イーグルバンコープの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2024

EAGLE BANCORP, INC.

(Exact name of registrant as specified in its charter)


Maryland	0-25923	52-2061461
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

7830 Old Georgetown Road, Third Floor

Bethesda, Maryland 20814

(Address of Principal Executive Offices) (Zip Code)

(301) 986-1800

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	EGBN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On January 24, 2024, Eagle Bancorp, Inc. (the "Company") issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

Attached as Exhibit 99.2 to this report is the presentation for the Company's earnings conference call on January 25, 2024, which also may be used in connection with potential meetings with investors and/or analysts. The Company does not undertake to update the information contained in the attached presentation materials.

The information contained in this Current Report on Form 8-K that is furnished under Items 2.02 and 7.01, including the accompanying Exhibits 99.1 and 99.2, is being furnished pursuant to Items 2.02 and 7.01 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section. The information contained in this Current Report on Form 8-K that is furnished under Items 2.02 and 7.01, including the accompanying Exhibits 99.1 and 99.2, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number						Description

99.1						Press Release dated January 24, 2024
99.2						Earnings Presentation
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	EAGLE BANCORP, INC.


Date: January 24, 2024	By:	/s/ Eric R. Newell
		Eric R. Newell
		Executive Vice President, Chief Financial Officer

EX-99.1 2 er4q2023-earningsreleasete.htm EX-99.1 Document


PRESS RELEASE FOR						EAGLE BANCORP, INC.
IMMEDIATE RELEASE						CONTACT:
						David G. Danielson
January 24, 2024						240.552.9534

EAGLE BANCORP, INC. ANNOUNCES NET INCOME FOR

FOURTH QUARTER 2023 OF $20.2 MILLION OR $0.67 PER DILUTED SHARE

BETHESDA, MD, Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent company of EagleBank (the "Bank"), today announced net income of $20.2 million for the fourth quarter 2023, compared to net income of $27.4 million for the third quarter 2023 (the "prior quarter"). Net income was $0.68 per share (basic) and $0.67 per share (diluted) for the fourth quarter 2023, compared to $0.91 per share for the prior quarter (basic and diluted).

The $7.2 million decrease in earnings from the prior quarter was attributable to a higher provision for credit losses and lower noninterest income. These reductions were partially offset by higher net interest income as interest income on loans and investments outpaced the increase in interest expense.

Susan G. Riel, President and Chief Executive Officer of the Company, commented, "EagleBank's franchise showed resiliency throughout 2023 by exhibiting continued strength with strong capital levels, strong operating efficiency, and commitment to our customers through a dynamic and uncertain operating environment. The Company's 2023 performance reflected a normalization of asset quality metrics and elevated funding costs from higher interest rates. The team's efforts positively impacted our momentum in the face of these challenges. Deposits ended higher than the comparable year-ago period for the first time in six quarters, and net interest income increased quarter over quarter for the first time in four quarters."

"The EagleBank team is committed to continuing its efforts to grow and improve the quality of our deposit portfolio, reduce the reliance on wholesale funding, and grow our commercial lending team," Ms. Riel said. "I am confident the management team has identified strategies to be executed in 2024 to position the Company for future sustainable growth and an enhanced earnings profile. I am excited about the future and prospects of EagleBank and its ability to serve our communities and customers for years to come."

"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."

Fourth Quarter 2023 Highlights

•The funding mix continued to improve as deposits at quarter-end were $8.8 billion, up $432 million, or 5.2%, from the prior quarter-end, and are now higher than a year ago before the market disruption in the first quarter of 2023. The increase in deposits was primarily from growth in noninterest bearing demand deposits reflecting a large deposit toward the end of the quarter from a third-party payment processor and money market accounts from a fourth quarter consumer deposit campaign. Average noninterest bearings deposits as a percent of average deposits declined to 22.9%, from 25.1% in the prior quarter. Additionally, brokered deposits declined to 27.0% of deposits at quarter-end, from 29.1% a quarter ago.

•The net interest margin ("NIM") was 2.45% for the fourth quarter 2023, compared to 2.43% for the prior quarter.

•The Company declared a quarterly dividend of $0.45 per share.

•At quarter-end, the common equity and tangible common equity ratios were 10.92% and 10.12%1, respectively.

•Loans at quarter-end were $8.0 billion, up $52 million, or 0.6%, from the prior quarter-end.

•Nonperforming assets as a percentage of total assets was 0.57% and the net charge-off year-to-date was 0.24% of average total loans.

•The provision for credit losses was $14.5 million for the quarter, as compared to $5.6 million the prior quarter. The allowance for credit losses as a percent of total loans was 1.08% at quarter-end; up from 1.05% a quarter ago.

•Total estimated uninsured deposits at December 31, 2023 were $2.8 billion2, or 31.4% of deposits.

Income Statement

•Net interest income was $73.0 million for the fourth quarter 2023, compared to $70.7 million for the prior quarter. The increase in net interest income from the prior quarter was primarily driven by an increase in earning assets as well as higher yields on loans and investments.

•Provision for credit losses on loans was $14.5 million for the fourth quarter 2023, compared to $5.6 million for the prior quarter. The increase in the fourth quarter 2023 provision over the prior quarter was primarily driven by the partial charge-off of an office loan that moved to nonperforming and by the sale of a CRE multi-family construction loan. In addition, there was an increase in qualitative reserve that was offset by a reduction in the quantitative reserve. The increase in the qualitative reserve was related to changes in the nature and volume of the portfolio, changes in delinquencies and loss experience, and changes in loan ratings. The reduction in the quantitative reserves was based on a decline in individually evaluated loans.

•Noninterest income was $2.9 million for the fourth quarter 2023, as compared to $6.3 million for the prior quarter. The primary driver for the decrease in the fourth quarter 2023 from the prior quarter were market value adjustments on our derivative book due to lower interest rates.

•Noninterest expense was $37.1 million for the fourth quarter 2023, as compared to $37.6 million for the prior quarter. Noninterest expense was down $535 thousand from the prior quarter, primarily due to lower overall expenses offset by higher FDIC fees, which were up $1.1 million from the prior quarter on higher assessment fees.

Loans, Total Assets and Funding

•Total loans (excluding loans held for sale) were $8.0 billion at December 31, 2023, up 0.7% from a quarter ago. The increase in total loans from the prior quarter-end was driven by growth in C&I loans and construction loans for commercial and residential properties as period-end balances for commercial real estate loans were down.

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

2 Estimated amount of uninsured deposits to be reported on line RCON5597 of schedule RC-O in the Bank's December 31, 2023 Call Report.

At December 31, 2023, income-producing commercial real estate loans secured by office properties other than owner-occupied properties ("CRE office loans") were 11.9% of the total loan portfolio. Our CRE office loans are primarily located in the Washington, D.C. market; with 24.5% in the District of Columbia, 35.4% in Washington's Maryland suburbs, 32.7% in Northern Virginia, and 7.4% located outside these markets.

•Total deposits were $8.8 billion at December 31, 2023, up 5.2% from a quarter ago. The increase from the prior quarter-end was primarily attributable to an increase in noninterest bearing demand and money market accounts as time deposits declined. Brokered deposits were 27.0% of deposits at quarter-end, down from 29.1% a quarter ago. The decrease in brokered funds as a percent of deposits was from both the increase in total deposits and a decline in brokered demand deposits. The increase in deposits lowered the loan-to-deposit ratio to 90% at December 31, 2023, down from 95% a quarter ago.

•Borrowings were $1.4 billion at December 31, 2023, unchanged from a quarter ago. As of December 31, 2023, the Company had aggregate available borrowing capacity of $2.1 billion, which includes $1.9 billion in additional aggregate capacity to borrow with the Federal Home Loan Bank and Bank Term Funding Program on assets that have been pledged and unencumbered securities totaling approximately $244 million available for pledging to the Federal Home Loan Bank or Bank Term Funding Program.

Asset Quality

•Allowance for credit losses was 1.08% of total loans at December 31, 2023, compared to 1.05% a quarter ago. See commentary above in section "Provision for Credit Losses on Loans."

Net charge-off was $11.9 million for the quarter, which as a percent of average loans (excluding loans held for sale)3 was 0.60% for the fourth quarter 2023, compared to 0.02% a quarter ago. Charge-offs for the fourth quarter 2023 were primarily from the partial charge-off of the office loan and a charge-off related to a write-down of a CRE multi-family construction loan that was sold.

•Nonperforming loans and assets were $65.5 million and $66.6 million, respectively, at December 31, 2023.

◦Nonperforming loans ("NPLs") as a percent of loans were 0.82% at December 31, 2023, compared to 0.89% a quarter ago. The decrease from a quarter ago was primarily from the the sale of the CRE multi-family construction loan offset by the addition of the office loan.

◦Nonperforming assets ("NPAs") as a percent of assets were 0.57% at December 31, 2023, compared to 0.64% a quarter ago. The decrease in NPAs from the prior quarter are related to the two loans mentioned above. At quarter end, other real estate owned consisted of two properties with an aggregate value of $1.1 million.

◦Loans 30-89 days late were $20.7 million at December 31, 2023, down from $46.4 million a quarter ago. The decrease from the prior quarter was primarily from the two properties that were added last quarter migrating to nonperforming.

3 Net charge-offs as a percent of average loans (excluding loans held for sale) are shown on an annualized basis.

Capital

•Total shareholders’ equity was $1.3 billion at December 31, 2023, up 4.8% from a quarter ago. The increase in shareholders' equity of $58.4 million from the prior quarter-end was primarily from higher valuations of AFS securities and retained earnings.

•Book value per share was $42.58, up $1.94 from a quarter ago.

•Tangible book value per share4 was $39.08, up $1.96 from a quarter ago.

Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended December 31, 2023 as compared to the three months ended September 30, 2023 and December 31, 2022, 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, 2022, 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 thirteen 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, 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 2023 financial results on Thursday, January 25, 2024 at 10:00 a.m. eastern time.

The listen-only webcast can be accessed at:

•https://edge.media-server.com/mmc/p/4hh5z8e9

•For analysts who wish to participate in the conference call, please register at the following URL:

•https://register.vevent.com/register/BI893787e0a29c4aa283a1a1c1b90db360

•A replay of the conference call will be available on the Company’s website through February 8, 2024: 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 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 volatility in interest rates and interest rate policy; the current high inflationary environment; competitive factors) and other conditions (such as the impact of bank failures 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, 2022 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

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

herein is meant to or should be considered and treated as earnings guidance of future quarters’ performance projections. Information regarding the Company’s uninsured deposits consists of preliminary estimates, which are forward-looking statements and subject to change, possibly materially, as the Bank completes its fourth quarter 2023 Call Report. 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 Income (Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ended
	December 31,		September 30,		December 31,
	2023		2023		2022
Interest Income
Interest and fees on loans	$	135,964	$	132,273	$	109,251
Interest and dividends on investment securities	13,142		13,732		13,591
Interest on balances with other banks and short-term investments	18,230		15,067		5,696
Interest on federal funds sold	85		77		592
Total interest income	167,421		161,149		129,130

Interest Expense
Interest on deposits	78,239		70,929		39,239
Interest on customer repurchase agreements	272		311		266
Interest on borrowings	15,918		19,190		4,025
Total interest expense	94,429		90,430		43,530
Net Interest Income	72,992		70,719		85,600
Provision for Credit Losses	14,490		5,644		(464)
(Reversal of) Provision for Credit Losses for Unfunded Commitments	(594)		(839)		161
Net Interest Income After (Reversal of) Provision For Credit Losses	59,096		65,914		85,903

Noninterest Income
Service charges on deposits	1,688		1,631		1,429
Gain (Loss) on sale of loans	23		(5)		534
Net gain on sale of investment securities	3		5		3
Increase in cash surrender value of bank-owned life insurance	687		669		658
Other income	493		4,047		2,705
Total noninterest income	2,894		6,347		5,329

Noninterest Expense
Salaries and employee benefits	18,416		21,549		23,691
Premises and equipment expenses	2,967		3,095		3,292
Marketing and advertising	1,071		768		1,290
Data processing	3,436		3,194		3,117
Legal, accounting and professional fees	2,722		2,162		2,553
FDIC insurance	4,444		3,342		1,718
Other expenses	4,042		3,523		3,257
Total noninterest expense	37,098		37,633		38,918
Income Before Income Tax Expense	24,892		34,628		52,314
Income Tax Expense	4,667		7,245		10,121
Net Income	$	20,225	$	27,383	$	42,193

Earnings Per Common Share
Basic	$	0.68	$	0.91	$	1.32
Diluted	$	0.67	$	0.91	$	1.32


Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
	December 31,		September 30,		December 31,
Assets	2023		2023		2022
Cash and due from banks	$	9,047	$	8,625	$	12,655
Federal funds sold	3,740		13,611		33,927
Interest-bearing deposits with banks and other short-term investments	709,897		235,819		265,272
Investment securities available-for-sale at fair value (amortized cost of $1,668,316, $1,700,233, and $1,803,898, net of allowance for credit losses of $17, $17 and $17 as of December 31, 2023, September 30, 2023 and December 31, 2022, respectively)	1,506,388		1,474,945		1,598,666
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,956, $2,010 and $766 (fair value of $901,582, $872,710 and $968,707, as of December 31, 2023, September 30, 2023 and December 31, 2022, respectively)	1,015,737		1,032,485		1,093,374
Federal Reserve and Federal Home Loan Bank stock	25,748		25,689		65,067
Loans held for sale	—		—		6,734
Loans	7,968,695		7,916,391		7,635,632
Less allowance for credit losses	(85,940)		(83,332)		(74,444)
Loans, net	7,882,755		7,833,059		7,561,188
Premises and equipment, net	10,189		11,216		13,475
Operating lease right-of-use assets	19,129		20,151		24,544
Deferred income taxes	86,620		98,987		96,567
Bank-owned life insurance	112,921		112,234		110,998
Goodwill and intangible assets, net	104,925		105,239		104,233
Other real estate owned	1,108		1,487		1,962
Other assets	176,334		190,667		162,192
Total assets	$	11,664,538	$	11,164,214	$	11,150,854
Liabilities and Shareholders' Equity
Deposits:
Noninterest bearing demand	$	2,279,081	$	2,072,665	$	3,150,751
Interest bearing transaction	997,448		932,779		1,138,235
Savings and money market	3,314,043		3,129,773		3,640,697
Time deposits	2,217,467		2,241,089		783,499
Total deposits	8,808,039		8,376,306		8,713,182
Customer repurchase agreements	30,587		25,689		35,100
Borrowings	1,369,918		1,369,888		1,044,795
Operating lease liabilities	23,238		24,422		29,267
Reserve for unfunded commitments	5,590		6,183		5,857
Other liabilities	152,883		145,842		94,332
Total liabilities	10,390,255		9,948,330		9,922,533
Shareholders' Equity
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 29,925,612, 29,917,982, and 31,346,903 respectively	296		296		310
Additional paid in capital	374,888		372,394		412,303
Retained earnings	1,061,456		1,054,699		1,015,215
Accumulated other comprehensive loss	(162,357)		(211,505)		(199,507)
Total Shareholders' Equity	1,274,283		1,215,884		1,228,321
Total Liabilities and Shareholders' Equity	$	11,664,538	$	11,164,214	$	11,150,854

Loan Mix and Asset Quality

(Dollars in thousands)


	December 31,				September 30,				December 31,
	2023				2023				2022
	Amount		%		Amount		%		Amount		%
Loan Balances - Period End:
Commercial and Industrial	$	1,473,766	18	%	$	1,418,760	18	%	$	1,487,349	19	%
PPP loans	528		—	%	588		—	%	3,256		—	%
Commercial real estate - income producing	4,094,614		51	%	4,147,301		52	%	3,919,941		51	%
Commercial real estate - owner occupied	1,172,239		15	%	1,182,959		15	%	1,110,325		15	%
1-4 Family mortgage	73,396		1	%	76,511		1	%	73,001		1	%
Construction - commercial and residential	969,766		12	%	904,282		11	%	877,755		12	%
Construction - C&I (owner occupied)	132,021		2	%	129,616		2	%	110,479		1	%
Home equity	51,964		1	%	53,917		1	%	51,782		1	%
Other consumer	401		—	%	2,457		—	%	1,744		—	%
Total loans	$	7,968,695	100	%	$	7,916,391	100	%	$	7,635,632	100	%


	Three Months Ended or As Of
	December 31,		September 30,		December 31,
	2023		2023		2022
Asset Quality:
Net charge-off	$	11,936	$	340	$	896
Nonperforming loans	$	65,524	$	70,158	$	6,468
Other real estate owned	$	1,108	$	1,487	$	1,962
Nonperforming assets	$	66,632	$	71,645	$	8,430
Special mention	$	204,971	$	158,182	$	113,578
Substandard	$	335,325	$	219,001	$	88,666


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

	Three Months Ended
	December 31, 2023						September 30, 2023
	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	$	1,340,972	$	18,230	5.39	%	$	1,127,451	$	15,067	5.30	%

Loans (1) (2)	7,963,074		135,964		6.77	%	7,795,144		132,273		6.73	%
Investment securities available-for-sale (2)	1,498,132		7,611		2.02	%	1,554,348		8,126		2.07	%
Investment securities held-to-maturity (2)	1,027,230		5,531		2.14	%	1,047,515		5,606		2.12	%
Federal funds sold	8,314		85		4.06	%	7,728		77		3.95	%
Total interest earning assets	11,837,722		$	167,421	5.61	%	11,532,186		$	161,149	5.54	%
Total noninterest earning assets	530,364						489,683
Less: allowance for credit losses	84,783						78,964
Total noninterest earning assets	445,581						410,719
TOTAL ASSETS	$	12,283,303					$	11,942,905

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction	$	1,843,617	$	16,607	3.57	%	$	1,421,522	$	12,785	3.57	%
Savings and money market	3,297,581		35,384		4.26	%	3,113,755		32,855		4.19	%
Time deposits	2,164,038		26,248		4.81	%	2,162,582		25,289		4.64	%
Total interest bearing deposits	7,305,236		78,239		4.25	%	6,697,859		70,929		4.20	%
Customer repurchase agreements	31,290		272		3.45	%	36,082		311		3.42	%
Borrowings	1,370,627		15,918		4.61	%	1,610,097		19,190		4.73	%
Total interest bearing liabilities	8,707,153		$	94,429	4.30	%	8,344,038		$	90,430	4.30	%
Noninterest bearing liabilities:
Noninterest bearing demand	2,166,133						2,248,782
Other liabilities	171,254						114,923
Total noninterest bearing liabilities	2,337,387						2,363,705
Shareholders’ equity	1,238,763						1,235,162
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	12,283,303					$	11,942,905
Net interest income			$	72,992					$	70,719
Net interest spread					1.31	%					1.24	%
Net interest margin					2.45	%					2.43	%
Cost of funds					3.45	%					3.39	%

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $4.7 million and $4.1 million for the three months ended December 31, 2023 and September 30, 2023, 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 December 31,
	2023						2022
	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	$	1,340,972	$	18,230	5.39	%	$	600,653	$	5,696	3.76	%
Loans held for sale (1)	—		—		—	%	6,868		102		5.89	%
Loans (1) (2)	7,963,074		135,964		6.77	%	7,379,198		109,149		5.87	%
Investment securities available-for-sale (2)	1,498,132		7,611		2.02	%	1,658,228		7,753		1.85	%
Investment securities held-to-maturity (2)	1,027,230		5,531		2.14	%	1,105,209		5,838		2.10	%
Federal funds sold	8,314		85		4.06	%	79,547		592		2.95	%
Total interest earning assets	11,837,722		$	167,421	5.61	%	10,829,703		$	129,130	4.73	%
Total noninterest earning assets	530,364						501,977
Less: allowance for credit losses	84,783						75,724
Total noninterest earning assets	445,581						426,253
TOTAL ASSETS	$	12,283,303					$	11,255,956

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction	$	1,843,617	$	16,607	3.57	%	$	996,951	$	3,877	1.54	%
Savings and money market	3,297,581		35,384		4.26	%	3,963,022		31,571		3.16	%
Time deposits	2,164,038		26,248		4.81	%	667,202		3,791		2.25	%
Total interest bearing deposits	7,305,236		78,239		4.25	%	5,627,175		39,239		2.77	%
Customer repurchase agreements	31,290		272		3.45	%	45,521		266		2.32	%
Borrowings	1,370,627		15,918		4.61	%	365,539		4,025		4.37	%

Total interest bearing liabilities	8,707,153		$	94,429	4.30	%	6,038,235		$	43,530	2.86	%
Noninterest bearing liabilities:
Noninterest bearing demand	2,166,133						3,896,964
Other liabilities	171,254						87,052
Total noninterest bearing liabilities	2,337,387						3,984,016
Shareholders’ equity	1,238,763						1,233,705
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	12,283,303					$	11,255,956
Net interest income			$	72,992					$	85,600
Net interest spread					1.31	%					1.87	%
Net interest margin					2.45	%					3.14	%
Cost of funds(3)					3.45	%					1.74	%

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $4.7 million and $3.8 million for the three months ended December 31, 2023 and December 31, 2022, respectively.

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

(3) Beginning in the second quarter of 2023, the Company revised its cost of funds methodology to use a daily average calculation where interest expense on interest bearing liabilities is divided by average interest bearing liabilities and average noninterest bearing deposits. Previously, the Company calculated the cost of funds as the difference between yield on earning assets and net interest margin. Prior period has been conformed to the current presentation.


Eagle Bancorp, Inc.
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:	2023			2023			2023			2023			2022			2022			2022			2022
Total interest income	$	167,421		$	161,149		$	156,510		$	140,247		$	129,130		$	111,527		$	95,635		$	88,321
Total interest expense	94,429			90,430			84,699			65,223			43,530			27,630			12,717			7,869
Net interest income	72,992			70,719			71,811			75,024			85,600			83,897			82,918			80,452
Provision for (reversal of) credit losses	14,490			5,644			5,238			6,164			(464)			3,022			495			(2,787)
Provision for (reversal of) unfunded commitments	(594)			(839)			318			848			161			774			553			(11)
Net interest income after provision for credit losses	59,096			65,914			66,255			68,012			85,903			80,101			81,870			83,250
Noninterest income before investment gain (loss)	2,891			6,342			8,593			3,721			5,326			5,304			5,715			7,478
Net gain (loss) on sale of investment securities	3			5			2			(21)			3			4			(151)			(25)
Total noninterest income	2,894			6,347			8,595			3,700			5,329			5,308			5,564			7,453
Salaries and employee benefits	18,416			21,549			21,957			24,174			23,691			21,538			21,805			17,019
Premises and equipment	2,967			3,095			3,227			3,317			3,292			3,275			3,523			3,128
Marketing and advertising	1,071			768			884			636			1,290			1,181			1,186			1,064
Other expenses	14,644			12,221			11,910			12,457			10,645			10,212			32,448			9,801
Total noninterest expense	37,098			37,633			37,978			40,584			38,918			36,206			58,962			31,012
Income before income tax expense	24,892			34,628			36,872			31,128			52,314			49,203			28,472			59,691
Income tax expense	4,667			7,245			8,180			6,894			10,121			11,906			12,776			13,947
Net income	$	20,225		$	27,383		$	28,692		$	24,234		$	42,193		$	37,297		$	15,696		$	45,744
Per Share Data:
Earnings per weighted average common share, basic	$	0.68		$	0.91		$	0.94		$	0.78		$	1.32		$	1.16		$	0.49		$	1.43
Earnings per weighted average common share, diluted	$	0.67		$	0.91		$	0.94		$	0.78		$	1.32		$	1.16		$	0.49		$	1.42
Weighted average common shares outstanding, basic	29,925,557			29,910,218			30,454,766			31,109,267			31,819,631			32,084,464			32,080,657			32,033,280
Weighted average common shares outstanding, diluted	29,966,962			29,944,692			30,505,468			31,180,346			31,898,619			32,155,678			32,142,427			32,110,099
Actual shares outstanding at period end	29,925,612			29,917,982			29,912,082			31,111,647			31,346,903			32,082,321			32,081,241			32,079,474
Book value per common share at period end	$	42.58		$	40.64		$	40.78		$	39.92		$	39.18		$	38.02		$	39.05		$	39.89
Tangible book value per common share at period end (1)	$	39.08		$	37.12		$	37.29		$	36.57		$	35.86		$	34.77		$	35.80		$	36.64
Dividend per common share	$	0.45		$	0.45		$	0.45		$	0.45		$	0.45		$	0.45		$	0.45		$	0.40
Performance Ratios (annualized):
Return on average assets	0.65		%	0.91		%	0.96		%	0.86		%	1.49		%	1.29		%	0.54		%	1.46		%
Return on average common equity	6.48		%	8.80		%	9.24		%	7.92		%	13.57		%	11.64		%	4.91		%	13.83		%
Return on average tangible common equity(1)	7.08		%	9.61		%	10.08		%	8.65		%	14.82		%	12.67		%	5.35		%	14.99		%
Net interest margin	2.45		%	2.43		%	2.49		%	2.77		%	3.14		%	3.02		%	2.94		%	2.65		%
Efficiency ratio (2)	48.9		%	48.8		%	47.2		%	51.6		%	42.8		%	40.6		%	66.6		%	35.3		%
Other Ratios:
Allowance for credit losses to total loans (3)	1.08		%	1.05		%	1.00		%	1.01		%	0.97		%	1.04		%	1.02		%	1.01		%
Allowance for credit losses to total nonperforming loans	131		%	118		%	268		%	1,160		%	1,151		%	997		%	386		%	301		%
Nonperforming loans to total loans (3)	0.82		%	0.89		%	0.37		%	0.09		%	0.08		%	0.10		%	0.26		%	0.33		%
Nonperforming assets to total assets	0.57		%	0.64		%	0.28		%	0.08		%	0.08		%	0.09		%	0.19		%	0.23		%
Net charge-off (recovery)(annualized) to average total loans (3)	0.60		%	0.02		%	0.29		%	0.05		%	0.05		%	—		%	(0.04)		%	0.03		%
Tier 1 capital (to average assets)	10.73		%	10.96		%	10.84		%	11.42		%	11.63		%	11.55		%	10.68		%	9.82		%
Total capital (to risk weighted assets)	14.79		%	14.54		%	14.51		%	14.74		%	14.94		%	15.60		%	15.14		%	15.21		%
Common equity tier 1 capital (to risk weighted assets)	13.90		%	13.68		%	13.55		%	13.75		%	14.03		%	14.64		%	14.06		%	14.12		%
Tangible common equity ratio (1)	10.12		%	10.04		%	10.21		%	10.36		%	10.18		%	10.52		%	10.60		%	10.57		%
Average Balances (in thousands):
Total assets	$	12,283,303		$	11,942,905		$	11,960,111		$	11,426,056		$	11,255,956		$	11,431,110		$	11,701,679		$	12,701,152
Total earning assets	$	11,837,722		$	11,532,186		$	11,546,050		$	11,004,817		$	10,829,703		$	11,030,670		$	11,300,267		$	12,326,473
Total loans(3)	$	7,963,074		$	7,795,144		$	7,790,555		$	7,712,023		$	7,379,198		$	7,282,589		$	7,104,727		$	7,053,701
Total deposits	$	9,471,369		$	8,946,641		$	8,514,938		$	8,734,125		$	9,524,139		$	9,907,497		$	10,184,886		$	10,874,976
Total borrowings	$	1,401,917		$	1,646,179		$	2,102,507		$	1,359,463		$	411,060		$	158,001		$	152,583		$	371,987
Total shareholders’ equity	$	1,238,763		$	1,235,162		$	1,245,647		$	1,240,978		$	1,233,705		$	1,271,753		$	1,281,742		$	1,341,785

(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 (unaudited)
(dollars in thousands, except per share data)

	December 31,			September 30,			December 31,
	2023			2023			2022
Tangible common equity
Common shareholders' equity	$	1,274,283		$	1,215,884		$	1,228,321
Less: Intangible assets	(104,925)			(105,239)			(104,233)
Tangible common equity	$	1,169,358		$	1,110,645		$	1,124,088

Reverse: AOCI loss	162,357			211,505			199,507
Tangible common equity, excluding AOCI	$	1,331,715		$	1,322,150		$	1,323,595

Tangible common equity ratio
Total assets	$	11,664,538		$	11,164,214		$	11,150,854
Less: Intangible assets	(104,925)			(105,239)			(104,233)
Tangible assets	$	11,559,613		$	11,058,975		$	11,046,621

Tangible common equity ratio	10.12		%	10.04		%	10.18		%

Per share calculations
Book value per common share	$	42.58		$	40.64		$	39.18
Less: Intangible book value per common share	(3.50)			(3.52)			(3.32)
Tangible book value per common share	$	39.08		$	37.12		$	35.86

Book value per common share	$	42.58		$	40.64		$	39.18
Reverse: AOCI loss	5.42			7.07			6.36
Adjusted book value excluding AOCI per common share	$	48.00		$	47.71		$	45.54

Tangible book value per common share	$	39.08		$	37.12		$	35.86
Reverse: Loss on AOCI	5.42			7.07			6.36
Adjusted tangible book value excluding AOCI per common share	$	44.50		$	44.19		$	42.22

Shares outstanding period end	29,925,612			29,917,982			31,346,903


GAAP Reconciliation (unaudited)
(dollars in thousands)

	Three Months Ended
	December 31,			September 30,			December 31,
	2023			2023			2022
Average tangible common equity
Average common shareholders' equity	$	1,238,763		$	1,235,162		$	1,233,705
Less: Average intangible assets	(105,032)			(104,639)			(104,238)
Average tangible common equity	$	1,133,731		$	1,130,523		$	1,129,467

Return on Average Tangible Common Equity
Net income	$	20,225		$	27,383		$	42,193
Return on Average Tangible Common Equity	7.08		%	9.61		%	14.82		%

Efficiency ratio
Net interest income	$	72,992		$	70,719		$	85,600
Noninterest income	2,894			6,347			5,329
Operating revenue	$	75,886		$	77,066		$	90,929
Noninterest expense	$	37,098		$	37,633		$	38,918
Efficiency ratio	48.9		%	48.8		%	42.8		%

Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, average tangible common equity, and the 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 above tables provide reconciliations of these financial measures defined by GAAP with non-GAAP financial measures.

Efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest (loss) income. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities. The table above shows the calculation of the efficiency ratio from these GAAP measures.

EX-99.2 3 exhibit992-earningsdeck.htm EX-99.2 exhibit992-earningsdeck

December 31, 2023 Earnings Presentation EagleBankCorp.com January 24, 2024 Scan for digital version

Forward Looking Statements 2 This presentation contains forward looking statements within the meaning of the Securities and 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,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, 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. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and other periodic and current reports filed with the SEC. 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. 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. The Company does not undertake to publicly revise or update forward-looking statements in this presentation to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law. This presentation was delivered digitally. The Company makes no representation that subsequent to delivery of the presentation it was not altered. For the most current, accurate information, please refer to www.eaglebankcorp.com and go to the Investor Relations tab. For further information on the Company please contact: David G. Danielson P 240-552-9534 E ddanielson@eaglebankcorp.com

Washington DC Market 3

Why Own EGBN? 4 • Capitalizing on our Desirable Geography — Market depth provides EGBN the ability to grow its market share — Leverage our physical presence to capture market share through improved sales behaviors • Management Building Foundation for Growth — Focus on improving deposit franchise value; pre-provision net revenue (“PPNR”); and return on assets — Grow our commercial lending business over 36 months — Build our reputation as financial experts for small business and business banking clients — Sustain our “boutique service” approach for Commercial Real Estate clients • Prudent Capital Management and Strong Operating Efficiency — Commitment to continued growth of tangible book value per share — Invest in our people and systems while continuing our commitment to positive operating leverage — Utilization of capital deployment tools, including common stock dividends and stock repurchase programs

Key Strategic Objectives 5 • Enhance Deposit Franchise — Focus on deposit growth through improved sales behaviors; focusing on net new relationship metrics; enhancing products set and services to better serve our customers. — Enhance our treasury management program and product suite to build and maintain C&I relationships. — Enhance our digital banking platform to improve the ease of opening accounts on-line and leverage our in-footprint brand to increase market share of deposits in the Washington DC area as well as the DMV region and beyond. — Leverage our existing branch network to drive customer acquisition and exploring how to increase EagleBank’s physical presence in lower cost geographies contiguous to the Washington DC metro market. • Grow Commercial Lending Team — Enhance our C&I lending capabilities to obtain greater growth and diversity within the loan portfolio. — Shifting community and customer perception of EGBN to a full spectrum commercial bank. • Proactive Management of Office and Multi-family Portfolios — Continue to have expert teams regularly assess exposures and relationship managers proactively reach out to clients well in advance of maturities to achieve results beneficial to both the Bank and the borrower.

Summary Statistics 6 Total Assets $ billion Total Loans $ billion Total Deposits $ billion Tangible Common Equity $ billion Shares Outstanding (at close December 31, 2023) 29,925,612 Market Capitalization (at close January 23, 2024) $821 million Tangible Book Value per Common Share $39.08 Institutional Ownership 77% Member of Russell 2000 yes Member of S&P SmallCap 600 yes Note: Financial data as of December 31, 2023 unless otherwise noted. (1) Equity was $1.3 billion and book value was $42.58 per share. Please refer to the Non-GAAP reconciliation in the appendix. (2) Based on January 23, 2024 closing price of $27.42 per share and December 31, 2023 shares outstanding. (1) (1) (2)

Net Income Walk 7 Net Income Drivers Net interest income Net interest income up $2.3 million, driven by higher balances and yields on both loans and cash balances (see page 9) Provision for credit losses The PCL on credit was higher primarily driven by the partial charge-off of an office loan and a charge- off related to the write-down of a CRE multi-family construction loan that was sold. Noninterest income Noninterest income down $3.5 million primarily on market value adjustments on our derivative loan book due to lower interest rates. Noninterest expense* Noninterest expense, excluding FDIC insurance fees, was down $1.6 million. *Please refer to Non-GAAP reconciliation and footnotes in the appendices.

Performance Measures 8 *Please refer to the Non-GAAP reconciliation and footnotes in the appendices. PPNR/Average Assets and returns are annualized. See Non-GAAP reconciliation for calculation of annualized PPNR. For the periods above, return on average common equity was 13.57% (2022Q4), 7.92% (2023Q1), 9.24% (2023Q2), 8.80% (2023Q3) and 6.48% (2023Q4); and common equity to assets was 11.02% (2022Q4), 11.20% (2023Q1), 11.05% (2023Q2), 10.89% (2023Q3( and 10.92% (2023Q4)

Net Interest Income 9

10 Yield/Cost Components *For betas, the denominator is the change in the Average Effective Federal Funds rate for the quarter, starting with 2022 Q1. **Beginning in the second quarter of 2023, the Company revised its cost of funds methodology to use a daily average calculation where interest expense on interest bearing liabilities is divided by average interest-bearing liabilities and average noninterest bearing deposits. Previously, the Company calculated the cost of funds as the difference between yield on earning assets and net interest margin. Prior periods have been conformed to the current presentation.

Funding 11 Funding Improvement Deposits Deposits were up $432 million for the quarter, primarily driven by growth in noninterest bearing demand and money market accounts. Brokered deposits were down $38 million and were 27.0% of deposits. Trend of declining deposits reversed after the first quarter of 2023 The long-term strategy for deposits is to increase core deposits and reduce reliance on brokered funding. Borrowings BTFP borrowings, which have a more attractive rate and collateral requirements, remained unchanged.

Deposit Mix and Trend 12 *Core deposits include CDAR’s and ICS reciprocal deposits. Brokered CDs Brokered money market Core CDs* Core savings and money market Interest bearing transaction Noninterest bearing

Loan Mix and Trend 13 Office Income producing CRE (excluding office if applicable) Commercial Owner-Occupied CRE Construction – comm& residential. Home Equity Other Consumer Construction C&I (owner-occupied)

14 Loan Type and Classification *Includes land. $ in millions Balance % of Loans Office & Office Condo $949 12% Multifamily 765 9% Retail 429 5% Hotel/Motel 399 5% Mixed Use 374 5% Industrial 141 2% Single/1-4 Family & Res. Condo 111 1% Other 927 12% Total $4,095 51% Income Producing CRE by Type - 12/31/2023 $ in millions Balance % of Income-producing - CRE $3,146 39% Income-producing - CRE (Office) 949 12% Total income producing CRE 4,095 51% Commercial 1,475 18% Owner-occupied - commercial real estate 1,172 15% Construction - commercial and residential* 971 12% Construction - C&I (owner-occupied) 132 2% Real estate mortgage - residential 73 1% Consumer & home equity 51 1% Total $7,969 100% Loans by Type - 12/31/2023

Asset Quality Metrics 15 *Excludes loans held for sale. **Non-performing assets (“NPAs”) include loans 90 days past due and still accruing. Charts for Allowance for Credit Losses and NPAs are as of period end. Net Charge Offs (“NCO”) are annualized for periods of less than a year.

Investment Portfolio 16 Investment portfolio strategy • Portfolio positioned to manage liquidity and pledging needs • Cash flow projected principal only (rates unchanged): o 2024 - $348 million o 2025 - $387 million • Total securities down $170 million in 2023 from principal paydowns, maturities received, and lower carrying values on securities. • Selling investment securities remains an option for increasing liquidity. • Unencumbered securities of $244 million available for pledging. Note: Chart is as of period end on an amortized cost basis. AFS / HTM as of December 31, 2023 Percent Securities by of Portfolio Book Reprice Classification at Book Yield Term (years) Securities AFS 61% 1.68% 4.5 Securities HTM 39% 2.08% 8.3 Total Securities 100% 1.84% 6.0 Projected

Tangible Book Value Walk 17 Please refer to Non-GAAP reconciliation and footnotes in the appendices.

Tangible Book Value Per Share 18 Per share data is as of period end. Please refer to Non-GAAP reconciliation and footnotes in the appendices. The CAGR for Book Value Per Share with AOCI included was 3.0% and excluded was 7.7% for the period from December 31, 2020, through December 31, 2023. Book values per share, including and excluding AOCI were, respectively, $39.05 and $38.56 (2020Y), $42.28 and $42.72 (2021Y), $39.18 and $45.54 (2022Y), $42.58 and $48.00 (2023Y).

2024 Outlook 19 Notes: 2024 Outlook represents forward-looking statements and are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Please see “Forward Looking Statements” on page 2. 2024 Outlook2023 Actual2022-23 ChangeKey Drivers Balance Sheet Low single digit % increase$8,919 million11.9% declineAverage deposits Low single digit % increase$7,816 million8.5% increaseAverage loans Low single digit % decline$11,483 million1.0% increaseAverage earning assets Income Statement 2.50% - 2.70%2.53%40 bps declineNet interest margin $17-$19 million$21.5 million9.0% declineNoninterest income $170-$180 million$153.3 million7.2% declineNoninterest expense Stable21.2%-Annual effective tax rate

2024 Outlook Variables & Risks 20 Notes: Outlook 2024Y represents forward-looking statements and are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Please see “Forward Looking Statements” on page 2. Variables & RisksComponent • Business activity highly correlated to current and anticipated forward ratesEconomy & Rates • Credit quality and need for credit coupled with a potential recessionClients • Ability to obtain non-brokered funding in a cost-effective manner • High funding costs directly impacts the competitiveness of our loan offerings Funding • Competition for loans in the market remains high with added competition from non-bank lenders • Pricing (rate) and overall cost of acquiring deposits Competition • Growth in loans and deposits must remain flexibleOpportunities • Upcoming elections and potential for new policies adversely impacting banksRegulation/Politics To reach our 2024 outlook, we made many assumptions of variables and risks, including:

Appendices 21

Loan Portfolio – Details 22 Note: Data as of December 31, 2023. $ in millions Location C&I Owner Occupied CRE Income Producing CRE Owner Occupied Const. CRE Construction Land Residential Mortgage Consumer TOTAL % of Total Washington DC $479.0 $294.4 $1,338.0 $69.5 $251.5 $30.6 $34.9 $13.4 $2,511.3 31.5% Suburban Washington Montgomery 173.3 175.4 714.9 9.5 142.6 - 6.5 18.9 1,241.1 15.6% Fairfax 274.3 50.7 404.6 - 116.9 30.6 8.2 9.3 894.6 11.2% Prince George's 116.8 271.9 298.1 7.9 94.4 12.1 - 0.7 801.9 10.1% Loudoun 55.8 36.9 195.0 3.7 54.6 5.8 1.1 1.7 354.6 4.4% Alexandria 45.7 19.3 200.6 5.7 59.7 1.0 1.3 0.4 333.7 4.2% Prince William 4.0 22.7 196.1 23.8 48.5 - - 0.5 295.6 3.7% Arlington 23.6 0.3 88.3 - 5.4 - 1.4 1.7 120.7 1.5% Frederick 8.1 - 51.8 1.8 - - 0.5 0.4 62.6 0.8% Suburban Washington 701.6 577.2 2,149.4 52.4 522.1 49.5 19.0 33.6 4,104.8 51.5% Other Maryland Anne Arundel 8.7 21.2 98.3 0.6 23.6 13.0 1.3 0.5 167.2 2.1% Baltimore 12.5 25.0 40.4 0.6 29.8 - - - 108.3 1.4% Eastern Shore 6.4 7.9 45.3 - 6.0 - 1.1 0.9 67.6 0.9% Howard 8.9 2.7 26.3 - - 1.6 1.4 0.8 41.7 0.5% Charles 0.5 20.6 5.4 - - - - 0.2 26.7 0.3% Other MD 1.2 5.0 19.7 - - - 0.1 0.4 26.4 0.3% Other Maryland 38.2 82.4 235.4 1.2 59.4 14.6 3.9 2.8 437.9 5.5% Other Virginia Fauquier - - 8.9 - - - - - 8.9 0.1% Other VA 65.4 44.5 258.3 2.5 10.6 - 0.3 0.3 381.9 4.8% Other Virginia 65.4 44.5 267.2 2.5 10.6 - 0.3 0.3 390.8 4.9% Other USA 190.6 173.8 104.6 6.4 21.8 10.2 15.3 1.2 523.9 6.6% Total $1,474.8 $1,172.3 $4,094.6 $132.0 $865.4 $104.9 $73.4 $51.3 $7,968.7 100.0% % of Total 18.5% 14.7% 51.4% 1.7% 10.9% 1.3% 0.9% 0.6% 100.0%

Loan Portfolio – Income Producing CRE 23 Note: Data as of December 31, 2023. $ in millions Location Hotel/ Motel Industrial Mixed Use Multifamily Office Retail Other TOTAL % of Total Loans Washington DC $139.0 $5.0 $271.7 $353.8 $232.0 $82.4 $80.2 $173.9 $1,338.0 16.8% Suburban Washington Montgomery - 24.3 39.9 204.4 292.2 12.6 1.6 139.9 714.9 9.0% Fairfax - 2.6 1.0 1.0 192.1 52.8 9.5 145.6 404.6 5.1% Prince George's 85.7 52.4 7.3 31.2 38.6 44.2 0.7 38.0 298.1 3.7% Loudoun - 13.9 3.6 - 16.5 3.4 1.5 156.1 195.0 2.4% Alexandria 20.6 - 6.9 71.3 54.1 14.9 1.8 31.0 200.6 2.5% Prince William - 3.0 - 4.4 7.6 8.9 0.5 171.7 196.1 2.5% Arlington 46.4 - - 0.2 40.0 - 1.7 - 88.3 1.1% Frederick - 2.0 0.5 - 5.5 39.0 0.5 4.3 51.8 0.7% Suburban Washington 152.7 98.2 59.2 312.5 646.6 175.8 17.8 686.6 2,149.4 27.0% Other Maryland Anne Arundel 33.1 - 7.0 - 1.7 51.4 - 5.1 98.3 1.2% Baltimore 14.3 - 1.0 2.4 0.7 10.2 0.5 11.3 40.4 0.5% Eastern Shore 36.1 6.7 - - - - - 2.5 45.3 0.6% Howard - 6.1 - - 2.0 5.8 2.1 10.3 26.3 0.3% Charles - 5.4 - - - - - - 5.4 0.1% Other MD - 15.8 3.5 - - 0.4 - - 19.7 0.2% Other Maryland 83.5 34.0 11.5 2.4 4.4 67.8 2.6 29.2 235.4 2.9% Other Virginia Fauquier - - - - 6.1 - - 2.8 8.9 0.1% Other VA - 3.3 25.8 55.5 59.4 101.0 6.6 6.7 258.3 3.2% Other Virginia - 3.3 25.8 55.5 65.5 101.0 6.6 9.5 267.2 3.3% Other USA 23.8 - 5.4 40.7 0.1 1.9 4.1 28.6 104.6 1.4% Total $399.0 $140.5 $373.6 $764.9 $948.6 $428.9 $111.3 $927.8 $4,094.6 51.4% % of Total Loans 5.0% 1.8% 4.7% 9.6% 11.9% 5.4% 1.4% 11.6% 51.4% Single/1-4 Family & Res. Condo

Loan Portfolio – CRE Construction 24 Note: Data as of December 31, 2023. $ in millions Location Single & 1-4 Family Multifamily Office Hotel/Motel Mixed Use Retail Residential Condo Other TOTAL % of Total Washington DC $17.9 $172.6 $0.0 $0.0 $23.4 $1.3 $11.1 $25.2 $251.5 3.2% Suburban Washington Montgomery 14.1 108.8 - - - - - 19.7 142.6 1.8% Fairfax 20.4 48.0 - 11.8 36.7 - - - 116.9 1.4% Prince George's 1.0 66.6 - - 26.8 - - - 94.4 1.2% Loudoun 2.4 - - - 2.4 - 11.4 38.4 54.6 0.7% Alexandria 1.9 - - 1.1 40.3 - 16.4 - 59.7 0.7% Prince William - - - - - - - 48.5 48.5 0.6% Arlington 5.4 - - - - - - - 5.4 0.1% Frederick - - - - - - - - - 0.0% Suburban Washington 45.2 223.4 - 12.9 106.2 - 27.8 106.6 522.1 6.5% Other Maryland Anne Arundel - - - - - - 13.1 10.5 23.6 0.3% Baltimore - - - - 29.8 - - - 29.8 0.4% Eastern Shore - - - - - - - 6.0 6.0 0.1% Howard - - - - - - - - - 0.0% Charles - - - - - - - - - 0.0% Other MD - - - - - - - - - 0.0% Other Maryland - - - - 29.8 - 13.1 16.5 59.4 0.8% Other Virginia Fauquier - - - - - - - 0.0% Other VA - - - - - - - 10.6 10.6 0.1% Other Virginia - - - - - - - 10.6 10.6 0.1% Other USA 2.0 10.6 - - - - - 9.2 21.8 0.3% Total $65.1 $406.6 $0.0 $12.9 $159.4 $1.3 $52.0 $168.1 $865.4 10.9% % of Total Loans 0.8% 5.1% 0.0% 0.2% 2.0% 0.0% 0.7% 2.1% 10.9% Renovation $7.5 $89.0 $0.0 $1.1 $42.5 $0.0 $0.0 $23.8 $163.9 Ground-Up 57.6 317.6 - 11.8 116.9 1.3 52.0 144.3 701.5

25 Non-GAAP Reconciliation (unaudited) $ in thousands, except per share data 2020Y 2021Y 2022Y 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 Tangible common equity Common shareholders' equity $1,240,891 $1,350,775 $1,228,321 $1,228,321 $1,241,958 $1,219,766 $1,215,884 $1,274,283 Less: Intangible assets (105,114) (105,793) (104,233) (104,233) (104,226) (104,220) (105,239) (104,925) Tangible common equity $1,135,777 $1,244,982 $1,124,088 $1,124,088 $1,137,732 $1,115,546 $1,110,645 $1,169,358 Reverse: Accumulated other comprehensive income ("AOCI") (gain)/loss ($15,500) $14,242 $199,507 $199,507 $180,914 $191,587 $211,505 $162,357 Tangible common equity, excl. AOCI $1,120,277 $1,259,224 $1,323,595 $1,323,595 $1,318,646 $1,307,133 $1,322,150 $1,331,715 Tangible common equity ratio Total assets $11,117,802 $11,847,310 $11,150,854 $11,150,854 $11,088,867 $11,034,741 $11,164,214 $11,664,538 Less: Intangible assets (105,114) (105,793) (104,233) (104,233) (104,226) (104,220) (105,239) (104,925) Tangible assets $11,012,688 $11,741,517 $11,046,621 $11,046,621 $10,984,641 $10,930,521 $11,058,975 $11,559,613 Tangible common equity ratio 10.31% 10.60% 10.18% 10.18% 10.36% 10.21% 10.04% 10.12% Per Share Calculations Book value $39.05 $42.28 $39.18 $39.18 $39.92 $40.78 $40.64 $42.58 Less: Intangible book value (3.31) (3.31) (3.32) (3.32) (3.35) (3.49) (3.52) (3.50) Tangible book value $35.74 $38.97 $35.86 $35.86 $36.57 $37.29 $37.12 $39.08 Book value per common share $39.05 $42.28 $39.18 $39.18 $39.92 $40.78 $40.64 $42.58 Reverse: AOCI (gain)/loss (0.49) 0.44 6.36 6.36 5.81 6.41 7.07 5.42 Adjusted book value excluding AOCI $38.56 $42.72 $45.54 $45.54 $45.73 $47.19 $47.71 $48.00 Tangible book value per share $35.74 $38.97 $35.86 $35.86 $36.57 $37.29 $37.12 $39.08 Reverse: AOCI (gain)/loss (0.49) 0.44 6.36 6.36 5.81 6.41 7.07 $5.42 Tangible book value excluding AOCI $35.25 $39.41 $42.22 $42.22 $42.38 $43.70 $44.19 $44.50 Shares outstanding 31,779,663 31,950,092 31,346,903 31,346,903 31,111,647 29,912,082 29,917,982 29,925,612$ $ in thousands 2020Y 2021Y 2022Y 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 Average tangible common equity Common shareholders' equity $1,204,341 $1,304,902 $1,281,921 $1,233,705 $1,240,978 $1,245,647 $1,235,162 $1,238,763 Less: Intangible assets (104,903) (105,256) (104,248) (104,238) (104,231) (104,224) (104,639) (105,032) Average tangible common equity $1,099,438 $1,199,646 $1,177,673 $1,129,467 $1,136,747 $1,141,423 $1,130,523 $1,133,731 Return on avg. tangible common equity Net Income $132,217 $176,691 $140,930 $42,193 $24,234 $28,692 $27,383 $20,225 Average tangible common equity $1,099,438 $1,199,646 $1,177,673 $1,129,467 $1,136,747 $1,141,423 $1,130,523 $1,133,731 Return on avg. tangible common equity 12.03% 14.73% 11.97% 14.82% 8.65% 10.08% 9.61% 7.08% As of Period End For the Quarter As of Period End For the Year or Year-end

26 Non-GAAP Reconciliation (unaudited) $ in thousands 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 Efficiency Ratio Net interest income $85,600 $75,024 $71,811 $70,719 $72,992 Noninterest income 5,329 3,700 8,595 6,347 2,894 Revenue $90,929 $78,724 $80,406 $77,066 $75,886 Noninterest expense $38,918 $40,584 $37,978 $37,633 $37,098 Efficiency ratio 42.8% 51.6% 47.2% 48.8% 48.9% For the Quarter $ in thousands 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 Pre-Provision Net Revenue Net interest income $85,600 $75,024 $71,811 $70,719 $72,992 Non-interest income 5,329 3,700 8,595 6,347 2,894 Non-interest expense (38,918) (40,584) (37,978) (37,633) (37,098) Pre-Provision Net Revenue 52,011 38,140 42,428 39,433 38,788 Average assets $11,255,956 $11,426,056 $11,960,111 $11,942,905 $12,283,431 PPNR to average assets (%) 1.83% 1.35% 1.43% 1.31% 1.25% For the Quarter $ in thousands 2023 Q3 2023 Q4 Change Total noninterest expense FDIC insurance $3,342 $4,444 $1,102 Other noninterest expense 34,291 32,654 (1,637) Noninterest expense $37,633 $37,098 ($535) For the Quarter

27 Non-GAAP Reconciliation (unaudited) Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, tangible book value per common share excluding accumulated other comprehensive income (“AOCI”), and the 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; to calculate the tangible book value per common share excluding the AOCI, tangible common equity is reduced by the loss on the AOCI before dividing 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 above table provides reconciliation of these financial measures defined by GAAP with non-GAAP financial measures. Efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest (loss) income. Management believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities. The table above shows the calculation of the efficiency ratio from these GAAP measures. Pre-provision net revenue is a non-GAAP financial measure derived from GAAP based amounts. The Company calculates PPNR by subtracting noninterest expenses from the sum of net interest income and noninterest income. PPNR to Average Assets is calculated by dividing the PPNR amount by average assets to obtain a percentage. 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. The table above provides a reconciliation of PPNR and PPNR to Average Assets to the nearest GAAP measure.