8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2024

EAGLE BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland	0-25923	52-2061461
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

7830 Old Georgetown Road, Third Floor

Bethesda, Maryland 20814

(Address of Principal Executive Offices) (Zip Code)

(301) 986-1800

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	EGBN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 24, 2024, Eagle Bancorp, Inc. (the "Company") issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

Attached as Exhibit 99.2 to this report is the presentation for the Company's earnings conference call on April 25, 2024, which also may be used in connection with potential meetings with investors and/or analysts. The Company does not undertake to update the information contained in the attached presentation materials.

The information contained in this Current Report on Form 8-K that is furnished under Items 2.02 and 7.01, including the accompanying Exhibits 99.1 and 99.2, is being furnished pursuant to Items 2.02 and 7.01 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section. The information contained in this Current Report on Form 8-K that is furnished under Items 2.02 and 7.01, including the accompanying Exhibits 99.1 and 99.2, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release dated April 24, 2024
99.2	Earnings Presentation
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EAGLE BANCORP, INC.
Date: April 24, 2024	By:	/s/ Eric R. Newell
		Eric R. Newell
		Executive Vice President, Chief Financial Officer

EX-99.1

PRESS RELEASE FOR	EAGLE BANCORP, INC.
IMMEDIATE RELEASE	CONTACT:
	Eric R. Newell
April 24, 2024	240.497.1796

EAGLE BANCORP, INC. ANNOUNCES RESULTS OF OPERATIONS FOR FIRST QUARTER 2024

BETHESDA, MD, Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent company of EagleBank (the "Bank"), today announced a net loss of $338 thousand for the first quarter 2024, compared to net income of $20.2 million for the fourth quarter 2023 (the "prior quarter"). Net loss was $(0.01) per share (diluted) for the first quarter 2024, compared to net income of $0.67 per share (diluted) for the prior quarter. Pre-provision net revenue ("PPNR")1, a non-GAAP financial measure, was $38.3 million for the first quarter 2024, compared to $38.8 million for the prior quarter.

The $20.6 million decrease from earnings in the prior quarter was attributable to a $20.7 million increase in provision for credit losses, due primarily to an updated valuation for a commercial real estate ("CRE") office property collateralizing a lending relationship that was partially charged-off in the first quarter 2024. The provision for credit losses was $35.2 million for the first quarter 2024, comprising the impact of the updated valuation and an increase in the office allowance for credit losses ("ACL") coverage ratio.

Susan G. Riel, President and Chief Executive Officer of the Company, commented, "Our results for the quarter showcased the strong fundamentals of our business, evidenced by the stability in our pre-provision net revenue, our growing reserve for credit losses, and our strong capital levels. The quarter showcased the progress we are making towards achieving our strategic objectives of enhancing the diversification of our deposits, growing the commercial lending team, and proactively managing our office portfolio."

Ms. Riel continued, "I am pleased that we are being proactive in addressing our challenges while always maintaining a trusted brand and franchise in our community. I am excited about the prospects of EagleBank and its ability to serve our communities and customers for years to come."

Eric R. Newell, Chief Financial Officer of the Company said, "Our operational performance remained stable over the last twelve months, and we are proud to have increased our deposits by over $1.0 billion and our loans by over $245.0 million over the last year. With these solid operating results, and our strong capital position evidenced by our common equity and tangible common equity1 ratios exceeding 10%, we are well positioned to continue executing on our strategic priorities."

Ms. Riel added, "The EagleBank team continues to serve our customers and communities, showing tenacity and commitment through a challenging operating environment. I thank all of our employees for their hard work and dedication. Additionally, we remain committed to a Relationship First culture of respect, diversity and inclusion in both the workplace and the communities we serve."

1A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures that accompany this document.

1

First Quarter 2024 Highlights

•Net loss was $338 thousand for the first quarter 2024, compared to net income of $20.2 million in the prior quarter, with PPNR of $38.3 million for the first quarter 2024, compared to $38.8 million for the prior quarter.

•The ACL as a percentage of total loans was 1.25% at quarter-end; up from 1.08% at the prior quarter-end. Performing office coverage2 was 3.67% at quarter-end; as compared to 1.91% at the prior quarter-end.

•The net interest margin ("NIM") remained steady at 2.43% for the first quarter 2024, compared to 2.45% for the prior quarter.

•The Company declared a quarterly dividend of $0.45 per share.

•At quarter-end, the common equity ratio, tangible common equity ratio, and common equity tier 1 capital (to risk-weighted assets) ratio were 10.85%, 10.03%, and 13.80%, respectively.

•Loans at quarter-end were $8.0 billion, up $14.0 million, or 0.2%, from the prior quarter-end.

•Deposits at quarter-end were $8.5 billion, down $306.6 million, or 3.5%, from the prior quarter-end. The decrease was primarily attributable to anticipated seasonality in deposits from tax payments. Deposits have increased over $1.0 billion as compared to March 31, 2023.

•Total estimated insured deposits at quarter-end were $6.2 billion, or 72.4% of deposits. Total on-balance sheet liquidity and available capacity was $2.9 billion at quarter-end.

Income Statement

•Net interest income was $74.7 million for the first quarter 2024, compared to $73.0 million for the prior quarter. The increase in net interest income was primarily driven by an increase in the average balances of deposits held with other banks and yields on the loan portfolio.

•Provision for credit losses was $35.2 million for the first quarter 2024, compared to $14.5 million for the prior quarter. The increase in the provision was primarily driven by an updated valuation for a CRE office property collateralizing a lending relationship that was partially charged off in the first quarter 2024 due to an updated appraisal. In addition, there was an increase in the provision primarily attributable to the increase in the office ACL coverage ratio.

•Noninterest income was $3.6 million for the first quarter 2024, compared to $2.9 million for the prior quarter. The primary driver for the increase was market value adjustments on our derivative book.

•Noninterest expense was $40.0 million for the first quarter 2024, compared to $37.1 million for the prior quarter. The increase over the comparative quarters was primarily due to increased salaries and employee benefits expenses in connection with first quarter seasonality and related payroll tax increases in the first quarter 2024, along with higher Federal Deposit Insurance Corporation ("FDIC") fees.

Loans and Funding

•Total loans were $8.0 billion at March 31, 2024, up 0.2% from the prior quarter-end. The increase in total loans was driven by increased fundings of ongoing construction projects for commercial and residential properties, partially offset by a reduction in CRE loans from quarter-end to the prior quarter-end.

2Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total loans.

2

At March 31, 2024, income-producing commercial real estate loans secured by office properties other than owner-occupied properties were 11.2% of the total loan portfolio at principal, down from 11.9% at the prior quarter-end.

•Total deposits were $8.5 billion at March 31, 2024, down 3.5% from the prior quarter-end. The decrease was primarily attributable to seasonality in deposits from tax payments.

•Borrowings were$1.7 billion at March 31, 2024, up 21.9% from the prior quarter-end due primarily to net fundings on the Company's secured borrowing lines.

Asset Quality

•Allowance for credit losses was 1.25% of total loans at March 31, 2024, compared to 1.08% at the prior quarter-end. Performing office coverage was 3.67% at quarter-end; as compared to 1.91% at the prior quarter-end.

Net charge-offs were $21.4 million for the quarter.

•Nonperforming assets were $92.3 million at March 31, 2024.

◦NPAs as a percentage of assets were 0.79% at March 31, 2024, compared to 0.57% at the prior quarter-end. At March 31, 2024, other real estate owned consisted of four properties with an aggregate carrying value of $773 thousand.

◦Loans 30-89 days past due were $31.1 million at March 31, 2024, up from $13.6 million at the prior quarter-end attributed to two relationships; one has since been brought current and the other as posing a limited risk of loss.

Capital

•Total shareholders' equity was $1.3 billion at March 31, 2024, down 1.2% from the prior quarter-end. The decrease in shareholders' equity of $14.9 million was primarily from reduced valuations of available-for-sale securities and a decline in retained earnings.

•Book value per share was $41.72, down $0.86 from the prior quarter-end.

•Tangible book value per share1 was $38.26, down $0.82 from the prior quarter-end.

Additional financial information: The financial information that follows provides more detail on the Company's financial performance for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023 and March 31, 2023, as well as eight quarters of trend data. Persons wishing additional information should refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other reports filed with 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 twelvebanking offices and fourlending 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 first quarter 2024 financial results on Thursday, April 25, 2024at 10:00 a.m. Eastern Time.

The listen-only webcast can be accessed at:

•https://edge.media-server.com/mmc/p/ubgqftw2/

3

•For analysts who wish to participate in the conference call, please register at the following URL:

https://register.vevent.com/register/BI92527acbd31b4c4fbe973b59797f475f

•A replay of the conference call will be available on the Company's website through May 9, 2024: https://www.eaglebankcorp.com/

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 Company's market (including volatility in interest rates and interest rate policy; the current high inflationary environment; competitive factors) and other conditions (such as the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks), 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 Company's Annual Report on Form 10-K for the year ended December 31, 2023 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 Company's 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.

4

Eagle Bancorp, Inc.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ended
	March 31,		December 31,		March 31,
	2024		2023		2023
Interest Income
Interest and fees on loans	$	137,994	$	135,964	$	120,850
Interest and dividends on investment securities	12,680		13,142		13,545
Interest on balances with other banks and short-term investments	24,862		18,230		5,774
Interest on federal funds sold	66		85		78
Total interest income	175,602		167,421		140,247
Interest Expense
Interest on deposits	79,383		78,239		48,954
Interest on customer repurchase agreements	315		272		302
Interest on borrowings	21,206		15,918		15,967
Total interest expense	100,904		94,429		65,223
Net Interest Income	74,698		72,992		75,024
Provision for Credit Losses	35,175		14,490		6,164
Provision for (Reversal of) Credit Losses for Unfunded Commitments	456		(594)		848
Net Interest Income After Provision For (Reversal of) Credit Losses	39,067		59,096		68,012
Noninterest Income
Service charges on deposits	1,699		1,688		1,510
Gain on sale of loans	—		23		305
Net gain (loss) on sale of investment securities	4		3		(21)
Increase in cash surrender value of bank-owned life insurance	703		687		655
Other income	1,183		493		1,251
Total noninterest income	3,589		2,894		3,700
Noninterest Expense
Salaries and employee benefits	21,726		18,416		24,174
Premises and equipment expenses	3,059		2,967		3,317
Marketing and advertising	859		1,071		636
Data processing	3,293		3,436		3,099
Legal, accounting and professional fees	2,507		2,722		3,254
FDIC insurance	6,412		4,444		1,486
Other expenses	2,141		4,042		4,618
Total noninterest expense	39,997		37,098		40,584
Income Before Income Tax Expense	2,659		24,892		31,128
Income Tax Expense	2,997		4,667		6,894
Net (Loss) Income	$	(338)	$	20,225	$	24,234
(Loss) Earnings Per Common Share
Basic	$	(0.01)	$	0.68	$	0.78
Diluted	$	(0.01)	$	0.67	$	0.78

5

Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
	March 31,		December 31,		March 31,
	2024		2023		2023
Assets
Cash and due from banks	$	10,076	$	9,047	$	9,940
Federal funds sold	11,343		3,740		3,746
Interest-bearing deposits with banks and other short-term investments	696,453		709,897		159,078
Investment securities available-for-sale at fair value (amortized cost of $1,613,659, $1,668,316, and $1,763,371, respectively, and allowance for credit losses of $17, $17 and $31, respectively)	1,445,034		1,506,388		1,582,185
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,957, $1,956 and $2,008, respectively (fair value of $878,159, $901,582 and $965,786, respectively)	1,000,732		1,015,737		1,075,303
Federal Reserve and Federal Home Loan Bank stock	54,678		25,748		79,134
Loans held for sale	—		—		6,488
Loans	7,982,702		7,968,695		7,737,676
Less: allowance for credit losses	(99,684)		(85,940)		(78,377)
Loans, net	7,883,018		7,882,755		7,659,299
Premises and equipment, net	9,504		10,189		12,929
Operating lease right-of-use assets	17,679		19,129		23,060
Deferred income taxes	87,813		86,620		89,117
Bank-owned life insurance	113,624		112,921		111,217
Goodwill and intangible assets, net	104,611		104,925		104,226
Other real estate owned	773		1,108		1,962
Other assets	177,310		176,334		171,183
Total Assets	$	11,612,648	$	11,664,538	$	11,088,867
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing demand	$	1,835,524	$	2,279,081	$	2,247,706
Interest-bearing transaction	1,207,566		997,448		907,637
Savings and money market	3,235,391		3,314,043		2,970,093
Time deposits	2,222,958		2,217,467		1,337,805
Total deposits	8,501,439		8,808,039		7,463,241
Customer repurchase agreements	37,059		30,587		37,854
Borrowings	1,669,948		1,369,918		2,183,626
Operating lease liabilities	21,611		23,238		27,634
Reserve for unfunded commitments	6,045		5,590		6,704
Other liabilities	117,133		152,883		127,850
Total Liabilities	10,353,235		10,390,255		9,846,909
Shareholders' Equity
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,185,732, 29,925,612, and 31,111,647, respectively	297		296		308
Additional paid-in capital	377,334		374,888		397,012
Retained earnings	1,047,550		1,061,456		1,025,552
Accumulated other comprehensive loss	(165,768)		(162,357)		(180,914)
Total Shareholders' Equity	1,259,413		1,274,283		1,241,958
Total Liabilities and Shareholders' Equity	$	11,612,648	$	11,664,538	$	11,088,867

6

Loan Mix and Asset Quality

(Dollars in thousands)

	March 31,				December 31,				March 31,
	2024				2023				2023
	Amount		%		Amount		%		Amount		%
Loan Balances - Period End:
Commercial	$	1,408,767	18	%	$	1,473,766	18	%	$	1,482,983	19	%
PPP loans	467		—	%	528		—	%	709		—	%
Income producing - commercial real estate	4,040,655		50	%	4,094,614		51	%	3,970,903		51	%
Owner occupied - commercial real estate	1,185,582		15	%	1,172,239		15	%	1,095,699		14	%
Real estate mortgage - residential	72,087		1	%	73,396		1	%	73,677		1	%
Construction - commercial and residential	1,082,556		13	%	969,766		12	%	948,877		13	%
Construction - C&I (owner occupied)	138,379		2	%	132,021		2	%	109,013		1	%
Home equity	53,251		1	%	51,964		1	%	53,829		1	%
Other consumer	958		—	%	401		—	%	1,986		—	%
Total loans	$	7,982,702	100	%	$	7,968,695	100	%	$	7,737,676	100	%

	Three Months Ended or As Of
	March 31,		December 31,		March 31,
	2024		2023		2023
Asset Quality:
Net charge-offs	$	21,430	$	11,936	$	975
Nonperforming loans	$	91,491	$	65,524	$	6,757
Other real estate owned	$	773	$	1,108	$	1,962
Nonperforming assets	$	92,264	$	66,632	$	8,719
Special mention	$	265,348	$	207,059	$	76,032
Substandard	$	361,776	$	335,815	$	87,950

7

Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)
	Three Months Ended
	March 31, 2024						December 31, 2023
	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
ASSETS
Interest earning assets:
Interest-bearing deposits with other banks and other short-term investments	$	1,841,771	$	24,862	5.43	%	$	1,340,972	$	18,230	5.39	%
Loans (1) (2)	7,988,941		137,994		6.95	%	7,963,074		135,964		6.77	%
Investment securities available-for-sale (2)	1,516,503		7,247		1.92	%	1,498,132		7,611		2.02	%
Investment securities held-to-maturity (2)	1,011,231		5,433		2.16	%	1,027,230		5,531		2.14	%
Federal funds sold	7,051		66		3.76	%	8,314		85		4.06	%
Total interest earning assets	12,365,497		$	175,602	5.71	%	11,837,722		$	167,421	5.61	%
Total noninterest earning assets	508,987						530,364
Less: allowance for credit losses	(90,014)						(84,783)
Total noninterest earning assets	418,973						445,581
TOTAL ASSETS	$	12,784,470					$	12,283,303
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,833,493	$	16,830	3.69	%	$	1,843,617	$	16,607	3.57	%
Savings and money market	3,423,388		35,930		4.22	%	3,297,581		35,384		4.26	%
Time deposits	2,187,320		26,623		4.90	%	2,164,038		26,248		4.81	%
Total interest bearing deposits	7,444,201		79,383		4.29	%	7,305,236		78,239		4.25	%
Customer repurchase agreements	36,084		315		3.51	%	31,290		272		3.45	%
Borrowings	1,796,863		21,206		4.75	%	1,370,627		15,918		4.61	%
Total interest bearing liabilities	9,277,148		$	100,904	4.37	%	8,707,153		$	94,429	4.30	%
Noninterest bearing liabilities:
Noninterest bearing demand	2,057,460						2,166,133
Other liabilities	160,206						171,254
Total noninterest bearing liabilities	2,217,666						2,337,387
Shareholders' equity	1,289,656						1,238,763
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	12,784,470					$	12,283,303
Net interest income			$	74,698					$	72,992
Net interest spread					1.34	%					1.31	%
Net interest margin					2.43	%					2.45	%
Cost of funds					3.58	%					3.45	%

(1)Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $5.1 million and $4.7 million for the three months ended March 31, 2024 and December 31, 2023, respectively.

(2)Interest and fees on loans and investments exclude tax equivalent adjustments.

8

Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
(Dollars in thousands)
	Three Months Ended March 31,
	2024						2023
	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
ASSETS
Interest earning assets:
Interest bearing deposits with other banks and other short-term investments	$	1,841,771	$	24,862	5.43	%	$	526,506	$	5,774	4.45	%
Loans held for sale (1)	—		—		—	%	4,093		60		5.95	%
Loans (1) (2)	7,988,941		137,994		6.95	%	7,712,023		120,790		6.35	%
Investment securities available-for-sale (2)	1,516,503		7,247		1.92	%	1,660,258		7,811		1.91	%
Investment securities held-to-maturity (2)	1,011,231		5,433		2.16	%	1,087,047		5,734		2.14	%
Federal funds sold	7,051		66		3.76	%	14,890		78		2.12	%
Total interest earning assets	12,365,497		$	175,602	5.71	%	11,004,817		$	140,247	5.17	%
Total noninterest earning assets	508,987						495,889
Less: allowance for credit losses	(90,014)						(74,650)
Total noninterest earning assets	418,973						421,239
TOTAL ASSETS	$	12,784,470					$	11,426,056
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction	$	1,833,493	$	16,830	3.69	%	$	1,065,421	$	6,107	2.32	%
Savings and money market	3,423,388		35,930		4.22	%	3,326,807		33,274		4.06	%
Time deposits	2,187,320		26,623		4.90	%	1,078,227		9,573		3.60	%
Total interest bearing deposits	7,444,201		79,383		4.29	%	5,470,455		48,954		3.63	%
Customer repurchase agreements	36,084		315		3.51	%	38,257		302		3.20	%
Borrowings	1,796,863		21,206		4.75	%	1,321,206		15,967		4.90	%
Total interest bearing liabilities	9,277,148		$	100,904	4.37	%	6,829,918		$	65,223	3.87	%
Noninterest bearing liabilities:
Noninterest bearing demand	2,057,460						3,263,670
Other liabilities	160,206						91,490
Total noninterest bearing liabilities	2,217,666						3,355,160
Shareholders' equity	1,289,656						1,240,978
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	12,784,470					$	11,426,056
Net interest income			$	74,698					$	75,024
Net interest spread					1.34	%					1.30	%
Net interest margin					2.43	%					2.77	%
Cost of funds(3)					3.58	%					2.62	%

(1)Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $5.1 million and $3.7 million for the three months ended March 31, 2024 and 2023, respectively.

(2)Interest and fees on loans and investments exclude tax equivalent adjustments.

(3)Beginning in the second quarter of 2023, the Company revised its cost of funds methodology to use a daily average calculation where interest expense on interest bearing liabilities is divided by average interest bearing liabilities and average noninterest bearing deposits. Previously, the Company calculated the cost of funds as the difference between yield on earning assets and net interest margin. Prior period has been conformed to the current presentation.

9

Eagle Bancorp, Inc.
Statements of Operations and Highlights Quarterly Trends (Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			September 30,			June 30,
Income Statements:	2024			2023			2023			2023			2023			2022			2022			2022
Total interest income	$	175,602		$	167,421		$	161,149		$	156,510		$	140,247		$	129,130		$	111,527		$	95,635
Total interest expense	100,904			94,429			90,430			84,699			65,223			43,530			27,630			12,717
Net interest income	74,698			72,992			70,719			71,811			75,024			85,600			83,897			82,918
Provision for (reversal of) credit losses	35,175			14,490			5,644			5,238			6,164			(464)			3,022			495
Provision for (reversal of) credit losses for unfunded commitments	456			(594)			(839)			318			848			161			774			553
Net interest income after provision for (reversal of) credit losses	39,067			59,096			65,914			66,255			68,012			85,903			80,101			81,870
Noninterest income before investment gain (loss)	3,585			2,891			6,342			8,593			3,721			5,326			5,304			5,715
Net gain (loss) on sale of investment securities	4			3			5			2			(21)			3			4			(151)
Total noninterest income	3,589			2,894			6,347			8,595			3,700			5,329			5,308			5,564
Salaries and employee benefits	21,726			18,416			21,549			21,957			24,174			23,691			21,538			21,805
Premises and equipment expenses	3,059			2,967			3,095			3,227			3,317			3,292			3,275			3,523
Marketing and advertising	859			1,071			768			884			636			1,290			1,181			1,186
Other expenses	14,353			14,644			12,221			11,910			12,457			10,645			10,212			32,448
Total noninterest expense	39,997			37,098			37,633			37,978			40,584			38,918			36,206			58,962
Income before income tax expense	2,659			24,892			34,628			36,872			31,128			52,314			49,203			28,472
Income tax expense	2,997			4,667			7,245			8,180			6,894			10,121			11,906			12,776
Net (loss) income	$	(338)		$	20,225		$	27,383		$	28,692		$	24,234		$	42,193		$	37,297		$	15,696
Per Share Data:
(Loss) earnings per weighted average common share, basic	$	(0.01)		$	0.68		$	0.91		$	0.94		$	0.78		$	1.32		$	1.16		$	0.49
(Loss) earnings per weighted average common share, diluted	$	(0.01)		$	0.67		$	0.91		$	0.94		$	0.78		$	1.32		$	1.16		$	0.49
Weighted average common shares outstanding, basic	30,068,173			29,925,557			29,910,218			30,454,766			31,109,267			31,819,631			32,084,464			32,080,657
Weighted average common shares outstanding, diluted	30,068,173			29,966,962			29,944,692			30,505,468			31,180,346			31,898,619			32,155,678			32,142,427
Actual shares outstanding at period end	30,185,732			29,925,612			29,917,982			29,912,082			31,111,647			31,346,903			32,082,321			32,081,241
Book value per common share at period end	$	41.72		$	42.58		$	40.64		$	40.78		$	39.92		$	39.18		$	38.02		$	39.05
Tangible book value per common share at period end (1)	$	38.26		$	39.08		$	37.12		$	37.29		$	36.57		$	35.86		$	34.77		$	35.80
Dividend per common share	$	0.45		$	0.45		$	0.45		$	0.45		$	0.45		$	0.45		$	0.45		$	0.45
Performance Ratios (annualized):
Return on average assets	(0.01)		%	0.65		%	0.91		%	0.96		%	0.86		%	1.49		%	1.29		%	0.54		%
Return on average common equity	(0.11)		%	6.48		%	8.80		%	9.24		%	7.92		%	13.57		%	11.64		%	4.91		%
Return on average tangible common equity (1)	(0.11)		%	7.08		%	9.61		%	10.08		%	8.65		%	14.82		%	12.67		%	5.35		%
Net interest margin	2.43		%	2.45		%	2.43		%	2.49		%	2.77		%	3.14		%	3.02		%	2.94		%
Efficiency ratio(2)	51.1		%	48.9		%	48.8		%	47.2		%	51.6		%	42.8		%	40.6		%	66.6		%
Other Ratios:
Allowance for credit losses to total loans (3)	1.25		%	1.08		%	1.05		%	1.00		%	1.01		%	0.97		%	1.04		%	1.02		%
Allowance for credit losses to total nonperforming loans	109		%	131		%	119		%	268		%	1,160		%	1,151		%	997		%	386		%
Nonperforming assets to total assets	0.79		%	0.57		%	0.64		%	0.28		%	0.08		%	0.08		%	0.09		%	0.19		%
Net charge-offs (recoveries) (annualized) to average total loans (3)	1.07		%	0.60		%	0.02		%	0.29		%	0.05		%	0.05		%	—		%	(0.04)		%
Tier 1 capital (to average assets)	10.26		%	10.73		%	10.96		%	10.84		%	11.42		%	11.63		%	11.55		%	10.68		%
Total capital (to risk weighted assets)	14.87		%	14.79		%	14.54		%	14.51		%	14.74		%	14.94		%	15.60		%	15.14		%
Common equity tier 1 capital (to risk weighted assets)	13.80		%	13.90		%	13.68		%	13.55		%	13.75		%	14.03		%	14.64		%	14.06		%
Tangible common equity ratio(1)	10.03		%	10.12		%	10.04		%	10.21		%	10.36		%	10.18		%	10.52		%	10.60		%
Average Balances (in thousands):
Total assets	$	12,784,470		$	12,283,303		$	11,942,905		$	11,960,111		$	11,426,056		$	11,255,956		$	11,431,110		$	11,701,679
Total earning assets	$	12,365,497		$	11,837,722		$	11,532,186		$	11,546,050		$	11,004,817		$	10,829,703		$	11,030,670		$	11,300,267
Total loans (3)	$	7,988,941		$	7,963,074		$	7,795,144		$	7,790,555		$	7,712,023		$	7,379,198		$	7,282,589		$	7,104,727
Total deposits	$	9,501,661		$	9,471,369		$	8,946,641		$	8,514,938		$	8,734,125		$	9,524,139		$	9,907,497		$	10,184,886
Total borrowings	$	1,832,947		$	1,401,917		$	1,646,179		$	2,102,507		$	1,359,463		$	411,060		$	158,001		$	152,583
Total shareholders' equity	$	1,289,656		$	1,238,763		$	1,235,162		$	1,245,647		$	1,240,978		$	1,233,705		$	1,271,753		$	1,281,742

(1)A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.

(2)Computed by dividing noninterest expense by the sum of net interest income and noninterest income.

(3)Excludes loans held for sale.

10

GAAP Reconciliation to Non-GAAP Financial Measures (unaudited)
(dollars in thousands, except per share data)
	March 31,			December 31,			March 31,
	2024			2023			2023
Tangible common equity
Common shareholders' equity	$	1,259,413		$	1,274,283		$	1,241,958
Less: Intangible assets	(104,611)			(104,925)			(104,226)
Tangible common equity	$	1,154,802		$	1,169,358		$	1,137,732
Tangible common equity ratio
Total assets	$	11,612,648		$	11,664,538		$	11,088,867
Less: Intangible assets	(104,611)			(104,925)			(104,226)
Tangible assets	$	11,508,037		$	11,559,613		$	10,984,641
Tangible common equity ratio	10.03		%	10.12		%	10.36		%
Per share calculations
Book value per common share	$	41.72		$	42.58		$	39.92
Less: Intangible book value per common share	(3.46)			(3.50)			(3.35)
Tangible book value per common share	$	38.26		$	39.08		$	36.57
Shares outstanding at period end	30,185,732			29,925,612			31,111,647

	Three Months Ended
	March 31,			December 31,			March 31,
	2024			2023			2023
Average tangible common equity
Average common shareholders' equity	$	1,289,656		$	1,238,763		$	1,240,978
Less: Average intangible assets	(104,718)			(105,032)			(104,231)
Average tangible common equity	$	1,184,938		$	1,133,731		$	1,136,747
Return on average tangible common equity
Net (loss) income	$	(338)		$	20,225		$	24,234
Return on average tangible common equity	(0.11)		%	7.08		%	8.65		%
Efficiency ratio
Net interest income	$	74,698		$	72,992		$	75,024
Noninterest income	3,589			2,894			3,700
Operating revenue	$	78,287		$	75,886		$	78,724
Noninterest expense	$	39,997		$	37,098		$	40,584
Efficiency ratio	51.09		%	48.89		%	51.55		%
Pre-provision net revenue
Net interest income	$	74,698		$	72,992		$	75,024
Noninterest income	3,589			2,894			3,700
Less: Noninterest expense	(39,997)			(37,098)			(40,584)
Pre-provision net revenue	$	38,290		$	38,788		$	38,140

11

Tangible common equity, tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, average tangible common equity, 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, or tangible common 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 efficiency ratio is a non-GAAP measure calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank's overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities.

Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans.

12

EX-99.2

1st Quarter 2024 Earnings Presentation EagleBankCorp.com April 24, 2024 Scan for digital version

Forward Looking Statements 2 This presentation contains forward looking statements within the meaning of the Securities and 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,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, 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. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other periodic and current reports filed with the SEC. 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. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance. The Company does not undertake to publicly revise or update forward-looking statements in this presentation to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law. This presentation was delivered digitally. The Company makes no representation that subsequent to delivery of the presentation it was not altered. For the most current, accurate information, please refer to www.eaglebankcorp.com and go to the Investor Relations tab. For further information on the Company please contact: Eric Newell P 240-497-1796 E enewell@eaglebankcorp.com

Attractive Washington DC Footprint 3 One-of-a-kind Market The Washington DC area represents a strong and stable economy bolstered by Federal government spending and related jobs insulating the region from the severity of potential economic downturns. Our market includes world-class centers of education, a robust private sector, including increasing technology innovation, and tourism. Attractive Demographics Eagle’s footprint represents some of the best demographics in the country. Household income in our markets is 55% above the national average and 41% above all Mid- Atlantic states. Advantageous Competitive Landscape Eagle is one of the largest banks headquartered in the Washington DC metro area and ranked 3rd by deposits in the DC MSA when you exclude banks with assets of more than $100 billion.

Eagle at a Glance 4 Total Assets $11.6 billion Total Loans $8 .0 billion Total Deposits $ 8 . 5 billion Tangible Common Equity $1. 2 billion Shares Outstanding (at close March 31, 2024) 30,185,732 Market Capitalization (at close April 23, 2024) $672 million Tangible Book Value per Common Share $38.26 Institutional Ownership 77% Member of Russell 2000 yes Member of S&P SmallCap 600 yes Note: Financial data as of March 31, 2024 unless otherwise noted. 1 - Equity was $1.3 billion and book value was $41.72 per share. Please refer to the Non-GAAP reconciliation in the appendix. 2 - Based on April 23, 2024 closing price of $22.27 per share and March 31, 2024 shares outstanding. 1 1 2

1 - Include cash and cash equivalents; see slide 7 for more detail 2 - Estimated amount of uninsured deposits to be reported on line RCON5597 of schedule RC-O in the Bank’s March 31, 2024 Call Report. 5 • Best-in-Class Regulatory Capital Levels o As of 12/31/2023, our CET1 ratio was in the top quartile of all bank holding companies with $10 billion in assets or more; our CET1 ratio as of 3/31/2024 was 13.80%. • Strong pre-provision, net revenue (“PPNR”) levels, with a clear line of sight into improving PPNR given our asset- neutral balance sheet o NIM expansion is anticipated throughout the rest of 2024 given the current forecast. • Strong Operating Efficiency o Eagle has a peer-leading efficiency ratio. Our cost structure is designed to minimize inefficiencies while allowing us to invest in growth and important back-office functions such as risk management and compliance. • Strong Liquidity and Funding Position o Liquidity risk management is central to our strategy • At 8.4%, Eagle has one of the highest liquid assets to total deposits ratio relative to peers1, and total on- balance sheet liquidity and available capacity was $2.9 billion at quarter-end. o Uninsured deposits2 only represent 28% of total deposits, having a weighted average relationship with EagleBank of over 10 years. • Capitalizing on our Desirable Geography o Market depth provides Eagle the ability to increase its market share in a growing and attractive footprint. o Recent focus on leveraging our physical presence to capture market share through improved sales behaviors. o As one of the largest banks in the DC area that is not a Money Center or Super-regional, we can cater to and anticipate our clients’ needs. Eagle is an attractive investment opportunity

Eagle – Capital Levels vs. Peers 6 1-Peers are those used in the proxy for the May 2024 annual meeting. Proxy Peers are AUB, BHLB, BRKL, BUSE, CNOB, CVBF, DCOM, FFIC, IBTX, INDB, LBAI, OCFC, PFS, SASR, TMP, UBSI, VBTX, WSFS and data is as of December 31, 2023. EGBN is as of March 31, 2024. 2-Please refer to the Non-GAAP reconciliation and footnotes in the appendices. Source: S&P Capital IQ Pro and company filings. Strong Capital • Capital ratios are high relative to peers1 • Excess CET1 (over 9%) plus reserves provides a superior level of coverage when measured against our peers

Eagle – Liquidity Position vs. Peers 7 Peers are those used in the proxy for the May 2024 annual meeting. Proxy Peers are AUB, BHLB, BRKL, BUSE, CNOB, CVBF, DCOM, FFIC, IBTX, INDB, LBAI, OCFC, PFS, SASR, TMP, UBSI, VBTX, WSFS and data is as of December 31, 2023 (if available). EGBN is as of March 31, 2024. Source: S&P Capital IQ Pro and company filings. Available Liquidity Cash and cash equivalents are high relative to peers. Cash equivalents combined with AFS securities provides a superior level of coverage when measured against our peers.

Performance Measures 8 1-Please refer to the Non-GAAP reconciliation and footnotes in the appendices. PPNR/Average Assets and returns are annualized. See Non-GAAP reconciliation for calculation of annualized PPNR. For the periods above, return on average common equity was 7.92% (2023Q1), 9.24% (2023Q2), 8.80% (2023Q3), 6.48% (2023Q4) and (0.11)% (2024Q1); and common equity to assets was 11.20% (2023Q1), 11.05% (2023Q2), 10.89% (2023Q3) 10.92% (2023Q4) and 10.85% (2024Q1).

Net Interest Income 9 NII Grows and NIM Remains Stable Net Interest Income • Interest income expanded $8.2 million quarter over quarter despite one fewer day due in large part to higher average earning assets as more cash was maintained throughout the quarter • Interest expense also increased $6.5 million on higher short-term borrowing along with increases in funding costs on deposits • Net interest income expanded quarter over quarter $1.7 million Margin • The net interest margin remained relatively stable quarter over quarter at a 2.43% • Increases in net interest income maintained pace with increases in average earning assets to support margin stability • Management expects to continue to see benefit from cash returning to the balance sheet on lower yielding investments • NIM is forecasted to improve for the rest of the year under the assumption that interest rates remain unchanged

Net Income – 1st Quarter Summary 10 Net Income Drivers Net interest income Net interest income up $1.7 million, driven by higher balances and yields on both loans and cash balances Provision for Credit Losses (“PCL”) The provision on credit was higher primarily driven by an updated valuation for a CRE office property collateralizing a central business district relationship which was partially charged off in the first quarter of 2024. Additionally, there was an increase related to the office ACL coverage ratio. Noninterest income Noninterest income up $694,000 primarily on market value adjustments on our derivative loan book due to lower interest rates. Noninterest expense1 Noninterest expense, excluding FDIC insurance fees, increased $931 thousand. 1- Please refer to Non-GAAP reconciliation and footnotes in the appendices.

2024 Outlook 11 1 – The effective tax rate for 1Q 2024 was outsized as a result of the loss experienced and discrete tax items that occurred in the quarter; this also resulted in a forecasted increase in the effective tax rate for the full year 2024 2 – Stable relative to 21.16% in 2023 Other Notes: 2024 Outlook represents forward-looking statements and are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Please see “Forward Looking Statements” on page 2. Key Drivers 1Q 2024 Actual Prior 2024 Outlook Current 2024 Outlook Balance Sheet Average deposits $9,502 million Low single digit % increase Low single digit % increase Average loans $7,989 million Low single digit % increase Low single digit % increase Average earning assets $12,365 million Low single digit % decline Low single digit % decline Income Statement Net interest margin 2.43% 2.50% - 2.70% 2.50% - 2.70% Noninterest income $3.6 million $17-$19 million $17-$19 million Noninterest expense $40.0 million $170-$180 million $170-$180 million Period effective tax rate 112.7%1 Stable2 22-24%

2024 Outlook Variables & Risks 12 Notes: Outlook 2024Y represents forward-looking statements and are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Please see “Forward Looking Statements” on page 2. Component Variables & Risks Economy & Rates • Business activity highly correlated to current and anticipated forward rates Clients • Credit quality and need for credit coupled with a potential recession Funding • Ability to obtain deposit funding in a cost-effective manner • High funding costs directly impacts the competitiveness of our loan offerings Competition • Competition for loans in the market remains high with added competition from non-bank lenders • Pricing (rate) and overall cost of acquiring deposits Opportunities • Growth in loans and deposits must remain flexible Regulation/Politics • Upcoming elections and potential for new policies adversely impacting banks To reach our 2024 outlook, we made many assumptions of variables and risks, including:

Improving Pre-Provision Net Revenue (“PPNR”) • Enhance revenue opportunities through C&I and small business to improve fee income and deposits • Continue to focus on growing core deposits • Maintain pricing discipline on loan originations to promote revenue growth • Continue operating efficiency focus and seek out opportunities for positive operating leverage Strategies Driving Growth and PPNR 13 Capital Management Improving C&I Lending Capability Balance Sheet & De-Risking Strategies Enhancing Deposit Franchise • Expanded yield realization through pricing decision-making and ROE hurdle rates • Strategies to reduce CRE concentration • Evaluating trades to improve investment portfolio yield • Finalizing FHA Mortgage Servicing Rights sale • Launching a digital channel to expand our customer base • Grow low-cost deposits with focus on operating relationships • Onboarded team focused on expatriate banking services tapping new, proven market • Enhancing digital engagement with focus on payments • Enhancing services and talent in our treasury management vertical • Proactively recruiting talent to build out our sales culture • Identifying industry verticals where the Company has a comparative advantage and expertise • Evaluation of options regarding maturing 2024 subordinated debt • Build capital through earnings Peers are those used in the proxy for the May 2024 annual meeting. Proxy Peers are AUB, BHLB, BRKL, BUSE, CNOB, CVBF, DCOM, FFIC, IBTX, INDB, LBAI, OCFC, PFS, SASR, TMP, UBSI, VBTX, WSFS and data is as of December 31, 2023. EGBN is as of March 31, 2024. Source: S&P Capital IQ Pro and company filings.

Key Strategic Objectives 14 • Enhance Deposit Franchise o Focus on deposit growth through improved sales behaviors; focusing on net new relationship metrics; enhancing products set and services to better serve our customers. o Enhance our treasury management program by continued collaboration between Treasury Management and C&I teams, onboarding of seasoned treasury management professionals and an increased focus on a consultative approach to selling. o Enhance our digital banking platform to improve the ease of opening accounts on-line and leverage our in- footprint brand to increase market share of deposits in the Washington DC area as well as the DMV region and beyond. o Onboarded an Expatriate Banking Services team which will leverage their strong centers of influence to introduce EagleBank’s consumer banking products to transferees into the U.S. o Leverage our existing branch network to drive customer acquisition and explore how to increase EagleBank’s physical presence in lower cost geographies contiguous to the Washington DC metro market. • Grow Commercial Lending Team o Enhance our C&I lending capabilities to obtain greater growth and diversity within the loan portfolio. o Shift community and customer perception of EagleBank to a full spectrum commercial bank. • Proactive Management of Office and Multi-family Portfolios o Continue to have expert teams regularly assess exposures and relationship managers proactively reach out to clients well in advance of maturities to achieve results beneficial to both the Bank and the borrower.

Deposit Mix and Trend 15 Total Deposits increased $1.03B Year-over-Year CDs Savings & money market Interest bearing transaction Noninterest bearing Cumulative Betas1 • Interest bearing deposits - 75% • Cost of funds – 63% 1 - For betas, the denominator is the change in the Average Effective Federal Funds rate for the quarter, starting with 2022 Q1.

Funding & Liquidity 16 Funding & Liquidity Summary Deposits Period end deposits were down $307 million for the quarter, primarily driven by an expected seasonality of tax payments. For the quarter, average deposits were up $30 million. The long-term strategy for deposits is to increase core deposits and reduce reliance on wholesale funding. Borrowings With some BTFP borrowings maturing, $300 million in borrowings were paid back and replaced with FHLB borrowings of $600 million. Ample Access to Liquidity Available liquidity from the FHLB, FRB Discount Window, and unencumbered securities is over $2.2 billion. 1 - Includes interest-bearing deposits with banks, cash and due from, and federal funds sold

4500 3700 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q1 CRE Office Detail 17 As of March 31, 2024 2-Proxy Peers are AUB, BHLB, BRKL, BUSE, CNOB, CVBF, DCOM, FFIC, IBTX, INDB, LBAI, OCFC, PFS, SASR, TMP, UBSI, VBTX, WSFS and data is as of December 31, 2023. Peer data only shown if CRE Office non-owner occupied was disclosed. EGBN is as of March 31, 2024. Source: S&P Capital IQ Pro and company filings. 1-Class Type is determined based on the latest appraisal designation Higher Risk Rating (9000) Lower Risk Rating (1000) Office (% of Total Inc Prod CRE) 22% Non-Office 78% Office (Avg Risk Rating) Non-Office Mix and Risk Rating Trend of Total Inc Prod CRE Class Type 1 Balance (in millions) Avg. Size (in millions) Criticized In Central Business District of DC Owner Occupied Office $145.1 $1.5 0% Income Producing Office 898.7 10.8 24% Total CRE Office $1,043.8 $5.8 24% Income Producing Office Class A $457.5 $19.9 18% 5.2% Class B 420.1 12.4 6% 8.4% Class C 15.0 1.5 0% 0.0% Office Condo and Other 6.2 0.4 0% 0.0% Total Income Producing Office $898.7 $10.8 24% 13.6% As a % of CRE Office The vast majority of our Inc Prod CRE is Non-Office and with risk ratings that have largely remained unchanged.

CRE Office Detail (continued) 18 CRE Office Commentary • Improving ACL coverage of office with reserve build to 3.67% of performing CRE Office vs. 1.91% the prior quarter • Non-office CRE exhibited limited internal risk rating migration • 68% of office portfolio maturities are beyond year-end 2025 • Limited exposure to Class B central business district office1-DSCR is calculated based on contractual principal and interest payments and only considers cash flow from primary sources of repayment $103 $53 $119 $44 $24 $21 $9 $309 $112 $100 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 2027 2028+ CRE Office - Maturity Schedule Maturity Year Balance (in millions) % of Non Owner Occupied Office Cumulative % Weighted LTV Weighted DSCR1 Outstanding Balance PSF 2024 $274.9 30.6% 30.6% 68 1.1 $213 2025 98.1 10.9% 41.5% 78 1.5 140 2026 309.1 34.4% 75.9% 64 1.6 168 2027 112.4 12.5% 88.4% 58 1.6 184 2028+ 104.2 11.6% 100.0% 63 0.5 204 $898.7 100.0% 66 1.3 $185

Loan Mix and Trend 19 Commercial Owner-Occupied CRE Construction – comm& residential. Home Equity Other Consumer Construction C&I (owner-occupied) Office Income producing CRE (excluding office if applicable)

20 Loan Type and Classification 1-Includes land. Quarter-over-Quarter Change Special Mention • C&I +$10.7 million • CRE +$47.7 million (includes CRE Office +$10.1 million) • 97.5% of special mention loans were current as 3/31/24 Substandard • C&I +$6.8 million • CRE +$19.0 million (includes CRE Office -$7.9 million) • 73.9% of substandard loans were current at 3/31/24 NPAs • 52.3% of NPAs were current at 3/31/24 $ in millions Balance % of Loans Office & Office Condo $899 11% Multifamily 804 10% Retail 421 5% Hotel/Motel 397 5% Mixed Use 398 5% Industrial 149 2% Single/1-4 Family & Res. Condo 104 1% Other 869 11% Total $4,041 50% Income Producing CRE by Type - 3/31/2024 2.12% 4.83% 4.76% 6.78% 7.86% Classified and Criticized Loans 88%81%92%96% 85% % performing $ in millions Balance % of Income-producing - CRE $3,142 39% Income-producing - CRE (Office) 899 11% Total income producing CRE 4,041 50% Commercial 1,409 18% Owner-occupied - commercial real estate 1,186 15% Construction - commercial and residential(1) 1,083 13% Construction - C&I (owner-occupied) 138 2% Real estate mortgage - residential 72 1% Consumer & home equity 54 1% Total $7,983 100% Loans by Type - 3/31/2024

Asset Quality Metrics 21 1-Excludes loans held for sale. 2-Non-performing assets (“NPAs”) include loans 90 days past due and still accruing. Charts for Allowance for Credit Losses and NPAs are as of period end. Net Charge Offs (“NCO”) are annualized for periods of less than a year.

Appendices 22

Investment Portfolio 23 Investment Portfolio Strategy • Portfolio positioned to manage liquidity and pledging needs • Cash flow projected principal only (rates unchanged): o Remainder of 2024 - $270 million o 2025 - $381 million • Total securities down $69 million from 12/31/2023 from principal paydowns, maturities received, and lower carrying values on securities. • Unencumbered securities of $393 million available for pledging. Note: Chart is as of period end on an amortized cost basis. AFS / HTM as of March 31, 2024 Percent Securities by of Portfolio Book Reprice Classification at Book Yield Term (years) Securities AFS 61% 1.68% 4.0 Securities HTM 39% 2.08% 6.7 Total Securities 100% 1.84% 5.1 Projected

Tangible Book Value Per Share 24 Per share data is as of period end. Please refer to Non-GAAP reconciliation and footnotes in the appendices. The CAGR for Book Value Per Share with AOCI included was 2.1% and excluded was 6.4% for the period from December 31, 2020, through March 31, 2024. Book values per share, including and excluding AOCI were, respectively, $39.05 and $38.56 (2020Y), $42.28 and $42.72 (2021Y), $39.18 and $45.54 (2022Y), $42.58 and $48.00 (2023Y) and $41.72 and $47.21 (2024 Q1).

Loan Portfolio – Details 25 Note: Data as of March 31, 2024. $ in millions Location C&I Owner Occupied CRE Income Producing CRE Owner Occupied Const. CRE Construction Land Residential Mortgage Consumer TOTAL % of Total Washington DC $496.0 $297.9 $1,307.1 $74.4 $250.5 $62.0 $34.0 $13.2 $2,535.1 31.8% Suburban Washington Montgomery 160.3 176.3 696.6 10.4 174.5 7.0 6.2 21.4 1,252.7 15.7% Prince George's 119.1 270.5 301.4 8.7 131.6 15.6 - 0.7 847.6 10.6% Fairfax 200.9 50.3 395.9 - 126.2 39.3 8.1 9.2 829.9 10.4% Loudoun 55.3 35.5 194.6 3.7 71.8 7.1 1.1 1.7 370.8 4.6% Alexandria 62.4 19.2 216.2 5.7 30.6 - 1.3 0.6 336.0 4.2% Prince William 6.5 22.5 151.8 23.7 49.4 - - 0.6 254.5 3.2% Arlington 24.2 0.3 88.1 - 6.5 - 1.4 2.3 122.8 1.5% Frederick 8.2 - 51.6 1.8 - - 0.5 0.4 62.5 0.8% Suburban Washington 636.9 574.6 2,096.2 54.0 590.6 69.0 18.6 36.9 4,076.8 51.1% Other Maryland Anne Arundel 3.2 22.7 98.0 0.6 31.5 12.7 1.3 0.5 170.5 2.1% Baltimore 12.2 24.6 35.6 0.6 30.0 - - - 103.0 1.3% Eastern Shore 7.8 7.8 51.5 - 2.2 - 1.1 0.9 71.3 0.9% Howard 7.8 1.6 26.5 - - 1.8 1.4 0.8 39.9 0.5% Charles 0.5 20.6 5.4 - - - - 0.2 26.7 0.3% Other MD 1.2 5.0 16.8 - - - 0.2 0.4 23.6 0.3% Other Maryland 32.7 82.3 233.8 1.2 63.7 14.5 4.0 2.8 435.0 5.4% Other Virginia Fauquier - - 8.9 - - - - - 8.9 0.1% Other VA 54.5 44.2 285.9 2.5 - - 0.3 0.3 387.7 4.9% Other Virginia 54.5 44.2 294.8 2.5 - - 0.3 0.3 396.6 5.0% Other USA 189.2 186.6 108.7 6.3 24.6 7.6 15.2 1.0 539.2 6.8% Total $1,409.3 $1,185.6 $4,040.6 $138.4 $929.4 $153.1 $72.1 $54.2 $7,982.7 100.0% % of Total 17.7% 14.9% 50.6% 1.7% 11.6% 1.9% 0.9% 0.7% 100.0%

Loan Portfolio – Income Producing CRE 26 Note: Data as of March 31, 2024. $ in millions Location Hotel/ Motel Industrial Mixed Use Multifamily Office Retail Other TOTAL % of Total Loans Washington DC $138.3 $5.8 $265.4 $384.5 $211.1 $82.3 $73.7 $146.0 $1,307.1 16.4% Suburban Washington Montgomery - 24.2 36.8 183.2 292.4 12.5 1.6 145.9 696.6 8.7% Prince George's 85.6 52.8 8.7 31.2 38.2 46.5 0.8 37.6 301.4 3.8% Fairfax - 3.0 1.0 1.0 186.9 49.1 9.4 145.5 395.9 5.0% Loudoun - 13.8 3.6 - 16.4 3.4 1.5 155.9 194.6 2.4% Alexandria 20.6 - 49.9 66.8 31.0 14.8 1.8 31.3 216.2 2.7% Prince William - 2.9 - 4.4 7.5 9.8 0.5 126.7 151.8 1.9% Arlington 46.4 - - - 40.4 - 1.3 - 88.1 1.1% Frederick - 2.0 0.5 - 5.5 38.8 0.5 4.3 51.6 0.6% Suburban Washington 152.6 98.7 100.5 286.6 618.3 174.9 17.4 647.2 2,096.2 26.3% Other Maryland Anne Arundel 33.1 - - - 1.7 51.2 - 12.0 98.0 1.2% Baltimore 14.3 - 0.4 0.3 0.7 4.8 0.5 14.6 35.6 0.4% Eastern Shore 36.0 13.0 - - - - - 2.5 51.5 0.6% Howard - 6.1 - - 2.0 5.6 2.0 10.8 26.5 0.3% Charles - 5.4 - - - - - - 5.4 0.1% Other MD - 16.4 - - - 0.4 - - 16.8 0.2% Other Maryland 83.4 40.9 0.4 0.3 4.4 62.0 2.5 39.9 233.8 2.9% Other Virginia Fauquier - - - - 6.1 - - 2.8 8.9 0.1% Other VA - 3.8 25.8 84.6 58.7 99.8 6.5 6.7 285.9 3.6% Other Virginia - 3.8 25.8 84.6 64.8 99.8 6.5 9.5 294.8 3.7% Other USA 22.1 - 5.4 47.9 0.1 1.9 4.1 27.2 108.7 1.4% Total $396.4 $149.2 $397.5 $803.9 $898.7 $420.9 $104.2 $869.8 $4,040.6 50.6% % of Total Loans 5.0% 1.9% 5.0% 10.1% 11.3% 5.3% 1.3% 10.9% 50.6% Single/1-4 Family & Res. Condo

Loan Portfolio – CRE Construction 27 Note: Data as of March 31, 2024. $ in millions Location Single & 1-4 Family Multifamily Office Hotel/Motel Mixed Use Retail Residential Condo Other TOTAL % of Total Loans Washington DC $14.5 $167.1 $0.0 $0.0 $29.0 $0.0 $10.9 $29.0 $250.5 3.1% Suburban Washington Montgomery 9.5 145.6 - - - - - 19.4 174.5 2.2% Prince George's 1.1 103.0 - - 27.5 - - - 131.6 1.6% Fairfax 14.0 52.7 - 18.3 39.2 2.0 - - 126.2 1.6% Loudoun 8.6 - - - 2.3 - 9.7 51.2 71.8 0.9% Alexandria 2.0 - - 2.2 4.5 1.0 20.9 - 30.6 0.4% Prince William - - - - - - - 49.4 49.4 0.6% Arlington 6.5 - - - - - - - 6.5 0.1% Frederick - - - - - - - - - 0.0% Suburban Washington 41.7 301.3 - 20.5 73.5 3.0 30.6 120.0 590.6 7.4% Other Maryland Anne Arundel - - - - - - 14.7 16.8 31.5 0.4% Baltimore - - - - 30.0 - - - 30.0 0.4% Eastern Shore - - - - - - - 2.2 2.2 0.0% Howard - - - - - - - - - 0.0% Charles - - - - - - - - - 0.0% Other MD - - - - - - - - - 0.0% Other Maryland - - - - 30.0 - 14.7 19.0 63.7 0.8% Other Virginia Fauquier - - - - - - - 0.0% Other VA - - - - - - - - - 0.0% Other Virginia - - - - - - - - - 0.0% Other USA 3.6 - - - - - - 21.0 24.6 0.3% Total $59.8 $468.4 $0.0 $20.5 $132.5 $3.0 $56.2 $189.0 $929.4 11.6% % of Total Loans 0.7% 5.9% 0.0% 0.3% 1.7% 0.0% 0.7% 2.4% 11.6% Renovation $6.6 $79.7 $0.0 $2.2 $50.5 $0.0 $0.0 $23.7 $162.7 Ground-Up 53.2 388.7 - 18.3 82.0 3.0 56.2 165.3 766.7

28 Non-GAAP Reconciliation (unaudited) $ in thousands, except per share data 2020Y 2021Y 2022Y 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Tangible common equity Common shareholders' equity $1,240,892 $1,350,775 $1,228,321 $1,241,958 $1,219,766 $1,215,884 $1,274,283 $1,259,413 Less: Intangible assets (104,307) (104,255) (104,233) (104,226) (104,220) (105,239) (104,925) (104,611) Tangible common equity $1,136,585 $1,246,520 $1,124,088 $1,137,732 $1,115,546 $1,110,645 $1,169,358 $1,154,802 Reverse: Accumulated other comprehensive income ("AOCI") (gain)/loss ($15,500) $14,242 $199,507 $180,914 $191,587 $211,505 $162,357 $165,768 Tangible common equity, excl. AOCI $1,121,085 $1,260,762 $1,323,595 $1,318,646 $1,307,133 $1,322,150 $1,331,715 $1,320,570 Tangible common equity ratio Total assets $11,117,802 $11,847,310 $11,150,854 $11,088,867 $11,034,741 $11,164,214 $11,664,538 $11,612,648 Less: Intangible assets (104,307) (104,255) (104,233) (104,226) (104,220) (105,239) (104,925) (104,611) Tangible assets $11,013,495 $11,743,055 $11,046,621 $10,984,641 $10,930,521 $11,058,975 $11,559,613 $11,508,037 Tangible common equity ratio 10.31% 10.60% 10.18% 10.36% 10.21% 10.04% 10.12% 10.03% Per Share Calculations Book value $39.05 $42.28 $39.18 $39.92 $40.78 $40.64 $42.58 $41.72 Less: Intangible book value (3.31) (3.31) (3.32) (3.35) (3.49) (3.52) (3.50) (3.46) Tangible book value $35.74 $38.97 $35.86 $36.57 $37.29 $37.12 $39.08 $38.26 Book value per common share $39.05 $42.28 $39.18 $39.92 $40.78 $40.64 $42.58 $41.72 Reverse: AOCI (gain)/loss (0.46) 0.49 6.36 5.81 6.41 7.07 5.42 5.49 Adjusted book value excluding AOCI $38.59 $42.77 $45.54 $45.73 $47.19 $47.71 $48.00 $47.21 Tangible book value per share $35.74 $38.97 $35.86 $36.57 $37.29 $37.12 $39.08 $38.26 Reverse: AOCI (gain)/loss (0.46) 0.49 6.36 5.81 6.41 7.07 $5.42 $5.49 Tangible book value excluding AOCI $35.28 $39.46 $42.22 $42.38 $43.70 $44.19 $44.50 $43.75 Shares outstanding 31,779,663 31,950,092 31,346,903 31,111,647 29,912,082 29,917,982 29,925,612$ 30,185,732$ As of Period End As of Period End $ in thousands 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Average tangible common equity Common shareholders' equity $1,240,978 $1,245,647 $1,235,162 $1,238,763 $1,289,656 Less: Intangible assets (104,231) (104,224) (104,639) (105,032) (104,718) Average tangible common equity $1,136,747 $1,141,423 $1,130,523 $1,133,731 $1,184,938 Return on avg. tangible common equity Net Income $24,234 $28,692 $27,383 $20,225 -$338 Average tangible common equity $1,136,747 $1,141,423 $1,130,523 $1,133,731 $1,184,938 Return on avg. tangible common equity 8.65% 10.08% 9.61% 7.08% -0.11% For the Quarter

29 Non-GAAP Reconciliation (unaudited) $ in thousands 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Pre-Provision Net Revenue Net interest income $75,024 $71,811 $70,719 $72,992 $74,698 Non-interest income 3,700 8,595 6,347 2,894 3,589 Non-interest expense (40,584) (37,978) (37,633) (37,098) (39,997) Pre-Provision Net Revenue 38,140 42,428 39,433 38,788 38,290 Average assets $11,426,056 $11,960,111 $11,942,905 $12,283,303 $12,784,470 PPNR to average assets (%) 1.35% 1.43% 1.31% 1.25% 1.20% For the Quarter $ in thousands 2023 Q3 2023 Q4 2024 Q1 Change Total noninterest expense FDIC insurance $3,342 $4,444 $6,412 $1,968 Other noninterest expense 34,291 32,654 33,585 931 Noninterest expense $37,633 $37,098 $39,997 $2,899 For the Quarter $ in thousands 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Efficiency Ratio Net interest income $75,024 $71,811 $70,719 $72,992 $74,698 Noninterest income 3,700 8,595 6,347 2,894 3,589 Revenue $78,724 $80,406 $77,066 $75,886 $78,287 Noninterest expense $40,584 $37,978 $37,633 $37,098 $39,997 Efficiency ratio 51.6% 47.2% 48.8% 48.9% 51.1% For the Quarter

30 Non-GAAP Reconciliation (unaudited) Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, tangible book value per common share excluding accumulated other comprehensive income (“AOCI”), and the 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; to calculate the tangible book value per common share excluding the AOCI, tangible common equity is reduced by the loss on the AOCI before dividing 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 above table provides reconciliation of these financial measures defined by GAAP with non-GAAP financial measures. Efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest (loss) income. Management believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities. The table above shows the calculation of the efficiency ratio from these GAAP measures. Pre-provision net revenue is a non-GAAP financial measure derived from GAAP based amounts. The Company calculates PPNR by subtracting noninterest expenses from the sum of net interest income and noninterest income. PPNR to Average Assets is calculated by dividing the PPNR amount by average assets to obtain a percentage. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans. The table above provides a reconciliation of PPNR and PPNR to Average Assets to the nearest GAAP measure.

XML

Cover	Apr. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 24, 2024
Entity Registrant Name	EAGLE BANCORP, INC.
Entity Incorporation, State or Country Code	MD
Entity File Number	0-25923
Entity Tax Identification Number	52-2061461
Entity Address, Address Line One	7830 Old Georgetown Road, Third Floor
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	986-1800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	EGBN
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001050441