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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, 2023

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 2, 2023, the registrant had 29,926,182 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, 2023December 31, 2022
Assets
Cash and due from banks$8,625 $12,655 
Federal funds sold13,611 33,927 
Interest-bearing deposits with banks and other short-term investments235,819 265,272 
Investment securities available-for-sale (amortized cost of $1,700,233 and $1,803,898, respectively, and allowance for credit losses of $17 and $17, respectively).
1,474,945 1,598,666 
Investment securities held-to-maturity, net of allowance for credit losses of $2,010 and $766, respectively (fair value of $872,710 and $968,707, respectively)
1,032,485 1,093,374 
Federal Reserve and Federal Home Loan Bank stock25,689 65,067 
Loans held for sale 6,734 
Loans7,916,391 7,635,632 
Less: allowance for credit losses(83,332)(74,444)
Loans, net7,833,059 7,561,188 
Premises and equipment, net11,216 13,475 
Operating lease right-of-use assets20,151 24,544 
Deferred income taxes98,987 96,567 
Bank-owned life insurance112,234 110,998 
Goodwill and other intangible assets, net105,239 104,233 
Other real estate owned1,487 1,962 
Other assets190,667 162,192 
Total Assets$11,164,214 $11,150,854 
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing demand$2,072,665 $3,150,751 
Interest-bearing transaction932,779 1,138,235 
Savings and money market3,129,773 3,640,697 
Time2,241,089 783,499 
Total deposits8,376,306 8,713,182 
Customer repurchase agreements25,689 35,100 
Other short-term borrowings1,300,001 975,001 
Long-term borrowings69,887 69,794 
Operating lease liabilities24,422 29,267 
Reserve for unfunded commitments6,183 5,857 
Other liabilities145,842 94,332 
Total Liabilities9,948,330 9,922,533 
Shareholders' Equity
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 29,917,982 and 31,346,903, respectively
296 310 
Additional paid-in capital372,394 412,303 
Retained earnings1,054,699 1,015,215 
Accumulated other comprehensive loss(211,505)(199,507)
Total Shareholders' Equity1,215,884 1,228,321 
Total Liabilities and Shareholders' Equity$11,164,214 $11,150,854 
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,
2023202220232022
Interest Income
Interest and fees on loans$132,273 $93,744 $382,116 $249,716 
Interest and dividends on investment securities13,732 13,463 41,518 37,890 
Interest on balances with other banks and short-term investments15,067 4,100 34,070 7,608 
Interest on federal funds sold77 220 202 269 
Total interest income161,149 111,527 457,906 295,483 
Interest Expense
Interest on deposits70,929 26,125 179,305 44,022 
Interest on customer repurchase agreements311 55 946 90 
Interest on other short-term borrowings18,152 412 56,989 992 
Interest on long-term borrowings1,038 1,038 3,112 3,112 
Total interest expense90,430 27,630 240,352 48,216 
Net Interest Income70,719 83,897 217,554 247,267 
Provision for Credit Losses5,644 3,022 17,046 730 
(Reversal of) Provision for Credit Losses for Unfunded Commitments(839)774 327 1,316 
Net Interest Income After (Reversal of) Provision for Credit Losses65,914 80,101 200,181 245,221 
Noninterest Income
Service charges on deposits1,631 1,339 4,767 3,970 
(Loss) gain on sale of loans(5)821 395 3,168 
Net gain (loss) on sale of investment securities5 4 (14)(172)
Increase in the cash surrender value of bank-owned life insurance669 631 1,972 1,889 
Other income4,047 2,513 11,522 9,470 
Total noninterest income6,347 5,308 18,642 18,325 
Noninterest Expense
Salaries and employee benefits21,549 21,538 67,680 60,362 
Premises and equipment expenses3,095 3,275 9,639 9,926 
Marketing and advertising768 1,181 2,288 3,431 
Data processing3,194 3,445 9,647 9,054 
Legal, accounting and professional fees2,162 2,332 8,065 6,030 
FDIC insurance3,342 1,287 7,409 3,251 
Other expenses3,523 3,148 11,467 34,126 
Total noninterest expense37,633 36,206 116,195 126,180 
Income Before Income Tax Expense34,628 49,203 102,628 137,366 
Income Tax Expense7,245 11,906 22,319 38,629 
Net Income$27,383 $37,297 $80,309 $98,737 
Earnings Per Common Share
Basic$0.91 $1.16 $2.63 $3.08 
Diluted$0.91 $1.16 $2.63 $3.07 
See Notes to Consolidated Financial Statements.
4


EAGLE BANCORP, INC.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net Income$27,383 $37,297 $80,309 $98,737 
Other Comprehensive (Loss) Income, Net of Tax:
Unrealized (loss) gain on securities available-for-sale(21,314)(60,029)(15,452)(151,453)
Reclassification adjustment for (gain) loss included in net income(4)(3)10 114 
Total unrealized (loss) gain on investment securities available-for-sale(21,318)(60,032)(15,442)(151,339)
Unrealized loss on securities transferred to held-to-maturity (1)
   (49,095)
Amortization of unrealized loss on securities transferred to held-to-maturity1,400 1,762 3,444 3,753 
Total unrealized gain (loss) on investment securities held-to-maturity1,400 1,762 3,444 (45,342)
Unrealized gain on derivatives   284 
Other comprehensive (loss) income(19,918)(58,270)(11,998)(196,397)
Comprehensive Income (Loss)$7,465 $(20,973)$68,311 $(97,660)
(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 Other Comprehensive Income (Loss)
CommonAdditional Paid-in CapitalRetained EarningsShareholders' Equity
SharesAmount
Balance July 1, 202329,912,082 $296 $370,278 $1,040,779 $(191,587)$1,219,766 
Net Income— — — 27,383 — 27,383 
Other comprehensive loss, net of tax— — — — (19,918)(19,918)
Stock-based compensation expense— — 1,969 — — 1,969 
Vesting of time-based stock awards issued at date of grant, net of shares withheld for payroll taxes(15,250)— — — — — 
Time-based stock awards granted14,280 — — — — — 
Issuance of common stock related to employee stock purchase plan6,870 — 145 — — 145 
Cash dividends declared ($0.45 per share)
— — — (13,463)— (13,463)
Common stock repurchased— — 2 — — 2 
Balance September 30, 202329,917,982 $296 $372,394 $1,054,699 $(211,505)$1,215,884 
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 

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 Other Comprehensive Income (Loss)
CommonAdditional Paid-in CapitalRetained EarningsShareholders' Equity
SharesAmount
Balance January 1, 202331,346,903 $310 $412,303 $1,015,215 $(199,507)$1,228,321 
Net Income— — — 80,309 — 80,309 
Other comprehensive income, net of tax— — — — (11,998)(11,998)
Stock-based compensation expense— — 7,653 — — 7,653 
Vesting of time-based stock awards issued at date of grant, net of shares withheld for payroll taxes(59,314)1 (1)— —  
Vesting of performance-based stock awards, net of shares withheld for payroll taxes27,296 — — — — — 
Time-based stock awards granted187,822 — — — — — 
Issuance of common stock related to employee stock purchase plan15,275 — 459 — — 459 
Cash dividends declared ($1.35 per share)
 — — (40,825)— (40,825)
Common stock repurchased(1,600,000)(15)(48,020)— — (48,035)
Balance September 30, 202329,917,982 $296 $372,394 $1,054,699 $(211,505)$1,215,884 
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)
Balance September 30, 202232,082,321 $318 $442,880 $987,212 $(210,639)$1,219,771 

See Notes to Consolidated Financial Statements.
7


EAGLE BANCORP, INC.
Consolidated Statements of Cash Flows (Unaudited)
(dollars in thousands)
Nine Months Ended September 30,
20232022
Cash Flows From Operating Activities:    
Net Income$80,309 $98,737 
Adjustments to reconcile Net Income to net cash provided by operating activities:
Provision for credit losses17,046 730 
Provision for credit losses for unfunded commitments327 1,316 
Depreciation and amortization2,649 2,483 
Gain on sale of loans(395)(3,168)
Loss (gain) on mortgage servicing rights108 (872)
Securities premium amortization, net4,766 7,191 
Origination of loans held for sale(29,690)(264,765)
Proceeds from sale of loans held for sale36,819 305,764 
Net gain on sale of other real estate owned(134)(107)
Net loss on sale of investment securities14 172 
Net increase in cash surrender value of BOLI(1,972)(1,889)
Stock-based compensation expense7,653 7,587 
Increase in other assets(29,589)(19,055)
Increase in other liabilities51,058 5,503 
Net Cash Provided by Operating Activities138,969 139,627 
Cash Flows From Investing Activities:
Investment securities available-for-sale:
Purchases (414,935)
Proceeds from maturities92,647 182,767 
Proceeds from sale/call8,303 6,225 
Investment securities held-to-maturity:
Purchases (290,740)
Proceeds from maturities60,312 82,163 
Proceeds from call2,906 19,944 
Proceeds from (purchase of) sale of Federal Reserve stock39,378 (8,158)
Net increase in loans(287,673)(239,089)
Redemption of BOLI736  
Proceeds from sale of OREO609 241 
Net change in premises and equipment(298)(1,518)
Net Cash Used in Investing Activities(83,080)(663,100)
Cash Flows From Financing Activities:
Decrease in deposits(336,876)(1,218,190)
Decrease in customer repurchase agreements(9,411)(2,453)
Proceeds from short-term borrowings325,000 215,000 
Proceeds from employee stock purchase plan459 558 
Proceeds from exercise of equity compensation plans 97 
Common stock repurchased(48,035) 
Cash dividends paid(40,825)(41,586)
Net Cash Used in Financing Activities(109,688)(1,046,574)
Net Decrease in Cash and Cash Equivalents(53,799)(1,570,047)
Cash and Cash Equivalents at Beginning of Period311,854 1,714,222 
Cash and Cash Equivalents at End of Period$258,055 $144,175 

See Notes to Consolidated Financial Statements.
8


EAGLE BANCORP, INC.
Consolidated Statements of Cash Flows - Continued (Unaudited)
(dollars in thousands)
Nine Months Ended September 30,
20232022
Supplemental Cash Flows Information:
Interest paid$266,633 $49,273 
Income taxes paid$16,940 $16,150 
Non-Cash Investing Activities
Transfers of investment securities from available-for-sale to held-to-maturity$ $922,795 
Transfers from loans to other real estate owned$ $475 

See Notes to Consolidated Financial Statements.
9


EAGLE BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The Consolidated Financial Statements include the accounts of Eagle Bancorp, Inc. (the "Parent") and its subsidiaries (together with the Parent, the "Company"), with all significant intercompany transactions eliminated. EagleBank (the "Bank"), a Maryland chartered commercial bank, is the Parent's principal subsidiary.
The accounting and reporting policies of the Company conform to generally accepted accounting principles in the United States of America ("GAAP") and to general practices in the banking industry. The Consolidated Financial Statements and accompanying notes of the Company included herein are unaudited. The Consolidated Balance Sheet as of December 31, 2022 was derived from the audited Consolidated Balance Sheet as of that date. The Consolidated Financial Statements reflect all adjustments, consisting of normal recurring adjustments, that in the opinion of management are necessary to present fairly the results for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In addition to the accounting policies described below, the Company applies the accounting policies contained in Note 1 to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Certain reclassifications have been made to 2022 amounts previously reported to conform to the 2023 presentation. Reclassifications had no effect on net income or shareholders' equity. These statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Nature of Operations
The Company, through the Bank, conducts a full service community banking business, primarily in Northern Virginia, Suburban Maryland, and Washington, D.C. The primary financial services offered by the Bank include real estate, commercial and consumer lending, as well as traditional deposit and repurchase agreement products. The Bank is also active in the origination of small business loans, and the origination, securitization and sale of multifamily Federal Housing Administration ("FHA") loans. The guaranteed portion of small business loans, guaranteed by the Small Business Administration ("SBA"), is typically sold to third party investors in a transaction apart from the loan's origination.
The Bank offers its products and services through thirteen banking offices, four lending centers and various digital capabilities, including remote deposit services and mobile banking services. During the nine months ended September 30, 2023, the Company closed three branches following the leases' expiration. Landroval Municipal Finance, Inc., a subsidiary of the Bank, focuses on lending to municipalities by buying debt on the public market as well as direct purchase issuance.
The Company commenced the cessation of first lien residential mortgage origination for secondary sale during the three months ended March 31, 2023. The Company has completed residual origination and sales activities as of June 30, 2023.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and such differences could be material to the consolidated financial statements.
Investment Securities
The Company recognizes acquired securities on the trade date. Investment securities comprise debt securities, which are classified depending on the Company's intent and ability to hold the securities to maturity. Debt securities are classified as available-for-sale when management may have the intent to sell them prior to maturity. Debt securities are classified as held-to-maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity.
Premiums and discounts on investment securities available-for-sale and held-to-maturity are amortized or accreted to the earlier of call or maturity based on expected lives, which include prepayment adjustments and call optionality.
10


Transfers of Investment Securities from Available-for-Sale to Held-to-Maturity
Transfers of debt securities into the held-to-maturity category from the available-for-sale category are made at amortized cost, net of unrealized gain or loss reported in accumulated other comprehensive income (loss) at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in other comprehensive income and in the carrying value of the held-to-maturity securities. Such amounts are amortized over the remaining life of the security.
Loans
Loans held for investment are stated at the principal amount outstanding, net of unamortized deferred costs and fees. Interest income on loans is recognized at the contractual rate on the principal amounts outstanding. Loan origination fees, net of direct loan origination costs, and commitment fees are deferred and amortized on the interest method over the term of the loan.
Past due loans are placed on nonaccrual status when there is a clear indication that the borrower's cash flow may not be sufficient to meet payments as they become due. Generally, this conclusion is reached when a loan is 90 days past due. When a loan is placed on nonaccrual status, all previously accrued and unpaid interest is reversed through interest income. Interest income is subsequently recognized on a cash basis as long as the remaining book balance of the asset is deemed to be collectible. If collectability is questionable, then cash payments are applied to principal. A loan is placed back on accrual status when both principal and interest are current and it is probable that we will be able to collect all amounts due (both principal and interest) according to the terms of the loan agreement.
Allowance for Credit Losses - Loans
The allowance for credit losses - loans ("ACL") is an estimate of the expected credit losses in the loans held for investment portfolio.
Accounting Standards Codification ("ASC") 326, "Financial Instruments-Credit Losses" requires that an estimate of current expected credit losses ("CECL") be immediately recognized and reevaluated over the contractual life of the financial asset when a financial asset is originated or purchased. The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the allowance when they are deemed uncollectible. Expected recoveries are recorded to the extent they do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
Reserves on loans that do not share risk characteristics are evaluated on an individual basis. Nonaccrual loans are specifically reviewed for loss potential and when deemed appropriate are assigned a reserve based on an individual evaluation. The remainder of the portfolio, representing all loans not evaluated individually for impairment, is segregated by call report codes, and a loan-level probability of default ("PD") / Loss Given Default ("LGD") cash flow method is applied using an exposure at default ("EAD") model. These historical loss rates are then modified to incorporate our reasonable and supportable forecast of future losses at the portfolio segment level, as well as any necessary qualitative adjustments.
The Company uses regression analysis of historical internal and peer data provided by a third-party service provider (as Company loss data is insufficient) to determine suitable credit loss drivers to utilize when modeling lifetime PD and LGD. This analysis also determines how expected PD will be impacted by different forecasted levels of the loss drivers.
A similar process is employed to calculate a reserve assigned to off-balance sheet commitments, specifically unfunded loan commitments and letters of credit, and any needed reserve is recorded in reserve for unfunded commitments (“RUC”) on the Consolidated Balance Sheets. For periods beyond which we are able to develop reasonable and supportable forecasts, we revert to the historical loss rate on a straight-line basis over a twelve-month period.
For each of these loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speeds, PD rates, and LGD rates. The modeling of expected prepayment speeds is based on historical internal data. EAD is based on each instrument's underlying amortization schedule in order to estimate the bank's expected credit loss exposure at the time of the borrower's potential default.
For our cash flow model, management utilizes and forecasts regional unemployment by using a national forecast and estimating a regional adjustment based on historical differences between the two as the loss driver over our reasonable and supportable period of 18 months and reverts back to a historical loss rate over twelve months on a straight-line basis over the loan's remaining maturity. Management leverages economic projections from reputable and independent third parties to inform its loss driver forecasts over the forecast period.
11


In addition to the quantitative model and individual evaluation conducted in connection with CECL, the Company applies qualitative and environmental factors into its methodology for the calculation of its ACL for its loan portfolio. The factors include: (i) changes in the nature and volume of the portfolio; (ii) changes in the volume and severity of past due financial assets and the volume and severity of adversely classified assets; (iii) changes in the value of underlying collateral for loans not individually evaluated; (iv) changes in lending policies and procedures; (v) changes in the quality of credit review function; (vi) changes in lending management and staff; (vii) concentrations of credit; (viii) other external factors (competition, legal, regulatory, etc.); and (ix) changes in national, regional, and local economic and business conditions. The Company's quantitative model may reflect assumptions by management that are not covered by the qualitative and environmental factors. The Company reevaluates the qualitative and environmental factors on a quarterly basis.
While our methodology in establishing the ACL attributes portions of the ACL and RUC to the separate loan pools or segments, the entire ACL and RUC is available to absorb credit losses expected in the total loan portfolio and total amount of unfunded credit commitments, respectively. Portfolio segments are used to pool loans with similar risk characteristics and align with our methodology for measuring expected credit losses.
A summary of our primary portfolio segments is as follows:
Commercial. The commercial loan portfolio comprises lines of credit and term loans for working capital, equipment, and other business assets across a variety of industries. These loans are used for general corporate purposes including financing working capital, internal growth, and acquisitions; and are generally secured by accounts receivable, inventory, equipment and other assets of our clients' businesses.
Income producing commercial real estate. Income producing commercial real estate loans comprise permanent and bridge financing provided to professional real estate owners/managers of commercial and residential real estate projects and properties who generally have a demonstrated record of past success with similar properties. Collateral properties include apartment buildings, office buildings, hotels, mixed-use buildings, retail, data centers, warehouse, and shopping centers. The primary source of repayment on these loans is generally expected to come from lease or operation of the real property collateral. Income producing commercial real estate loans are impacted by fluctuation in collateral values, as well as rental demand and rates.
Owner occupied – commercial real estate. The owner occupied commercial real estate portfolio comprises permanent financing provided to operating companies and their related entities for the purchase or refinance of real property wherein their business operates. Collateral properties include industrial property, office buildings, religious facilities, mixed-use property, health care and educational facilities.
Real estate mortgage – residential. Real estate mortgage residential loans comprise consumer mortgages for the purpose of purchasing or refinancing first lien real estate loans secured by primary-residence, second-home, and rental residential real property.
Construction – commercial and residential. The construction commercial and residential loan portfolio comprises loans made to builders and developers of commercial and residential property, for both renovation, new construction, and development projects. Collateral properties include apartment buildings, mixed use property, residential condominiums, single and 1-4 residential property, and office buildings. The primary source of repayment on these loans is expected to come from the sale, permanent financing, or lease of the real property collateral. Construction loans are impacted by fluctuations in collateral values and the ability of the borrower or ultimate purchaser to obtain permanent financing.
Construction – commercial and industrial ("C&I") (owner occupied). The construction C&I (owner occupied) portfolio comprises loans to operating companies and their related entities for new construction or renovation of the real or leased property in which they operate. Generally these loans contain provisions for conversion to an owner occupied commercial real estate loan or to a commercial loan after completion of construction. Collateral properties include industrial, healthcare, religious facilities, restaurants, and office buildings.
Home equity. The home equity portfolio comprises consumer lines of credit and loans secured by subordinate liens on residential real property.
Other consumer. The other consumer portfolio comprises consumer purpose loans not secured by real property, including personal lines of credit and loans, overdraft lines, and vehicle loans. This category also includes other loan items such as overdrawn deposit accounts as well as loans and loan payments in process.
12


We have several pass credit grades that are assigned to loans based on varying levels of risk, ranging from credits that are secured by cash or marketable securities, to watch credits which have all the characteristics of an acceptable credit risk but warrant more than the normal level of monitoring. Special mention loans are those that are currently protected by the sound worth and paying capacity of the borrower, but that are potentially weak and constitute an additional credit risk. These loans have the potential to deteriorate to a substandard grade due to the existence of financial or administrative deficiencies. Substandard loans have a well-defined weakness or weaknesses that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Some substandard loans are inadequately protected by the sound worth and paying capacity of the borrower and of the collateral pledged and may be considered impaired. Substandard loans can be accruing or can be on nonaccrual depending on the circumstances of the individual loans.
Loans classified as doubtful have all the weaknesses inherent in substandard loans with the added characteristics that the weaknesses make collection in full highly questionable and improbable. The possibility of loss is extremely high. All doubtful loans are on nonaccrual.
Classified loans represent the sum of loans graded substandard and doubtful.
The methodology used in the estimation of the allowance, which is performed at least quarterly, is designed to be dynamic and responsive to changes in portfolio credit quality and forecasted economic conditions. Changes are reflected in the allowance on collectively assessed and individually assessed loans as the collectability of classified loans is evaluated with new information. As our portfolio has matured, historical loss ratios have been closely monitored. The review of the appropriateness of the allowance is performed by executive management and presented to management committees, Risk Committee, the Audit Committee, and the Board of Directors. The committees' reports to the Board are part of the Board review on a quarterly basis of our consolidated financial statements.
When management determines that foreclosure is probable, and for certain collateral-dependent loans where foreclosure is not considered probable, expected credit losses are based on the estimated fair value of the collateral adjusted for selling costs, when appropriate. A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral.
Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation that a borrower will result in financial difficulty.
We do not measure an ACL on accrued interest receivable balances because these balances are written off in a timely manner as a reduction to interest income when loans are placed on nonaccrual status.
Collateral Dependent Financial Assets
Loans that do not share risk characteristics are evaluated on an individual basis. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the net present value ("NPV") from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset.
Loan Modifications to Borrowers in Financial Difficulty
On January 1, 2023, the Company adopted the accounting guidance in ASU No. 2022-02, which eliminated the recognition and measurement of troubled debt restructurings ("TDR"). Due to the removal of the TDR designation, the Company evaluates loan restructurings to determine if we have a loan modification and whether it results in a new loan or the continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there are principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications.
13


A loan that is considered a modified loan may be subject to an individually-evaluated loan analysis if the commitment is $1.0 million or greater; otherwise, the restructured loan remains in the appropriate segment in the ACL model and associated provisions are adjusted based on changes in the discounted cash flows resulting from the modification of the restructured loan.
Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status, foreclosure or repossession of the collateral to minimize economic loss to the Company.
Allowance for Credit Losses - Available-for-Sale Securities
The Company utilizes ASC 326 to evaluate its available-for-sale ("AFS") and held-to-maturity ("HTM") debt security portfolio for expected credit losses. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criterion is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income, as a non-credit-related impairment.
The entire amount of an impairment loss is recognized in earnings only when: (1) the Company intends to sell the security; (2) it is more likely than not that the Company will have to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in shareholders' equity as comprehensive income, net of deferred taxes.
Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met.
We have made a policy election to exclude accrued interest from the amortized cost basis of available-for-sale debt securities and report accrued interest separately in other assets in the Consolidated Balance Sheets. Available-for-sale debt securities are placed on nonaccrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on nonaccrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable.
Allowance for Credit Losses - Held-to-Maturity Debt Securities
The Company separately evaluates its HTM investment securities for any credit losses. The Company pools like securities and calculates expected credit losses through an estimate based on a security's credit rating, which is recognized as part of the allowance for credit losses for held-to-maturity securities and included in the balance of investment securities held-to-maturity on the Consolidated Balance Sheets. If the Company determines that a security indicates evidence of deteriorated credit quality, the security is individually evaluated and enhanced analysis is performed. This may consist of evaluating the security as if it were a below investment grade rated security or a discounted cash flow analysis may be performed and compared to the amortized cost basis.
Loan Commitments and Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded.
The Company records an allowance for off-balance sheet credit exposures through a charge to provision for credit loss expense in the Company's Consolidated Statement of Income. The RUC on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included in the RUC on the Company's Consolidated Balance Sheet.
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The following table presents a breakdown of the provision for credit losses included in our Consolidated Statements of Income for the applicable periods (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2023202220232022
Provision for credit losses - loans$5,643 $3,046 $15,802 $532 
Provision for (reversal of) credit losses - HTM debt securities1 (24)1,244 800 
Reversal of credit losses - AFS debt securities   (602)
Total$5,644 $3,022 $17,046 $730 
Goodwill Assessment
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is subject to impairment testing, which must be conducted at least annually or upon the occurrence of a triggering event. Various factors, such as the Company’s results of operations, the trading price of the Company’s common stock relative to the book value per share, macroeconomic conditions and conditions in the banking sector, inform whether a triggering event for an interim goodwill impairment test has occurred. Goodwill is recorded and evaluated for impairment at its reporting unit, the Company. The Company's policy is to test goodwill for impairment annually as of December 31, or on an interim basis if an event triggering an impairment assessment is determined to have occurred.
Testing of goodwill impairment comprises a two-step process. First, the Company performs a qualitative assessment to evaluate relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is more likely than not that an impairment has occurred, it proceeds to the quantitative impairment test, whereby it calculates the fair value of the reporting unit and compares it with its carrying amount, including goodwill. In its performance of impairment testing, the Company has the unconditional option to proceed directly to the quantitative impairment test, bypassing the qualitative assessment. If the carrying amount of the reporting unit exceeds the fair value, the amount by which the carrying amount exceeds fair value, up to the carrying value of goodwill, is recorded through earnings as an impairment charge. If the results of the qualitative assessment indicate that it is not more likely than not that an impairment has occurred, or if the quantitative impairment test results in a fair value of the reporting unit that is greater than the carrying amount, then no impairment charge is recorded.
In the second quarter of 2023, Management determined that a triggering event had occurred as a result of a sustained decrease in the Company's stock price and as a result of a revision in the earnings outlook in comparison to budget for the remainder of 2023 due primarily to the economic uncertainty and market volatility resulting from the rising interest rate environment and the recent events in the banking sector. The Company performed a qualitative assessment and quantitative impairment test on its only reporting unit as of May 31, 2023 and determined that there was no impairment as the fair value exceeded the carrying amount of the Company. Management has evaluated and will continue to evaluate economic conditions in interim periods for triggering events.
New Authoritative Accounting Guidance
Accounting Standards Adopted in 2023:
ASU No. 2022-02, "Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02") eliminates the accounting guidance for TDRs while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty that assess whether a modification has created a new loan. Additionally, ASU 2022-02 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. Effective January 1, 2023, the Company adopted the guidance prescribed under ASU 2022-02. Refer to the "Loan Modifications" subsection above and Note 4 for additional disclosure.
Note 2. Cash and Due from Banks
For the nine months ended September 30, 2023 and 2022, the Bank maintained an average daily balance at the Federal Reserve Bank of $892.8 million and $1.4 billion, respectively, on which interest is paid.
Additionally, the Bank maintains interest-bearing balances with the Federal Home Loan Bank of Atlanta ("FHLB") and noninterest-bearing balances with domestic correspondent banks to cover associated costs for services they provide to the Bank.
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Note 3. Investment Securities
The amortized cost and estimated fair value of the Company's available-for-sale and held-to-maturity securities are summarized as follows:
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
September 30, 2023
Investment securities available-for-sale:
U.S. treasury bonds$49,868 $ $(2,818)$ $47,050 
U.S. agency securities736,078 1 (79,802) 656,277 
Residential mortgage-backed securities848,555  (134,407) 714,148 
Commercial mortgage-backed securities54,904  (6,900) 48,004 
Municipal bonds8,828  (1,026) 7,802 
Corporate bonds2,000  (319)(17)1,664 
Total available-for-sale securities$1,700,233 $1 $(225,272)$(17)$1,474,945 
(dollars in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated Fair Value
September 30, 2023
Investment securities held-to-maturity:
Residential mortgage-backed securities$685,648 $ $(109,590)$576,058 
Commercial mortgage-backed securities91,337  (16,805)74,532 
Municipal bonds125,224 2,828 (19,533)108,519 
Corporate bonds132,286  (18,685)113,601 
Total$1,034,495 $2,828 $(164,613)$872,710 
Allowance for credit losses(2,010)
Total held-to-maturity securities, net of ACL$1,032,485 
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
December 31, 2022
Investment securities available-for-sale:
U.S. treasury bonds$49,793 $ $(3,466)$ $46,327 
U.S. agency securities747,777  (78,049) 669,728 
Residential mortgage-backed securities937,557 18 (117,072) 820,503 
Commercial mortgage-backed securities56,071  (5,858) 50,213 
Municipal bonds10,700 45 (658) 10,087 
Corporate bonds2,000  (175)(17)1,808 
Total available-for-sale securities$1,803,898 $63 $(205,278)$(17)$1,598,666 
(dollars in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated Fair Value
December 31, 2022
Investment securities held-to-maturity:
Residential mortgage-backed securities$741,057 $ $(88,390)$652,667 
Commercial mortgage-backed securities92,557  (11,993)80,564 
Municipal bonds128,273  (12,092)116,181 
Corporate bonds132,253  (12,958)119,295 
Total$1,094,140 $ $(125,433)$968,707 
Allowance for credit losses(766)
Total held-to-maturity securities, net of ACL$1,093,374 
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In addition, at September 30, 2023 and December 31, 2022 the Company held $25.7 million and $65.1 million, respectively, in equity securities in a combination of Federal Reserve Bank and FHLB stocks, which were required to be held for regulatory purposes and which were not marketable, and therefore are carried at cost.
The Company reassessed classification of certain investments in the first quarter of 2022 and, effective March 31, 2022, it transferred a total of $1.1 billion of mortgage-backed securities, municipal bonds and corporate bonds from available-for-sale to held-to-maturity securities, including $237.0 million of securities acquired in the first quarter of 2022 for which its intention to hold to maturity was finalized. At the time of transfer, the Company reversed the allowance for credit losses associated with the available-for-sale securities through the provision for credit losses. The securities were transferred at their amortized cost basis, net of any remaining unrealized gain or loss reported in accumulated other comprehensive income. The related unrealized loss of $66.2 million was included in other comprehensive loss at the time of transfer and, as of September 30, 2023, $53.5 million remains in accumulated other comprehensive loss, to be amortized through interest income as a yield adjustment over the remaining term of the securities. No gain or loss was recorded at the time of transfer. Subsequent to transfer, the allowance for credit losses on these securities was evaluated under the accounting policy for held-to-maturity securities.
Accrued interest receivable on available-for-sale securities totaled $4.0 million and $4.3 million at September 30, 2023 and December 31, 2022, respectively, and accrued interest receivable on held-to-maturity securities totaled $3.6 million and $3.5 million at September 30, 2023 and December 31, 2022, respectively. The accrued interest on investment securities is excluded from the amortized cost of the securities and is reported in other assets in the Consolidated Balance Sheets.
The following tables summarizes available-for-sale and held-to-maturity securities in an unrealized loss position by length of time:
Less Than 12 Months12 Months or GreaterTotal
(dollars in thousands)Number of SecuritiesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
September 30, 2023
Investment securities available-for-sale:
U.S. treasury bonds2