2021 REPORT TO SHAREHOLDERS
TO OUR SHAREHOLDERS
On behalf of the Board of Directors of Eagle Bancorp, we are pleased to present our 2021 financial results and
highlight several achievements. This past year was one of our most successful, thanks to the hard work of more
than 500 dedicated and talented individuals across the company. Even with the challenges posed by two years
of operating during a global pandemic, our team members focused on creating value for our shareholders, clients,
colleagues, partners and our greater community.
In 2021, we achieved several milestones for our shareholders, including record annual earnings and a record level
of year-end assets. For the year, our earnings were $177 million, or $5.52 per diluted share, and at year-end, our
assets were $11.8 billion.
We raised our dividend three times during the year, and we returned to our shareholders almost $40 million, or
$1.40 per share, via dividends. Based on our fourth quarter dividend, our annualized dividend would amount to
$1.60 per share, and based on an average closing stock price of $57.88 per share in the fourth quarter of 2021,
our dividend yield was 2.8%.
It was also through our team members’ hard work that we were able to assist our clients in providing access to
the SBA’s Paycheck Protection Program (PPP). Over the life of the program, EagleBank originated 2,381 PPP loans
to businesses within our community with a total value of $720 million. Today, as the program winds down, we will
continue to assist with the loan forgiveness process, and work with our clients to meet their ongoing credit needs.
Our record earnings enabled us to continue to bolster equity, equity ratios, and both book and tangible book values.
At year-end 2021, equity was $1.35 billion, up $110 million from the prior year-end, and common equity was 11.40%
of assets, up 24 basis points, from the prior year-end. At year-end 2021, book value increased 8.3% from the prior
year-end and tangible book value was up 9.0%.
As we progress in 2022, we will continue our focus on diversity, equity and inclusion. We truly believe that diversity
of talent equals diversity of thought, and we invest in partnerships that help us find that talent and better serve our
diverse community. Our Diversity, Equity and Inclusion Council (DEIC) has been holding company wide meetings
and recently launched our employee resource group (ERG) program to foster a more diverse and inclusive workplace,
and a mentorship program that formally pairs skilled, knowledgeable mentors with mentees who can learn from
Our strength in equity gives us the resources to continue to lend. We see tremendous opportunity being based
them through regular, ongoing interaction. These initiatives are extremely important to the continued success of
in the Washington, DC metropolitan area, one of the nation’s premier markets as businesses reopen, workers
EagleBank and have the full support of both the senior staff and the Board. At the Board level, we have a diverse
return to work and consumer activity increases. With a legal lending limit of more than $200 million, we can work
group that includes four women and two men who identify as minorities.
with any business in the market. Our CRE, C&I and FHA lending teams remain committed to serving the needs of
our commercial clients every day, and our residential mortgage division continues to help local homeowners and
homebuyers achieve their dreams.
In closing, we want to thank our teammates for all the hard work over the past two years in a difficult environment.
Throughout the pandemic our team has adapted to new ways of doing business, listened to our clients, found
ways to meet their needs, used our resources effectively and deepened connections – in short, we put
Our strength also extends to asset quality, which continued to improve during the year. This is a testament not only
Relationships F - I- R - S - T.
to the quality of our lending and underwriting teams, but to the resiliency of our clients. Net charge-offs to average
loans were 0.18% in 2021, down 8 basis points from the prior year, and the allowance for credit losses to loans was
1.06%, down 35 basis points from the prior year-end.
Another area contributing to earnings, and in which we continue to lead our peers, is efficiency. EagleBank remains
disciplined on costs, and benefits from our long-held commitment to a “branch light” strategy. In 2021, as part
of our continued effort to reduce expenses, we closed three branches with expiring leases, reducing our branch
count to 17, and redeemed subordinated debt of $150 million, saving $7.5 million in interest expenses. For the year,
our efficiency ratio was 40.9% and our average deposits per branch were $587 million.
Flexible – Involved – Responsive – Strong – Trusted
We also want to thank all our shareholders and stakeholders for joining us on our journey forward.
Norman R. Pozez
Executive Chairman
of the Board
Susan G. Riel
President and
Chief Executive Officer
2
3
Eagle Bancorp, Inc. 2021 Report to Shareholders SIX-YEAR SUMMARY OF SELECTED FINANCIAL DATA
Dollars in millions, except per share data
E Net income
Return on average assets
Return on average tangible common equity
Net interest margin
Efficiency ratio1
Diluted earnings
Cash dividends
’21
$ 176.7
1.49%
14.73%
2.81%
40.9%
FOR THE YEAR OR YEAR ENDED DECEMBER 31
’20
$ 132.2
’19
$ 142.9
’18
$ 152.3
’17
$ 100.2
1.28%
12.03%
3.19%
39.3%
1.61%
13.40%
3.77%
40.0%
1.91%
16.63%
4.10%
37.3%
1.41%
12.54%
4.15%
37.8%
’16
97.7
$
1.52%
14.19%
4.16%
40.3%
$ 5.52
$ 4.09
$ 4.18
$ 4.42
$ 2.92
$ 2.86
$
1.40
$ 0.88
$ 0.66
-
-
-
Tangible book value per share2
$ 38.97
$ 35.74
$ 32.67
$ 29.17
$ 24.67
$ 21.61
Common shares outstanding (in millions)
32.0
31.8
33.2
34.4
34.2
34.0
ASSETS & TANGIBLE BOOK VALUES
Assets and Tangible Book Values
Assets and Tangible Book Values
Tangible Book Value Per Share (1)
Assets
Assets and Tangible Book Values
Tangible Book Value Per Share1
Tangible Book Value Per Share (1)
Assets
$12,000
Tangible Book Value Per Share (1)
Assets
)
s
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i
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$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
)
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$12,000
$10,000
$10,000
$8,000
$8,000
$6,000
$6,000
$4,000
$4,000
$2,000
$2,000
$0
2016
$0
2017
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
2020
$0.00
2020
2016
2017
2018
2019
2018
2016
2019
2017
2020
2018
2021
2019
e
r
a
h
S
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P
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a
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b
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n
2021
a
T
l
i
2021
$60.00
$60.00
$50.00
$50.00
$40.00
$40.00
$30.00
$30.00
$20.00
$20.00
$10.00
$10.00
$0.00
$0.00
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$ 11,847
$ 11,118
$ 8,989
$ 8,389
$ 7,479
$ 6,890
7,066
75
9,982
1,351
1,245
0.18%
0.26%
1.06%
15.02%
16.15%
10.19%
10.60%
7,760
110
9,189
1,241
1,136
0.26%
0.59%
1.41%
13.49%
17.04%
10.31%
10.31%
7,546
74
7,224
1,191
1,086
0.13%
0.56%
0.98%
12.87%
16.20%
11.62%
12.22%
6,991
70
6,974
1,109
1,003
0.05%
0.21%
1.00%
12.49%
16.08%
12.10%
12.11%
6,412
65
5,854
950
843
0.06%
0.20%
1.01%
11.23%
15.02%
11.45%
11.44%
5,678
59
5,716
$200
843
743
)
s
n
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$150
0.09%
m
n
$100
$50
$0
2016
2017
0.30%
1.04%
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10.80%
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14.89%
10.72%
10.84%
$200
$200
$150
$150
$100
$100
$50
$50
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NET INCOME & EPS (DILUTED)
Net Income & EPS (diluted)
Net Income & EPS (diluted)
Net Income
Net Income & EPS (diluted)
Earnings Per Share (diluted)
Earnings Per Share (diluted)
Net Income
Earnings Per Share (diluted)
$7.00
Net Income
)
s
n
o
$7.00
$6.00
$5.00
)
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(
$3.00
$4.00
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2018 2019 2020 2021
n
r
a
E
2018 2019 2020 2021
$0.00
$2.00
$1.00
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$6.00
$7.00
$5.00
$6.00
$4.00
$5.00
$3.00
$4.00
$2.00
$3.00
$1.00
$2.00
$0.00
$1.00
$0.00
2016
2017
$0
2018 2019 2020 2021
2016
2017
$ 42.28
$ 39.05
$ 35.82
$ 32.25
$ 27.80
$ 24.77
3.31
3.31
3.15
3.08
3.13
3.16
$ 38.97
$ 35.74
$ 32.67
$ 29.17
$ 24.67
$ 21.61
$ 1,351
$
1,241
$
1,191
$ 1,109
$ 950
$ 843
106
105
105
106
107
107
$ 1,245
$
1,136
$ 1,086
$ 1,003
$ 843
$
735
$ 11,847
$ 11,118
$ 8,989
$ 8.389
$ 7,479
$ 6,890
105
105
105
106
107
107
$ 11,742
$ 11,013
$ 8,884
$ 8,283
$ 7,372
$ 6,783
e
u
l
a
V
x
e
d
n
I
TOTAL SHAREHOLDER RETURN PERFORMANCE
C
N
A
M
R
O
F
R
E
P
N
O
M
M
O
C
R
E
P
E
R
A
H
S
T
E
E
H
S
E
C
N
A
L
A
B
Assets
Loans (excluding held for sale)
Allowance for loan losses
Deposits
Shareholders’ equity
Tangible common equity3
T
E
S
S
A
Net charge-offs to average loans
Y
T
I
L
A
U
Q
Nonperforming assets to assets
Allowance for credit losses to loans
CET1 capital (to risk weighted assets)
Total capital (to risk weighted assets)
Tier 1 capital (to average assets)
Tangible common equity ratio
Book value per share
Less: Intangible book value
Tangible book value per share2
Shareholders’ equity
Less: Intangible assets, net
Tangible common equity3
Assets
Less: Intangible assets
Tangible Assets4
L
A
T
I
P
A
C
N
O
I
T
A
I
L
I
C
N
O
C
E
R
P
A
A
G
-
N
O
N
COMMON EQUITY & CAPITAL RATIOS
)
s
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T
LOANS & ASSET QUALITY
o
i
t
a
R
l
a
t
i
p
a
C
y
t
i
l
a
u
Q
t
e
s
s
A
COMPOUNDED ANNUAL
GROWTH RATE
12/31/11
to
12/31/21
12/31/11
to
3/11/22
Eagle Bancorp, Inc.
16.7%
16.5%
NASDAQ
Composite Index
21.0%
18.2%
S&P 500 Index
16.6%
14.8%
KBW NASDAQ
Regional Banking
Index
12.5%
12.3%
Average common shareholders’ equity
$ 1,305
$ 1,204
$
1,172
$ 1,023
$ 906
$
796
Less: Average intangible assets
105
105
105
107
107
107
Average tangible common equity5
$ 1,200
$ 1,099
$ 1,067
$
916
$
799
$ 689
1 Efficiency ratio, a non-GAAP financial measure, is computed by dividing noninterest expense by the sum of net interest income and noninterest income.
2 Tangible book value per share, a non-GAAP financial measure, is defined as tangible common equity divided by common shares outstanding.
3 Tangible common equity, a non-GAAP financial measure, is defined as shareholders’ equity reduced by goodwill and other intangible assets.
4 Tangible assets, a non-GAAP financial measure, is defined as assets reduced as intangible assets.
5 Average tangible common equity, a non-GAAP financial measure, is defined as average common shareholders’ equity reduced by average intangible assets.
4
1 Tangible book value per share, a non-GAAP financial measure, is defined as tangible common equity divided by common shares outstanding. See non-GAAP reconciliation on prior page.
Source: S&P Global Market Intelligence © 2022
5
010020030040050060070012/31/1112/31/1212/31/1312/31/1412/31/1512/31/1612/31/1712/31/1812/31/1912/31/2012/31/2103/11/22Index ValueTotal Return Performance0.00%5.00%10.00%15.00%20.00%$0$200$400$600$800$1,000$1,200201620172018201920202021Capital RatioCommon Equity (in millions)Common Equity and Capital RatiosCommon EquityCET1 CapitalTotal Capital (to RWA)0.00%5.00%10.00%15.00%20.00%$0$200$400$600$800$1,000$1,200201620172018201920202021Capital RatioCommon Equity (in millions)Common Equity and Capital RatiosCommon EquityCET1 CapitalTotal Capital (to RWA)0.00%1.00%2.00%3.00%4.00%$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000201620172018201920202021Asset Quality Total Loans (in millions)Loans & Asset QualityTotal LoansNon-Performing Assets to Total AssetsNet Charge-offs to Average Loans0.00%1.00%2.00%3.00%4.00%$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000201620172018201920202021Asset Quality Total Loans (in millions)Loans & Asset QualityTotal LoansNon-Performing Assets to Total AssetsNet Charge-offs to Average LoansEagle Bancorp, Inc. 2021 Report to Shareholders
BOARD OF DIRECTORS *
Norman R. Pozez
Executive Chairman of Eagle Bancorp, Inc.
Executive Chairman of EagleBank
Chairman and Chief Executive Officer of Uniwest Companies
Matthew D. Brockwell
Senior Vice President and Chief Financial Officer of the
University of Oklahoma
Steven Freidkin
Founder and Chief Executive Officer of Ntiva, Inc.
Ernest Drew Jarvis
Managing Principal of Jarvis Commercial Real Estate
Theresa G. LaPlaca
Founder and President TLP Leadership Advisory Services
Leslie Ludwig
Co-Founder of L&L Advisors
Kathy A. Raffa, CPA
Office Managing Partner of Marcum LLP’s Washington, DC,
Region
Susan G. Riel
President and Chief Executive Officer of Eagle Bancorp, Inc.
President and Chief Executive Officer of EagleBank
James A. Soltesz, P.E. **
President and Chief Executive Officer of Soltesz, Inc.
Benjamin M. Soto, Esquire
President and Chief Executive Officer of
Premium Title & Escrow, LLC
VIRTUAL ANNUAL MEETING
Thursday, May 19, 2022, at 10:00 a.m. EDT
See Proxy Statement for details on virtual meeting.
FORM 10-K
The Company’s Form 10-K may be obtained, free of charge,
by contacting:
Jane E. Cornett
Vice President & Corporate Secretary, Eagle Bancorp, Inc.
7830 Old Georgetown Road, Bethesda, MD 20814
240.497.2041 jcornett@EagleBankCorp.com
For more 2021 financial information about Eagle Bancorp, Inc.,
visit our Investor Relations page at www.EagleBankCorp.com.
STOCK EXCHANGE LISTING
Common shares of Eagle Bancorp are traded on the
Nasdaq Capital Market under the symbol EGBN.
CORPORATE OFFICES
7830 Old Georgetown Road, Bethesda, MD 20814
301.986.1800
INVESTOR RELATIONS
David G. Danielson
7830 Old Georgetown Road, Bethesda, MD 20814
240.552.9534 ddanielson@EagleBankCorp.com
EXECUTIVE MANAGEMENT
Susan G. Riel ***
President and Chief Executive Officer of Eagle Bancorp, Inc.,
and EagleBank
Joseph L. Clarke
Executive Vice President and Chief Operating Officer
of EagleBank
Jeff Curry ***
Executive Vice President of Eagle Bancorp, Inc.
Executive Vice President & Chief Risk Officer of EagleBank
Charles D. Levingston, CPA ***
Executive Vice President and Chief Financial Officer
of Eagle Bancorp, Inc., and EagleBank
Antonio F. Marquez ***
Executive Vice President of Eagle Bancorp, Inc.
Senior Executive Vice President and President
of Commercial Banking of EagleBank
Lindsey S. Rheaume ***
Executive Vice President of Eagle Bancorp, Inc.
Executive Vice President and Chief Commercial
& Industrial Lending Officer of EagleBank
Ryan Riel
Executive Vice President and Chief Real Estate
Lending Officer of EagleBank
Paul Saltzman, Esquire ***
Executive Vice President and Chief Legal Officer
of Eagle Bancorp, Inc., and EagleBank
Janice L. Williams, Esquire ***
Executive Vice President of Eagle Bancorp, Inc.
Senior Executive Vice President and Chief Credit Officer
of EagleBank
TRANSFER AGENT
Computershare Trust Company, NA
By Regular Mail
P.O. Box 505000, Louisville, KY 40233-5000
By Overnight Delivery
462 South 4th Street, Suite 1600, Louisville, KY 40202
By Phone Toll Free
877.282.1168
COUNSEL
Cleary Gottlieb Steen & Hamilton LLP
2112 Pennsylvania Avenue, NW, Washington, DC 20037
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Crowe LLP
1455 Pennsylvania Avenue, NW, Suite 700, Washington,
DC 20004
* Directors of Eagle Bancorp, Inc. and EagleBank
** Lead Independent Director
*** Executive Officer of Eagle Bancorp, Inc.
EagleBank: Member Federal Deposit Insurance Corporation, Equal Housing Lender,
Member Federal Reserve System, Member Federal Home Loan Bank of Atlanta,
Affirmative Action/Equal Opportunity Employer ©2022 Eagle Bancorp, Inc.
6
VIRGINIA
Alexandria 277 S. Washington Street, Alexandria, VA 22314
Ballston 4420 N. Fairfax Drive, Arlington, VA 22203
Chantilly 13986 Metrotech Drive, Chantilly, VA 20151
Fairfax 11166 Fairfax Boulevard, Fairfax, VA 22030
Merrifield 2905 District Avenue, Suite 190, Fairfax, VA 22031
Tysons Corner 8245 Boone Boulevard, Tysons Corner, VA 22182
MARYLAND
Bethesda 7735 Old Georgetown Road, Suite 100, Bethesda, MD 20814
Chevy Chase 5480 Wisconsin Avenue, Suite 5476B, Chevy Chase,
MD 20815
Park Potomac 12505 Park Potomac Avenue, Potomac, MD 20854
Shady Grove 9600 Blackwell Road, Rockville, MD 20850
Silver Spring 8665-B Georgia Avenue, Silver Spring, MD 20910
Twinbrook 12300 Twinbrook Parkway, Suite 100, Rockville, MD 20852
1
2
3
4
5
6
7
8
9
10
11
12
Branch Office
Corporate Headquarters
Regional Headquarters
Loan Production Office
WASHINGTON, DC
Dupont Circle 1228 Connecticut Avenue, NW, Washington, DC 20036
Gallery Place 700 K Street, NW, Suite 60, Washington, DC 20001
Georgetown 3143 N Street, NW, Washington, DC 20007
K Street 2001 K Street, NW, Washington, DC 20006
McPherson Square 1425 K Street, NW, Washington, DC 20005
LOAN PRODUCTION OFFICES
7830 Old Georgetown Road, Bethesda, MD 20814
4550 Forbes Boulevard, Lanham, MD 20706
2001 K Street, NW, Suite 150, Washington, DC 20006
8245 Boone Boulevard, Suite 820, Tysons Corner, VA 22182
6010 Executive Boulevard, Suite 300, Rockville, MD 20852
13
14
15
16
17
LPO
LPO
LPO
LPO
LPO
OTHER OFFICES
Premier Banking
2001 K Street, NW, Suite 150, Washington, DC 20006
Eagle Insurance Services, LLC
7830 Old Georgetown Road, Bethesda, MD 20814
Investment Advisory Services
7830 Old Georgetown Road, Bethesda, MD 20814
7
295495954952703956666123589101112131415174LPOLPOLPOLPOLPO1676RockvilleRosslynSilver SpringLanhamPotomacMerrifieldFairfaxTysons CornerSterlingChantillyBethesdaMONTGOMERYCOUNTYPRINCEGEORGE’SCOUNTYFAIRFAX COUNTYARLINGTONALEXANDRIALOUDOUN COUNTYDCMDVAEagle Bancorp, Inc. 2021 Report to Shareholders OUR MISSION
We have a mission to be the most respected and profitable
community bank. To do this, we put relationships first, to the
delight of our customers, employees, and shareholders, and
relentlessly deliver the most compelling service and value.
RELATIONSHIPS FIRST
FLEXIBLE
We begin our relationships based on our time-tested tradition of listening to each customer, collaborating with colleagues,
and designing a comprehensive, creative solution that brings value to and appreciation from our customers. We enhance
the relationship with empowered, “Yes, We Can” service and live up to our strong belief that formulas don’t make good
banking sense, relationships do. Being entrepreneurial—it is our differentiator.
INVOLVED
We build our relationships by developing a rapport that is based on partnership, mutual respect, and a desire to delight.
We are unwavering in our commitment to the goals and growth of our customers, colleagues, and community through
volunteerism. We believe that doing the little extras and staying involved with our customers demonstrates our difference.
RESPONSIVE
We shape our relationships by taking ownership for being ever-responsive, from beginning to end, day in and day out.
We understand that reliable, accurate, and time-sensitive communication is fundamental to preserving reputation and
relationships, internally and externally.
STRONG
We strengthen our relation ships each time we are called upon for our expertise and know-how. We are committed to
enhancing our professional knowledge in order to remain credible, current, and strong partners with our customers,
colleagues, and community. Our history of sustaining a well-capitalized and profitable position emphasizes our strength
and reinforces our relationships. We believe that diversity of talent equals diversity of thought, and only serves to
strengthen our role as community builders.
TRUSTED
We uphold our relationships with honesty, openness and reliability. Our actions reflect our values, and underscore our
commitment to a diverse and inclusive environment. We can be counted on to do “the right thing.” We understand that
underlying a sound, long-lasting relationship is the essential element of trust. Trust can be lost in a moment, so we are
vigilant in our actions and words.
E AG L E B A N KC O R P.C O M