Press release
Eagle Bancorp, Inc. Announces Net Income for Third Quarter 2021 of $43.6 Million or $1.36 Per Share
BETHESDA, Md., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent company of EagleBank (the “Bank”), today
About this update from Eagle Bancorp, Inc.
[{"type":"text","content":"BETHESDA, Md., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent company of EagleBank (the “Bank”), today announced net income of $43.6 million for the third quarter of 2021, compared to net income of $41.3 million for the third quarter of 2020, a 5.5% increase. Net income per basic and diluted common share was $1.36 for the third quarter of 2021, compared to $1.28 for the third quarter of 2020. The increase in earnings is largely due to the release of reserves from the allowance for credit losses, partially offset by a reduction in mortgage fee income. Earnings for the third quarter of 2021 included a net reversal of $7.5 million from the allowance for credit losses on loans and the reserve for unfunded commitments, as compared to the third quarter of 2020, which included a net provision of $4.5 million for those two accounts. Net income for the nine months ended September 30, 2021, was $135.1 million, compared to $93.3 million for the nine months ended September 30, 2020, a 45% increase. Net income per basic and diluted common share for the nine months ended September 30, 2021 was $4.23 and $4.22, respectively, compared to $2.88 for both basic and diluted for the nine months ended September 30, 2020. Third Quarter 2021 Highlights Income Statement Net income of $43.6 millionNet reversal of $7.5 million (which includes an increase to the reserve for unfunded commitments of $716 thousand)Net interest margin of 2.73%Return on average assets (\"ROAA\") of 1.46%Return on average common equity (\"ROACE\") of 13.00%Return on average tangible common equity (\"ROATCE\") of 14.11%1Efficiency ratio of 41.7% Balance Sheet Total assets of $11.6 billionTotal loans (excluding loans held for sale) were $6.85 billion, down 5.6% from the prior quarter endLoans (excluding PPP of $67.3 million) were $6.78 billion, down 3.4% from the prior quarter end2Book value per share of $41.68, up 9.8% from a year agoTangible book value per share of $38.39, up 10.6% from a year ago3Total risk based capital ratio of 16.59%Annualized net charge-off ratio to average loans of 0.08%Nonperforming assets to total assets of 0.31%Allowance for credit losses to total loans of 1.21% Other events Announced an increase of the cash dividend to $0.40 per share, up 14% from $0.35 per share the prior quarterRepurchased 11,609 shar...