BETHESDA, Md., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. ("Eagle" or the "Company") (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank (the "Bank"), one of the largest community banks in the Washington D.C. area, reported its unaudited results for the third quarter ended September 30, 2026.
Eagle reported net income of $24.2 million or $0.79 per share for the third quarter 2026, compared to $6.9 million or $0.23 per share for the second quarter of 2026. This $17.3 million increase in net income is primarily due to a $18.6 million lower provision for credit losses, compared to the prior quarter. In the third quarter, net interest income decreased $1.0 million, noninterest income decreased $1.2 million, while noninterest expense increased $3.1 million.
Pre-provision net revenue ("PPNR")1 declined in the third quarter to $23.8 million compared to $29.1 million for the prior quarter reflecting higher noninterest expense, lower noninterest income, and slightly lower net interest income.
"This quarter provides tangible evidence of progress in executing on our strategy. Criticized and classified loans declined, net charge-offs moderated significantly, funding costs improved, and total commercial deposits grew sequentially. We also recognize that the increase in nonperforming assets, driven primarily by one significant relationship, means our asset quality work is not complete. We remain focused on resolving problem assets, strengthening relationship-based funding, and translating the capabilities of this franchise into consistent, profitable growth," said Steve Curley, President and Chief Executive Officer of the Company.
Curley continued, “We also took important steps to strengthen Eagle’s growth capabilities by establishing a commercial banking presence in Baltimore, adding experienced leaders to our commercial real estate business, and appointing a new Chief People Officer. We are bringing together the talent, market coverage, and organizational leadership needed to support disciplined, profitable growth.”
Additionally, the Company is announcing today a cash dividend in the amount of $0.01 per share. The cash dividend will be payable on November 17, 2026 to shareholders of record on November 6, 2026.
1 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.
Third Quarter of 2026 Key Elements
- The Company announces today the declaration of a common stock dividend of $0.01 per share.
- Total C&I loans (including owner-occupied) increased $536.5 million, or 19.54%, year-over-year, and period end C&I deposit growth totaled $111.1 million, or 6.43%. The growth in deposits reflects the continued development of our banking relationships and supports our focus on relationship-based banking.
- As of the current quarter-end, the Company's CRE concentration ratio was 245.8% compared to 267.6% the prior quarter. ADC concentration was 62.2% compared to 66.2% in the prior quarter. These reductions reflect continued portfolio diversification and position the Company to pursue growth opportunities from a position of strength.
- The ACL as a percentage of total loans was 1.84% at quarter-end; up from 1.83% at the prior quarter-end as specific reserves for non-performing loans increased and the qualitative reserve for performing CRE office loans ("office overlay") declined. Performing office coverage2 was 4.86% at quarter-end; as compared to 7.22% at the prior quarter-end, as the CRE office portfolio decreased and asset quality indicators improved.
- Non-performing assets increased by $52.9 million to $166.0 million as of September 30, 2026, representing 1.75% of total assets, compared to $113.1 million, representing 1.17% of total assets as of June 30, 2026. During the quarter, non-performing loan inflows totaled $73.7 million, 76.0% of which resulted from a single loan migration. Reductions of $18.8 million primarily reflected pay-offs and underlying collateral liquidations.
- Including loans held for sale, substandard and special mention loans totaled $648.4 million at September 30, 2026, compared to $759.6 million in the prior quarter. Substandard and special mention loans held for sale totaled $13.5 million and $25.6 million at September 30, 2026 and June 30, 2026, respectively.
- Annualized quarterly net charge-offs for the third quarter of 2026 were 0.25% compared to 2.78% for the second quarter of 2026. Charge offs during the quarter declined due to less disposition activity related to classified assets.
- The net interest margin ("NIM") increased to 2.60% for the third quarter of 2026, compared to 2.52% for the prior quarter, primarily driven by improved funding mix as reduced brokered deposit usage lowered cost of funds. This improvement was partially offset by lower interest income from declines in loan balances.
- At quarter-end, the common equity ratio, tangible common equity ratio1, and common equity tier 1 capital (to risk-weighted assets) ratio were 12.24%, 12.24%, and 14.99%, respectively.
1 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.
2 Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total performing office loans.
Income Statement
- Net interest income was $61.3 million for the third quarter of 2026, compared to $62.4 million for the prior quarter. Both interest income and interest expense declined during the quarter, reflecting the impact of declining average interest-earning balances and a reduction in higher cost brokered deposits.
- Provision for credit losses was $2.8 million for the third quarter of 2026, compared to $21.4 million for the prior quarter. The decrease was primarily due to the adequacy of reserves reflecting the Bank's efforts to resolve problem loan assets. The provision related to the reserve for unfunded commitments was $10 thousand, compared to $8 thousand in the prior quarter.
- Noninterest income was $9.6 million for the third quarter of 2026, a decrease of $1.2 million, compared to $10.8 million for the prior quarter. The decrease in the current quarter noninterest income was primarily due to no gains on the sale of loans during the quarter, compared to a gain on sale of loans of $2.3 million in the prior quarter. This was partially offset by higher swap fee income of $1.1 million.
- Noninterest expense was $47.1 million for the third quarter of 2026, compared to $44.0 million for the prior quarter. The increase over the prior quarter was primarily due to a $4.9 million increase in salaries and employee benefits driven by non-recurring $1.5 million in accelerated stock awards, $1.5 million in salary expenses from increased headcount, and non-recurring $1.3 million in annual incentives. This increase was partially offset by a $2.1 million reduction in FDIC insurance expense from improved performance metrics.
- Income tax benefit was $3.3 million for the third quarter of 2026, compared to a $0.7 million expense for the prior quarter, primarily due to a state tax refund in the third quarter of 2026.
Loans and Funding
- Total loans, including loans held for sale, were $6.6 billion at September 30, 2026, a decrease of 1.4% from the prior quarter-end. The decrease in total loans was primarily driven by declines in income-producing real estate loans, partially offset by an increase from the purchase of residential mortgage real estate loans.
- Total deposits at quarter-end were $8.0 billion, down $151.1 million, or 1.8%, from the prior quarter-end. Brokered deposits declined $348.0 million quarter over quarter. The decrease in total deposits was primarily driven by lower balances in interest-bearing transaction, savings, and money market accounts, partially offset by an increase in time deposits. Deposits decreased $1.4 billion compared to September 30, 2025.
Asset Quality
- Allowance for credit losses was 1.84% of total loans held for investment at September 30, 2026, compared to 1.83% at the prior quarter-end as specific reserves for non-performing loans increased and the office overlay declined. Performing office coverage was 4.86% at quarter-end; as compared to 7.22% at the prior quarter-end, as the CRE office portfolio decreased and asset quality indicators improved.
- Net charge-offs were $4.2 million for the quarter, compared to $47.9 million in the second quarter of 2026. This decrease was primarily associated with less disposition activity related to classified assets.
- Non-performing assets ("NPAs") were $166.0 million at September 30, 2026.
- NPAs as a percentage of assets were 1.75% at September 30, 2026, compared to 1.17% at the prior quarter-end. At September 30, 2026, the Bank had no OREO properties on its books.
- Loans 30-89 days past due were $357.0 thousand at September 30, 2026, compared to $44.1 million at the prior quarter-end.
Capital
- Total shareholders' equity was $1.2 billion at September 30, 2026, up 0.7% from the prior quarter-end. The increase in shareholders' equity was primarily due to quarterly net income that increased capital, partially offset by higher unrealized losses on investment securities available-for-sale resulting in an increase in the accumulated other comprehensive loss.
- Book value per share and tangible book value per share3 were $38.00 and $38.00, an increase of 0.7% from the prior quarter-end.
3 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.
Additional financial information: The financial information that follows provides more detail on the Company's financial performance for the three months ended September 30, 2026 as compared to the three months ended June 30, 2026 and September 30, 2025, 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, 2025, and other reports filed with 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 twelve banking offices and three lending 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, opportunity, belonging, 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 third quarter of 2026 financial results on Thursday, October 22, 2026 at 10:00 a.m. Eastern Time.
The listen-only webcast can be accessed at:
- https://edge.media-server.com/mmc/p/tvt4t76d/
- For analysts who wish to participate in the conference call, please register at the following URL: https://register-conf.media-server.com/register/BI5ebb8fdea9ff49479264f6b9339b6180
- A replay of the conference call will be available on the Company's website through Thursday, November 5, 2026: https://www.eaglebankcorp.com/
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, financial condition, asset quality 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," "strategy," "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 reductions in the size of the federal government workforce; changes in government spending; the economic effects of an extended government shutdown; the proposal, announcement or imposition of tariffs; volatility in interest rates and interest rate, monetary and fiscal policy; inflation levels; competitive factors; our ability to access cost-effective funding) and other conditions (such as the impact of bank failures, credit losses or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks), 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, 2025 and in other periodic and current reports filed with the SEC, including the Company's Quarterly Reports on Form 10-Q. 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. 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 Statements of Operations (Unaudited) | ||||||||||
| (Dollars in thousands, except per share data) | ||||||||||
| Three Months Ended | ||||||||||
| September 30, | June 30, | September 30, | ||||||||
| 2026 | 2026 | 2025 | ||||||||
| Interest Income | ||||||||||
| Interest and fees on loans | $ | 102,260 | $ | 106,358 | $ | 123,704 | ||||
| Interest and dividends on investment securities | 9,898 | 9,243 | 10,527 | |||||||
| Interest on balances with other banks and short-term investments | 9,434 | 10,978 | 15,872 | |||||||
| Total interest income | 121,592 | 126,579 | 150,103 | |||||||
| Interest Expense | ||||||||||
| Interest on deposits | 58,195 | 61,623 | 79,385 | |||||||
| Interest on customer repurchase agreements | — | — | 202 | |||||||
| Interest on other short-term borrowings | 64 | 582 | 332 | |||||||
| Interest on long-term borrowings | 2,024 | 2,024 | 2,025 | |||||||
| Total interest expense | 60,283 | 64,229 | 81,944 | |||||||
| Net Interest Income | 61,309 | 62,350 | 68,159 | |||||||
| Provision for Credit Losses | 2,809 | 21,448 | 113,215 | |||||||
| Provision (Reversal) for Credit Losses for Unfunded Commitments | 10 | 8 | (38 | ) | ||||||
| Net Interest Income (Loss) After Provision for Credit Losses | 58,490 | 40,894 | (45,018 | ) | ||||||
| Noninterest Income | ||||||||||
| Service charges on deposits | 1,794 | 1,733 | 1,773 | |||||||
| Gain (loss) on sale of loans | — | 2,291 | (3,550 | ) | ||||||
| Net gain (loss) on sale of investment securities | 21 | 266 | (1,982 | ) | ||||||
| Increase in cash surrender value of bank-owned life insurance | 5,773 | 5,672 | 5,293 | |||||||
| Other income | 1,976 | 797 | 961 | |||||||
| Total noninterest income | 9,564 | 10,759 | 2,495 | |||||||
| Noninterest Expense | ||||||||||
| Salaries and employee benefits | 28,274 | 23,366 | 21,290 | |||||||
| Premises and equipment expenses | 2,331 | 2,445 | 2,944 | |||||||
| Marketing and advertising | 1,474 | 1,161 | 1,316 | |||||||
| Data processing | 4,090 | 4,257 | 3,950 | |||||||
| Legal, accounting and professional fees | 4,046 | 4,783 | 2,396 | |||||||
| FDIC insurance | 2,811 | 4,862 | 6,665 | |||||||
| Other expenses | 4,075 | 3,154 | 3,336 | |||||||
| Total noninterest expense | 47,101 | 44,028 | 41,897 | |||||||
| Income (Loss) Before Income Tax Expense | 20,953 | 7,625 | (84,420 | ) | ||||||
| Income Tax Expense (Benefit) | (3,293 | ) | 707 | (16,907 | ) | |||||
| Net Income (Loss) | $ | 24,246 | $ | 6,918 | $ | (67,513 | ) | |||
| Earnings (Loss) Per Common Share | ||||||||||
| Basic | $ | 0.80 | $ | 0.23 | $ | (2.22 | ) | |||
| Diluted | $ | 0.79 | $ | 0.23 | $ | (2.22 | ) | |||
| Eagle Bancorp, Inc. | |||||||||||
| Consolidated Balance Sheets (Unaudited) | |||||||||||
| (Dollars in thousands, except per share data) | |||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2026 | 2026 | 2025 | |||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 13,643 | $ | 13,394 | $ | 9,395 | |||||
| Interest-bearing deposits with banks and other short-term investments | 528,617 | 612,349 | 841,372 | ||||||||
| Investment securities available-for-sale at fair value (amortized cost of $991,993, $984,607, and $1,161,644 respectively, and allowance for credit losses of $—, $—, and $—, respectively) | 892,030 | 904,183 | 1,073,412 | ||||||||
| Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $409, $454, and $1,199 respectively (fair value of $684,454, $730,994, and $786,662 respectively) | 797,449 | 814,878 | 872,418 | ||||||||
| Federal Reserve and Federal Home Loan Bank stock | 27,885 | 32,500 | 28,306 | ||||||||
| Loans held for sale, at lower of cost or fair value | 13,534 | 49,663 | 136,506 | ||||||||
| Loans held for investment, at amortized cost | 6,563,354 | 6,622,435 | 7,304,679 | ||||||||
| Less: allowance for credit losses | (120,781 | ) | (121,141 | ) | (156,228 | ) | |||||
| Loans held for investment, net of allowance | 6,442,573 | 6,501,294 | 7,148,451 | ||||||||
| Premises and equipment, net | 14,744 | 13,239 | 10,503 | ||||||||
| Operating lease right-of-use assets | 26,917 | 27,964 | 29,791 | ||||||||
| Deferred income taxes | 140,393 | 134,077 | 77,362 | ||||||||
| Bank-owned life insurance | 346,696 | 345,469 | 330,426 | ||||||||
| Other real estate owned | — | 1,966 | 14,684 | ||||||||
| Other assets | 219,817 | 207,938 | 242,876 | ||||||||
| Total Assets | $ | 9,464,298 | $ | 9,658,914 | $ | 10,815,502 | |||||
| Liabilities and Shareholders' Equity | |||||||||||
| Liabilities | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing demand | $ | 1,552,920 | $ | 1,567,336 | $ | 1,577,197 | |||||
| Interest-bearing transaction | 864,462 | 973,651 | 932,500 | ||||||||
| Savings and money market | 2,845,653 | 3,061,987 | 3,702,579 | ||||||||
| Time deposits | 2,770,972 | 2,582,123 | 3,251,283 | ||||||||
| Total deposits | 8,034,007 | 8,185,097 | 9,463,559 | ||||||||
| Customer repurchase agreements | — | — | 13,725 | ||||||||
| Other short-term borrowings | — | 100,000 | — | ||||||||
| Long-term borrowings | 76,676 | 76,593 | 76,346 | ||||||||
| Operating lease liabilities | 34,045 | 35,081 | 36,278 | ||||||||
| Reserve for unfunded commitments | 3,329 | 3,319 | 4,886 | ||||||||
| Other liabilities | 157,840 | 108,318 | 97,232 | ||||||||
| Total Liabilities | 8,305,897 | 8,508,408 | 9,692,026 | ||||||||
| Shareholders' Equity | |||||||||||
| Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,480,480, 30,490,409, and 30,366,555 respectively | 302 | 302 | 300 | ||||||||
| Additional paid-in capital | 388,405 | 385,082 | 389,305 | ||||||||
| Retained earnings | 882,490 | 858,601 | 831,685 | ||||||||
| Accumulated other comprehensive loss | (112,796 | ) | (93,479 | ) | (97,814 | ) | |||||
| Total Shareholders' Equity | 1,158,401 | 1,150,506 | 1,123,476 | ||||||||
| Total Liabilities and Shareholders' Equity | $ | 9,464,298 | $ | 9,658,914 | $ | 10,815,502 | |||||
| Loan Mix and Asset Quality (Dollars in thousands) | ||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||
| 2026 | 2026 | 2025 | ||||||||||||
| Amount | % | Amount | % | Amount | % | |||||||||
| Loan Balances - Period End: | ||||||||||||||
| Commercial | $ | 1,544,426 | 24 | % | $ | 1,540,766 | 23 | % | $ | 1,217,805 | 17 | % | ||
| Income producing - commercial real estate | 2,587,587 | 39 | % | 2,729,383 | 41 | % | 3,453,033 | 47 | % | |||||
| Owner occupied - commercial real estate | 1,641,411 | 25 | % | 1,660,748 | 25 | % | 1,494,711 | 20 | % | |||||
| Real estate mortgage - residential | 134,529 | 2 | % | 35,535 | 1 | % | 44,684 | 1 | % | |||||
| Construction - commercial and residential | 516,565 | 8 | % | 523,121 | 8 | % | 1,010,367 | 14 | % | |||||
| Construction - C&I (owner occupied) | 96,509 | 1 | % | 88,458 | 1 | % | 33,378 | — | % | |||||
| Home equity | 41,265 | 1 | % | 43,479 | 1 | % | 49,333 | 1 | % | |||||
| Other | 1,062 | — | % | 945 | — | % | 1,368 | — | % | |||||
| Total loans | $ | 6,563,354 | 100 | % | $ | 6,622,435 | 100 | % | $ | 7,304,679 | 100 | % | ||
| Three Months Ended or As Of | ||||||||
| September 30, | June 30, | September 30, | ||||||
| 2026 | 2026 | 2025 | ||||||
| Asset Quality: | ||||||||
| Non-performing loans | $ | 166,021 | $ | 111,124 | $ | 118,647 | ||
| Other real estate owned | — | 1,966 | 14,684 | |||||
| Non-performing assets | $ | 166,021 | $ | 113,090 | $ | 133,331 | ||
| Net charge-offs | $ | 4,156 | $ | 47,909 | $ | 140,814 | ||
| Special mention | $ | 195,087 | $ | 274,187 | $ | 423,685 | ||
| Substandard | $ | 439,761 | $ | 459,773 | $ | 534,789 | ||
| Eagle Bancorp, Inc. | |||||||||||||||||||
| Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| September 30, 2026 | June 30, 2026 | ||||||||||||||||||
| 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 | $ | 1,057,929 | $ | 9,434 | 3.54 | % | $ | 1,226,640 | $ | 10,978 | 3.59 | % | |||||||
| Loans held for sale(1) | 20,925 | 38 | 0.72 | % | 40,356 | 910 | 9.04 | % | |||||||||||
| Loans(1) (2) | 6,524,107 | 102,222 | 6.22 | % | 6,888,734 | 105,448 | 6.14 | % | |||||||||||
| Investment securities available-for-sale(2) | 956,701 | 5,654 | 2.34 | % | 950,891 | 5,147 | 2.17 | % | |||||||||||
| Investment securities held-to-maturity(2) | 807,289 | 4,244 | 2.09 | % | 830,921 | 4,096 | 1.98 | % | |||||||||||
| Total interest earning assets | 9,366,951 | 121,592 | 5.15 | % | 9,937,542 | 126,579 | 5.11 | % | |||||||||||
| Noninterest earning assets | 738,945 | 737,466 | |||||||||||||||||
| Less: allowance for credit losses | (123,338 | ) | (151,328 | ) | |||||||||||||||
| Total noninterest earning assets | 615,607 | 586,138 | |||||||||||||||||
| Total Assets | $ | 9,982,558 | $ | 10,523,680 | |||||||||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||
| Interest-bearing transaction | $ | 1,273,097 | $ | 8,414 | 2.62 | % | $ | 1,447,015 | $ | 9,379 | 2.60 | % | |||||||
| Savings and money market | 2,955,588 | 22,465 | 3.02 | % | 3,194,094 | 24,139 | 3.03 | % | |||||||||||
| Time deposits | 2,638,082 | 27,244 | 4.10 | % | 2,683,953 | 28,044 | 4.19 | % | |||||||||||
| Total interest bearing deposits | 6,866,767 | 58,123 | 3.36 | % | 7,325,062 | 61,562 | 3.37 | % | |||||||||||
| Derivative collateral liability | 25,874 | 72 | 1.10 | % | 14,834 | 61 | 1.62 | % | |||||||||||
| Other short-term borrowings | 6,524 | 64 | | 3.89 | % | 60,440 | 582 | 3.87 | % | ||||||||||
| Long-term borrowings | 76,647 | 2,024 | 10.48 | % | 76,566 | 2,024 | 10.60 | % | |||||||||||
| Total interest bearing liabilities | 6,975,812 | 60,283 | 3.43 | % | 7,476,902 | 64,229 | 3.45 | % | |||||||||||
| Noninterest bearing liabilities: | |||||||||||||||||||
| Noninterest bearing demand | 1,709,922 | 1,760,058 | |||||||||||||||||
| Other liabilities | 132,953 | 133,356 | |||||||||||||||||
| Total noninterest bearing liabilities | 1,842,875 | 1,893,414 | |||||||||||||||||
| Shareholders' equity | 1,163,871 | 1,153,364 | |||||||||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 9,982,558 | $ | 10,523,680 | |||||||||||||||
| Net interest income | $ | 61,309 | $ | 62,350 | |||||||||||||||
| Net interest spread | 1.72 | % | 1.66 | % | |||||||||||||||
| Net interest margin | 2.60 | % | 2.52 | % | |||||||||||||||
| Cost of funds | 2.75 | % | 2.79 | % | |||||||||||||||
(1) Loans placed on non-accrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $2.9 million and $3.9 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(2) Interest and fees on loans and investments exclude tax equivalent adjustments.
| Eagle Bancorp, Inc. | |||||||||||||||||||
| Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||
| 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 | $ | 1,057,929 | $ | 9,434 | 3.54 | % | $ | 1,449,871 | $ | 15,974 | 4.37 | % | |||||||
| Loans held for sale(1) | 20,925 | 38 | 0.72 | % | 19,441 | 389 | 7.94 | % | |||||||||||
| Loans(1) (2) | 6,524,107 | 102,222 | 6.22 | % | 7,648,459 | 123,315 | 6.40 | % | |||||||||||
| Investment securities available-for-sale(2) | 956,701 | 5,654 | 2.34 | % | 1,134,993 | 5,866 | 2.05 | % | |||||||||||
| Investment securities held-to-maturity(2) | 807,289 | 4,244 | 2.09 | % | 884,779 | 4,661 | 2.09 | % | |||||||||||
| Total interest earning assets | 9,366,951 | 121,592 | 5.15 | % | 11,137,543 | 150,205 | 5.35 | % | |||||||||||
| Noninterest earning assets | 738,945 | 658,014 | |||||||||||||||||
| Less: allowance for credit losses | (123,338 | ) | (198,158 | ) | |||||||||||||||
| Total noninterest earning assets | 615,607 | 459,856 | |||||||||||||||||
| Total Assets | $ | 9,982,558 | $ | 11,597,399 | |||||||||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||
| Interest-bearing transaction | $ | 1,273,097 | $ | 8,414 | 2.62 | % | $ | 1,391,316 | $ | 10,824 | 3.09 | % | |||||||
| Savings and money market | 2,955,588 | 22,465 | 3.02 | % | 3,576,595 | 30,875 | 3.42 | % | |||||||||||
| Time deposits | 2,638,082 | 27,244 | 4.10 | % | 3,312,333 | 37,686 | 4.51 | % | |||||||||||
| Total interest bearing deposits | 6,866,767 | 58,123 | 3.36 | % | 8,280,244 | 79,385 | 3.80 | % | |||||||||||
| Customer repurchase agreements | — | — | | — | % | 25,557 | 202 | 3.14 | % | ||||||||||
| Derivative collateral liability | 25,874 | 72 | 1.10 | % | 9,225 | 102 | 4.39 | % | |||||||||||
| Other short-term borrowings | 6,524 | 64 | 3.89 | % | 29,350 | 332 | 4.49 | % | |||||||||||
| Long-term borrowings | 76,647 | 2,024 | 10.48 | % | 76,318 | 2,025 | 10.52 | % | |||||||||||
| Total interest bearing liabilities | 6,975,812 | 60,283 | 3.43 | % | 8,420,694 | 82,046 | 3.87 | % | |||||||||||
| Noninterest bearing liabilities: | |||||||||||||||||||
| Noninterest bearing demand | 1,709,922 | 1,882,971 | |||||||||||||||||
| Other liabilities | 132,953 | 111,586 | |||||||||||||||||
| Total noninterest bearing liabilities | 1,842,875 | 1,994,557 | |||||||||||||||||
| Shareholders' equity | 1,163,871 | 1,182,148 | |||||||||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 9,982,558 | $ | 11,597,399 | |||||||||||||||
| Net interest income | $ | 61,309 | $ | 68,159 | |||||||||||||||
| Net interest spread | 1.72 | % | 1.48 | % | |||||||||||||||
| Net interest margin | 2.60 | % | 2.43 | % | |||||||||||||||
| Cost of funds | 2.75 | % | 3.16 | % | |||||||||||||||
(1) Loans placed on non-accrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $2.9 million and $3.7 million for the three months ended September 30, 2026 and 2025, respectively.
(2) Interest and fees on loans and investments exclude tax equivalent adjustments.
| Eagle Bancorp, Inc. | ||||||||||||||||||||||||||||||||
| Statements of Operations and Highlights Quarterly Trends (Unaudited) | ||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Income Statements: | ||||||||||||||||||||||||||||||||
| Total interest income | $ | 121,592 | $ | 126,579 | $ | 131,901 | $ | 149,526 | $ | 150,103 | $ | 151,443 | $ | 153,878 | $ | 168,417 | ||||||||||||||||
| Total interest expense | 60,283 | 64,229 | 68,207 | 81,223 | 81,944 | 83,667 | 88,229 | 97,623 | ||||||||||||||||||||||||
| Net interest income | 61,309 | 62,350 | 63,694 | 68,303 | 68,159 | 67,776 | 65,649 | 70,794 | ||||||||||||||||||||||||
| Provision for credit losses | 2,809 | 21,448 | 13,382 | 15,468 | 113,215 | 138,159 | 26,255 | 12,132 | ||||||||||||||||||||||||
| Provision (reversal) for credit losses for unfunded commitments | 10 | 8 | (1,779 | ) | 203 | (38 | ) | 1,759 | (297 | ) | (1,598 | ) | ||||||||||||||||||||
| Net interest income after provision for credit losses | 58,490 | 40,894 | 52,091 | 52,632 | (45,018 | ) | (72,142 | ) | 39,691 | 60,260 | ||||||||||||||||||||||
| Noninterest income before investment gain | 9,543 | 10,493 | 12,705 | 12,183 | 4,477 | 8,268 | 8,203 | 4,063 | ||||||||||||||||||||||||
| Net gain (loss) on sale of investment securities | 21 | 266 | 3 | 9 | (1,982 | ) | (1,854 | ) | 4 | 4 | ||||||||||||||||||||||
| Total noninterest income | 9,564 | 10,759 | 12,708 | 12,192 | 2,495 | 6,414 | 8,207 | 4,067 | ||||||||||||||||||||||||
| Salaries and employee benefits | 28,274 | 23,366 | 23,247 | 22,661 | 21,290 | 21,940 | 21,968 | 22,597 | ||||||||||||||||||||||||
| Premises and equipment expenses | 2,331 | 2,445 | 2,533 | 2,861 | 2,944 | 3,019 | 3,203 | 2,635 | ||||||||||||||||||||||||
| Marketing and advertising | 1,474 | 1,161 | 868 | 1,185 | 1,316 | 1,144 | 1,371 | 1,340 | ||||||||||||||||||||||||
| Legal Contingency | — | (206 | ) | — | 10,000 | — | — | — | — | |||||||||||||||||||||||
| Other expenses | 15,022 | 17,262 | 22,092 | 33,130 | 16,347 | 17,367 | 18,909 | 17,960 | ||||||||||||||||||||||||
| Total noninterest expense | 47,101 | 44,028 | 48,740 | 69,837 | 41,897 | 43,470 | 45,451 | 44,532 | ||||||||||||||||||||||||
| Income (loss) before income tax expense | 20,953 | 7,625 | 16,059 | (5,013 | ) | (84,420 | ) | (109,198 | ) | 2,447 | 19,795 | |||||||||||||||||||||
| Income tax expense | (3,293 | ) | 707 | 1,341 | (2,574 | ) | (16,907 | ) | (39,423 | ) | 772 | 4,505 | ||||||||||||||||||||
| Net income (loss) | 24,246 | 6,918 | 14,718 | (2,439 | ) | (67,513 | ) | (69,775 | ) | 1,675 | 15,290 | |||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||||||||||
| Earnings (loss) per weighted average common share, basic | $ | 0.80 | $ | 0.23 | $ | 0.48 | $ | (0.08 | ) | $ | (2.22 | ) | $ | (2.30 | ) | $ | 0.06 | $ | 0.51 | |||||||||||||
| Earnings (loss) per weighted average common share, diluted | $ | 0.79 | $ | 0.23 | $ | 0.48 | $ | (0.08 | ) | $ | (2.22 | ) | $ | (2.30 | ) | $ | 0.06 | $ | 0.50 | |||||||||||||
| Weighted average common shares outstanding, basic | 30,480,634 | 30,495,258 | 30,422,259 | 30,368,432 | 30,367,997 | 30,373,167 | 30,275,001 | 30,199,433 | ||||||||||||||||||||||||
| Weighted average common shares outstanding, diluted | 30,634,112 | 30,570,105 | 30,540,379 | 30,584,374 | 30,367,997 | 30,510,847 | 30,404,262 | 30,321,644 | ||||||||||||||||||||||||
| Actual shares outstanding at period end | 30,480,480 | 30,490,409 | 30,494,659 | 30,359,632 | 30,366,555 | 30,364,983 | 30,368,843 | 30,202,003 | ||||||||||||||||||||||||
| Book value per common share at period end | $ | 38.00 | $ | 37.73 | $ | 37.56 | $ | 37.26 | $ | 37.00 | $ | 39.03 | $ | 40.99 | $ | 40.60 | ||||||||||||||||
| Tangible book value per common share at period end(1) | $ | 38.00 | $ | 37.73 | $ | 37.56 | $ | 37.26 | $ | 37.00 | $ | 39.03 | $ | 40.99 | $ | 40.59 | ||||||||||||||||
| Dividend per common share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.165 | $ | 0.165 | $ | 0.165 | ||||||||||||||||
| Performance Ratios (annualized): | ||||||||||||||||||||||||||||||||
| Return on average assets | 0.96 | % | 0.26 | % | 0.54 | % | (0.08)% | (2.31) % | (2.33)% | 0.06 | % | 0.48 | % | |||||||||||||||||||
| Return on average common equity | 8.26 | % | 2.41 | % | 5.20 | % | (0.85)% | (22.66) % | (22.35)% | 0.55 | % | 4.94 | % | |||||||||||||||||||
| Return on average tangible common equity(1) | 8.26 | % | 2.41 | % | 5.20 | % | (0.85)% | (22.66) % | (22.35)% | 0.55 | % | 4.94 | % | |||||||||||||||||||
| Net interest margin | 2.60 | % | 2.52 | % | 2.47 | % | 2.38 | % | 2.43 | % | 2.37 | % | 2.28 | % | 2.29 | % | ||||||||||||||||
| Efficiency ratio(2) | 66.5 | % | 60.2 | % | 63.8 | % | 86.8 | % | 59.3 | % | 58.6 | % | 61.5 | % | 59.5 | % | ||||||||||||||||
| Other Ratios: | ||||||||||||||||||||||||||||||||
| Allowance for credit losses to total loans(3) | 1.84 | % | 1.83 | % | 2.12 | % | 2.19 | % | 2.14 | % | 2.38 | % | 1.63 | % | 1.44 | % | ||||||||||||||||
| Allowance for credit losses to total non-performing loans | 72.75 | % | 109.01 | % | 114.29 | % | 149.31 | % | 131.67 | % | 81.17 | % | 64.59 | % | 54.81 | % | ||||||||||||||||
| Non-performing assets to total assets | 1.75 | % | 1.17 | % | 1.31 | % | 1.04 | % | 1.23 | % | 2.16 | % | 1.79 | % | 1.90 | % | ||||||||||||||||
| Net charge-offs (recoveries) (annualized) to average total loans(3) | 0.25 | % | 2.78 | % | 1.46 | % | 0.67 | % | 7.36 | % | 4.22 | % | 0.57 | % | 0.48 | % | ||||||||||||||||
| Tier 1 capital (to average assets) | 12.08 | % | 11.22 | % | 10.63 | % | 9.72 | % | 10.40 | % | 10.63 | % | 11.11 | % | 10.74 | % | ||||||||||||||||
| Total capital (to risk weighted assets) | 16.25 | % | 15.84 | % | 15.05 | % | 14.33 | % | 14.83 | % | 15.27 | % | 15.86 | % | 15.86 | % | ||||||||||||||||
| Common equity tier 1 capital (to risk weighted assets) | 14.99 | % | 14.58 | % | 13.80 | % | 13.07 | % | 13.58 | % | 14.01 | % | 14.61 | % | 14.63 | % | ||||||||||||||||
| Tangible common equity ratio(1) | 12.24 | % | 11.91 | % | 11.51 | % | 10.78 | % | 10.39 | % | 11.18 | % | 11.00 | % | 11.02 | % | ||||||||||||||||
| Average Balances (in thousands): | ||||||||||||||||||||||||||||||||
| Total assets | $ | 9,982,558 | $ | 10,523,680 | $ | 11,029,930 | $ | 11,964,701 | $ | 11,597,399 | $ | 11,989,095 | $ | 12,118,190 | $ | 12,575,722 | ||||||||||||||||
| Total earning assets | 9,366,951 | 9,937,542 | 10,456,689 | 11,389,162 | 11,137,543 | 11,487,006 | 11,640,162 | 12,303,940 | ||||||||||||||||||||||||
| Total loans(3) | 6,524,107 | 6,888,734 | 7,112,483 | 7,338,320 | 7,648,459 | 7,942,333 | 7,933,695 | 7,971,907 | ||||||||||||||||||||||||
| Total deposits | 8,576,689 | 9,085,120 | 9,652,007 | 10,590,252 | 10,163,215 | 10,226,095 | 9,883,233 | 10,056,463 | ||||||||||||||||||||||||
| Total borrowings | 83,171 | 137,006 | 76,483 | 83,056 | 131,225 | 355,914 | 794,940 | 1,118,276 | ||||||||||||||||||||||||
| Total shareholders' equity | 1,163,871 | 1,153,364 | 1,147,585 | 1,140,402 | 1,182,148 | 1,252,252 | 1,242,805 | 1,230,573 | ||||||||||||||||||||||||
(1) A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
(3) Excludes loans held for sale.
| GAAP Reconciliation to Non-GAAP Financial Measures (unaudited) | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2026 | 2026 | 2025 | |||||||||
| Tangible common equity | |||||||||||
| Common shareholders' equity | $ | 1,158,401 | $ | 1,150,506 | $ | 1,123,476 | |||||
| Less: Intangible assets | — | — | — | ||||||||
| Tangible common equity | $ | 1,158,401 | $ | 1,150,506 | $ | 1,123,476 | |||||
| Tangible common equity ratio | |||||||||||
| Total assets | $ | 9,464,298 | $ | 9,658,914 | $ | 10,815,502 | |||||
| Less: Intangible assets | — | — | — | ||||||||
| Tangible assets | $ | 9,464,298 | $ | 9,658,914 | $ | 10,815,502 | |||||
| Tangible common equity ratio | 12.24 | % | 11.91 | % | 10.39 | % | |||||
| Per share calculations | |||||||||||
| Book value per common share | $ | 38.00 | $ | 37.73 | $ | 37.00 | |||||
| Less: Intangible book value per common share | $ | — | $ | — | $ | — | |||||
| Tangible book value per common share | $ | 38.00 | $ | 37.73 | $ | 37.00 | |||||
| Shares outstanding at period end | 30,480,480 | 30,490,409 | 30,366,555 | ||||||||
| Average tangible common equity | ||||||||||||
| Average common shareholders' equity | $ | 1,163,871 | $ | 1,153,364 | $ | 1,182,148 | ||||||
| Less: Average intangible assets | — | — | — | |||||||||
| Average tangible common equity | $ | 1,163,871 | $ | 1,153,364 | $ | 1,182,148 | ||||||
| Return on average tangible common equity | ||||||||||||
| Net (loss) income | $ | 24,246 | $ | 6,918 | $ | (67,513 | ) | |||||
| Return on average tangible common equity | 8.26 | % | 2.41 | % | (22.66) % | |||||||
| Pre-provision net revenue | ||||||||||||
| Net interest income | $ | 61,309 | $ | 62,350 | $ | 68,159 | ||||||
| Noninterest income | 9,564 | 10,759 | 2,495 | |||||||||
| Less: Noninterest expense | (47,101 | ) | (44,028 | ) | (41,897 | ) | ||||||
| Pre-provision net revenue | $ | 23,772 | $ | 29,081 | $ | 28,757 | ||||||
Tangible common equity, tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, average tangible common equity, 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, or tangible common 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.
Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans.
For the September 30, 2026 Earnings Presentation, click FINAL - 3Q2026 EGBN Earnings DECK.
EAGLE BANCORP, INC.
CONTACT:
Eric R. Newell
240.497.1796
