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EX - 99.1 2 alq2021 pressrelease1.htm EX - 99.1 EAGLE BANCORP , INC . PRESS RELEASE FOR EAGLE BANCORP , INC IMMEDIATE RELEASE CONTACT : David G. Danielson April 21 , 2021 240.552.9534 EAGLE BANCORP , INC . ANNOUNCES RECORD NET INCOME FOR FIRST QUARTER 2021 OF $ 43.5 MILLION OR $ 1.36 PER SHARE TOTAL ASSETS CONTINUED TO EXCEED $ 11 BILLION BETHESDA , MD , Eagle Bancorp , Inc. ( the “ Company ” ) ( NASDAQ : EGBN ) , the parent company of EagleBank ( the " Bank ” ) , today announced record net income of $ 43.5 million for the first quarter of 2021 , as compared to $ 23.1 million net income for the first quarter of 2020 , an 88 % increase . Net income per basic and diluted common share for the first quarter of 2021 was $ 1.36 compared to $ 0.70 for the first quarter of 2020 , a 94 % increase . The increase in earnings is largely due to the first quarter of 2021 including a reversal of the provision for credit losses and significant gain on sale of residential mortgages , whereas the first quarter of 2020 included provisions for credit losses at the beginning of the COVID - 19 pandemic , as well as , mark - to - market losses related to a hedge position on mortgage operations . First Quarter 2021 Highlights • Income Statement Net income of $ 43.5 million Reversal of allowance for credit losses of $ 2.4 million 0 Total revenue of $ 93.2 million ( up 9.4 % from a year ago ) ° ○ Net interest margin of 2.98 % O Return on average assets ( " ROAA " ) of 1.53 % • ° о Return on average common equity ( " ROACE " ) of 14.05 % Return on average tangible common equity ( " ROATCE " ) of 15.33 % ¹ Efficiency ratio of 40.7 % Balance Sheet ° Assets of $ 11.1 billion о Book value per share of $ 39.45 ( up 9.2 % from a year ago ) ° Total risk based capital ratio of 17.86 % ° ° Tangible book value per share of $ 36.16 ( up 10.0 % from a year ago ) ¹ Annualized net charge - off ratio to average loans of 0.27 % Nonperforming assets to total assets of 0.51 % о Allowance for credit losses to total loans of 1.36 % ¹ A reconciliation of non - GAAP financial measures to the nearest non - GAAP measure is provided in the tables that accompany this document .