Eagle Bancorp Inc. Q3 2024 Financials Filed

TL;DR

**EAGLE BANCORP (EGBN) 10-Q FILED: Shows equity changes for Q3 2024 vs Q3 2023. Check for retained earnings and capital shifts.**

AI Summary

Eagle Bancorp Inc. reported its financial results for the period ending September 30, 2024. The company's filing includes data for the nine months ended September 30, 2024, and the comparable period in 2023, detailing changes in common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income.

Why It Matters

This 10-Q filing provides investors with a detailed look at Eagle Bancorp's financial health and changes in its equity accounts during the third quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 30201538 — Shares Outstanding (This is the number of shares outstanding as of the end of the reporting period.)
• 2024-09-30 — Reporting Period End Date (The date through which financial information is reported.)
• 2023-09-30 — Comparative Period End Date (The date for the prior year's comparable reporting period.)

Key Players & Entities

• EAGLE BANCORP INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 2024-09-30 (date) — End of the reporting period
• 2023-09-30 (date) — Comparative reporting period end date
• 2024-07-01 (date) — Start of the third quarter of 2024
• 2023-07-01 (date) — Start of the third quarter of 2023

FAQ

Key Financial Figures

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

Filing Documents

• egbn-20240930.htm (10-Q) — 3951KB
• a4_1xindenturefor8-k.htm (EX-4.1) — 626KB
• a4_3xregistrationrightsagr.htm (EX-4.3) — 134KB
• a10_1xnotepurchaseagreement.htm (EX-10.1) — 199KB
• exhibit311-rielxq3x2024.htm (EX-31.1) — 8KB
• exhibit312-newellxq3x2024.htm (EX-31.2) — 8KB
• exhibit313-pozezxq3x2024.htm (EX-31.3) — 8KB
• exhibit321-rielxq3x2024.htm (EX-32.1) — 4KB
• exhibit322-newellxq3x2024.htm (EX-32.2) — 4KB
• exhibit323-pozezxq3x2024.htm (EX-32.3) — 4KB
• 0001050441-24-000152.txt ( ) — 19789KB
• egbn-20240930.xsd (EX-101.SCH) — 67KB
• egbn-20240930_cal.xml (EX-101.CAL) — 148KB
• egbn-20240930_def.xml (EX-101.DEF) — 368KB
• egbn-20240930_lab.xml (EX-101.LAB) — 862KB
• egbn-20240930_pre.xml (EX-101.PRE) — 654KB
• egbn-20240930_htm.xml (XML) — 4767KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 (unaudited) 3 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 7 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 39 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 74 Item 4.

Controls and Procedures

Controls and Procedures 74 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 75 Item 1A.

Risk Factors

Risk Factors 75 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 75 Item 3. Defaults Upon Senior Securities 75 Item 4. Mine Safety Disclosures 75 Item 5. Other Information 75 Item 6. Exhibits 76

- 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) September 30, 2024 December 31, 2023 Assets Cash and due from banks $ 16,383 $ 9,047 Federal funds sold 9,610 3,740 Interest-bearing deposits with banks and other short-term investments 584,491 709,897 Investment securities available-for-sale (amortized cost of $ 1,550,038 and $ 1,668,316 , respectively, and allowance for credit losses of $ 17 and $ 17 , respectively). 1,433,006 1,506,388 Investment securities held-to-maturity, net of allowance for credit losses of $ 1,237 and $ 1,956 , respectively (fair value of $ 868,425 and $ 901,582 , respectively) 961,925 1,015,737 Federal Reserve and Federal Home Loan Bank stock 37,728 25,748 Loans held for investment, at amortized cost 7,970,269 7,968,695 Less: allowance for credit losses ( 111,867 ) ( 85,940 ) Loans held for investment, net of allowance 7,858,402 7,882,755 Premises and equipment, net 8,291 10,189 Right-of-use assets - operating leases 15,167 19,129 Deferred income taxes 74,381 86,620 Bank-owned life insurance 115,064 112,921 Goodwill and other intangible assets, net 21 104,925 Other real estate owned 2,743 1,108 Other assets 167,840 176,334 Total Assets $ 11,285,052 $ 11,664,538 Liabilities and Shareholders' Equity Liabilities Deposits: Noninterest-bearing demand $ 1,609,823 $ 2,279,081 Interest-bearing transaction 903,300 997,448 Savings and money market 3,316,819 3,314,043 Time 2,710,908 2,217,467 Total deposits 8,540,850 8,808,039 Customer repurchase agreements 32,040 30,587 Other short-term borrowings 1,240,000 1,369,918 Long-term borrowings 75,812 — Operating lease liabilities 18,755 23,238 Reserve for unfunded commitments 5,060 5,590 Other liabilities 147,111 152,883 Total Liabilities 10,059,628 10,390,255 Shareholders' Equity Common stock, par value $ 0.01 per share; shares authorized 100,000,000 , shares issued

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