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EX - 99.1 2 a2q2021 earningsrelease.htm EX - 99.1 EAGLE BANCORP , INC . PRESS RELEASE FOR EAGLE BANCORP , INC IMMEDIATE RELEASE CONTACT : David G. Danielson July 21 , 2021 240.552.9534 EAGLE BANCORP , INC . ANNOUNCES RECORD NET INCOME FOR SECOND QUARTER 2021 OF $ 48.0 MILLION OR $ 1.50 PER SHARE BETHESDA , MD , Eagle Bancorp , Inc. ( the “ Company ” ) ( NASDAQ : EGBN ) , the parent company of EagleBank ( the " Bank ” ) , today announced record net income of $ 48.0 million for the second quarter of 2021. These earnings included $ 4.7 million of accelerated interest income from the sale of Paycheck Protection Program ( " PPP " ) loans and a $ 4.6 million reversal from the allowance for credit losses on loans and the reserve for unfunded commitments ( as compared to the second quarter of 2020 , which included a provision of $ 20.7 million to the allowance for credit losses on loans and the reserve for unfunded commitments ) . As compared to $ 28.9 million net income for the second quarter of 2020 , this was a 66 % increase . Net income per basic and diluted common share was $ 1.50 for the second quarter of 2021 compared to $ 0.90 for the second quarter of 2020 . The increase in earnings is largely due to the overall improvement in the economy , in particular , the outlook for credit quality . Net income for the six months ended June 30 , 2021 , was $ 91.5 million , as compared to $ 52.0 million for the six months ended June 30 , 2020 , a 76 % increase . Net income per basic and diluted common share for the six months ended June 30 , 2021 was $ 2.87 and $ 2.86 , respectively , compared to $ 1.60 for both basic and diluted for the six months ended June 30 , 2020 . Second Quarter 2021 Highlights • Income Statement ° Net income of $ 48.0 million ° Total revenue of $ 95.2 million ( up 2.2 % from a year ago ) ° Reversal from the allowance for credit losses of $ 4.6 million on loans and the reserve for unfunded commitments ° Sale of PPP loans accelerated $ 4.7 million of net deferred fees and costs into interest income 0 Net interest margin of 3.04 % ° Return on average assets ( " ROAA " ) of 1.68 % 0 Return on average common equity ( " ROACE " ) of 14.92 % ° о Return on average tangible common equity ( " ROATCE " ) of 16.25 % ¹ Efficiency ratio of 37.1 % A reconciliation between this non - GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document . 1