Eagle Bancorp, Inc. Announces 40% Increase in Net Earnings for
First Quarter of 2005 Over 2004 BETHESDA, Md., April 14
/PRNewswire-FirstCall/ -- Eagle Bancorp, Inc. (NASDAQ:EGBN), the
parent company of EagleBank, today announced net income of $1.7
million for the quarter ended March 31, 2005, compared to $1.2
million for the first quarter of 2004, an increase of 40%. On a
per-share basis, the Company earned $0.23 per basic share and $0.22
per diluted share for 2005, as compared to $0.17 per basic share
and $0.16 cents per diluted share for 2004. "We are extremely
pleased to report the continuing strong performance of Eagle
Bancorp in the first quarter of 2005," noted both Leonard Abel,
Chairman and Ronald Paul, President and CEO of Eagle Bancorp, Inc.
"Our balance sheet growth in both deposits and loans was
accompanied by increases in revenues and net earnings. We take
particular pride in the quality of assets managed by the Company.
Recurring non-interest sources of revenue, in particular, showed
good growth, aided in part from the start-up of Eagle Land Title,
which performs professional services in connection with loan
settlement processes." For the first quarter of 2005, the Company
reported an annualized return on average assets (ROAA) of 1.20% as
compared to 1.08% for the first quarter of 2004; while the
annualized return on average equity was 11.32%, as compared to
8.78% for the same quarter in 2004. A number of factors contributed
to the very strong first quarter results. Both lending and deposit
activity were strong in the first quarter, and resulted in the
Company's net interest income growth due to both increased volume,
and an improved net interest margin. The Bank's asset/liability
management position has allowed it to benefit from the continued
increase in market interest rates in the January to March period.
For the first quarter of 2005, the net interest margin was 4.98% as
compared to 4.33% for the first quarter in 2004. Recurring
non-interest income for the first quarter of 2005 was $1.0 million
compared to $0.8 million in the first quarter of 2004 (which
excludes investment securities gains of $0.3 million recorded in
2004). This increase in recurring non-interest income was due
primarily to increased amounts of gains on the sale of both SBA
loans, where EagleBank is the leading community bank lender in its
marketplace, and gains on the sale of residential mortgage loans.
Non-interest expenses were $4.5 million for the first quarter of
2005, as compared to $3.5 million for 2004, a 28% increase. The
primary reasons for this increase were increases in staff levels
and related personal cost increases, increased occupancy cost, due
in part to new banking offices, and higher marketing, data
processing and professional fees associated with a larger
organization. The efficiency ratio improved in the first quarter of
2005 to 59.56% from 63.64% for the same period in 2004. Asset
quality remained favorable in the quarter. The Company recorded net
recoveries of $6 thousand for the first quarter of 2005 as compared
to net credit losses of $84 thousand or .10% of average loans for
the first quarter of 2004. The ratio of non-performing loan to
total loans was .03% at March 31, 2005 as compared to .17% at March
31, 2004. The provision for loan loss was $417 thousand for the
first quarter in 2005 as compared to $154 thousand for 2004; the
increase due substantially to growth in the portfolio. At March 31,
2005, the allowance for credit losses represented 1.07% of loans
outstanding, as compared to 1.14% at March 31, 2004. At March 31,
2005, total assets were $589.8 million compared to $469.5 million
at March 31, 2004, a 26% increase. Total deposits amounted to
$482.9 million, at March 31, 2005, also representing a 25% increase
over deposits of $385.6 million at March 31, 2004, while total
loans increased to $437.1 million at March 31, 2005, from $330.3
million at March 31, 2004, a 32% increase. Eagle Bancorp paid an
initial quarterly cash dividend of $.07 per share in the first
quarter of 2005 The Summary of Financial Information presented on
the following pages provides more detail of the Company's
performance for the quarter ended March 31, 2005 as compared to
2004. Persons wishing additional information should refer to the
Company's Form 10K filed with the Securities and Exchange
Commission on March 16, 2005. Eagle Bancorp is the holding company
for EagleBank and its subsidiary, Eagle Land Title, LLC. EagleBank
commenced operations in 1998. The Bank is headquartered in
Bethesda, Maryland, and conducts full service commercial banking
services thru eight offices, located in Montgomery County, Maryland
and Washington, D.C. A lease has been executed for a new community
bank office to be located in Chevy Chase, Maryland. The Company
focuses on building relationships with businesses, professionals
and individuals in its marketplace. Forward looking Statements:
This press release contains forward looking statements within the
meaning of the Securities and Exchange Act of 1934, as amended,
including statements of goals, intentions, and expectations as to
future trends, plans, events or results of Company operations and
policies and regarding general economic conditions. In some cases,
forward-looking statements can be identified by use of words such
as "may," "will," "anticipates," "believes," "expects," "plans,"
"estimates," "potential," "continue," "should," and similar words
or phrases. These statements are based upon current and anticipated
economic conditions, nationally and in the Company's market,
interest rates and interest rate policy, competitive factors and
other conditions which by their nature, are not susceptible to
accurate forecast and are subject to significant uncertainty.
Because of these uncertainties and the assumptions on which this
discussion and the forward- looking statements are based, actual
future operations and results in the future may differ materially
from those indicated herein. Readers are cautioned against placing
undue reliance on any such forward-looking statements. The
Company's past results are not necessarily indicative of future
performance. Eagle Bancorp, Inc Consolidated Statement of Condition
Highlights March 31, December 31, March 31, (in thousands) 2005
2004 2004 Unaudited Audited Unaudited Assets Cash and cash
equivalents $23,193 $31,100 $29,659 Interest bearing deposits with
other banks 15,620 9,594 4,981 Federal funds sold 26,064 15,035
17,026 Investment securities available for sale 67,333 64,098
70,459 Loans held for sale 3,671 2,208 4,341 Loans 437,117 415,509
330,253 Less: Allowance for credit losses (4,683) (4,240) (3,750)
Premises and equipment, net 6,176 5,726 4,863 Other assets 15,338
14,423 11,630 Total Assets $589,829 $553,453 $469,462 Liabilities
and Stockholders' Equity Non interest bearing deposits $146,376
$130,309 $93,805 Interest bearing deposits 336,534 331,978 291,835
Total deposits 482,910 462,287 385,640 Federal funds purchased and
securities sold 39,498 23,983 13,958 under repurchase agreements -
Other borrowings 5,333 6,333 13,551 Other liabilities 2,448 2,316
1,657 Total liabilities 530,189 494,919 414,806 Stockholders'
equity 59,640 58,534 54,656 Total Liabilities and Stockholders'
Equity $589,829 $553,453 $469,462 Eagle Bancorp, Inc. Consolidated
Statement of Income Highlights (in thousands) Three Months Ended
March 31, 2005 2004 (Unaudited) (Unaudited) Total interest income
$7,710 $5,376 Total interest expense 1,235 969 Net interest income
6,475 4,407 Provision for credit losses 417 154 Noninterest income
(before investment gains) (1) 1,039 829 Investment gains - 253
Noninterest expense 4,475 3,493 Income before income tax expense
2,622 1,842 Income tax expense 969 663 Net income $1,653 $1,179 (1)
includes gains on the sale of SBA loans of $385k in 2005 and $97k
in 2004 Per Share Data (1): Earnings per share, basic $0.23 $0.17
Earnings per share, diluted $0.22 0.16 Shares outstanding at period
end 7,088,651 7,022,297 Weighted average shares outstanding, basic
7,078,451 7,010,169 Weighted average shares outstanding, diluted
7,494,133 7,345,599 Book value per share at period end $8.41 $7.78
(1) prior periods adjusted to give retroactive effect to the 1.3 to
1 stock split in the form of a 30% stock dividend paid on February
28, 2005 Eagle Bancorp, Inc. Performance Ratios (annualized):
Return on average assets 1.20% 1.08% Return on average equity
11.32% 8.78% Net interest margin 4.98% 4.33% Efficiency ratio (2)
59.56% 63.64% Other Ratios: Allowance for credit losses to total
loans 1.07% 1.14% Non performing loans to total loans 0.03% 0.17%
Net charge-offs (annualized) to average loans -0.01% 0.10% Average
equity to average assets 10.57% 12.28% Average Balances (in
thousands): Total assets $559,981 $438,634 Total earning assets
$527,291 $409,068 Total loans $429,095 $324,942 Total deposits
$463,304 $347,998 Total stockholders' equity $59,208 $53,877 (2)
computed by dividing noninterest expense by the sum of net interest
income and noninterest income DATASOURCE: Eagle Bancorp, Inc.
CONTACT: Ronald D. Paul of Eagle Bancorp, Inc., +1-301-986-1800 Web
site: http://www.eaglebankmd.com/
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