Eagle Bancorp, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Eagle Bancorp, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

EAGLE BANCORP INC (EGBN) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Eagle Bancorp, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Eagle Bancorp, Inc. is incorporated in Maryland. The company's business address is in Bethesda, MD.

Why It Matters

For investors and stakeholders tracking EAGLE BANCORP INC, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position during the first quarter of 2024. Key financial data and disclosures within the 10-Q will allow stakeholders to assess the bank's operational health and strategic direction.

Risk Assessment

Risk Level: low — EAGLE BANCORP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments based on the provided header information.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to understand Eagle Bancorp's performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-03 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter start date)
• 2023-12-31 — Fiscal Year End (Fiscal year end date)

Key Players & Entities

• EAGLE BANCORP INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-03 (date) — Filed as of date
• MD (location) — State of incorporation and business address state
• 7830 OLD GEORGETOWN ROAD (address) — Business and mail address street 1
• BETHESDA (location) — Business and mail address city
• 240-497-2075 (phone) — Business phone
• EGBN (ticker) — Ticker symbol

FAQ

Industry Context

Eagle Bancorp, Inc. operates within the commercial banking sector, which is subject to various regulatory requirements and market conditions.

Regulatory Implications

As a commercial bank, Eagle Bancorp is subject to regulations from federal and state authorities, including the Federal Reserve and state banking departments.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, net income, and balance sheet changes.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Examine any disclosed risk factors and subsequent events for potential impacts on the company's operations and financial health.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing information for the 10-Q for the period ending March 31, 2024. Comparative data from the previous quarter or year would be found within the full document.

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 par value EGBN The Nasdaq Stock Market

Filing Documents

• egbn-20240331.htm (10-Q) — 3110KB
• exhibit101.htm (EX-10.1) — 82KB
• exhibit311-rielxq124updated.htm (EX-31.1) — 8KB
• exhibit312-newellxq124upda.htm (EX-31.2) — 8KB
• exhibit313-pozezxq124updat.htm (EX-31.3) — 8KB
• exhibit321-rielxq124updated.htm (EX-32.1) — 4KB
• exhibit322-newellxq124upda.htm (EX-32.2) — 4KB
• exhibit323-pozezxq124updat.htm (EX-32.3) — 4KB
• 0001050441-24-000079.txt (&nbsp;) — 16020KB
• egbn-20240331.xsd (EX-101.SCH) — 65KB
• egbn-20240331_cal.xml (EX-101.CAL) — 145KB
• egbn-20240331_def.xml (EX-101.DEF) — 360KB
• egbn-20240331_lab.xml (EX-101.LAB) — 807KB
• egbn-20240331_pre.xml (EX-101.PRE) — 626KB
• egbn-20240331_htm.xml (XML) — 3967KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 (unaudited) 3 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 4.

Controls and Procedures

Controls and Procedures 62 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 63 Item 1A.

Risk Factors

Risk Factors 63 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63 Item 3. Defaults Upon Senior Securities 63 Item 4. Mine Safety Disclosures 63 Item 5. Other Information 63 Item 6. Exhibits 64

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS EAGLE BANCORP, INC. Consolidated Balance Sheets (Unaudited) (dollars in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 10,076 $ 9,047 Federal funds sold 11,343 3,740 Interest-bearing deposits with banks and other short-term investments 696,453 709,897 Investment securities available-for-sale (amortized cost of $ 1,613,659 and $ 1,668,316 , respectively, and allowance for credit losses of $ 17 and $ 17 , respectively). 1,445,034 1,506,388 Investment securities held-to-maturity, net of allowance for credit losses of $ 1,957 and $ 1,956 , respectively (fair value of $ 878,159 and $ 901,582 , respectively) 1,000,732 1,015,737 Federal Reserve and Federal Home Loan Bank stock 54,678 25,748 Loans 7,982,702 7,968,695 Less: allowance for credit losses ( 99,684 ) ( 85,940 ) Loans, net 7,883,018 7,882,755 Premises and equipment, net 9,504 10,189 Right-of-use assets - operating leases 17,679 19,129 Deferred income taxes 87,813 86,620 Bank-owned life insurance 113,624 112,921 Goodwill and other intangible assets, net 104,611 104,925 Other real estate owned 773 1,108 Other assets 177,310 176,334 Total Assets $ 11,612,648 $ 11,664,538 Liabilities and Shareholders' Equity Liabilities Deposits: Noninterest-bearing demand $ 1,835,524 $ 2,279,081 Interest-bearing transaction 1,207,566 997,448 Savings and money market 3,235,391 3,314,043 Time 2,222,958 2,217,467 Total deposits 8,501,439 8,808,039 Customer repurchase agreements 37,059 30,587 Borrowings 1,669,948 1,369,918 Operating lease liabilities 21,611 23,238 Reserve for unfunded commitments 6,045 5,590 Other liabilities 117,133 152,883 Total Liabilities 10,353,235 10,390,255 Shareholders' Equity Common stock, par value $ 0.01 per share; shares authorized 100,000,000 , shares issued and outstanding 30,185,732 and 29,925,612 , respectively 297 296 Additional paid-in capital 377,334 374,888 Retai

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of Eagle Bancorp, Inc. (the "Parent") and its subsidiaries (together with the Parent, the "Company"), with all significant intercompany transactions eliminated. EagleBank (the "Bank"), a Maryland chartered commercial bank, is the Parent's principal subsidiary. The accounting and reporting policies of the Company conform to generally accepted accounting principles in the United States of America ("GAAP") and to general practices in the banking industry. The Consolidated Financial Statements and accompanying notes of the Company included herein are unaudited. The Consolidated Balance Sheet as of December 31, 2023 was derived from the audited Consolidated Balance Sheet as of that date. The Consolidated Financial Statements reflect all adjustments, consisting of normal recurring adjustments, that in the opinion of management are necessary to present fairly the results for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In addition to the accounting policies described below, the Company applies the accounting policies contained in Note 1 to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Certain reclassifications have been made to 2023 amounts previously reported to conform to the 2024 presentation. Reclassifications had no effect on net income or shareholders' equity. These statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2

View Full Filing

View this 10-Q filing on SEC EDGAR