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EAGLE BANCORP , INC . ANNOUNCES NET INCOME FOR THIRD QUARTER 2021 OF $ 43.6 MILLION OR $ 1.36 PER SHARE Company Release - 10/20/2021 4:15 PM ET BETHESDA , Md . , Oct. 20 , 2021 ( GLOBE NEWSWIRE ) – Eagle Bancorp , Inc. ( the " Company " ) ( NASDAQ : EGBN ) , the parent company of EagleBank ( the " Bank " ) , today announced net income of $ 43.6 million for the third quarter of 2021 , compared to net income of $ 41.3 million for the third quarter of 2020 , a 5.5 % increase . Net income per basic and diluted common share was $ 1.36 for the third quarter of 2021 , compared to $ 1.28 for the third quarter of 2020 . The increase in earnings is largely due to the release of reserves from the allowance for credit losses , partially offset by a reduction in mortgage fee income . Earnings for the third quarter of 2021 included a net reversal of $ 7.5 million from the allowance for credit losses on loans and the reserve for unfunded commitments , as compared to the third quarter of 2020 , which included a net provision of $ 4.5 million for those two accounts . Net income for the nine months ended September 30 , 2021 , was $ 135.1 million , compared to $ 93.3 million for the nine months ended September 30 , 2020 , a 45 % increase . Net income per basic and diluted common share for the nine months ended September 30 , 2021 was $ 4.23 and $ 4.22 , respectively , compared to $ 2.88 for both basic and diluted for the nine months ended September 30 , 2020 . Third Quarter 2021 Highlights • Income Statement • Net income of $ 43.6 million Net reversal of $ 7.5 million ( which includes an increase to the reserve for unfunded commitments of $ 716 thousand ) • Net interest margin of 2.73 % • Return on average assets ( " ROAA " ) of 1.46 % • Return on average common equity ( " ROACE " ) of 13.00 % • Return on average tangible common equity ( " ROATCE " ) of 14.11 % ¹ Efficiency ratio of 41.7 % • Balance Sheet