CORRECTION - Eagle Bancorp, Inc. Announces Third Quarter 2025 Results and Cash Dividend

10/23/25 8:57:53 AM ET

Major Banks

Finance

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BETHESDA, Md., Oct. 23, 2025 (GLOBE NEWSWIRE) -- In a release issued under the same headline on Wednesday, October 22nd by Eagle Bancorp, Inc. (NASDAQ:EGBN), please note that the links to the conference call were outdated. The corrected release follows:

Eagle Bancorp, Inc. ("Eagle" or the "Company") (NASDAQ:EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, reported its unaudited results for the third quarter ended September 30, 2025.

Eagle reported a net loss of $67.5 million or $2.22 per share for the third quarter 2025, compared to a net loss of $69.8 million or $2.30 per share for the second quarter. The $2.3 million improvement in the net loss from the prior quarter is primarily due to a $24.9 million decrease in provision expense, offset by a $22.5 million reduction in the tax benefit. In the quarter, net interest income increased $383 thousand, noninterest income decreased $3.9 million, and noninterest expenses decreased $1.6 million.

Pre-provision net revenue ("PPNR")¹ in the third quarter was $28.8 million compared to $30.7 million for the prior quarter. The decrease is primarily due to a $3.6 million loss on sale of loans in the third quarter.

"We continued to execute our strategy to resolve asset quality challenges within the loan portfolio," said Susan G. Riel, Chair, President, and Chief Executive Officer of the Company. "The credit costs recognized this quarter reflect our commitment to managing credit risk with discipline and accountability. Following an independent review of our loan portfolio and expanded supplemental internal analysis, we took actions to reduce valuation risk in the office portfolio."

Ms. Riel added, "The core franchise remains sound and resilient. Our capital, liquidity, and customer relationships continue to provide a strong foundation as we move through this cycle and toward a more normalized earnings environment."

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 14, 2025 to shareholders of record on November 3, 2025.

Third Quarter of 2025 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 $105 million and average C&I deposits increased $134 million, or 8.6% from the previous quarter.
The ACL as a percentage of total loans was 2.14% at quarter-end; down from 2.38% at the prior quarter-end. Performing office coverage² was 11.36% at quarter-end; as compared to 11.54% at the prior quarter-end.
Nonperforming assets decreased by $95.5 million to $133.3 million as of September 30, 2025, representing 1.23% of total assets, compared to $228.9 million, representing 2.16% of total loans as of June 30, 2025. During the quarter, nonperforming loan inflows totaled $211.8 million. Reductions of $319.6 million reflected charge-offs, loans moved to held for sale, and paydowns.
Substandard and special mention loans totaled $958.5 million at September 30, 2025, compared to $875.4 million in the prior quarter.
Annualized quarterly net charge-offs for the third quarter of 2025 were 7.36% compared to 4.22% for the second quarter of 2025.
The net interest margin ("NIM") increased to 2.43% for the third quarter of 2025, compared to 2.37% for the prior quarter, primarily driven by the reduction in interest earning assets associated with a decline in nonaccrual loan balances in the CRE loan portfolio.
At quarter-end, the common equity ratio, tangible common equity ratio¹, and common equity tier 1 capital (to risk-weighted assets) ratio were 10.39%, 10.39%, and 13.58%, respectively.
Total estimated insured deposits increased at quarter-end to $7.2 billion, representing 75.6% of deposits, compared to $6.8 billion, or 75.0% in the prior quarter.
Total on-balance sheet liquidity and available capacity was $5.3 billion, compared to $2.3 billion in uninsured deposits, resulting in a coverage ratio of over 230%.

Income Statement

Net interest income was $68.2 million for the third quarter of 2025, compared to $67.8 million for the prior quarter. The increase in net interest income for the quarter was primarily driven by lower funding costs on brokered time deposits and a reduction in average short-term borrowings, which outpaced lower interest income on loans. Both interest income and interest expense declined during the quarter, reflecting the impact of lower market rates and declining average balances.
Provision for credit losses was $113.2 million for the third quarter of 2025, compared to $138.2 million for the prior quarter. The decrease was primarily driven by lower office-related reserves. Net charge-offs totaled $140.8 million, up from $83.9 million in the second quarter. The provision related to the reserve for unfunded commitments resulting in a reversal of $38 thousand, compared to a provision of $1.8 million in the prior quarter, primarily driven by changes in the economic forecast associated with our quantitative model, offset by slightly higher commitments.
Noninterest income was $2.5 million for the third quarter of 2025, compared to $6.4 million for the prior quarter. The decline was primarily driven by a $3.6 million loss on the sale of two loans and a $2.0 million loss on the sale of investment securities executed to reposition the investment portfolio and reduce higher-cost brokered funding.
Noninterest expense was $41.9 million for the third quarter of 2025, compared to $43.5 million for the prior quarter. The decrease over the linked quarter was primarily due to decreases in the FDIC assessment as the funding profile of the Bank has improved driving assessment costs down.

Loans and Funding

Total loans, including loans held for sale, were $7.4 billion at September 30, 2025, down 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 in commercial and industrial loans.
Total deposits at quarter-end were $9.5 billion, up $0.3 billion, or 4%, from the prior quarter-end. The increase was primarily driven by higher balances in money market accounts offset by lower balances in brokered time deposit accounts. Deposits increased $0.9 billion compared to September 30, 2024.
Other short-term borrowings were zero at September 30, 2025, compared to $50.0 million at June 30, 2025 as FHLB borrowings were repaid with excess cash from core deposit growth and sale of investment securities.

Asset Quality

Allowance for credit losses was 2.14% of total loans held for investment at September 30, 2025, compared to 2.38% at the prior quarter-end. Performing office coverage was 11.36% at quarter-end; as compared to 11.54% at the prior quarter-end.
Net charge-offs were $140.8 million for the quarter compared to $83.9 million in the second quarter of 2025.
Nonperforming assets were $133.3 million at September 30, 2025.
- NPAs as a percentage of assets were 1.23% at September 30, 2025, compared to 2.16% at the prior quarter-end. At September 30, 2025, other real estate owned consisted of 6 properties with an aggregate carrying value of $14.7 million.
- Loans 30-89 days past due were $29.1 million at September 30, 2025, compared to $34.7 million at the prior quarter-end.

Capital

Total shareholders' equity was $1.1 billion at September 30, 2025, down 5.2% from the prior quarter-end. The decrease in shareholders' equity of $61.6 million was primarily due to quarterly losses that reduced capital.
Book value per share and tangible book value per share³ were $37.00 and $37.00, down 5.2% from the prior quarter-end.

Additional financial information: The financial information that follows provides more detail on the Company's financial performance for the three months ended September 30, 2025 as compared to the three months ended June 30, 2025 and September 30, 2024, 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, 2024, 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 four 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 2025 financial results on Thursday, October 23, 2025 at 10:00 a.m. Eastern Time.

The listen-only webcast can be accessed at:

https://edge.media-server.com/mmc/p/hny558ex/
For analysts who wish to participate in the conference call, please register at the following URL:

https://register-conf.media-server.com/register/BIf842a6cf091b4816a0035fefea8f1724

A replay of the conference call will be available on the Company's website through 11/06/2025: 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, 2024 and in other periodic and current reports filed with the SEC, including the Company's Quarterly Reports on Form 10-Q for the first and second quarters. 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,
		2025			2025			2024
Interest Income
Interest and fees on loans	$	123,704		$	125,223		$	139,836
Interest and dividends on investment securities		10,527			11,436			12,578
Interest on balances with other banks and short-term investments		15,850			14,760			21,296
Interest on federal funds sold		22			24			103
Total interest income		150,103			151,443			173,813
Interest Expense
Interest on deposits		79,385			78,912			81,190
Interest on customer repurchase agreements		202			250			332
Interest on other short-term borrowings		332			2,489			20,448
Interest on long-term borrowings		2,025			2,016			—
Total interest expense		81,944			83,667			101,970
Net Interest Income		68,159			67,776			71,843
Provision for Credit Losses		113,215			138,159			10,094
Provision (Reversal) for Credit Losses for Unfunded Commitments		(38	)		1,759			(1,593	)
Net Interest Income After Provision for Credit Losses		(45,018	)		(72,142	)		63,342

Noninterest Income
Service charges on deposits		1,773			1,771			1,747
Gain (loss) on sale of loans		(3,550	)		—			20
Net gain (loss) on sale of investment securities		(1,982	)		(1,854	)		3
Increase in cash surrender value of bank-owned life insurance		5,293			5,161			731
Other income		961			1,336			4,450
Total noninterest income		2,495			6,414			6,951
Noninterest Expense
Salaries and employee benefits		21,290			21,940			21,675
Premises and equipment expenses		2,944			3,019			2,794
Marketing and advertising		1,316			1,144			1,588
Data processing		3,950			4,293			3,435
Legal, accounting and professional fees		2,396			1,550			3,433
FDIC insurance		6,665			8,077			7,399
Other expenses		3,336			3,447			3,290
Total noninterest expense		41,897			43,470			43,614
Income (Loss) Before Income Tax Expense		(84,420	)		(109,198	)		26,679
Income Tax Expense		(16,907	)		(39,423	)		4,864
Net (Loss) Income	$	(67,513	)	$	(69,775	)	$	21,815

(Loss) Earnings Per Common Share
Basic	$	(2.22	)	$	(2.30	)	$	0.72
Diluted	$	(2.22	)	$	(2.30	)	$	0.72

Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
	September 30,			June 30,			September 30,
		2025			2025			2024
Assets
Cash and due from banks	$	7,938		$	14,005		$	16,383
Federal funds sold		1,457			4,091			9,610
Interest-bearing deposits with banks and other short-term investments		841,372			239,237			584,491
Investment securities available-for-sale at fair value (amortized cost of $1,161,644, $1,271,179, and $1,550,038 respectively, and allowance for credit losses of $—, $—, and $17, respectively)		1,073,412			1,170,489			1,433,006
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,199, $1,229, and $1,237 respectively (fair value of $786,662, $799,136, and $868,425 respectively)		872,418			896,855			961,925
Federal Reserve and Federal Home Loan Bank stock		28,306			30,613			37,728
Loans held for sale		136,506			37,576			—
Loans		7,304,679			7,721,664			7,970,269
Less: allowance for credit losses		(156,228	)		(183,796	)		(111,867	)
Loans, net		7,148,451			7,537,868			7,858,402
Premises and equipment, net		10,503			7,103			8,291
Operating lease right-of-use assets		29,791			31,202			15,167
Deferred income taxes		77,362			80,731			74,381
Bank-owned life insurance		330,426			325,174			115,064
Other real estate owned		14,684			2,459			2,743
Other assets		242,876			223,928			167,861
Total Assets	$	10,815,502		$	10,601,331		$	11,285,052
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing demand	$	1,577,197		$	1,532,132		$	1,609,823
Interest-bearing transaction		932,500			895,604			903,300
Savings and money market		3,702,579			3,267,630			3,316,819
Time deposits		3,251,283			3,424,241			2,710,908
Total deposits		9,463,559			9,119,607			8,540,850
Customer repurchase agreements		13,725			23,442			32,040
Other short-term borrowings		—			50,000			1,240,000
Long-term borrowings		76,346			76,264			75,812
Operating lease liabilities		36,278			37,297			18,755
Reserve for unfunded commitments		4,886			4,925			5,060
Other liabilities		97,232			104,729			147,111
Total Liabilities		9,692,026			9,416,264			10,059,628
Shareholders' Equity
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,366,555, 30,364,983, and 30,173,200 respectively		300			300			298
Additional paid-in capital		389,305			388,927			382,284
Retained earnings		831,685			904,205			967,019
Accumulated other comprehensive loss		(97,814	)		(108,365	)		(124,177	)
Total Shareholders' Equity		1,123,476			1,185,067			1,225,424
Total Liabilities and Shareholders' Equity	$	10,815,502		$	10,601,331		$	11,285,052

Loan Mix and Asset Quality (Dollars in thousands)

	September 30,				June 30,				September 30,
		2025				2025				2024
	Amount		%		Amount		%		Amount		%
Loan Balances - Period End:
Commercial	$	1,217,805	17	%	$	1,207,512	15	%	$	1,154,349	14	%
PPP loans		103	—	%		164	—	%	$	348	—	%
Income producing - commercial real estate		3,453,033	47	%		3,768,884	48	%	$	4,155,120	52	%
Owner occupied - commercial real estate		1,494,711	20	%		1,365,901	18	%	$	1,276,240	16	%
Real estate mortgage - residential		44,684	1	%		45,921	1	%	$	57,223	1	%
Construction - commercial and residential		1,010,367	14	%		1,211,728	16	%	$	1,174,591	15	%
Construction - C&I (owner occupied)		33,378	—	%		69,554	1	%	$	100,662	1	%
Home equity		49,333	1	%		49,224	1	%	$	51,567	1	%
Other consumer		1,265	—	%		2,776	—	%	$	169	—	%
Total loans	$	7,304,679	100	%	$	7,721,664	100	%	$	7,970,269	100	%

	Three Months Ended or As Of
	September 30,		June 30,		September 30,
		2025		2025		2024
Asset Quality:
Nonperforming loans	$	118,647	$	226,420	$	134,371
Other real estate owned		14,684		2,459		2,743
Nonperforming assets	$	133,331	$	228,879	$	137,114
Net charge-offs	$	140,813	$	83,877	$	5,303
Special mention	$	423,685	$	173,311	$	364,983
Substandard	$	534,789	$	702,128	$	391,301

Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)

	Three Months Ended
	September 30, 2025							June 30, 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	$	1,447,944		$	15,952	4.37	%	$	1,375,782		$	14,749	4.30	%
Loans held for sale⁽¹⁾		19,441			389	7.94	%		15,418			284	7.39	%
Loans^{(1) (2)}		7,648,459			123,315	6.40	%		7,942,333			124,939	6.31	%
Investment securities available-for-sale⁽²⁾		1,134,993			5,866	2.05	%		1,233,206			6,491	2.11	%
Investment securities held-to-maturity⁽²⁾		884,779			4,661	2.09	%		918,083			4,945	2.16	%
Federal funds sold		1,927			22	4.53	%		2,184			24	4.41	%
Total interest earning assets		11,137,543			150,205	5.35	%		11,487,006			151,432	5.29	%

Noninterest earning assets		658,014							635,125
Less: allowance for credit losses		(198,158	)						(133,036	)
Total noninterest earning assets		459,856							502,089
TOTAL ASSETS	$	11,597,399						$	11,989,095

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,391,316		$	10,824	3.09	%	$	1,489,056		$	9,982	2.69	%
Savings and money market		3,576,595			30,875	3.42	%		3,461,918			29,634	3.43	%
Time deposits		3,312,333			37,686	4.51	%		3,367,907			39,296	4.68	%
Total interest bearing deposits		8,280,244			79,385	3.80	%		8,318,881			78,912	3.80	%
Customer repurchase agreements		25,557			202	3.14	%		34,387			250	2.92	%
Derivative collateral liability		9,225			102	4.39	%		12,710			118	3.72	%
Other short-term borrowings		29,350			332	4.49	%		245,291			2,360	3.86	%
Long-term borrowings		76,318			2,024	10.52	%		76,236			2,016	10.61	%
Total interest bearing liabilities		8,420,694			82,045	3.87	%		8,687,505			83,656	3.86	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,882,971							1,907,214
Other liabilities		111,586							142,124
Total noninterest bearing liabilities		1,994,557							2,049,338
Shareholders' equity		1,182,148							1,252,252
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	11,597,399						$	11,989,095
Net interest income				$	68,160						$	67,776
Net interest spread						1.48	%						1.43	%
Net interest margin						2.43	%						2.37	%
Cost of funds						3.16	%						3.17	%

(1)	Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.7 million and $3.6 million for the three months ended September 30, 2025 and June 30, 2025, 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,
		2025							2024
	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	$	1,447,944		$	15,952	4.37	%	$	1,577,464		$	21,296	5.37	%
Loans held for sale⁽¹⁾		19,441			389	7.94	%		4,936			1	0.08	%
Loans^{(1) (2)}		7,648,459			123,315	6.40	%		8,026,524			139,835	6.93	%
Investment securities available-for-sale⁽²⁾		1,134,993			5,866	2.05	%		1,479,598			7,336	1.97	%
Investment securities held-to-maturity⁽²⁾		884,779			4,661	2.09	%		974,366			5,242	2.14	%
Federal funds sold		1,927			22	4.53	%		10,003			103	4.10	%
Total interest earning assets		11,137,543			150,205	5.35	%		12,072,891			173,813	5.73	%

Noninterest earning assets		658,014							397,007
Less: allowance for credit losses		(198,158	)						(108,998	)
Total noninterest earning assets		459,856							288,009
TOTAL ASSETS	$	11,597,399						$	12,360,900

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,391,316		$	10,824	3.09	%	$	1,656,676		$	14,596	3.51	%
Savings and money market		3,576,595			30,875	3.42	%		3,254,128			34,896	4.27	%
Time deposits		3,312,333			37,686	4.51	%		2,517,944			31,698	5.01	%
Total interest bearing deposits		8,280,244			79,385	3.80	%		7,428,748			81,190	4.35	%
Customer repurchase agreements		25,557			202	3.14	%		38,045			332	3.47	%
Derivative collateral liability		9,225			102	4.39	%		—			—	—	%
Other short-term borrowings		29,350			332	4.49	%		1,615,867			20,448	5.03	%
Long-term borrowings		76,318			2,024	10.52	%		824			—	—	%
Total interest bearing liabilities		8,420,694			82,045	3.87	%		9,083,484			101,970	4.47	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,882,971							1,915,666
Other liabilities		111,586							160,272
Total noninterest bearing liabilities		1,994,557							2,075,938
Shareholders' equity		1,182,148							1,201,477
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	11,597,399						$	12,360,899
Net interest income				$	68,160						$	71,843
Net interest spread						1.48	%						1.26	%
Net interest margin						2.43	%						2.37	%
Cost of funds						3.16	%						3.69	%

(1)	Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.7 million and $3.9 million for the three months ended September 30, 2025 and 2024, 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, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Income Statements:
Total interest income	$	150,103		$	151,443		$	153,878		$	168,417		$	173,813		$	169,731		$	175,602		$	167,421
Total interest expense		81,944			83,667			88,229			97,623			101,970			98,378			100,904			94,429
Net interest income		68,159			67,776			65,649			70,794			71,843			71,353			74,698			72,992
Provision for credit losses		113,215			138,159			26,255			12,132			10,094			8,959			35,175			14,490
Provision (reversal) for credit losses for unfunded commitments		(38	)		1,759			(297	)		(1,598	)		(1,593	)		608			456			(594	)
Net interest income after provision for credit losses		(45,018	)		(72,142	)		39,691			60,260			63,342			61,786			39,067			59,096
Noninterest income before investment gain		4,477			8,268			8,203			4,063			6,948			5,329			3,585			2,891
Net gain on sale of investment securities		(1,982	)		(1,854	)		4			4			3			3			4			3
Total noninterest income		2,495			6,414			8,207			4,067			6,951			5,332			3,589			2,894
Salaries and employee benefits		21,290			21,940			21,968			22,597			21,675			21,770			21,726			18,416
Premises and equipment expenses		2,944			3,019			3,203			2,635			2,794			2,894			3,059			2,967
Marketing and advertising		1,316			1,144			1,371			1,340			1,588			1,662			859			1,071
Goodwill impairment		—			—			—			—			—			104,168			—			—
Other expenses		16,347			17,367			18,909			17,960			17,557			15,997			14,353			14,644
Total noninterest expense		41,897			43,470			45,451			44,532			43,614			146,491			39,997			37,098
(Loss) income before income tax expense		(84,420	)		(109,198	)		2,447			19,795			26,679			(79,373	)		2,659			24,892
Income tax expense		(16,907	)		(39,423	)		772			4,505			4,864			4,429			2,997			4,667
Net (loss) income		(67,513	)		(69,775	)		1,675			15,290			21,815			(83,802	)		(338	)		20,225
Per Share Data:
(Loss) earnings per weighted average common share, basic	$	(2.22	)	$	(2.30	)	$	0.06		$	0.51		$	0.72		$	(2.78	)	$	(0.01	)	$	0.68
(Loss) earnings per weighted average common share, diluted	$	(2.22	)	$	(2.30	)	$	0.06		$	0.50		$	0.72		$	(2.78	)	$	(0.01	)	$	0.67
Weighted average common shares outstanding, basic		30,367,997			30,373,167			30,275,001			30,199,433			30,173,852			30,185,609			30,068,173			29,925,557
Weighted average common shares outstanding, diluted		30,367,997			30,510,847			30,404,262			30,321,644			30,241,699			30,185,609			30,068,173			29,966,962
Actual shares outstanding at period end		30,366,555			30,364,983			30,368,843			30,202,003			30,173,200			30,180,482			30,185,732			29,925,612
Book value per common share at period end	$	37.00		$	39.03		$	40.99		$	40.60		$	40.61		$	38.75		$	41.72		$	42.58
Tangible book value per common share at period end⁽¹⁾	$	37.00		$	39.03		$	40.99		$	40.59		$	40.61		$	38.74		$	38.26		$	39.08
Dividend per common share	$	0.010		$	0.165		$	0.165		$	—		$	0.165		$	0.45		$	0.45		$	0.45
Performance Ratios (annualized):
Return on average assets	(2.31		)%	(2.33		)%		0.06	%		0.48	%		0.70	%	(2.73		)%	(0.01		)%		0.65	%
Return on average common equity	(22.66		)%	(22.35		)%		0.55	%		4.94	%		7.22	%	(26.67		)%	(0.11		)%		6.48	%
Return on average tangible common equity⁽¹⁾	(22.66		)%	(22.35		)%		0.55	%		4.94	%		7.22	%	(28.96		)%	(0.11		)%		7.08	%
Net interest margin		2.43	%		2.37	%		2.28	%		2.29	%		2.37	%		2.40	%		2.43	%		2.45	%
Efficiency ratio⁽¹⁾⁽²⁾		59.30	%		58.60	%		61.50	%		59.50	%		55.40	%		191.00	%		51.10	%		48.90	%
Other Ratios:
Allowance for credit losses to total loans⁽³⁾		2.14	%		2.38	%		1.63	%		1.44	%		1.40	%		1.33	%		1.25	%		1.08	%
Allowance for credit losses to total nonperforming loans		131.67	%		81.17	%		64.59	%		54.81	%		83.25	%		110.06	%		108.76	%		131.16	%
Nonperforming assets to total assets		1.23	%		2.16	%		1.79	%		1.90	%		1.22	%		0.88	%		0.79	%		0.57	%
Net charge-offs (recoveries) (annualized) to average total loans⁽³⁾		7.36	%		4.22	%		0.57	%		0.48	%		0.26	%		0.11	%		1.07	%		0.60	%
Tier 1 capital (to average assets)		10.40	%		10.63	%		11.11	%		10.74	%		10.77	%		10.58	%		10.26	%		10.73	%
Total capital (to risk weighted assets)		14.83	%		15.27	%		15.86	%		15.86	%		15.51	%		15.07	%		14.87	%		14.79	%
Common equity tier 1 capital (to risk weighted assets)		13.58	%		14.01	%		14.61	%		14.63	%		14.30	%		13.92	%		13.80	%		13.90	%
Tangible common equity ratio⁽¹⁾		10.39	%		11.18	%		11.00	%		11.02	%		10.86	%		10.35	%		10.03	%		10.12	%
Average Balances (in thousands):
Total assets	$	11,597,399		$	11,989,095		$	12,118,190		$	12,575,722		$	12,360,899		$	12,361,500		$	12,784,470		$	12,283,303
Total earning assets	$	11,137,543		$	11,487,006		$	11,640,162		$	12,303,940		$	12,072,891		$	11,953,446		$	12,365,497		$	11,837,722
Total loans⁽²⁾	$	7,648,459		$	7,942,333		$	7,933,695		$	7,971,907		$	8,026,524		$	8,003,206		$	7,988,941		$	7,963,074
Total deposits	$	10,163,215		$	10,226,095		$	9,883,233		$	10,056,463		$	9,344,414		$	9,225,266		$	9,501,661		$	9,471,369
Total borrowings	$	131,225		$	355,914		$	794,940		$	1,118,276		$	1,654,736		$	1,721,283		$	1,832,947		$	1,401,917
Total shareholders' equity	$	1,182,148		$	1,252,252		$	1,242,805		$	1,230,573		$	1,201,477		$	1,263,627		$	1,289,656		$	1,238,763

(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,
	2025			2025			2024
Tangible common equity
Common shareholders' equity	$	1,123,476		$	1,185,067		$	1,225,424
Less: Intangible assets		—			(9	)		(21	)
Tangible common equity	$	1,123,476		$	1,185,058		$	1,225,403

Tangible common equity ratio
Total assets	$	10,815,502		$	10,601,331		$	11,285,052
Less: Intangible assets		—			(9	)		(21	)
Tangible assets	$	10,815,502		$	10,601,322		$	11,285,031

Tangible common equity ratio		10.39	%		11.18	%		10.86	%

Per share calculations
Book value per common share	$	37.00		$	39.03		$	40.61
Less: Intangible book value per common share	$	—		$	—		$	—
Tangible book value per common share	$	37.00		$	39.03		$	40.61

Shares outstanding at period end		30,366,555			30,364,983			30,173,200

Average tangible common equity
Average common shareholders' equity	$	1,182,148		$	1,252,252		$	1,201,477
Less: Average intangible assets		—			(11	)		(24	)
Average tangible common equity	$	1,182,148		$	1,252,241		$	1,201,453

Return on average tangible common equity
Net (loss) income	$	(67,513	)	$	(69,775	)	$	21,815
Return on average tangible common equity	(22.66		)%	(22.35		)%		7.22	%

Efficiency ratio
Net interest income	$	68,159		$	67,776		$	71,843
Noninterest income		2,495			6,414			6,951
Operating revenue	$	70,654		$	74,190		$	78,794
Noninterest expense	$	41,897		$	43,470		$	43,614

Efficiency ratio		59.30	%		58.59	%		55.35	%

Pre-provision net revenue
Net interest income	$	68,159		$	67,776		$	71,843
Noninterest income		2,495			6,414			6,951
Less: Noninterest expense		(41,897	)		(43,470	)		(43,614	)
Pre-provision net revenue	$	28,757		$	30,720		$	35,180

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.

The efficiency ratio is a non-GAAP measure calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank's overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities.

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.

________________________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.

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 loans.

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.

EAGLE BANCORP, INC.

CONTACT:

Eric R. Newell

240.497.1796

For the September 30, 2025 Earnings Presentation, click 2025 EGBN Earnings DECK 9-30-2025 FINAL.

Get the next $EGBN alert in real time by email

Date

Price Target

Rating

Analyst

6/10/2025

$24.00

Neutral → Buy

Janney

5/21/2025

$20.00

Hold

Jefferies

10/21/2024

$27.00

Neutral

Piper Sandler

12/5/2022

$50.00

Neutral

Piper Sandler

CORRECTION - Eagle Bancorp, Inc. Announces Third Quarter 2025 Results and Cash Dividend

10/23/25 8:57:53 AM ET

$EGBN

Major Banks

Finance

Get the next $EGBN alert in real time by email

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 14, 2025 to shareholders of record on November 3, 2025.

Third Quarter of 2025 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 $105 million and average C&I deposits increased $134 million, or 8.6% from the previous quarter.
The ACL as a percentage of total loans was 2.14% at quarter-end; down from 2.38% at the prior quarter-end. Performing office coverage² was 11.36% at quarter-end; as compared to 11.54% at the prior quarter-end.
Nonperforming assets decreased by $95.5 million to $133.3 million as of September 30, 2025, representing 1.23% of total assets, compared to $228.9 million, representing 2.16% of total loans as of June 30, 2025. During the quarter, nonperforming loan inflows totaled $211.8 million. Reductions of $319.6 million reflected charge-offs, loans moved to held for sale, and paydowns.
Substandard and special mention loans totaled $958.5 million at September 30, 2025, compared to $875.4 million in the prior quarter.
Annualized quarterly net charge-offs for the third quarter of 2025 were 7.36% compared to 4.22% for the second quarter of 2025.
The net interest margin ("NIM") increased to 2.43% for the third quarter of 2025, compared to 2.37% for the prior quarter, primarily driven by the reduction in interest earning assets associated with a decline in nonaccrual loan balances in the CRE loan portfolio.
At quarter-end, the common equity ratio, tangible common equity ratio¹, and common equity tier 1 capital (to risk-weighted assets) ratio were 10.39%, 10.39%, and 13.58%, respectively.
Total estimated insured deposits increased at quarter-end to $7.2 billion, representing 75.6% of deposits, compared to $6.8 billion, or 75.0% in the prior quarter.
Total on-balance sheet liquidity and available capacity was $5.3 billion, compared to $2.3 billion in uninsured deposits, resulting in a coverage ratio of over 230%.

Income Statement

Net interest income was $68.2 million for the third quarter of 2025, compared to $67.8 million for the prior quarter. The increase in net interest income for the quarter was primarily driven by lower funding costs on brokered time deposits and a reduction in average short-term borrowings, which outpaced lower interest income on loans. Both interest income and interest expense declined during the quarter, reflecting the impact of lower market rates and declining average balances.
Provision for credit losses was $113.2 million for the third quarter of 2025, compared to $138.2 million for the prior quarter. The decrease was primarily driven by lower office-related reserves. Net charge-offs totaled $140.8 million, up from $83.9 million in the second quarter. The provision related to the reserve for unfunded commitments resulting in a reversal of $38 thousand, compared to a provision of $1.8 million in the prior quarter, primarily driven by changes in the economic forecast associated with our quantitative model, offset by slightly higher commitments.
Noninterest income was $2.5 million for the third quarter of 2025, compared to $6.4 million for the prior quarter. The decline was primarily driven by a $3.6 million loss on the sale of two loans and a $2.0 million loss on the sale of investment securities executed to reposition the investment portfolio and reduce higher-cost brokered funding.
Noninterest expense was $41.9 million for the third quarter of 2025, compared to $43.5 million for the prior quarter. The decrease over the linked quarter was primarily due to decreases in the FDIC assessment as the funding profile of the Bank has improved driving assessment costs down.

Loans and Funding

Total loans, including loans held for sale, were $7.4 billion at September 30, 2025, down 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 in commercial and industrial loans.
Total deposits at quarter-end were $9.5 billion, up $0.3 billion, or 4%, from the prior quarter-end. The increase was primarily driven by higher balances in money market accounts offset by lower balances in brokered time deposit accounts. Deposits increased $0.9 billion compared to September 30, 2024.
Other short-term borrowings were zero at September 30, 2025, compared to $50.0 million at June 30, 2025 as FHLB borrowings were repaid with excess cash from core deposit growth and sale of investment securities.

Asset Quality

Allowance for credit losses was 2.14% of total loans held for investment at September 30, 2025, compared to 2.38% at the prior quarter-end. Performing office coverage was 11.36% at quarter-end; as compared to 11.54% at the prior quarter-end.
Net charge-offs were $140.8 million for the quarter compared to $83.9 million in the second quarter of 2025.
Nonperforming assets were $133.3 million at September 30, 2025.
- NPAs as a percentage of assets were 1.23% at September 30, 2025, compared to 2.16% at the prior quarter-end. At September 30, 2025, other real estate owned consisted of 6 properties with an aggregate carrying value of $14.7 million.
- Loans 30-89 days past due were $29.1 million at September 30, 2025, compared to $34.7 million at the prior quarter-end.

Capital

Total shareholders' equity was $1.1 billion at September 30, 2025, down 5.2% from the prior quarter-end. The decrease in shareholders' equity of $61.6 million was primarily due to quarterly losses that reduced capital.
Book value per share and tangible book value per share³ were $37.00 and $37.00, down 5.2% from the prior quarter-end.

Conference call: Eagle Bancorp will host a conference call to discuss its third quarter of 2025 financial results on Thursday, October 23, 2025 at 10:00 a.m. Eastern Time.

The listen-only webcast can be accessed at:

https://edge.media-server.com/mmc/p/hny558ex/
For analysts who wish to participate in the conference call, please register at the following URL:

https://register-conf.media-server.com/register/BIf842a6cf091b4816a0035fefea8f1724

A replay of the conference call will be available on the Company's website through 11/06/2025: https://www.eaglebankcorp.com/


Eagle Bancorp, Inc.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended
	September 30,			June 30,			September 30,
		2025			2025			2024
Interest Income
Interest and fees on loans	$	123,704		$	125,223		$	139,836
Interest and dividends on investment securities		10,527			11,436			12,578
Interest on balances with other banks and short-term investments		15,850			14,760			21,296
Interest on federal funds sold		22			24			103
Total interest income		150,103			151,443			173,813
Interest Expense
Interest on deposits		79,385			78,912			81,190
Interest on customer repurchase agreements		202			250			332
Interest on other short-term borrowings		332			2,489			20,448
Interest on long-term borrowings		2,025			2,016			—
Total interest expense		81,944			83,667			101,970
Net Interest Income		68,159			67,776			71,843
Provision for Credit Losses		113,215			138,159			10,094
Provision (Reversal) for Credit Losses for Unfunded Commitments		(38	)		1,759			(1,593	)
Net Interest Income After Provision for Credit Losses		(45,018	)		(72,142	)		63,342

Noninterest Income
Service charges on deposits		1,773			1,771			1,747
Gain (loss) on sale of loans		(3,550	)		—			20
Net gain (loss) on sale of investment securities		(1,982	)		(1,854	)		3
Increase in cash surrender value of bank-owned life insurance		5,293			5,161			731
Other income		961			1,336			4,450
Total noninterest income		2,495			6,414			6,951
Noninterest Expense
Salaries and employee benefits		21,290			21,940			21,675
Premises and equipment expenses		2,944			3,019			2,794
Marketing and advertising		1,316			1,144			1,588
Data processing		3,950			4,293			3,435
Legal, accounting and professional fees		2,396			1,550			3,433
FDIC insurance		6,665			8,077			7,399
Other expenses		3,336			3,447			3,290
Total noninterest expense		41,897			43,470			43,614
Income (Loss) Before Income Tax Expense		(84,420	)		(109,198	)		26,679
Income Tax Expense		(16,907	)		(39,423	)		4,864
Net (Loss) Income	$	(67,513	)	$	(69,775	)	$	21,815

(Loss) Earnings Per Common Share
Basic	$	(2.22	)	$	(2.30	)	$	0.72
Diluted	$	(2.22	)	$	(2.30	)	$	0.72

Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
	September 30,			June 30,			September 30,
		2025			2025			2024
Assets
Cash and due from banks	$	7,938		$	14,005		$	16,383
Federal funds sold		1,457			4,091			9,610
Interest-bearing deposits with banks and other short-term investments		841,372			239,237			584,491
Investment securities available-for-sale at fair value (amortized cost of $1,161,644, $1,271,179, and $1,550,038 respectively, and allowance for credit losses of $—, $—, and $17, respectively)		1,073,412			1,170,489			1,433,006
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,199, $1,229, and $1,237 respectively (fair value of $786,662, $799,136, and $868,425 respectively)		872,418			896,855			961,925
Federal Reserve and Federal Home Loan Bank stock		28,306			30,613			37,728
Loans held for sale		136,506			37,576			—
Loans		7,304,679			7,721,664			7,970,269
Less: allowance for credit losses		(156,228	)		(183,796	)		(111,867	)
Loans, net		7,148,451			7,537,868			7,858,402
Premises and equipment, net		10,503			7,103			8,291
Operating lease right-of-use assets		29,791			31,202			15,167
Deferred income taxes		77,362			80,731			74,381
Bank-owned life insurance		330,426			325,174			115,064
Other real estate owned		14,684			2,459			2,743
Other assets		242,876			223,928			167,861
Total Assets	$	10,815,502		$	10,601,331		$	11,285,052
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing demand	$	1,577,197		$	1,532,132		$	1,609,823
Interest-bearing transaction		932,500			895,604			903,300
Savings and money market		3,702,579			3,267,630			3,316,819
Time deposits		3,251,283			3,424,241			2,710,908
Total deposits		9,463,559			9,119,607			8,540,850
Customer repurchase agreements		13,725			23,442			32,040
Other short-term borrowings		—			50,000			1,240,000
Long-term borrowings		76,346			76,264			75,812
Operating lease liabilities		36,278			37,297			18,755
Reserve for unfunded commitments		4,886			4,925			5,060
Other liabilities		97,232			104,729			147,111
Total Liabilities		9,692,026			9,416,264			10,059,628
Shareholders' Equity
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,366,555, 30,364,983, and 30,173,200 respectively		300			300			298
Additional paid-in capital		389,305			388,927			382,284
Retained earnings		831,685			904,205			967,019
Accumulated other comprehensive loss		(97,814	)		(108,365	)		(124,177	)
Total Shareholders' Equity		1,123,476			1,185,067			1,225,424
Total Liabilities and Shareholders' Equity	$	10,815,502		$	10,601,331		$	11,285,052

Loan Mix and Asset Quality (Dollars in thousands)

	September 30,				June 30,				September 30,
		2025				2025				2024
	Amount		%		Amount		%		Amount		%
Loan Balances - Period End:
Commercial	$	1,217,805	17	%	$	1,207,512	15	%	$	1,154,349	14	%
PPP loans		103	—	%		164	—	%	$	348	—	%
Income producing - commercial real estate		3,453,033	47	%		3,768,884	48	%	$	4,155,120	52	%
Owner occupied - commercial real estate		1,494,711	20	%		1,365,901	18	%	$	1,276,240	16	%
Real estate mortgage - residential		44,684	1	%		45,921	1	%	$	57,223	1	%
Construction - commercial and residential		1,010,367	14	%		1,211,728	16	%	$	1,174,591	15	%
Construction - C&I (owner occupied)		33,378	—	%		69,554	1	%	$	100,662	1	%
Home equity		49,333	1	%		49,224	1	%	$	51,567	1	%
Other consumer		1,265	—	%		2,776	—	%	$	169	—	%
Total loans	$	7,304,679	100	%	$	7,721,664	100	%	$	7,970,269	100	%

	Three Months Ended or As Of
	September 30,		June 30,		September 30,
		2025		2025		2024
Asset Quality:
Nonperforming loans	$	118,647	$	226,420	$	134,371
Other real estate owned		14,684		2,459		2,743
Nonperforming assets	$	133,331	$	228,879	$	137,114
Net charge-offs	$	140,813	$	83,877	$	5,303
Special mention	$	423,685	$	173,311	$	364,983
Substandard	$	534,789	$	702,128	$	391,301

Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)

	Three Months Ended
	September 30, 2025							June 30, 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	$	1,447,944		$	15,952	4.37	%	$	1,375,782		$	14,749	4.30	%
Loans held for sale⁽¹⁾		19,441			389	7.94	%		15,418			284	7.39	%
Loans^{(1) (2)}		7,648,459			123,315	6.40	%		7,942,333			124,939	6.31	%
Investment securities available-for-sale⁽²⁾		1,134,993			5,866	2.05	%		1,233,206			6,491	2.11	%
Investment securities held-to-maturity⁽²⁾		884,779			4,661	2.09	%		918,083			4,945	2.16	%
Federal funds sold		1,927			22	4.53	%		2,184			24	4.41	%
Total interest earning assets		11,137,543			150,205	5.35	%		11,487,006			151,432	5.29	%

Noninterest earning assets		658,014							635,125
Less: allowance for credit losses		(198,158	)						(133,036	)
Total noninterest earning assets		459,856							502,089
TOTAL ASSETS	$	11,597,399						$	11,989,095

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,391,316		$	10,824	3.09	%	$	1,489,056		$	9,982	2.69	%
Savings and money market		3,576,595			30,875	3.42	%		3,461,918			29,634	3.43	%
Time deposits		3,312,333			37,686	4.51	%		3,367,907			39,296	4.68	%
Total interest bearing deposits		8,280,244			79,385	3.80	%		8,318,881			78,912	3.80	%
Customer repurchase agreements		25,557			202	3.14	%		34,387			250	2.92	%
Derivative collateral liability		9,225			102	4.39	%		12,710			118	3.72	%
Other short-term borrowings		29,350			332	4.49	%		245,291			2,360	3.86	%
Long-term borrowings		76,318			2,024	10.52	%		76,236			2,016	10.61	%
Total interest bearing liabilities		8,420,694			82,045	3.87	%		8,687,505			83,656	3.86	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,882,971							1,907,214
Other liabilities		111,586							142,124
Total noninterest bearing liabilities		1,994,557							2,049,338
Shareholders' equity		1,182,148							1,252,252
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	11,597,399						$	11,989,095
Net interest income				$	68,160						$	67,776
Net interest spread						1.48	%						1.43	%
Net interest margin						2.43	%						2.37	%
Cost of funds						3.16	%						3.17	%

(1)	Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.7 million and $3.6 million for the three months ended September 30, 2025 and June 30, 2025, 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,
		2025							2024
	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	$	1,447,944		$	15,952	4.37	%	$	1,577,464		$	21,296	5.37	%
Loans held for sale⁽¹⁾		19,441			389	7.94	%		4,936			1	0.08	%
Loans^{(1) (2)}		7,648,459			123,315	6.40	%		8,026,524			139,835	6.93	%
Investment securities available-for-sale⁽²⁾		1,134,993			5,866	2.05	%		1,479,598			7,336	1.97	%
Investment securities held-to-maturity⁽²⁾		884,779			4,661	2.09	%		974,366			5,242	2.14	%
Federal funds sold		1,927			22	4.53	%		10,003			103	4.10	%
Total interest earning assets		11,137,543			150,205	5.35	%		12,072,891			173,813	5.73	%

Noninterest earning assets		658,014							397,007
Less: allowance for credit losses		(198,158	)						(108,998	)
Total noninterest earning assets		459,856							288,009
TOTAL ASSETS	$	11,597,399						$	12,360,900

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,391,316		$	10,824	3.09	%	$	1,656,676		$	14,596	3.51	%
Savings and money market		3,576,595			30,875	3.42	%		3,254,128			34,896	4.27	%
Time deposits		3,312,333			37,686	4.51	%		2,517,944			31,698	5.01	%
Total interest bearing deposits		8,280,244			79,385	3.80	%		7,428,748			81,190	4.35	%
Customer repurchase agreements		25,557			202	3.14	%		38,045			332	3.47	%
Derivative collateral liability		9,225			102	4.39	%		—			—	—	%
Other short-term borrowings		29,350			332	4.49	%		1,615,867			20,448	5.03	%
Long-term borrowings		76,318			2,024	10.52	%		824			—	—	%
Total interest bearing liabilities		8,420,694			82,045	3.87	%		9,083,484			101,970	4.47	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,882,971							1,915,666
Other liabilities		111,586							160,272
Total noninterest bearing liabilities		1,994,557							2,075,938
Shareholders' equity		1,182,148							1,201,477
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	11,597,399						$	12,360,899
Net interest income				$	68,160						$	71,843
Net interest spread						1.48	%						1.26	%
Net interest margin						2.43	%						2.37	%
Cost of funds						3.16	%						3.69	%

(1)	Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.7 million and $3.9 million for the three months ended September 30, 2025 and 2024, 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, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Income Statements:
Total interest income	$	150,103		$	151,443		$	153,878		$	168,417		$	173,813		$	169,731		$	175,602		$	167,421
Total interest expense		81,944			83,667			88,229			97,623			101,970			98,378			100,904			94,429
Net interest income		68,159			67,776			65,649			70,794			71,843			71,353			74,698			72,992
Provision for credit losses		113,215			138,159			26,255			12,132			10,094			8,959			35,175			14,490
Provision (reversal) for credit losses for unfunded commitments		(38	)		1,759			(297	)		(1,598	)		(1,593	)		608			456			(594	)
Net interest income after provision for credit losses		(45,018	)		(72,142	)		39,691			60,260			63,342			61,786			39,067			59,096
Noninterest income before investment gain		4,477			8,268			8,203			4,063			6,948			5,329			3,585			2,891
Net gain on sale of investment securities		(1,982	)		(1,854	)		4			4			3			3			4			3
Total noninterest income		2,495			6,414			8,207			4,067			6,951			5,332			3,589			2,894
Salaries and employee benefits		21,290			21,940			21,968			22,597			21,675			21,770			21,726			18,416
Premises and equipment expenses		2,944			3,019			3,203			2,635			2,794			2,894			3,059			2,967
Marketing and advertising		1,316			1,144			1,371			1,340			1,588			1,662			859			1,071
Goodwill impairment		—			—			—			—			—			104,168			—			—
Other expenses		16,347			17,367			18,909			17,960			17,557			15,997			14,353			14,644
Total noninterest expense		41,897			43,470			45,451			44,532			43,614			146,491			39,997			37,098
(Loss) income before income tax expense		(84,420	)		(109,198	)		2,447			19,795			26,679			(79,373	)		2,659			24,892
Income tax expense		(16,907	)		(39,423	)		772			4,505			4,864			4,429			2,997			4,667
Net (loss) income		(67,513	)		(69,775	)		1,675			15,290			21,815			(83,802	)		(338	)		20,225
Per Share Data:
(Loss) earnings per weighted average common share, basic	$	(2.22	)	$	(2.30	)	$	0.06		$	0.51		$	0.72		$	(2.78	)	$	(0.01	)	$	0.68
(Loss) earnings per weighted average common share, diluted	$	(2.22	)	$	(2.30	)	$	0.06		$	0.50		$	0.72		$	(2.78	)	$	(0.01	)	$	0.67
Weighted average common shares outstanding, basic		30,367,997			30,373,167			30,275,001			30,199,433			30,173,852			30,185,609			30,068,173			29,925,557
Weighted average common shares outstanding, diluted		30,367,997			30,510,847			30,404,262			30,321,644			30,241,699			30,185,609			30,068,173			29,966,962
Actual shares outstanding at period end		30,366,555			30,364,983			30,368,843			30,202,003			30,173,200			30,180,482			30,185,732			29,925,612
Book value per common share at period end	$	37.00		$	39.03		$	40.99		$	40.60		$	40.61		$	38.75		$	41.72		$	42.58
Tangible book value per common share at period end⁽¹⁾	$	37.00		$	39.03		$	40.99		$	40.59		$	40.61		$	38.74		$	38.26		$	39.08
Dividend per common share	$	0.010		$	0.165		$	0.165		$	—		$	0.165		$	0.45		$	0.45		$	0.45
Performance Ratios (annualized):
Return on average assets	(2.31		)%	(2.33		)%		0.06	%		0.48	%		0.70	%	(2.73		)%	(0.01		)%		0.65	%
Return on average common equity	(22.66		)%	(22.35		)%		0.55	%		4.94	%		7.22	%	(26.67		)%	(0.11		)%		6.48	%
Return on average tangible common equity⁽¹⁾	(22.66		)%	(22.35		)%		0.55	%		4.94	%		7.22	%	(28.96		)%	(0.11		)%		7.08	%
Net interest margin		2.43	%		2.37	%		2.28	%		2.29	%		2.37	%		2.40	%		2.43	%		2.45	%
Efficiency ratio⁽¹⁾⁽²⁾		59.30	%		58.60	%		61.50	%		59.50	%		55.40	%		191.00	%		51.10	%		48.90	%
Other Ratios:
Allowance for credit losses to total loans⁽³⁾		2.14	%		2.38	%		1.63	%		1.44	%		1.40	%		1.33	%		1.25	%		1.08	%
Allowance for credit losses to total nonperforming loans		131.67	%		81.17	%		64.59	%		54.81	%		83.25	%		110.06	%		108.76	%		131.16	%
Nonperforming assets to total assets		1.23	%		2.16	%		1.79	%		1.90	%		1.22	%		0.88	%		0.79	%		0.57	%
Net charge-offs (recoveries) (annualized) to average total loans⁽³⁾		7.36	%		4.22	%		0.57	%		0.48	%		0.26	%		0.11	%		1.07	%		0.60	%
Tier 1 capital (to average assets)		10.40	%		10.63	%		11.11	%		10.74	%		10.77	%		10.58	%		10.26	%		10.73	%
Total capital (to risk weighted assets)		14.83	%		15.27	%		15.86	%		15.86	%		15.51	%		15.07	%		14.87	%		14.79	%
Common equity tier 1 capital (to risk weighted assets)		13.58	%		14.01	%		14.61	%		14.63	%		14.30	%		13.92	%		13.80	%		13.90	%
Tangible common equity ratio⁽¹⁾		10.39	%		11.18	%		11.00	%		11.02	%		10.86	%		10.35	%		10.03	%		10.12	%
Average Balances (in thousands):
Total assets	$	11,597,399		$	11,989,095		$	12,118,190		$	12,575,722		$	12,360,899		$	12,361,500		$	12,784,470		$	12,283,303
Total earning assets	$	11,137,543		$	11,487,006		$	11,640,162		$	12,303,940		$	12,072,891		$	11,953,446		$	12,365,497		$	11,837,722
Total loans⁽²⁾	$	7,648,459		$	7,942,333		$	7,933,695		$	7,971,907		$	8,026,524		$	8,003,206		$	7,988,941		$	7,963,074
Total deposits	$	10,163,215		$	10,226,095		$	9,883,233		$	10,056,463		$	9,344,414		$	9,225,266		$	9,501,661		$	9,471,369
Total borrowings	$	131,225		$	355,914		$	794,940		$	1,118,276		$	1,654,736		$	1,721,283		$	1,832,947		$	1,401,917
Total shareholders' equity	$	1,182,148		$	1,252,252		$	1,242,805		$	1,230,573		$	1,201,477		$	1,263,627		$	1,289,656		$	1,238,763

(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,
	2025			2025			2024
Tangible common equity
Common shareholders' equity	$	1,123,476		$	1,185,067		$	1,225,424
Less: Intangible assets		—			(9	)		(21	)
Tangible common equity	$	1,123,476		$	1,185,058		$	1,225,403

Tangible common equity ratio
Total assets	$	10,815,502		$	10,601,331		$	11,285,052
Less: Intangible assets		—			(9	)		(21	)
Tangible assets	$	10,815,502		$	10,601,322		$	11,285,031

Tangible common equity ratio		10.39	%		11.18	%		10.86	%

Per share calculations
Book value per common share	$	37.00		$	39.03		$	40.61
Less: Intangible book value per common share	$	—		$	—		$	—
Tangible book value per common share	$	37.00		$	39.03		$	40.61

Shares outstanding at period end		30,366,555			30,364,983			30,173,200

Average tangible common equity
Average common shareholders' equity	$	1,182,148		$	1,252,252		$	1,201,477
Less: Average intangible assets		—			(11	)		(24	)
Average tangible common equity	$	1,182,148		$	1,252,241		$	1,201,453

Return on average tangible common equity
Net (loss) income	$	(67,513	)	$	(69,775	)	$	21,815
Return on average tangible common equity	(22.66		)%	(22.35		)%		7.22	%

Efficiency ratio
Net interest income	$	68,159		$	67,776		$	71,843
Noninterest income		2,495			6,414			6,951
Operating revenue	$	70,654		$	74,190		$	78,794
Noninterest expense	$	41,897		$	43,470		$	43,614

Efficiency ratio		59.30	%		58.59	%		55.35	%

Pre-provision net revenue
Net interest income	$	68,159		$	67,776		$	71,843
Noninterest income		2,495			6,414			6,951
Less: Noninterest expense		(41,897	)		(43,470	)		(43,614	)
Pre-provision net revenue	$	28,757		$	30,720		$	35,180

EAGLE BANCORP, INC.

CONTACT:

Eric R. Newell

240.497.1796

For the September 30, 2025 Earnings Presentation, click 2025 EGBN Earnings DECK 9-30-2025 FINAL.

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Date

Price Target

Rating

Analyst

6/10/2025

$24.00

Neutral → Buy

Janney

5/21/2025

$20.00

Hold

Jefferies

10/21/2024

$27.00

Neutral

Piper Sandler

12/5/2022

$50.00

Neutral

Piper Sandler

CORRECTION - Eagle Bancorp, Inc. Announces Third Quarter 2025 Results and Cash Dividend

Crush Q3 2025 with the Best AI Superconnector

Recent Analyst Ratings for
$EGBN

CORRECTION - Eagle Bancorp, Inc. Announces Third Quarter 2025 Results and Cash Dividend

Crush Q3 2025 with the Best AI Superconnector

Recent Analyst Ratings for
$EGBN

$EGBN
Insider Purchases

Amendment: Senior EVP, CFO Newell Eric R bought $25,008 worth of shares (1,170 units at $21.37), increasing direct ownership by 4% to 29,489 units (SEC Form 4)

Senior EVP, CFO Newell Eric R bought $25,008 worth of shares (1,170 units at $21.37), increasing direct ownership by 4% to 28,733 units (SEC Form 4)

Director Ludwig A. Leslie bought $25,335 worth of shares (1,500 units at $16.89), increasing direct ownership by 4% to 41,413 units (SEC Form 4)

$EGBN
Leadership Updates

EagleBank Adds Experienced Commercial Real Estate Expert to the Board of Directors

EagleBank Names New Chief Risk Officer

EagleBank Appoints New Chief Operating Officer

$EGBN
Insider Trading

EVP, Chief C&I Lending Officer Lee Evelyn covered exercise/tax liability with 2,141 shares, decreasing direct ownership by 10% to 19,533 units (SEC Form 4)

New insider Wilm Theodore A. claimed no ownership of stock in the company (SEC Form 3)

EVP, Chief Credit Officer Geoghegan Kevin P covered exercise/tax liability with 624 shares, decreasing direct ownership by 9% to 6,105 units (SEC Form 4)

$EGBN
Financials