What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2026-03-09 compared with 2025-02-27 · 590 added, 600 removed, 651 unchanged (65% of the section changed)

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion provides information about the results of operations, financial condition, liquidity, and capital resources of the Company as of the dates and periods indicated.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ("MD&A")

The following discussion provides information about the results of operations, financial condition, liquidity, asset quality, and capital resources of the Company as of and for the periods indicated.

The Company’s primary subsidiary is the Bank, and the Company’s other direct and indirect active subsidiaries are Bethesda Leasing, LLC, Eagle Insurance Services, LLC and Landroval Municipal Finance, Inc.

4 unchanged sentences

Caution About Forward Looking Statements .

This report contains forward looking statements.

This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act.

These forward looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based.

14 unchanged sentences

• Difficulty recruiting or retaining successful bankers, executive officers or other key personnel;

• Changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or our subsidiary bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products;

Table o f Contents

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis

more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products;

• The impact of changes in financial services policies, laws and regulations, including laws, regulations and policies concerning taxes, banking, securities and insurance and the application thereof by regulatory bodies;

9 unchanged sentences

• Changes in trade, immigration, fiscal and monetary policies;

• Political uncertainty in the United States and its effects on the economy of the Washington, D.C.

• Political uncertainty in the United States, changes in government spending and workforce and their effects on the economy of the Washington, D.C.

metropolitan area;

9 unchanged sentences

The Company focuses on relationship banking, providing each customer with a number of services and becoming familiar with and addressing customer needs in a proactive, personalized fashion.

The Bank currently has a total of twelve branch offices (six in Suburban Maryland, three in Washington, D.C.

The Bank currently has twelve branch offices (six in Suburban Maryland, three in Washington, D.C.

and three in Northern Virginia), a principal corporate office, four lending centers (two are co-located with branches and one co-located in the principal corporate office) and one operations center.

1 unchanged sentence

General economic, political, social and health conditions affect financial markets, and therefore, our business.

As the economy experienced higher levels of inflation in the recent past, interest rates increased in 2023, however as inflationary pressure during 2024 subsided, the Federal Reserve decreased interest rates three times for a total of 100 basis points.

Although the economy experienced higher levels of inflation in the recent past, the inflationary pressure continued to subside during 2025 and the Federal Reserve decreased interest rates three times for a total of 75 basis points.

Fiscal and monetary policies have a direct and indirect impact on the level and volatility of interest rates, liquidity of financial markets, the availability and cost of capital, and market conditions of financing.

Actual real U.S.

GDP growth for 2024 was 3.1%, compared to 3.3% growth in 2023, as the economy continues to grow despite continuing to experience the effects of inflationary pressures and higher interest rates which were raised in 2022 and 2023.

Unemployment slightly increased through 2024 as the U.S.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | General

growth for 2025 was 2.2%, compared to 2.8% growth in 2024, as the economy continues to grow despite continuing to experience the effects of inflationary pressures and higher interest rates which were raised in 2022 and 2023.

Unemployment increased through 2025 as the U.S.

unemployment rate ended the year at 4.4%, up from 4.1% at the end of 2024.

Table o f Contents

Longer-term U.S.

interest rates increased in 2024, with the ten year U.S.

interest rates slightly increased in 2025, with the ten year U.S.

Treasury rate averaging 4.29% in 2025 as compared to 4.21% in 2024.

6 unchanged sentences

The multi-family commercial real estate leasing sector, notwithstanding increased supply of units in the Bank’s market area, has held up relatively well, particularly for well-located close-in projects.

While commercial real estate office properties continue to experience challenges, the Company has remained focused on monitoring this sector and working with borrowers in order to mitigate credit losses within our loan portfolio.

While commercial real estate ("CRE") office properties continue to experience challenges and we recognized losses in that sector in 2025, the Company has remained focused on monitoring this sector and working with borrowers in order to mitigate further credit losses within our loan portfolio.

Overall, we believe commercial real estate values have generally decreased and we continue to be cautious of the cap rates at which such assets are trading, resulting in conservative valuations.

At December 31, 2024, the Company had total assets of approximately $11.1 billion, total loans of $7.9 billion, total deposits of $9.1 billion and twelve branches in the Washington, D.C.

metropolitan area.

As of December 31, 2025, the Company had total assets of approximately $10.5 billion, total loans held for investment of $7.3 billion and total deposits of $9.1 billion.

We have remained cognizant of the volatility in our industry, capital markets and interest rate markets.

While we remain cautious with regard to commercial real estate ("CRE") market conditions, principally office, the strength of the Washington D.C.

metro area in certain sectors, particularly multi-family commercial real estate and the housing market, continue to drive premiums for well-located properties.

The Company has the financial resources to meet, and remains committed to meeting, the credit needs of its community.

Loan balances increased in the CRE segments in 2024 which, combined with the higher levels of interest rates, resulted in changes in our liquidity mix as increases in interest-bearing deposits offset a decrease in non-interest bearing deposits.

The yield on earning assets continued to increase in 2024.

During the year ended December 31, 2024, the yield on earning assets increased by 20 basis points (from 5.45% to 5.65%) while cost of funds increased 42 basis points (from 3.17% to 3.59%) which resulted in a decrease of 16 basis points in the net interest margin.

The Company’s capital position remained strong in 2024 as a result of its strong retained earnings position, despite the impact of the goodwill impairment on 2024 net loss.

As a result of the Company’s strong capital position, we were able to continue our quarterly dividend in 2024.

The quarterly cash dividend amount was recalibrated to $0.165 in the third quarter of 2024 to reflect the company’s growth plans.

The Company believes its strategy of remaining growth-oriented, retaining talented staff and maintaining focus on seeking quality lending and deposit relationships has proven successful.

Loan balances decreased in the CRE segments in 2025 while we saw increases in our commercial and owner-occupied commercial real estate loans portfolio.

Additionally, we experienced changes in our funding mix as increases in interest-bearing deposits offset a decrease in noninterest-bearing deposits.

The yield on earning assets decreased in 2025.

During the year ended December 31, 2025, the yield on earning assets decreased by 34 basis points (from 5.65% to 5.31%) while cost of funds decreased 42 basis points (from 3.59% to 3.17%).

The Company’s capital position remained strong in 2025 as a result of its strong retained earnings position, despite the impact of the increased loan provision and resulting 2025 net loss.

The Company paid a quarterly dividend in each quarter of 2025;

however, the quarterly cash dividend amount was reduced to $0.01 in the fourth quarter of 2025 to preserve capital as the Company addresses asset quality matters.

The Company believes its strategy of remaining growth-oriented, retaining talented staff and maintaining focus on seeking quality lending and deposit relationships will inure to the benefit of the organization's success.

Additionally, the Company believes this strategy of relationship building has fostered future growth opportunities, as the Company’s reputation in the marketplace remains strong.

Critical Accounting Policies and Estimates

The Company’s Consolidated Financial Statements are prepared in accordance with GAAP and follow general practices within the banking industry.

The Company's Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and follow general practices within the banking industry.

Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes.

1 unchanged sentence

accordingly, as this information changes, the Consolidated Financial Statements could reflect different estimates, assumptions, and judgments.

Certain policies, including those identified below for the year ended December 31, 2024, inherently have a greater reliance on the use of estimates, assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported.

Certain policies have a greater reliance on the use of estimates, assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported.

Estimates, assumptions, and judgments are necessary when assets and liabilities are required to be recorded at fair value, when a decline in the value of an asset not carried on the financial statements at fair value warrants an impairment write-down or a valuation reserve to be established, or when an asset or liability needs to be recorded contingent upon a future event.

Carrying assets and liabilities at fair value inherently results in more financial statement volatility.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Critical Accounting Policies and Estimates

Allowance for Credit Losses and Provision for Unfunded Commitments

A consequence of lending activities is that we may incur credit losses, so we record an allowance for credit losses ("ACL") with respect to loan receivables and a reserve for unfunded commitments (“RUC”) as estimates of those losses.

The amount of the ACL on loans is based on management's assessment of current expected credit losses in the portfolio.

A consequence of lending activities is that we incur credit losses, so we record an allowance for credit losses (the "ACL") with respect to loan receivables and a reserve for unfunded commitments (the "RUC") as estimates of those losses.

The amount of the ACL on loans is based on management's assessment of current expected credit losses ("CECL") in the portfolio.

The amount of such losses will vary depending upon the risk characteristics of the loan portfolio as affected by economic conditions such as changes in interest rates, the financial performance of borrowers and regional unemployment rates, which management estimates by using a national forecast and estimating a regional adjustment based on historical differences between the two.

Table o f Contents

Management has significant discretion in making the judgments inherent in the determination of the provisions for credit loss, ACL and the RUC.

Management has significant discretion in making the judgments inherent in the determination of the provisions for credit loss, the ACL and the RUC.

Our determination of these amounts requires significant reliance on estimates and significant judgment as to the amount and timing of expected future cash flows on loans, significant reliance on historical loss rates on homogenous portfolios, consideration of our quantitative and qualitative evaluation of economic factors and the reliance on our reasonable and supportable forecasts.

1 unchanged sentence

The modeling of expected prepayment speeds is based on historical internal data and adjustments to account for loan-specific risk characteristics after pooling our loan portfolio based on similar risk characteristics.

The Company uses regression analysis of historical internal and peer data provided by a third-party service provider (as Company loss data is insufficient) to determine suitable loss drivers to utilize when modeling lifetime PD and LGD.

The Company uses regression analysis of historical internal and peer data provided by a third-party service provider (as Company loss data alone is insufficient) to determine suitable loss drivers to utilize when modeling lifetime PD and LGD.

This analysis also determines how expected PD will react to forecasted levels of the loss drivers.

During the three months ended March 31, 2024, management enhanced the cash flow model to incorporate three additional macroeconomic variables.

During 2024, management enhanced the cash flow model to incorporate additional macroeconomic variables.

The four economic variables selected, national unemployment (original variable used), Commercial Real Estate ("CRE") Price Index, House Price Index and Gross Domestic Product ("GDP"), are incorporated by utilizing a Loss Driver Analysis approach that factors in historical losses, including during the Great Recession, of regional peer banks and the Bank.

5 unchanged sentences

Loans that have evidence of credit deterioration are excluded from the loan segments subject to the quantitative model described above and are individually assessed.

The RUC represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit.

The RUC is determined by estimating future draws and applying the expected loss rates on those draws.

The ACL also includes an amount for inherent risks not reflected in the historical analyses.

Relevant factors reflected in the qualitative component of the reserve include, but are not limited to, concentrations of credit risk, changes in underwriting standards, experience and depth of lending staff and trends in delinquencies.

Relevant factors reflected in the qualitative component of the reserve include, but are not limited to, concentrations of credit risk, appraisal risk from volatility in the market, changes in underwriting standards, experience and depth of lending staff and trends in delinquencies.

Management has developed an analytical process to monitor the adequacy of the ACL.

2 unchanged sentences

Material changes to these and other relevant factors may result in greater volatility to the reserve for credit losses, and therefore, greater volatility to our reported earnings.

For example, the effects of the COVID-19 pandemic and related hybrid or fully remote working environment has negatively impacted the performance outlook in the central business district office CRE segment of our loan portfolio, which informed our CECL economic forecast and continued to adversely impact our loss reserve as of December 31, 2024.

See Notes 1, 3 and 4 to the Consolidated Financial Statements, the “Provision for Credit Losses” and "Allowance for Credit Losses" section in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the risk factors related to our business and economic conditions in Item 1A for more information on the provision for credit losses and ACL for the loan portfolio.

The RUC represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit.

The RUC is determined by estimating future draws and applying the expected loss rates on those draws.

While our methodology in establishing the reserve for credit losses attributes portions of the ACL and RUC to the commercial and consumer portfolio segments, the entire ACL and RUC is available to absorb credit losses expected in the total loan portfolio and total amount of unfunded credit commitments, respectively.

Our model may reflect assumptions by management that are not covered by the qualitative and environmental factors, and we reevaluate all of its factors quarterly.

Table o f Contents

See "Note 1 – Summary of Significant Accounting Policies", "Note 3 – Investment Securities" and "Note 4 – Loans and Allowance for Credit Losses" to the Consolidated Financial Statements, and the “Provision for Credit Losses” and "Allowance for Credit Losses" sections below for more information on the provision for credit losses and ACL for the loan portfolio.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Selected Financial Data

Selected Financial Data

The following discussion is intended to assist in understanding the financial condition and results of operations of the Company as of and for the year ended December 31, 2025.

The information contained in this section should be read together with the December 31, 2024 audited Consolidated Financial Statements and the accompanying Notes included in Item 8 Financial Statements And Supplementary Data of this Form 10-K.

The information contained in this section should be read together with the December 31, 2025 audited Consolidated Financial Statements and the accompanying Notes included in "Item 8.

Financial Statements and Supplementary Data" of this Form 10-K.

This section of this Form 10-K generally discusses 2025 items and year-to-year comparisons between 2025 and 2024.

Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company’s Form 10-K for the fiscal year ended December 31, 2024.

(dollars in thousands) December 31, 2024 December 31, 2023

As of December 31,

(dollars in thousands) 2025 2024

Consolidated Balance Sheets:

1 unchanged sentence

Securities - held-to-maturity 854,780 938,647

Loans 7,934,888 7,968,695

Loans held for sale 90,650 —

Loans held for investment

7,280,459 7,934,888

Allowance for credit losses (159,604) (114,390)

Goodwill and intangible assets, net 16 104,925

Total assets 10,497,203 11,129,508

4 unchanged sentences

Total shareholders’ equity 1,131,283 1,226,061

Tangible common equity (1)

1,226,045 1,169,358

Years Ended December 31,

For the Year Ended December 31,

(dollars in thousands except per share data) 2025 2024 2023

3 unchanged sentences

Provision for credit losses 293,097 66,360 31,536

66,360 31,536 266

Noninterest income 29,308 19,939 21,536

1 unchanged sentence

Noninterest expense (including goodwill impairment) 200,655 274,634 153,293

274,634 153,293 165,098

Income (loss) before income tax expense (196,184) (30,240) 127,520

(30,240) 127,520 189,680

Income tax expense (58,132) 16,795 26,986

9 unchanged sentences

Book value 37.26 40.60 42.58

Tangible book value (3)

40.59 39.08 35.86

Common shares outstanding 30,359,632 30,202,003 29,925,612

1 unchanged sentence

Weighted average common shares outstanding, diluted 30,347,121 30,157,051 30,393,100

Table o f Contents

Years Ended December 31,

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Selected Financial Data

For the Year Ended December 31,

2025 2024 2023

4 unchanged sentences

Return on average common equity (11.47) % (3.77) % 8.11 %

Return on average tangible common equity (1)

(3.93) % 8.85 % 11.97 %

CET1 capital (to risk weighted assets) 13.07 % 14.63 % 13.90 %

2 unchanged sentences

Tier 1 capital (to average assets) 9.72 % 10.74 % 10.73 %

Tangible common equity ratio 11.02 % 10.12 % 10.18 %

Dividend payout ratio (11.09) % (68.28) % 54.00 %

(dollars in thousands) December 31, 2024 December 31, 2023

As of December 31,

(dollars in thousands) 2025 2024

Asset Quality:

Nonperforming assets and loans 90+ past due (3)

$ 108,956 $ 211,449

Nonperforming assets and loans 90+ past due to total assets 1.04 % 1.90 %

2 unchanged sentences

Allowance for credit losses to nonperforming loans 149.31 % 54.81 %

Years Ended December 31,

For the Year Ended December 31,

(dollars in thousands) 2025 2024 2023

2 unchanged sentences

Net charge-offs to average loans 3.22 % 0.48 % 0.24 %

(1) Tangible common equity and return on average tangible common equity are non-GAAP financial measures.

Tangible common equity is defined as total common shareholders’ equity reduced by goodwill and other intangible assets.

(1) Total net revenue calculated as net interest income plus noninterest income.

(3) Tangible book value per common share, a non-GAAP financial measure, is defined as tangible common shareholders’ equity divided by total common shares outstanding.

(2) Computed by dividing noninterest expense by total net revenue.

Table o f Contents

(3) Excludes HFS loans.

Use of Non-GAAP Financial Measures

Management uses non-GAAP measures because they provide information to investors about the underlying operational performance and trends of the Company.

Additionally, certain non-GAAP measures are monitored by regulators.

These disclosures should not be considered in isolation or as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be presented by other bank holding companies.

Management compensates for these limitations by providing detailed reconciliations between GAAP information and the non-GAAP financial measures.

The following tables reconcile the GAAP financial measures to the associated non-GAAP financial measures:

(dollars in thousands except per share data) December 31, 2024 December 31, 2023

Tangible common equity

Common shareholders’ equity $ 1,226,061 $ 1,274,283

Intangible assets (16) (104,925)

Tangible common equity (Non-GAAP) $ 1,226,045 $ 1,169,358

Tangible common equity ratio

Total assets $ 11,129,508 $ 11,664,538

Intangible assets (16) (104,925)

Tangible assets $ 11,129,492 $ 11,559,613

Tangible common equity ratio (Non-GAAP) 11.02 % 10.12 %

Tangible book value per share calculations

Book value per common share $ 40.60 $ 42.58

Intangible book value per common share (0.01) (3.50)

Tangible book value per common share (Non-GAAP) $ 40.59 $ 39.08

Years Ended December 31,

(dollars in thousands) 2024 2023 2022

Average tangible common equity

Average common shareholders’ equity $ 1,246,168 $ 1,240,118 $ 1,281,921

Average intangible assets (50,868) (104,534) (104,248)

Average tangible common equity (Non-GAAP) $ 1,195,300 $ 1,135,584 $ 1,177,673

Return on average tangible common equity

Net income (loss) available to common shareholders $ (47,035) $ 100,534 $ 140,930

Average tangible common equity $ 1,195,300 1,135,584 1,177,673

Return on average tangible common equity (Non-GAAP) (3.93) % 8.85% 11.97%

Operating return on average tangible common equity

Net income (loss) available to common shareholders $ (47,035) $ 100,534 $ 140,930

Add back of goodwill impairment 104,168 — —

Operating net income (Non-GAAP) $ 57,133 $ 100,534 $ 140,930

Average tangible common equity $ 1,195,300 1,135,584 1,177,673

Operating return on average tangible common equity (Non-GAAP) 4.78 % 8.85 % 11.97 %

Table o f Contents

Years Ended December 31,

(dollars in thousands) 2024 2023 2022

Efficiency ratio

The table below reconciles the GAAP financial measures to the associated non-GAAP financial measures.

For the Year Ended December 31,

(dollars in thousands except per share data) 2025 2024 2023

Pre-provision net revenue:

Net interest income $ 269,887 $ 288,688 $ 290,546

Noninterest income 29,308 19,939 21,536

19,939 21,536 23,654

Total net revenue

Noninterest expense 274,634 153,293 165,098

Exclude goodwill impairment (104,168) — —

Operating noninterest expense (Non-GAAP) 170,466 153,293 165,098

Efficiency ratio (Non-GAAP) 88.99 % 49.12 % 46.31 %

Operating efficiency ratio (Non-GAAP) 55.23 % 49.12 % 46.31 %

Operating net income

Net income (loss) $ (47,035) $ 100,534 $ 140,930

Add back of goodwill impairment 104,168 — —

Operating net income (Non-GAAP) $ 57,133 $ 57,133 $ 100,534 $ 140,930

Operating earnings per share (diluted)

Earnings (loss) per share (diluted) (1)

299,195 308,627 312,082

Add back of goodwill impairment per share (diluted) 3.45 — —

Operating earnings per share (diluted) (Non-GAAP) $1.89 $3.31 $4.39

(1) For periods ended with a net loss, anti-dilutive financial instruments have been excluded from the calculation of earnings per share (diluted).

Operating earnings per share (diluted) calculations include the impact of outstanding equity-based awards for all periods.

Table o f Contents

Noninterest expense (200,655) (274,634) (153,293)

Pre-provision net revenue $ 98,540 $ 33,993 $ 158,789

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Results of Operations

Results of Operations

Year Ended December 31, 2024 Compared with Year Ended December 31, 2023

Net loss for the year ended December 31, 2024 was $47.0 million, as compared to net income of $100.5 million, for the same period in 2023.

This decrease was primarily attributable to the recognition of goodwill impairment of $104.2 million in the second quarter of 2024 and an increase in provision for credit losses of $34.8 million, partially offset by a reduction of income tax expense of $10.2 million.

For more information on the drivers and the components of these changes, see the "Provision for Credit Losses" and "Income Tax Expenses" sections below.

Refer to the "Intangible Assets" section below for additional details on goodwill impairment..

Net interest income decreased to $288.7 million for 2024 compared to $290.5 million for 2023.

Net interest income decreased primarily due to increased interest expense due to higher rates on deposits and borrowings, which was partially offset by an increase in interest income on loans.

Total noninterest income in 2024 was $19.9 million, as compared to $21.5 million in 2023, a 7% decrease.

For further information on the components and drivers of these changes, see the "Net Interest Income and Net Interest Margin" and "Noninterest Income" sections below.

Operating net revenue (non-GAAP) was $308.6 million for the year ended December 31, 2024, as compared to $312.1 million for the same period in 2023.

The net interest margin, which measures the difference between interest income and interest expense as a percentage of earning assets, was 2.37% for 2024 and 2.53% for 2023, a decrease of 16 basis points.

The drivers of the change are detailed in the "Net Interest Income and Net Interest Margin" section below.

The provision for credit losses in 2024 was $66.4 million as compared to $31.5 million in 2023.

For information on the components and drivers of these changes see "Provision for Credit Losses" section below.

Noninterest expenses in 2024 totaled $274.6 million, as compared to $153.3 million in 2023, a 79% increase.

The increase was primarily attributable to the recognition of goodwill impairment of $104.2 million in the second quarter of 2024 and higher FDIC insurance assessments during the year.

Additional details on these expenses and other noninterest expenses are provided in "Noninterest Expense" section below.

The efficiency ratio, inclusive of the goodwill impairment charge, which measures the ratio of noninterest expense to total revenue, was 88.99% for 2024 as compared to 49.12% for 2023.

Excluding the goodwill impairment charge, the operating efficiency ratio (non-GAAP) was 55.23%.

At December 31, 2024, total loan balances were $7.9 billion, and remained flat as compared to December 31, 2023, and average loans were 2% higher in 2024 as compared to 2023, driven by originations and advances which outpaced payoffs and paydowns.

Total deposits at December 31, 2024 increased by $323.0 million as compared to December 31, 2023.

The increase consists of $1.0 billion in interest bearing deposits which was partially offset by a decrease of $0.7 billion in noninterest bearing deposits.

This was primarily driven by a significant increase in short term interest rates and related migration to interest-bearing deposit accounts.

In terms of the average asset composition or mix, loans, which generally have higher yields than securities and other earning assets, represented 66% and 68% of average earning assets for 2024 and 2023, respectively.

For 2024, as compared to 2023, average loans, excluding loans held for sale, increased by $181.8 million, or 2%, driven by originations and advances that outpaced payoffs and paydowns.

Average investment securities for 2024 were 20% of average earning assets compared to 23% for 2023.

The combination of federal funds sold and interest bearing deposits with other banks represented 14% and 9% of average earning assets for 2024 and 2023, respectively.

The ratio of common equity to total assets increased to 11.02% at December 31, 2024 from 10.92% at December 31, 2023, due primarily to a decrease in total assets, in connection with decreases in loans and interest-bearing deposits with banks and other short-term investments.

For the year ended December 31, 2024 and 2023, the Company had average tangible common equity, a non-GAAP measure, of $1.2 billion and $1.1 billion, respectively.

For 2024, the return on average assets (“ROAA”), inclusive of the goodwill impairment charge, was (0.38)%, as compared to 0.84% for 2023.

Total shareholders’ equity was $1.23 billion at December 31, 2024 as compared to $1.27 billion at December 31, 2023, a decrease of 4%.

The return on average common equity (“ROACE”) for 2024 was (3.77)% as compared to 8.11% for 2023.

The ROATCE for 2024, a non-GAAP financial measure, was (3.93)% as compared to 8.85% for 2023.

The adverse change in returns was primarily attributable to the recognition of goodwill impairment of $104.2 million in 2024.

Excluding the goodwill impairment charge, operating return on average tangible common equity (non-GAAP) was 4.78%.

Summary of Consolidated Statements of Operations

This section discusses our condensed consolidated results of operations and should be read together with our consolidated financial statements and the accompanying notes.

For the Year Ended December 31,

(dollars in thousands) 2025 2024 Change

Net Interest Income $ 269,887 $ 288,688 $ (18,801)

Provision for (Reversal of) Credit Losses 293,097 66,360 226,737

Provision for (Reversal of) Credit Losses for Unfunded Commitments 1,627 (2,127) 3,754

Net Interest Income After Provision for (Reversal of) Credit Losses (24,837) 224,455 (249,292)

Noninterest income 29,308 19,939 9,369

Noninterest expense 200,655 274,634 (73,979)

Income (Loss) Before Income Tax Expense (196,184) (30,240) (165,944)

Income Tax Expense (Benefit)

(58,132) 16,795 (74,927)

Net Income (Loss) $ (138,052) $ (47,035) $ (91,017)

Net loss for the year ended December 31, 2025, compared to the same period in 2024, was primarily due to higher provision for credit losses, partially offset by the corresponding income tax benefit and lower noninterest expense.

See respective subsections below for the primary drivers of change and further discussion on net interest income, provision for credit losses, noninterest income, noninterest expenses, and income tax expenses.

When the impact of the provision is excluded, pre-provision net revenue ("PPNR"), a non-GAAP measure, was $98.5 million for the year ended December 31, 2025, as compared to $34.0 million for the same period in 2024.

The increase was primarily due to lower noninterest expenses in the current period driven by the recognition of one-time goodwill impairment of $104.2 million during 2024 which resulted in higher noninterest expense in the prior period.

For further discussion of drivers for this change, see the "Noninterest Expense" section below.

Refer to the "Use of Non-GAAP Financial Measures" section for additional detail and a reconciliation of GAAP to non-GAAP financial measures.

Table o f Contents

The efficiency ratio, which measures the ratio of noninterest expense to total net revenue (the sum of net interest income and noninterest income), was 67.06% for 2025 compared to 88.99% for 2024.

This improvement was primarily due to lower noninterest expenses in the current period driven by the recognition of one-time goodwill impairment of $104.2 million during 2024 which resulted in higher noninterest expense in the prior period.

Net interest margin, which measures net interest income as a percentage of earning assets, was flat at 2.37% for the year ended December 31, 2025 compared to 2.37% for the same period in 2024.

For further information on the components and drivers of these changes, see the "Net Interest Income and Net Interest Margin" section below.

Loans, which generally have higher yields than securities and other earning assets, represented 68% and 66% of average earning assets for years ended December 31, 2025 and 2024, respectively.

Refer to the "Loan Portfolio" below for further discussion on loans.

Average investment securities for year ended December 31, 2025 were 18.3% of average earning assets compared to 20.2% for the same period in 2024.

Interest-bearing deposits with other banks represented 14.0% and 14.1% of average earning assets for years ended December 31, 2025 and 2024, respectively.

Refer to the "Investment Securities and Short-Term Investments" section below for further discussion on investment securities.

The ratio of common equity to total assets decreased to 10.78% as of December 31, 2025, compared to 11.02% as of December 31, 2024.

For December 31, 2025, the return (loss) on average assets ("ROAA") was (1.16)%, compared to (0.38)% for the same period in 2024.

Total shareholders’ equity was $1.13 billion as of December 31, 2025, compared to $1.23 billion as of December 31, 2024, a decrease of 8%.

The return (loss) on average common equity for December 31, 2025 was (11.47)%, compared to (3.77)% for the same period in 2024.

All these decreases were primarily driven by higher credit losses in 2025.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Results of Operations | Net Interest Income and Net Interest Margin

Net Interest Income and Net Interest Margin

4 unchanged sentences

Changes in the volume and mix of assets and funding sources, along with the changes in yields earned and rates paid, determine changes in net interest income.

Net interest income in 2024 was $288.7 million compared to $290.5 million in 2023.

The 1% decrease for the year ended December 31, 2024 as compared to the year ended December 31, 2023 was primarily due to increases in average deposit rates (4.25% compared to 4.02%, respectively) and other short-term borrowings (4.90% compared to 4.82%, respectively), which were partially offset by higher average loan balances and yields (6.86% compared to 6.63%, respectively).

Net interest income represented 94% and 93% of the Company’s total net revenue for the years ended December 31, 2024 and December 31, 2023, respectively,

Net interest margin decreased by 16 basis points to 2.37% in 2024 from 2.53% in 2023.

The decrease reflects the increase in the cost of funds on deposits, primarily in connection with an increase in rates, and borrowings, in connection with both an increase in volume and rates, offset by an increase in the yield on loans.

The cost of funds on interest-bearing liabilities increased 42 basis points from 3.17% in 2023 to 3.59% in 2024, while the yield on interest-earning assets increased by 20 basis points from 5.45% in 2023 to 5.65% in 2024.

Average loans held for investment were $8.0 billion for the year ended December 31, 2024, compared to $7.8 billion for the same period in 2023.

Average investment securities were $2.5 billion for the year ended December 31, 2024, compared to $2.6 billion for the same period in 2023.

Average interest-bearing deposits with other banks and other short term investments were $1.7 billion for 2024 compared to $1.0 billion for 2023.

Interest income on loans, the largest component of interest income on earning assets, had a yield of 6.86% in 2024, compared to 6.63% in 2023, an increase of 23 basis points.

Average interest-bearing deposits increased from $6.4 billion in the year ended December 31, 2023 to $7.5 billion in the year ended December 31, 2024, while average noninterest bearing demand deposits decreased to $2.0 billion for the year ended December 31, 2024 from $2.5 billion for the year ended December 31, 2023.

Average borrowings decreased from $1.6 billion in the year ended December 31, 2023 to $1.5 billion in the year ended December 31, 2024.

Refer to the "Deposits and Other Borrowings" section below for further discussion of deposits and borrowings.

The table below presents the average balances and rates of the major categories of the Company's assets and liabilities for the years ended December 31, 2024, 2023 and 2022.

Included in the table are measurements of interest rate spread and margin.

The table below presents the average balances and rates of the major categories of the Company's assets and liabilities.

Included in the tables are measurements of interest rate spread and margin.

Interest rate spread is the difference (expressed as a percentage) between the interest rate earned on earning assets less the interest rate paid on interest-bearing liabilities.

2 unchanged sentences

Net interest margin is net interest income expressed as a percentage of average earning assets.

Table o f Contents

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Results of Operations | Net Interest Income and Net Interest Margin

Eagle Bancorp, Inc.

Consolidated Average Balances, Interest Yields And Rates (Unaudited)

(dollars in thousands)

Years Ended December 31,

For the Year Ended December 31,

(dollars in thousands) Average

Balance Interest Average

9 unchanged sentences

Investment securities held-to-maturity 900,764 19,242 2.14 % 983,309 21,197 2.16 % 1,057,445 22,586 2.14 %

Federal funds sold 10,741 433 4.03 % 9,120 287 3.15 % 48,402 861 1.78 %

Total interest earning assets 11,397,677 605,121 5.31 % 12,174,478 687,563 5.65 % 11,483,047 625,327 5.45 %

10 unchanged sentences

Customer repurchase agreements and federal funds purchased 25,710 764 2.97 % 37,872 1,271 3.36 % 36,663 1,218 3.32 %

Derivative collateral liability 11,676 639 5.47 % — — — % — — — %

Other short-term borrowings 228,357 11,086 4.85 % 1,476,550 72,386 4.90 % 1,521,160 73,253 4.82 %

1,476,550 72,386 4.90 % 1,521,160 73,253 4.82 % 172,717 3,980 2.30 %

Long-term borrowings 76,276 8,090 10.61 % 66,321 4,797 7.23 % 69,861 2,766 3.96 %

10 unchanged sentences

Cost of funds 3.17 % 3.59 % 3.17 %

3.59 % 3.17 % 0.88 %

(1) Loans placed on nonaccrual status are included in average balances.

Net loan fees and late charges included in interest income on loans totaled $17.2 million, $16.7 million and $15.3 million, for the years ended December 31, 2024, 2023 and 2022, respectively.

Net loan fees and late charges included in interest income on loans totaled $15.1 million, $17.2 million and $16.7 million for the years ended 2025, 2024 and 2023, respectively.

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

Table o f Contents

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Results of Operations | Net Interest Income and Net Interest Margin

Net interest income decreased in 2025 compared to 2024, primarily due to a larger decrease in interest-earning assets compared to interest-bearing liabilities.

Additionally, average loan yields and interest bearing deposits with other banks and short term investments yields were lower in 2025 compared to the prior year, partially offset by lower rates on interest-bearing liabilities.

Net interest margin remained flat in 2025 compared to 2024.

The cost of funds on interest-bearing liabilities decreased by 42 basis points from 3.59% for 2024 to 3.17% for 2025, while the yield on interest-earning assets had a decrease of 34 basis points from 5.65% for 2024 to 5.31% for 2025.

Rate/Volume Analysis of Net Interest Income

The rate/volume table below presents the composition of the change in net interest income for the periods indicated, as allocated between the change in net interest income due to changes in the volume of average earning assets and interest bearing liabilities and the changes in net interest income due to changes in interest rates.

As the table shows, the decrease in net interest income in 2024 as compared to 2023 was primarily due to increase in interest bearing liabilities replacing non-interest bearing deposits.

The rate/volume table below presents the composition of the change in net interest income for the period indicated, as allocated between the change in net interest income due to changes in the volume of average earning assets and interest-bearing liabilities, and the changes in net interest income due to changes in interest rates.

Year Ended December 31, 2025 Compared with

Year Ended December 31, 2024

Year Ended December 31, 2023

Compared with

Year Ended December 31, 2024 Compared with

Year Ended December 31, 2023

4 unchanged sentences

Interest earned on:

Loans $ 12,049 $ 18,232 $ 30,281 $ 30,315 $ 129,375 $ 159,690

Interest-bearing deposits with other banks and other short-term investments $ (8,391) $ (14,456) $ (22,847) $ 35,662 $ 954 $ 36,616

Loans held for sale 1,241 957 2,198 122 (94) 28

Loans (19,454) (36,326) (55,780) 12,049 18,232 30,281

Investment securities available-for sale (5,641) 1,583 (4,058) (2,250) (1,050) (3,300)

Investment securities held-to-maturity (1,779) (176) (1,955) (1,583) 194 (1,389)

Interest bearing bank deposits 35,611 859 36,470 (2,375) 41,371 38,996

Federal funds sold 51 95 146 (699) 125 (574)

Total interest income (34,024) (48,418) (82,442) 44,000 18,236 62,236

4 unchanged sentences

Customer repurchase agreements (408) (98) (506) 40 13 53

Derivative collateral liability

639 — 639 — — —

Other short-term borrowings (61,191) (108) (61,299) (2,148) 1,281 (867)

Long-term borrowings 720 2,573 3,293 (140) 2,171 2,031

Total interest expense (20,450) (43,187) (63,637) 44,514 19,580 64,094

Net interest income $ (13,574) $ (5,231) $ (18,805) $ (514) $ (1,344) $ (1,858)

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Results of Operations | Provision for Credit Losses

Provision for Credit Losses

2 unchanged sentences

Those factors include historical losses based on internal and peer data, economic conditions and trends, the value and adequacy of collateral, volume and mix of the portfolio, performance of the portfolio, and internal loan processes of the Company.

Refer to the discussion under “Critical Accounting Policies and Estimates” in Management's Discussion and Analysis of Financial Condition and Results of Operations above and in Note 1 to the Consolidated Financial Statements for an overview of the methodology management employs on a quarterly basis to assess the adequacy of the allowance and the provisions charged to expense.

Also, refer to the table in the "Allowance for Credit Losses" section which reflects activity in the ACL.

The total provision for credit losses was $66.4 million during the year ended December 31, 2024, as compared to $31.5 million during the year ended December 31, 2023.

During the year ended December 31, 2024, the Company's provision for credit losses included a provision of $67.0 million on loans and net charge-offs of $38.6 million on loans.

The provision for credit losses on loans for the same period in 2023 was $30.3 million and included $18.9 million of net charge offs.

The change in the provision for credit losses for the year ended December 31, 2024, was primarily attributable to the following factors:

1) specific reserves on individually evaluated non-performing loans;

2) changes in the qualitative component of the model relating to CRE office properties;

and, 3) enhancements to the quantitative model during Q1 to include additional economic factors.

Additionally, the change in provision for credit losses during the year ended December 31, 2024 was also impacted by the partial charge off of a CRE office loan after an updated valuation was received in the first quarter of 2025.

Table o f Contents

The provision for loan credit losses for the year ended December 31, 2023 was driven by adjustments to the qualitative components of the CECL model combined with smaller increases in the quantitative components.

The changes in qualitative components were due to perceived weakness in the commercial real estate market, in addition to high inflationary environment offset by a reduction in the quantitative reserves based on a decline in individually evaluated loans.

The changes in quantitative components were related to changes in the nature and volume of the portfolio, changes in delinquencies and loss experience.

The table below presents a breakdown of the current provision for credit losses included in our Consolidated Statements of Operations.

For the Year Ended December 31,

(dollars in thousands) 2025

Provision for (reversal of) credit losses - loans $ 293,392 $ 67,005 $ 30,346

Provision for (reversal of) credit losses - HTM debt securities (295) (645) 1,190

Total Provision for credit losses $ 293,097 $ 66,360 $ 31,536

Net charge offs in ACL $ (248,178) $ (38,555) $ (18,850)

The change in the provision for credit losses on the loan portfolio for the December 31, 2025 was primarily attributable to the replenishment of the reserve following net charge-offs, as reported in the table above, and an increase in the qualitative reserve for CRE office loans ("office overlay").

Net charge-offs of $248.2 million during 2025 represented 3.22% of average loans held for investment, an increase from net charge-offs of $38.6 million in 2024, which represented 0.48% of average loans held for investment.

During 2025, we began executing on a revised strategy for resolving criticized and classified loans with the goal of accelerating dispositions and reducing asset quality risk.

In furtherance of this strategy, we obtained updated valuations in 2025 on the underlying collateral for certain loans and incorporated new information about borrower performance.

Updated valuations obtained during the year reflected the rapidly changing commercial real estate market in the D.C.

metro area, in many cases showing substantial declines.

This information resulted in significant charge offs during 2025, primarily on office loans and other real estate loans with underlying office exposure and to a lesser extent on land, multifamily, and senior living loans.

Additionally, certain loans were transferred to loans held-for-sale ("HFS") in 2025, which resulted in additional charge-offs to record those loans at their fair value at the time of transfer.

Total charge-offs in 2025 related to loans that were transferred to HFS or sold during 2025 were $176.5 million.

We believe our actions in 2025 reflect a disciplined approach to credit risk management that incorporates updated market and borrower data into our loss estimates.

The office overlay increased in 2025 relative to 2024, impacted by updated assumptions associated with the PD and LGD rates as well as downward risk rating migration, as further discussed in the "Allowance for Credit Losses" section below.

Although loans were transferred to held-for-sale, reducing the CRE office loan population, the resulting charge-offs on those loans informed higher loss factors on the remaining loans addressed by the office overlay, contributing to its elevated level for 2025.

The increase in the office overlay for 2025 reflects management’s assessment of continued uncertainty in the CRE market, particularly within the office sector, as well as potential lag effects from interest-rate sensitivity, valuation declines, and refinancing risk.

Management continues to monitor trends, including occupancy, capitalization rates, and market liquidity, across key metropolitan areas and may adjust qualitative reserves further as these factors evolve.

The ACL coverage ratio remains within management’s target range and reflects the current asset quality profile, though further provision expense may be required if collateral values or borrower performance continue to deteriorate.

The provision for credit losses for the held-to-maturity securities portfolio was recorded primarily on several corporate bonds.

During the year ended December 31, 2024, there was a reversal of provision for credit losses of $645 thousand for the held-to-maturity securities portfolios, compared to a provision expense of $1.2 million for the year ended December 31, 2023.

The provision for credit losses for unfunded commitments is presented separately on the Statement of Operations.

During the year ended December 31, 2025, there was a reversal of provision for credit losses of $295 thousand for the held-to-maturity securities portfolio, compared to a reversal of provision expense of $645 thousand for the year ended December 31, 2024.

The provision for credit losses for unfunded commitments is presented separately on the Consolidated Statements of Operations.

This provision considers the probability that unfunded commitments will fund, among other factors.

There was a reversal of $2.1 million in 2024, compared to $0.3 million reversal in 2023.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Results of Operations | Provision for Credit Losses

There was a provision expense of $1.6 million for the year ended December 31, 2025, compared to a reversal of provision of $2.1 million for the year ended December 31, 2024, primarily due to higher unfunded commitments in our commercial and industrial portfolio during the current period.

Refer to the discussion under "Critical Accounting Policies and Estimates" above and in "Note 1 – Summary of Significant Accounting Policies" to the Consolidated Financial Statements for an overview of the methodology management employs on a quarterly basis to assess the adequacy of the allowance and the provisions charged to expense.

Also, refer to the table in the "Allowance for Credit Losses" section which reflects activity in the ACL.

Noninterest Income

Noninterest income includes service charges on deposits, gain on sale of loans, gain on sale of investment securities, income from bank owned life insurance (“BOLI”) and other income.

The following table summarizes the comparative noninterest income for the years ended December 31, 2024 and 2023:

Years Ended December 31,

Noninterest income includes service charges on deposits, gain/(loss) on sale of investment securities and loans, income from Bank-Owned Life Insurance ("BOLI") and other income.

The table below summarizes the comparative noninterest income.

For the Year Ended December 31,

(dollars in thousands) 2025 2024 Dollar Change Percent Change

Service charges on deposits $ 7,127 $ 6,843 $ 284 4 %

Gain on sale of loans 57 418 (361) (86) %

Net loss on sale of investment securities 14 (11) 25 (227) %

Gain (loss) on sale of loans (4,687) 57 (4,744) N/A

Net gain (loss) on sale of investment securities (3,823) 14 (3,837) N/A

Increase in the cash surrender value of bank-owned life insurance 20,372 2,885 17,487 606 %

1 unchanged sentence

Total $ 29,308 $ 19,939 $ 9,369 47 %

Total noninterest income for the year ended December 31, 2024 was $19.9 million as compared to $21.5 million for the year ended December 31, 2023.

The 7% decrease was primarily based on the prior year nonrecurring items including income from Small Business Investment Companies ("SBIC") fund and lower swap fees income during the current year.

The increase in total noninterest income in 2025 as compared to 2024 was primarily due to increases in the cash surrender value of BOLI investments in 2025 driven by additional BOLI investment of $200 million made in the first quarter of 2025, partially offset by elevated losses on the sale of HFS loans and AFS securities.

Noninterest Expense

Total noninterest expense includes salaries and employee benefits, premises and equipment expenses, marketing and advertising, data processing, legal, accounting and professional fees, FDIC insurance assessments and other expenses.

The following table summarizes the comparative noninterest expense for the years ended December 31, 2024 and 2023:

Years Ended December 31,

The table below summarizes the comparative noninterest expense.

For the Year Ended December 31,

(dollars in thousands) 2025 2024 Dollar Change Percent Change

6 unchanged sentences

Goodwill impairment — 104,168 (104,168) (100) %

Legal contingency

10,000 — 10,000 100 %

1 unchanged sentence

Total $ 200,655 $ 274,634 $ (73,979) (27) %

Total noninterest expense was $274.6 million for 2024, as compared to $153.3 million for 2023, a 79% increase.

The increase for the year ended December 31, 2024 was primarily due to the goodwill impairment charge of $104.2 million to reduce fully the carrying value of the Company's goodwill.

Refer to the "Intangible Assets" section below for additional details.

Excluding the goodwill impairment charge, total operating noninterest expense (non-GAAP) was $170.5 million for the year ended December 31, 2024.

Refer to the "Use of Non-GAAP Financial Measures" section for additional details and a reconciliation of GAAP to non-GAAP financial measures.

Table o f Contents

Marketing expenses were $5.4 million and $3.4 million, respectively, for the year ended December 31, 2024 and 2023, a 62% increase.

The increase in marketing expenses was primarily due to higher marketing expenses related to our digital banking channel.

FDIC insurance expense was $29.0 million for 2024 as compared to $11.9 million for 2023, an increase of $17.1 million, or 145%.

The increases in 2024 compared to 2023 were due to increases in FDIC deposit insurance assessments.

The major components of other expenses include broker fees, franchise taxes, insurance expenses and director compensation.

Other expenses were $13.5 million for 2024 as compared to $15.5 million for 2023, a decrease of 13%.

The decrease in 2024, as compared to 2023, was primarily due to a reduction in director fees and real estate taxes.

The efficiency ratio, which measures the ratio of noninterest expense to total revenue, was 88.99% for the year ended December 31, 2024, as compared to 49.12% for the same period in 2023.

The adverse change in the efficiency ratio for the year ended December 31, 2024 was primarily driven by the recognition of goodwill impairment of $104.2 million.

Excluding the goodwill impairment charge, the operating efficiency ratio (non-GAAP) was 55.23% for the year ended December 31, 2024.

Refer to the "Use of Non-GAAP Financial Measures" section for additional detail and a reconciliation of GAAP to non-GAAP financial measures.

As a percentage of average assets, total noninterest expense (annualized) was 2.19% for the year ended December 31, 2024 as compared to 1.29% for the same period in 2023.

The higher ratio for the current year is attributable to the goodwill impairment discussed above.

The decrease in total noninterest expense for 2025 as compared to 2024, was primarily due to no goodwill impairment during the current period, partially offset by elevated other expenses driven by disposition costs associated with the sale of certain HFS loans and further valuation adjustment on the remaining HFS portfolio during the fourth quarter of 2025.

Additionally, a legal contingency of $10 million was recognized in 2025 for an outstanding legal matter.

See "Note 19 – Commitments and Contingent Liabilities" for further details.

The major components of other expenses include regulatory assessment fees, director compensation, real estate taxes, and insurance expenses.

Additionally, other expenses were elevated for the current period primarily due to $6.3 million in disposition costs related to HFS loan sales and $8.4 million in valuation adjustment on the remaining HFS portfolio.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Results of Operations | Noninterest Expense

As a percentage of average assets, total noninterest expense was 1.69% for the year ended December 31, 2025 as compared to 2.19% in 2024, primarily due to no goodwill impairment during the current period.

Income Tax Expense

Income tax expense was $16.8 million for 2024 as compared to $27.0 million for 2023.

The decrease in the tax provisions over the comparative years ended December 31, 2024 and 2023 was primarily driven by the decreases in pre-tax income period over period.

The impact of the change in mix of the components noted above can be seen in the reconciliation of statutory federal income tax rate table in Note 13 to the Consolidated Financial Statements.

The Inflation Reduction Act of 2022 was signed into law by President Biden on August 16, 2022 which made significant changes to the U.S.

tax law, including the introduction of a corporate alternative minimum tax of 15% of the “adjusted financial statement income” of certain domestic corporations as well as a 1% excise tax on the fair market value of stock repurchases by certain domestic corporations, effective for tax years beginning in 2023.

Effective January 1, 2023, the Company became subject to the tax laws under the Inflation Reduction Act.

The Company has not experienced and currently does not expect the tax-related provisions of the Inflation Reduction Act to have a material impact on our financial results.

For the December 31, 2025, income tax benefit was $58.1 million, compared to income tax expense of $16.8 million for the December 31, 2024.

The switch from income tax expense in 2024 to income tax benefit in 2025 was primarily due to a pre-tax loss of $196.2 million in 2025.

The effective tax rate for the year ended December 31, 2025 was 29.63%.

The effective tax rate represents the percentage of income tax benefit against the pre-tax loss in 2025.

The effective tax rate for 2025 varies from the 21% statutory rate primarily due to the tax benefit from the solar investment tax credits purchased at discount, low-income housing tax credit equity investment, tax-exempt interest income and tax-exempt income from the increase in the cash surrender value of BOLI.

Balance Sheet Analysis

Total assets at December 31, 2024 were $11.1 billion as compared to $11.7 billion at December 31, 2023, a 5% decrease.

The decrease in total assets in 2024 was primarily due to decreases in investment securities and interest-bearing deposits with other banks, and the impairment charge of goodwill related to a 2014 acquisition.

The largest component of assets, total loans with an amortized cost basis, were approximately $7.9 billion at December 31, 2024, and remained relatively flat as compared to $8.0 billion at December 31, 2023.

There were no loans held for sale at December 31, 2024 and 2023.

Refer to the "Loan Portfolio" section below for further discussion on loans.

Investment securities, at amortized cost net of the allowance for credit losses, were $2.3 billion at December 31, 2024 as compared to $2.7 billion at December 31, 2023, a $336.5 million decrease, or 13%.

The components and drivers of the change are discussed in the "Investment Securities and Short-Term Investments" section below.

In terms of funding, total deposits at December 31, 2024 were $9.1 billion as compared to $8.8 billion at December 31, 2023, an increase of 4%.

Total borrowed funds (excluding customer repurchase agreements) were $566.1 million and $1.4 billion at December 31, 2024 and 2023, respectively.

The components and drivers of the change are discussed in the "Deposits and Other Borrowings" section below.

Total shareholders’ equity at December 31, 2024 was $1.2 billion as compared to $1.3 billion at December 31, 2023, a 4% decrease.

The decrease in shareholders’ equity in 2024 was primarily from the net loss from operations and payment of cash dividends, partially offset by an increase in other comprehensive income and share-based compensation.

In order to be considered well-capitalized, the Bank must have a CET1 risk based capital ratio of 6.5%, a Tier 1 risk-based ratio of 8.0%, a total risk-based capital ratio of 10.0% and a leverage ratio of 5.0%.

The Company and the Bank exceed all these requirements and satisfy the capital conservation buffer of 2.5% of CET1 capital.

Failure to maintain the required

Table o f Contents

capital conservation buffer would limit the ability of the Company and the Bank to pay dividends, repurchase shares or pay discretionary bonuses.

This section discusses our condensed consolidated balance sheets and should be read together with our consolidated financial statements and the accompanying notes.

December 31, 2025 December 31, 2024 Change

Cash and cash equivalents (1)

$ 695,693 $ 633,480 $ 62,213

Investment securities (2)

1,831,550 2,206,051 (374,501)

Loans held for sale 90,650 — 90,650

Loans held for investment, at amortized cost 7,280,459 7,934,888 (654,429)

Allowance for credit losses (159,604) (114,390) (45,214)

Loans held for investment, net of allowance 7,120,855 7,820,498 (699,643)

Deferred income taxes 132,330 91,472 40,858

Bank-owned life insurance 335,177 115,806 219,371

Other assets (3)

$ 290,948 $ 262,201 $ 28,747

Total Assets $ 10,497,203 $ 11,129,508 $ (632,305)

Liabilities and Shareholders’ Equity

Noninterest-bearing demand $ 1,433,952 $ 1,544,403 $ (110,451)

Interest-bearing transaction 1,038,154 1,211,791 (173,637)

Savings and money market 3,624,813 3,599,221 25,592

Time deposits 3,036,687 2,775,663 261,024

Total deposits 9,133,606 9,131,078 2,528

Customer repurchase agreements — 33,157 (33,157)

Borrowings 76,428 566,108 (489,680)

Other liabilities (4)

155,886 173,104 (17,218)

Total Liabilities 9,365,920 9,903,447 (537,527)

Total Shareholders’ Equity 1,131,283 1,226,061 (94,778)

Total Liabilities and Shareholders’ Equity $ 10,497,203 $ 11,129,508 $ (632,305)

(1) Consists of cash and due from banks, interest-bearing deposits with banks, and other short-term investments.

(2) Consists of available-for-sale securities at fair value and held-to-maturity securities, net of allowance for credit losses.

(3) Consists of Federal Reserve and Federal Home Loan Bank stock, premises and equipment, right-of-use assets, other real estate owned, and other assets.

(4) Consists of operating lease liabilities, reserve for unfunded commitments and other liabilities.

See respective subsections below for the primary drivers of change and further discussion on investment securities, loans, allowance for credit losses, other earning asset, deposits and other borrowings.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis

The decrease in total assets as of December 31, 2025 from December 31, 2024 was primarily due to declines in securities and loans balances from sales, maturities/liquidations and paydowns.

This decrease in total assets was partially offset by additional BOLI investment during the year.

Investment securities, net of the allowance for credit losses, were $1.8 billion as of December 31, 2025 as compared to $2.2 billion as of December 31, 2024, a 17% decrease, primarily driven by maturities and paydowns on both AFS and HTM securities, and sales of AFS securities.

The Bank does not currently plan to reinvest these proceeds back into the investment securities portfolio.

Refer to the "Investment Securities and Short-Term Investments" section below for further discussion on investment securities.

Loans held for investment ("HFI") decreased by $654.4 million (from $7.9 billion as of December 31, 2024 to $7.3 billion as of December 31, 2025) while HFS loans increased by $90.7 million.

Refer to the "Loan Portfolio", "Loan Maturity" and other loans-related sections below for further discussion on loans.

Total shareholders’ equity as of December 31, 2025 was $1.13 billion as compared to $1.23 billion as of December 31, 2024, a 8% decrease.

The decrease in shareholders’ equity in 2025 was primarily due to net loss from operations of $138.1 million, and payment of cash dividends of $15.3 million, offset by $52.3 million in other comprehensive income.

The ratio of common equity to total assets was 10.78% as of December 31, 2025 as compared to 11.02% as of December 31, 2024.

Book value per share was $37.26 as of December 31, 2025, a 8.23% decrease from $40.60 as of December 31, 2024.

In order to be considered well-capitalized, the Bank must have a common equity tier one capital ("CET1") risk based capital ratio of 6.5%, a Tier 1 risk-based ratio of 8.0%, a total risk-based capital ratio of 10.0% and a leverage ratio of 5.0%.

The Company and the Bank exceeded all these requirements and satisfy the capital conservation buffer of 2.5% of CET1 capital as of December 31, 2025.

Failure to maintain the required capital conservation buffer would limit the ability of the Company and the Bank to pay dividends, repurchase shares or pay discretionary bonuses.

The Company's capital ratios remain substantially in excess of regulatory minimums and buffer requirements.

The total risk based capital ratio was 15.86% at December 31, 2024, as compared to 14.79% at December 31, 2023.

The common equity tier one capital ("CET1") risk based capital ratio was 14.63% at December 31, 2024, as compared to 13.90% at December 31, 2023.

The tier 1 risk based capital ratio was 14.63% at December 31, 2024, as compared to 13.90% at December 31, 2023.

The tier 1 leverage ratio was 10.74% at December 31, 2024, as compared to 10.73% at December 31, 2023.

The ratio of common equity to total assets was 11.02% at December 31, 2024 as compared to 10.92% at December 31, 2023, as common equity levels declined 4% over the year ended December 31, 2024.

Book value per share was $40.60 at December 31, 2024, a 4.7% decrease over $42.58 at December 31, 2023.

These declines were primarily due to the goodwill impairment charge of $104.2 million.

In addition, the tangible common equity ratio was 11.02% at December 31, 2024, compared to 10.12% at December 31, 2023.

Tangible book value per share was $40.59 at December 31, 2024, a 3.9% increase from $39.08 at December 31, 2023.

Refer to the "Use of Non-GAAP Financial Measures" section for additional detail and a reconciliation of GAAP to non-GAAP financial measures.

The total risk based capital ratio was 14.33% as of December 31, 2025, as compared to 15.86% as of December 31, 2024.

The CET1 risk based capital ratio was 13.07% as of December 31, 2025, as compared to 14.63% as of December 31, 2024.

The tier 1 risk based capital ratio was 13.07% as of December 31, 2025, as compared to 14.63% as of December 31, 2024.

The tier 1 leverage ratio was 9.72% as of December 31, 2025, as compared to 10.74% as of December 31, 2024.

Refer to "Capital Resources and Adequacy" section below for further discussion on our capital.

Investment Securities and Short-Term Investments

The tables below and Note 3 to the Consolidated Financial Statements provide additional information regarding the Company’s investment securities categorized as “available-for-sale” or AFS and as "held-to-maturity" or HTM.

This section and "Note 3 – Investment Securities" to the Consolidated Financial Statements provide additional information regarding the Company’s investment securities categorized as "available-for-sale" or AFS and as "held-to-maturity" or HTM.

The Company classifies its investment securities as either AFS or HTM.

The AFS classification requires that investment securities be recorded at fair value with any difference between the fair value and amortized cost (the purchase price adjusted by any discount accretion or premium amortization) reported as a component of shareholders’ equity (accumulated other comprehensive income (loss)), net of deferred income taxes, while securities classified as HTM are recorded and presented at their amortized cost.

At December 31, 2024, the Company had a net unrealized loss in AFS securities of $141.5 million with a deferred tax asset of $34.8 million, as compared to a net unrealized loss in AFS securities of $161.9 million with a deferred tax asset of $39.8 million at December 31, 2023.

The AFS portfolio comprises U.S.

treasury bonds (2.0% of AFS securities), U.S.

agency securities (44.1% of AFS securities) with an average duration of 2.5 years, seasoned MBS that are 100% agency issued (49.3% of AFS securities for residential mortgage-backed and 3.9% for commercial mortgage-backed), which have an average duration of 4 years with contractual maturities of the underlying mortgages of up to thirty years, municipal bonds (0.6% of AFS securities), which have an average duration of 6 years, and corporate bonds (0.1% of AFS securities), which have an average duration of 5.6 years.

The HTM portfolio comprises seasoned MBS that are 100% agency issued (64.5% of HTM securities for residential mortgage-backed and 9.4% for commercial mortgage-backed), which have an average duration of 5.4 years with contractual maturities of the underlying mortgages of up to thirty years, municipal bonds (12.1% of HTM securities), which have an average duration of 6.7 years, and corporate bonds (14.0% of HTM securities), which have an average duration of 4.3 years.

At December 31, 2024, the AFS investment portfolio was $1.3 billion as compared to $1.5 billion at December 31, 2023, a decrease of 16%.

At December 31, 2024, the HTM investment portfolio was $0.9 billion as compared to $1.0 billion at December 31, 2023, a decrease of 8%.

The investment portfolio is managed to achieve goals related to liquidity, income, interest rate risk management and to provide collateral for customer repurchase agreements and other borrowing relationships.

During the first quarter of 2022, we evaluated our securities portfolio and determined that certain securities will be maintained for the life of the instrument and made a decision to transfer $1.1 billion of securities designated as AFS to HTM, including $237.0 million of securities acquired in the first quarter of 2022 for which the intention to hold to maturity was finalized.

The transferred securities had unrealized losses of $66.2 million, and, as of December 31, 2024, $44.8 million remains in accumulated other comprehensive loss and will be amortized ratably over the remaining lives of the securities through accumulated other comprehensive loss.

The securities transferred were generally municipal bonds, corporate bonds, bonds that qualify for Community Reinvestment Act credit and MBS with longer final maturity dates.

Table o f Contents

The following table provides information regarding the composition of the investment securities portfolio at the dates indicated.

AFS securities are reported at estimated fair value and HTM securities are reported at amortized cost.

At December 31, 2024, the investment portfolio balances for both AFS securities at fair value and HTM securities at amortized cost basis decreased as compared to December 31, 2023, and the composition of portfolio changed, as follows:

(dollars in thousands) Fair Value Percent of Total Fair Value Percent of Total

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Investment Securities and Short-Term Investments

The tables below provide information regarding the composition of the investment securities portfolio at the dates indicated.

As of December 31, 2025, the investment portfolio balances for both AFS securities at fair value and HTM securities at amortized cost basis decreased as compared to December 31, 2024, and the composition of the portfolios changed, as displayed in the tables below.

December 31, 2025 December 31, 2024

(dollars in thousands) Fair Value Percent of Total Average Duration (in years)

Fair Value Percent of Total Average Duration (in years)

Investment securities available-for-sale:

6 unchanged sentences

Total $ 976,770 100 % $ 1,267,404 100 %

(dollars in thousands) Amortized Cost Percent of Total Amortized Cost Percent of Total

December 31, 2025 December 31, 2024

(dollars in thousands) Amortized Cost Percent of Total Average Duration (in years) Amortized Cost Percent of Total Average Duration (in years)

Investment securities held-to-maturity:

6 unchanged sentences

Total held-to-maturity securities, net of ACL $ 854,780 $ 938,647

At December 31, 2024, there were no issuers, other than the U.S.

As of December 31, 2025, the AFS investment portfolio decreased by 23% and HTM investment portfolio decreased by 9%, as compared to December 31, 2024, primarily driven by maturities and paydowns on both AFS and HTM securities, and sales of AFS securities.

The investment portfolio is managed to achieve goals related to liquidity, income, interest rate risk management and to provide collateral for repurchase agreements and borrowings from the FHLB and FRB discount window.

The Company had a net unrealized loss in AFS securities of $78.6 million with a deferred tax asset of $19.3 million as of December 31, 2025, as compared to a net unrealized loss in AFS securities of $141.5 million with a deferred tax asset of $34.8 million as of December 31, 2024 driven by lower market interest rates and securities approaching maturity.

As of December 31, 2025 and 2024, the Company had $38.5 million and $44.8 million, respectively, of unamortized unrealized losses outstanding following the transfer of investment securities from AFS to HTM in 2022.

These unrealized losses are included in accumulated other comprehensive loss and are amortized through interest income as a yield adjustment over the remaining term of the securities.

As of December 31, 2025, there was no single issuer of securities owned by the Company with a book or fair value exceeding 10% of the Company’s shareholders’ equity, other than the U.S.

Government, U.S.

agencies and U.S.

Government-sponsored enterprises, whose securities owned by the Company had a book or fair value exceeding 10% of the Company’s shareholders’ equity.

The following tables provide information, on an amortized cost basis, for AFS and HTM portfolios regarding the expected maturity and weighted-average yield of the investment portfolio at December 31, 2024.

Government-sponsored enterprises.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Investment Securities and Short-Term Investments

As of December 31, 2025, $66.5 million of corporate bonds were subordinated debt from other financial institutions.

Corporate bonds generally, and subordinated debt in particular, pose credit risk such that if any of these issuers were to enter bankruptcy or insolvency proceedings, we could experience losses that may be material to operating results and our financial condition.

We may also experience increases in provisions for credit losses, adversely affecting our earnings, if the creditworthiness of the issuers declines, whether due to idiosyncratic factors, economic conditions generally or other unforeseen factors or events.

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

14 unchanged sentences

Available-for-sale:

treasury bonds $ 24,988 0.69 % $ — — % $ — — % $ — $ 24,988 0.69 %

agency securities $ 58,374 1.57 % $ 224,088 1.69 % $ 62,720 1.75 % $ 10,067 1.25 % $ 355,249 1.67 %

4 unchanged sentences

Total $ 67,936 1.52 % $ 236,037 1.75 % $ 275,260 1.93 % $ 475,913 1.96 % $ 1,055,146 1.88 %

Table o f Contents

One Year or Less After One Year

19 unchanged sentences

Total held-to-maturity securities, net of ACL $ 854,780

Federal funds sold were $2.6 million at December 31, 2024, as compared to $3.7 million at December 31, 2023.

These funds represent excess daily liquidity which is invested on an unsecured basis with well capitalized banks, in amounts generally limited both in the aggregate and to any one bank.

Interest bearing deposits with banks and other short-term investments primarily consist of liquid assets held at the Federal Reserve to meet general liquidity needs of the Company, such as future loan demand and future increases in investment securities, among others.

Interest bearing deposits with banks and other short-term investments were $619.0 million at December 31, 2024, as compared to $709.9 million at December 31, 2023, a decrease of $90.9 million or 13%, primarily due to decrease in deposits at the Federal Reserve.

Refer to the "Deposits and Other Borrowings" section below for further discussion.

The Bank did not hold any time deposits at December 31, 2024 or December 31, 2023.

Interest-bearing deposits with banks and other short-term investments primarily consist of liquid assets held at the Federal Reserve to meet general liquidity needs of the Company.

Interest-bearing deposits with banks and other short-term investments were $684.0 million as of December 31, 2025, as compared to $619.0 million as of December 31, 2024, an increase of $65.0 million or 10%, primarily due to an increase in deposits at the Federal Reserve.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Loan Portfolio

Loan Portfolio

In its lending activities, the Company seeks to develop and expand relationships with clients whose businesses and individual banking needs will grow with the Bank.

We believe superior customer service, local decision making and accelerated turnaround time from application to closing have been significant factors in growing the loan portfolio and meeting the lending needs in the markets served, while maintaining sound asset quality.

Total loan balances remained relatively flat over the past year as loans outstanding were $7.9 billion at December 31, 2024, as compared to $8.0 billion at December 31, 2023, a decrease of $33.8 million or 0.4%.

The loan portfolio mix continues to evolve as the Bank has experienced a reduction in commercial loans, offset by an increase in fundings of ongoing construction projects for commercial and residential properties.

Market rates year to date in 2024 for our new loan originations on average have been fairly consistent with the market rates at the end of 2023, since short-term interest rates remained unchanged for most of 2024.

In September 2024 and the fourth quarter of 2024, the Federal Reserve adjusted short-term interest rates downwards three times for a total decrease of 100 basis points.

We continue to see opportunities for growth in the commercial lending market in our focused sectors;

our processes for evaluating these opportunities are designed to ensure they are subject to reasonable underwriting standards, including appropriate collateral and cash flow necessary to support debt service.

Following origination, we continue to monitor our borrowers' business plans and assess primary and alternative sources for loan repayment and, if necessary, obtain collateral to mitigate credit loss in the event of default.

We believe superior customer service, local decision making and accelerated turnaround time from application to closing are significant factors in growing the loan portfolio and meeting the lending needs in the markets served, while maintaining sound asset quality.

Loans held for investment were $7.3 billion as of December 31, 2025, as compared to $7.9 billion as of December 31, 2024, a decrease of $654.4 million or 8.2%.

During the year ended December 31, 2025, certain loans, primarily income producing commercial real estate loans, were reclassified from HFI to HFS loans.

This reclassification resulted in net charge-offs of $132.3 million in order to bring the loans to the lower of cost or fair value of $201.4 million at the time of transfer.

During the twelve months ended December 31, 2025, seven HFS loans were sold, resulting in a loss of $4.7 million.

There were $90.7 million in loans held for sale as of December 31, 2025 and none as of December 31, 2024.

The loan portfolio mix continues to evolve as the Bank has experienced a reduction in income producing commercial real estate loans and owner-occupied construction loans, offset by increases in commercial and owner-occupied commercial real estate loans.

These shifts reflect our strategic focus on reshaping the portfolio toward relationship-driven commercial lending and asset classes aligned with our long-term risk-adjusted return objectives.

Market rates in 2025 for our new loan originations on average have been fairly consistent with the market rates at the end of 2024, even though short-term interest rates decreased.

In 2025 the Federal Reserve adjusted short-term interest rates downwards three times for a total decrease of 75 basis points.

We continue to see opportunities for growth in the commercial lending market and our processes for evaluating these opportunities are designed to ensure they are subject to reasonable underwriting standards, including appropriate cash flow necessary to support debt service.

The Bank has a large portion of its loan portfolio related to real estate, with 80% consisting of commercial real estate and real estate construction loans as of December 31, 2025.

Non-owner occupied commercial real estate represented 66% of the loan portfolio while the remaining 17% is represented by the "owner occupied-commercial real estate" and "construction–C&I (owner occupied)" loans.

Table o f Contents

The following table shows the trends in the composition of the loan portfolio over the past two years.

The table reflects loan balances, net of amortized deferred fees and costs, at December 31, 2024 and 2023 by major category.

Non-owner occupied commercial real estate and commercial and residential construction represented 57% of the loan portfolio while the remaining 23% is represented by the "owner occupied - commercial real estate" and "construction - C&I (owner occupied)" loans.

The table below presents loans, net of amortized deferred fees and costs by major category.

December 31, 2025

December 31, 2024

(dollars in thousands) Amount % Amount %

Commercial $ 1,338,486 18 % $ 1,183,628 15 %

PPP loans 287 — % 528 — %

Income producing - commercial real estate 3,350,718 46 % 4,064,846 51 %

9 unchanged sentences

$ 7,120,855 $ 7,820,498

(1) Excludes accrued interest receivable of $42.9 million and $45.3 million at December 31, 2024 and 2023, respectively, which is recorded in other assets.

As noted above, a significant portion of the loan portfolio consists of commercial, construction and commercial real estate loans, primarily made in the Washington, D.C.

(1) Excludes accrued interest receivable of $35.9 million and $42.9 million as of December 31, 2025 and December 31, 2024, respectively, which is recorded in other assets.

As noted above, a significant portion of the loan portfolio consists of commercial, construction and commercial real estate loans, primarily in the Washington, D.C.

metropolitan area and is secured by real estate or other collateral in that market.

1 unchanged sentence

metropolitan area, the Bank has made loans outside that market where the borrower or its key decision makers have a meaningful relationship with the Bank and generally operate in or are based in our market.

Although all of these loans are made to a diversified pool of unrelated borrowers across numerous businesses, adverse developments in the real estate market could continue to have an adverse impact on this portfolio of loans and the Company’s earnings and financial position.

Although all of these loans are made to a diversified pool of unrelated borrowers across numerous businesses, adverse developments in the real estate market could continue

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Loan Portfolio

to have an adverse impact on this portfolio of loans and the Company’s earnings and financial position.

Management believes that the commercial real estate concentration risk is mitigated by diversification among the types and characteristics of real estate collateral properties, sound underwriting practices and ongoing portfolio monitoring and market analysis.

The Company's concentration in the Washington, D.C.

metro area, includes "Washington's Maryland Suburbs," which comprise Frederick, Prince George's and Montgomery counties and "Northern Virginia," which comprises Alexandria, Arlington, Falls Church, Fairfax, Loudoun and Prince William counties.

At December 31, 2024, 31.3%, 27.4%, 23.9%, 5.8%, and 11.6% of the loan portfolio, as a percentage of total amortized cost, was concentrated in Washington D.C., Washington's Maryland Suburbs, Northern Virginia, other counties in Maryland and other locations in the United States, respectively.

At December 31, 2023, 31.5%, 26.4%, 25.1%, 5.5% and 11.5% of the loan portfolio, as a percentage of total amortized cost, was concentrated in Washington D.C., Washington's Maryland Suburbs, Northern Virginia, other counties in Maryland and other locations in the United States, respectively.

While we remain cautious with regard to CRE market conditions, principally office, the strength of the Washington D.C.

metro area in certain sectors, particularly multi-family commercial real estate and the housing market, continue to drive premiums for well-located properties.

As part of its lending strategy, the Company maintains a substantial portfolio of CRE loans, with $6.5 billion and $6.1 billion, or 81.5% and 77.0% of total loans, of amortized cost outstanding at December 31, 2024 and December 31, 2023, respectively.

metro area includes "Washington's Maryland Suburbs," which comprises Frederick, Prince George's and Montgomery counties, and "Northern Virginia," which comprises Alexandria, Arlington, Falls Church, Fairfax, Loudoun and Prince William counties.

The chart below displays our loan portfolio, as a percentage of total amortized cost, by geographic concentration.

Washington, D.C.

Washington's Maryland Suburbs Northern Virginia

Other Maryland Other Locations

As part of its lending strategy, the Company maintains a substantial portfolio of CRE loans, with $5.7 billion and $6.5 billion, or 78.3% and 81.5% of total loans, of amortized cost outstanding as of December 31, 2025 and December 31, 2024, respectively.

Management meets regularly in order to monitor its existing CRE loan portfolio and to evaluate the pipeline for CRE loan investment.

Income producing CRE loans collateralized by office properties comprised approximately $862.2 million and $949.0 million, or 10.9% and 11.9% of total loans, at December 31, 2024 and December 31, 2023, respectively.

Office loans within Washington D.C., Washington's Maryland Suburbs and Northern Virginia were $795.0 million and $879.0 million, or 10.0% and 11.0% of total loans, at December 31, 2024 and December 31, 2023, respectively.

As a percentage of total principal balance of income producing - CRE office loans, 39.0%, 35.7%, 15.0%, and 10.3% were located in Washington's Maryland Suburbs, Northern Virginia, the central business district of Washington D.C., and Washington, D.C.

(outside the central business district), respectively, at December 31, 2024.

Table o f Contents

The following table summarizes the Company's income producing - commercial real estate loans, at principal, by collateral location and type, at December 31, 2024:

December 31, 2024

(dollars in thousands)

Income producing CRE loans collateralized by office properties comprised approximately $576.1 million and $862.2 million, or 7.9% and 10.9% of total loans, as of December 31, 2025 and December 31, 2024, respectively.

Office loans within Washington, D.C., Washington's Maryland Suburbs and Northern Virginia were $545.8 million and $795.0 million, or 7.5% and 10.0% of total loans, as of December 31, 2025 and December 31, 2024, respectively.

The chart below displays the geographic concentration of income producing - CRE office loans in our loan portfolio, as percentage of total principal balance.

Central business district of Washington, D.C.

Washington, D.C.

Washington Suburbs

Northern Virginia

Percent of Total

(outside of the central business district)

Washington's Maryland Suburbs Northern Virginia

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Loan Portfolio

The table below summarizes the Company's income producing - commercial real estate loans, at principal balance, by collateral location and type.

As of December 31, 2025

Maryland Virginia

(dollars in thousands) Washington, D.C.

Washington, D.C.

Suburbs Other Northern Virginia Other Other Total Percent of Total

Collateral Type:

Hotel & motel $ 135,227 $ 75,189 $ 91,009 $ 95,570 $ — $ 20,757 $ 417,752 13 %

$136,553 $80,445 $82,634 $60,223 $ — $21,545 $ 381,400 10%

874 72,209 40,370 17,731 11,258 — 142,442 4%

323,391 44,175 371 54,497 25,687 4,970 453,091 11%

372,756 192,117 313 120,330 84,975 48,173 818,664 20%

220,632 327,187 4,254 248,855 63,023 — 863,951 21%

78,818 99,962 60,770 74,167 65,162 1,509 380,388 9%

Industrial 849 64,377 39,572 34,684 10,516 — 149,998 4 %

Mixed use 209,200 43,346 3,000 6,737 20,721 4,883 287,887 9 %

Multifamily 347,618 191,638 302 201,824 135,216 48,052 924,650 28 %

Office 136,645 177,185 4,524 232,889 25,836 — 577,079 17 %

Retail 61,371 63,178 55,068 44,484 48,536 2,462 275,099 8 %

Single / 1-4 Family & Res.

68,968 2,573 2,111 10,239 6,460 4,043 94,394 2%

179,784 181,378 30,435 441,885 8,572 97,168 939,222 23%

Condo 62,521 1,975 1,860 6,890 6,329 3,991 83,566 2 %

204,717 168,972 12,143 223,494 5,913 25,433 640,672 19 %

Total $ 1,158,148 $ 785,860 $ 207,478 $ 846,572 $ 253,067 $ 105,578 $ 3,356,703 100 %

Percent of total 35% 23% 6% 25% 8% 3% 100%

34 % 25 % 5 % 25 % 7 % 4 % 100 %

Percent of Principal by Loan Size:

Less than $1 million 2 % 2 % 2 % 2 % 2 % 2 %

2 % 2 % 3 % 1 % 2 % 1 %

$1 million to $5 million 10 % 11 % 18 % 8 % 6 % 16 %

9 % 10 % 20 % 7 % 11 % 11 %

$5 million to $10 million 7 % 7 % 17 % 5 % 10 % 35 %

7 % 7 % 25 % 5 % 12 % 31 %

$10 million to $25 million 16 % 11 % 28 % 34 % 31 % 12 %

19 % 13 % 32 % 34 % 41 % 8 %

$25 million to $50 million 41 % 32 % 35 % 34 % 31 % 34 %

47 % 28 % 20 % 41 % 34 % 21 %

Greater than $50 million 24 % 37 % — % 17 % 20 % 1 %

16 % 40 % — % 12 % — % 28 %

100 % 100 % 100 % 100 % 100 % 100 %

At December 31, 2024 and 2023, $287.0 million and $240.7 million, respectively, of principal of CRE loans collateralized by office properties were criticized or classified.

Total 100 % 100 % 100 % 100 % 100 % 100 %

(1) Primarily includes commercial real estate loans with land, storage, and healthcare collateral.

As of December 31, 2025 and December 31, 2024, $107.9 million and $287.0 million, respectively, of principal of CRE loans collateralized by office properties were criticized or classified.

The table below displays income producing - commercial real estate loans, at principal, that are criticized or classified by collateral type.

December 31, 2025

December 31, 2024

(dollars in thousands) Special Mention

Special Mention Substandard Total

Hotel & motel $ 6,275 $ — $ 6,275 $ — $ — $ —

Industrial 2,697 — 2,697 5,000 — 5,000

Mixed use 50,299 69,797 120,096 — 8,764 8,764

Multifamily 43,201 132,419 175,620 51,539 21,202 72,741

Office 23,705 84,185 107,890 126,736 160,229 286,965

Retail — 12,424 12,424 3,518 1,803 5,321

Single / 1-4 Family & Res.

Condo — 5,747 5,747 — 1,810 1,810

Other 59,838 69,119 128,957 — 84,835 84,835

Total $ 186,015 $ 373,691 $ 559,706 $ 186,793 $ 278,643 $ 465,111

The Company has executed balance sheet optimization actions to reduce commercial real estate loan concentration, including actions to reduce exposure to short- and intermediate-term valuation risk in the office portfolio.

These steps reflect our strategic focus on improving portfolio resilience and risk-adjusted returns.

While we remain disciplined in evaluating additional opportunities to further address concentration and valuation risk, future decisions or actions, if made or taken, could continue to result in elevated credit costs and may materially impact our results in the periods in which such decisions or actions are made or executed.

There can be no assurance that any additional initiatives will be undertaken or, if pursued or undertaken, will achieve their intended results.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Loan Portfolio

The federal banking regulators have issued guidance for those institutions which are deemed to have concentrations in commercial real estate lending.

2 unchanged sentences

Institutions which are deemed to have concentrations in commercial real estate lending are expected to employ heightened levels of risk management with respect to their commercial real estate portfolios and may be required to hold higher levels of capital.

The Company, like many community banks, has a concentration in commercial real estate loans, and the Company has experienced growth in its commercial real estate portfolio in recent years.

As of December 31, 2025, non-owner occupied commercial real estate loans (including construction, land and land development loans) represented 336.6% of consolidated risk based capital.

Although growth in that segment over the past 36 months at 26.8% did not exceed the 50% threshold laid out in the regulatory guidance, we expect the heightened supervisory expectations to continue to apply to us given the federal banking regulators' general focus on commercial real estate exposures at banks.

Even though we saw a decline in that segment over the past 36 months of 9.1% compared to the threshold laid out in the regulatory guidance of 50% growth, we continue to expect the heightened supervisory expectations to continue to apply to us given the federal banking regulators' general focus on commercial real estate exposures at banks.

Construction, land and land development loans represented 92.1% of consolidated risk based capital.

3 unchanged sentences

The Company seeks to manage the risks relating to commercial real estate and its capital adequacy through the development and implementation of its Capital Policy and Capital Plan, the preparation of pro-forma projections including stress testing and the development of internal minimum targets for regulatory capital ratios that are subject to approval by the Board of Directors (the "Board") and in excess of well capitalized ratio requirements.

Table o f Contents

The Company monitors industry and collateral concentrations to avoid loan exposures to a large group of similar industries or similar collateral.

4 unchanged sentences

and, in the opinion of management, did not involve more than the normal risk of collectability or present other unfavorable features.

Refer to Note 4 to the Consolidated Financial Statements for further detail regarding related party loans.

Table o f Contents

Refer to "Note 4 – Loans and Allowance for Credit Losses" to the Consolidated Financial Statements for further detail regarding related party loans.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Loan Maturity

Loan Maturity

The following table sets forth the time to contractual maturity of the loan portfolio as of December 31, 2024.

The table below sets forth the time to contractual maturity of the loan portfolio.

Loans are shown in the period based on final contractual maturity.

Demand loans, having no contractual maturity, and overdrafts are reported as due in one year or less.

(dollars in thousands) Total One Year or Less Over One to Five Years Over Five to Fifteen Years Over Fifteen Years

As of December 31, 2025

(dollars in thousands) Total One Year or Less Over One Year to Five Years Over Five Years to Fifteen Years Over Fifteen Years

Commercial $ 1,338,486 $ 364,688 $ 839,995 $ 131,228 $ 2,575

PPP loans 287 — 287 — —

Income producing - commercial real estate (1)

6 unchanged sentences

Other consumer 715 460 156 14 85

Total $ 7,934,888 $ 3,103,355 $ 3,752,454 $ 687,618 $ 391,461

Total loans $ 7,280,459 $ 2,966,780 $ 3,099,516 $ 787,296 $ 426,867

Predetermined fixed interest rate

Commercial $ 185,292 $ 60,519 $ 84,394 $ 40,379 $ —

PPP loans 287 — 287 — —

Income producing - commercial real estate (1)

1,559,388 518,756 918,574 122,058 —

Owner occupied - commercial real estate 610,464 174,961 231,170 148,204 56,129

4 unchanged sentences

Other consumer 166 — 156 — 10

Total $ 3,026,291 $ 1,024,165 $ 1,544,660 $ 392,150 $ 65,316

Total loans $ 2,426,448 $ 769,094 $ 1,279,582 $ 314,983 $ 62,789

Floating or adjustable interest rate

1 unchanged sentence

Income producing - commercial real estate (1)

1,791,330 1,223,342 516,206 51,782 —

Owner occupied - commercial real estate 991,660 21,631 416,650 322,117 231,262

4 unchanged sentences

Other consumer 549 460 — 14 75

Total $ 4,908,597 $ 2,079,190 $ 2,207,794 $ 295,468 $ 326,145

Table o f Contents

(1) Income producing CRE office loans with total principal of $864.0 million and multifamily loans with total principal of $818.7 million at December 31, 2024 are included within income producing - commercial real estate.

Total loans $ 4,854,011 $ 2,197,686 $ 1,819,934 $ 472,313 $ 364,078

(1) Income producing CRE office loans with total principal of $577.1 million and multifamily loans with total principal of $924.7 million as of December 31, 2025 are included within income producing - commercial real estate.

The charts below represent their maturities schedules.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Loan Maturity

Allowance for Credit Losses

1 unchanged sentence

Those factors include economic conditions and trends, the value and adequacy of collateral, volume and mix of the portfolio, performance of the portfolio and internal loan processes of the Company and Bank.

A full discussion of the accounting for ACL is contained in Note 1 to the Consolidated Financial Statements and activity in the ACL is contained in Note 4 to the Consolidated Financial Statements.

Also, please refer to the discussion under the caption “Critical Accounting Policies and Estimates” within Management’s Discussion and Analysis of Financial Condition and Results of Operation for further discussion of the methodology which management employs to maintain an adequate ACL, as well as the discussion under the caption “Provision for Credit Losses” for a discussion of the Company's calculation of the provision for credit losses during the years ended December 31, 2024 and 2023.

The ACL for loans at December 31, 2024 was $114.4 million, which reflected a $28.5 million increase from $85.9 million at December 31, 2023, reflecting a provision for credit losses of $67.0 million and $38.6 million in net charge-offs during the year ended December 31, 2024.

Net charge-offs of $38.6 million during 2024 represented 0.48% of average loans held for investment, an increase from net charge-offs of $18.9 million during 2023, which represented 0.24% of average loans held for investment.

Net charge-offs during the year ended December 31, 2024, included $29.0 million of charge offs on two CRE office lending relationships.

The ACL represented 1.44% of total loans at December 31, 2024 as compared to 1.08% at December 31, 2023.

At December 31, 2024, the allowance represented 55% of nonperforming loans as compared to 131% at December 31, 2023.

A full discussion of the accounting for ACL is contained in "Note 1 – Summary of Significant Accounting Policies" to the Consolidated Financial Statements and activity in the ACL is contained in "Note 4 – Loans and Allowance for Credit Losses" to the Consolidated Financial Statements.

Also, refer to "Critical Accounting Policies and Estimates" above for further discussion of the methodology which management employs to maintain an adequate ACL, as well as "Provision for Credit Losses" above for a discussion of the Company's calculation of the provision for credit losses during the years ended December 31, 2025 and 2024.

The ACL for loans as of December 31, 2025 was $159.6 million, which reflected a increase of $45.2 million from $114.4 million as of December 31, 2024, reflecting a provision for credit losses of $293.4 million and $248.2 million in net charge-offs during the year ended December 31, 2025.

Net charge-offs of $248.2 million during the year ended December 31, 2025 represented 3.22% of average loans held for investment, an increase from net charge-offs of $38.6 million during same period in 2024, which represented 0.48% of average loans held for investment.

The ACL represented 2.19% of total loans as of December 31, 2025 as compared to 1.44% as of December 31, 2024.

Management believes the ACL as of December 31, 2025 remains adequate to absorb estimated losses inherent in the portfolio following the loss recognition on high-risk loans concentrated in the commercial real estate office segment.

The losses recognized in 2025 were primarily due to updated valuations on the underlying collateral for certain loans and the incorporation of new information about borrower performance.

The updated valuations obtained during the year reflected the rapidly changing commercial real estate market in the D.C.

metro area, in many cases showing substantial declines.

This resulted in higher provisioning and an elevated rate of charge-offs during the year.

As of December 31, 2025, the allowance represented 149% of nonperforming loans as compared to 55% as of December 31, 2024.

The increase in the ACL for loans at December 31, 2025 compared to December 31, 2024, was primarily due to increased reserves related to the Bank's CRE office overlay.

The overlay increased as charge-offs taken during the current period and negative risk rating migration within the CRE office portfolio were incorporated into the calculation.

Negative risk rating migration within the CRE office portfolio during 2025 was primarily a result of continued market deterioration and the incorporation of new information about borrower performance.

In addition, the ACL on individually assessed loans modestly increased as updated valuation information was received, primarily on loans that migrated to nonperforming status during the current period.

As part of its comprehensive loan review process, the Bank’s Risk Committee evaluates loans which are past due 30 days or more.

2 unchanged sentences

The Credit Administration department analyzes the status of development and construction projects, including sales activities and utilization of interest reserves in order to assess potential increased levels of risk which may require additional reserves.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Allowance for Credit Losses

As the loan portfolio and ACL review processes continue to evolve there may be changes to elements of the allowance and this may have an effect on the overall level of the allowance maintained.

Management did conduct sensitivity analysis on the CECL model by using Moody's upside and downside scenarios across the forecast period.

At December 31, 2024 and 2023, the Company had $208.7 million and $65.5 million, respectively, of loans classified as nonperforming.

Please refer to Note 1 to the Consolidated Financial Statements under the caption “Loans” for a discussion of the Company’s policy regarding individual evaluation of loans to record a provision for expected credit losses.

Management conducted sensitivity analysis on the CECL model by using Moody's upside and downside scenarios across the forecast period.

As of December 31, 2025 and 2024, the Company had $106.9 million and $208.7 million, respectively, of loans classified as nonperforming.

Please refer to "Note 1 – Summary of Significant Accounting Policies" to the Consolidated Financial Statements under the caption "Loans" for a discussion of the Company’s policy regarding individual evaluation of loans to record a provision for expected credit losses.

Please refer to the "Nonperforming Assets" section for a discussion of problem and potential problem assets.

As of December 31, 2025 and 2024, loans rated special mention had an amortized cost of $268.9 million and $244.8 million, respectively, and loans rated substandard had an amortized cost of $514.5 million and $426.4 million, respectively.

The increases in special mention and substandard loans were primarily attributable to additions in CRE loans in the Washington, D.C.

metropolitan area, particularly in income producing - commercial real estate and commercial loans.

The increases in substandard loans were primarily attributable to certain CRE loans in the Washington, D.C.

metropolitan area.

At December 31, 2024, 100% and 46% of special mention and substandard loans, respectively, were current.

Based upon their status as potential problem loans, loans risk rated special mention or substandard receive heightened scrutiny and ongoing intensive risk

Table o f Contents

Additionally, the Company's loan loss allowance methodology incorporates increased reserve factors for certain loans considered potential problem loans as compared to the general portfolio.

At December 31, 2024 and 2023, the Company's performing office coverage ratio, which calculates the ACL attributable to loans collateralized by performing office properties as a percentage of total loans, was 3.81% and 1.91%, respectively.

The increase in substandard loans was primarily attributable to additions in CRE loans, particularly in income producing - commercial real estate as weaknesses in borrower performance were identified during our credit monitoring processes.

As of December 31, 2025, 99% and 79% of special mention and substandard loans, respectively, were current, with the remainder either 30 or more days past due or nonperforming.

Based upon their status as potential problem loans, loans risk rated special mention or substandard receive heightened scrutiny.

Additionally, the Company's credit loss allowance methodology incorporates increased reserve factors for office loans considered potential problem loans as compared to the general portfolio.

Management recognizes the risks inherent in the CRE portfolio and remains focused on maintaining disciplined portfolio management and a robust risk rating process.

The Bank has implemented enhanced analytical procedures for evaluating credit requests, refined its risk rating framework, and strengthened ongoing monitoring of the loan portfolio and the adequacy of the ACL, particularly for CRE and construction loans, including those secured by office properties.

These efforts include the use of stress testing analyses.

Additionally, fair value assessments of loans acquired are included in our analytical procedures.

The loan portfolio analysis process is ongoing and proactive to support the Company's objective of maintaining a portfolio of quality credits and quickly identifying weaknesses before they become more severe.

Portfolio management and the risk rating process are core parts of the Company’s credit risk management, including for commercial real estate loans.

3 unchanged sentences

The following table sets forth activity in the allowance for credit losses:

Years Ended December 31,

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Allowance for Credit Losses

The table below presents activity in the allowance for credit losses.

For the Year Ended December 31,

(dollars in thousands) 2025

Balance at beginning of year $ 85,940 $ 74,444 $ 74,965

Balance at beginning of period $ 114,390 $ 85,940

Commercial (2,410) (4,906)

2 unchanged sentences

Construction - commercial and residential (18,712) (129)

Home equity (206) —

Other consumer (35) (88)

3 unchanged sentences

Owner occupied - commercial real estate 86 94

Construction - commercial and residential — 36 1,627

Other consumer — 6 6

Total recoveries 1,084 652

1 unchanged sentence

Provision for credit losses - loans 293,392 67,005

Balance at end of year $ 114,390 $ 85,940 $ 74,444

Ratio of allowance for credit losses to total loans outstanding at year end 1.44 % 1.08 % 0.97 %

Ratio of net charge-offs during the year to average loans outstanding during the year 0.48 % 0.24 % 0.01 %

Table o f Contents

The following table reflects the allocation of the ACL at December 31, 2024 and 2023 by loan category and the percentage of allowance in each category.

The allocation of the allowance at December 31, 2024 includes allowance for credit losses of $17.1 million against individually assessed loans of $208.7 million, as compared to allowance for credit losses of $0.6 million against individually assessed loans of $66.1 million at December 31, 2023.

Balance at end of period $ 159,604 $ 114,390

Ratio of net charge-offs to average loans outstanding during the period

3.22 % 0.48 %

The allocation of the allowance as of December 31, 2025 includes the allowance for credit losses of $19.6 million against individually assessed loans of $106.9 million, as compared to allowance for credit losses of $17.1 million against individually assessed loans of $208.7 million as of December 31, 2024.

In addition, the Company's performing office coverage ratio, which calculates the ACL attributable to loans collateralized by performing office properties as a percentage of total loans, was 12.89% and 3.81% as of December 31, 2025 and 2024, respectively.

The allocation of the allowance to each category is not necessarily indicative of future losses or charge-offs and does not restrict the usage of the allowance to absorb losses in any category.

The Company has updated its allocation methodology to better reflect the ACL attributable to loan categories and collateral types.

Conforming changes have been made to prior period amounts.

These reclassifications had no effect on net income (loss) or shareholders' equity.

The table below displays the allocation of the ACL by loan category and the percentage of allowance in each category.

December 31, 2025

December 31, 2024

(dollars in thousands) Amount % of Total ACL % of Total Loans Amount % of Total ACL % of Total Loans

8 unchanged sentences

Total $ 159,604 100 % 100 % $ 114,390 100 % 100 %

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Allowance for Credit Losses

The table below displays the allocation of the ACL specific to income producing - commercial real estate loans by collateral type.

December 31, 2025

December 31, 2024

(dollars in thousands) Amount Percentage

Amount Percentage

Hotel & motel $ 3,934 4 % $ 3,294 5 %

Industrial 1,359 1 % 2,301 4 %

Mixed use 2,627 3 % 4,617 7 %

Multifamily 7,468 8 % 8,041 12 %

Office 71,364 72 % 38,040 58 %

Retail 2,791 3 % 4,658 7 %

Single / 1-4 Family & Res.

Condo 885 1 % 987 2 %

Other 8,279 8 % 3,437 5 %

Total ACL - Income producing - commercial real estate loans

$ 98,707 100 % $ 65,375 100 %

Nonperforming Assets

The Company’s level of nonperforming assets, which is comprised of the amortized cost of loans delinquent 90 days or more, and nonaccrual loans, which includes the nonperforming portion of loan modifications, and the carrying value of other real estate owned ("OREO") totaled $211.4 million at December 31, 2024, representing 1.90% of total assets, as compared to $66.6 million at December 31, 2023, representing 0.57% of total assets.

The increase is primarily due to the increase in nonperforming loans discussed below.

The Company had no accruing loans that were 90 days or more past due at December 31, 2024 or December 31, 2023.

The Company’s nonperforming assets are comprised of the amortized cost of loans delinquent 90 days or more, and nonaccrual HFI loans, which includes the nonperforming portion of loan modifications, and the carrying value of other real estate owned ("OREO").

Nonperforming assets totaled $109.0 million as of December 31, 2025, representing 1.04% of total assets, as compared to $211.4 million as of December 31, 2024, representing 1.90% of total assets.

The decrease was primarily due to charge offs of nonaccrual loans, including on loans transferred to HFS, and changes in nonperforming loans discussed below.

As of December 31, 2025, nonaccrual HFS loans totaling $90.7 million were excluded from nonperforming assets since they are carried at the lower of cost or fair value and are not reflected in credit metrics.

The Company had no accruing loans that were 90 days or more past due as of December 31, 2025 and December 31, 2024.

Management prioritizes remaining attentive to early signs of deterioration in borrowers’ financial conditions and to taking action designed to mitigate risk.

The Company places loans on nonaccrual status if it deems collection to be doubtful.

The Company believes, based on its loan portfolio risk analysis that its ACL at 1.44% of total loans at December 31, 2024, is adequate to absorb expected credit losses within the loan portfolio at that date.

Total nonperforming loans had an amortized cost of $208.7 million at December 31, 2024, representing 2.63% of total loans, compared to $65.5 million at December 31, 2023, representing 0.82% of total loans.

The increase was primarily from the addition of four income-producing commercial real estate loans and one owner-occupied commercial real estate loan.

The Company believes, based on its loan portfolio risk analysis that its ACL at 2.19% of total loans as of December 31, 2025, is adequate to absorb expected credit losses within the loan portfolio at that date.

Total nonperforming loans had an amortized cost of $106.9 million as of December 31, 2025, representing 1.47% of total loans, compared to $208.7 million as of December 31, 2024, representing 2.63% of total loans.

This decrease was primarily driven by the reduction of nonperforming loans in the income producing - commercial real estate category.

The CECL standard allows for institutions to evaluate individual loans in the event that the asset does not share similar risk characteristics with its original segmentation.

This can occur due to credit deterioration, increased collateral dependency or other factors leading to impairment.

In particular, the Company individually evaluates loans on nonaccrual, though it may individually evaluate other loans or groups of loans as well if it determines they no longer share similar risk with their assigned segment.

In particular, the Company individually evaluates loans on nonaccrual status, though it may individually evaluate other loans or groups of loans as well if it determines they no longer share similar risk with their assigned segment.

Reserves on individually assessed loans are determined by one of two methods:

7 unchanged sentences

For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date.

When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the NPV from the operation of the collateral.

When repayment is expected to be from

Table o f Contents

the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell.

When repayment is expected to be from the operation of the

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Nonperforming Assets

collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the NPV from the operation of the collateral.

When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell.

The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset.

Generally, all appraisals associated with individually assessed loans are updated on a not less than annual basis.

Generally, collateral valuations associated with individually assessed loans are updated on not less than an annual basis.

As part of our credit risk management process, we periodically reassess the value of collateral supporting commercial real estate loans, particularly in periods of market volatility.

Normally, we obtain updated valuations when borrower performance suggests that repayment may become dependent on the underlying real estate and we determine that existing collateral values may not reflect current market conditions.

This approach focuses on loans where cash flow coverage has deteriorated and where guarantor support appears uncertain or insufficient.

In some cases when a loan is downgraded late in a quarter, a new valuation may not be obtained until the following quarter.

In evaluating whether a new valuation is warranted, we consider a range of factors, including trends in local property markets, changes in capitalization rates and lease terms, the availability and terms of financing for comparable properties, and observable shifts in supply-demand dynamics.

We also assess property-specific factors such as deferred maintenance or improvements, zoning or regulatory changes, environmental matters, and other conditions that may materially influence value.

Passage of time alone does not drive our valuation decisions;

rather, we apply a judgment-based framework informed by current market data and asset-specific analysis.

The objectives of this process are to have our collateral estimates reflect current market conditions and to support timely and appropriate credit loss recognition as conditions evolve.

The Company evaluates all loan modifications according to the accounting guidance to determine if the modification results in a new loan or a continuation of the existing loan.

2 unchanged sentences

A loan that is considered a modified loan may be evaluated for disclosure if the commitment is $500 thousand or greater.

Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status, foreclosure or repossession of the collateral to minimize economic loss to the Company.

Management strives to identify borrowers in financial difficulty early and may work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status, foreclosure or repossession of the collateral to minimize economic loss to the Company.

Commercial and consumer loans modified are closely monitored for delinquency as an early indicator of possible future default.

1 unchanged sentence

The allowance may be increased, adjustments may be made in the allocation of the allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan.

During the year ended December 31, 2024, the Bank modified 41 loans with a total amortized cost of $401.8 million at December 31, 2024 (5.1% of the loan portfolio).

These loans received extended loan terms of between approximately one to 36 months.

As of December 31, 2024, the payment status of six loans that were modified in the preceding twelve months, which totaled $137.1 million of amortized cost basis, including two loans with an amortized cost basis of $5.4 million were 30 to 89 days past due, and the other four loans with a total amortized cost basis of $131.7 million were on nonaccrual status.

As of December 31, 2024, additional loans that were modified in the preceding twelve months which were performing under their modified terms totaled $264.7 million of amortized cost basis.

Management, from time-to-time and in the ordinary course of business, implements renewals, modifications, extensions and/or changes in terms of loans to borrowers who have the ability to repay on reasonable market-based terms, as circumstances may warrant, and therefore, such modifications are not considered to be loan restructurings to a borrower experiencing financial difficulty, as the accommodation of a borrower's request does not rise to the level of a concession if the modified transaction is at market rates and terms and/or the borrower is not experiencing financial difficulty.

During the year ended December 31, 2025, the Bank modified 40 loans with a total amortized cost of $277.6 million as of December 31, 2025 (3.8% of the loan portfolio).

These loans received extended loan terms of between approximately 4 to 36 months.

As of December 31, 2025, the payment status of 40 loans that were modified in the preceding twelve months, included 32 loans with a total amortized cost basis $232.0 million which were performing under their modified terms, 3 loans with a total amortized cost basis of $14.0 million which were 30-89 days past due and 5 loans with a total amortized cost basis of $31.6 million which were on nonaccrual status .

(1) adverse weather conditions may create a short term cash flow issue for an otherwise profitable retail business which suggests a temporary interest only period on an amortizing loan;

1 unchanged sentence

or (3) there may be maturing loans to borrowers with demonstrated repayment ability who are not in a position at the time of maturity to obtain alternate long-term financing.

Included in nonperforming assets at December 31, 2024 is OREO of $2.7 million, consisting of five foreclosed properties, compared to OREO of $1.1 million, consisting of three foreclosed properties at December 31, 2023.

Included in nonperforming assets as of December 31, 2025 was OREO of $2.1 million, consisting of three foreclosed properties, compared to OREO of $2.7 million, consisting of five foreclosed properties as of December 31, 2024.

OREO properties are carried at the lower of cost or at fair value less estimated costs to sell.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Nonperforming Assets

It is the Company's policy to generally obtain third party appraisals prior to foreclosure and to obtain updated third party appraisals on OREO properties generally not less frequently than annually.

Generally, the Company would obtain updated appraisals or evaluations where it has reason to believe, based upon market indications (such as comparable sales, a scenario in which the Company is considering legitimate offers below carrying value, broker indications and similar factors), that the current appraisal does not accurately reflect current value.

There were two OREO sales in 2024 and two in 2023, generating proceeds of $656 thousand and $987 thousand, respectively.

Table o f Contents

The following table shows the amounts of nonperforming assets, including loans at amortized cost and OREO at the lower of cost or fair value less estimated costs to sell, at the dates indicated:

Generally, the Company obtains updated appraisals or evaluations where it has reason to believe, based upon market indications (such as comparable sales, a scenario in which the Company is considering legitimate offers below carrying value, broker indications and similar factors), that the current appraisal does not accurately reflect current value.

There were six OREO sales in the year ended December 31, 2025 and two in the year ended December 31, 2024, generating proceeds of $14.9 million and $656 thousand, respectively.

The table below presents the amounts of nonperforming assets, including loans at amortized cost and OREO at the lower of cost or fair value less estimated costs to sell.

(dollars in thousands) December 31, 2025 December 31, 2024

10 unchanged sentences

Total nonperforming assets $ 108,956 $ 211,449

Coverage ratio, allowance for credit losses to total nonperforming loans 55 % 131 %

Coverage ratio:

allowance for credit losses to total nonperforming loans 149 % 55 %

Ratio of nonperforming loans to total loans 1.47 % 2.63 %

Ratio of nonperforming assets to total assets 1.04 % 1.90 %

(1) Gross interest income of $8.8 million, and $4.2 million would have been recorded for 2024, and 2023, respectively, if nonaccrual loans shown above had been current and in accordance with their original terms, while interest actually recorded on such loans was $4.1 million, and $1.5 million at December 31, 2024 and 2023, respectively.

See Note 1 to the Consolidated Financial Statements for a description of the Company’s policy for placing loans on nonaccrual status.

(1) Excludes nonaccrual HFS loans totaling $90.7 million and zero as of December 31, 2025 and December 31, 2024, respectively.

Significant variation in the amount of nonperforming loans may occur from period to period because the amount of nonperforming loans depends largely on the condition of a relatively small number of individual credits and borrowers relative to the total loan portfolio.

At December 31, 2024, there were $426.4 million of Substandard loans.

As of December 31, 2025, there were $514.5 million of substandard loans.

Based upon their status as potential problem loans, loans risk rated special mention or substandard receive heightened scrutiny and ongoing intensive risk management.

1 unchanged sentence

Other Earning Assets

Bank owned life insurance at December 31, 2024 amounted to $115.8 million, as compared to $112.9 million at December 31, 2023.

Refer to Note 18 to Consolidated Financial Statements for further detail.

Intangible Assets

The Company recognized a servicing asset for the computed value of servicing fees on the sales of multifamily FHA loans prior to selling those in 2024.

The Company currently recognizes a servicing asset for the guaranteed portion of Small Business Administration ("SBA") loans and other loans sold with retained servicing which is in excess of the normal servicing fees.

Assumptions related to loan term and amortization are made to arrive at the initial recorded value, which is included in intangible assets, net, on the Consolidated Balance Sheets.

At December 31, 2024 and 2023, the balance of excess servicing fees was $16 thousand and $37 thousand, respectively, and were amortized as a reduction of actual service fees collected, which is a component of other income.

In 2008, the Company recorded an unidentified intangible asset (goodwill) incident to the acquisition of Fidelity of $2.2 million.

In 2014, the Company recorded an initial amount of unidentified intangible (goodwill) incident to the acquisition of Virginia Heritage of approximately $102 million.

During the second quarter ended June 30, 2024, Management determined that a triggering event had occurred as a result of the share price trading under book value for more than four quarters due to changes in macroeconomic conditions and market volatility in the financial markets and the banking industry due to the impact from rising interest rates.

As a result of the triggering event, the Company engaged a third-party service provider to assist Management with the determination of the fair value of the Company in the second quarter of 2024.

The resulting calculations indicated that the fair value did not exceed the carrying amount of the Company's sole reporting unit as of May 31, 2024 which resulted in a determination that goodwill had become fully impaired.

The goodwill impairment charge of $104.2 million reduced fully the carrying value of the Company's

Table o f Contents

goodwill as of May 31, 2024.

The impaired goodwill is primarily related to the acquisition of the Virginia Heritage Bank in October 2014.

The impairment charge did not impact our cash flows, liquidity ratios, core operating performance, or regulatory capital ratios.

The method employed to determine the fair value of the reporting unit was a combination of a risk-weighted income and market valuation methodologies, comprised of the discounted cash flow method, the guideline public company method and the guideline transaction method.

Significant judgment is necessary in the determination of the fair value of a reporting unit.

Refer to "Critical Accounting Policies" for additional details.

Refer to Note 7 to the Consolidated Financial Statements for information on the initial and current carrying values as well as additions and amortization.

As part of its employee benefits and financing strategies, the Company has invested in BOLI policies.

BOLI serves as a tax-efficient asset designed to offset the cost of employee benefit obligations.

The Company views BOLI as a long-term investment to help fund future benefit expenses.

As of December 31, 2025, the cash surrender value of BOLI totaled $335.2 million, compared to $115.8 million as of December 31, 2024.

The increase reflects an additional BOLI investment of $200 million made in the first quarter of 2025 through premium payments as well as earnings on the policies during 2025.

Deposits and Other Borrowings

The principal sources of funds for the Bank are core deposits, consisting of demand deposits, money market accounts, Negotiable Order of Withdrawal ("NOW") accounts, savings accounts, and certificates of deposits.

The deposit base includes transaction accounts, time and savings accounts and accounts which customers use for cash management and which provide the Bank with a source of fee income and cross-marketing opportunities, as well as an attractive source of lower cost funds.

To meet funding needs during periods of high loan demand and seasonal variations in core deposits, the Bank regularly utilizes alternative funding sources such as secured borrowings from the FHLB, federal funds purchased lines of credit from correspondent banks and brokered deposits from regional and national brokerage firms.

Additionally, the Bank participated in the BTFP established by Federal Reserve Bank in March 2023.

The Federal Reserve announced in January 2024 that the BTFP will stop originating new loans on March 11, 2024, as scheduled.

In January 2024, the Company borrowed an additional $500.0 million through the BTFP and refinanced $500.0 million under the program, each at an interest rate of 4.76% and a maturity date in January 2025.

These loans were repaid in the fourth quarter of 2024.

For the year ended December 31, 2024, deposits were $9.1 billion as compared to $8.8 billion at December 31, 2023, an increase of 4%.

The increase was primarily attributable to a $558.2 million increase in interest bearing time deposits and a $285.2 million increase in savings and money market accounts, offset by a $734.7 million reduction in noninterest bearing deposits.

These deposit changes were the result of growth in time deposits from the company's digital acquisition channel, partially offset by a decline in deposits from a third party payment processor related to the fluctuations in deposit levels resulting from its business, as well as declines in some public and brokered fundings.

Noninterest bearing deposits decreased $734.7 million or 32% to $1.5 billion at December 31, 2024 as compared to $2.3 billion at December 31, 2023, while interest bearing deposits increased by $499.5 million, or 12%.

Within interest bearing deposits, money market and savings accounts collectively amounted to $3.6 billion at December 31, 2024, or 39% of total deposits, as compared to $3.3 billion, or 38% of total deposits, at December 31, 2023, an increase of $285.2 million, or 9%.

The deposit base includes transaction accounts, time and savings accounts and accounts which customers use for cash management which provide the Bank with a source of fee income and cross-marketing opportunities, as well as an attractive source of lower cost funds.

To meet funding needs during periods of high loan demand and seasonal variations in core deposits, the Bank utilizes alternative funding sources such as brokered deposits, secured borrowings from the FHLB, and federal funds purchased lines of credit from correspondent banks.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Deposits and Other Borrowings

The table below presents the Bank’s deposit composition by balance and percentage.

December 31, 2025

December 31, 2024

(dollars in thousands) Balance Percentage Balance Percentage

Noninterest-bearing demand $ 1,433,952 16 % $ 1,544,403 17 %

Interest-bearing transaction 1,038,154 11 % 1,211,791 13 %

Savings and money market 3,624,813 40 % 3,599,221 39 %

Time deposits 3,036,687 33 % 2,775,663 31 %

Total $ 9,133,606 100 % $ 9,131,078 100 %

No single depositor represented more than 10% of total deposits as of December 31, 2025.

The ten largest depositors not associated with brokered pass-through relationships represented approximately 23% of total deposits in the aggregate as of December 31, 2024.

The Company maintains a significant deposit relationship with a third-party payments processor, whose business results in deposit inflows and outflows on an ongoing basis, which contributes to variations in period end compared to average deposit balances.

The ten largest depositors not associated with brokered pass-through relationships represented approximately 18% of total deposits as of December 31, 2025.

Average total deposits for the year ended December 31, 2025 were $10.2 billion, as compared to $9.5 billion for the same period in 2024, a 7% increase.

Time deposits were $2.8 billion at December 31, 2024, which was 30% of deposits.

This was an increase from $2.2 billion at December 31, 2023, which was 25% of deposits.

The increase in time deposits was driven by growth in the Company's digital acquisition channel.

The following table summarizes time deposits in excess of $250 thousand by maturity:

Time deposits were $3.0 billion as of December 31, 2025, which was 33% of deposits.

This was an increase from $2.8 billion as of December 31, 2024, which was 31% of deposits.

The increase in time deposits was primarily driven by growth in the Company's digital acquisition channel.

The table below summarizes time deposits in excess of $250 thousand by maturity.

(dollars in thousands) December 31, 2025 December 31, 2024

4 unchanged sentences

Total $ 1,470,657 $ 1,709,217

Maturities of time deposits with balances of $250 thousand or more represented 19% and 17% of total deposits as of December 31, 2024 and 2023, respectively.

See Note 10 to the Consolidated Financial Statements for additional information

Table o f Contents

regarding the maturities of time deposits and the Average Balances Table in the “Net Interest Income and Net Interest Margin” section for the average rates paid on interest-bearing deposits.

Time deposits of $250 thousand or more can be more volatile and more expensive than time deposits of less than $250 thousand.

However, because the Bank focuses on relationship banking, and its marketplace demographics are favorable, its historical experience has been that large time deposits have not been more volatile or significantly more expensive than smaller denomination certificates.

From time to time, when appropriate in order to fund strong loan demand or account for increased deposit outflow, the Bank accepts brokered time deposits, generally in denominations of less than $250 thousand, from a regional brokerage firm and other national brokerage networks, including IntraFi Network, LLC ("IntraFi").

Additionally, the Bank participates in the CDARS and the ICS products, which provide for reciprocal (“two-way”) transactions among banks facilitated by IntraFi for the purpose of maximizing FDIC insurance.

Time deposits with balances of $250 thousand or more represented 16% and 19% of total deposits as of December 31, 2025 and 2024, respectively.

See "Note 9 – Deposits" to the Consolidated Financial Statements for additional information regarding the maturities of time deposits and the Average Balances Table in the "Net Interest Income and Net Interest Margin" section for the average rates paid on interest-bearing deposits.

The Bank offers brokered time deposits generally in denominations of less than $250 thousand from brokerage networks.

The Bank participates in CDARS and the ICS programs within IntraFi Network, LLC ("IntraFi"), which provide for reciprocal ("two-way") transactions among banks to maximize FDIC insurance.

ICS also allows for the sale of deposits into the IntraFi Network ("One-Way Sale") which provides FDIC insurance for the depositor without reciprocal deposits returned to the Bank.

Deposits sold through the IntraFi One-Way Sale process are not included in the Bank’s deposit totals.The sale of ICS deposits allows the Bank to moderate the fluctuation of deposit balances.

As of December 31, 2024, the Bank sold $115.3 million through the IntraFi One-Way Sale network.

The total of reciprocal deposits at December 31, 2024 was $1.4 billion (16% of total deposits) as compared to $1.7 billion (19% of total deposits) at December 31, 2023.

Deposits sold through the IntraFi One-Way Sale process are not included in the Bank’s deposit totals.

The sale of ICS deposits allows the Bank to moderate the fluctuation of deposit balances.

As of December 31, 2025, the Bank sold de minimis deposits through the IntraFi One-Way Sale network.

The total of reciprocal deposits as of December 31, 2025 was $1.7 billion (19% of total deposits) as compared to $1.4 billion (16% of total deposits) as of December 31, 2024.

These sources are believed by the Company to represent a reliable and cost efficient alternative funding source for the Bank, but there can be no assurance that they will continue to be adequate or appropriate to meet our liquidity needs.

The Bank also is able to obtain one way CDARS deposits and participates in IntraFi’s Insured Network Deposit Program, (“IND”).

The Bank had $894.7 million and $786.5 million of IND brokered deposits as of December 31, 2024 and 2023, respectively.

However, to the extent that the condition or reputation of the Company or Bank deteriorates, or to the extent that there are significant changes in market interest rates which the Company and Bank do not elect to match, or if aggregate funding available to banks change due to changes in the marketplace, we may experience an outflow of brokered deposits or difficulty with obtaining them in the future.

The Bank also is able to receive one way CDARS deposits and participates in IntraFi’s Insured Network Deposit Program ("IND").

The Bank had $385.7 million and $894.7 million of IND brokered deposits as of December 31, 2025 and December 31, 2024, respectively.

However, to the extent that the condition or reputation of the Company or Bank deteriorates, or to the extent that there are significant changes in market interest rates which the Company and Bank do not elect to match, or if aggregate funding available to banks changes due to changes in the marketplace, we may experience an outflow of brokered deposits or difficulty with obtaining them in the future.

In that event, we would be required to obtain alternate sources for funding, which may increase our cost of funds and negatively impact our net interest margin.

We have used brokered deposits and intend to continue to use brokered deposits as one of our funding sources to support future growth.

At December 31, 2024, total brokered deposits were $4.0 billion, or 43.61% of total deposits, of which $1.4 billion were attributable to CDARS and ICS two-way accounts.

At December 31, 2023, total brokered deposits (which did not include the CDARS and ICS two-way) were $2.5 billion, or 28.8% of total deposits.

These brokered deposits were comprised of savings, money market and other interest-bearing transaction accounts of $2.7 billion and $1.1 billion, and time deposits of $1.3 billion and $1.5 billion at December 31, 2024 and 2023, respectively.

The increase in the proportion of total deposits classified as brokered deposits reflected that CDARS and ICS two-way were included in brokered deposits at December 31, 2024.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Deposits and Other Borrowings

We have used brokered deposits and intend to continue to use brokered deposits as one of our funding sources.

As of December 31, 2025, total brokered deposits were $3.3 billion, or 36% of total deposits, compared to $4.0 billion, or 44% as of December 31, 2024.

These brokered deposits were comprised of savings, money market and other interest-bearing transaction accounts of $2.4 billion and $2.7 billion, and time deposits of $0.8 billion and $1.3 billion as of December 31, 2025 and 2024, respectively.

The Company uses the Call Report definitions for regulatory reporting by the Bank to classify its deposits as brokered deposits.

At December 31, 2024 and 2023, total deposits included estimated totals of $2.2 billion and $2.8 billion of uninsured deposits, which represented 24% and 31% of total deposits, respectively.

The decrease in the percentage of the Bank's deposits that are uninsured was in part due to customers' increased use of the products facilitated by IntraFi that enable customers to maximize FDIC deposit insurance coverage for their deposits.

At December 31, 2024, the Company had $1.5 billion in noninterest bearing demand deposits, representing 17% of total deposits compared to $2.3 billion of noninterest bearing demand deposits at December 31, 2023, or 26% of total deposits.

As of December 31, 2025 and December 31, 2024, total deposits included estimated totals of $2.3 billion and $2.2 billion of uninsured deposits, which represented 25% and 24% of total deposits, respectively.

The decrease in noninterest bearing demand deposits was offset by the increase in time deposits during the year ended December 31, 2025, due to continued elevated interest rates in 2025.

Average noninterest bearing deposits over total deposits for years ended December 31, 2024 and 2023 were 21% and 28%, respectively.

Average noninterest bearing deposits over total deposits for years ended December 31, 2025 and December 31, 2024 were 19% and 21%, respectively.

The Bank also offers business NOW accounts and business savings accounts to accommodate those customers who may have excess short term cash to deploy in interest earning assets.

As an enhancement to the basic noninterest bearing demand deposit account, the Company offers a sweep account, or “customer repurchase agreement,” allowing qualifying businesses to earn interest on short-term excess funds, which are not suited for either a certificate of deposit or a money market account.

The balances in these accounts were $33.2 million at December 31, 2024 compared to $30.6 million at December 31, 2023.

Customer repurchase agreements are not deposits and are not insured by the FDIC, but are collateralized by U.S.

agency securities and/or U.S.

agency backed MBS.

These accounts are particularly suitable to businesses with significant fluctuation in the levels of cash flows.

Attorney and title company escrow accounts are examples of accounts which can benefit from this product, as are customers who may require collateral for deposits in excess of FDIC insurance limits but do not qualify for other pledging arrangements.

This program requires the Company to maintain a sufficient investment securities level to accommodate the fluctuations in balances which may occur in these accounts.

At December 31, 2024, the Company had $2.8 billion in time deposits, an increase of $0.6 billion from year end December 31, 2023.

The Bank raises and renews time deposits through its branch network, for its public funds customers, and through brokered certificates of deposits ("CDs") to meet the needs of its community of savers and as part of its interest rate

Table o f Contents

risk management and liquidity planning.

Throughout the year, the Bank raised rates in most of its time deposit accounts in response to the continued elevated interest rate environment.

The following tables summarize the Company's borrowings at December 31, 2024 and 2023 and activities on borrowings for the years ended December 31, 2024 and 2023:

The Company used to offer a sweep account, or "customer repurchase agreement," allowing qualifying businesses to earn interest on short-term excess funds, which were not suited for either a certificate of deposit or a money market account.

The Company discontinued this product offering in November 2025.

The balances in these accounts were zero as of December 31, 2025 compared to $33.2 million as of December 31, 2024.

The Bank raises and renews time deposits through its branch network, for its public funds customers, and through brokered networks to meet the needs of its community of savers and as part of its interest rate risk management and liquidity planning.

The tables below summarize the Company's borrowings and activities on borrowings.

(dollars in thousands) Borrowings - Principal Unamortized Deferred Issuance Costs Net Borrowings Outstanding Interest Rates (1)

2 unchanged sentences

Short-term borrowings:

FHLB 490,000 — 490,000 4.81 %

FHLB secured borrowings — — — — %

Long-term borrowings:

77,665 (1,557) 76,108 10.00 %

Senior notes 77,665 (1,237) 76,428 10.00 %

Total $ 77,665 $ (1,237) $ 76,428

2 unchanged sentences

Short-term borrowings:

FRB BTFP secured borrowings 1,300,000 — 1,300,000 4.53 %

Subordinated notes 70,000 (82) 69,918 5.75 %

FHLB secured borrowings 490,000 — 490,000 4.81 %

Long-term borrowings:

77,665 (1,557) 76,108 10.00 %

Total $ 600,822 $ (1,557) $ 599,265

(1) Represent the weighted average interest rate on customer repurchase agreements, borrowings outstanding and the coupon interest rate on the subordinated notes, which approximates the effective interest rate.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Balance Sheet Analysis | Deposits and Other Borrowings

Years Ended December 31,

6 unchanged sentences

FHLB secured borrowings $ 228,357 $ 990,000 $ 373,544 $ 601,100

$ 373,544 $ 601,100 $ 549,522 $ 1,770,156

BTFP secured borrowings $ — $ — $ 1,103,005 $ 1,800,000

$ 1,103,005 $ 1,800,000 $ 971,507 $ 1,300,000

Subordinated notes, 5.75% $ — $ — $ 47,049 $ 70,000

Long-term borrowings:

$ 19,735 $ 77,665 $ — $ —

Senior notes $ 76,276 $ 76,428 $ 19,735 $ 77,665

(1) The average daily balance and maximum month-end balance are calculated on the principal balance on the borrowings.

Outstanding short-term advances and borrowings are part of the overall asset liability strategy to support loan growth.

The Company had no outstanding balances under its federal funds lines of credit provided by correspondent banks (which are unsecured) at December 31, 2024 and 2023.

At December 31, 2024 and 2023, the Company had outstanding balances of $490.0 million and $0.0 million, respectively, of FHLB advances borrowed as part of the overall asset liability strategy.

The Company had no outstanding balances under its federal funds lines of credit provided by correspondent banks (which are unsecured) as of December 31, 2025 and 2024.

As of December 31, 2025, the Company had no outstanding balances in FHLB advances, compared to $490.0 million as of December 31, 2024.

Outstanding FHLB advances are secured by collateral consisting of specifically pledged marketable investment securities, a blanket lien on qualifying loans in the Bank’s commercial mortgage, residential mortgage and home equity loan portfolios.

Additionally, at December 31, 2024, the Company had no advances outstanding under the BTFP, and $1.3 billion, outstanding at December 31, 2023.

In March, 2023, the Federal Reserve announced that it would make available additional funding to eligible depository institutions through the creation of a new BTFP, which provided eligible depository institutions, including the Company's subsidiary bank, EagleBank, an additional source of liquidity.

This program has ended as scheduled.

Table o f Contents

The subordinated notes outstanding at December 31, 2023 comprised the Company's August 5, 2014 issuance of $70.0 million of subordinated notes, which matured and were repaid in September 2024.

On September 30, 2024, the Company closed a private placement of its 10.00% senior unsecured debt totaling $77.7 million maturing on September 30, 2029 (the "2029 Senior Notes" or "Original Notes").

At December 31, 2024, the carrying value of these 2029 Senior Notes was $76.1 million which reflected $1.6 million in unamortized deferred financing costs that are being amortized over the life of the 2029 Senior Notes.

In connection with the issuance of the 2029 Senior Notes, the Company also entered into a registration rights agreement dated September 30, 2024 with the purchasers of the 2029 Senior Notes (the “Registration Rights Agreement”).

Pursuant to the Registration Rights Agreement, the Company filed an exchange offer registration statement with the SEC to exchange the Senior Notes for substantially identical notes registered under the Securities Act (the "Exchange Notes").

As of December 31, 2025 and 2024, the carrying value of these 2029 Senior Notes were $76.4 million and $76.1 million, respectively, which reflected $1.2 million and $1.6 million, respectively, in unamortized deferred financing costs that are being amortized over the life of the 2029 Senior Notes.

The terms of the Exchange Notes are identical to the terms of the Original Notes, except that the transfer restrictions and registration rights applicable to the Original Notes do not apply to the Exchange Notes.

The Company completed the exchange offer on January 16, 2025.

CONTRACTUAL OBLIGATIONS

Commitments and Contractual Obligations

The Company has various financial obligations, including contractual obligations and commitments that may require future cash payments.

The following table shows details on these fixed and determinable obligations as of December 31, 2024, in the time period indicated.

The table below shows details on these fixed and determinable obligations.

As of December 31, 2025

(dollars in thousands) Within One

15 unchanged sentences

Total $ 8,299,790 $ 682,583 $ 288,214 $ 23,042 $ 9,293,629

(1) Excludes accrued interest payable at December 31, 2024.

(2) Borrowed funds include customer repurchase agreements and other short-term and long-term borrowings.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Commitments and Contractual Obligations

(1) Excludes accrued interest payable as of December 31, 2025.

(2) Borrowed funds represent long-term borrowings.

(3) The Bank has outstanding obligations under its current core data processing contract that expires in June 2029.

(4) The Bank has the option of terminating the George Mason University ("George Mason") agreement at the end of contract year 15 (that is, effective June 30, 2030).

(4) The Bank has the option of terminating the George Mason University ("George Mason") agreement at the end of contract year 15 (effective June 30, 2030).

Should the Bank elect to exercise its right to terminate the George Mason contract, its contractual obligation would decrease by $3.6 million for the option period (years 16-20).

12 unchanged sentences

Since commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements.

Table o f Contents

Unfunded lines of credit are agreements to lend to a customer as long as there is no violation of the terms or conditions established in the contract.

9 unchanged sentences

The Bank has recourse against the customer for any amount it is required to pay to a third party under a letter of credit, and holds cash and or other collateral on those standby letters of credit for which collateral is deemed necessary.

At December 31, 2024, approximately 71% of the dollar amount of standby letters of credit was collateralized.

Loan commitments outstanding and lines and letters of credit at December 31, 2024 and 2023 were as follows:

As of December 31, 2025, approximately 69% of the dollar amount of standby letters of credit was collateralized.

The table below displays loan commitments outstanding and lines and letters of credit.

(dollars in thousands) 2025 2024

3 unchanged sentences

Total $ 1,622,876 $ 1,475,489

Unfunded loan commitments declined in 2024 by $663.2 million, as compared to 2023, as previously committed construction projects advanced toward completion, while new construction loan commitments during the year were limited as the Bank advanced its strategic goals.

Unfunded loan commitments increased by $164.2 million in 2025 compared to 2024, primarily due to new commercial and industrial loans commitments during the year as the Bank advanced its strategic goals.

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments.

The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

See Note 19 to the Consolidated Financial Statements for a summary list of loan commitments at December 31, 2024 and 2023.

See "Note 18 – Financial Instruments with Off-Balance Sheet Risk" to the Consolidated Financial Statements for a summary list of loan commitments as of December 31, 2025 and 2024.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Commitments and Contractual Obligations

In connection with deposit guarantees, the Bank collateralizes certain public funds using qualified investment securities.

2 unchanged sentences

Liquidity is a measure of the Company’s and Bank’s ability to meet loan demand and to satisfy depositor withdrawal requirements in an orderly manner.

The Bank’s primary sources of liquidity consist of cash and cash balances due from correspondent banks, excess reserves at the Federal Reserve, loan repayments, federal funds sold and other short-term investments, maturities and sales of investment securities, income from operations and new core deposits into the Bank.

Approximately 57% of the Company's investment portfolio of debt securities is held in an available-for-sale status which allows for flexibility, subject to holdings held as collateral for customer repurchase agreements and public funds, to generate cash from sales as needed to meet ongoing loan demand.

As of December 31, 2024, the unrealized losses recorded on the available-for-sale securities were acting as a deterrent to any sale of those securities to raise liquidity.

However, these securities can be utilized as pledged assets that provide secondary liquidity through the form of additional available borrowings.

The Bank’s primary sources of liquidity consist of cash and cash balances due from correspondent banks, excess reserves at the Federal Reserve, loan repayments and other short-term investments, maturities and sales of investment securities, income from operations and new core deposits into the Bank.

Approximately 53% of the Company's investment portfolio of debt securities is held as available-for-sale which allows flexibility to generate cash from sales as needed to meet ongoing cash needs.

These securities can also be utilized as pledged assets that provide secondary liquidity through the form of additional available borrowings.

These sources of liquidity are considered primary and are supplemented by the ability of the Company and Bank to borrow funds or issue brokered deposits, which are termed secondary sources of liquidity.

Investment securities that are classified as held-to-maturity can also be used as collateral to pledge against additional borrowings.

Table o f Contents

The following table summarizes the Company's secondary sources of liquidity in use and available at December 31, 2024:

(dollars in thousands)

Secondary Sources of Liquidity in Use

Secondary Sources of Remaining Liquidity Available

The Company believes it maintains sufficient primary and secondary sources of liquidity to fund its operations.

As of December 31, 2025, primary sources of liquidity were $1.7 billion, comprising interest-bearing deposits with other banks and other short-term investments and unencumbered AFS securities.

Secondary sources of liquidity as of December 31, 2025 were $4.4 billion, which included the FHLB unused availability, other insured brokered deposit sweep programs, unpledged HTM securities, federal funds lines, and the FRB Discount Window.

As of December 31, 2025, under the Company's liquidity formula, it had $6.1 billion of primary and secondary liquidity sources.

Management believes the amount is adequate to meet current and projected funding needs.

The table below summarizes the Company's primary and secondary sources of liquidity available.

(dollars in thousands) December 31, 2025 December 31, 2024

Primary sources of liquidity available:

Cash and cash equivalents (1)

$ 695,693 $ 633,480

Unencumbered AFS securities 973,791 1,198,616

Total primary sources of liquidity available

1,669,484 1,832,096

Secondary sources of liquidity available:

Unsecured brokered deposits (3)

1 unchanged sentence

FHLB secured borrowings 1,349,351 874,270

490,000 874,270

Discount window secured borrowings 1,373,872 1,800,646

Federal funds lines 145,000 145,000

Customer repurchase agreements

Unpledged assets:

Interest-bearing deposits with banks 8,693 21,406

Investment securities

N/A 1,280,156

Unencumbered HTM securities

315,683 1,280,156

(1) The available liquidity from the unsecured brokered deposits represents unsecured funds under one-way CDARS and ICS brokered deposits that would require then current market rates and be dependent on the availability of funds in those networks.

(2) Comprise unencumbered assets that could be liquidated or used as collateral to obtain additional liquidity through debt financing.

The funding mix has continued to change throughout the year ended December 31, 2024.

Deposits at year end were $9.1 billion and $8.8 billion at December 31, 2024 and 2023, respectively.

The increase was primarily attributable to a $558.2 million increase in interest bearing time deposits, offset by a $734.7 million reduction in noninterest bearing deposits and a $285.2 million reduction in savings and money market accounts.

The growth in interest bearing deposits was driven by the increase in time deposit through the digital acquisition channel during the year ended December 31, 2024, as discussed in "Deposits and Other Borrowings" above.

Short-term borrowings were $0.5 billion and $1.4 billion at December 31, 2024 and December 31, 2023, respectively.

The decrease in short-term borrowings was due to the early retirement of BTFP borrowings during the fourth quarter of the year ended December 31, 2024 partially offset by an increase in FHLB borrowings.

Additionally, the Bank can purchase up to $145.0 million in federal funds on an unsecured basis from its correspondents, against which there were no amounts outstanding at December 31, 2024 and can borrow unsecured funds under one-way CDARS and ICS brokered deposits in the amount of $1.1 billion, against which there was $73 million outstanding at December 31, 2024.

At December 31, 2024, the Bank also has custodial agreements with various broker-dealers through IntraFi's IND program which provided $894.7 million of brokered deposits.

At December 31, 2024, the Bank was also eligible to draw advances from the FHLB up to $1.4 billion based on assets pledged as collateral to the FHLB, against which the Bank borrowed $490.0 million as of December 31, 2024.

The Bank posted additional collateral to the FHLB during the year ended December 31, 2024 to increase its availability to meet its ongoing liquidity needs and expects to continue utilizing this source of funding in the future.

In March 2023, the Federal Reserve Board announced that it would make available additional funding to eligible depository institutions through the creation of the BTFP.

The BTFP provided eligible depository institutions, including the Bank, an additional source of liquidity.

In January 2024, the Company borrowed an additional $500.0 million through the BTFP and refinanced $500.0 million under the program at an interest rate of 4.76% and a maturity in January 2025.

The Federal Reserve discontinued the origination of new loans on March 11, 2024, as scheduled.

During the year ended December 31, 2024, this alternative source of liquidity was being utilized for balance sheet optimization.

The Company repaid $500.0 million in November 2024, and the remaining $500.0 million was repaid in December 2024.

The Bank may enter into repurchase agreements as well as obtain additional borrowing capabilities from the FHLB provided adequate collateral exists to secure these lending relationships.

Total secondary sources of liquidity available

4,435,866 5,430,076

Total liquidity available

$ 6,105,350 $ 7,262,172

(1) Consists of cash and due from banks, interest-bearing deposits with banks, and other short-term investments.

(2) Secondary sources of liquidity in use was $592.1 million as of December 31, 2025 and $1.6 billion as of December 31, 2024.

(3) The available liquidity from the unsecured brokered deposits represents unsecured funds under one-way CDARS, ICS, and other brokered deposits that would require paying prevailing market rates and would be dependent on the availability of funds in those networks.

Additionally, the Bank can purchase up to $145.0 million in federal funds on an unsecured basis from its correspondents, against which there were no amounts outstanding as of December 31, 2025 and can borrow

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Liquidity Management

unsecured funds under one-way CDARS and ICS brokered deposits in the amount of $1.1 billion, against which there was $38 million outstanding as of December 31, 2025.

As of December 31, 2025, the Bank also has custodial agreements with various broker-dealers through IntraFi's IND program which provided $386.0 million of brokered deposits.

As of December 31, 2025, the Bank was also eligible to draw advances from the FHLB up to $1.3 billion based on assets pledged as collateral to the FHLB, against which the Bank borrowed none as of December 31, 2025.

The Bank may enter into repurchase agreements with broker-dealers provided adequate collateral exists.

The Bank also has a back-up borrowing facility through the Discount Window at the Federal Reserve Bank of Richmond ("Federal Reserve Bank").

This facility, which can be used to borrow up to $1.8 billion, is collateralized with specific loan assets identified to the Federal Reserve Bank.

During the third quarter, additional collateral in the form of acceptable loans was pledged to the Discount Window increasing available contingent capacity.

It is anticipated that, except for periodic testing, this facility would be utilized for contingency funding

Table o f Contents

This facility, which can be used to borrow up to $1.4 billion, is collateralized with specific loan assets and investment securities pledged to the Federal Reserve Bank.

It is anticipated that, except for periodic testing, this facility would be utilized for contingency funding only.

There can be no assurance, however, that these alternative sources of liquidity will continue to be available or will be sufficient to meet our ongoing liquidity needs.

In total, the Bank's aggregate borrowing capacity at December 31, 2024 was $4.0 billion, which consists of $0.9 billion and $1.8 billion additional aggregate capacity to borrow from the FHLB and the Federal Reserve's Discount Window, respectively, on assets that have been pledged.

The Bank's aggregate borrowing capacity also includes unencumbered securities totaling approximately $1.3 billion available for pledging to the FHLB or Federal Reserve for additional borrowing capacity.

The loss of deposits, including through disintermediation, is one of the greater risks to liquidity.

The Bank's aggregate borrowing capacity as of December 31, 2025 was $3.0 billion, which consists of $1.3 billion borrowing capacity from FHLB, $1.4 billion borrowing capacity from the Federal Reserve's Discount Window as discussed above, and $315.7 million of unencumbered HTM securities available to pledge to the FHLB or Discount Window.

The loss of deposits, including through disintermediation, is one of the primary risks to liquidity.

Disintermediation occurs most commonly when rates rise and depositors withdraw deposits seeking higher rates in alternative savings and investment sources than the Bank may offer.

The Bank makes competitive deposit interest rate comparisons weekly and makes adjustments from time to time to ensure its interest rate offerings are competitive.

There is, however, a risk that the cost of funds will increase significantly as the Bank competes for deposits or that some deposits would be lost if rates were to increase and the Bank elected not to remain competitive with its deposit rates.

Under those conditions, the Bank believes that it is well positioned to use other sources of funds such as FHLB borrowings, brokered deposits, repurchase agreements and correspondent banks’ lines of credit to offset a decline in deposits in the short run, but the use of such sources may negatively impact our net interest margin and our earnings.

The continuing elevated cost of funding negatively impacted our net interest margin.

In September 2024 and the fourth quarter of 2024, the Federal Reserve decreased interest rates by a total of 100 basis points, which had minimal impact on net interest margin for most of the year ended December 31, 2024.

The Bank regularly compares deposit interest rates and makes adjustments from time to time to ensure its interest rate offerings are competitive.

There is a risk that the cost of funds will increase significantly as the Bank competes for deposits or that some deposits would be lost if rates were to increase and the Bank elected not to remain competitive with its deposit rates.

Under those conditions, the Bank believes that it is well positioned to use other sources of funds such as FHLB borrowings, brokered deposits, repurchase agreements and federal funds lines of credit to offset a decline in deposits in the short run, but the use of such sources may negatively impact net interest margin and earnings.

The continuing elevated cost of funding has negatively impacted our net interest margin.

There can be no assurance that the mix of sources of funds available to us at any particular time in the future will be adequate to meet our future liquidity needs.

However, the market for customer and brokered deposits is highly competitive and the risk of disintermediation is high, particularly in a high interest rate environment.

The market for customer and brokered deposits is highly competitive and the risk of disintermediation is high, particularly in a high interest rate environment.

Most of our noninterest-bearing deposits are operating deposits or compensating balances that are held in connection with lending relationships.

The potential outflow of such deposits is a risk unless we pay a more competitive rate of interest on them, which could significantly and negatively impact the Bank’s interest expense and net interest margin, as the transfer of some noninterest-bearing deposits to interest-bearing deposits did in 2024.

The potential outflow of such deposits is a risk and may require the Bank to pay competitive rates of interest, which could significantly and negatively impact the Bank’s interest expense and net interest margin.

Over the long-term, an adjustment in assets and change in business emphasis could compensate for a potential loss of deposits.

The Bank also maintains a marketable investment portfolio to provide flexibility in the event of significant liquidity needs.

The Bank also maintains a marketable investment portfolio to provide flexibility in the event of liquidity needs.

The Asset Liability Committee ("ALCO") has adopted policy guidelines, which emphasize the importance of core deposits, adequate asset liquidity and a contingency funding plan.

The Company believes it maintains sufficient primary and secondary sources of liquidity to fund its operations.

During the year ended December 31, 2024, average short term liquidity was $3.2 billion comprising interest bearing deposits with other banks and other short-term investments and AFS securities, which is above the Bank's average needs.

Secondary sources of liquidity at December 31, 2024 were $5.4 billion, which include the FHLB, other insured brokered deposit sweep programs, unpledged securities, Fed funds lines, and the FRB Discount Window.

At December 31, 2024, the Company held total securities available to be pledged with an estimated fair value of $1.3 billion.

At December 31, 2024, under the Bank’s liquidity formula, it had $6.8 billion of primary and secondary liquidity sources.

Management believes the amount is adequate to meet current and projected funding needs.

Capital Resources and Adequacy

4 unchanged sentences

Pursuant to the supervisory criteria contained in the guidance for identifying institutions with a potential commercial real estate concentration risk, institutions which have total reported loans for construction, land development and other land acquisitions which represent 100% or more of an institution’s total risk-based capital;

or (2) total commercial real estate loans representing 300% or more of the institution’s total risk-based capital and the institution’s commercial real estate loan portfolio has increased 50% or more during the prior 36 months are identified as having potential commercial real estate concentration risk.

or total commercial real estate loans representing 300% or more of the institution’s total risk-based capital;

or the institution’s commercial real estate loan portfolio has increased 50% or more during the prior 36 months are identified as having potential commercial real estate concentration risk.

The Company, like many community banks, has commercial real estate loans, and the Company has experienced growth in its commercial real estate portfolio in recent years.

Although growth in that segment over the past 36 months at 26.8% did not exceed the 50% threshold laid out in the regulatory guidance, we expect the

Table o f Contents

heightened supervisory expectations to continue to apply to us given the federal banking regulators’ general focus on commercial real estate exposures at banks.

At December 31, 2024, we did exceed the construction, land development, and other land acquisitions regulatory concentration threshold, and we continue to monitor our concentration in commercial real estate lending and remain in compliance with the guidance issued by the federal banking regulators.

Construction, land and land development loans represent 122.60% of consolidated risk based capital.

The Company, like many community banks, has commercial real estate loans.

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Capital Resources and Adequacy

growth in that segment declined over the past 36 months and did not exceed the 50% threshold laid out in the regulatory guidance, we expect the heightened supervisory expectations to continue to apply to us given the federal banking regulators’ general focus on commercial real estate exposures at banks.

Construction, land and land development loans represented 92.1% of total capital as of December 31, 2025, which no longer exceeded the regulatory concentration threshold, compared to 122.6% as of December 31, 2024.

As of December 31, 2025 the Company exceeded the total commercial real estate loans threshold as it represented 336.6% of total capital compared to 373.3% as of December 31, 2024.

Management has extensive experience in commercial real estate lending, and has implemented and continues to maintain heightened risk management procedures and strong underwriting criteria with respect to its commercial real estate portfolio.

Loan monitoring practices include but are not limited to periodic stress testing analysis to evaluate changes to cash flows, owing to interest rate increases and declines in net operating income.

Nevertheless, as our commercial real estate concentration fluctuates each quarter, we may be required to maintain higher levels of capital as a result of our commercial real estate concentrations, which could require us to obtain additional capital and may adversely affect shareholder returns.

The Company seeks to manage the risks relating to commercial real estate and its capital adequacy through the development and implementation of its Capital Policy and Capital Plan, the preparation of pro-forma projections including stress testing and the development of internal minimum targets for regulatory capital ratios that are subject to approval by the Board and in excess of well capitalized ratios (as defined in the section “Regulation” above).

Nevertheless, as our commercial real estate concentration fluctuates each quarter, we may be required to maintain higher levels of capital, which could require us to obtain additional capital and may adversely affect shareholder returns.

The Company and the Bank are subject to regulatory capital requirements administered by federal banking agencies.

2 unchanged sentences

Failure to meet various capital requirements can initiate regulatory action that could have a direct material effect on the financial statements.

At December 31, 2024, the capital position of the Company and its wholly owned subsidiary, the Bank, continue to exceed regulatory requirements and well-capitalized guidelines.

As of December 31, 2025, the capital position of the Company and its wholly owned subsidiary, the Bank, continue to exceed regulatory requirements and well-capitalized guidelines.

The primary indicators relied on by bank regulators in measuring the capital position are four ratios as follows:

1 unchanged sentence

Tier 1 capital consists of common and qualifying preferred shareholders’ equity less goodwill and other intangibles.

Total risk-based capital consists of Tier 1 capital, plus qualifying subordinated debt and the qualifying portion of the ACL.

Total risk-based capital consists of Tier 1 capital and the qualifying portion of the ACL.

Risk-based capital ratios are calculated with reference to risk-weighted assets, which are prescribed by regulation.

1 unchanged sentence

The CET1 ratio is the Tier 1 capital ratio but excluding preferred stock.

The prompt corrective action regulations provide five categories, including well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition.

The Prompt Corrective Action ("PCA") regulations provide five categories, including well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized;

however, these terms are not used to represent overall financial condition.

If a bank is adequately capitalized, regulatory approval is required to, among other things, accept, renew or roll-over brokered deposits.

If a bank is undercapitalized, capital distributions and growth and expansion are limited, and plans for capital restoration are required.

If a bank is not well-capitalized, interest rate restrictions apply.

If a bank is not well-capitalized, interest rate restrictions paid on deposits may apply.

The FRB and the FDIC have adopted the Basel III Rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S.

4 unchanged sentences

The Basel III Rules also increased risk weights for certain assets and off-balance-sheet exposures.

See the “Regulation” section for additional information regarding regulatory capital requirements.

At December 31, 2024, the Company and the Bank met all these requirements.

The Company announced a regular quarterly cash dividend on January 22, 2025 of $0.165 per share to shareholders of record on February 7, 2025 and it was paid on February 21, 2025.

Bank and holding company regulations, as well as Maryland law, impose certain restrictions on dividend payments by the Bank, as well as restricting extensions of credit and transfers of assets between the Bank and the Company.

See further detail In "Item 5 - Market for Registrant's Common Equity" section.

As of December 31, 2025, the Company and the Bank exceeded all these thresholds.

The ability of the Company to continue to grow is dependent on its earnings and those of the Bank, the ability to obtain additional funds for contribution to the Bank’s capital, through additional borrowings, through the sale of additional common stock or preferred stock or through the issuance of additional qualifying capital instruments, such as subordinated debt.

The capital levels required to be maintained by the Company and Bank may be impacted as a result of the Bank’s concentrations in commercial real estate loans.

See further detail at the “Regulation” and “Risk Factors” sections.

The Company’s capital ratios were all well in excess of requirements established by the Federal Reserve Board and the Bank’s capital ratios were in excess of those required to be classified as a “well capitalized” institution under the prompt

Table o f Contents

corrective action provisions of the Federal Deposit Insurance Act.

The actual capital amounts and ratios for the Company and Bank as of December 31, 2024 and 2023 are presented in the table below:

Eagle Bancorp, Inc 2025 Form 10-K

Management's Discussion and Analysis | Capital Resources and Adequacy

The table below presents the actual capital amounts and ratios for the Company and Bank.

Company Bank Minimum Required

15 unchanged sentences

(1) The risk-based ratios reflect the minimum requirement plus the capital conservation buffer of 2.50%.

(2) Applies to Bank only

In December 2018, federal banking regulators issued a final rule that provides an optional three-year phase-in period for the adverse regulatory capital effects of adopting the CECL methodology pursuant to new accounting guidance for the recognition of credit losses on certain financial instruments, effective January 1, 2020.

In March 2020, the federal banking regulators issued an interim final rule that provides banking organizations with an alternative option to temporarily delay for two years the estimated impact of the adoption of the CECL methodology on regulatory capital, followed by the three-year phase-in period.

The cumulative amount that is not recognized in regulatory capital will be phased in at 25 percent per year beginning January 1, 2022.

We have elected to adopt the option provided by the March 2020 interim final rule.

(2) Applies to the Bank only.

Federal bank and holding company regulations, as well as Maryland law, impose certain restrictions on capital distributions, including dividend payments and share repurchases by the Bank, as well as restricting extensions of credit and transfers of assets between the Bank and the Company.

The Company announced a regular quarterly cash dividend on January 21, 2026 of $0.01 per share to shareholders of record on February 2, 2026, paid on February 13, 2026.

The quarterly cash dividend amount was reduced to $0.01 in the fourth quarter of 2025 to preserve capital as the Company addresses asset quality matters.

Impact of Inflation and Changing Prices

The Consolidated Financial Statements and Notes thereto have been prepared in accordance with GAAP in the United States of America, which require the measurement of financial position and operating results in terms of historical dollars without considering the changes in the relative purchasing power of money over time due to inflation.

The Consolidated Financial Statements and Notes thereto have been prepared in accordance with GAAP, which require the measurement of financial position and operating results in terms of historical dollars without considering the changes in the relative purchasing power of money over time due to inflation.

The impact of inflation is reflected in the increased cost of operations.

3 unchanged sentences

New Authoritative Accounting Guidance

Refer to Note 1 to the Consolidated Financial Statements for New Authoritative Accounting Guidance and their expected impact on the Company’s Financial Statements.

Table o f Contents

Refer to "Note 1 – Summary of Significant Accounting Policies" for New Authoritative Accounting Guidance and their expected impact on the Company’s Financial Statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis