07/21/2021 | Press release | Distributed by Public on 07/21/2021 14:07
BETHESDA, Md., July 21, 2021 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the 'Company') (NASDAQ: EGBN), the parent company of EagleBank (the 'Bank'), today announced record net income of $48.0 million for the second quarter of 2021. These earnings included $4.7 million of accelerated interest income from the sale of Paycheck Protection Program ('PPP') loans and a $4.6 million reversal from the allowance for credit losses on loans and the reserve for unfunded commitments (as compared to the second quarter of 2020, which included a provision of $20.7 million to the allowance for credit losses on loans and the reserve for unfunded commitments).
As compared to $28.9 million net income for the second quarter of 2020, this was a 66% increase. Net income per basic and diluted common share was $1.50 for the second quarter of 2021 compared to $0.90 for the second quarter of 2020. The increase in earnings is largely due to the overall improvement in the economy, in particular, the outlook for credit quality.
Net income for the six months ended June 30, 2021, was $91.5 million, as compared to $52.0 million for the six months ended June 30, 2020, a 76% increase. Net income per basic and diluted common share for the six months ended June 30, 2021 was $2.87 and $2.86, respectively, compared to $1.60 for both basic and diluted for the six months ended June 30, 2020.
Second Quarter 2021 Highlights
Susan G. Riel, President and Chief Executive Officer of Eagle Bancorp, Inc., commented, 'We ended the second quarter of 2021 with record net income, a modest increase in non-PPP related loans,4 continued strengthening in asset quality and a high level of capital. Earnings included a reversal to the allowance for credit losses as our outlook on the economy has continued to improve, the sale of a significant portion of our PPP loans and another substantial gain on sale of residential mortgages from our residential mortgage division, which continues to generate strong results.'
'During the quarter, we made a decision to sell a significant portion of our PPP loans, which generated nearly $4.7 million in accelerated net deferred fees and costs into interest income. The sale was to a well-regarded firm with significant expertise in the ongoing servicing and processing associated with PPP loans. The sale enables us to free up personnel to focus on originating new business and to continue to provide a high level of service to our clients.'
'While we remain a leader among our peers with an efficiency ratio of 37.1%, we continually seek out ways to control or reduce expenses. This quarter we closed our Rosslyn, Virginia branch as it had an expiring lease and our customers can be served from other northern Virginia branches. The combined annual pre-tax cost savings in rental expense will be about $263 thousand.'
'Additionally, given the Bank's robust capital levels, we requested and received board and regulatory approval earlier this month to redeem $150 million of subordinated debt issued in 2016. In the second quarter of 2021, the rate on the debt was 5.00%, which translates into an annualized pre-tax cost savings of $7.5 million when redeemed.'
'While loan growth remains challenging, we mentioned in last quarter's earnings call we would be more 'assertive' with loan opportunities, and we are pleased to report that this quarter our funding for new loan originations outpaced payoffs which increased total loans, excluding held for sale and PPP loans, by almost $60 million. We believe the Washington, D.C. area is one of the most resilient and strongest economies in the nation and we remain optimistic about the continued reopening of businesses, and the positive impact the government stimulus continues to have on the regional economy. At quarter end, our shareholders equity reached $1.3 billion and our total risk-based capital was 17.98%. This gives us the ability to originate loans for large commercial projects, as well as a lot of runway to grow the loan portfolio as economic conditions continue to improve and more opportunities arise.'
'For our shareholders, at the end of the quarter our board increased the dividend to $0.35 per share, up from $0.25 per share in the previous quarter.'
As we look toward the second half of the year with optimism, we remain focused on strong and balanced operating performance. We will continue to proactively manage any asset quality concerns while delivering best-in-class service to our customers. We will continue to exercise prudent oversight of expenses, while retaining an infrastructure that is competitive, supports our growth initiatives, and proactively enhances our risk management systems as we position ourselves for future growth.'
'We once again thank all of our employees for their commitment in serving the needs of our clients and communities. Additionally, we remain committed to a culture of respect, diversity and inclusion in both the workplace and the communities we serve.'
Income Statement
Three Months Ended | Six Months Ended | |||||||||||||||
($ in thousands) | June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||
Net interest margin, adjusted: | ||||||||||||||||
Net interest income (GAAP) | $ | 84,632 | $ | 81,363 | $ | 167,283 | $ | 161,107 | ||||||||
Less: PPP accelerated net deferred fees and costs (non-GAAP) | (4,667) | - | (4,667) | - | ||||||||||||
Adjusted net interest income (non-GAAP) | $ | 79,965 | $ | 81,363 | $ | 162,616 | $ | 161,107 | ||||||||
Average interest earning assets (GAAP) | $ | 11,153,012 | $ | 10,056,500 | $ | 11,194,577 | $ | 9,616,337 | ||||||||
Net interest margin (GAAP) | 3.04 | % | 3.26 | % | 3.02 | % | 3.36 | % | ||||||||
Net interest margin, excluding PPP accelerated net deferred fees and costs (non-GAAP) | 2.88 | % | 3.26 | % | 2.93 | % | 3.36 | % | ||||||||
Pre-provision net revenue was $109.5 million for the six months ended June 30, 2021, compared to $106.8 million for the six months ended June 30, 2020.
($ in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||
Adjusted net interest income (non-GAAP) | $ | 79,965 | $ | 81,363 | $ | 162,616 | $ | 161,107 | ||||||||
Non-interest income (GAAP) | 10,925 | 12,495 | 21,512 | 17,965 | ||||||||||||
Non-interest expense (GAAP) | (36,684) | (34,892) | (74,671) | (72,239) | ||||||||||||
Adjusted PPNR (non-GAAP) | $ | 54,206 | $ | 58,966 | $ | 109,457 | $ | 106,833 | ||||||||
Average Assets (GAAP) | $ | 11,453,080 | $ | 10,326,709 | $ | 11,485,280 | $ | 9,887,186 | ||||||||
Adjusted PPNR to Average Assets (non-GAAP) | 1.90 | % | 2.30 | % | 1.92 | % | 2.17 | % | ||||||||
Noninterest expenses were $73.5 million for the six months ended June 30, 2021, compared to $72.2 million for the six months ended June 30, 2020.
Balance Sheet
($ in thousands) | June 30, 2021 | March 31, 2021 | December 31, 2020 | June 30, 2020 | ||||||||||||
Total loans, excluding loans held for sale (GAAP) | $ | 7,259,558 | $ | 7,526,689 | $ | 7,760,212 | $ | 8,021,761 | ||||||||
Less: PPP loans | (238,041) | (565,018) | (454,771) | (456,476) | ||||||||||||
Total loans, excluding loans held for sale and PPP loans (Non-GAAP) | $ | 7,021,517 | $ | 6,961,671 | $ | 7,305,441 | $ | 7,565,285 | ||||||||
On a linked quarter basis, total loans (excluding loans held for sale and PPP loans) at June 30, 2021, increased by $59.8 million from the prior quarter end as funding for new loan originations and advances increased and payoffs and paydowns decreased. Originations of loans held for investment for the quarter were at their highest level since the third quarter of 2019
Unfunded commitments declined to $2.0 billion as of June 30, 2021 and December 31, 2020, as compared to $2.1 billion a year ago.
In regards to loan yields, the ongoing low interest rate environment and our focus on strong commercial real estate credits secured by stabilized income producing properties, rather than higher risk and higher yielding construction lending continues to bring down the yield on the loan portfolio (excluding the impact of the PPP loan sale).
($ in thousands) | Three Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Average Balance |
Interest |
Average Yield/Rate |
Average Balance |
Interest |
Average Yield/Rate |
||||||||||||||||
Loan Yields, Adjusted | |||||||||||||||||||||
Loan yield (GAAP) | $ | 7,382,238 | $ | 88,148 | 4.79 | % | $ | 8,015,751 | $ | 92,242 | 4.63 | % | |||||||||
Less: PPP interest income (non-GAAP)9 | (418,552) | (9,752) | 9.35 | % | (328,576) | (2,380) | 2.91 | % | |||||||||||||
Adjusted loan yield (non-GAAP) | $ | 6,963,686 | $ | 78,396 | 4.52 | % | $ | 7,687,175 | $ | 89,862 | 4.70 | % |
Six Months Ended | |||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Average Balance |
Interest |
Average Yield/Rate |
Average Balance |
Interest |
Average Yield/Rate |
||||||||||||||||
Loan Yields, Adjusted | |||||||||||||||||||||
Loan yield (GAAP) | $ | 7,553,525 | $ | 176,649 | 4.72 | % | $ | 7,833,372 | $ | 188,643 | 4.84 | % | |||||||||
Less: PPP interest income (non-GAAP)9 | (467,164) | (16,520) | 7.13 | % | (164,288) | (2,380) | 2.91 | % | |||||||||||||
Adjusted loan yield (non-GAAP) | $ | 7,086,361 | $ | 160,129 | 4.56 | % | $ | 7,669,084 | $ | 186,263 | 4.88 | % | |||||||||
($ in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||
Allowance for credit losses, adjusted | ||||||||||||
Allowance for credit losses | $ | 92,560 | $ | 109,579 | $ | 108,796 | ||||||
Total loans (GAAP) | $ | 7,259,558 | $ | 7,760,212 | $ | 8,021,761 | ||||||
Less: PPP loans | (238,041) | (454,771) | (456,476) | |||||||||
Total loans excluding PPP loans (non-GAAP) | $ | 7,021,517 | $ | 7,305,441 | $ | 7,565,285 | ||||||
Allowance for credit losses to total loans (GAAP) | 1.28 | % | 1.41 | % | 1.36 | % | ||||||
Allowance for credit losses to total loans excluding PPP loans (non-GAAP) | 1.32 | % | 1.50 | % | 1.44 | % | ||||||
For the Company | ||||||||||||
June 30, 2021 |
December 31, 2020 |
June 30, 2020 |
Well Capitalized Minimum |
|||||||||
Regulatory Ratios | ||||||||||||
Total Capital (to risk weighted assets) | 17.98 | % | 17.04 | % | 16.26 | % | 10.00 | % | ||||
Tier 1 Capital (to risk weighted assets) | 14.67 | % | 13.49 | % | 12.80 | % | 8.00 | % | ||||
Common Equity Tier 1 (to risk weighted assets) | 14.67 | % | 13.49 | % | 12.80 | % | 6.50 | % | ||||
Tier 1 Capital (to average assets) | 10.65 | % | 10.31 | % | 10.63 | % | 5.00 | % | ||||
Common Capital Ratios | ||||||||||||
Common Equity Ratio | 11.92 | % | 11.16 | % | 12.12 | % | - | % | ||||
Tangible Common Equity Ratio | 11.07 | % | 10.31 | % | 11.17 | % | - | % | ||||
Additional Commentary
Additional financial information: The financial information that follows provides more detail on the Company's financial performance for the three months ended June 30, 2021 as compared to the three months ended June 30, 2020, 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, 2020, quarterly report on Form 10-Q for the quarter ended March 31, 2021 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 nineteen 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, 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 second quarter 2021 financial results on Thursday, July 22, 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 : 1286237, 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 August 5, 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, asset and loan growth and broader 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, 2020, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, the Company's upcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 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.
Eagle Bancorp, Inc. | |||||||||||||||
Consolidated Financial Highlights (Unaudited) | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||
Income Statements: | |||||||||||||||
Total interest income | $ | 94,920 | $ | 97,672 | $ | 189,114 | $ | 201,473 | |||||||
Total interest expense | 10,288 | 16,309 | 21,831 | 40,366 | |||||||||||
Net interest income | 84,632 | 81,363 | 167,283 | 161,107 | |||||||||||
Provision for credit losses | (3,856) | 19,737 | (6,206) | 34,047 | |||||||||||
Provision for Unfunded Commitments | (761) | 940 | (1,203) | 3,052 | |||||||||||
Net interest income after provision for credit losses | 89,249 | 60,686 | 174,692 | 124,008 | |||||||||||
Noninterest income (before investment gain) | 10,607 | 11,782 | 20,973 | 16,430 | |||||||||||
Gain (loss) on sale of investment securities | 318 | 713 | 539 | 1,535 | |||||||||||
Total noninterest income | 10,925 | 12,495 | 21,512 | 17,965 | |||||||||||
Total noninterest expense | 35,494 | 34,892 | 73,481 | 72,239 | |||||||||||
Income before income tax expense | 64,680 | 38,289 | 122,723 | 69,734 | |||||||||||
Income tax expense | 16,687 | 9,433 | 31,261 | 17,755 | |||||||||||
Net income | $ | 47,993 | $ | 28,856 | $ | 91,462 | $ | 51,979 | |||||||
Per Share Data: | |||||||||||||||
Earnings per weighted average common share, basic | $ | 1.50 | $ | 0.90 | $ | 2.87 | $ | 1.60 | |||||||
Earnings per weighted average common share, diluted | $ | 1.50 | $ | 0.90 | $ | 2.86 | $ | 1.60 | |||||||
Weighted average common shares outstanding, basic | 31,962,819 | 32,224,695 | 31,916,494 | 32,537,402 | |||||||||||
Weighted average common shares outstanding, diluted | 32,025,110 | 32,240,825 | 31,974,215 | 32,560,742 | |||||||||||
Actual shares outstanding at period end | 31,961,573 | 32,224,756 | 31,961,573 | 32,224,756 | |||||||||||
Book value per common share at period end | $ | 40.87 | $ | 36.86 | $ | 40.87 | $ | 36.86 | |||||||
Tangible book value per common share at period end (1) | $ | 37.58 | $ | 33.62 | $ | 37.58 | $ | 33.62 | |||||||
Dividend per common share | $ | 0.35 | $ | 0.22 | $ | 0.60 | $ | 0.44 | |||||||
Performance Ratios (annualized): | |||||||||||||||
Return on average assets | 1.68 | % | 1.12 | % | 1.61 | % | 1.06 | % | |||||||
Return on average common equity | 14.92 | % | 9.84 | % | 14.49 | % | 8.82 | % | |||||||
Return on average tangible common equity | 16.25 | % | 10.80 | % | 15.80 | % | 9.67 | % | |||||||
Net interest margin | 3.04 | % | 3.26 | % | 3.02 | % | 3.36 | % | |||||||
Efficiency ratio (2) | 37.14 | % | 37.18 | % | 38.92 | % | 40.34 | % | |||||||
Other Ratios: | |||||||||||||||
Allowance for credit losses to total loans (3) | 1.28 | % | 1.36 | % | 1.28 | % | 1.36 | % | |||||||
Allowance for credit losses to total nonperforming loans | 187.07 | % | 184.52 | % | 187.07 | % | 184.52 | % | |||||||
Nonperforming loans to total loans (3) | 0.68 | % | 0.74 | % | 0.68 | % | 0.74 | % | |||||||
Nonperforming assets to total assets | 0.50 | % | 0.69 | % | 0.50 | % | 0.69 | % | |||||||
Net charge-offs (annualized) to average loans (3) | 0.30 | % | 0.36 | % | 0.29 | % | 0.24 | % | |||||||
Common equity to total assets | 11.92 | % | 12.12 | % | 11.92 | % | 12.12 | % | |||||||
Tier 1 capital (to average assets) | 10.65 | % | 10.63 | % | 10.65 | % | 10.63 | % | |||||||
Total capital (to risk weighted assets) | 17.98 | % | 16.26 | % | 17.54 | % | 16.26 | % | |||||||
Common equity tier 1 capital (to risk weighted assets) | 14.67 | % | 12.80 | % | 14.32 | % | 12.80 | % | |||||||
Tangible common equity ratio (1) | 11.07 | % | 11.17 | % | 11.07 | % | 11.17 | % | |||||||
(continued) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||
Loan Balances - Period End (in thousands): | |||||||||||||||
Commercial and Industrial | $ | 1,359,157 | $ | 1,607,056 | $ | 1,359,157 | $ | 1,607,056 | |||||||
PPP loans | $ | 238,041 | $ | 456,476 | $ | 238,041 | $ | 456,476 | |||||||
Commercial real estate - income producing | $ | 3,534,057 | $ | 3,678,946 | $ | 3,534,057 | $ | 3,678,946 | |||||||
Commercial real estate - owner occupied | $ | 991,936 | $ | 964,077 | $ | 991,936 | $ | 964,077 | |||||||
1-4 Family mortgage | $ | 77,131 | $ | 93,601 | $ | 77,131 | $ | 93,601 | |||||||
Construction - commercial and residential | $ | 835,733 | $ | 995,550 | $ | 835,733 | $ | 995,550 | |||||||
Construction - C&I (owner occupied) | $ | 161,187 | $ | 149,845 | $ | 161,187 | $ | 149,845 | |||||||
Home equity | $ | 60,559 | $ | 74,921 | $ | 60,559 | $ | 74,921 | |||||||
Other consumer | $ | 1,757 | $ | 1,289 | $ | 1,757 | $ | 1,289 | |||||||
Average Balances (in thousands): | |||||||||||||||
Total assets | $ | 11,453,080 | $ | 10,326,709 | $ | 11,485,280 | $ | 9,887,186 | |||||||
Total earning assets | $ | 11,153,012 | $ | 10,056,500 | $ | 11,194,577 | $ | 9,616,337 | |||||||
Total loans | $ | 7,382,238 | $ | 8,015,751 | $ | 7,553,525 | $ | 7,833,372 | |||||||
Total deposits | $ | 9,530,909 | $ | 8,482,718 | $ | 9,565,885 | $ | 8,089,741 | |||||||
Total borrowings | $ | 536,926 | $ | 598,463 | $ | 555,237 | $ | 542,206 | |||||||
Total shareholders' equity | $ | 1,290,029 | $ | 1,179,452 | $ | 1,272,502 | $ | 1,185,316 | |||||||
(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 |
Six Months Ended |
Year Ended |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, 2021 | June 30, 2021 | December 31, 2020 | June 30, 2020 | June 30, 2020 | |||||||||||||||
Common shareholders' equity | $ | 1,306,336 | $ | 1,240,892 | $ | 1,187,895 | |||||||||||||
Less: Intangible assets | (105,148) | (105,114) | (104,651) | ||||||||||||||||
Tangible common equity | $ | 1,201,188 | $ | 1,135,778 | $ | 1,083,244 | |||||||||||||
Book value per common share | $ | 40.87 | $ | 39.05 | $ | 36.86 | |||||||||||||
Less: Intangible book value per common share | (3.29) | (3.31) | (3.24) | ||||||||||||||||
Tangible book value per common share | $ | 37.58 | $ | 35.74 | $ | 33.62 | |||||||||||||
Total assets | $ | 10,960,719 | $ | 11,117,802 | $ | 9,799,670 | |||||||||||||
Less: Intangible assets | (105,148) | (105,114) | (104,651) | ||||||||||||||||
Tangible assets | $ | 10,855,571 | $ | 11,012,688 | $ | 9,695,019 | |||||||||||||
Tangible common equity ratio | 11.07 | % | 10.31 | % | 11.17 | % | |||||||||||||
Average common shareholders' equity | $ | 1,290,029 | $ | 1,272,502 | $ | 1,204,341 | $ | 1,179,452 | $ | 1,185,316 | |||||||||
Less: Average intangible assets | (105,165) | (105,164) | (104,903) | (104,672) | (104,684) | ||||||||||||||
Average tangible common equity | $ | 1,184,864 | $ | 1,167,338 | $ | 1,099,438 | $ | 1,074,780 | $ | 1,080,632 | |||||||||
Net Income Available to Common Shareholders | $ | 47,993 | $ | 91,462 | $ | 132,217 | $ | 28,856 | $ | 51,979 | |||||||||
Annualized Return on Average Tangible Common Equity | 16.25 | % | 15.80 | % | 12.03 | % | 10.80 | % | 9.67 | % |
Eagle Bancorp, Inc. | |||||||||||
Consolidated Balance Sheets (Unaudited) | |||||||||||
(dollars in thousands, except per share data) | |||||||||||
Assets | June 30, 2021 |
December 31, 2020 |
June 30, 2020 | ||||||||
Cash and due from banks | $ | 9,290 | $ | 8,435 | $ | 12,199 | |||||
Federal funds sold | 20,346 | 28,200 | 25,466 | ||||||||
Interest bearing deposits with banks and other short-term investments | 1,566,586 | 1,752,420 | 598,377 | ||||||||
Investment securities available for sale (amortized cost of $1,674,264 $1,129,057, and $750,653, and allowance for credit losses of $132, $167 and $138 as of June 30, 2021, December 31, 2020 and June 30, 2020, respectively). | 1,681,031 | 1,151,083 | 772,394 | ||||||||
Federal Reserve and Federal Home Loan Bank stock | 34,033 | 40,104 | 40,018 | ||||||||
Loans held for sale | 55,949 | 88,205 | 68,433 | ||||||||
Loans | 7,259,558 | 7,760,212 | 8,021,761 | ||||||||
Less allowance for credit losses | (92,560) | (109,579) | (108,796) | ||||||||
Loans, net | 7,166,998 | 7,650,633 | 7,912,965 | ||||||||
Premises and equipment, net | 15,941 | 13,553 | 12,970 | ||||||||
Operating lease right-of-use assets | 29,066 | 25,237 | 25,368 | ||||||||
Deferred income taxes | 42,369 | 38,571 | 37,364 | ||||||||
Bank owned life insurance | 107,516 | 76,729 | 75,913 | ||||||||
Intangible assets, net | 105,148 | 105,114 | 104,651 | ||||||||
Other real estate owned | 4,987 | 4,987 | 8,237 | ||||||||
Other assets | 121,458 | 134,531 | 105,315 | ||||||||
Total Assets | $ | 10,960,718 | $ | 11,117,802 | $ | 9,799,670 | |||||
Liabilities and Shareholders' Equity | |||||||||||
Deposits: | |||||||||||
Noninterest bearing demand | $ | 2,641,636 | $ | 2,809,334 | $ | 2,416,058 | |||||
Interest bearing transaction | 946,228 | 756,923 | 861,703 | ||||||||
Savings and money market | 4,653,161 | 4,645,186 | 3,504,718 | ||||||||
Time, $100,000 or more | 443,842 | 546,173 | 527,870 | ||||||||
Other time | 334,180 | 431,587 | 625,623 | ||||||||
Total deposits | 9,019,047 | 9,189,203 | 7,935,972 | ||||||||
Customer repurchase agreements | 19,651 | 26,726 | 31,198 | ||||||||
Other short-term borrowings | 300,000 | 300,000 | 300,000 | ||||||||
Long-term borrowings | 218,273 | 268,077 | 267,882 | ||||||||
Operating lease liabilities | 31,662 | 28,022 | 27,137 | ||||||||
Reserve for unfunded commitments | 4,295 | 5,498 | 7,170 | ||||||||
Other liabilities | 61,454 | 59,384 | 42,416 | ||||||||
Total liabilities | 9,654,382 | 9,876,910 | 8,611,775 | ||||||||
Shareholders' Equity | |||||||||||
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 31,961,573, 31,779,663, and 32,224,756 respectively | 316 | 315 | 320 | ||||||||
Additional paid in capital | 431,103 | 427,016 | 440,934 | ||||||||
Retained earnings | 870,397 | 798,061 | 731,973 | ||||||||
Accumulated other comprehensive income | 4,520 | 15,500 | 14,668 | ||||||||
Total Shareholders' Equity | 1,306,336 | 1,240,892 | 1,187,895 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 10,960,718 | $ | 11,117,802 | $ | 9,799,670 |
Eagle Bancorp, Inc. | |||||||||||||||
Consolidated Statements of Income (Unaudited) | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
Three Months Ended | Year-To-Date Ended | ||||||||||||||
Interest Income | June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||
Interest and fees on loans | $ | 88,704 | $ | 92,928 | $ | 177,942 | $ | 189,683 | |||||||
Interest and dividends on investment securities | 5,606 | 4,571 | 10,001 | 9,998 | |||||||||||
Interest on balances with other banks and short-term investments | 603 | 161 | 1,156 | 1,720 | |||||||||||
Interest on federal funds sold | 7 | 12 | 15 | 72 | |||||||||||
Total interest income | 94,920 | 97,672 | 189,114 | 201,473 | |||||||||||
Interest Expense | |||||||||||||||
Interest on deposits | 6,799 | 12,514 | 14,698 | 33,060 | |||||||||||
Interest on customer repurchase agreements | 9 | 86 | 20 | 173 | |||||||||||
Interest on other short-term borrowings | 501 | 501 | 996 | 858 | |||||||||||
Interest on long-term borrowings | 2,979 | 3,208 | 6,117 | 6,275 | |||||||||||
Total interest expense | 10,288 | 16,309 | 21,831 | 40,366 | |||||||||||
Net Interest Income | 84,632 | 81,363 | 167,283 | 161,107 | |||||||||||
Provision for Credit Losses | (3,856) | 19,737 | (6,206) | 34,047 | |||||||||||
Provision for Unfunded Commitments | (761) | 940 | (1,203) | 3,052 | |||||||||||
Net Interest Income After Provision For Credit Losses | 89,249 | 60,686 | 174,692 | 124,008 | |||||||||||
Noninterest Income | |||||||||||||||
Service charges on deposits | 1,122 | 942 | 2,099 | 2,367 | |||||||||||
Gain on sale of loans | 3,478 | 3,079 | 8,656 | 4,023 | |||||||||||
Gain on sale of investment securities | 318 | 713 | 539 | 1,535 | |||||||||||
Increase in the cash surrender value of bank owned life insurance | 398 | 828 | 787 | 1,242 | |||||||||||
Other income | 5,609 | 6,933 | 9,431 | 8,798 | |||||||||||
Total noninterest income | 10,925 | 12,495 | 21,512 | 17,965 | |||||||||||
Noninterest Expense | |||||||||||||||
Salaries and employee benefits | 19,876 | 17,104 | 41,645 | 34,901 | |||||||||||
Premises and equipment expenses | 3,644 | 3,468 | 7,262 | 7,289 | |||||||||||
Marketing and advertising | 980 | 1,111 | 1,866 | 2,189 | |||||||||||
Data processing | 2,751 | 2,759 | 5,565 | 5,255 | |||||||||||
Legal, accounting and professional fees | 3,503 | 3,979 | 6,502 | 10,967 | |||||||||||
FDIC insurance | 1,609 | 1,980 | 4,037 | 3,404 | |||||||||||
Other expenses | 3,131 | 4,491 | 6,604 | 8,234 | |||||||||||
Total noninterest expense | 35,494 | 34,892 | 73,481 | 72,239 | |||||||||||
Income Before Income Tax Expense | 64,680 | 38,289 | 122,723 | 69,734 | |||||||||||
Income Tax Expense | 16,687 | 9,433 | 31,261 | 17,755 | |||||||||||
Net Income | $ | 47,993 | $ | 28,856 | $ | 91,462 | $ | 51,979 | |||||||
Earnings Per Common Share | |||||||||||||||
Basic | $ | 1.50 | $ | 0.90 | $ | 2.87 | $ | 1.60 | |||||||
Diluted | $ | 1.50 | $ | 0.90 | $ | 2.86 | $ | 1.60 |
Eagle Bancorp, Inc. | |||||||||||||||||||||
Consolidated Average Balances, Interest Yields And Rates (Unaudited) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Average Balance |
Interest |
Average Yield/Rate |
Average Balance |
Interest |
Average Yield/Rate |
||||||||||||||||
ASSETS | |||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||
Interest bearing deposits with other banks and other short-term investments | $ | 2,087,831 | $ | 603 | 0.12 | % | $ | 1,102,931 | $ | 161 | 0.06 | % | |||||||||
Loans held for sale (1) | 76,668 | 557 | 2.87 | % | 80,227 | 686 | 3.42 | % | |||||||||||||
Loans (1) (2) | 7,382,238 | 88,148 | 4.79 | % | 8,015,751 | 92,242 | 4.63 | % | |||||||||||||
Investment securities available for sale (2) | 1,576,977 | 5,604 | 1.43 | % | 821,340 | 4,571 | 2.24 | % | |||||||||||||
Federal funds sold | 29,298 | 7 | 0.10 | % | 36,251 | 12 | 0.13 | % | |||||||||||||
Total interest earning assets | 11,153,012 | 94,919 | 3.41 | % | 10,056,500 | 97,672 | 3.91 | % | |||||||||||||
Total noninterest earning assets | 400,978 | 373,842 | |||||||||||||||||||
Less: allowance for credit losses | 100,910 | 103,633 | |||||||||||||||||||
Total noninterest earning assets | 300,068 | 270,209 | |||||||||||||||||||
TOTAL ASSETS | $ | 11,453,080 | $ | 10,326,709 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||
Interest bearing transaction | $ | 842,914 | $ | 388 | 0.18 | % | $ | 801,508 | $ | 530 | 0.27 | % | |||||||||
Savings and money market | 4,715,193 | 3,698 | 0.31 | % | 3,914,916 | 5,608 | 0.58 | % | |||||||||||||
Time deposits | 797,383 | 2,712 | 1.36 | % | 1,199,946 | 6,376 | 2.14 | % | |||||||||||||
Total interest bearing deposits | 6,355,490 | 6,798 | 0.43 | % | 5,916,370 | 12,514 | 0.85 | % | |||||||||||||
Customer repurchase agreements | 18,683 | 9 | 0.19 | % | 30,611 | 86 | 1.13 | % | |||||||||||||
Other short-term borrowings | 300,003 | 501 | 0.66 | % | 300,003 | 501 | 0.66 | % | |||||||||||||
Long-term borrowings | 218,240 | 2,979 | 5.40 | % | 267,849 | 3,208 | 4.74 | % | |||||||||||||
Total interest bearing liabilities | 6,892,416 | 10,287 | 0.60 | % | 6,514,833 | 16,309 | 1.01 | % | |||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||
Noninterest bearing demand | 3,175,419 | 2,566,348 | |||||||||||||||||||
Other liabilities | 95,216 | 66,076 | |||||||||||||||||||
Total noninterest bearing liabilities | 3,270,635 | 2,632,424 | |||||||||||||||||||
Shareholders' Equity | 1,290,029 | 1,179,452 | |||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,453,080 | $ | 10,326,709 | |||||||||||||||||
Net interest income | $ | 84,632 | $ | 81,363 | |||||||||||||||||
Net interest spread | 2.81 | % | 2.90 | % | |||||||||||||||||
Net interest margin | 3.04 | % | 3.26 | % | |||||||||||||||||
Cost of funds | 0.37 | % | 0.65 | % |
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $13.4 million and $6.3 million for the three months ended June 30, 2021 and June 30, 2020, 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) | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Average Balance |
Interest |
Average Yield/Rate |
Average Balance |
Interest |
Average Yield/Rate |
||||||||||||||||
ASSETS | |||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||
Interest bearing deposits with other banks and other short-term investments | $ | 2,095,711 | $ | 1,156 | 0.11 | % | $ | 845,540 | $ | 1,720 | 0.41 | % | |||||||||
Loans held for sale (1) | 90,648 | 1,294 | 2.84 | % | 59,488 | 1,040 | 3.50 | % | |||||||||||||
Loans (1) (2) | 7,553,525 | 176,649 | 4.72 | % | 7,833,372 | 188,643 | 4.84 | % | |||||||||||||
Investment securities available for sale (2) | 1,423,898 | 10,001 | 1.42 | % | 844,503 | 9,998 | 2.38 | % | |||||||||||||
Federal funds sold | 30,795 | 15 | 0.10 | % | 33,434 | 72 | 0.43 | % | |||||||||||||
Total interest earning assets | 11,194,577 | 189,115 | 3.41 | % | 9,616,337 | 201,473 | 4.21 | % | |||||||||||||
Total noninterest earning assets | 395,823 | 365,080 | |||||||||||||||||||
Less: allowance for credit losses | 105,120 | 94,231 | |||||||||||||||||||
Total noninterest earning assets | 290,703 | 270,849 | |||||||||||||||||||
TOTAL ASSETS | $ | 11,485,280 | $ | 9,887,186 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||
Interest bearing transaction | $ | 807,315 | $ | 815 | 0.20 | % | $ | 803,321 | $ | 2,196 | 0.55 | % | |||||||||
Savings and money market | 4,776,928 | 7,668 | 0.32 | % | 3,626,437 | 16,690 | 0.93 | % | |||||||||||||
Time deposits | 858,954 | 6,215 | 1.46 | % | 1,243,628 | 14,174 | 2.29 | % | |||||||||||||
Total interest bearing deposits | 6,443,197 | 14,698 | 0.46 | % | 5,673,386 | 33,060 | 1.17 | % | |||||||||||||
Customer repurchase agreements | 19,644 | 20 | 0.21 | % | 30,310 | 173 | 1.15 | % | |||||||||||||
Other short-term borrowings | 300,003 | 997 | 0.66 | % | 260,030 | 858 | 0.65 | % | |||||||||||||
Long-term borrowings | 235,590 | 6,117 | 5.16 | % | 251,866 | 6,275 | 4.93 | % | |||||||||||||
Total interest bearing liabilities | 6,998,434 | 21,832 | 0.63 | % | 6,215,592 | 40,366 | 1.31 | % | |||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||
Noninterest bearing demand | 3,122,688 | 2,416,355 | |||||||||||||||||||
Other liabilities | 91,656 | 69,923 | |||||||||||||||||||
Total noninterest bearing liabilities | 3,214,344 | 2,486,278 | |||||||||||||||||||
Shareholders' Equity | 1,272,502 | 1,185,316 | |||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,485,280 | $ | 9,887,186 | |||||||||||||||||
Net interest income | $ | 167,283 | $ | 161,107 | |||||||||||||||||
Net interest spread | 2.78 | % | 2.90 | % | |||||||||||||||||
Net interest margin | 3.02 | % | 3.36 | % | |||||||||||||||||
Cost of funds | 0.39 | % | 0.85 | % |
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $21.2 million and $10.7 million for the six months ended June 30, 2021 and June 30, 2020, 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 | |||||||||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||||||
Income Statements: | 2021 | 2021 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | |||||||||||||||||||||||
Total interest income | $ | 94,920 | $ | 94,194 | $ | 94,680 | $ | 93,833 | $ | 97,672 | $ | 103,801 | $ | 107,183 | $ | 109,034 | |||||||||||||||
Total interest expense | 10,288 | 11,543 | 13,262 | 14,795 | 16,309 | 24,057 | 26,473 | 28,045 | |||||||||||||||||||||||
Net interest income | 84,632 | 82,651 | 81,418 | 79,038 | 81,363 | 79,744 | 80,710 | 80,989 | |||||||||||||||||||||||
Provision for credit losses | (3,856) | (2,350) | 4,917 | 6,607 | 19,737 | 14,310 | 2,945 | 3,186 | |||||||||||||||||||||||
Provision for unfunded commitments | (761) | (442) | 406 | (2,078) | 940 | 2,112 | - | - | |||||||||||||||||||||||
Net interest income after provision for credit losses | 89,249 | 85,443 | 76,095 | 74,509 | 60,686 | 63,322 | 77,765 | 77,803 | |||||||||||||||||||||||
Noninterest income (before investment gain (loss)) | 10,607 | 10,366 | 9,722 | 17,729 | 11,782 | 4,648 | 6,845 | 6,161 | |||||||||||||||||||||||
Gain (loss) on sale of investment securities | 318 | 221 | 165 | 115 | 713 | 822 | (111) | 153 | |||||||||||||||||||||||
Total noninterest income | 10,925 | 10,587 | 9,887 | 17,844 | 12,495 | 5,470 | 6,734 | 6,314 | |||||||||||||||||||||||
Salaries and employee benefits | 19,876 | 21,769 | 20,151 | 19,388 | 17,104 | 17,797 | 19,360 | 19,095 | |||||||||||||||||||||||
Premises and equipment | 3,644 | 3,618 | 3,301 | 5,125 | 3,468 | 3,821 | 3,380 | 3,503 | |||||||||||||||||||||||
Marketing and advertising | 980 | 886 | 1,161 | 928 | 1,111 | 1,078 | 1,200 | 1,210 | |||||||||||||||||||||||
Other expenses | 10,994 | 11,714 | 10,396 | 11,474 | 13,209 | 14,651 | 10,786 | 9,665 | |||||||||||||||||||||||
Total noninterest expense | 35,494 | 37,987 | 35,009 | 36,915 | 34,892 | 37,347 | 34,726 | 33,473 | |||||||||||||||||||||||
Income before income tax expense | 64,680 | 58,043 | 50,973 | 55,438 | 38,289 | 31,445 | 49,773 | 50,644 | |||||||||||||||||||||||
Income tax expense | 16,687 | 14,574 | 12,081 | 14,092 | 9,433 | 8,322 | 14,317 | 14,149 | |||||||||||||||||||||||
Net income | 47,993 | 43,469 | 38,892 | 41,346 | 28,856 | 23,123 | 35,456 | 36,495 | |||||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||
Earnings per weighted average common share, basic | $ | 1.50 | $ | 1.36 | $ | 1.21 | $ | 1.28 | $ | 0.90 | $ | 0.70 | $ | 1.06 | $ | 1.07 | |||||||||||||||
Earnings per weighted average common share, diluted | $ | 1.50 | $ | 1.36 | $ | 1.21 | $ | 1.28 | $ | 0.90 | $ | 0.70 | $ | 1.06 | $ | 1.07 | |||||||||||||||
Weighted average common shares outstanding, basic | 31,962,819 | 31,869,655 | 32,037,099 | 32,229,322 | 32,224,695 | 32,850,112 | 33,468,572 | 34,232,890 | |||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 32,025,110 | 31,922,940 | 32,075,175 | 32,250,885 | 32,240,825 | 32,875,508 | 33,498,681 | 34,255,889 | |||||||||||||||||||||||
Actual shares outstanding at period end | 31,961,573 | 31,960,379 | 31,779,663 | 32,228,636 | 32,224,756 | 32,197,258 | 33,241,496 | 33,720,522 | |||||||||||||||||||||||
Book value per common share at period end | $ | 40.87 | $ | 39.45 | $ | 39.05 | $ | 37.96 | $ | 36.86 | $ | 36.11 | $ | 35.82 | $ | 35.13 | |||||||||||||||
Tangible book value per common share at period end (1) | $ | 37.58 | $ | 36.16 | $ | 35.74 | $ | 34.70 | $ | 33.62 | $ | 32.86 | $ | 32.67 | $ | 32.02 | |||||||||||||||
Dividend per common share | $ | 0.35 | $ | 0.25 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | |||||||||||||||
Performance Ratios (annualized): | |||||||||||||||||||||||||||||||
Return on average assets | 1.68 | % | 1.53 | % | 1.39 | % | 1.57 | % | 1.12 | % | 0.98 | % | 1.49 | % | 1.62 | % | |||||||||||||||
Return on average common equity | 14.92 | % | 14.05 | % | 12.53 | % | 14.46 | % | 9.84 | % | 7.81 | % | 11.78 | % | 12.09 | % | |||||||||||||||
Return on average tangible common equity | 16.25 | % | 15.33 | % | 13.69 | % | 15.93 | % | 10.80 | % | 8.56 | % | 12.91 | % | 13.25 | % | |||||||||||||||
Net interest margin | 3.04 | % | 2.98 | % | 2.98 | % | 3.08 | % | 3.26 | % | 3.49 | % | 3.49 | % | 3.72 | % | |||||||||||||||
Efficiency ratio (2) | 37.14 | % | 40.74 | % | 38.34 | % | 38.10 | % | 37.18 | % | 43.83 | % | 39.71 | % | 38.34 | % | |||||||||||||||
Other Ratios: | |||||||||||||||||||||||||||||||
Allowance for credit losses to total loans (3) | 1.28 | % | 1.36 | % | 1.41 | % | 1.40 | % | 1.36 | % | 1.23 | % | 0.98 | % | 0.98 | % | |||||||||||||||
Allowance for credit losses to total nonperforming loans | 187.07 | % | 195.25 | % | 179.80 | % | 189.83 | % | 184.52 | % | 201.80 | % | 151.16 | % | 127.87 | % | |||||||||||||||
Nonperforming loans to total loans (3) | 0.68 | % | 0.69 | % | 0.79 | % | 0.74 | % | 0.74 | % | 0.61 | % | 0.65 | % | 0.76 | % | |||||||||||||||
Nonperforming assets to total assets | 0.50 | % | 0.51 | % | 0.59 | % | 0.62 | % | 0.69 | % | 0.56 | % | 0.56 | % | 0.66 | % | |||||||||||||||
Net charge-offs (annualized) to average loans (3) | 0.30 | % | 0.27 | % | 0.28 | % | 0.26 | % | 0.36 | % | 0.12 | % | 0.16 | % | 0.08 | % | |||||||||||||||
Tier 1 capital (to average assets) | 10.65 | % | 10.28 | % | 10.31 | % | 10.82 | % | 10.63 | % | 11.33 | % | 11.62 | % | 12.19 | % | |||||||||||||||
Total capital (to risk weighted assets) | 17.98 | % | 17.86 | % | 17.04 | % | 16.72 | % | 16.26 | % | 15.44 | % | 16.20 | % | 16.08 | % | |||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 14.67 | % | 14.42 | % | 13.49 | % | 13.19 | % | 12.80 | % | 12.14 | % | 12.87 | % | 12.76 | % | |||||||||||||||
Tangible common equity ratio (1) | 11.07 | % | 10.48 | % | 10.31 | % | 11.18 | % | 11.17 | % | 10.70 | % | 12.22 | % | 12.13 | % | |||||||||||||||
Average Balances (in thousands): | |||||||||||||||||||||||||||||||
Total assets | $ | 11,453,080 | $ | 11,517,836 | $ | 11,141,826 | $ | 10,473,595 | $ | 10,326,709 | $ | 9,447,663 | $ | 9,426,220 | $ | 8,923,406 | |||||||||||||||
Total earning assets | $ | 11,152,933 | $ | 11,236,440 | $ | 10,872,259 | $ | 10,205,939 | $ | 10,056,500 | $ | 9,176,174 | $ | 9,160,034 | $ | 8,655,196 | |||||||||||||||
Total loans | $ | 7,382,238 | $ | 7,726,716 | $ | 7,896,324 | $ | 7,910,260 | $ | 8,015,751 | $ | 7,650,993 | $ | 7,532,179 | $ | 7,492,816 | |||||||||||||||
Total deposits | $ | 9,530,909 | $ | 9,601,249 | $ | 9,227,733 | $ | 8,591,912 | $ | 8,482,718 | $ | 7,696,764 | $ | 7,716,973 | $ | 7,319,314 | |||||||||||||||
Total borrowings | $ | 536,926 | $ | 573,750 | $ | 596,307 | $ | 596,472 | $ | 598,463 | $ | 485,948 | $ | 449,432 | $ | 345,464 | |||||||||||||||
Total shareholders' equity | $ | 1,290,029 | $ | 1,254,780 | $ | 1,235,174 | $ | 1,211,145 | $ | 1,179,452 | $ | 1,191,180 | $ | 1,194,337 | $ | 1,197,513 |
(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.
________________________________
1 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
2 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table under the subsection, 'Total Loans.'
3 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
4 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table under the subsection, 'Total Loans.'
5 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below.
6 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below.
7 A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.
8 A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.
9 Includes interest on PPP loans, accelerated net deferred fees and costs from PPP loan sale and accelerated interest income from forgiveness of PPP loan.
10 A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.
11 A reconciliation of non-GAAP financial measures to the nearest non-GAAP measure is provided in the tables that accompany this document.
CONTACT:
David G. Danielson
240.552.9534