Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record net income of $16.7
million for the year ended December 31, 2010, a 60% increase over
the $10.4 million for the year ended December 31, 2009. Net income
available to common shareholders increased 89% to $15.4 million
($0.78 per basic common share and $0.77 per diluted common share)
for the year ended December 31, 2010, compared to $8.1 million
($0.55 per basic and diluted common share) for the year ended
December 31, 2009.
For the three months ended December 31, 2010, the Company's net
income was $5.1 million, a 71% increase over the $3.0 million for
the three months ended December 31, 2009. Net income available to
common shareholders increased 96% to $4.7 million ($0.24 per basic
common share and $0.23 per diluted common share), as compared to
$2.4 million ($0.12 per basic and diluted common share) for the
same three month period in 2009.
"We are extremely pleased to report continued strong financial
performance for our Company for both the fourth quarter and full
year 2010," noted Ronald D. Paul, Chairman, President and Chief
Executive Officer of Eagle Bancorp, Inc. "Fourth quarter 2010
results represent the eighth consecutive quarter of increasing net
income. Our financial performance results have been highlighted by
substantial revenue growth from a combination of loan and core
deposit growth, a favorable net interest margin and fee income from
the sale of residential mortgages," added Mr. Paul. "Additionally,
the Company has maintained solid asset quality performance during
the difficult economic period of the past few years and we have
improved our operating efficiency. As a growth-oriented Company,
our financial results reflect the organization's ability and desire
to continue lending in the Washington D.C. metropolitan area, as
evidenced by a $276 million, or 20% increase in portfolio loans in
2010; our ability to continue building new and existing client
relationships, as evidenced by an 18% increase in deposits in 2010;
and by our ability to successfully manage credit risk in our
lending and investment activities," noted Mr. Paul.
Recently announced new branches in both Washington D.C. and
Northern Virginia will further enhance the Company's opportunities
to add valuable client relationships. A new office in the Gallery
Place area adjacent to the Verizon Center in downtown Washington
D.C. opened this week, and two offices, in the Rosslyn and Ballston
areas in Northern Virginia, are planned to open in the second
quarter of 2011.
A continuing trend of quarterly growth in both average loans and
deposits together with an improving net interest margin were the
primary drivers of increases in revenue and net income in both the
fourth quarter and full year 2010 results. Average loans, including
loans held for sale, increased 24% and 17% for the three and twelve
months ended December 31, 2010, respectively, over the comparable
prior year periods. Average deposits increased 24% and 26% for the
three and twelve months ended December 31, 2010, respectively, due
substantially to growth in money market and non-interest bearing
demand accounts. Additionally, substantial noninterest income
growth from our residential mortgage activity (expanded in April
2010) contributed to revenue growth in both the fourth quarter 2010
and full year 2010.
At December 31, 2010, total assets were $2.10 billion compared
to $1.81 billion at December 31, 2009, a 16% increase. Total
deposits were $1.73 billion at December 31, 2010, an 18% increase
over deposits of $1.46 billion at December 31, 2009, while total
loans, excluding loans held for sale, increased to $1.68 billion at
December 31, 2010, from $1.40 billion at December 31, 2009, a 20%
increase. Loans held for sale amounted to $80.6 million at December
31, 2010 as compared to $1.6 million at December 31, 2009, due to
the expansion of the residential mortgage division during the year.
The investment portfolio totaled $228.0 million at December 31,
2010, a 2% decrease from the $235.2 million balance at December 31,
2009. Total borrowed funds decreased 3% to $146.9 million at
December 31, 2010, from $150.1 million at December 31, 2009.
Alternative funding sources declined by $10.0 million in 2010,
excluding growth in customer repurchase agreements. Total
stockholders' equity increased to $204.7 million at December 31,
2010, from $188.3 million at December 31, 2009. The Company's
capital position remains substantially in excess of regulatory
requirements for well capitalized status, with a total risk based
capital ratio of 11.93% at December 31, 2010. In addition, the
tangible common equity ratio (tangible common equity to tangible
assets) ended 2010 at 8.53%.
At December 31, 2010, the Company's nonperforming assets
amounted to $32.0 million, representing 1.53% of total assets,
compared to $27.1 million of nonperforming assets, or 1.50% of
total assets, at December 31, 2009 and $29.2 million, or 1.46% of
total assets, at September 30, 2010. Management remains attentive
to early signs of deterioration in borrowers' financial conditions
and to taking the appropriate action to mitigate risk. Furthermore,
the Company is diligent in placing loans on nonaccrual status and
believes, based on its loan portfolio risk analysis, that its
allowance for loan losses, at 1.48% of total loans at December 31,
2010, is adequate to absorb potential credit losses within the loan
portfolio at that date. Included in nonperforming assets at
December 31, 2010 were $6.7 million of other real estate owned
("OREO") as compared to $5.1 million at December 31, 2009 and $4.6
million at September 30, 2010.
Analysis of the three months ended December 31, 2010
compared to 2009
For the three months ended December 31, 2010, the Company
reported an annualized return on average assets (ROAA) of 0.96% as
compared to 0.68% for the three months ended December 31, 2009. The
annualized return on average common equity (ROAE) for the most
recent quarter was 9.89%, as compared to 5.76% for the three months
ended December 31, 2009. The increase in these ratios is due
primarily to a higher net interest margin in the current period
versus 2009, increased noninterest income and improved operating
efficiency.
Net interest income increased 27% for the three months ended
December 31, 2010 over the same period in 2009, resulting from a 22
basis point increase in the net interest margin and strong balance
sheet growth. For the three months ended December 31, 2010, the net
interest margin was 4.18% as compared to 3.96% for the three months
ended December 31, 2009.
The provision for credit losses was $3.6 million for the three
months ended December 31, 2010 as compared to $2.5 million for the
three months ended December 31, 2009. At December 31, 2010,
the allowance for credit losses represented 1.48% of loans
outstanding, as compared to 1.47% at December 31, 2009 and 1.45% at
September 30, 2010. The higher provisioning in the fourth quarter
of 2010, as compared to the fourth quarter of 2009, is primarily
attributable to substantially higher loan growth. Net charge-offs
of $1.0 million represented 0.26% of average loans, excluding loans
held for sale, in the fourth quarter of 2010, as compared to $1.8
million or 0.54% of average loans, excluding loans held for sale,
in the fourth quarter of 2009. Net charge-offs in the fourth
quarter of 2010 were primarily attributable to charge-offs of
commercial real estate loans ($350 thousand), commercial and
industrial loans ($562 thousand), and the unguaranteed portion of
SBA loans ($91 thousand).
At December 31, 2010, the allowance for credit losses
represented 98% of nonperforming loans as compared to 94% at
December 31, 2009 and 90% at September 30, 2010.
Noninterest income for the three months ended December 31, 2010
increased to $3.7 million from $1.3 million for the three months
ended December 31, 2009, a 188% increase. This increase was due
primarily to increases of $1.8 million in gains realized on the
sale of residential loans and $496 thousand in increased gains
realized on the sale of investment securities. Gains on the sale of
SBA loans decreased $70 thousand. Investment gains realized in the
fourth quarter of 2010 were the result of asset/liability
management decisions to sell a portion of mortgage-backed
securities that exhibited substantial prepayment risk. Also
contributing to the increase in noninterest income in 2010 compared
to 2009 was an increase of $52 thousand in service fees and a $121
thousand increase in other income. Excluding investment securities
gains, total noninterest income was $3.2 million for the fourth
quarter of 2010 as compared to $1.3 million for the fourth quarter
of 2009, a 149% increase.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, was 53.98% for the fourth quarter of
2010, as compared to 59.02% for the fourth quarter of 2009, as the
Company enhanced its productivity. As compared to the third quarter
of 2010, the fourth quarter efficiency ratio was lower (from 58.68%
to 53.98%) due to increases in revenue (net interest income and
noninterest income) substantially offsetting increases in
noninterest expenses. Noninterest expenses were $13.5 million for
the three months ended December 31, 2010, as compared to $10.6
million for the three months ended December 31, 2009, a 27%
increase. Cost increases were incurred for salaries and benefits of
$1.9 million due substantially to additional residential mortgage
staff, and to increases in incentive compensation. Premises and
equipment expenses were $108 thousand lower due primarily to the
consolidation of two branches during 2010. Other expenses increased
by $624 thousand, with $200 thousand due to the operating and
disposition costs of OREO properties. Marketing and advertising
costs decreased by $175 thousand due to the Company's reduced
sponsorship role in the Military Bowl in 2010. FDIC insurance
premiums were $387 thousand higher due to substantially higher
deposit balances, increased costs of the transaction account
guarantee program and lower costs in the fourth quarter of 2009
resulting from accrual adjustments.
Analysis of the twelve months ended December 31, 2010
compared to 2009
For the twelve months ended December 31, 2010, the Company
reported an ROAA of 0.86% as compared to 0.65% for the year of
2009, while the ROAE was 8.74% in 2010, as compared to 6.52% for
2009. The increase in these ratios was due primarily to an increase
in the net interest margin over the past twelve months, resulting
primarily from lower funding costs, to increases in noninterest
income, and from improved operating efficiency.
In 2010, net interest income increased 29% over 2009. Average
loans, including loans held for sale, increased 17% and average
deposits increased by 26%. The net interest margin was 4.09% for
2010, as compared to 3.85% for the year of 2009. The Company
has been able to maintain its loan yields in 2010 close to 2009
levels as a result of its loan pricing practices and has been able
to reduce its funding costs, while maintaining a favorable deposit
mix as a result of sales efforts focused on increasing and
deepening client relationships.
The provision for credit losses was $9.3 million for the year of
2010 as compared to $7.7 million in 2009. The higher provisioning
in 2010 as compared to 2009 is attributable to substantially higher
amounts of loan growth in 2010 compared to 2009. For the twelve
months ended December 31, 2010, net charge-offs totaled $5.2
million (0.35% of average loans) compared to $5.5 million (0.42% of
average loans) for the twelve months ended December 31, 2009. Net
charge-offs in the twelve months ended December 31, 2010 were
primarily attributable to charge-offs of commercial real estate
loans – owner occupied ($246 thousand), commercial real estate
loans ($716 thousand), commercial and industrial loans ($1.7
million), construction loans ($1.7 million), and the unguaranteed
portion of SBA loans ($750 thousand).
Noninterest income for the year of 2010 was $9.2 million
compared to $7.3 million in 2009, an increase of 27%. This increase
was due primarily to a $1.8 million increase in gains realized on
the sale of residential loans and $234 thousand of other income.
Gains on the sale of SBA loans decreased $70 thousand. These
increases were partially offset by a $208 thousand decline in gains
on the sale of investment securities. Investment gains realized in
both 2010 and 2009 were the result of asset/liability management
decisions to either reduce call risk in the portfolio of U.S.
Agency securities, to mitigate potential extension risk in
longer-term mortgage-backed securities or to mitigate prepayment
risk in mortgage-backed securities. Excluding investment securities
gains, total noninterest income was $7.9 million for the year of
2010 as compared to $5.8 million for 2009, a 37% increase.
Noninterest expenses were $51.0 million for the year of 2010, as
compared to $42.8 million for 2009, a 19% increase. The increase is
primarily due to salaries, incentive compensation and benefits
increases of $4.6 million including staffing increases primarily as
a result of expansion of the residential mortgage division, to
premises and equipment expense increases of $1.1 million and to
other expense increases of $2.1 million. Other expense increases
include $851 thousand due to the operating and disposition costs of
OREO properties; legal, accounting and professional fees of $256
thousand and data processing cost increases of $273 thousand.
Premises and equipment expenses include approximately $827 thousand
due to the acceleration of rent and leasehold improvement
amortization for the consolidation of two branch offices in 2010.
These higher costs were partially offset by a reduction in
marketing and advertising costs of $41 thousand and lower FDIC
insurance costs of $51 thousand, largely as a result of the absence
of a special assessment of approximately $723 thousand recorded in
the second quarter of 2009. For the full year of 2010, the
efficiency ratio was 59.26% as compared to 64.01% for the same
period in 2009. Cost control remains a key operating objective of
the Company.
At December 31, 2010, the Company had a total risk based capital
ratio of 11.93%, a Tier 1 risk based capital ratio of 10.20%, and a
Tier 1 leverage ratio of 9.38%, all measures substantially above
the regulatory requirements for well capitalized status.
The financial information which follows provides more detail on
the Company's financial performance for the twelve and three months
ended December 31, 2010 as compared to the twelve and three months
ended December 31, 2009, as well as providing eight quarters of
trend data. Persons wishing additional information should refer to
the Company's Form 10-K for the year ended December 31, 2009 and
other reports filed with the Securities and Exchange Commission
(the "SEC").
About Eagle Bancorp: The Company is the holding
company for EagleBank which commenced operations in 1998. The Bank
is headquartered in Bethesda, Maryland, and conducts full service
commercial banking through thirteen offices, located in Montgomery
County, Maryland, Washington, D.C. and Fairfax County, Virginia.
The Company focuses on building relationships with businesses,
professionals and individuals in its marketplace.
The Eagle Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6101
Conference Call: Eagle Bancorp will host a
conference call to discuss the fourth quarter 2010 financial
results on Thursday, January 27, 2011 at 10:00 a.m. eastern time.
The public is invited to listen to this conference call by dialing
877-303-6220, conference ID Code is 34956216, or by accessing the
call on the Company's website, www.eaglebankcorp.com. A replay
of the conference call will be available on the Company's website
through February 10, 2011.
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. For details on factors that could
affect these expectations, see the risk factors and other
cautionary language included in the Company's Annual Report on Form
10-K for the year ended December 31, 2009 and in other periodic and
current reports filed with the SEC. Readers are cautioned
against placing undue reliance on any such forward-looking
statements. The Company's past results are not necessarily
indicative of future performance.
Eagle Bancorp, Inc. |
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Financial Highlights |
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|
(in thousands, except per share data) |
Twelve Months
Ended |
Three Months
Ended |
|
December
31, |
December
31, |
|
2010 |
2009 |
2010 |
2009 |
Income
Statements: |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Total interest income |
$ 96,658 |
$ 84,338 |
$ 26,040 |
$ 22,413 |
Total interest expense |
19,832 |
24,809 |
4,753 |
5,685 |
Net interest income |
76,826 |
59,529 |
21,287 |
16,728 |
Provision for credit losses |
9,308 |
7,669 |
3,556 |
2,528 |
Net interest income after provision for
credit losses |
67,518 |
51,860 |
17,731 |
14,200 |
Noninterest income (before investment
gains) |
7,912 |
5,759 |
3,180 |
1,275 |
Investment gains |
1,330 |
1,538 |
497 |
1 |
Total noninterest income |
9,242 |
7,297 |
3,677 |
1,276 |
Total noninterest expense |
51,004 |
42,773 |
13,475 |
10,627 |
Income before income tax expense |
25,756 |
16,384 |
7,933 |
4,849 |
Income tax expense |
9,098 |
5,965 |
2,879 |
1,898 |
Net income |
16,658 |
10,419 |
5,054 |
2,951 |
Preferred stock dividends and discount
accretion |
1,299 |
2,307 |
328 |
540 |
Net Income Available to Common
Shareholders |
$ 15,359 |
$ 8,112 |
$ 4,726 |
$ 2,411 |
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Per Share Data: |
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Earnings per weighted average common share,
basic |
$ 0.78 |
$ 0.55 |
$ 0.24 |
$ 0.12 |
Earnings per weighted average common share,
diluted |
$ 0.77 |
$ 0.55 |
$ 0.23 |
$ 0.12 |
Weighted average common shares outstanding,
basic |
19,648,591 |
14,643,294 |
19,897,713 |
19,521,574 |
Weighted average common shares outstanding,
diluted |
20,042,322 |
14,784,631 |
20,345,515 |
19,779,726 |
Actual shares outstanding |
19,700,387 |
19,534,226 |
19,700,387 |
19,534,226 |
Book value per common share at period
end |
$ 9.25 |
$ 8.48 |
$ 9.25 |
$ 8.48 |
Tangible book value per common share at
period end (1) |
$ 9.03 |
$ 8.26 |
$ 9.03 |
$ 8.26 |
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Performance Ratios
(annualized): |
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|
Return on average assets |
0.86% |
0.65% |
0.96% |
0.68% |
Return on average common equity |
8.74% |
6.52% |
9.89% |
5.76% |
Net interest margin |
4.09% |
3.85% |
4.18% |
3.96% |
Efficiency ratio (2) |
59.26% |
64.01% |
53.98% |
59.02% |
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Other Ratios: |
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Allowance for credit losses to total
loans |
1.48% |
1.47% |
1.48% |
1.47% |
Allowance for credit losses to total
nonperforming loans |
97.89% |
93.62% |
97.89% |
93.62% |
Nonperforming loans to total loans |
1.51% |
1.57% |
1.51% |
1.57% |
Nonperforming assets to total assets |
1.53% |
1.50% |
1.53% |
1.50% |
Net charge-offs (annualized) to average
loans |
0.35% |
0.42% |
0.26% |
0.54% |
Common equity to total assets |
8.72% |
9.18% |
8.72% |
9.18% |
Tier 1 leverage ratio |
9.38% |
10.29% |
9.38% |
10.29% |
Tier 1 risk based capital ratio |
10.20% |
11.82% |
10.20% |
11.82% |
Total risk based capital ratio |
11.93% |
13.57% |
11.93% |
13.57% |
Tangible common equity to tangible assets
(1) |
8.53% |
8.96% |
8.53% |
8.96% |
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Loan Balances -Period End (in
thousands): |
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|
|
Commercial and Industrial |
$ 411,744 |
$ 346,692 |
$ 411,744 |
$ 346,692 |
Commercial real estate -- owner
occupied |
$ 223,986 |
$ 196,433 |
$ 223,986 |
$ 196,433 |
Commercial real estate - income
producing |
$ 619,714 |
$ 499,501 |
$ 619,714 |
$ 499,501 |
1-4 Family mortgage |
$ 15,977 |
$ 9,236 |
$ 15,977 |
$ 9,236 |
Construction - commercial and
residential |
$ 308,081 |
$ 252,695 |
$ 308,081 |
$ 252,695 |
Home equity |
$ 89,885 |
$ 87,283 |
$ 89,885 |
$ 87,283 |
Other consumer |
$ 6,113 |
$ 7,471 |
$ 6,113 |
$ 7,471 |
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Average Balances (in
thousands): |
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Total assets |
$ 1,936,191 |
$ 1,595,618 |
$ 2,079,392 |
$ 1,732,168 |
Total earning assets |
$ 1,877,151 |
$ 1,544,950 |
$ 2,021,492 |
$ 1,677,573 |
Total loans (3) |
$ 1,531,304 |
$ 1,312,537 |
$ 1,672,572 |
$ 1,352,076 |
Total deposits |
$ 1,581,346 |
$ 1,257,021 |
$ 1,710,088 |
$ 1,381,305 |
Total borrowings |
$ 149,899 |
$ 169,247 |
$ 154,950 |
$ 141,406 |
Total stockholders' equity |
$ 198,298 |
$ 160,648 |
$ 206,191 |
$ 202,004 |
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(1) Tangible common equity to
tangible assets (the "tangible common equity ratio") and tangible
book value per common share are non-GAAP financial measures derived
from GAAP-based amounts. We calculate the tangible common equity
ratio by excluding the balance of intangible assets from common
stockholders' equity and dividing by tangible assets. We calculate
tangible book value per common share by dividing tangible common
equity by common shares outstanding, as compared to book value per
common share, which we calculate by dividing common stockholders'
equity by common shares outstanding. We believe that this
information is important to shareholders' as tangible equity is a
measure that is consistent with the calculation of capital for bank
regulatory purposes, which excludes intangible assets from the
calculation of risk based ratios. |
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(2) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. |
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(3) Includes loans held for
sale. |
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GAAP Reconciliation |
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(dollars in thousands except per
share data) |
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Twelve Months
Ended |
|
December
31, |
|
2010 |
2009 |
|
(Unaudited) |
(Unaudited) |
Common stockholders' equity |
$ 182,134 |
$ 165,709 |
Less: Intangible assets |
(4,188) |
(4,379) |
Tangible common equity |
$ 177,946 |
$ 161,330 |
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|
|
Book value per common share |
$ 9.25 |
$ 8.48 |
Less: Intangible book value per common
share |
(0.21) |
(0.22) |
Tangible book value per common
share |
$ 9.03 |
$ 8.26 |
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|
Total assets |
$ 2,089,370 |
$ 1,805,504 |
Less: Intangible assets |
(4,188) |
(4,379) |
Tangible assets |
$ 2,085,182 |
$ 1,801,125 |
|
|
|
Tangible common equity
ratio |
8.53% |
8.96% |
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Eagle Bancorp, Inc. |
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Statements of Financial Condition |
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|
(dollars in thousands) |
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|
|
December 31, 2010 |
September 30, 2010 |
December 31, 2009 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
Assets |
|
|
|
Cash and due from banks |
$ 12,414 |
$ 19,734 |
$ 21,955 |
Federal funds sold |
34,048 |
72,101 |
88,248 |
Interest bearing deposits with banks and
other short-term investments |
11,652 |
7,577 |
7,484 |
Investment securities available for sale, at
fair value |
228,048 |
258,902 |
235,227 |
Federal Reserve and Federal Home Loan Bank
stock |
9,528 |
9,774 |
10,417 |
Loans held for sale |
80,571 |
70,889 |
1,550 |
Loans |
1,675,500 |
1,530,946 |
1,399,311 |
Less allowance for credit losses |
(24,754) |
(22,240) |
(20,619) |
Loans, net |
1,650,746 |
1,508,706 |
1,378,692 |
Premises and equipment, net |
9,367 |
8,658 |
9,253 |
Deferred income taxes |
14,471 |
12,350 |
12,455 |
Bank owned life insurance |
13,342 |
13,237 |
12,912 |
Intangible assets, net |
4,188 |
4,242 |
4,379 |
Other real estate owned |
6,701 |
4,581 |
5,106 |
Other assets |
14,294 |
15,395 |
17,826 |
Total Assets |
$ 2,089,370 |
$ 2,006,146 |
$ 1,805,504 |
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Liabilities |
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Deposits: |
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|
Noninterest bearing demand |
$ 400,291 |
$ 380,167 |
$ 307,959 |
Interest bearing transaction |
61,771 |
62,722 |
59,707 |
Savings and money market |
737,071 |
693,381 |
582,854 |
Time, $100,000 or more |
344,747 |
324,399 |
296,199 |
Other time |
182,918 |
185,422 |
213,542 |
Total deposits |
1,726,798 |
1,646,091 |
1,460,261 |
Customer repurchase agreements and federal
funds purchased |
97,584 |
99,147 |
90,790 |
Other short-term borrowings |
-- |
-- |
10,000 |
Long-term borrowings |
49,300 |
49,300 |
49,300 |
Other liabilities |
10,972 |
9,307 |
6,832 |
Total liabilities |
1,884,654 |
1,803,845 |
1,617,183 |
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Stockholders' Equity |
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|
Preferred stock, par value $.01 per share,
shares authorized 1,000,000, Series A, $1,000 per share liquidation
preference, shares issued and outstanding 23,235 at each period,
discount of $601, $645 and $570 respectively, net |
22,582 |
22,537 |
22,612 |
Common stock, par value $.01per share; shares
authorized 50,000,000, shares issued and outstanding 19,700,387,
19,671,797 and 19,534,226, respectively |
197 |
197 |
195 |
Warrants |
946 |
946 |
946 |
Additional paid in capital |
130,382 |
129,958 |
129,211 |
Retained earnings |
48,551 |
43,833 |
33,024 |
Accumulated other comprehensive
income |
2,058 |
4,830 |
2,333 |
Total stockholders' equity |
204,716 |
202,301 |
188,321 |
Total Liabilities and Stockholders'
Equity |
$ 2,089,370 |
$ 2,006,146 |
$ 1,805,504 |
|
|
EAGLE BANCORP,
INC. |
Consolidated Statements of
Operations |
For the Twelve and Three Month
Periods Ended December 31, 2010 and 2009 (Unaudited) |
(dollars in thousands, except per
share data) |
|
Twelve Months
Ended |
Three Months
Ended |
|
December
31, |
December
31, |
Interest Income |
2010 |
2009 |
2010 |
2009 |
Interest and fees on loans |
$ 89,384 |
$ 77,004 |
$ 24,389 |
$ 20,576 |
Interest and dividends on investment
securities |
6,992 |
7,138 |
1,580 |
1,747 |
Interest on balances with other banks and
short-term investments |
108 |
94 |
25 |
39 |
Interest on federal funds sold |
174 |
102 |
46 |
51 |
Total interest income |
96,658 |
84,338 |
26,040 |
22,413 |
Interest Expense |
|
|
|
|
Interest on deposits |
16,886 |
20,956 |
4,026 |
4,864 |
Interest on customer repurchase
agreements and federal funds purchased |
731 |
957 |
186 |
184 |
Interest on short-term borrowings |
27 |
611 |
-- |
184 |
Interest on long-term borrowings |
2,188 |
2,285 |
541 |
453 |
Total interest expense |
19,832 |
24,809 |
4,753 |
5,685 |
Net Interest
Income |
76,826 |
59,529 |
21,287 |
16,728 |
Provision for Credit
Losses |
9,308 |
7,669 |
3,556 |
2,528 |
Net Interest Income After Provision
For Credit Losses |
67,518 |
51,860 |
17,731 |
14,200 |
|
|
|
|
|
Noninterest Income |
|
|
|
|
Service charges on deposits |
3,068 |
2,898 |
768 |
716 |
Gain on sale of loans |
2,836 |
1,054 |
1,846 |
104 |
Gain on sale of investment
securities |
1,330 |
1,538 |
497 |
1 |
Increase in the cash surrender value
of bank owned life insurance |
430 |
463 |
105 |
115 |
Other income |
1,578 |
1,344 |
461 |
340 |
Total noninterest income |
9,242 |
7,297 |
3,677 |
1,276 |
Noninterest Expense |
|
|
|
|
Salaries and employee benefits |
25,511 |
20,889 |
7,318 |
5,412 |
Premises and equipment expenses |
8,460 |
7,343 |
1,735 |
1,843 |
Marketing and advertising |
1,058 |
1,099 |
139 |
314 |
Data processing |
2,629 |
2,356 |
674 |
576 |
Legal, accounting and professional
fees |
2,987 |
2,731 |
806 |
690 |
FDIC insurance |
2,692 |
2,743 |
665 |
278 |
Other expenses |
7,667 |
5,612 |
2,138 |
1,514 |
Total noninterest expense |
51,004 |
42,773 |
13,475 |
10,627 |
Income Before Income Tax
Expense |
25,756 |
16,384 |
7,933 |
4,849 |
Income Tax Expense |
9,098 |
5,965 |
2,879 |
1,898 |
Net Income |
16,658 |
10,419 |
5,054 |
2,951 |
Preferred Stock Dividends and
Discount Accretion |
1,299 |
2,307 |
328 |
540 |
Net Income Available to Common
Shareholders |
$ 15,359 |
$ 8,112 |
$ 4,726 |
$ 2,411 |
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
Basic |
$ 0.78 |
$ 0.55 |
$ 0.24 |
$ 0.12 |
Diluted |
$ 0.77 |
$ 0.55 |
$ 0.23 |
$ 0.12 |
|
|
EAGLE BANCORP,
INC. |
Average Balances, Interest
Yields And Rates, And Net Interest Margin |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
2010 |
2009 |
|
Average Balance |
Interest |
Average Yield/Rate |
Average Balance |
Interest |
Average Yield/Rate |
ASSETS |
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
Interest bearing deposits with other banks
and other short-term investments |
$ 9,419 |
$ 25 |
1.05% |
$ 7,470 |
$ 39 |
2.07% |
Loans (1) (2) (3) |
1,672,572 |
24,389 |
5.79% |
1,352,076 |
20,576 |
6.04% |
Investment securities available for sale
(3) |
256,520 |
1,580 |
2.44% |
224,225 |
1,747 |
3.09% |
Federal funds sold |
82,981 |
46 |
0.22% |
93,802 |
51 |
0.22% |
Total interest earning assets |
2,021,492 |
26,040 |
5.11% |
1,677,573 |
22,413 |
5.30% |
|
|
|
|
|
|
|
Total noninterest earning assets |
80,973 |
|
|
74,569 |
|
|
Less: allowance for credit losses |
23,073 |
|
|
19,974 |
|
|
Total noninterest earning assets |
57,900 |
|
|
54,595 |
|
|
TOTAL ASSETS |
$2,079,392 |
|
|
$1,732,168 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 59,616 |
$ 69 |
0.46% |
$ 55,434 |
$ 44 |
0.31% |
Savings and money market |
732,839 |
1,889 |
1.02% |
527,300 |
1,845 |
1.39% |
Time deposits |
521,680 |
2,068 |
1.57% |
524,860 |
2,975 |
2.25% |
Total interest bearing deposits |
1,314,135 |
4,026 |
1.22% |
1,107,594 |
4,864 |
1.74% |
Customer repurchase agreements and federal
funds purchased |
105,650 |
186 |
0.70% |
82,106 |
184 |
0.89% |
Other short-term borrowings |
-- |
-- |
-- |
23,696 |
184 |
3.08% |
Long-term borrowings |
49,300 |
541 |
4.35% |
35,604 |
453 |
5.05% |
Total interest bearing liabilities |
1,469,085 |
4,753 |
1.28% |
1,249,000 |
5,685 |
1.81% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
395,953 |
|
|
273,711 |
|
|
Other liabilities |
8,163 |
|
|
7,453 |
|
|
Total noninterest bearing
liabilities |
404,116 |
|
|
281,164 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
206,191 |
|
|
202,004 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$2,079,392 |
|
|
$1,732,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 21,287 |
|
|
$ 16,728 |
|
Net interest spread |
|
|
3.83% |
|
|
3.49% |
Net interest margin |
|
|
4.18% |
|
|
3.96% |
|
|
|
|
|
|
|
(1) Includes loans held for
sale. |
(2) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $712 thousand
and $752 thousand for the three months ended December 31, 2010 and
2009, respectively. |
(3) Interest and fees on loans
and investments exclude tax equivalent adjustments. |
|
|
EAGLE BANCORP,
INC. |
Average Balances, Interest
Yields And Rates, And Net Interest Margin |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, |
|
2010 |
2009 |
|
Average Balance |
Interest |
Average Yield/Rate |
Average Balance |
Interest |
Average Yield/Rate |
ASSETS |
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
Interest bearing deposits with other banks
and other short-term investments |
$ 8,151 |
$ 108 |
1.32% |
$ 3,928 |
$ 94 |
2.39% |
Loans (1) (2) (3) |
1,531,304 |
89,384 |
5.84% |
1,312,537 |
77,004 |
5.87% |
Investment securities available for sale
(3) |
259,576 |
6,992 |
2.69% |
182,073 |
7,138 |
3.92% |
Federal funds sold |
78,120 |
174 |
0.22% |
46,412 |
102 |
0.22% |
Total interest earning assets |
1,877,151 |
96,658 |
5.15% |
1,544,950 |
84,338 |
5.46% |
|
|
|
|
|
|
|
Total noninterest earning assets |
80,787 |
|
|
70,012 |
|
|
Less: allowance for credit losses |
21,747 |
|
|
19,344 |
|
|
Total noninterest earning assets |
59,040 |
|
|
50,668 |
|
|
TOTAL ASSETS |
$1,936,191 |
|
|
$1,595,618 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 54,889 |
$ 209 |
0.38% |
$ 52,083 |
$ 161 |
0.31% |
Savings and money market |
684,858 |
7,847 |
1.15% |
401,912 |
6,144 |
1.53% |
Time deposits |
506,570 |
8,830 |
1.74% |
566,686 |
14,651 |
2.59% |
Total interest bearing deposits |
1,246,317 |
16,886 |
1.35% |
1,020,681 |
20,956 |
2.05% |
Customer repurchase agreements and federal
funds purchased |
96,862 |
731 |
0.75% |
93,363 |
957 |
1.03% |
Other short-term borrowings |
3,737 |
27 |
0.72% |
30,562 |
611 |
1.97% |
Long-term borrowings |
49,300 |
2,188 |
4.44% |
45,322 |
2,285 |
5.04% |
Total interest bearing liabilities |
1,396,216 |
19,832 |
1.42% |
1,189,928 |
24,809 |
2.09% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
335,029 |
|
|
236,340 |
|
|
Other liabilities |
6,648 |
|
|
8,702 |
|
|
Total noninterest bearing
liabilities |
341,677 |
|
|
245,042 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
198,298 |
|
|
160,648 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$1,936,191 |
|
|
$1,595,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 76,826 |
|
|
$ 59,529 |
|
Net interest spread |
|
|
3.73% |
|
|
3.37% |
Net interest margin |
|
|
4.09% |
|
|
3.85% |
|
|
|
|
|
|
|
(1) Includes loans held for
sale. |
(2) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $2.6 million
and $2.1 million for the year ended December 31, 2010 and 2009,
respectively. |
(3) Interest and fees on loans
and investments exclude tax equivalent adjustments. |
|
|
Eagle Bancorp,
Inc. |
Statements of Income and
Highlights (Quarterly Trends) |
(in thousands, except per share
data) (Unaudited) |
|
Three Months
Ended |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
Income
Statements: |
2010 |
2010 |
2010 |
2010 |
2009 |
2009 |
2009 |
2009 |
Total interest income |
$ 26,040 |
$ 24,421 |
$ 23,689 |
$ 22,508 |
$ 22,413 |
$ 21,426 |
$ 20,432 |
$ 20,067 |
Total interest expense |
4,753 |
4,722 |
5,072 |
5,285 |
5,685 |
6,408 |
6,112 |
6,604 |
Net interest income |
21,287 |
19,699 |
18,617 |
17,223 |
16,728 |
15,018 |
14,320 |
13,463 |
Provision for credit losses |
3,556 |
1,962 |
2,101 |
1,689 |
2,528 |
1,857 |
1,718 |
1,566 |
Net interest income after provision for
credit losses |
17,731 |
17,737 |
16,516 |
15,534 |
14,200 |
13,161 |
12,602 |
11,897 |
Noninterest income (before investment
gains or losses) |
3,180 |
2,073 |
1,437 |
1,222 |
1,275 |
1,486 |
1,698 |
1,300 |
Investment gains (losses) |
497 |
260 |
573 |
-- |
1 |
-- |
1,405 |
132 |
Total noninterest income |
3,677 |
2,333 |
2,010 |
1,222 |
1,276 |
1,486 |
3,103 |
1,432 |
Salaries and employee benefits |
7,318 |
6,549 |
5,969 |
5,675 |
5,412 |
5,128 |
5,044 |
5,305 |
Premises and equipment |
1,735 |
2,021 |
2,612 |
2,092 |
1,843 |
1,798 |
1,827 |
1,875 |
Marketing and advertising |
139 |
391 |
281 |
247 |
314 |
228 |
242 |
315 |
Other expenses |
4,283 |
3,968 |
4,275 |
3,449 |
3,058 |
3,126 |
4,460 |
2,798 |
Total noninterest expense |
13,475 |
12,929 |
13,137 |
11,463 |
10,627 |
10,280 |
11,573 |
10,293 |
Income before income tax expense |
7,933 |
7,141 |
5,389 |
5,293 |
4,849 |
4,367 |
4,132 |
3,036 |
Income tax expense |
2,879 |
2,375 |
1,942 |
1,902 |
1,898 |
1,625 |
1,481 |
961 |
Net income |
5,054 |
4,766 |
3,447 |
3,391 |
2,951 |
2,742 |
2,651 |
2,075 |
Preferred stock dividends and discount
accretion |
328 |
327 |
324 |
320 |
540 |
595 |
589 |
583 |
Net Income Available to Common
Shareholders |
$ 4,726 |
$ 4,439 |
$ 3,123 |
$ 3,071 |
$ 2,411 |
$ 2,147 |
$ 2,062 |
$ 1,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.24 |
$ 0.22 |
$ 0.16 |
$ 0.16 |
$ 0.12 |
$ 0.16 |
$ 0.16 |
$ 0.12 |
Earnings per weighted average common share,
diluted |
$ 0.23 |
$ 0.22 |
$ 0.16 |
$ 0.15 |
$ 0.12 |
$ 0.15 |
$ 0.16 |
$ 0.12 |
Weighted average common shares outstanding,
basic |
19,897,713 |
19,874,596 |
19,641,247 |
19,609,197 |
19,521,574 |
13,504,539 |
12,750,496 |
12,742,725 |
Weighted average common shares outstanding,
diluted |
20,345,515 |
20,230,063 |
20,071,945 |
19,951,246 |
19,779,726 |
13,794,355 |
12,887,964 |
12,793,974 |
Actual shares outstanding |
19,700,387 |
19,671,797 |
19,652,918 |
19,633,763 |
19,534,226 |
19,505,339 |
12,763,940 |
12,745,118 |
Book value per common share at period
end |
$ 9.25 |
$ 9.14 |
$ 8.87 |
$ 8.66 |
$ 8.48 |
$ 8.46 |
$ 8.52 |
$ 8.49 |
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
Return on average assets |
0.96% |
0.96% |
0.73% |
0.76% |
0.68% |
0.67% |
0.70% |
0.56% |
Return on average common equity |
9.89% |
9.89% |
7.27% |
7.38% |
5.76% |
7.30% |
7.58% |
5.64% |
Net interest margin |
4.18% |
4.10% |
4.10% |
3.98% |
3.96% |
3.77% |
3.91% |
3.76% |
Efficiency ratio (1) |
53.98% |
58.68% |
63.69% |
62.15% |
59.02% |
62.29% |
66.42% |
69.10% |
|
|
|
|
|
|
|
|
|
Other Ratios: |
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans
(2) |
1.48% |
1.45% |
1.45% |
1.47% |
1.47% |
1.51% |
1.50% |
1.50% |
Nonperforming loans to total loans |
1.51% |
1.61% |
1.68% |
1.47% |
1.57% |
1.73% |
2.36% |
3.67% |
Nonperforming assets to total assets |
1.53% |
1.46% |
1.49% |
1.36% |
1.50% |
1.63% |
2.14% |
3.33% |
Net charge-offs (annualized) to average
loans |
0.26% |
0.39% |
0.38% |
0.36% |
0.54% |
0.48% |
0.35% |
0.29% |
Tier 1 leverage ratio |
9.38% |
9.66% |
9.84% |
10.00% |
10.29% |
11.68% |
8.96% |
9.06% |
Tier 1 risk based capital ratio |
10.20% |
10.88% |
11.15% |
11.77% |
11.82% |
13.65% |
9.91% |
10.26% |
Total risk based capital ratio |
11.93% |
12.66% |
12.85% |
13.50% |
13.57% |
15.57% |
12.05% |
12.43% |
|
|
|
|
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ 2,079,392 |
$ 1,964,827 |
$ 1,881,761 |
$ 1,815,383 |
$ 1,732,168 |
$ 1,631,200 |
$ 1,518,979 |
$ 1,497,036 |
Total earning assets |
$ 2,021,492 |
$ 1,907,900 |
$ 1,821,943 |
$ 1,753,989 |
$ 1,677,573 |
$ 1,579,603 |
$ 1,468,296 |
$ 1,453,503 |
Total loans (3) |
$ 1,672,572 |
$ 1,553,254 |
$ 1,489,325 |
$ 1,406,904 |
$ 1,352,076 |
$ 1,317,685 |
$ 1,297,634 |
$ 1,281,925 |
Total deposits |
$ 1,710,088 |
$ 1,610,813 |
$ 1,529,498 |
$ 1,472,061 |
$ 1,381,305 |
$ 1,321,405 |
$ 1,164,978 |
$ 1,157,227 |
Total borrowings |
$ 154,950 |
$ 146,711 |
$ 151,240 |
$ 146,638 |
$ 141,406 |
$ 146,819 |
$ 199,479 |
$ 190,065 |
Total stockholders' equity |
$ 206,191 |
$ 200,556 |
$ 194,866 |
$ 191,393 |
$ 202,004 |
$ 153,171 |
$ 145,492 |
$ 141,341 |
|
|
|
|
|
|
|
|
|
(1) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. |
(2) Excludes loans held for
sale. |
(3) Includes loans held for
sale. |
CONTACT: Eagle Bancorp, Inc.
Michael T. Flynn
301.986.1800
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