Eagle Bancorp Inc. Files Q2 2024 10-Q

TL;DR

**EAGLE BANCORP INC. 10-Q FILED: Q2 2024 RESULTS OUT.**

AI Summary

Eagle Bancorp Inc. reported its financial results for the period ending June 30, 2024. The company's filing includes financial data for the second quarter of 2024, with comparisons to the same period in 2023. Specific financial metrics and balance sheet information are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and position of Eagle Bancorp Inc., crucial for understanding its current health and future prospects.

Risk Assessment

Risk Level: medium — As a financial institution, Eagle Bancorp Inc. is subject to various market, credit, and regulatory risks inherent in the banking industry.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the financial quarter being reported.)
• 2023-06-30 — Prior Year Period End (Used for comparative financial analysis.)
• 2024-06-30 — Current Period End (The end date for the financial data presented.)

Key Players & Entities

• EAGLE BANCORP INC (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Date the report was filed
• BETHESDA (location) — City of company's business and mailing address
• MD (location) — State of company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• egbn-20240630.htm (10-Q) — 3947KB
• exhibit311-rielxq2x2024.htm (EX-31.1) — 8KB
• exhibit312-newellxq2x2024.htm (EX-31.2) — 8KB
• exhibit313-pozezxq2x2024.htm (EX-31.3) — 8KB
• exhibit321-rielxq2x2024.htm (EX-32.1) — 4KB
• exhibit322-newellxq2x2024.htm (EX-32.2) — 4KB
• exhibit323-pozezxq2x2024.htm (EX-32.3) — 4KB
• 0001050441-24-000117.txt ( ) — 18320KB
• egbn-20240630.xsd (EX-101.SCH) — 67KB
• egbn-20240630_cal.xml (EX-101.CAL) — 150KB
• egbn-20240630_def.xml (EX-101.DEF) — 366KB
• egbn-20240630_lab.xml (EX-101.LAB) — 835KB
• egbn-20240630_pre.xml (EX-101.PRE) — 644KB
• egbn-20240630_htm.xml (XML) — 4688KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 (unaudited) 3 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 7 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 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 38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 Item 4.

Controls and Procedures

Controls and Procedures 73 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 74 Item 1A.

Risk Factors

Risk Factors 74 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 74 Item 3. Defaults Upon Senior Securities 74 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 74 Item 6. Exhibits 75

- 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) June 30, 2024 December 31, 2023 Assets Cash and due from banks $ 10,803 $ 9,047 Federal funds sold 5,802 3,740 Interest-bearing deposits with banks and other short-term investments 526,228 709,897 Investment securities available-for-sale (amortized cost of $ 1,584,435 and $ 1,668,316 , respectively, and allowance for credit losses of $ 17 and $ 17 , respectively). 1,420,618 1,506,388 Investment securities held-to-maturity, net of allowance for credit losses of $ 2,012 and $ 1,956 , respectively (fair value of $ 856,275 and $ 901,582 , respectively) 982,955 1,015,737 Federal Reserve and Federal Home Loan Bank stock 54,274 25,748 Loans: Loans held for sale, at lower of cost or fair value 5,000 — Loans held for investment, at amortized cost 8,001,739 7,968,695 Less: allowance for credit losses ( 106,301 ) ( 85,940 ) Loans held for investment, net of allowance 7,895,438 7,882,755 Total Loans 7,900,438 7,882,755 Premises and equipment, net 8,788 10,189 Right-of-use assets - operating leases 16,250 19,129 Deferred income taxes 86,236 86,620 Bank-owned life insurance 114,333 112,921 Goodwill and other intangible assets, net 129 104,925 Other real estate owned 773 1,108 Other assets 174,396 176,334 Total Assets $ 11,302,023 $ 11,664,538 Liabilities and Shareholders' Equity Liabilities Deposits: Noninterest-bearing demand $ 1,693,955 $ 2,279,081 Interest-bearing transaction 1,123,980 997,448 Savings and money market 3,165,314 3,314,043 Time 2,284,099 2,217,467 Total deposits 8,267,348 8,808,039 Customer repurchase agreements 39,220 30,587 Borrowings 1,659,979 1,369,918 Operating lease liabilities 20,016 23,238 Reserve for unfunded commitments 6,653 5,590 Other liabilities 139,348 152,883 Total Liabilities 10,132,564 10,390,255 Shareholders' Equity Common stock, par value $ 0.01 per s

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