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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022

OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number 0-25923
Eagle Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Maryland52-2061461
(State or other jurisdiction of
incorporation or organization)		(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, former address and former fiscal year, if changed since last report)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 par valueEGBN
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
    Large accelerated filer ☒    Accelerated filer ☐
    Non-accelerated filer ☐    Smaller Reporting Company ☐
        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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act Yes ☐ No ☒
As of November 4, 2022, the registrant had 31,918,670 shares of Common Stock outstanding.


EAGLE BANCORP, INC.
TABLE OF CONTENTS
PART I.FINANCIAL INFORMATION
2

PART I - FINANCIAL INFORMATION
Item 1 – Financial Statements
EAGLE BANCORP, INC.
Consolidated Balance Sheets (Unaudited)
(dollars in thousands, except share and per share data)

September 30, 2022December 31, 2021
Assets
Cash and due from banks$27,235 $12,886 
Federal funds sold69,809 20,391 
Interest-bearing deposits with banks and other short-term investments47,131 1,680,945 
Investment securities available-for-sale (amortized cost of $1,873,872 and $2,642,667, respectively, and allowance for credit losses of $18 and $620, respectively).
1,649,753 2,623,408 
Investment securities held-to-maturity, net of allowance for credit losses of $802 and $0 (fair value of $989,001 and $0, respectively)
1,114,084 — 
Federal Reserve and Federal Home Loan Bank stock42,311 34,153 
Loans held for sale9,387 47,218 
Loans7,304,498 7,065,598 
Less: allowance for credit losses(75,767)(74,965)
Loans, net7,228,731 6,990,633 
Premises and equipment, net13,684 14,557 
Operating lease right-of-use assets26,022 30,555 
Deferred income taxes112,904 43,174 
Bank-owned life insurance110,678 108,789 
Goodwill and other intangible assets, net104,240 105,793 
Other real estate owned1,962 1,635 
Other assets155,113 133,173 
Total Assets$10,713,044 $11,847,310 
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing demand$2,928,774 $3,277,956 
Interest-bearing transaction964,567 777,255 
Savings and money market4,220,768 5,197,247 
Time649,241 729,082 
Total deposits8,763,350 9,981,540 
Customer repurchase agreements21,465 23,918 
Other short-term borrowings515,000 300,000 
Long-term borrowings69,763 69,670 
Operating lease liabilities30,837 35,501 
Reserve for unfunded commitments5,696 4,379 
Other liabilities87,162 81,527 
Total Liabilities9,493,273 10,496,535 
Shareholders' Equity
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 32,082,321 and 31,950,092, respectively
318 316 
Additional paid-in capital442,880 434,640 
Retained earnings987,212 930,061 
Accumulated other comprehensive loss(210,639)(14,242)
Total Shareholders' Equity1,219,771 1,350,775 
Total Liabilities and Shareholders' Equity$10,713,044 $11,847,310 
See Notes to Consolidated Financial Statements.
3

EAGLE BANCORP, INC.
Consolidated Statements of Income (Unaudited)
(dollars in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest Income
Interest and fees on loans$93,744 $82,182 $249,716 $260,124 
Interest and dividends on investment securities13,463 5,877 37,890 15,878 
Interest on balances with other banks and short-term investments4,100 1,083 7,608 2,239 
Interest on federal funds sold220 10 269 25 
Total interest income111,527 89,152 295,483 278,266 
Interest Expense
Interest on deposits26,125 6,590 44,022 21,288 
Interest on customer repurchase agreements55 14 90 34 
Interest on other short-term borrowings412 506 992 1,502 
Interest on long-term borrowings1,038 2,997 3,112 9,114 
Total interest expense27,630 10,107 48,216 31,938 
Net Interest Income83,897 79,045 247,267 246,328 
Provision for (Reversal of) Credit Losses3,022 (8,203)730 (14,409)
Provision for (Reversal of) Credit Losses for Unfunded Commitments774 716 1,316 (487)
Net Interest Income After Provision for (Reversal of) Credit Losses80,101 86,532 245,221 261,224 
Noninterest Income
Service charges on deposits1,339 1,204 3,970 3,303 
Gain on sale of loans821 3,332 3,168 11,988 
Net gain (loss) on sale of investment securities4 1,519 (172)2,058 
Increase in the cash surrender value of bank-owned life insurance631 642 1,889 1,429 
Other income2,513 1,602 9,470 11,033 
Total noninterest income5,308 8,299 18,325 29,811 
Noninterest Expense
Salaries and employee benefits21,538 22,145 60,362 63,790 
Premises and equipment expenses3,275 3,859 9,926 11,121 
Marketing and advertising1,181 1,013 3,431 2,879 
Data processing3,445 2,886 9,054 8,451 
Legal, accounting and professional fees2,332 2,021 6,030 8,523 
FDIC insurance1,287 1,549 3,251 5,586 
Other expenses3,148 2,902 34,126 9,506 
Total noninterest expense36,206 36,375 126,180 109,856 
Income Before Income Tax Expense49,203 58,456 137,366 181,179 
Income Tax Expense11,906 14,847 38,629 46,108 
Net Income$37,297 $43,609 $98,737 $135,071 
Earnings Per Common Share
Basic$1.16 $1.36 $3.08 $4.23 
Diluted$1.16 $1.36 $3.07 $4.22 
See Notes to Consolidated Financial Statements.
4

EAGLE BANCORP, INC.
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
(dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net Income$37,297 $43,609 $98,737 $135,071 
Other Comprehensive (Loss) Income, Net of Tax:
Unrealized (loss) on securities available-for-sale(60,029)(5,703)(151,453)(16,666)
Reclassification adjustment for (gain) loss included in net income(3)(1,133)114 (1,534)
Total unrealized (loss) on investment securities available-for-sale(60,032)(6,836)(151,339)(18,200)
Unrealized (loss) on securities transferred to held-to-maturity (1)
— — (49,095)— 
Amortization of unrealized loss on securities transferred to held-to-maturity1,762 — 3,753 — 
Total unrealized loss recognized (remaining) on investment securities held-to-maturity1,762 — (45,342)— 
Unrealized gain on derivatives— — 284 769 
Reclassification adjustment for gain included in net income— — — (385)
Total unrealized gain on derivatives— — 284 384 
Other comprehensive (loss)(58,270)(6,836)(196,397)(17,816)
Comprehensive (Loss) Income$(20,973)$36,773 $(97,660)$117,255 
(1) Represents unamortized accumulated other comprehensive loss on securities transferred to held-to-maturity status.

See Notes to Consolidated Financial Statements.

5

EAGLE BANCORP, INC.
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
(dollars in thousands except share and per share data)

Accumulated
AdditionalOther
Common Paid-inRetainedComprehensiveShareholders'
SharesAmountCapitalEarningsIncome (Loss)Equity
Balance July 1, 202232,081,241 $318 $440,418 $964,353 $(152,369)$1,252,720 
Net Income— — — 37,297 — 37,297 
Other comprehensive loss, net of tax— — — — (58,270)(58,270)
Stock-based compensation expense— — 2,274 — — 2,274 
Issuance of common stock related to options exercised, net of shares withheld for payroll taxes— — — — — — 
Vesting of time-based stock awards issued at date of grant, net of shares withheld for payroll taxes(2,893)— — — — — 
Time-based stock awards granted— — — — — — 
Issuance of common stock related to employee stock purchase plan3,973 — 188 — — 188 
Cash dividends declared ($0.45 per share)— — — (14,438)— (14,438)
Balance September 30, 202232,082,321 $318 $442,880 $987,212 $(210,639)$1,219,771 
Balance July 1, 202131,961,573 $316 $431,103 $870,397 $4,520 $1,306,336 
Net Income— — — 43,609 — 43,609 
Other comprehensive income, net of tax— — — — (6,836)(6,836)
Stock-based compensation expense— — 1,990 — — 1,990 
Vesting of time-based stock awards issued at date of grant, net of shares withheld for payroll taxes(2,756)— — — — — 
Time-based stock awards granted250 — — — — — 
Issuance of common stock related to employee stock purchase plan— — — — — — 
Cash dividends declared ($0.40 per share)— — — (12,788)— (12,788)
Common stock repurchased(11,609)— (615)— — (615)
Balance September 30, 202131,947,458 $316 $432,479 $901,218 $(2,316)$1,331,697 

See Notes to Consolidated Financial Statements.
6

EAGLE BANCORP, INC.
Consolidated Statements of Changes in Shareholders' Equity - Continued (Unaudited)
(dollars in thousands except share and per share data)
Accumulated
AdditionalOther
CommonPaid-inRetainedComprehensiveShareholders'
SharesAmountCapitalEarningsIncome (Loss)Equity
Balance January 1, 202231,950,092 $316 $434,640 $930,061 $(14,242)$1,350,775 
Net Income— — — 98,737 — 98,737 
Other comprehensive loss, net of tax— — — — (196,397)(196,397)
Stock-based compensation expense— — 7,587 — — 7,587 
Issuance of common stock related to options exercised, net of shares withheld for payroll taxes3,289 — 97 — — 97 
Vesting of time-based stock awards issued at date of grant, net of shares withheld for payroll taxes(68,931)2 (2)— — — 
Vesting of performance-based stock awards, net of shares withheld for payroll taxes21,026 — — — — — 
Time-based stock awards granted166,471 — — — — — 
Issuance of common stock related to employee stock purchase plan10,374 — 558 — — 558 
Cash dividends declared ($1.30 per share)— — — (41,586)— (41,586)
Common stock repurchased— — — — — — 
Balance September 30, 202232,082,321 $318 $442,880 $987,212 $(210,639)$1,219,771 
Balance January 1, 202131,779,663 $315 $427,016 $798,061 $15,500 $1,240,892 
Net Income— — — 135,071 — 135,071 
Other comprehensive loss, net of tax— — — — (17,816)(17,816)
Stock-based compensation expense— — 5,814 — — 5,814 
Vesting of time-based stock awards issued at date of grant, net of shares withheld for payroll taxes(23,755)1 (1)— — — 
Vesting of performance-based stock awards, net of shares withheld for payroll taxes15,686 — — — — — — 
Time-based stock awards granted179,172 — — — — — 
Issuance of common stock related to employee stock purchase plan9,767 — 327 — — 327 
Cash dividends declared ($0.60 per share)— — — (31,914)— (31,914)
Common stock repurchased(13,075)— (677)— — (677)
Balance September 30, 202131,947,458 $316 $432,479 $901,218 $(2,316)$1,331,697 

See Notes to Consolidated Financial Statements.
7

EAGLE BANCORP, INC.
Consolidated Statements of Cash Flows (Unaudited)
(dollars in thousands)
Nine Months Ended September 30,
20222021
Cash Flows From Operating Activities:    
Net Income$98,737 $135,071 
Adjustments to reconcile Net Income to net cash provided by operating activities:
Provision for (reversal of) credit losses730 (14,409)
Provision for (reversal of) credit losses for unfunded commitments1,316 (487)
Depreciation and amortization2,483 4,795 
Gain on sale of loans(3,168)(11,988)
Gain on mortgage servicing rights(872)— 
Securities premium amortization, net7,191 3,152 
Origination of loans held for sale(264,765)(929,090)
Proceeds from sale of loans held for sale305,764 975,870 
Deferred income tax expense— — 
Net gain on sale of other real estate owned(107)(148)
Net loss (gain) on sale of investment securities172 (2,058)
Net increase in cash surrender value of BOLI(1,889)(1,429)
Stock-based compensation expense7,587 5,814 
Net tax expense from stock-based compensation— — 
Increase in other assets(19,055)(29,667)
Decrease in other liabilities5,503 89,348 
Net Cash Provided by Operating Activities139,627 224,774 
Cash Flows From Investing Activities:
Investment securities available-for-sale:
Purchases(414,935)(1,059,189)
Proceeds from maturities 182,767 233,366 
Proceeds from sale/call6,225 164,569 
Investment securities held-to-maturity:
Purchases(290,740)— 
Proceeds from maturities82,163 — 
Proceeds from call19,944 — 
(Purchase of) proceeds from sale of Federal Reserve and Federal Home Loan Bank stock(8,158)6,011 
Sale of Federal Reserve and Federal Home Loan Bank stock— — 
Proceeds from sale of SBA PPP loans— 170,154 
Net (increase) decrease in loans(239,089)727,021 
Proceeds from sale of OREO241 — 
Net change in premises and equipment(1,518)(4,973)
Net Cash (Used in) Provided by Investing Activities(663,100)236,959 
Cash Flows From Financing Activities:
Increase (decrease) in deposits(1,218,190)479,285 
Increase (decrease) in customer repurchase agreements(2,453)2,675 
Proceeds from short-term borrowings215,000 — 
Repayment of long-term borrowings— (200,000)
Proceeds from issuance of common stock— 327 
Proceeds from employee stock purchase plan558 — 
Proceeds from exercise of equity compensation plans97 — 
Common stock repurchased— (677)
Cash dividends paid(41,586)(31,914)
Net Cash (Used in) Provided by Financing Activities(1,046,574)249,696 
Net (Decrease) Increase in Cash and Cash Equivalents(1,570,047)711,429 
Cash and Cash Equivalents at Beginning of Period1,714,222 1,789,055 
Cash and Cash Equivalents at End of Period$144,175 $2,500,484 
8

EAGLE BANCORP, INC.
Consolidated Statements of Cash Flows - Continued (Unaudited)
(dollars in thousands)
Nine Months Ended September 30,
20222021
Supplemental Cash Flows Information:
Interest paid$49,273