GlobeNewswire Inc | Jan 19, 2022 04:15PM EST

January 19, 2022

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

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

Net income for the year ended December31, 2021, was $176.7 million, compared to $132.2 million for the year ended December31, 2020, a 33.6% increase. Net income per basic and diluted common share for the year ended December31, 2021 was $5.53 and $5.52, respectively, compared to $4.09 for both basic and diluted common shares, for the year ended December31, 2020.

Fourth Quarter 2021 Highlights

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

-- Balance SheetTotal assets of $11.8 billionTotal loans (excluding loans held for sale) were $7.1 billion, up 3.1% from the prior quarter endLoans (excluding PPP of $51.1 million) were $7.0 billion, up 3.4% from the prior quarter end2Book value per share of $42.28, up 8.3% from a year agoTangible book value per share of $38.97, up 9.0% from a year ago3Total risk based capital ratio of 16.15%Annualized net charge-off ratio to average loans of 0.07%Nonperforming assets ("NPAs") to total assets of 0.26%Allowance for credit losses to total loans of 1.06%

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

CEO Commentary

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

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

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

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

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

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

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

Income Statement

-- Net interest income was $78.2 million for the fourth quarter of 2021, down from $81.4 million for the fourth quarter of 2020. The decline in net interest income was driven by the decline in loans (versus the same period in the prior year) and a lower rate environment, partially offset by a 12.04% increase in average earning assets.Net interest income was $324.5 million for the year ended December31, 2021, up from $321.6 million for the year ended December31, 2020.

-- Net interest margin was 2.55% for the fourth quarter of 2021, as compared to 2.98% for the fourth quarter of 2020. The decrease in margin from a year ago primarily reflects a lower rate environment as well as significantly higher cash balances from strong deposit inflows which led to higher average earning assets. In the fourth quarter of 2021, a concerted effort was made to deploy more cash into the investment portfolio (as discussed in the Balance Sheet section).Net interest margin was 2.81% for the year ended December31, 2021, as compared to 3.19% for the year ended December31, 2020.

(Dollars in Three Months Ended Year Endedthousands) December 31, December 31, 2021 2020 2021 2020 Net interestmargin, adjusted:Net interest $ 78,186 $ 81,417 $ 324,514 $ 321,562 income (GAAP)Less: PPPacceleratednet deferredfees and ? ? (4,667 ) ? costs fromsale(non-GAAP)Add:Acceleratedinterestexpense on ? ? 1,313 ? redemption ofsub-debt(non-GAAP)Adjusted netinterest $ 78,186 $ 81,417 $ 321,160 $ 321,562 income(non-GAAP)Averageinterest $ 12,180,872 $ 10,872,259 $ 11,516,495 $ 10,872,239 earningassets (GAAP)Net interest 2.55 % 2.98 % 2.81 % 3.19 %margin (GAAP)Adjusted Netinterest 2.55 % 2.98 % 2.79 % 3.19 %margin(non-GAAP)

-- Adjusted pre-provision net revenue ("Adjusted PPNR"),4 a non-GAAP measure, was $49.5 million for the fourth quarter of 2021, compared to $56.3 million the fourth quarter of 2020. As a percent of average assets, adjusted PPNR for the fourth quarter of 2021 was 1.56%, down from 2.01% for the fourth quarter of 2020. This decline in Adjusted PPNR to average assets was primarily a result of higher noninterest expenses and higher average assets.Adjusted pre-provision net revenue was $212.4 million for the year ended December31, 2021, compared to $223.1 million for the year ended December31, 2020.

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

-- Provision for credit losses on loans was a reversal of $6.4 million for the fourth quarter of 2021, compared to a provision of $4.9 million for the fourth quarter of 2020. The reversal was primarily driven by improvements in the economic environment and related adjustments to the quantitative components of the CECL model, as well as, improvements in asset quality.Provision for credit losses was a reversal of $20.8 million for the year ended December31, 2021, as compared to a provision of $45.6 million for the year ended December31, 2020.

-- Provision for unfunded commitments was a reversal of $632 thousand for the fourth quarter of 2021, compared to a provision of $406 thousand for the fourth quarter of 2020. The reversal was primarily driven by the funding of available credit, reducing unfunded commitments in the fourth quarter of 2021.Provision for unfunded commitments was a reversal of $1.1 million for the year ended December31, 2021, compared to a provision of $1.4 million for the year ended December31, 2020.

-- Noninterest income was $10.6 million for the fourth quarter of 2021, as compared to $9.9 million for the fourth quarter 2020, a 6.9% increase. The increase was driven by FHA multi-family income associated with trade premiums, origination fees and mortgage servicing rights of $2.5 million and gains on sale of investment securities of $906 thousand, which more than offset the lower gain on sale of loans. Residential mortgage loan locked commitments were $163.0 million for the fourth quarter of 2021, compared to $427.5 million for the fourth quarter of 2020.Noninterest income was $40.4 million for the year ended December31, 2021, compared to $45.7 million for the year ended December31, 2020.

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

Noninterest expenses were $149.2 million for the year ended December31, 2021, compared to $144.2 million for the year ended December31, 2020.

-- Efficiency ratio5 was 44.3% for the fourth quarter of 2021 compared to 38.3% for the fourth quarter of 2020. The efficiency ratio increase was driven by lower net interest income and higher noninterest expenses (see Noninterest Expense section) in the fourth quarter of 2021 in comparison to the fourth quarter of 2020.The efficiency ratio was 40.9% for the year ended December31, 2021, compared to 39.3% for the year ended December31, 2020.

-- Effective income tax rate for the fourth quarter ended 2021 was 26.3%, compared to 23.7% in the fourth quarter of 2020. This change is the result of the provision to tax return true-up process which took place in the fourth quarter each year.Effective income tax rate for the year ended December31, 2021 and 2020 was 25.7% and 24.9%, respectively.

Balance Sheet

-- Total assets at December31, 2021 were $11.8 billion, up 6.6% from a year ago. The increase in assets from a year ago was primarily driven by increases to cash and investments as a result of large deposit inflows in the third and fourth quarters of 2021. -- Investment portfolio had a balance of $2.6 billion at December31, 2021, up 128% from a year ago. More than half of the increase came in the fourth quarter of 2021 as investments increased by $836.7 million over the third quarter of 2021. Investments made during the fourth quarter of 2021 were primarily agency mortgage backed securities and agency bonds. -- Total loans (excluding loans held for sale) were $7.1 billion as of December31, 2021, a decrease of 9.0% from a year ago. A portion of the decrease was driven by PPP loan forgiveness and, in the second quarter of 2021, the sale of PPP loans. Excluding PPP loans, loans were $7.0 billion at December31, 2021, a decrease of 4.0% from the prior year-end.6

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

On a linked quarter basis, total loans (excluding loans held for sale and PPP loans) at December31, 2021, increased by $230.9 million, or 3.4%, from the prior quarter end as originations and advances exceeded payoffs and paydowns7.

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

The yield on the loan portfolio was 4.62% for the year ended December31, 2021 as compared to 4.66% for the year ended December31, 2020.

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

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

-- Allowance for credit losses was 1.06% of total loans at December31, 2021, and 1.41% a year ago. Adjusted to exclude PPP loans, which are fully government guaranteed, the allowance for credit losses was 1.07%, compared to 1.50% a year ago.10 The reduction in the allowance for credit losses as a percent of total loans for the year ended December31, 2021 is due to a provision reversal of $20.8 million and net charge-offs of $13.3 million, which had a greater impact on the ratio than the decline in loans.Net charge-offs for the fourth quarter of 2021 were $1.2 million as compared to $5.5 million for fourth quarter of 2020. On an annualized basis, this was 0.07% of average loans (excluding loans held for sale) for the fourth quarter of 2021, as compared to 0.28% for the fourth quarter of 2020.Net charge-offs for 2021 were $13.3 million, which represented 0.18% of average loans, and for 2020 were $20.1 million, which represented 0.26% of average loans.

(Dollars in thousands) December 31, September 30, December 31, 2021 2021 2020Allowance for credit losses, adjustedAllowance for credit $ 74,965 $ 82,906 $ 109,579 losses (GAAP) Total loans, excludingloans held for sale $ 7,065,598 $ 6,850,863 $ 7,760,212 (GAAP)Less: PPP loans (51,105 ) (67,311 ) (454,771 )(non-GAAP)Total loans excluding PPP $ 7,014,493 $ 6,783,552 $ 7,305,441 loans (non-GAAP) Allowance for creditlosses to total loans 1.06 % 1.21 % 1.41 %(GAAP)Allowance for creditlosses to total loans 1.07 % 1.22 % 1.50 %excluding PPP loans(non-GAAP)

-- Total deposits were $10.0 billion at December31, 2021, up 8.6% from a year ago. Most of the increase was in the second half of the year. While deposits are up significantly, the deposit mix and cost of funds remains favorable. Average noninterest bearing deposits to average total deposits was 36.3% for the fourth quarter of 2021, as compared to 32.7% for the fourth quarter of 2020.The cost of funds was 0.26% in the fourth quarter of 2021, as compared to 0.48% in the fourth quarter of 2020. A portion of the favorable decline is attributable to the redemption of $150 million of subordinated debt with a 5% rate on August 2, 2021.

-- Total shareholders equity was $1.35 billion at December31, 2021, up 8.9% from a year ago. For the year ended December31, 2021, increases in shareholders' equity from earnings were partially offset by common dividends declared of $38.9 million and stock repurchases of $682 thousand. Book value per share was $42.28, up 8.3% from a year ago.Tangible book value per share was $38.9711, up 9.0% from a year ago. -- Capital ratios for the Company remain strong and substantially in excess of regulatory minimum requirements. Regulatory ratios based on risk-based capital ratios continue to remain high, supported by earnings. Capital ratios did experience some decline in the fourth quarter of 2021 as non-risk weighted cash was moved into risk-weighted securities and loans.

For the Company December September December Well 31, 30, 31, Capitalized 2021 2021 2020 MinimumRegulatory Ratios Total Capital (to risk weighted 16.15 % 16.59 % 17.04 % 10.00 %assets)Tier 1 Capital (to risk weighted 15.02 % 15.33 % 13.49 % 8.00 %assets)Common Equity Tier 1 (to risk 15.02 % 15.33 % 13.49 % 6.50 %weighted assets)Tier 1 Capital (to average 10.19 % 10.58 % 10.31 % 5.00 %assets) Common Capital Ratios Common Equity Ratio 11.40 % 11.49 % 11.16 % ? %Tangible Common Equity Ratio 10.60 % 10.68 % 10.31 % ? %

Additional Commentary

-- Cost savings initiatives: The Bank continues to pursue its "branch light" strategy to improve efficiency while putting more emphasis on relationships and technology. After continued analysis of our branch structure, the Bank closed its Reston Branch in December 2021, as its lease is set to expire shortly. The annual cost savings in rent, common area maintenance and taxes is about $287 thousand. -- Paycheck protection program: At December31, 2021, the Bank had an outstanding balance of PPP loans of $51.1 million, down from $67.3 million at the prior quarter end. The remaining PPP loans were mostly originated in mid-2020. -- COVID-19 and watch-rated loans: Beginning in the third quarter of 2020, all loans that received a second COVID-19 deferral or payment modification were downgraded to a watch-rating if not already rated as such. This was done to raise the visibility of these loans within the loan portfolio. After these COVID-19 deferred or modified loans demonstrate six months of payments and sustained performance, they may be considered for removal as a watch-rated loan. Watch-rated loans at December31, 2021 were $351 million (down from $509 million the prior quarter-end), of which $261 million (down from $415 million the prior quarter end) were loans that received a COVID-19 deferral or payment modification (includes loans that were upgraded to watch-rated). -- Nonperforming loans and assets: Both nonperforming loans and assets decreased on a linked quarter basis and year over year.Nonperforming loans were $29.2 million, or 0.41%, of total loans at December31, 2021, down from $31.2 million, or 0.46%, at the prior quarter end, and down from $60.9 million, or 0.79%, of total loans a year ago.Nonperforming assets were $30.8 million, or 0.26%, of total assets at December31, 2021, down from $36.4 million, or 0.31%, at the prior quarter end, and down from $65.9 million, or 0.59%, of total assets a year ago. At December31, 2021, other real estate owned ("OREO") was $1.6 million.In November 2021, the bank sold one of its four OREO properties for a gain on $1.1 million. At December 31, 2021, the OREO properties had a carrying value of $1.6 million (comprising three properties), down from $5.1 million at the prior quarter end and down from $5.0 million a year ago.

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

Additional financial information: The financial information that follows provides more detail on the Companys financial performance for the three months and year ended December31, 2021 as compared to the three months and year ended December31, 2020, as well as eight quarters of trend data. Persons wishing additional information should refer to the Companys annual report on Form 10-K for the year ended December 31, 2020, quarterly reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 and other reports filed with the Securities and Exchange Commission (the SEC).

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through seventeen branch offices, located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, diversity, equity and inclusion in both its workplace and the communities in which it operates.

Conference call: Eagle Bancorp will host a conference call to discuss its fourth quarter 2021 financial results on Thursday, January 20, 2022 at 10:00 a.m. eastern time. The public is invited to listen to this conference call by dialing 1.877.303.6220, conference ID Code: 7254649, or by accessing the call on the Companys website, www.EagleBankCorp.com. A replay of the conference call will be available on the Companys website through February 3, 2022.

Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as may, will, can, anticipates, believes, expects, plans, estimates, potential, continue, should, could, strive, feel and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Companys market (including the macroeconomic and other challenges and uncertainties resulting from the COVID-19 pandemic, including on our credit quality, asset and loan growth and broader business operations), interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Companys Annual Report on Form 10-K for the year ended December 31, 2020, the Company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, the Company's upcoming Quarterly Report on Form 10-K for the year ended December 31, 2021, and in other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Companys past results are not necessarily indicative of future performance, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters performance projections. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Eagle Bancorp, Inc.Consolidated Financial Highlights (Unaudited)(Dollars in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 Income Statements:Totalinterest $ 86,230 $ 94,680 $ 364,496 $ 389,986 incomeTotalinterest 8,044 13,263 39,982 68,424 expenseNet interest 78,186 81,417 324,514 321,562 incomeProvision for (6,412 ) 4,917 (20,821 ) 45,571 credit lossesProvision forUnfunded (632 ) 406 (1,119 ) 1,380 CommitmentsNet interestincome after 85,230 76,094 346,454 274,611 provision forcredit lossesNoninterestincome(before 9,668 9,722 37,421 43,881 investmentgain)Gain (loss)on sale of 906 165 2,964 1,815 investmentsecuritiesTotalnoninterest 10,574 9,887 40,385 45,696 incomeTotalnoninterest 39,309 35,008 149,165 144,162 expenseIncome beforeincome tax 56,495 50,973 237,674 176,145 expenseIncome tax 14,875 12,081 60,983 43,928 expenseNet income $ 41,620 $ 38,892 $ 176,691 $ 132,217 Per Share Data:Earnings perweightedaverage $ 1.30 $ 1.21 $ 5.53 $ 4.09 common share,basicEarnings perweightedaverage $ 1.30 $ 1.21 $ 5.52 $ 4.09 common share,dilutedWeightedaveragecommon shares 31,950,320 32,037,099 31,935,824 32,334,201 outstanding,basicWeightedaveragecommon shares 32,030,998 32,075,175 32,003,090 32,383,021 outstanding,dilutedActual sharesoutstanding 31,950,092 31,779,663 31,950,092 31,779,663 at period endBook valueper common $ 42.28 $ 39.05 $ 42.28 $ 39.05 share atperiod endTangible bookvalue percommon share $ 38.97 $ 35.74 $ 38.97 $ 35.74 at period end^(1)Dividend per $ 0.40 $ 0.22 $ 1.40 $ 0.88 common sharePerformanceRatios (annualized):Return onaverage 1.32 % 1.39 % 1.49 % 1.28 %assetsReturn onaverage 12.30 % 12.53 % 13.54 % 10.98 %common equityReturn onaverage 13.35 % 13.69 % 14.73 % 12.03 %tangiblecommon equityNet interest 2.55 % 2.98 % 2.81 % 3.19 %marginEfficiency 44.29 % 38.34 % 40.88 % 39.25 %ratio ^(2)Other Ratios: Allowance forcredit losses 1.06 % 1.41 % 1.06 % 1.41 %to totalloans ^(3)Allowance forcredit lossesto total 256.66 % 179.80 % 256.66 % 179.80 %nonperformingloansNonperformingloans to 0.41 % 0.79 % 0.41 % 0.79 %total loans ^(3)Nonperformingassets to 0.26 % 0.59 % 0.26 % 0.59 %total assetsNetcharge-offs(annualized) 0.07 % 0.28 % 0.18 % 0.26 %to averageloans ^(3)Common equityto total 11.40 % 11.16 % 11.40 % 11.16 %assetsTier 1capital (to 10.19 % 10.31 % 10.19 % 10.31 %averageassets)Total capital(to risk 16.15 % 17.04 % 16.15 % 17.04 %weightedassets)Common equitytier 1capital (to 15.02 % 13.48 % 15.02 % 13.48 %risk weightedassets)Tangiblecommon equity 10.60 % 10.31 % 10.60 % 10.31 %ratio ^(1)

(continued) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 Loan Balances- Period End (inthousands):Commercialand $ 1,354,317 $ 1,437,433 $ 1,354,317 $ 1,437,433 IndustrialPPP loans $ 51,105 $ 454,771 $ 51,105 $ 454,771 Commercialreal estate - $ 3,385,299 $ 3,687,000 $ 3,385,299 $ 3,687,000 incomeproducingCommercialreal estate - $ 1,087,776 $ 997,694 $ 1,087,776 $ 997,694 owneroccupied1-4 Family $ 73,966 $ 76,592 $ 73,966 $ 76,592 mortgageConstruction- commercial $ 896,319 $ 873,261 $ 896,319 $ 873,261 andresidentialConstruction- C&I (owner $ 159,579 $ 158,905 $ 159,579 $ 158,905 occupied)Home equity $ 55,811 $ 73,167 $ 55,811 $ 73,167 Other $ 1,428 $ 1,389 $ 1,428 $ 1,389 consumerAverageBalances (in thousands):Total assets $ 12,538,596 $ 11,141,826 $ 11,836,735 $ 10,349,963 Total earning $ 12,180,872 $ 10,872,259 $ 11,516,495 $ 10,080,239 assetsTotal loans $ 6,890,414 $ 7,896,324 $ 7,260,886 $ 7,868,523 Total $ 10,670,205 $ 9,227,733 $ 9,940,577 $ 8,502,022 depositsTotal $ 402,393 $ 596,307 $ 489,857 $ 569,446 borrowingsTotalshareholders? $ 1,342,525 $ 1,235,174 $ 1,304,902 $ 1,204,341 equity

(1) Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, and the annualized return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders' equity and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders' equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity which is calculated by excluding the average balance of intangible assets from the average common shareholders equity. The Company considers this information important to shareholders as tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios and as such is useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions. The table below provides reconciliation of financial measures defined by GAAP with non-GAAP financial measures. (2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income. The efficiency ratio measures a banks overhead as a percentage of its revenue.(3) Excludes loans held for sale.

GAAP Reconciliation (Unaudited)(Dollars in thousands except per share data) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 Commonshareholders' $ 1,350,775 $ 1,240,892 equityLess:Intangible (105,793 ) (105,114 )assetsTangible $ 1,244,982 $ 1,135,778 common equityBook valueper common $ 42.28 $ 39.05 shareLess:Intangiblebook value (3.31 ) (3.31 )per commonshareTangible bookvalue per $ 38.97 $ 35.74 common shareTotal assets $ 11,847,310 $ 11,117,802 Less:Intangible (105,793 ) (105,114 )assetsTangible $ 11,741,517 $ 11,012,688 assetsTangiblecommon equity 10.60 % 10.31 %ratioAveragecommon $ 1,342,525 $ 1,235,173 $ 1,304,902 $ 1,204,341 shareholders'equityLess: Averageintangible (105,565 ) (105,131 ) (105,256 ) (104,903 )assetsAveragetangible $ 1,236,960 $ 1,130,042 $ 1,199,646 $ 1,099,438 common equityNet IncomeAvailable to $ 41,620 $ 38,892 $ 176,691 $ 132,217 CommonShareholdersAnnualizedReturn onAverage 13.35 % 13.69 % 14.73 % 12.03 %TangibleCommon Equity

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

Eagle Bancorp, Inc.Consolidated Balance Sheets (Unaudited)(Dollars in thousands, except per share data)Assets December 31, September 30, December 31, 2021 2021 2020Cash and due from $ 12,886 $ 8,806 $ 8,435 banksFederal funds sold 20,391 38,934 28,200 Interest bearingdeposits with banks 1,680,945 2,452,744 1,752,420 and other short-terminvestmentsInvestment securitiesavailable for sale(amortized cost of$2,642,665,$1,789,416, and$1,129,057, andallowance for credit 2,623,408 1,786,659 1,151,083 losses of $620, $256and $167 as ofDecember 31, 2021,September 30, 2021 andDecember 31, 2020,respectivelyFederal Reserve andFederal Home Loan Bank 34,153 34,093 40,104 stockLoans held for sale 47,218 53,413 88,205 Loans 7,065,598 6,850,863 7,760,212 Less allowance for (74,965 ) (82,906 ) (109,579 )credit lossesLoans, net 6,990,633 6,767,957 7,650,633 Premises and 14,557 15,293 13,553 equipment, netOperating lease 30,555 30,080 25,237 right-of-use assetsDeferred income taxes 43,174 44,733 38,571 Bank owned life 108,789 108,158 76,729 insuranceIntangible assets, net 105,793 105,103 105,114 Other real estate 1,635 5,135 4,987 ownedOther assets 133,173 134,209 134,531 Total Assets $ 11,847,310 $ 11,585,317 $ 11,117,802 Liabilities and Shareholders' EquityDeposits: Noninterest bearing $ 3,277,956 $ 2,836,418 $ 2,809,334 demandInterest bearing 777,255 812,410 756,923 transactionSavings and money 5,197,247 5,268,157 4,645,186 marketTime, $100,000 or more 327,651 347,937 546,173 Other time 401,431 403,566 431,587 Total deposits 9,981,540 9,668,488 9,189,203 Customer repurchase 23,918 29,401 26,726 agreementsOther short-term 300,000 300,000 300,000 borrowingsLong-term borrowings 69,670 69,639 268,077 Operating lease 35,501 34,345 28,022 liabilitiesReserve for unfunded 4,379 5,011 5,498 commitmentsOther liabilities 81,527 146,736 59,384 Total liabilities 10,496,535 10,253,620 9,876,910 Shareholders' Equity Common stock, parvalue $.01 per share;shares authorized100,000,000, sharesissued and outstanding 316 316 315 31,950,092,31,947,458, and31,779,663respectivelyAdditional paid in 434,640 432,479 427,016 capitalRetained earnings 930,061 901,218 798,061 Accumulated othercomprehensive income (14,242 ) (2,316 ) 15,500 (loss)Total Shareholders' 1,350,775 1,331,697 1,240,892 EquityTotal Liabilities and $ 11,847,310 $ 11,585,317 $ 11,117,802 Shareholders' Equity

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

Eagle Bancorp, Inc.Consolidated Average Balances, Interest Yields And Rates (Unaudited)(Dollars in thousands) Three Months Ended December 31, 2021 2020 Average Average Average Average Balance Interest Yield/ Balance Interest Yield/ Rate RateASSETS Interestearning assets:Interestbearingdeposits withother banks $ 3,124,657 $ 1,272 0.16 % $ 1,752,046 $ 497 0.11 %and othershort-terminvestmentsLoans held 46,647 342 2.93 % 70,945 520 2.93 %for sale ^(1)Loans ^(1) 6,890,414 77,283 4.45 % 7,896,324 89,355 4.50 %(2)Investmentsecurities 2,088,907 7,327 1.39 % 1,122,078 4,301 1.52 %available forsale ^(2)Federal funds 30,247 6 0.08 % 30,866 7 0.10 %soldTotalinterest 12,180,872 86,230 2.81 % 10,872,259 94,680 3.46 %earningassetsTotalnoninterest 440,613 378,406 earningassetsLess:allowance for 82,889 108,839 credit lossesTotalnoninterest 357,724 269,567 earningassetsTOTAL ASSETS $ 12,538,596 $ 11,141,826 LIABILITIESAND SHAREHOLDERS'EQUITYInterestbearing liabilities:Interestbearing $ 803,027 $ 392 0.19 % $ 772,056 $ 511 0.26 %transactionSavings and 5,257,520 3,688 0.28 % 4,443,676 4,652 0.42 %money marketTime deposits 735,254 2,404 1.30 % 998,872 4,347 1.73 %Totalinterest 6,795,801 6,484 0.38 % 6,214,604 9,510 0.61 %bearingdepositsCustomerrepurchase 32,730 17 0.21 % 28,259 36 0.51 %agreementsOthershort-term 300,003 506 0.67 % 300,003 506 0.66 %borrowingsLong-term 69,660 1,037 5.96 % 268,045 3,211 4.69 %borrowingsTotalinterest 7,198,194 8,044 0.44 % 6,810,911 13,263 0.77 %bearingliabilitiesNoninterestbearing liabilities:Noninterestbearing 3,874,405 3,013,129 demandOther 123,472 82,612 liabilitiesTotalnoninterest 3,997,877 3,095,741 bearingliabilitiesShareholders? 1,342,525 1,235,174 equityTOTALLIABILITIESAND $ 12,538,596 $ 11,141,826 SHAREHOLDERS'EQUITYNet interest $ 78,186 $ 81,417 incomeNet interest 2.37 % 2.69 %spreadNet interest 2.55 % 2.98 %marginCost of funds 0.26 % 0.48 %

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $4.3 million and $6.2 million for the three months ended December 31, 2021 and 2020, respectively.(2) Interest and fees on loans and investments exclude tax equivalent adjustments.

Eagle Bancorp, Inc.Consolidated Average Balances, Interest Yields And Rates (Unaudited)(Dollars in thousands) Year Ended December 31, 2021 2020 Average Average Average Average Balance Interest Yield/ Balance Interest Yield/ Rate RateASSETS Interestearning assets:Interestbearingdeposits withother banks $ 2,499,377 $ 3,511 0.14 % $ 1,181,591 $ 2,601 0.22 %and othershort-terminvestmentsLoans held 71,043 2,278 3.21 % 67,361 2,125 3.15 %for sale ^(1)Loans ^(1) 7,260,886 335,471 4.62 % 7,868,523 366,729 4.66 %(2)Investmentsecurities 1,653,522 23,205 1.40 % 929,983 18,440 1.98 %available forsale ^(2)Federal funds 31,667 31 0.10 % 32,781 91 0.28 %soldTotalinterest 11,516,495 364,496 3.16 % 10,080,239 389,986 3.87 %earningassetsTotalnoninterest 416,492 371,345 earningassetsLess:allowance for 96,252 101,621 credit lossesTotalnoninterest 320,240 269,724 earningassetsTOTAL ASSETS $ 11,836,735 $ 10,349,963 LIABILITIESAND SHAREHOLDERS'EQUITYInterestbearing liabilities:Interestbearing $ 814,999 $ 1,609 0.20 % $ 783,568 $ 3,190 0.41 %transactionSavings and 4,947,198 15,000 0.30 % 3,925,413 26,271 0.67 %money marketTime deposits 803,718 11,163 1.39 % 1,149,185 24,105 2.10 %Totalinterest 6,565,915 27,772 0.42 % 5,858,166 53,566 0.91 %bearingdepositsCustomerrepurchase 24,884 51 0.20 % 29,345 293 1.00 %agreementsOthershort-term 300,003 2,008 0.67 % 280,126 1,870 0.66 %borrowingsLong-term 164,970 10,151 6.15 % 259,975 12,696 4.80 %borrowingsTotalinterest 7,055,772 39,982 0.57 % 6,427,612 68,425 1.06 %bearingliabilitiesNoninterestbearing liabilities:Noninterestbearing 3,374,662 2,643,856 demandOther 101,399 74,154 liabilitiesTotalnoninterest 3,476,061 2,718,010 bearingliabilitiesShareholders? 1,304,902 1,204,341 equityTOTALLIABILITIESAND $ 11,836,735 $ 10,349,963 SHAREHOLDERS'EQUITYNet interest $ 324,514 $ 321,561 incomeNet interest 2.59 % 2.81 %spreadNet interest 2.81 % 3.19 %marginCost of funds 0.35 % 0.68 %

(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $30.6 million and $22.3 million for the years ended December 31, 2021 and 2020, respectively.(2) Interest and fees on loans and investments exclude tax equivalent adjustments.

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

(1) Tangible common equity to tangible assets (the "tangible common equity ratio") and tangible book value per common share are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders' equity and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders' equity by common shares outstanding. The Company considers this information important to shareholders as tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios and as such is useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions.(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.(3) Excludes loans held for sale.

__________________1 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.2 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table under the subsection, Total Loans.3 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.4 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below.5 Noninterest expense divided by the sum of net interest income and noninterest income.6 A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.7 A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table above.8 A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.9 Includes interest on PPP loans, accelerated net deferred fees and costs from PPP loan sale and accelerated interest income from forgiveness of PPP loans.10 A reconciliation between these non-GAAP financial measures and the nearest GAAP measures is provided in the table below.11 A reconciliation of non-GAAP financial measures to the nearest non-GAAP measure is provided in the tables that accompany this document.

EAGLE BANCORP, INCCONTACT:David G. Danielson240.552.9534