Eagle Bancorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Eagle Bancorp Inc. has submitted its 2023 10-K filing, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

EAGLE BANCORP INC (EGBN) filed a Annual Report (10-K) with the SEC on February 29, 2024. Eagle Bancorp Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is commercial banking. Eagle Bancorp Inc. is incorporated in Maryland. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking EAGLE BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Eagle Bancorp Inc.'s financial health, operational activities, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and risk factor disclosures within the report are essential for understanding the company's market position, regulatory compliance, and potential challenges in the commercial banking sector.

Risk Assessment

Risk Level: medium — EAGLE BANCORP INC shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as indicated by the standard industry classification and the nature of a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Eagle Bancorp Inc.'s performance and outlook in the current economic climate.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240229 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• MD — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• EAGLE BANCORP INC (company) — FILER
• 0001050441 (company) — CENTRAL INDEX KEY
• MD (company) — STATE OF INCORPORATION
• 7830 OLD GEORGETOWN ROAD (company) — BUSINESS ADDRESS STREET 1
• BETHESDA (company) — BUSINESS ADDRESS CITY
• 240-497-2075 (company) — BUSINESS PHONE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240229 (date) — FILED AS OF DATE

FAQ

Industry Context

Eagle Bancorp Inc. operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and stringent regulatory requirements.

Regulatory Implications

As a commercial bank, Eagle Bancorp Inc. is subject to oversight from federal and state regulatory bodies, including the Federal Reserve and state banking authorities, ensuring compliance with banking laws and capital requirements.

What Investors Should Do

1. Analyze the financial statements for revenue trends, net income, and asset growth.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Compare key financial metrics with industry peers to assess competitive positioning.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 par value EGBN The Nasdaq Stock Market,
• $212.0 million — , the Bank had a legal lending limit of $212.0 million. At December 31, 2023, the average loan
• $7.9 million — l Real Estate ("CRE") and C&I loans was $7.9 million and $976 thousand, respectively. In acc
• $976 — RE") and C&I loans was $7.9 million and $976 thousand, respectively. In accordance w
• $1.6 billion — ccupied projects. ADC loans amounted to $1.6 billion at December 31, 2023. A portion of the

Filing Documents

• egbn-20231231.htm (10-K) — 4989KB
• exhibit1017-seniorexecutiv.htm (EX-10.17) — 20KB
• exhibit1021-longtermince.htm (EX-10.21) — 17KB
• exhibit1022.htm (EX-10.22) — 130KB
• exhibit1023.htm (EX-10.23) — 50KB
• exhibit1032.htm (EX-10.32) — 759KB
• exhibit21.htm (EX-21) — 7KB
• exhibit231.htm (EX-23.1) — 4KB
• exhibit311-riel.htm (EX-31.1) — 8KB
• exhibit312-newell.htm (EX-31.2) — 8KB
• exhibit313-pozez.htm (EX-31.3) — 8KB
• exhibit321-riel.htm (EX-32.1) — 4KB
• exhibit322-newell.htm (EX-32.2) — 4KB
• exhibit323-pozez.htm (EX-32.3) — 4KB
• exhibit971-clawbackpolicy.htm (EX-97.1) — 32KB
• egbn-20231231_g1.jpg (GRAPHIC) — 90KB
• exhibit1021-longtermince001.jpg (GRAPHIC) — 44KB
• exhibit1021-longtermince002.jpg (GRAPHIC) — 244KB
• exhibit1021-longtermince003.jpg (GRAPHIC) — 253KB
• exhibit1021-longtermince004.jpg (GRAPHIC) — 154KB
• exhibit1021-longtermince005.jpg (GRAPHIC) — 228KB
• exhibit1021-longtermince006.jpg (GRAPHIC) — 177KB
• exhibit1021-longtermince007.jpg (GRAPHIC) — 44KB
• image.jpg (GRAPHIC) — 33KB
• 0001050441-24-000053.txt (&nbsp;) — 27302KB
• egbn-20231231.xsd (EX-101.SCH) — 120KB
• egbn-20231231_cal.xml (EX-101.CAL) — 215KB
• egbn-20231231_def.xml (EX-101.DEF) — 606KB
• egbn-20231231_lab.xml (EX-101.LAB) — 1460KB
• egbn-20231231_pre.xml (EX-101.PRE) — 1028KB
• egbn-20231231_htm.xml (XML) — 5510KB

Risk Factors 22

Item 1A. Risk Factors 22

Unresolved Staff Comments 36

Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36

Properties 37

Item 2. Properties 37

Legal Proceedings 37

Item 3. Legal Proceedings 37

Mine Safety Disclosures 38

Item 4. Mine Safety Disclosures 38 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

[Reserved] 39

Item 6. [Reserved] 39

Management's Discussion and Analysis of Financial Condition and Results of Operation 40

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation 40

Quantitative and Qualitative Disclosures about Market Risk 77

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 77

Financial Statements and Supplementary Data 81

Item 8. Financial Statements and Supplementary Data 81

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 145

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 145

Controls and Procedures 145

Item 9A. Controls and Procedures 145

Other Information 146

Item 9B. Other Information 146 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 147 Part III

Directors, Executive Officers and Corporate Governance 147

Item 10. Directors, Executive Officers and Corporate Governance 147

Executive Compensation 147

Item 11. Executive Compensation 147

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 148

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 148

Certain Relationships and Related Transactions and Director Independence 148

Item 13. Certain Relationships and Related Transactions and Director Independence 148

Principal Accounting Fees and Services 148

Item 14. Principal Accounting Fees and Services 148 Part IV

Exhibits and Financial Statement Schedules 148

Item 15. Exhibits and Financial Statement Schedules 148 SIGNATURES 152 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS In this report, unless otherwise expressly stated or the context otherwise requires, the terms "we," "us," the "Company," "Eagle" and "our" refer to Eagle Bancorp, Inc. and our subsidiaries on a consolidated basis, except in the description of any of our securities, in which case these terms refer solely to Eagle Bancorp, Inc. and not to any of our subsidiaries. References to "EagleBank" or "Bank" refer to EagleBank, which is our principal operating subsidiary. This report contains additional trade names and trademarks of other companies. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies or any relationship with any of these companies. Eagle Bancorp, Inc. (the "Company"), headquartered in Bethesda, Maryland, was incorporated under the laws of the State of Maryland on October 28, 1997, to serve as the bank holding company for EagleBank (the "Bank"). The Company was formed by a group of local businessmen and professionals with significant prior experience in community banking in the Company's market area, together with an experienced community bank senior management team. The Bank, a Maryland chartered commercial bank, which is a member of the Federal Reserve System ("Federal Reserve Board," "Federal Reserve" or "FRB"), is the Company's principal operating subsidiary. It commenced banking operations on July 20, 1998. The Bank currently operates thirteen branch offices: six in Suburban Maryland; four located in the District of Columbia; and three in Northern Virginia. The Bank also has four lending centers and utilizes various digital capabilities, including remote deposit services and mobile banking services. The Bank maintains its physical presence via branches and lending centers consistent with its strategic plan. The Bank has three active direct subsidiaries: Bethesda Leasing, LLC, Eagle Insurance Services, LLC and Landroval Municipal Finance, Inc.

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View this 10-K filing on SEC EDGAR