EAGLE BANCORP INCEGBN
EAGLE BANCORP INC Debt Disclosure
Note 11 – Borrowings
The table below summarizes the Company’s borrowings, which include repurchase agreements with the Company’s customers and borrowings.
| (dollars in thousands) | Borrowings - Principal | Unamortized Deferred Issuance Costs | Net Borrowings Outstanding | Available Capacity (1) | Maturity Dates | Interest Rates (2) | ||||||||||||||||||||||||||||||||
As of December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Customer repurchase agreements | $ | — | $ | — | $ | — | $ | — | N/A | — | % | |||||||||||||||||||||||||||
| Short-term borrowings: | ||||||||||||||||||||||||||||||||||||||
| Secured borrowings: | ||||||||||||||||||||||||||||||||||||||
| FHLB | — | — | — | 1,349,351 | N/A | — | % | |||||||||||||||||||||||||||||||
| FRB: | ||||||||||||||||||||||||||||||||||||||
| Discount window | — | — | — | 1,373,872 | N/A | — | % | |||||||||||||||||||||||||||||||
| Total | — | — | — | 2,723,223 | ||||||||||||||||||||||||||||||||||
| Long-term borrowings: | ||||||||||||||||||||||||||||||||||||||
| Senior notes | 77,665 | (1,237) | 76,428 | — | September 30, 2029 | 10.00 | % | |||||||||||||||||||||||||||||||
| Total borrowings | $ | 77,665 | $ | (1,237) | $ | 76,428 | $ | 2,723,223 | ||||||||||||||||||||||||||||||
As of December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| Customer repurchase agreements | $ | 33,157 | $ | — | $ | 33,157 | $ | — | N/A | 2.67 | % | |||||||||||||||||||||||||||
| Short-term borrowings: | ||||||||||||||||||||||||||||||||||||||
| Secured borrowings: | ||||||||||||||||||||||||||||||||||||||
| FHLB | 490,000 | — | 490,000 | 874,270 | Various(3) | 4.81% | ||||||||||||||||||||||||||||||||
| FRB: | ||||||||||||||||||||||||||||||||||||||
| Discount window | — | — | — | 1,800,646 | N/A | N/A | ||||||||||||||||||||||||||||||||
| Total | 490,000 | — | 490,000 | 2,674,916 | ||||||||||||||||||||||||||||||||||
| Long-term borrowings: | ||||||||||||||||||||||||||||||||||||||
| Senior notes | 77,665 | (1,557) | 76,108 | — | September 30, 2029 | 10.00% | ||||||||||||||||||||||||||||||||
| Total borrowings | $ | 600,822 | $ | (1,557) | $ | 599,265 | $ | 2,674,916 | ||||||||||||||||||||||||||||||
(1)Available capacity on the Company's borrowings arrangements with the FHLB and the FRB comprise pledged collateral that has not been borrowed against. As of December 31, 2025, the Company had total additional undrawn borrowing capacity of approximately $3.0 billion, comprising unencumbered securities available to be pledged of approximately $315.7 million and undrawn financing on pledged assets of $2.7 billion.
(2)Represents 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.
(3)The contractual maturity dates on FHLB secured borrowings represent the maturity dates of current advances and are not evidence of a termination date on the line.
The Bank can purchase up to $145 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 place brokered funds under one-way CDARS and ICS deposits in the amount of $1.1 billion, against which there was $37.5 million outstanding as of December 31, 2025. The Bank also had $386.0 million of brokered deposits placed with the Insured Network Deposits ("IND") program from IntraFi Network, LLC ("IntraFi") as of December 31, 2025.
As of December 31, 2025, the Bank was also eligible to take advances from the FHLB up to $1.3 billion based on collateral at the FHLB, of which there were none outstanding as of December 31, 2025. 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. The Bank also has a back-up borrowing facility through the Discount Window at the Federal Reserve Bank. This facility, which amounts to approximately $1.4 billion, is collateralized with specific loan assets pledged to the Federal Reserve Bank. It is anticipated that, except for periodic testing, this facility would be utilized for contingency funding only. The contractual maturity dates on FHLB secured borrowings represent the maturity dates of current advances and are not evidence of a termination date on the line.
There are no prepayment penalties nor unused commitment fees on any of the Company’s borrowing arrangements.
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.
Senior Notes
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"). As of December 31, 2025, the carrying value of these 2029 Senior Notes was $76.4 million which reflected $1.2 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 ("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 ("Exchange 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.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 9, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.