,987 |
|
|
1,487 |
|
| Other assets |
134,531 |
|
|
120,206 |
|
|
85,644 |
|
| Total
Assets |
$ |
11,117,802 |
|
|
$ |
10,106,294 |
|
|
$ |
8,988,719 |
|
| |
|
|
|
|
|
| Liabilities and
Shareholders' Equity |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
| Noninterest bearing
demand |
$ |
2,809,334 |
|
|
$ |
2,384,108 |
|
|
$ |
2,064,367 |
|
| Interest bearing
transaction |
756,923 |
|
|
823,607 |
|
|
863,856 |
|
| Savings and money market |
4,645,186 |
|
|
3,956,553 |
|
|
3,013,129 |
|
| Time, $100,000 or more |
546,173 |
|
|
553,949 |
|
|
663,987 |
|
| Other time |
431,587 |
|
|
460,568 |
|
|
619,052 |
|
| Total deposits |
9,189,203 |
|
|
8,178,785 |
|
|
7,224,391 |
|
| Customer repurchase
agreements |
26,726 |
|
|
24,293 |
|
|
30,980 |
|
| Other short-term
borrowings |
300,000 |
|
|
300,000 |
|
|
250,000 |
|
| Long-term borrowings |
268,077 |
|
|
267,980 |
|
|
217,687 |
|
| Operating lease
liabilities |
28,022 |
|
|
30,457 |
|
|
29,959 |
|
| Reserve for unfunded
commitments |
5,498 |
|
|
5,092 |
|
|
— |
|
| Other liabilities |
59,384 |
|
|
76,285 |
|
|
45,021 |
|
| Total
liabilities |
9,876,910 |
|
|
8,882,892 |
|
|
7,798,038 |
|
| Shareholders'
Equity |
|
|
|
|
|
| Common stock, par value $.01
per share; shares authorized 100,000,000, shares |
|
|
|
|
|
|
issued and outstanding 31,779,663, 32,228,636, and 33,241,496,
respectively |
315 |
|
|
320 |
|
|
331 |
|
| Additional paid in
capital |
427,016 |
|
|
442,592 |
|
|
482,286 |
|
| Retained earnings |
798,061 |
|
|
766,219 |
|
|
705,105 |
|
| Accumulated other
comprehensive income (loss) |
15,500 |
|
|
14,271 |
|
|
2,959 |
|
| Total Shareholders'
Equity |
1,240,892 |
|
|
1,223,402 |
|
|
1,190,681 |
|
| Total Liabilities and
Shareholders' Equity |
$ |
11,117,802 |
|
|
$ |
10,106,294 |
|
|
$ |
8,988,719 |
|
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Statements of Income (Unaudited) |
|
(dollars in thousands, except per share data) |
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
| Interest
Income |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Interest and fees on loans |
$ |
89,875 |
|
|
$ |
98,916 |
|
|
|
$ |
368,854 |
|
|
$ |
400,923 |
|
| Interest and dividends on
investment securities |
4,301 |
|
|
5,297 |
|
|
|
18,440 |
|
|
21,037 |
|
| Interest on balances with
other banks and short-term investments |
497 |
|
|
2,905 |
|
|
|
2,601 |
|
|
7,438 |
|
| Interest on federal funds
sold |
7 |
|
|
65 |
|
|
|
91 |
|
|
232 |
|
| Total interest income |
94,680 |
|
|
107,183 |
|
|
|
389,986 |
|
|
429,630 |
|
| Interest
Expense |
|
|
|
|
|
|
|
| Interest on deposits |
9,511 |
|
|
23,089 |
|
|
|
53,566 |
|
|
91,026 |
|
| Interest on customer
repurchase agreements |
36 |
|
|
90 |
|
|
|
293 |
|
|
345 |
|
| Interest on other short-term
borrowings |
506 |
|
|
315 |
|
|
|
1,869 |
|
|
2,298 |
|
| Interest on long-term
borrowings |
3,210 |
|
|
2,979 |
|
|
|
12,696 |
|
|
11,916 |
|
| Total interest expense |
13,263 |
|
|
26,473 |
|
|
|
68,424 |
|
|
105,585 |
|
| Net Interest
Income |
81,417 |
|
|
80,710 |
|
|
|
321,562 |
|
|
324,045 |
|
| Provision for Credit
Losses |
4,917 |
|
|
2,945 |
|
|
|
45,571 |
|
|
13,091 |
|
| Provision for Unfunded
Commitments |
406 |
|
|
— |
|
|
|
1,380 |
|
|
— |
|
| Net Interest Income
After Provision For Credit Losses |
76,094 |
|
|
77,765 |
|
|
|
274,611 |
|
|
310,954 |
|
| Noninterest
Income |
|
|
|
|
|
|
|
| Service charges on
deposits |
988 |
|
|
1,453 |
|
|
|
4,416 |
|
|
6,247 |
|
| Gain on sale of loans |
5,840 |
|
|
2,600 |
|
|
|
22,089 |
|
|
8,474 |
|
| Gain (loss) on sale of
investment securities |
165 |
|
|
(111 |
) |
|
|
1,815 |
|
|
1,517 |
|
| Increase in the cash surrender
value of bank owned life insurance |
416 |
|
|
418 |
|
|
|
2,071 |
|
|
1,703 |
|
| Other income |
2,478 |
|
|
2,374 |
|
|
|
15,305 |
|
|
7,758 |
|
| Total noninterest income |
9,887 |
|
|
6,734 |
|
|
|
45,696 |
|
|
25,699 |
|
| Noninterest
Expense |
|
|
|
|
|
|
|
| Salaries and employee
benefits |
20,151 |
|
|
19,360 |
|
|
|
74,440 |
|
|
79,842 |
|
| Premises and equipment
expenses |
3,301 |
|
|
3,380 |
|
|
|
15,715 |
|
|
14,387 |
|
| Marketing and advertising |
1,161 |
|
|
1,200 |
|
|
|
4,278 |
|
|
4,826 |
|
| Data processing |
2,747 |
|
|
2,251 |
|
|
|
10,702 |
|
|
9,412 |
|
| Legal, accounting and
professional fees |
2,342 |
|
|
4,121 |
|
|
|
16,406 |
|
|
12,195 |
|
| FDIC insurance |
2,385 |
|
|
879 |
|
|
|
7,941 |
|
|
3,206 |
|
| Other expenses |
2,921 |
|
|
3,535 |
|
|
|
14,680 |
|
|
15,994 |
|
| Total noninterest expense |
35,008 |
|
|
34,726 |
|
|
|
144,162 |
|
|
139,862 |
|
| Income Before Income
Tax Expense |
50,973 |
|
|
49,773 |
|
|
|
176,145 |
|
|
196,791 |
|
| Income Tax
Expense |
12,081 |
|
|
14,317 |
|
|
|
43,928 |
|
|
53,848 |
|
| Net
Income |
$ |
38,892 |
|
|
$ |
35,456 |
|
|
|
$ |
132,217 |
|
|
$ |
142,943 |
|
| Earnings Per Common
Share |
|
|
|
|
|
|
|
| Basic |
$ |
1.21 |
|
|
$ |
1.06 |
|
|
|
$ |
4.09 |
|
|
$ |
4.18 |
|
| Diluted |
$ |
1.21 |
|
|
$ |
1.06 |
|
|
|
$ |
4.08 |
|
|
$ |
4.18 |
|
|
Eagle Bancorp, Inc. |
|
Consolidated Average Balances, Interest Yields And Rates
(Unaudited) |
|
(dollars in thousands) |
| |
|
| |
Three Months Ended December 31, |
| |
2020 |
|
2019 |
| |
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with other banks and other short-term
investments |
$ |
1,752,046 |
|
|
$ |
496 |
|
|
0.11 |
% |
|
$ |
710,038 |
|
|
$ |
2,905 |
|
|
1.62 |
% |
| Loans held for sale
(1) |
70,945 |
|
|
520 |
|
|
2.93 |
% |
|
57,779 |
|
|
524 |
|
|
3.63 |
% |
| Loans (1)
(2) |
7,896,324 |
|
|
89,356 |
|
|
4.50 |
% |
|
7,532,179 |
|
|
98,392 |
|
|
5.18 |
% |
| Investment securities
available for sale (2) |
1,122,078 |
|
|
4,300 |
|
|
1.52 |
% |
|
831,143 |
|
|
5,297 |
|
|
2.53 |
% |
| Federal funds sold |
30,866 |
|
|
8 |
|
|
0.10 |
% |
|
28,895 |
|
|
65 |
|
|
0.89 |
% |
| Total interest earning
assets |
10,872,259 |
|
|
94,680 |
|
|
3.46 |
% |
|
9,160,034 |
|
|
107,183 |
|
|
4.64 |
% |
| Total noninterest earning
assets |
378,406 |
|
|
|
|
|
|
340,186 |
|
|
|
|
|
| Less: allowance for credit
losses |
108,839 |
|
|
|
|
|
|
74,000 |
|
|
|
|
|
| Total noninterest earning
assets |
269,567 |
|
|
|
|
|
|
266,186 |
|
|
|
|
|
| TOTAL
ASSETS |
$ |
11,141,826 |
|
|
|
|
|
|
$ |
9,426,220 |
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
transaction |
$ |
772,056 |
|
|
$ |
511 |
|
|
0.26 |
% |
|
$ |
881,453 |
|
|
$ |
2,284 |
|
|
1.03 |
% |
| Savings and money market |
4,443,676 |
|
|
4,652 |
|
|
0.42 |
% |
|
3,144,249 |
|
|
12,195 |
|
|
1.54 |
% |
| Time deposits |
998,872 |
|
|
4,347 |
|
|
1.73 |
% |
|
1,400,330 |
|
|
8,610 |
|
|
2.44 |
% |
| Total interest bearing
deposits |
6,214,604 |
|
|
9,510 |
|
|
0.61 |
% |
|
5,426,032 |
|
|
23,089 |
|
|
1.69 |
% |
| Customer repurchase
agreements |
28,259 |
|
|
36 |
|
|
0.51 |
% |
|
31,231 |
|
|
90 |
|
|
1.14 |
% |
| Other short-term
borrowings |
300,003 |
|
|
506 |
|
|
0.66 |
% |
|
200,547 |
|
|
315 |
|
|
0.61 |
% |
| Long-term borrowings |
268,045 |
|
|
3,211 |
|
|
4.69 |
% |
|
217,654 |
|
|
2,979 |
|
|
5.36 |
% |
| Total interest bearing
liabilities |
6,810,911 |
|
|
13,263 |
|
|
0.77 |
% |
|
5,875,464 |
|
|
26,473 |
|
|
1.79 |
% |
| Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing
demand |
3,013,129 |
|
|
|
|
|
|
2,290,941 |
|
|
|
|
|
| Other liabilities |
82,612 |
|
|
|
|
|
|
65,478 |
|
|
|
|
|
| Total noninterest bearing
liabilities |
3,095,741 |
|
|
|
|
|
|
2,356,419 |
|
|
|
|
|
| Shareholders’ Equity |
1,235,174 |
|
|
|
|
|
|
1,194,137 |
|
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
11,141,826 |
|
|
|
|
|
|
$ |
9,426,020 |
|
|
|
|
|
| Net interest income |
|
|
$ |
81,417 |
|
|
|
|
|
|
$ |
80,710 |
|
|
|
| Net interest spread |
|
|
|
|
2.69 |
% |
|
|
|
|
|
2.85 |
% |
| Net interest margin |
|
|
|
|
2.98 |
% |
|
|
|
|
|
3.49 |
% |
| Cost of funds |
|
|
|
|
0.48 |
% |
|
|
|
|
|
1.15 |
% |
| |
| (1) Loans placed
on nonaccrual status are included in average balances. Net loan
fees and late charges included in interest income on loans totaled
$6.2 million and $4.7 million for the three months ended December
31, 2020 and 2019, respectively. |
| (2) Interest and
fees on loans and investments exclude tax equivalent
adjustments. |
|
|
|
Eagle Bancorp, Inc. |
|
Consolidated Average Balances, Interest Yields and Rates
(Unaudited) |
|
(dollars in thousands) |
|
|
| |
Years Ended December 31, |
| |
2020 |
|
2019 |
| |
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 |
$ |
1,181,591 |
|
|
$ |
2,601 |
|
|
0.22 |
% |
|
$ |
392,245 |
|
|
$ |
7,438 |
|
|
1.90 |
% |
| Loans held for sale
(1) |
67,361 |
|
|
2,125 |
|
|
3.15 |
% |
|
40,192 |
|
|
1,565 |
|
|
3.89 |
% |
| Loans (1)
(2) |
7,868,523 |
|
|
366,729 |
|
|
4.66 |
% |
|
7,332,886 |
|
|
399,358 |
|
|
5.45 |
% |
| Investment securities
available for sale (1) |
929,983 |
|
|
18,440 |
|
|
1.98 |
% |
|
796,608 |
|
|
21,037 |
|
|
2.64 |
% |
| Federal funds sold |
32,781 |
|
|
91 |
|
|
0.28 |
% |
|
23,253 |
|
|
232 |
|
|
1.00 |
% |
| Total interest earning
assets |
10,080,239 |
|
|
389,986 |
|
|
3.87 |
% |
|
8,585,184 |
|
|
429,630 |
|
|
5.00 |
% |
| Total noninterest earning
assets |
371,345 |
|
|
|
|
|
|
339,565 |
|
|
|
|
|
| Less: allowance for credit
losses |
101,621 |
|
|
|
|
|
|
71,683 |
|
|
|
|
|
| Total noninterest earning
assets |
269,724 |
|
|
|
|
|
|
267,882 |
|
|
|
|
|
| TOTAL
ASSETS |
$ |
10,349,963 |
|
|
|
|
|
|
8,853,066 |
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
transaction |
$ |
783,568 |
|
|
$ |
3,190 |
|
|
0.41 |
% |
|
$ |
743,361 |
|
|
$ |
6,491 |
|
|
0.87 |
% |
| Savings and money market |
3,925,413 |
|
|
26,271 |
|
|
0.67 |
% |
|
2,873,054 |
|
|
50,042 |
|
|
1.74 |
% |
| Time deposits |
1,149,185 |
|
|
24,105 |
|
|
2.10 |
% |
|
1,404,748 |
|
|
34,493 |
|
|
2.46 |
% |
| Total interest bearing
deposits |
5,858,166 |
|
|
53,566 |
|
|
0.91 |
% |
|
5,021,163 |
|
|
91,026 |
|
|
1.81 |
% |
| Customer repurchase
agreements |
29,345 |
|
|
293 |
|
|
1.00 |
% |
|
30,024 |
|
|
345 |
|
|
1.15 |
% |
| Other short-term
borrowings |
280,126 |
|
|
1,870 |
|
|
0.66 |
% |
|
135,699 |
|
|
2,298 |
|
|
1.67 |
% |
| Long-term borrowings |
259,975 |
|
|
12,696 |
|
|
4.80 |
% |
|
217,507 |
|
|
11,916 |
|
|
5.40 |
% |
| Total interest bearing
liabilities |
6,427,612 |
|
|
68,425 |
|
|
1.06 |
% |
|
5,404,393 |
|
|
105,585 |
|
|
1.95 |
% |
| Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing
demand |
2,643,856 |
|
|
|
|
|
|
2,210,516 |
|
|
|
|
|
| Other liabilities |
74,154 |
|
|
|
|
|
|
66,106 |
|
|
|
|
|
| Total noninterest bearing
liabilities |
2,718,010 |
|
|
|
|
|
|
2,276,622 |
|
|
|
|
|
| Shareholders’ equity |
1,204,341 |
|
|
|
|
|
|
1,172,051 |
|
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
10,349,963 |
|
|
|
|
|
|
$ |
8,853,066 |
|
|
|
|
|
| Net interest income |
|
|
$ |
321,561 |
|
|
|
|
|
|
$ |
324,045 |
|
|
|
| Net interest spread |
|
|
|
|
2.81 |
% |
|
|
|
|
|
3.05 |
% |
| Net interest margin |
|
|
|
|
3.19 |
% |
|
|
|
|
|
3.77 |
% |
| Cost of funds |
|
|
|
|
0.68 |
% |
|
|
|
|
|
1.23 |
% |
| |
| (1) Loans placed
on nonaccrual status are included in average balances. Net loan
fees and late charges included in interest income on loans totaled
$22.3 million and $17.8 million for the years ended December 31,
2020 and 2019, respectively. |
| (2) Interest and
fees on loans and investments exclude tax equivalent
adjustments. |
|
|
|
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: |
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
Total interest income |
$ |
94,680 |
|
|
$ |
93,833 |
|
|
$ |
97,672 |
|
|
$ |
103,801 |
|
|
$ |
107,183 |
|
|
$ |
109,034 |
|
|
$ |
108,279 |
|
|
$ |
105,134 |
|
| Total interest expense |
13,262 |
|
|
14,795 |
|
|
16,309 |
|
|
24,057 |
|
|
26,473 |
|
|
28,045 |
|
|
26,950 |
|
|
24,117 |
|
| Net interest income |
81,418 |
|
|
79,038 |
|
|
81,363 |
|
|
79,744 |
|
|
80,710 |
|
|
80,989 |
|
|
81,329 |
|
|
81,017 |
|
| Provision for credit
losses |
4,917 |
|
|
6,607 |
|
|
19,737 |
|
|
14,310 |
|
|
2,945 |
|
|
3,186 |
|
|
3,600 |
|
|
3,360 |
|
| Provision for unfunded
commitments |
406 |
|
|
(2,078 |
) |
|
940 |
|
|
2,112 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Net interest income after
provision for credit losses |
76,095 |
|
|
74,509 |
|
|
60,686 |
|
|
63,322 |
|
|
77,765 |
|
|
77,803 |
|
|
77,729 |
|
|
77,657 |
|
| Noninterest income (before
investment gain (loss)) |
9,722 |
|
|
17,729 |
|
|
11,782 |
|
|
4,648 |
|
|
6,845 |
|
|
6,161 |
|
|
5,797 |
|
|
5,379 |
|
| Gain (loss) on sale of
investment securities |
165 |
|
|
115 |
|
|
713 |
|
|
822 |
|
|
(111 |
) |
|
153 |
|
|
563 |
|
|
912 |
|
| Total noninterest income |
9,887 |
|
|
17,844 |
|
|
12,495 |
|
|
5,470 |
|
|
6,734 |
|
|
6,314 |
|
|
6,360 |
|
|
6,291 |
|
| Salaries and employee
benefits |
20,151 |
|
|
19,388 |
|
|
17,104 |
|
|
17,797 |
|
|
19,360 |
|
|
19,095 |
|
|
17,743 |
|
|
23,644 |
|
| Premises and equipment |
3,301 |
|
|
5,125 |
|
|
3,468 |
|
|
3,821 |
|
|
3,380 |
|
|
3,503 |
|
|
3,652 |
|
|
3,852 |
|
| Marketing and advertising |
1,161 |
|
|
928 |
|
|
1,111 |
|
|
1,078 |
|
|
1,200 |
|
|
1,210 |
|
|
1,268 |
|
|
1,148 |
|
| Other expenses |
10,396 |
|
|
11,474 |
|
|
13,209 |
|
|
14,651 |
|
|
10,786 |
|
|
9,665 |
|
|
10,696 |
|
|
9,660 |
|
| Total noninterest expense |
35,009 |
|
|
36,915 |
|
|
34,892 |
|
|
37,347 |
|
|
34,726 |
|
|
33,473 |
|
|
33,359 |
|
|
38,304 |
|
| Income before income tax
expense |
50,973 |
|
|
55,438 |
|
|
38,289 |
|
|
31,445 |
|
|
49,773 |
|
|
50,644 |
|
|
50,730 |
|
|
45,644 |
|
| Income tax expense |
12,081 |
|
|
14,092 |
|
|
9,433 |
|
|
8,322 |
|
|
14,317 |
|
|
14,149 |
|
|
13,487 |
|
|
11,895 |
|
| Net income |
38,892 |
|
|
41,346 |
|
|
28,856 |
|
|
23,123 |
|
|
35,456 |
|
|
36,495 |
|
|
37,243 |
|
|
33,749 |
|
| Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per weighted average
common share, basic |
$ |
1.21 |
|
|
$ |
1.28 |
|
|
$ |
0.90 |
|
|
$ |
0.70 |
|
|
$ |
1.06 |
|
|
$ |
1.07 |
|
|
$ |
1.08 |
|
|
$ |
0.98 |
|
| Earnings per weighted average
common share, diluted |
$ |
1.21 |
|
|
$ |
1.28 |
|
|
$ |
0.90 |
|
|
$ |
0.70 |
|
|
$ |
1.06 |
|
|
$ |
1.07 |
|
|
$ |
1.08 |
|
|
$ |
0.98 |
|
| Weighted average common shares
outstanding, basic |
32,037,099 |
|
|
32,229,322 |
|
|
32,224,695 |
|
|
32,850,112 |
|
|
33,468,572 |
|
|
34,232,890 |
|
|
34,540,152 |
|
|
34,480,772 |
|
| Weighted average common shares
outstanding, diluted |
32,075,175 |
|
|
32,250,885 |
|
|
32,240,825 |
|
|
32,875,508 |
|
|
33,498,681 |
|
|
34,255,889 |
|
|
34,565,253 |
|
|
34,536,236 |
|
| Actual shares outstanding at
period end |
31,779,663 |
|
|
32,228,636 |
|
|
32,224,756 |
|
|
32,197,258 |
|
|
33,241,496 |
|
|
33,720,522 |
|
|
34,539,853 |
|
|
34,537,193 |
|
| Book value per common share at
period end |
$ |
39.05 |
|
|
$ |
37.96 |
|
|
$ |
36.86 |
|
|
$ |
36.11 |
|
|
$ |
35.82 |
|
|
$ |
35.13 |
|
|
$ |
34.30 |
|
|
$ |
33.25 |
|
| Tangible book value per common
share at period end (1) |
$ |
35.74 |
|
|
$ |
34.70 |
|
|
$ |
33.62 |
|
|
$ |
32.86 |
|
|
$ |
32.67 |
|
|
$ |
32.02 |
|
|
$ |
31.25 |
|
|
$ |
30.20 |
|
| Dividend per common share |
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
— |
|
| Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
1.39 |
% |
|
1.57 |
% |
|
1.12 |
% |
|
0.98 |
% |
|
1.49 |
% |
|
1.62 |
% |
|
1.74 |
% |
|
1.62 |
% |
| Return on average common
equity |
12.53 |
% |
|
14.46 |
% |
|
9.84 |
% |
|
7.81 |
% |
|
11.78 |
% |
|
12.09 |
% |
|
12.81 |
% |
|
12.12 |
% |
| Return on average tangible
common equity |
13.69 |
% |
|
15.93 |
% |
|
10.80 |
% |
|
8.56 |
% |
|
12.91 |
% |
|
13.25 |
% |
|
14.08 |
% |
|
13.38 |
% |
| Net interest margin |
2.98 |
% |
|
3.08 |
% |
|
3.26 |
% |
|
3.49 |
% |
|
3.49 |
% |
|
3.72 |
% |
|
3.91 |
% |
|
4.02 |
% |
| Efficiency ratio
(2) |
38.34 |
% |
|
38.10 |
% |
|
37.18 |
% |
|
43.83 |
% |
|
39.71 |
% |
|
38.34 |
% |
|
38.04 |
% |
|
43.87 |
% |
| Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
total loans (3) |
1.41 |
% |
|
1.40 |
% |
|
1.36 |
% |
|
1.23 |
% |
|
0.98 |
% |
|
0.98 |
% |
|
0.98 |
% |
|
0.98 |
% |
| Allowance for credit losses to
total nonperforming loans (4) |
179.80 |
% |
|
189.83 |
% |
|
184.52 |
% |
|
201.80 |
% |
|
151.16 |
% |
|
127.87 |
% |
|
192.70 |
% |
|
173.72 |
% |
| Nonperforming loans to total
loans (3) (4) |
0.79 |
% |
|
0.74 |
% |
|
0.74 |
% |
|
0.61 |
% |
|
0.65 |
% |
|
0.76 |
% |
|
0.51 |
% |
|
0.56 |
% |
| Nonperforming assets to total
assets (4) |
0.59 |
% |
|
0.62 |
% |
|
0.69 |
% |
|
0.56 |
% |
|
0.56 |
% |
|
0.66 |
% |
|
0.45 |
% |
|
0.50 |
% |
| Net charge-offs (annualized)
to average loans (3) |
0.28 |
% |
|
0.26 |
% |
|
0.36 |
% |
|
0.12 |
% |
|
0.16 |
% |
|
0.08 |
% |
|
0.08 |
% |
|
0.19 |
% |
| Tier 1 capital (to average
assets) |
10.31 |
% |
|
10.82 |
% |
|
10.63 |
% |
|
11.33 |
% |
|
11.62 |
% |
|
12.19 |
% |
|
12.66 |
% |
|
12.49 |
% |
| Total capital (to risk
weighted assets) |
17.04 |
% |
|
16.72 |
% |
|
16.33 |
% |
|
15.44 |
% |
|
16.20 |
% |
|
16.08 |
% |
|
16.36 |
% |
|
16.22 |
% |
| Common equity tier 1 capital
(to risk weighted assets) |
13.48 |
% |
|
13.19 |
% |
|
12.79 |
% |
|
12.14 |
% |
|
12.87 |
% |
|
12.76 |
% |
|
12.87 |
% |
|
12.69 |
% |
| Tangible common equity ratio
(1) |
10.31 |
% |
|
11.18 |
% |
|
11.17 |
% |
|
10.70 |
% |
|
12.22 |
% |
|
12.13 |
% |
|
12.60 |
% |
|
12.59 |
% |
| Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
11,141,826 |
|
|
$ |
10,473,595 |
|
|
$ |
10,326,709 |
|
|
$ |
9,447,663 |
|
|
$ |
9,426,220 |
|
|
$ |
8,923,406 |
|
|
$ |
8,595,523 |
|
|
$ |
8,455,680 |
|
| Total earning assets |
$ |
10,872,259 |
|
|
$ |
10,205,939 |
|
|
$ |
10,056,500 |
|
|
$ |
9,176,174 |
|
|
$ |
9,160,034 |
|
|
$ |
8,655,196 |
|
|
$ |
8,328,323 |
|
|
$ |
8,185,711 |
|
| Total loans |
$ |
7,896,324 |
|
|
$ |
7,910,260 |
|
|
$ |
8,015,751 |
|
|
$ |
7,650,993 |
|
|
$ |
7,532,179 |
|
|
$ |
7,492,816 |
|
|
$ |
7,260,899 |
|
|
$ |
7,038,472 |
|
| Total deposits |
$ |
9,227,733 |
|
|
$ |
8,591,912 |
|
|
$ |
8,482,718 |
|
|
$ |
7,696,764 |
|
|
$ |
7,716,973 |
|
|
$ |
7,319,314 |
|
|
$ |
6,893,981 |
|
|
$ |
6,987,468 |
|
| Total borrowings |
$ |
596,307 |
|
|
$ |
596,472 |
|
|
$ |
598,463 |
|
|
$ |
485,948 |
|
|
$ |
449,432 |
|
|
$ |
345,464 |
|
|
$ |
470,214 |
|
|
$ |
266,209 |
|
| Total shareholders’
equity |
$ |
1,235,174 |
|
|
$ |
1,211,145 |
|
|
$ |
1,179,452 |
|
|
$ |
1,191,180 |
|
|
$ |
1,194,337 |
|
|
$ |
1,197,513 |
|
|
$ |
1,166,487 |
|
|
$ |
1,128,869 |
|
| |
| (1) Tangible
common equity to tangible assets (the "tangible common equity
ratio") and tangible book value per common share 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 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. |
| (2) Computed by
dividing noninterest expense by the sum of net interest income and
noninterest income. |
| (3) Excludes
loans held for sale. |
| (4) Nonperforming
loans at September 30 , 2019, includes a $16.5 million loan that
was brought current shortly after quarter end. |
| |
EAGLE BANCORP, INC
CONTACT:David G. Danielson240.552.9534
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