BETHESDA, Md., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (NASDAQ:EGBN), the parent company of EagleBank (the "Bank"), today announced net income of $41.6 million for the fourth quarter of 2021, compared to net income of $38.9 million for the fourth quarter of 2020, a 7.0% increase. Net income per basic and diluted common share was $1.30 for the fourth quarter of 2021, compared to $1.21 for the fourth quarter of 2020.

The increase in earnings is largely due to the release of reserves from the allowance for credit losses and higher level of earning assets, and to a lesser degree from higher FHA fee income and a reduction in FDIC expenses. These improvements were partially offset by higher accruals for salary and benefits, lower gain on sale of loans and lower net interest income. Earnings for the fourth quarter of 2021 included a net reversal of $7.0 million from the allowance for credit losses on loans and the reserve for unfunded commitments, as compared to the fourth quarter of 2020, which included a net provision of $5.3 million.

Net income for the year ended December 31, 2021, was $176.7 million, compared to $132.2 million for the year ended December 31, 2020, a 33.6% increase. Net income per basic and diluted common share for the year ended December 31, 2021 was $5.53 and $5.52, respectively, compared to $4.09 for both basic and diluted common shares, for the year ended December 31, 2020.

Fourth Quarter 2021 Highlights

Income Statement
- Net income of $41.6 million
- Net reversal of $7.0 million (which includes a reversal to the reserve for unfunded commitments of $632 thousand)
- Net interest margin of 2.55%
- Return on average assets ("ROAA") of 1.32%
- Return on average common equity ("ROACE") of 12.30%
- Return on average tangible common equity ("ROATCE") of 13.35%¹
- Efficiency ratio of 44.3%

Balance Sheet
- Total assets of $11.8 billion
- Total loans (excluding loans held for sale) were $7.1 billion, up 3.1% from the prior quarter end
- Loans (excluding PPP of $51.1 million) were $7.0 billion, up 3.4% from the prior quarter end²
- Book value per share of $42.28, up 8.3% from a year ago
- Tangible book value per share of $38.97, up 9.0% from a year ago³
- Total risk based capital ratio of 16.15%
- Annualized net charge-off ratio to average loans of 0.07%
- Nonperforming assets ("NPAs") to total assets of 0.26%
- Allowance for credit losses to total loans of 1.06%

Other events
- Announced a cash dividend of $0.40 per share
- Repurchased a total of 13,175 in 2021 at an average price of $51.75 per share

CEO Commentary

Susan G. Riel, President and Chief Executive Officer of Eagle Bancorp, Inc., commented, "We ended the year strong with record full year earnings, meaningful loan growth during the fourth quarter and a level of asset quality and improving economic factors, that led to another reversal from the allowance for credit losses. Earnings for the year were $176.7 million or $5.52 per diluted share. Loans, on a linked quarter basis, were up $215 million or 3.1%. In regards to asset quality, NPAs were 0.26% of assets at quarter end and annualized net charge offs for the quarter were 0.07%.

"The loan growth during the quarter was encouraging, even as payoffs and paydowns remained high. We saw significant contributions from both our CRE and C&I teams, particularly in December. The largest net increase was in owner occupied CRE loans, followed by commercial loans and income producing CRE. Construction loans also increased, but was mostly offset by completed projects.

"Our other lending teams also did well. The FHA team ended the year strong with a fourth quarter that resulted in trade premiums, origination fees and mortgage servicing rights income of $2.5 million. The mortgage team also did well with locked loans in the fourth quarter of $163 million.

"With unfunded commitments of $2 billion at year end, as more opportunities arise, our total risk-based capital of 16.15%, gives us room to continue to grow the loan portfolio."

Ms. Riel continued, "We continue to be a leader among our peers with an efficiency ratio of 44.3%, a key component of which, is our branch light strategy. This year we closed three branches, all of which had expiring leases and clients who can be served from other northern Virginia branches and through digital channels. The most recent closure was of our Reston location in December, reducing our branch count to 17 and raising our average deposits per branch to $587 million.

"For our shareholders, we remain focused on increasing value and returning cash through dividends and share repurchases. At the end of the quarter, our board declared a dividend of $0.40 per share, bringing our total dividends for the year to $1.40 per share, or $38.9 million. Additionally, in December, our board approved the adoption of a new share repurchase program for 2022.

"We once again thank all of our employees for their commitment in serving the needs of our clients and communities. Additionally, we remain committed to a culture of respect, diversity and inclusion in both the workplace and the communities we serve."

Income Statement

Net interest income was $78.2 million for the fourth quarter of 2021, down from $81.4 million for the fourth quarter of 2020. The decline in net interest income was driven by the decline in loans (versus the same period in the prior year) and a lower rate environment, partially offset by a 12.04% increase in average earning assets.

Net interest income was $324.5 million for the year ended December 31, 2021, up from $321.6 million for the year ended December 31, 2020.

Net interest margin was 2.55% for the fourth quarter of 2021, as compared to 2.98% for the fourth quarter of 2020. The decrease in margin from a year ago primarily reflects a lower rate environment as well as significantly higher cash balances from strong deposit inflows which led to higher average earning assets. In the fourth quarter of 2021, a concerted effort was made to deploy more cash into the investment portfolio (as discussed in the Balance Sheet section).

Net interest margin was 2.81% for the year ended December 31, 2021, as compared to 3.19% for the year ended December 31, 2020.

(Dollars in thousands)	Three Months Ended December 31,						Year Ended December 31,
		2021			2020			2021			2020
Net interest margin, adjusted:
Net interest income (GAAP)	$	78,186		$	81,417		$	324,514		$	321,562
Less: PPP accelerated net deferred fees and costs from sale (non-GAAP)		—			—			(4,667	)		—
Add: Accelerated interest expense on redemption of sub-debt (non-GAAP)		—			—			1,313			—
Adjusted net interest income (non-GAAP)	$	78,186		$	81,417		$	321,160		$	321,562
Average interest earning assets (GAAP)	$	12,180,872		$	10,872,259		$	11,516,495		$	10,872,239
Net interest margin (GAAP)		2.55	%		2.98	%		2.81	%		3.19	%
Adjusted Net interest margin (non-GAAP)		2.55	%		2.98	%		2.79	%		3.19	%

Adjusted pre-provision net revenue ("Adjusted PPNR"),⁴ a non-GAAP measure, was $49.5 million for the fourth quarter of 2021, compared to $56.3 million the fourth quarter of 2020. As a percent of average assets, adjusted PPNR for the fourth quarter of 2021 was 1.56%, down from 2.01% for the fourth quarter of 2020. This decline in Adjusted PPNR to average assets was primarily a result of higher noninterest expenses and higher average assets.

Adjusted pre-provision net revenue was $212.4 million for the year ended December 31, 2021, compared to $223.1 million for the year ended December 31, 2020.

(Dollars in thousands)	Three Months Ended December 31,						Year Ended December 31,
		2021			2020			2021			2020
Adjusted net interest income (non-GAAP)	$	78,186		$	81,417		$	321,160		$	321,562
Noninterest income (GAAP)		10,574			9,887			40,385			45,696
Noninterest expense (GAAP)		(39,309	)		(35,008	)		(149,165	)		(144,162	)
Adjusted PPNR (non-GAAP)	$	49,451		$	56,296		$	212,380		$	223,096
Average Assets (GAAP)	$	12,538,597		$	11,141,826		$	11,836,735		$	10,349,963
Adjusted PPNR to Average Assets (non-GAAP)		1.56	%		2.01	%		1.79	%		2.16	%

Provision for credit losses on loans was a reversal of $6.4 million for the fourth quarter of 2021, compared to a provision of $4.9 million for the fourth quarter of 2020. The reversal was primarily driven by improvements in the economic environment and related adjustments to the quantitative components of the CECL model, as well as, improvements in asset quality.

Provision for credit losses was a reversal of $20.8 million for the year ended December 31, 2021, as compared to a provision of $45.6 million for the year ended December 31, 2020.

Provision for unfunded commitments was a reversal of $632 thousand for the fourth quarter of 2021, compared to a provision of $406 thousand for the fourth quarter of 2020. The reversal was primarily driven by the funding of available credit, reducing unfunded commitments in the fourth quarter of 2021.

Provision for unfunded commitments was a reversal of $1.1 million for the year ended December 31, 2021, compared to a provision of $1.4 million for the year ended December 31, 2020.

Noninterest income was $10.6 million for the fourth quarter of 2021, as compared to $9.9 million for the fourth quarter 2020, a 6.9% increase. The increase was driven by FHA multi-family income associated with trade premiums, origination fees and mortgage servicing rights of $2.5 million and gains on sale of investment securities of $906 thousand, which more than offset the lower gain on sale of loans. Residential mortgage loan locked commitments were $163.0 million for the fourth quarter of 2021, compared to $427.5 million for the fourth quarter of 2020.

Noninterest income was $40.4 million for the year ended December 31, 2021, compared to $45.7 million for the year ended December 31, 2020.

Noninterest expenses were $39.3 million for the fourth quarter 2021 compared to $35.0 million for the fourth quarter of 2020. The major changes between the fourth quarter of 2021 and the fourth quarter of 2020 were as follows:
- Salaries and employee benefits were $24.6 million, up $4.5 million, as a result of higher incentive bonus accruals based on the Company performance and increases in share based compensation.
- FDIC insurance expenses were $311 thousand, down $2.1 million. In the fourth quarter of 2021, with assets remaining over $10 billion for four consecutive quarters, the bank qualified as a large institution resulting in a lower FDIC assessment. Our assessments under the large bank methodology are about one-third of small bank methodology.
- Legal, accounting and professional fees were $3.0 million, up $645 thousand.

Noninterest expenses were $149.2 million for the year ended December 31, 2021, compared to $144.2 million for the year ended December 31, 2020.

Efficiency ratio⁵ was 44.3% for the fourth quarter of 2021 compared to 38.3% for the fourth quarter of 2020. The efficiency ratio increase was driven by lower net interest income and higher noninterest expenses (see Noninterest Expense section) in the fourth quarter of 2021 in comparison to the fourth quarter of 2020.

The efficiency ratio was 40.9% for the year ended December 31, 2021, compared to 39.3% for the year ended December 31, 2020.

Effective income tax rate for the fourth quarter ended 2021 was 26.3%, compared to 23.7% in the fourth quarter of 2020. This change is the result of the provision to tax return true-up process which took place in the fourth quarter each year.

Effective income tax rate for the year ended December 31, 2021 and 2020 was 25.7% and 24.9%, respectively.

Balance Sheet

Total assets at December 31, 2021 were $11.8 billion, up 6.6% from a year ago. The increase in assets from a year ago was primarily driven by increases to cash and investments as a result of large deposit inflows in the third and fourth quarters of 2021.
Investment portfolio had a balance of $2.6 billion at December 31, 2021, up 128% from a year ago. More than half of the increase came in the fourth quarter of 2021 as investments increased by $836.7 million over the third quarter of 2021. Investments made during the fourth quarter of 2021 were primarily agency mortgage backed securities and agency bonds.
Total loans (excluding loans held for sale) were $7.1 billion as of December 31, 2021, a decrease of 9.0% from a year ago. A portion of the decrease was driven by PPP loan forgiveness and, in the second quarter of 2021, the sale of PPP loans. Excluding PPP loans, loans were $7.0 billion at December 31, 2021, a decrease of 4.0% from the prior year-end.⁶

(Dollars in thousands)	December 31, 2021			September 30, 2021			June 30, 2021			December 31, 2020
Total loans, excluding loans held for sale (GAAP)	$	7,065,598		$	6,850,863		$	7,259,558		$	7,760,212
Less: PPP loans (non-GAAP)		(51,105	)		(67,311	)		(238,041	)		(454,771	)
Total loans, excluding loans held for sale and PPP loans (non-GAAP)	$	7,014,493		$	6,783,552		$	7,021,517		$	7,305,441

On a linked quarter basis, total loans (excluding loans held for sale and PPP loans) at December 31, 2021, increased by $230.9 million, or 3.4%, from the prior quarter end as originations and advances exceeded payoffs and paydowns⁷.

The yield on the loan portfolio was 4.45% for the fourth quarter of 2021 as compared to 4.50% for the fourth quarter of 2020. The adjusted loan yield, which excludes PPP, was 4.46% for the fourth quarter of 2020, down from 4.62%, for the fourth quarter of 2020 as higher yielding loans repriced, paid-off or paid-down, and the yield on recent originations and advances reflect current market rates.⁸

The yield on the loan portfolio was 4.62% for the year ended December 31, 2021 as compared to 4.66% for the year ended December 31, 2020.

	Three Months Ended December 31,
(Dollars in thousands)	2021								2020
	Average Balance			Interest			Average Yield/Rate		Average Balance			Interest			Average Yield/Rate
Loan Yields, Adjusted
Loan yield (GAAP)	$	6,890,414		$	77,283		4.45	%	$	7,896,324		$	89,356		4.50	%
Less: PPP interest income (non-GAAP)⁹		(56,298	)		(430	)	3.03	%		(456,415	)		(2,931	)	2.55	%
Adjusted loan yield (non-GAAP)	$	6,834,116		$	76,853		4.46	%	$	7,439,909		$	86,425		4.62	%

	Year Ended December 31,
(Dollars in thousands)	2021								2020
	Average Balance			Interest			Average Yield/Rate		Average Balance			Interest			Average Yield/Rate
Loan Yields, Adjusted
Loan yield (GAAP)	$	7,260,886		$	335,471		4.62	%	$	7,868,523		$	366,729		4.66	%
Less: PPP interest income (non-GAAP)⁹		(280,563	)		(17,004	)	6.06	%		(311,323	)		(8,076	)	2.59	%
Adjusted loan yield (non-GAAP)	$	6,980,323		$	318,467		4.56	%	$	7,557,200		$	358,653		4.75	%

Allowance for credit losses was 1.06% of total loans at December 31, 2021, and 1.41% a year ago. Adjusted to exclude PPP loans, which are fully government guaranteed, the allowance for credit losses was 1.07%, compared to 1.50% a year ago.¹⁰ The reduction in the allowance for credit losses as a percent of total loans for the year ended December 31, 2021 is due to a provision reversal of $20.8 million and net charge-offs of $13.3 million, which had a greater impact on the ratio than the decline in loans.

Net charge-offs for the fourth quarter of 2021 were $1.2 million as compared to $5.5 million for fourth quarter of 2020. On an annualized basis, this was 0.07% of average loans (excluding loans held for sale) for the fourth quarter of 2021, as compared to 0.28% for the fourth quarter of 2020.

Net charge-offs for 2021 were $13.3 million, which represented 0.18% of average loans, and for 2020 were $20.1 million, which represented 0.26% of average loans.

(Dollars in thousands)	December 31, 2021			September 30, 2021			December 31, 2020
Allowance for credit losses, adjusted
Allowance for credit losses (GAAP)	$	74,965		$	82,906		$	109,579

Total loans, excluding loans held for sale (GAAP)	$	7,065,598		$	6,850,863		$	7,760,212
Less: PPP loans (non-GAAP)		(51,105	)		(67,311	)		(454,771	)
Total loans excluding PPP loans (non-GAAP)	$	7,014,493		$	6,783,552		$	7,305,441

Allowance for credit losses to total loans (GAAP)		1.06	%		1.21	%		1.41	%
Allowance for credit losses to total loans excluding PPP loans (non-GAAP)		1.07	%		1.22	%		1.50	%

Total deposits were $10.0 billion at December 31, 2021, up 8.6% from a year ago. Most of the increase was in the second half of the year.

While deposits are up significantly, the deposit mix and cost of funds remains favorable.
- Average noninterest bearing deposits to average total deposits was 36.3% for the fourth quarter of 2021, as compared to 32.7% for the fourth quarter of 2020.
- The cost of funds was 0.26% in the fourth quarter of 2021, as compared to 0.48% in the fourth quarter of 2020. A portion of the favorable decline is attributable to the redemption of $150 million of subordinated debt with a 5% rate on August 2, 2021.

Total shareholders' equity was $1.35 billion at December 31, 2021, up 8.9% from a year ago. For the year ended December 31, 2021, increases in shareholders' equity from earnings were partially offset by common dividends declared of $38.9 million and stock repurchases of $682 thousand.
- Book value per share was $42.28, up 8.3% from a year ago.
- Tangible book value per share was $38.97¹¹, up 9.0% from a year ago.
Capital ratios for the Company remain strong and substantially in excess of regulatory minimum requirements. Regulatory ratios based on risk-based capital ratios continue to remain high, supported by earnings. Capital ratios did experience some decline in the fourth quarter of 2021 as non-risk weighted cash was moved into risk-weighted securities and loans.

	For the Company
	December 31, 2021		September 30, 2021		December 31, 2020		Well Capitalized Minimum
Regulatory Ratios
Total Capital (to risk weighted assets)	16.15	%	16.59	%	17.04	%	10.00	%
Tier 1 Capital (to risk weighted assets)	15.02	%	15.33	%	13.49	%	8.00	%
Common Equity Tier 1 (to risk weighted assets)	15.02	%	15.33	%	13.49	%	6.50	%
Tier 1 Capital (to average assets)	10.19	%	10.58	%	10.31	%	5.00	%

Common Capital Ratios
Common Equity Ratio	11.40	%	11.49	%	11.16	%	—	%
Tangible Common Equity Ratio	10.60	%	10.68	%	10.31	%	—	%

Additional Commentary

Cost savings initiatives: The Bank continues to pursue its "branch light" strategy to improve efficiency while putting more emphasis on relationships and technology. After continued analysis of our branch structure, the Bank closed its Reston Branch in December 2021, as its lease is set to expire shortly. The annual cost savings in rent, common area maintenance and taxes is about $287 thousand.
Paycheck protection program: At December 31, 2021, the Bank had an outstanding balance of PPP loans of $51.1 million, down from $67.3 million at the prior quarter end. The remaining PPP loans were mostly originated in mid-2020.
COVID-19 and watch-rated loans: Beginning in the third quarter of 2020, all loans that received a second COVID-19 deferral or payment modification were downgraded to a watch-rating if not already rated as such. This was done to raise the visibility of these loans within the loan portfolio. After these COVID-19 deferred or modified loans demonstrate six months of payments and sustained performance, they may be considered for removal as a watch-rated loan. Watch-rated loans at December 31, 2021 were $351 million (down from $509 million the prior quarter-end), of which $261 million (down from $415 million the prior quarter end) were loans that received a COVID-19 deferral or payment modification (includes loans that were upgraded to watch-rated).
Nonperforming loans and assets: Both nonperforming loans and assets decreased on a linked quarter basis and year over year.
- Nonperforming loans were $29.2 million, or 0.41%, of total loans at December 31, 2021, down from $31.2 million, or 0.46%, at the prior quarter end, and down from $60.9 million, or 0.79%, of total loans a year ago.
- Nonperforming assets were $30.8 million, or 0.26%, of total assets at December 31, 2021, down from $36.4 million, or 0.31%, at the prior quarter end, and down from $65.9 million, or 0.59%, of total assets a year ago. At December 31, 2021, other real estate owned ("OREO") was $1.6 million.
- In November 2021, the bank sold one of its four OREO properties for a gain on $1.1 million. At December 31, 2021, the OREO properties had a carrying value of $1.6 million (comprising three properties), down from $5.1 million at the prior quarter end and down from $5.0 million a year ago.

Dividend: On November 17, 2021, the Board of Directors declared a quarterly cash dividend of $0.40 per common share payable on January 31, 2022 to shareholders of record on January 19, 2022.
Stock repurchase plan: The 2021 stock repurchase plan expired on December 31, 2021. Under this plan, the Company:
- In the fourth quarter of 2021, repurchased 100 shares for $5,353 at an average cost of $53.53 per share.
- In full-year 2021, repurchased 13,175 shares for $682,254 at an average cost of $51.78 per share.
  
  In December 2021, the Board of Directors approved a new stock repurchase plan for 2022 of up to 1,600,000 shares, or approximately 5% of shares outstanding.

Additional financial information: The financial information that follows provides more detail on the Company's financial performance for the three months and year ended December 31, 2021 as compared to the three months and year ended December 31, 2020, 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, 2020, quarterly reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 and other reports filed with the Securities and Exchange Commission (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 seventeen branch 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, diversity, equity 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 fourth quarter 2021 financial results on Thursday, January 20, 2022 at 10:00 a.m. eastern time. The public is invited to listen to this conference call by dialing 1.877.303.6220, conference ID Code: 7254649, or by accessing the call on the Company's website, www.EagleBankCorp.com. A replay of the conference call will be available on the Company's website through February 3, 2022.

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 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," "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 the macroeconomic and other challenges and uncertainties resulting from the COVID-19 pandemic, including on our credit quality, asset and loan growth and broader business operations), interest rates and interest rate policy, competitive factors, and other conditions 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, 2020, the Company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, the Company's upcoming Quarterly Report on Form 10-K for the year ended December 31, 2021, and in other periodic and current reports filed with the SEC. 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, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters' performance projections. 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 Financial Highlights (Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ended December 31,						Year Ended December 31,
		2021			2020			2021			2020
Income Statements:
Total interest income	$	86,230		$	94,680		$	364,496		$	389,986
Total interest expense		8,044			13,263			39,982			68,424
Net interest income		78,186			81,417			324,514			321,562
Provision for credit losses		(6,412	)		4,917			(20,821	)		45,571
Provision for Unfunded Commitments		(632	)		406			(1,119	)		1,380
Net interest income after provision for credit losses		85,230			76,094			346,454			274,611
Noninterest income (before investment gain)		9,668			9,722			37,421			43,881
Gain (loss) on sale of investment securities		906			165			2,964			1,815
Total noninterest income		10,574			9,887			40,385			45,696
Total noninterest expense		39,309			35,008			149,165			144,162
Income before income tax expense		56,495			50,973			237,674			176,145
Income tax expense		14,875			12,081			60,983			43,928
Net income	$	41,620		$	38,892		$	176,691		$	132,217
Per Share Data:
Earnings per weighted average common share, basic	$	1.30		$	1.21		$	5.53		$	4.09
Earnings per weighted average common share, diluted	$	1.30		$	1.21		$	5.52		$	4.09
Weighted average common shares outstanding, basic		31,950,320			32,037,099			31,935,824			32,334,201
Weighted average common shares outstanding, diluted		32,030,998			32,075,175			32,003,090			32,383,021
Actual shares outstanding at period end		31,950,092			31,779,663			31,950,092			31,779,663
Book value per common share at period end	$	42.28		$	39.05		$	42.28		$	39.05
Tangible book value per common share at period end ⁽¹⁾	$	38.97		$	35.74		$	38.97		$	35.74
Dividend per common share	$	0.40		$	0.22		$	1.40		$	0.88
Performance Ratios (annualized):
Return on average assets		1.32	%		1.39	%		1.49	%		1.28	%
Return on average common equity		12.30	%		12.53	%		13.54	%		10.98	%
Return on average tangible common equity		13.35	%		13.69	%		14.73	%		12.03	%
Net interest margin		2.55	%		2.98	%		2.81	%		3.19	%
Efficiency ratio ⁽²⁾		44.29	%		38.34	%		40.88	%		39.25	%
Other Ratios:
Allowance for credit losses to total loans ⁽³⁾		1.06	%		1.41	%		1.06	%		1.41	%
Allowance for credit losses to total nonperforming loans		256.66	%		179.80	%		256.66	%		179.80	%
Nonperforming loans to total loans ⁽³⁾		0.41	%		0.79	%		0.41	%		0.79	%
Nonperforming assets to total assets		0.26	%		0.59	%		0.26	%		0.59	%
Net charge-offs (annualized) to average loans ⁽³⁾		0.07	%		0.28	%		0.18	%		0.26	%
Common equity to total assets		11.40	%		11.16	%		11.40	%		11.16	%
Tier 1 capital (to average assets)		10.19	%		10.31	%		10.19	%		10.31	%
Total capital (to risk weighted assets)		16.15	%		17.04	%		16.15	%		17.04	%
Common equity tier 1 capital (to risk weighted assets)		15.02	%		13.48	%		15.02	%		13.48	%
Tangible common equity ratio ⁽¹⁾		10.60	%		10.31	%		10.60	%		10.31	%

(continued)
	Three Months Ended December 31,				Year Ended December 31,
		2021		2020		2021		2020
Loan Balances - Period End (in thousands):
Commercial and Industrial	$	1,354,317	$	1,437,433	$	1,354,317	$	1,437,433
PPP loans	$	51,105	$	454,771	$	51,105	$	454,771
Commercial real estate - income producing	$	3,385,299	$	3,687,000	$	3,385,299	$	3,687,000
Commercial real estate - owner occupied	$	1,087,776	$	997,694	$	1,087,776	$	997,694
1-4 Family mortgage	$	73,966	$	76,592	$	73,966	$	76,592
Construction - commercial and residential	$	896,319	$	873,261	$	896,319	$	873,261
Construction - C&I (owner occupied)	$	159,579	$	158,905	$	159,579	$	158,905
Home equity	$	55,811	$	73,167	$	55,811	$	73,167
Other consumer	$	1,428	$	1,389	$	1,428	$	1,389
Average Balances (in thousands):
Total assets	$	12,538,596	$	11,141,826	$	11,836,735	$	10,349,963
Total earning assets	$	12,180,872	$	10,872,259	$	11,516,495	$	10,080,239
Total loans	$	6,890,414	$	7,896,324	$	7,260,886	$	7,868,523
Total deposits	$	10,670,205	$	9,227,733	$	9,940,577	$	8,502,022
Total borrowings	$	402,393	$	596,307	$	489,857	$	569,446
Total shareholders' equity	$	1,342,525	$	1,235,174	$	1,304,902	$	1,204,341

(1) Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, 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 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. The table below provides reconciliation of financial measures defined by GAAP with non-GAAP financial measures.

(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income. The efficiency ratio measures a bank's overhead as a percentage of its revenue.

(3) Excludes loans held for sale.


GAAP Reconciliation (Unaudited)
(Dollars in thousands except per share data)
	Three Months Ended December 31,						Year Ended December 31,
		2021			2020			2021			2020
Common shareholders' equity							$	1,350,775		$	1,240,892
Less: Intangible assets								(105,793	)		(105,114	)
Tangible common equity							$	1,244,982		$	1,135,778
Book value per common share							$	42.28		$	39.05
Less: Intangible book value per common share								(3.31	)		(3.31	)
Tangible book value per common share							$	38.97		$	35.74
Total assets							$	11,847,310		$	11,117,802
Less: Intangible assets								(105,793	)		(105,114	)
Tangible assets							$	11,741,517		$	11,012,688
Tangible common equity ratio								10.60	%		10.31	%
Average common shareholders' equity	$	1,342,525		$	1,235,173		$	1,304,902		$	1,204,341
Less: Average intangible assets		(105,565	)		(105,131	)		(105,256	)		(104,903	)
Average tangible common equity	$	1,236,960		$	1,130,042		$	1,199,646		$	1,099,438
Net Income Available to Common Shareholders	$	41,620		$	38,892		$	176,691		$	132,217
Annualized Return on Average Tangible Common Equity		13.35	%		13.69	%		14.73	%		12.03	%

Net interest income (GAAP)	$	78,186		$	81,417		$	324,514		$	321,562
Less: PPP accelerated net deferred fees and costs from sale (non-GAAP)		—			—			(4,667	)		—
Add: Accelerated interest expense on redemption of sub-debt (non-GAAP)		—			—			1,313			—
Adjusted net interest income (non-GAAP)	$	78,186		$	81,417		$	321,160		$	321,562
Noninterest income (GAAP)	$	10,574		$	9,887		$	40,385		$	45,696
Adjusted operating revenue (non-GAAP)	$	88,760		$	91,304		$	361,545		$	367,258
Noninterest expense (GAAP)	$	39,309		$	35,008		$	149,165		$	144,162
Adjusted efficiency ratio (non-GAAP)		44.29	%		38.34	%		41.26	%		39.25	%


Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
Assets	December 31, 2021			September 30, 2021			December 31, 2020
Cash and due from banks	$	12,886		$	8,806		$	8,435
Federal funds sold		20,391			38,934			28,200
Interest bearing deposits with banks and other short-term investments		1,680,945			2,452,744			1,752,420
Investment securities available for sale (amortized cost of $2,642,665, $1,789,416, and $1,129,057, and allowance for credit losses of $620, $256 and $167 as of December 31, 2021, September 30, 2021 and December 31, 2020, respectively		2,623,408			1,786,659			1,151,083
Federal Reserve and Federal Home Loan Bank stock		34,153			34,093			40,104
Loans held for sale		47,218			53,413			88,205
Loans		7,065,598			6,850,863			7,760,212
Less allowance for credit losses		(74,965	)		(82,906	)		(109,579	)
Loans, net		6,990,633			6,767,957			7,650,633
Premises and equipment, net		14,557			15,293			13,553
Operating lease right-of-use assets		30,555			30,080			25,237
Deferred income taxes		43,174			44,733			38,571
Bank owned life insurance		108,789			108,158			76,729
Intangible assets, net		105,793			105,103			105,114
Other real estate owned		1,635			5,135			4,987
Other assets		133,173			134,209			134,531
Total Assets	$	11,847,310		$	11,585,317		$	11,117,802
Liabilities and Shareholders' Equity
Deposits:
Noninterest bearing demand	$	3,277,956		$	2,836,418		$	2,809,334
Interest bearing transaction		777,255			812,410			756,923
Savings and money market		5,197,247			5,268,157			4,645,186
Time, $100,000 or more		327,651			347,937			546,173
Other time		401,431			403,566			431,587
Total deposits		9,981,540			9,668,488			9,189,203
Customer repurchase agreements		23,918			29,401			26,726
Other short-term borrowings		300,000			300,000			300,000
Long-term borrowings		69,670			69,639			268,077
Operating lease liabilities		35,501			34,345			28,022
Reserve for unfunded commitments		4,379			5,011			5,498
Other liabilities		81,527			146,736			59,384
Total liabilities		10,496,535			10,253,620			9,876,910
Shareholders' Equity
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 31,950,092, 31,947,458, and 31,779,663 respectively		316			316			315
Additional paid in capital		434,640			432,479			427,016
Retained earnings		930,061			901,218			798,061
Accumulated other comprehensive income (loss)		(14,242	)		(2,316	)		15,500
Total Shareholders' Equity		1,350,775			1,331,697			1,240,892
Total Liabilities and Shareholders' Equity	$	11,847,310		$	11,585,317		$	11,117,802

Eagle Bancorp, Inc.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ended December 31,					Year Ended December 31,
Interest Income		2021			2020		2021			2020
Interest and fees on loans	$	77,625		$	89,875	$	337,749		$	368,854
Interest and dividends on investment securities		7,327			4,301		23,205			18,440
Interest on balances with other banks and short-term investments		1,272			497		3,511			2,601
Interest on federal funds sold		6			7		31			91
Total interest income		86,230			94,680		364,496			389,986
Interest Expense
Interest on deposits		6,484			9,511		27,772			53,566
Interest on customer repurchase agreements		17			36		51			293
Interest on other short-term borrowings		506			506		2,008			1,869
Interest on long-term borrowings		1,037			3,210		10,151			12,696
Total interest expense		8,044			13,263		39,982			68,424
Net Interest Income		78,186			81,417		324,514			321,562
Provision for Credit Losses		(6,412	)		4,917		(20,821	)		45,571
Provision for Unfunded Commitments		(632	)		406		(1,119	)		1,380
Net Interest Income After Provision For Credit Losses		85,230			76,094		346,454			274,611
Noninterest Income
Service charges on deposits		1,259			988		4,562			4,416
Gain on sale of loans		2,057			5,840		14,045			22,089
Gain on sale of investment securities		906			165		2,964			1,815
Increase in the cash surrender value of bank owned life insurance		630			416		2,059			2,071
Other income		5,722			2,478		16,755			15,305
Total noninterest income		10,574			9,887		40,385			45,696
Noninterest Expense
Salaries and employee benefits		24,608			20,151		88,398			74,440
Premises and equipment expenses		3,755			3,301		14,876			15,715
Marketing and advertising		1,286			1,161		4,165			4,278
Data processing		3,258			2,747		11,709			10,702
Legal, accounting and professional fees		2,987			2,342		11,510			16,406
FDIC insurance		311			2,385		5,897			7,941
Other expenses		3,104			2,921		12,610			14,680
Total noninterest expense		39,309			35,008		149,165			144,162
Income Before Income Tax Expense		56,495			50,973		237,674			176,145
Income Tax Expense		14,875			12,081		60,983			43,928
Net Income	$	41,620		$	38,892	$	176,691		$	132,217
Earnings Per Common Share
Basic	$	1.30		$	1.21	$	5.53		$	4.09
Diluted	$	1.30		$	1.21	$	5.52		$	4.08


Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates (Unaudited)
(Dollars in thousands)
	Three Months Ended December 31,
		2021						2020
	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	$	3,124,657	$	1,272	0.16	%	$	1,752,046	$	497	0.11	%
Loans held for sale ⁽¹⁾		46,647		342	2.93	%		70,945		520	2.93	%
Loans ^{(1) (2)}		6,890,414		77,283	4.45	%		7,896,324		89,355	4.50	%
Investment securities available for sale ⁽²⁾		2,088,907		7,327	1.39	%		1,122,078		4,301	1.52	%
Federal funds sold		30,247		6	0.08	%		30,866		7	0.10	%
Total interest earning assets		12,180,872		86,230	2.81	%		10,872,259		94,680	3.46	%
Total noninterest earning assets		440,613						378,406
Less: allowance for credit losses		82,889						108,839
Total noninterest earning assets		357,724						269,567
TOTAL ASSETS	$	12,538,596					$	11,141,826
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction	$	803,027	$	392	0.19	%	$	772,056	$	511	0.26	%
Savings and money market		5,257,520		3,688	0.28	%		4,443,676		4,652	0.42	%
Time deposits		735,254		2,404	1.30	%		998,872		4,347	1.73	%
Total interest bearing deposits		6,795,801		6,484	0.38	%		6,214,604		9,510	0.61	%
Customer repurchase agreements		32,730		17	0.21	%		28,259		36	0.51	%
Other short-term borrowings		300,003		506	0.67	%		300,003		506	0.66	%
Long-term borrowings		69,660		1,037	5.96	%		268,045		3,211	4.69	%
Total interest bearing liabilities		7,198,194		8,044	0.44	%		6,810,911		13,263	0.77	%
Noninterest bearing liabilities:
Noninterest bearing demand		3,874,405						3,013,129
Other liabilities		123,472						82,612
Total noninterest bearing liabilities		3,997,877						3,095,741
Shareholders' equity		1,342,525						1,235,174
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	12,538,596					$	11,141,826
Net interest income			$	78,186					$	81,417
Net interest spread					2.37	%					2.69	%
Net interest margin					2.55	%					2.98	%
Cost of funds					0.26	%					0.48	%

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $4.3 million and $6.2 million for the three months ended December 31, 2021 and 2020, respectively.

(2) Interest and fees on loans and investments exclude tax equivalent adjustments.


Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates (Unaudited)
(Dollars in thousands)
	Year Ended December 31,
		2021						2020
	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	$	2,499,377	$	3,511	0.14	%	$	1,181,591	$	2,601	0.22	%
Loans held for sale ⁽¹⁾		71,043		2,278	3.21	%		67,361		2,125	3.15	%
Loans ^{(1) (2)}		7,260,886		335,471	4.62	%		7,868,523		366,729	4.66	%
Investment securities available for sale ⁽²⁾		1,653,522		23,205	1.40	%		929,983		18,440	1.98	%
Federal funds sold		31,667		31	0.10	%		32,781		91	0.28	%
Total interest earning assets		11,516,495		364,496	3.16	%		10,080,239		389,986	3.87	%
Total noninterest earning assets		416,492						371,345
Less: allowance for credit losses		96,252						101,621
Total noninterest earning assets		320,240						269,724
TOTAL ASSETS	$	11,836,735					$	10,349,963
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction	$	814,999	$	1,609	0.20	%	$	783,568	$	3,190	0.41	%
Savings and money market		4,947,198		15,000	0.30	%		3,925,413		26,271	0.67	%
Time deposits		803,718		11,163	1.39	%		1,149,185		24,105	2.10	%
Total interest bearing deposits		6,565,915		27,772	0.42	%		5,858,166		53,566	0.91	%
Customer repurchase agreements		24,884		51	0.20	%		29,345		293	1.00	%
Other short-term borrowings		300,003		2,008	0.67	%		280,126		1,870	0.66	%
Long-term borrowings		164,970		10,151	6.15	%		259,975		12,696	4.80	%
Total interest bearing liabilities		7,055,772		39,982	0.57	%		6,427,612		68,425	1.06	%
Noninterest bearing liabilities:
Noninterest bearing demand		3,374,662						2,643,856
Other liabilities		101,399						74,154
Total noninterest bearing liabilities		3,476,061						2,718,010
Shareholders' equity		1,304,902						1,204,341
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	11,836,735					$	10,349,963
Net interest income			$	324,514					$	321,561
Net interest spread					2.59	%					2.81	%
Net interest margin					2.81	%					3.19	%
Cost of funds					0.35	%					0.68	%

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $30.6 million and $22.3 million for the years ended December 31, 2021 and 2020, respectively.

(2) Interest and fees on loans and investments exclude tax equivalent adjustments.


Statements of Income and Highlights Quarterly Trends (Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			September 30,			June 30,			March 31,
Income Statements:	2021			2021			2021			2021			2020			2020			2020			2020
Total interest income	$	86,230		$	89,152		$	94,920		$	94,194		$	94,680		$	93,833		$	97,672		$	103,801
Total interest expense		8,044			10,107			10,288			11,543			13,262			14,795			16,309			24,057
Net interest income		78,186			79,045			84,632			82,651			81,418			79,038			81,363			79,744
Provision for credit losses		(6,412	)		(8,203	)		(3,856	)		(2,350	)		4,917			6,607			19,737			14,310
Provision for unfunded commitments		(632	)		716			(761	)		(442	)		406			(2,078	)		940			2,112
Net interest income after provision for credit losses		85,230			86,532			89,249			85,443			76,095			74,509			60,686			63,322
Noninterest income (before investment gain (loss))		9,668			6,780			10,607			10,366			9,722			17,729			11,782			4,648
Gain on sale of investment securities		906			1,519			318			221			165			115			713			822
Total noninterest income		10,574			8,299			10,925			10,587			9,887			17,844			12,495			5,470
Salaries and employee benefits		24,608			22,145			19,876			21,769			20,151			19,388			17,104			17,797
Premises and equipment		3,755			3,859			3,644			3,618			3,301			5,125			3,468			3,821
Marketing and advertising		1,286			1,013			980			886			1,161			928			1,111			1,078
Other expenses		9,660			9,358			10,994			11,714			10,396			11,474			13,209			14,651
Total noninterest expense		39,309			36,375			35,494			37,987			35,009			36,915			34,892			37,347
Income before income tax expense		56,495			58,456			64,680			58,043			50,973			55,438			38,289			31,445
Income tax expense		14,875			14,847			16,687			14,574			12,081			14,092			9,433			8,322
Net income		41,620			43,609			47,993			43,469			38,892			41,346			28,856			23,123
Per Share Data:
Earnings per weighted average common share, basic	$	1.30		$	1.36		$	1.50		$	1.36		$	1.21		$	1.28		$	0.90		$	0.70
Earnings per weighted average common share, diluted	$	1.30		$	1.36		$	1.50		$	1.36		$	1.21		$	1.28		$	0.90		$	0.70
Weighted average common shares outstanding, basic		31,950			31,959			31,963			31,870			32,037			32,229			32,225			32,850
Weighted average common shares outstanding, diluted		32,031			32,031			32,025			31,923			32,075			32,251			32,241			32,876
Actual shares outstanding at period end		31,950,092			31,947,458			31,961,573			31,960,379			31,779,663			32,228,636			32,224,756			32,197,258
Book value per common share at period end	$	42.28		$	41.68		$	40.87		$	39.45		$	39.05		$	37.96		$	36.86		$	36.11
Tangible book value per common share at period end ⁽¹⁾	$	38.97		$	38.39		$	37.58		$	36.16		$	35.74		$	34.70		$	33.62		$	32.86
Dividend per common share	$	0.40		$	0.40		$	0.35		$	0.25		$	0.22		$	0.22		$	0.22		$	0.22
Performance Ratios (annualized):
Return on average assets		1.32	%		1.46	%		1.68	%		1.53	%		1.39	%		1.57	%		1.12	%		0.98	%
Return on average common equity		12.30	%		13.00	%		14.92	%		14.05	%		12.53	%		14.46	%		9.84	%		7.81	%
Return on average tangible common equity		13.35	%		14.11	%		16.25	%		15.33	%		13.69	%		15.93	%		10.80	%		8.56	%
Net interest margin		2.55	%		2.73	%		3.04	%		2.98	%		2.98	%		3.08	%		3.26	%		3.49	%
Efficiency ratio ⁽²⁾		44.29	%		41.65	%		37.14	%		40.74	%		38.34	%		38.10	%		37.18	%		43.83	%
Other Ratios:
Allowance for credit losses to total loans ⁽³⁾		1.06	%		1.21	%		1.28	%		1.36	%		1.41	%		1.40	%		1.36	%		1.23	%
Allowance for credit losses to total nonperforming loans		256.66	%		265.32	%		187.07	%		195.25	%		179.80	%		189.83	%		184.52	%		201.80	%
Nonperforming loans to total loans ⁽³⁾		0.41	%		0.46	%		0.68	%		0.69	%		0.79	%		0.74	%		0.74	%		0.61	%
Nonperforming assets to total assets		0.26	%		0.31	%		0.50	%		0.51	%		0.59	%		0.62	%		0.69	%		0.56	%
Net charge-offs (annualized) to average loans ⁽³⁾		0.07	%		0.08	%		0.30	%		0.27	%		0.28	%		0.26	%		0.36	%		0.12	%
Tier 1 capital (to average assets)		10.19	%		10.58	%		10.65	%		10.28	%		10.31	%		10.82	%		10.63	%		11.33	%
Total capital (to risk weighted assets)		16.15	%		16.59	%		17.98	%		17.86	%		17.04	%		16.72	%		16.26	%		15.44	%
Common equity tier 1 capital (to risk weighted assets)		15.02	%		15.33	%		14.67	%		14.42	%		13.49	%		13.19	%		12.80	%		12.14	%
Tangible common equity ratio ⁽¹⁾		10.60	%		10.68	%		11.07	%		10.48	%		10.31	%		11.18	%		11.17	%		10.70	%
Average Balances (in thousands):
Total assets	$	12,538,596		$	11,826,326		$	11,453,080		$	11,517,836		$	11,141,826		$	10,473,595		$	10,326,709		$	9,447,663
Total earning assets	$	12,180,872		$	11,486,280		$	11,152,933		$	11,236,440		$	10,872,259		$	10,205,939		$	10,056,500		$	9,176,174
Total loans	$	6,890,414		$	7,055,621		$	7,382,238		$	7,726,716		$	7,896,324		$	7,910,260		$	8,015,751		$	7,650,993
Total deposits	$	10,670,206		$	9,948,114		$	9,530,909		$	9,601,249		$	9,227,733		$	8,591,912		$	8,482,718		$	7,696,764
Total borrowings	$	402,393		$	448,697		$	536,926		$	573,750		$	596,307		$	596,472		$	598,463		$	485,948
Total shareholders' equity	$	1,342,525		$	1,331,022		$	1,290,029		$	1,254,780		$	1,235,174		$	1,211,145		$	1,179,452		$	1,191,180

(1) Tangible common equity to tangible assets (the "tangible common equity ratio") and tangible book value per common share 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 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 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.

(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.

(3) Excludes loans held for sale.

__________________¹ A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.

² A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table under the subsection, "Total Loans."

³ A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.

⁴ A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below.

⁵ Noninterest expense divided by the sum of net interest income and noninterest income.

⁶ A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.

⁷ A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table above.

⁸ A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.

⁹ Includes interest on PPP loans, accelerated net deferred fees and costs from PPP loan sale and accelerated interest income from forgiveness of PPP loans.

¹⁰ A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.

¹¹ A reconciliation of non-GAAP financial measures to the nearest non-GAAP measure is provided in the tables that accompany this document.

EAGLE BANCORP, INC

CONTACT:

David G. Danielson

240.552.9534