• Eagle Bancorp, Inc. Announces Net Income for First Quarter 2023 of $24.2 Million or $0.78 per Diluted Share

    ソース: Nasdaq GlobeNewswire / 19 4 2023 16:15:01   America/New_York

    BETHESDA, Md., April 19, 2023 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent company of EagleBank (the "Bank"), today announced net income of $24.2 million for the first quarter 2023, compared to net income of $42.2 million for the fourth quarter 2022 (the "prior quarter") and $45.7 million for the first quarter 2022 (the "year ago quarter"). Net income was $0.78 per share (basic and diluted) for the first quarter 2023, compared to $1.32 per share (basic and diluted) for the prior quarter, and $1.43 per share (basic) and $1.42 per share (diluted) for the year-ago quarter.

    The $18.0 million decrease in earnings from the prior quarter was primarily attributable to the decrease in net interest income and a higher provision for credit losses. The decrease in net interest income was primarily attributable to higher interest expense as the rate paid on deposits increased in response to Federal Reserve rate increases and the funding mix changed reflecting a higher level of borrowings at rates higher than those of the deposits the borrowings replaced. These increases in interest expense outpaced the increase in interest income from loans. Additionally, the higher provision for credit losses was primarily attributable to qualitative factors, loan growth, and, to a lesser extent, reserves on corporate bonds within the securities portfolio.

    First Quarter 2023 Highlights

    • Common equity and tangible common equity ratios at quarter-end were 11.20% and 10.36%1, respectively.
    • Nonperforming assets as a percent of assets was 0.08%. Net charge-off for the quarter was $975 thousand.
    • Investment securities Held-to-Maturity had a fair value that was $112 million less than carrying value at quarter-end. This amount (unadjusted for tax impact) is 9.0% of quarter-end common shareholders' equity, which was $1.2 billion, and 9.8% of quarter-end tangible common equity, which was $1.1 billion1.
    • Loans at quarter-end were $7.7 billion, up $102 million from the prior quarter-end. This was the sixth consecutive quarterly increase. Loans were up 1.3% from the prior quarter and 8.8% from the year-ago quarter.
    • The provision for credit losses was $6.2 million for the quarter, as compared to a reversal of $0.5 million the prior quarter. The allowance for credit losses on loans was 1.01%, up from 0.97% a quarter ago and flat from 1.01% a year ago.
    • The funding mix changed as deposits at quarter-end were $7.5 billion, down $1.2 billion from the prior quarter-end. Short-term borrowings were $2.1 billion, up $1.1 billion from the prior quarter-end.
    • Aggregate borrowing capacity at quarter-end was $1.7 billion, which consists of $689 million of additional aggregate capacity to borrow from the Federal Home Loan Bank of Atlanta ("FHLB") and Bank Term Funding Program ("BTFP") on assets that have been pledged, and unencumbered securities totaling approximately $1.0 billion available for pledging to the FHLB or the BTFP.
    • Uninsured deposits at quarter-end were $3.2 billion2, or 42.9% of total deposits.
    • For our shareholders, during the quarter the Company repurchased 400,000 shares at an average price of $45.65 per share (including commissions), totaling an aggregate of $18.3 million. Additionally, the Company declared a quarterly dividend of $0.45 per share.


    (Dollars in thousands, except per share data)As of or for the Three Months Ended Percent Change
     March 31, Dec. 31, March 31, Q1-23 Q1-23
      2023   2022   2022  vs. Q4-22 vs. Q1-22
    Income Statement         
    Net income$24,234  $42,193  $45,744  (42.6)% (47.0)%
    Net income per diluted share$0.78  $1.32  $1.42  (40.9)% (45.1)%
    Dividend per common share$0.45  $0.45  $0.40  —% 12.5%
              
    Selected Ratios         
    Return on average assets 0.86%  1.49%  1.46% — —— 
    Return on average common equity 7.92%  13.57%  13.83% — —— 
    Return on average tangible common equity3 8.65%  14.82%  14.99% — —— 
    Net interest margin 2.77%  3.14%  2.65% — —— 
    Efficiency ratio3 51.6%  42.8%  35.3% — —— 
              
    Balance Sheet         
    Assets$11,088,867  $11,150,854  $11,227,223  (0.6)% (1.2)%
    Loans$7,737,676  $7,635,632  $7,113,807  1.3% 8.8%
    Deposits$7,463,241  $8,713,182  $9,586,259  (14.3)% (22.1)%
    Total capital (to risk weighted assets) 14.74%  14.94%  15.21% —  — 
              
    Per Share         
    Book value per share$39.92  $39.18  $39.89  1.9% 0.1%
    Tangible book value per share3$36.57  $35.86  $36.64  2.0% (0.2)%
              
    Asset quality         
    Allowance for credit losses to total loans 1.01%  0.97%  1.01% — —— 
    Nonperforming assets ("NPAs") to total assets 0.08%  0.08%  0.23% — —— 
    Net charge-off to average loans (annualized) 0.05%  0.05%  0.03% — —— 


    CEO Commentary

    Susan G. Riel, President and Chief Executive Officer of Eagle Bancorp, Inc., commented, "While we are disappointed with our first quarter operating results, our capital ratios are well in excess of regulatory minimums and our asset quality metrics remained strong, even against the backdrop of a challenging market, including continued disintermediation of deposits amid a rising interest rate environment. We met the liquidity needs of our depositors, and the credit needs of our borrowers, while holding firm to our commitment to strong underwriting and risk management practices. Additionally, first quarter earnings provided continued support for shareholders in the form of share repurchases and dividends. I believe our strong Relationships FIRST franchise and balance sheet, including a sizable amount of unencumbered assets and borrowing capacity, position EagleBank well to meet the banking needs of the communities and customers we serve."

    "We once again thank all of our employees for their commitment in serving the needs of our clients and communities. Additionally, we remain committed to a culture of respect, diversity and inclusion in both the workplace and the communities we serve."

    Income Statement

    • Net interest income was $75.0 million for the first quarter 2023, compared to $85.6 million for the prior quarter and $80.5 million for the year-ago quarter. The decrease in net interest income from the prior quarter was primarily driven by the impact of higher interest rates paid on deposits, a change in the funding mix reflecting a higher level of borrowings at rates higher than those of the deposits the borrowings replaced, and, late in the quarter, a shift in noninterest bearing deposit accounts to interest bearing deposit accounts. Higher interest rates also benefited loan yields as variable rate loans adjusted upward, new loans were added at current rates and total loans were higher, but the increase to interest income was less than the increase in interest expense on average deposits and average borrowings.
    • Net interest margin ("NIM") was 2.77% for the first quarter 2023, compared to 3.14% for the prior quarter and 2.65% for the year-ago quarter. The decrease in margin from the prior quarter was 37 basis points. The NIM contraction was based on the cost of funds increasing by 81 basis points, partially offset by the yield on earning assets increasing 44 basis points.
      • The yield on interest earning assets, which is inclusive of the yields on loans and securities, was 5.17% for the first quarter 2023 compared to 4.73% for the prior quarter and 2.91% for the year-ago quarter. The increase of 44 basis points from the prior quarter was from variable rate loans adjusting upward, higher rates on newly originated loans and higher rates on short-term investments.
      • The yield on the loan portfolio was 6.35% for the first quarter 2023, compared to 5.87% for the prior quarter and 4.35% for the year-ago quarter. The increase of 48 basis points from the prior quarter was from variable rate loans adjusting upward and from higher rates on newly originated loans.
      • The cost of funds was 2.40% for first quarter 2023, compared to 1.59% for the prior quarter and 0.26% for the year-ago quarter. The increase of 81 basis points from the prior quarter was primarily due to higher rates paid on savings and money market accounts and a change in the funding mix reflecting a higher level of borrowings at rates higher than those of the deposits the borrowings replaced. Additionally, late in the quarter, some noninterest bearing deposit accounts moved to interest bearing deposit accounts.
    • Pre-provision net revenue ("PPNR"),4 a non-GAAP measure, was $38.1 million for the first quarter 2023, compared to $52.0 million for the prior quarter and $56.9 million for the year-ago quarter. As a percent of average assets, PPNR for the first quarter 2023 was 1.35%5, compared to 1.83%5 for the prior quarter and 1.79%5 for the year-ago quarter. This decrease in both PPNR and PPNR as a percent of average assets from the prior quarter was primarily attributable to the decrease in net interest income as a percent of average assets (down 35 bps) as the rise in deposit and borrowing costs increased interest expense faster than the rise in loan rates increased interest income and, to a lesser extent, the decrease in noninterest income as a percent of average assets (down 6 bps) as the mortgage division ceased taking mortgage applications in the first quarter of 2023.

    (Dollars in thousands)Three Months Ended Percent Change
     March 31, December 31, March 31, Q1-23 Q1-23
      2023   2022   2022  vs. Q4-22 vs. Q1-22
    Net interest income$75,024  $85,600  $80,452  (12.4)% (6.7)%
    Noninterest income 3,700   5,329   7,453  (30.6)% (50.4)%
    Less: Noninterest expense (40,584)  (38,918)  (31,012) 4.3% 30.9%
    PPNR$38,140  $52,011  $56,893  (26.7)% (33.0)%
              
    Average Assets$11,426,056  $11,255,956  $12,701,152  1.5% (10.0)%
              
     As a Percent of Average Assets Basis Point Change
    Net interest income 2.66%  3.01%  2.53% (35) bps 13 bps
    Noninterest income 0.13%  0.19%  0.23% (6) bps (10) bps
    Noninterest expense (1.44)%  (1.37)%  (0.97)% (7) bps (47) bps
    PPNR to Average Assets (non-GAAP) 1.35%  1.83%  1.79% (48) bps (44) bps


    • Provision for credit losses on loans was $6.2 million for the first quarter 2023, compared to a reversal of $0.5 million for the prior quarter and a reversal of $2.8 million for the year-ago quarter. The increase in the first quarter 2023 provision over the prior quarter was primarily driven by changes in the qualitative and environmental ("Q&E") portion of the credit model associated with an additional allowance for commercial real estate office properties, and an increase in loans. Additionally, $1.2 million of the first quarter 2023 provision related to several corporate bonds in the securities portfolio. Corporate bonds represented less than 4% of the book value of the securities portfolio (combined available-for-sale and held-to-maturity portfolios).
    • Noninterest income was $3.7 million for the first quarter 2023, as compared to $5.3 million for the prior quarter and $7.5 million for the year-ago quarter. The primary driver for the decrease in the first quarter 2023 and the prior quarter as compared to the year-ago quarter is higher rates on mortgage loans leading to fewer mortgage originations. Additionally, the residential mortgage division ceased taking mortgage applications in the first quarter of 2023.
    • Noninterest expense was $40.6 million for the first quarter 2023 compared to $38.9 million for the prior quarter and $31.0 million for the year-ago quarter. Noninterest expense was up $1.7 million from the prior quarter, which included a $958 thousand one-time reversal of a legal accounts receivable (described below). The notable changes from the prior quarter were as follows:
      • Salaries and employee benefits were $24.2 million, up $483 thousand from the prior quarter. The increase was primarily due to a combination of higher employee benefit costs and higher payroll taxes offset by lower incentive accruals.
      • Legal, accounting and professional fees were $3.3 million, up $701 thousand from the prior quarter. The increase was primarily due to a $958 thousand reversal of legal accounts receivable as Directors & Officers insurance availability relating to the previously settled litigations and investigations was fully depleted.
      • Marketing and advertising expenses were $636 thousand, down $654 thousand from the prior quarter as advertising and promotion costs were reduced.
      • Other expenses were $4.6 million, up $1.4 million from the prior quarter. The increase was primarily attributable to compensation for the Company's Executive Chairman.

    At the end of the quarter, the Alexandria, Virginia branch was closed as it had an expiring lease. This reduced our branch count to fifteen and the annualized pre-tax cost savings in rental expense will be approximately $197 thousand.

    • Efficiency ratio6 was 51.6% for the first quarter 2023 compared to 42.8% for the prior quarter and 35.3% for the year-ago quarter. The increase in the efficiency ratio this quarter was primarily driven by the impact of higher interest rates on funding driving down net interest income, rather than an increase in noninterest expense. In comparison to the prior quarter, net interest income as a percent of average assets was down 35 basis points while noninterest expense as a percent of average assets was up 7 basis points.
    • Effective income tax rate for the first quarter 2023 was 22.1%, compared to 19.3% for the prior quarter and 23.4% for the year-ago quarter. The increase in the effective tax rate from the prior quarter was due to the prior quarter including an update to our apportionment of revenues among the states in which we operate.

    Balance Sheet

    • Total assets were $11.1 billion at March 31, 2023, down 0.6% from a quarter ago and down 1.2% from a year ago. The decrease in assets from the prior quarter-end was primarily from a reduction in interest bearing deposits with other banks, securities and Fed Funds sold, partially offset by higher loans.
    • Investment securities Available-for-Sale ("AFS") had a balance of $1.6 billion at March 31, 2023, down 1.0% from a quarter ago and down 10.9% from a year ago. The decrease from the prior quarter-end was primarily from principal paydowns and maturities received, offset by a slightly higher carrying value on AFS securities. No new investments were purchased during the first quarter of 2023.
    • Investment securities Held-to-Maturity ("HTM") had a balance of $1.1 billion at March 31, 2023, down 1.7% from a quarter ago and down 6.8% from a year ago. The decrease from the prior quarter-end was primarily from principal paydowns and maturities received, as well as a higher credit reserve placed against several corporate bond securities within the portfolio. No new investments were purchased during the first quarter of 2023.

      Investment securities HTM had a fair value which was $112 million less than carrying value at quarter-end, compared to a difference of $125 million a quarter ago.
    • Total loans (excluding loans held for sale) were $7.7 billion at March 31, 2023, up 1.3% from a quarter ago and up 8.8% from a year ago. The increase in total loans from the prior quarter-end was driven by growth in commercial real estate ("CRE") loans and commercial & industrial loans ("C&I"). The increase in loans and the decrease in deposits increased the loan-to-deposit ratio to 104% from 88% the prior quarter.
    • Allowance for credit losses was 1.01% of total loans at March 31, 2023, compared to 0.97% a quarter ago, and 1.01% a year ago. See commentary above in section "Provision for Credit Losses on Loans".

      Net charge-off was $975 thousand for the quarter, which as a percent of average loans (excluding loans held for sale)7 was 0.05% for the first quarter 2023, compared to 0.05% a quarter ago, and 0.03% the year-ago quarter.
    • Nonperforming loans and assets were $6.8 million and $8.7 million, respectively, at March 31, 2023.
      • Nonperforming loans as a percent of loans were 0.09% at March 31, 2023, compared to 0.08% a quarter ago and 0.33% a year ago. At quarter end, the number of nonperforming notes was 18, down from 21 the prior quarter end.
      • Nonperforming assets as a percent of assets were 0.08% at March 31, 2023, compared to 0.08% a quarter ago and 0.23% a year ago. At quarter end, other real estate owned ("OREO") consisted of four properties with an aggregate value of $2.0 million.
      • Loans 30-89 days late were $15.7 million at March 31, 2023, up from $2.2 million a quarter ago and $13.0 million a year ago. The increase from the prior quarter was from one credit for $14.1 million, which has since been brought current.
    • Total deposits were $7.5 billion at March 31, 2023, down 14.3% from a quarter ago and down 22.1% from a year ago. The decrease from the prior quarter-end was primarily attributable to outflows from noninterest bearing deposits and savings/money market accounts, partially offset by the increase in time deposits. For the quarter, average noninterest bearing deposits to average total deposits was 37.4% for the first quarter 2023, down from 40.9% a quarter ago and up from 36.1% for the year-ago quarter. The percentage in the first quarter 2023 reflected lower noninterest bearing deposits, partially offset by lower average deposits.

      Total estimated uninsured deposits at March 31, 2023 were $3.2 billion8, or 42.9% of deposits.
    • Other short-term borrowings were $2.1 billion at March 31, 2023, up from $975 million a quarter ago, and up from $150 million a year ago. The increase in borrowings from the prior quarter-end was primarily driven by the decrease in total deposits and, to a lesser extent, loan growth. These short-term borrowings consisted of $800 million from the BTFP secured by U.S. Treasuries, agency debt and mortgage-backed securities as collateral, and $1.3 billion from the FHLB secured by collateral consisting of qualifying loans in the Bank's commercial mortgage, residential mortgage and home equity loan portfolios as well as qualifying securities. The BTFP provides a source of liquidity in addition to sources available from the FHLB and others. The Company drew advances from the BTFP to optimize its funding mix taking into account collateral terms and interest rates at the time the program was accessed. As of March 31, 2023, the Company had aggregate undrawn borrowing capacity of $1.7 billion, which includes $689 million in additional aggregate capacity to borrow with the FHLB and BTFP on assets that have been pledged and unencumbered securities totaling approximately $1.0 billion available for pledging to the FHLB or BTFP.
      • BTFP borrowings were $800 million at March 31, 2023 with a rate of 4.38% for a term of up to one year.
      • FHLB borrowings were $1.3 billion at March 31, 2023 with a floating rate, at an average rate of 5.08%.
    • Total shareholders’ equity was $1.2 billion at March 31, 2023, up 1.1% from a quarter ago, and down 2.9% from a year ago. The increase in shareholders' equity of $13.6 million from the prior quarter-end was primarily from net income and improved valuations of AFS securities, partially offset by reductions in capital from the impact of share repurchases and dividends declared. Net income for the quarter was $0.78 per share and dividends declared were $0.45 per share.
      • Book value per share was $39.92, up $0.74 from a quarter ago, and up $0.03 from a year ago.
      • Tangible book value per share9 was $36.57, up $0.71 from a quarter ago, and down $0.07 from a year ago.
    • Dividends: On March 16, 2023, the Board of Directors declared a quarterly cash dividend of $0.45 per share payable on April 28, 2023 to shareholders of record on April 6, 2023.
    • Stock Repurchases: During the quarter, the Company repurchased 400,000 shares at an average price of $45.65 per share (including commissions), totaling an aggregate of $18.3 million.
    • Capital ratios for the Company are in the table below. Regulatory capital ratios for the Company continue to be strong and in excess of the regulatory requirements (inclusive of applicable buffers). Regulatory capital ratios based on risk weighted assets were down primarily on the increase in risk weighted assets from the prior quarter. Common capital ratios were higher as retained earnings and reduction in unrealized losses on investment securities AFS led to an increase in both equity and tangible common equity, and assets and tangible assets were slightly lower than the prior quarter.

     For the Company Minimum Required
     March 31, December 31, March 31, For Capital
     202310 2022 2022 Adequacy Purposes
    Regulatory Capital Ratios       
    Total Capital (to risk weighted assets)14.74% 14.94% 15.21% 10.50%
    Tier 1 Capital (to risk weighted assets)13.75% 14.03% 14.12% 8.50%
    Common Equity Tier 1 (to risk weighted assets)13.75% 14.03% 14.12% 7.00%
    Tier 1 Capital (to average assets)11.42% 11.63% 9.82% 4.00%
            
    Common Capital Ratios       
    Common Equity Ratio11.20% 11.02% 11.40% —
    Tangible Common Equity Ratio910.36% 10.18% 10.57% —


    Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended March 31, 2023 as compared to the three months ended December 31, 2022 and March 31, 2022, 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, 2022, 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 fifteen banking offices and five lending 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 2023 financial results on Thursday, April 20, 2023 at 10:00 a.m. eastern time. The public is invited to listen to this call by registering at the link https://register.vevent.com/register/BI71620bd5fb594956898b4cef6d7bd4ea or by accessing the call on the Company’s website, www.EagleBankCorp.com. A replay of the conference call will be available on the Company’s website through May 4, 2023.

    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 ongoing challenges and uncertainties relating to the continued evolution of COVID-19, including on our credit quality, asset and loan growth and broader business operations, 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, 2022 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. Information regarding the Company’s uninsured deposits consists of preliminary estimates, which are forward-looking statements and subject to change, possibly materially, as the Company completes its first quarter 2023 Call Report. 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.

    1 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
    2 Estimated amount of uninsured deposits to be reported on line RCON5597 of schedule RC-O in EagleBank's March 31, 2023 Call Report.
    3 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
    4 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the table below.
    5 Periods of less than one year are annualized.
    6 A reconciliation between this non-GAAP financial measure and the nearest GAAP measure is provided in the tables that accompany this document.
    7 Net charge-offs as a percent of average loans (excluding loans held for sale) are shown on an annualized basis.
    8 Estimated amount of uninsured deposits to be reported on line RCON5597 of schedule RC-O in EagleBank's March 31, 2023 Call Report.
    9 A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
    10 Capital ratios for March 31, 2023 are subject to final filings with the Federal Reserve.

     
    Eagle Bancorp, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands, except per share data)
          
     Three Months Ended
     March 31, December 31, March 31,
      2023   2022   2022 
    Income Statements:     
    Total interest income$140,247  $129,130  $88,321 
    Total interest expense 65,223   43,530   7,869 
    Net interest income 75,024   85,600   80,452 
    Provision for (reversal of) credit losses 6,164   (464)  (2,787)
    Provision for (reversal of) unfunded commitments 848   161   (11)
    Net interest income after provision for credit losses 68,012   85,903   83,250 
    Noninterest income (before investment gain) 3,721   5,326   7,478 
    Net gain (loss) on sale of investment securities (21)  3   (25)
    Total noninterest income 3,700   5,329   7,453 
    Total noninterest expense 40,584   38,918   31,012 
    Income before income tax expense 31,128   52,314   59,691 
    Income tax expense 6,894   10,121   13,947 
    Net income$24,234  $42,193  $45,744 
          
    Per Share Data:     
    Earnings per weighted average common share, basic$0.78  $1.32  $1.43 
    Earnings per weighted average common share, diluted$0.78  $1.32  $1.42 
    Weighted average common shares outstanding, basic 31,109,267   31,819,631   32,033,280 
    Weighted average common shares outstanding, diluted 31,180,346   31,898,619   32,110,099 
    Actual shares outstanding at period end 31,111,647   31,346,903   32,079,474 
    Book value per common share at period end$39.92  $39.18  $39.89 
    Tangible book value per common share at period end (1)$36.57  $35.86  $36.64 
    Dividend per common share$0.45  $0.45  $0.40 
          
    Performance Ratios (annualized):     
    Return on average assets 0.86%  1.49%  1.46%
    Return on average common equity 7.92%  13.57%  13.83%
    Return on average tangible common equity (1) 8.65%  14.82%  14.99%
    Net interest margin 2.77%  3.14%  2.65%
    Efficiency ratio (2) 51.6%  42.8%  35.3%
          
    Other Ratios:     
    Allowance for credit losses to total loans (3) 1.01%  0.97%  1.01%
    Allowance for credit losses to total nonperforming loans 1,160%  1,151%  301%
    Nonperforming loans to total loans (3) 0.09%  0.08%  0.33%
    Nonperforming assets to total assets 0.08%  0.08%  0.23%
    Net charge-off (annualized) to average total loans (3) 0.05%  0.05%  0.03%
    Average noninterest bearing deposits to average deposits 37.4%  40.9%  36.1%
    Yield on loans(3) 6.35%  5.87%  4.35%
    Cost of funds 2.40%  1.59%  0.26%


    Eagle Bancorp, Inc.
    Consolidated Financial Highlights (Continued) (Unaudited)
    (Dollars in thousands)
          
     Three Months Ended
     March 31, December 31, March 31,
      2023   2022   2022 
    Capital Ratios:     
    Tier 1 capital (to average assets)(4) 11.42%  11.63%  9.82%
    Total capital (to risk weighted assets)(4) 14.74%  14.94%  15.21%
    Common equity tier 1 capital (to risk weighted assets)(4) 13.75%  14.03%  14.12%
    Common equity to total assets 11.20%  11.02%  11.40%
    Tangible common equity ratio (1) 10.36%  10.18%  10.57%
          
    Loan Balances - Period End:     
    Commercial and Industrial$1,482,983  $1,487,349  $1,377,615 
    PPP loans 709   3,256   35,744 
    Commercial real estate - income producing 3,970,903   3,919,941   3,543,795 
    Commercial real estate - owner occupied 1,095,699   1,110,325   1,104,982 
    1-4 Family mortgage 73,677   73,001   72,238 
    Construction - commercial and residential 948,877   877,755   783,101 
    Construction - C&I (owner occupied) 109,013   110,479   140,282 
    Home equity 53,829   51,782   54,804 
    Other consumer 1,986   1,744   1,246 
    Total loans$7,737,676  $7,635,632  $7,113,807 
          
    Average Balances:     
    Total assets$11,426,056  $11,255,956  $12,701,152 
    Total earning assets$11,004,817  $10,829,703  $12,326,473 
    Total loans(3)$7,712,023  $7,379,198  $7,053,701 
    Total deposits$8,734,125  $9,524,139  $10,874,976 
    Total borrowings$1,359,463  $411,060  $371,987 
    Total shareholders’ equity$1,240,978  $1,233,705  $1,341,785 
          
    Asset Quality:     
    Net charge-off$975  $896  $459 
    Nonperforming loans$6,757  $6,469  $23,750 
    Other real estate owned$1,962  $1,962  $1,635 
    Nonperforming assets$8,719  $8,431  $25,386 

    (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. The efficiency ratio measures a bank’s overhead as a percentage of its revenue. 
    (3) Excludes loans held for sale.
    (4) Capital ratios for March 31, 2023 are subject to final filings with the Federal Reserve.


    GAAP Reconciliation (unaudited)
    (dollars in thousands, except per share data)
          
     March 31, December 31, March 31,
      2023   2022   2022 
    Common shareholders' equity$1,241,958  $1,228,321  $1,279,554 
    Less: Intangible assets (104,226)  (104,233)  (104,241)
    Tangible common equity$1,137,732  $1,124,088  $1,175,313 
          
    Book value per common share$39.92  $39.18  $39.89 
    Less: Intangible book value per common share (3.35)  (3.32)  (3.25)
    Tangible book value per common share$36.57  $35.86  $36.64 
          
    Total assets$11,088,867  $11,150,854  $11,227,223 
    Less: Intangible assets (104,226)  (104,233)  (104,241)
    Tangible assets$10,984,641  $11,046,621  $11,122,982 
          
    Tangible common equity ratio 10.36%  10.18%  10.57%
          
     Three Months Ended
     March 31, December 31, March 31,
      2023   2022   2022 
    Average common shareholders' equity$1,240,978  $1,233,705  $1,341,785 
    Less: Average intangible assets (104,231)  (104,238)  (104,246)
    Average tangible common equity$1,136,747  $1,129,467  $1,237,539 
          
    Net income$24,234  $42,193  $45,744 
    Return on average tangible common equity(1) 8.65%  14.82%  14.99%
          
    Net interest income$75,024  $85,600  $80,452 
    Noninterest income 3,700   5,329   7,453 
    Operating revenue$78,724  $90,929  $87,905 
    Noninterest expense$40,584  $38,918  $31,012 
    Efficiency ratio 51.6%  42.8%  35.3%

    (1) Periods of less than a year are annualized.

    GAAP Reconciliation (unaudited) - Continued

    Tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, 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. 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.

    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 in the "Income Statement" section of this earnings release provides a reconciliation of PPNR and PPNR to Average Assets to the nearest GAAP measure.

    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. The Company 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.


    Eagle Bancorp, Inc.
    Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands, except per share data)
     March 31, December 31, March 31,
    Assets 2023   2022   2022 
    Cash and due from banks$9,940  $12,655  $12,140 
    Federal funds sold 3,746   33,927   27,359 
    Interest-bearing deposits with banks and other short-term investments 159,078   265,272   682,883 
    Investment securities available-for-sale at fair value (amortized cost of $1,763,183 , $1,803,898, and $1,873,491, net of allowance for credit losses of $31, $17 and $18 as of March 31, 2023, December 31, 2022 and March 31, 2022, respectively) 1,582,185   1,598,666   1,775,633 
    Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $2,008, $766 and $817 (fair value of $965,786, $968,707 and $1,144,505, as of March 31, 2023, December 31, 2022 and March 31, 2022, respectively) 1,075,303   1,093,374   1,153,399 
    Federal Reserve and Federal Home Loan Bank stock 79,134   65,067   29,026 
    Loans held for sale 6,488   6,734   25,504 
    Loans 7,737,676   7,635,632   7,113,807 
    Less allowance for credit losses (78,377)  (74,444)  (71,505)
    Loans, net 7,659,299   7,561,188   7,042,302 
    Premises and equipment, net 12,929   13,475   14,014 
    Operating lease right-of-use assets 23,060   24,544   28,969 
    Deferred income taxes 89,117   96,567   81,087 
    Bank-owned life insurance 111,217   110,998   109,415 
    Goodwill and intangible assets, net 104,226   104,233   104,241 
    Other real estate owned 1,962   1,962   1,635 
    Other assets 171,183   162,192   139,616 
    Total assets$11,088,867  $11,150,854  $11,227,223 
    Liabilities and Shareholders' Equity     
    Deposits:     
    Noninterest bearing demand$2,247,706  $3,150,751  $2,951,594 
    Interest bearing transaction 907,637   1,138,235   888,598 
    Savings and money market 2,970,093   3,640,697   5,047,548 
    Time deposits 1,337,805   783,499   698,519 
    Total deposits 7,463,241   8,713,182   9,586,259 
    Customer repurchase agreements 37,854   35,100   28,293 
    Other short-term borrowings 2,113,801   975,001   150,000 
    Long-term borrowings 69,825   69,794   69,701 
    Operating lease liabilities 27,634   29,267   33,935 
    Reserve for unfunded commitments 6,704   5,857   4,369 
    Other liabilities 127,850   94,332   75,112 
    Total liabilities 9,846,909   9,922,533   9,947,669 
    Shareholders' Equity     
    Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 31,111,647, 31,346,903, and 32,079,474 respectively 308   310   318 
    Additional paid in capital 397,012   412,303   437,820 
    Retained earnings 1,025,552   1,015,215   963,140 
    Accumulated other comprehensive loss (180,914)  (199,507)  (121,724)
    Total Shareholders' Equity 1,241,958   1,228,321   1,279,554 
    Total Liabilities and Shareholders' Equity$11,088,867  $11,150,854  $11,227,223 


    Eagle Bancorp, Inc.
    Consolidated Statements of Income (Unaudited)
    (Dollars in thousands, except per share data)
     Three Months Ended
     March 31, December 31, March 31,
      2023   2022   2022 
    Interest Income     
    Interest and fees on loans$120,850  $109,251  $75,830 
    Interest and dividends on investment securities 13,545   13,591   11,430 
    Interest on balances with other banks and short-term invest. 5,774   5,696   1,057 
    Interest on federal funds sold 78   592   4 
    Total interest income 140,247   129,130   88,321 
          
    Interest Expense     
    Interest on deposits 48,954   39,239   6,359 
    Interest on customer repurchase agreements 302   266   13 
    Interest on other short-term borrowings 14,930   2,988   460 
    Interest on long-term borrowings 1,037   1,037   1,037 
    Total interest expense 65,223   43,530   7,869 
    Net Interest Income 75,024   85,600   80,452 
    Provision for (Reversal of) Credit Losses 6,164   (464)  (2,787)
    Provision for (Reversal of) Unfunded Commitments 848   161   (11)
    Net Interest Income After Provision For Credit Losses 68,012   85,903   83,250 
          
    Noninterest Income     
    Service charges on deposits 1,510   1,429   1,286 
    Gain on sale of loans 305   534   1,492 
    Net gain (loss) on sale of investment securities (21)  3   (25)
    Increase in cash surrender value of bank-owned life insurance 655   658   626 
    Other income 1,251   2,705   4,074 
    Total noninterest income 3,700   5,329   7,453 
          
    Noninterest Expense     
    Salaries and employee benefits 24,174   23,691   17,019 
    Premises and equipment expenses 3,317   3,292   3,128 
    Marketing and advertising 636   1,290   1,064 
    Data processing 3,099   3,117   2,880 
    Legal, accounting and professional fees 3,254   2,553   1,561 
    FDIC insurance 1,486   1,718   1,058 
    Other expenses 4,618   3,257   4,302 
    Total noninterest expense 40,584   38,918   31,012 
    Income Before Income Tax Expense 31,128   52,314   59,691 
    Income Tax Expense 6,894   10,121   13,947 
    Net Income$24,234  $42,193  $45,744 
          
    Earnings Per Common Share     
    Basic$0.78  $1.32  $1.43 
    Diluted$0.78  $1.32  $1.42 


    Eagle Bancorp, Inc.
    Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
    (Dollars in thousands)
                
     Three Months Ended
     March 31, 2023 December 31, 2022
     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$526,506 $5,774 4.45% $600,653 $5,696 3.76%
    Loans held for sale (1) 4,093  60 5.86%  6,868  102 5.94%
    Loans (1) (2) 7,712,023  120,790 6.35%  7,379,198  109,149 5.87%
    Investment securities available-for-sale (2) 1,660,258  7,811 1.91%  1,658,228  7,753 1.85%
    Investment securities held-to-maturity (2) 1,087,047  5,734 2.14%  1,105,209  5,838 2.10%
    Federal funds sold 14,890  78 2.12%  79,547  592 2.95%
    Total interest earning assets 11,004,817 $140,247 5.17%  10,829,703 $129,130 4.73%
    Total noninterest earning assets 495,889      501,977    
    Less: allowance for credit losses 74,650      75,724    
    Total noninterest earning assets 421,239      426,253    
    TOTAL ASSETS$11,426,056     $11,255,956    
                
    LIABILITIES AND SHAREHOLDERS' EQUITY           
    Interest bearing liabilities:           
    Interest bearing transaction$1,065,421 $6,107 2.32% $996,951 $3,877 1.54%
    Savings and money market 3,326,807  33,274 4.06%  3,963,022  31,571 3.16%
    Time deposits 1,078,227  9,573 3.60%  667,202  3,791 2.25%
    Total interest bearing deposits 5,470,455  48,954 3.63%  5,627,175  39,239 2.77%
    Customer repurchase agreements 38,257  302 3.20%  45,521  266 2.32%
    Other short-term borrowings 1,251,392  14,930 4.77%  295,756  2,988 4.04%
    Long-term borrowings 69,814  1,037 5.94%  69,783  1,037 5.94%
    Total interest bearing liabilities 6,829,918 $65,223 3.87%  6,038,235 $43,530 2.86%
    Noninterest bearing liabilities:           
    Noninterest bearing demand 3,263,670      3,896,964    
    Other liabilities 91,490      87,052    
    Total noninterest bearing liabilities 3,355,160      3,984,016    
    Shareholders’ equity 1,240,978      1,233,705    
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$11,426,056     $11,255,956    
    Net interest income  $75,024     $85,600  
                
    Net interest spread    1.30%     1.87%
    Net interest margin    2.77%     3.14%
    Cost of funds    2.40%     1.59%

    (1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.7 million and $3.8 million for the three months ended March 31, 2023 and December 31, 2022, respectively.

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


    Eagle Bancorp, Inc.
    Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
    (Dollars in thousands)
                
     Three Months Ended March 31,
      2023   2022 
     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$526,506 $5,774 4.45% $2,403,017 $1,057 0.18%
    Loans held for sale (1) 4,093  60 5.86%  26,887  219 3.26%
    Loans (1) (2) 7,712,023  120,790 6.35%  7,053,701  75,611 4.35%
    Investment securities available-for-sale (2) 1,660,258  7,811 1.91%  2,794,681  11,280 1.64%
    Investment securities held-to-maturity (2) 1,087,047  5,734 2.14%  24,011  150 2.53%
    Federal funds sold 14,890  78 2.12%  24,176  4 0.07%
    Total interest earning assets 11,004,817 $140,247 5.17%  12,326,473 $88,321 2.91%
    Total noninterest earning assets 495,889      449,625    
    Less: allowance for credit losses 74,650      75,105    
    Total noninterest earning assets 421,239      374,520    
    TOTAL ASSETS$11,426,056     $12,700,993    
                
    LIABILITIES AND SHAREHOLDERS' EQUITY           
    Interest bearing liabilities:           
    Interest bearing transaction$1,065,421 $6,107 2.32% $754,833 $322 0.17%
    Savings and money market 3,326,807  33,274 4.06%  5,476,721  3,723 0.28%
    Time deposits 1,078,227  9,573 3.60%  722,646  2,314 1.30%
    Total interest bearing deposits 5,470,455  48,954 3.63%  6,954,200  6,359 0.37%
    Customer repurchase agreements 38,257  302 3.20%  25,628  13 0.21%
    Other short-term borrowings 1,251,392  14,930 4.77%  276,669  460 0.67%
    Long-term borrowings 69,814  1,037 5.94%  69,690  1,037 5.95%
    Total interest bearing liabilities 6,829,918 $65,223 3.87%  7,326,187 $7,869 0.44%
    Noninterest bearing liabilities:           
    Noninterest bearing demand 3,263,670      3,920,776    
    Other liabilities 91,490      112,404    
    Total noninterest bearing liabilities 3,355,160      4,033,180    
    Shareholders’ equity 1,240,978      1,341,626    
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$11,426,056     $12,700,993    
    Net interest income  $75,024     $80,452  
                
    Net interest spread    1.30%     2.47%
    Net interest margin    2.77%     2.65%
    Cost of funds    2.40%     0.26%

    (1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.7 million and $3.7 million for the three months ended March 31, 2023 and March 31, 2022, respectively.

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


    Eagle Bancorp, Inc.
    Statements of Income and Highlights Quarterly Trends (Unaudited)
    (Dollars in thousands, except per share data)
                    
     Three Months Ended
    Income Statements:March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30,
     2023   2022   2022   2022   2022   2021   2021   2021 
    Total interest income$140,247  $129,130  $111,527  $95,635  $88,321  $86,230  $89,152  $94,920 
    Total interest expense 65,223   43,530   27,630   12,717   7,869   8,044   10,107   10,288 
    Net interest income 75,024   85,600   83,897   82,918   80,452   78,186   79,045   84,632 
    Provision for (reversal of) credit losses 6,164   (464)  3,022   495   (2,787)  (6,412)  (8,203)  (3,856)
    Provision for (reversal of) unfunded commitments 848   161   774   553   (11)  (632)  716   (761)
    Net interest income after provision for credit losses 68,012   85,903   80,101   81,870   83,250   85,230   86,532   89,249 
    Noninterest income before investment gain (loss) 3,721   5,326   5,304   5,715   7,478   9,668   6,780   10,607 
    Net gain (loss) on sale of investment securities (21)  3   4   (151)  (25)  906   1,519   318 
    Total noninterest income 3,700   5,329   5,308   5,564   7,453   10,574   8,299   10,925 
    Salaries and employee benefits 24,174   23,691   21,538   21,805   17,019   24,608   22,145   19,876 
    Premises and equipment 3,317   3,292   3,275   3,523   3,128   3,755   3,859   3,644 
    Marketing and advertising 636   1,290   1,181   1,186   1,064   1,286   1,013   980 
    Other expenses 12,457   10,645   10,212   32,448   9,801   9,660   9,358   10,994 
    Total noninterest expense 40,584   38,918   36,206   58,962   31,012   39,309   36,375   35,494 
    Income before income tax expense 31,128   52,314   49,203   28,472   59,691   56,495   58,456   64,680 
    Income tax expense 6,894   10,121   11,906   12,776   13,947   14,875   14,847   16,687 
    Net income$24,234  $42,193  $37,297  $15,696  $45,744  $41,620  $43,609  $47,993 
    Per Share Data:               
    Earnings per weighted average common share, basic$0.78  $1.32  $1.16  $0.49  $1.43  $1.30  $1.36  $1.50 
    Earnings per weighted average common share, diluted$0.78  $1.32  $1.16  $0.49  $1.42  $1.30  $1.36  $1.50 
    Weighted average common shares outstanding, basic 31,109,267   31,819,631   32,084,464   32,080,657   32,033,280   31,950,320   31,959,357   31,962,819 
    Weighted average common shares outstanding, diluted 31,180,346   31,898,619   32,155,678   32,142,427   32,110,099   32,030,998   32,030,527   32,025,110 
    Actual shares outstanding at period end 31,111,647   31,346,903   32,082,321   32,081,241   32,079,474   31,950,092   31,947,458   31,961,573 
    Book value per common share at period end$39.92  $39.18  $38.02  $39.05  $39.89  $42.28  $41.68  $40.87 
    Tangible book value per common share at period end (1)$36.57  $35.86  $34.77  $35.80  $36.64  $38.97  $38.39  $37.58 
    Dividend per common share$0.45  $0.45  $0.45  $0.45  $0.40  $0.40  $0.40  $0.35 
    Performance Ratios (annualized):               
    Return on average assets 0.86%  1.49%  1.29%  0.54%  1.46%  1.32%  1.46%  1.68%
    Return on average common equity 7.92%  13.57%  11.64%  4.91%  13.83%  12.30%  13.00%  14.92%
    Return on average tangible common equity(1) 8.65%  14.82%  12.67%  5.35%  14.99%  13.35%  14.11%  16.25%
    Net interest margin 2.77%  3.14%  3.02%  2.94%  2.65%  2.55%  2.73%  3.04%
    Efficiency ratio (2) 51.55%  42.8%  40.6%  66.6%  35.3%  44.3%  41.7%  37.1%
    Other Ratios:               
    Allowance for credit losses to total loans (3) 1.01%  0.97%  1.04%  1.02%  1.01%  1.06%  1.21%  1.28%
    Allowance for credit losses to total nonperforming loans 1,160%  1,151%  997%  386%  301%  257%  265%  187%
    Nonperforming loans to total loans (3) 0.09%  0.08%  0.10%  0.26%  0.33%  0.41%  0.46%  0.68%
    Nonperforming assets to total assets 0.08%  0.08%  0.09%  0.19%  0.23%  0.26%  0.31%  0.50%
    Net charge-off (recovery)(annualized) to average total loans (3) 0.05%  0.05%  —%  (0.04)%  0.03%  0.07%  0.08%  0.30%
    Tier 1 capital (to average assets) 11.42%  11.63%  11.55%  10.68%  9.82%  10.19%  10.58%  10.65%
    Total capital (to risk weighted assets) 14.74%  14.94%  15.60%  15.14%  15.21%  15.74%  16.18%  17.44%
    Common equity tier 1 capital (to risk weighted assets) 13.75%  14.03%  14.64%  14.06%  14.12%  14.63%  14.95%  14.24%
    Tangible common equity ratio (1) 10.36%  10.18%  10.52%  10.60%  10.57%  10.60%  10.68%  11.07%
    Average Balances (in thousands):               
    Total assets$11,426,056  $11,255,956  $11,431,110  $11,701,679  $12,701,152  $12,538,596  $11,826,326  $11,453,080 
    Total earning assets$11,004,817  $10,829,703  $11,030,670  $11,300,267  $12,326,473  $12,180,872  $11,486,280  $11,152,933 
    Total loans(3)$7,712,023  $7,379,198  $7,282,589  $7,104,727  $7,053,701  $6,890,414  $7,055,621  $7,382,238 
    Total deposits$8,734,125  $9,524,139  $9,907,497  $10,184,886  $10,874,976  $10,670,206  $9,948,114  $9,530,909 
    Total borrowings$1,359,463  $411,060  $158,001  $152,583  $371,987  $402,393  $448,697  $536,926 
    Total shareholders’ equity$1,240,978  $1,233,705  $1,271,753  $1,281,742  $1,341,785  $1,342,525  $1,331,022  $1,290,029 

    (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.

    CONTACT:
    David G. Danielson
    240.552.9534


シェアする