Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record net income of $5.1
million for the first quarter of 2011, a 51% increase over the $3.4
million for the three months ended March 31, 2010. Net income
available to common shareholders increased 57% to $4.8 million
($0.24 per basic and diluted common share), as compared to $3.1
million ($0.16 per basic common share and $0.15 per diluted common
share) for the same three month period in 2010.
"We are very pleased to report continued strong financial
performance for our Company for the first quarter of 2011," noted
Ronald D. Paul, Chairman, and Chief Executive Officer of Eagle
Bancorp, Inc. "Our first quarter 2011 results represent the ninth
consecutive quarter of increasing net income. The Company's
financial results in the initial quarter of 2011, as compared to
the same quarter in 2010, have been highlighted by balanced growth
from both loans and core deposits, favorable and improving net
interest margin and enhanced noninterest income derived
substantially from higher sales of residential mortgages," added
Mr. Paul. "Additionally, the Company has maintained solid asset
quality performance during the quarter. As a growth-oriented
Company, our financial results reflect the organization's desire
and ability to continue lending in the Washington, D.C.
metropolitan area and our ability to continue building new and
existing client relationships. This is evidenced by a $363 million,
or 25% increase in portfolio loans in the past twelve months, by a
$350 million or 24% increase in deposits in the past twelve months;
and by our ability to successfully manage credit risk in our
lending and investment activities," noted Mr. Paul.
New branches in both Washington, D.C. and Northern Virginia in
2011 will further expand 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 in late January 2011, and two new offices, in the Rosslyn
and Ballston areas in Northern Virginia, are planned to open early
in the third 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 for the
first quarter 2011. Average loans, including loans held for sale,
increased 22% for the three months ended March 31, 2011, as
compared to the same period in 2010. Average deposits increased 20%
for the three months ended March 31, 2011, 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 the first quarter 2011.
At March 31, 2011, total assets were $2.19 billion compared to
$1.83 billion at March 31, 2010, a 19% increase. Total deposits
were $1.83 billion at March 31, 2011, a 24% increase over deposits
of $1.48 billion at March 31, 2010, while total loans, excluding
loans held for sale, increased to $1.79 billion at March 31, 2011,
from $1.43 billion at March 31, 2010, a 25% increase. Loans held
for sale amounted to $12.4 million at March 31, 2011 as compared to
$1.1 million at March 31, 2010, due to the expansion of the
residential mortgage division during 2010. The investment portfolio
totaled $228.5 million at March 31, 2011, a 10% decrease from the
$253.7 million balance at March 31, 2010. Total borrowed funds
(excluding customer repurchase agreements) decreased 17% to $49.3
million at March 31, 2011, from $59.3 million at March 31, 2010.
Total stockholders' equity increased to $210.1 million at March 31,
2011, from $192.5 million at March 31, 2010. The Company's capital
position remains substantially in excess of regulatory requirements
for well capitalized status, with a total risk based capital ratio
of 11.75% at March 31, 2011. In addition, the tangible common
equity ratio (tangible common equity to tangible assets) ended
March 31, 2011 at 8.39%.
For the three months ended March 31, 2011, the Company reported
an annualized return on average assets (ROAA) of 0.98% as compared
to 0.76% for the three months ended March 31, 2010. The annualized
return on average common equity (ROAE) for the three months ended
March 31, 2011 was 10.49%, as compared to 7.38% for the three
months ended March 31, 2010. The increase in these ratios is due
primarily to a higher net interest margin in the current period
versus 2010, increased noninterest income and improved operating
efficiency.
Net interest income increased 25% for the three months ended
March 31, 2011 over the same period in 2010, resulting from an
increase in the net interest margin and strong balance sheet
growth. For the three months ended March 31, 2011, the net interest
margin was 4.23% as compared to 3.98% for the three months ended
March 31, 2010.
The provision for credit losses was $2.1 million for the three
months ended March 31, 2011 as compared to $1.7 million for the
three months ended March 31, 2010. At March 31, 2011, the
allowance for credit losses represented 1.43% of loans outstanding,
as compared to 1.47% at March 31, 2010 and 1.48% at December 31,
2011. The higher provisioning in the first quarter of 2011, as
compared to the first quarter of 2010, is attributable to
substantially higher loan growth. Net charge-offs of $1.3 million
represented 0.30% of average loans, excluding loans held for sale,
in the first quarter of 2011, as compared to $1.3 million or 0.36%
of average loans, excluding loans held for sale, in the first
quarter of 2010. Net charge-offs in the first quarter of 2011 were
primarily attributable to charge-offs of construction loans ($574
thousand), commercial real estate loans ($32 thousand), commercial
and industrial loans ($335 thousand), and the unguaranteed portion
of SBA loans ($347 thousand).
At March 31, 2011, the allowance for credit losses represented
77% of nonperforming loans as compared to 98% at December 31, 2010
and 100% at March 31, 2010. The reduction in the coverage ratio of
the allowance reflects the lower risk ratings attributed to the
significant loan growth in the first quarter of 2011, and a
reduction of the environmental factors in the allowance associated
with improved market conditions for commercial real estate in the
Washington DC Metropolitan Area. These factors also resulted in a
reduced provision for credit losses in the first quarter of 2011 as
compared to the fourth quarter of 2010. The level of nonperforming
loans was impacted by the addition of one commercial real estate
loan in the amount of $12 million placed on nonaccrual in the first
quarter of 2011. This loan is well secured and management
expects no loss on this transaction. This combination of factors
caused the level of allowance for credit losses relative to
nonperforming loans to decline.
At March 31, 2011, the Company's nonperforming assets amounted
to $36.7 million, representing 1.68% of total assets, compared to
$24.9 million of nonperforming assets, or 1.36% of total assets, at
March 31, 2010 and $32.0 million, or 1.53% of total assets, at
December 31, 2010. The Company had no accruing loans 90 days or
more past due at March 31, 2011, March 31, 2010 or December 31,
2010. One large commercial real estate loan amounting to $12.0
million was placed on nonaccrual in the first quarter of 2011.
Management believes the loan is well secured and anticipates no
principal loss. Other nonperforming loans, amounting to $7.3
million were resolved in the quarter ending March 31, 2011,
including a $3.2 million reduction in other real estate owned
(OREO). 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
credit losses, at 1.43% of total loans at March 31, 2011 is
adequate to absorb potential credit losses within the loan
portfolio at that date. Included in nonperforming assets at March
31, 2011 were $3.5 million of other real estate owned ("OREO") as
compared to $3.9 million at March 31, 2010 and $6.7 million at
December 31, 2010.
Noninterest income for the three months ended March 31, 2011
increased to $2.9 million from $1.2 million for the three months
ended March 31, 2010, a 140% increase. This change was due
primarily to increases of $1.5 million in gains realized on the
sale of residential loans and $100 thousand in gains realized on
the sale of SBA loans. Also contributing to the change in
noninterest income in 2011 compared to 2010 was an increase of $19
thousand in service fees and a $54 thousand increase in other
income. There were no investment gains in either the first quarter
of 2011 or 2010.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, was 58.57% for the first quarter of 2011,
as compared to 62.15% for the first quarter of 2010, as the Company
enhanced its productivity. As compared to the fourth quarter of
2010, the first quarter efficiency ratio was higher (from 53.98% to
58.57%) due to increases in noninterest expenses and the absence of
investment gains in the first quarter 2011, as compared to $497
thousand in the fourth quarter of 2010. Noninterest expenses were
$14.3 million for the three months ended March 31, 2011, as
compared to $11.5 million for the three months ended March 31,
2010, a 25% increase. Cost increases were incurred for salaries and
benefits of $1.6 million due substantially to additional
residential mortgage staff, merit increases and increases in
incentive compensation. Premises and equipment expenses were $101
thousand lower due primarily to the consolidation of two branches
during 2010. Legal, accounting, and professional fees increased
$562 thousand substantially due to higher problem loan collection
costs. Other expenses increased by $583 thousand, with $183
thousand due to the operating and disposition costs of OREO
properties. FDIC insurance premiums were $109 thousand higher due
to substantially higher deposit balances and increased costs of the
Transaction Account Guarantee program.
At March 31, 2011, the Company had a total risk based capital
ratio of 11.75%, a Tier 1 risk based capital ratio of 10.03%, and a
Tier 1 leverage ratio of 9.44%, 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 three months ended
March 31, 2011 as compared to the three months ended March 31,
2010, 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, 2010 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 first quarter 2011 financial results
on Tuesday, April 26, 2011 at 10:00 a.m. eastern daylight time. The
public is invited to listen to this conference call by dialing
877-303-6220, conference ID Code is 58139972, or by accessing the
call on the Company's website, www.eaglebankcorp.com. A
replay of the conference call will be available on the Company's
website through May 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, 2010 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. |
|
|
Financial Highlights |
|
|
(in thousands, except per share data) |
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
Income
Statements: |
(Unaudited) |
(Unaudited) |
Total interest income |
$ 26,296 |
$ 22,508 |
Total interest expense |
4,790 |
5,285 |
Net interest income |
21,506 |
17,223 |
Provision for credit losses |
2,116 |
1,689 |
Net interest income after provision for
credit losses |
19,390 |
15,534 |
Noninterest income (before investment
gains) |
2,933 |
1,222 |
Investment gains |
-- |
-- |
Total noninterest income |
2,933 |
1,222 |
Total noninterest expense |
14,313 |
11,463 |
Income before income tax expense |
8,010 |
5,293 |
Income tax expense |
2,874 |
1,902 |
Net income |
5,136 |
3,391 |
Preferred stock dividends and discount
accretion |
320 |
320 |
Net Income Available to Common
Shareholders |
$ 4,816 |
$ 3,071 |
|
|
|
Per Share Data: |
|
|
Earnings per weighted average common share,
basic |
$ 0.24 |
$ 0.16 |
Earnings per weighted average common share,
diluted |
$ 0.24 |
$ 0.15 |
Weighted average common shares outstanding,
basic |
19,716,814 |
19,609,197 |
Weighted average common shares outstanding,
diluted |
20,215,244 |
19,951,246 |
Actual shares outstanding |
19,811,532 |
19,633,763 |
Book value per common share at period
end |
$ 9.46 |
$ 8.66 |
Tangible book value per common share at
period end (1) |
$ 9.25 |
$ 8.44 |
|
|
|
Performance Ratios
(annualized): |
|
|
Return on average assets |
0.98% |
0.76% |
Return on average common equity |
10.49% |
7.38% |
Net interest margin |
4.23% |
3.98% |
Efficiency ratio (2) |
58.57% |
62.15% |
|
|
|
Other Ratios: |
|
|
Allowance for credit losses to total
loans |
1.43% |
1.47% |
Allowance for credit losses to total
nonperforming loans |
77.11% |
100.33% |
Allowance for credit losses to total
nonperforming assets |
75.29% |
57.67% |
Nonperforming loans to total loans |
1.85% |
1.47% |
Nonperforming assets to total assets |
1.68% |
1.36% |
Net charge-offs (annualized) to average
loans |
0.30% |
0.36% |
Common equity to total assets |
8.58% |
9.28% |
Tier 1 leverage ratio |
9.44% |
10.00% |
Tier 1 risk based capital ratio |
10.03% |
11.77% |
Total risk based capital ratio |
11.75% |
13.50% |
Tangible common equity to tangible assets
(1) |
8.39% |
9.06% |
|
|
|
Loan Balances -Period End (in
thousands): |
|
|
Commercial and Industrial |
$ 443,251 |
$ 360,865 |
Commercial real estate - owner
occupied |
$ 226,322 |
$ 187,642 |
Commercial real estate - income
producing |
$ 671,858 |
$ 538,200 |
1-4 Family mortgage |
$ 19,661 |
$ 10,189 |
Construction - commercial and
residential |
$ 334,661 |
$ 237,992 |
Home equity |
$ 88,551 |
$ 86,905 |
Other consumer |
$ 5,780 |
$ 5,429 |
|
|
|
Average Balances (in
thousands): |
|
|
Total assets |
$ 2,122,677 |
$ 1,815,383 |
Total earning assets |
$ 2,063,557 |
$ 1,753,989 |
Total loans held for sale |
$ 19,532 |
$ 1,204 |
Total loans |
$ 1,713,854 |
$ 1,405,700 |
Total deposits |
$ 1,764,373 |
$ 1,472,061 |
Total borrowings |
$ 140,456 |
$ 146,638 |
Total stockholders' equity |
$ 208,833 |
$ 191,393 |
(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. |
|
|
|
(2) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. |
GAAP Reconciliation |
|
|
(dollars in thousands except per
share data) |
|
|
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
|
(Unaudited) |
(Unaudited) |
Common stockholders' equity |
$ 187,490 |
$ 170,016 |
Less: Intangible assets |
(4,330) |
(4,347) |
Tangible common equity |
$ 183,160 |
$ 165,669 |
|
|
|
Book value per common share |
$ 9.46 |
$ 8.66 |
Less: Intangible book value per common
share |
(0.21) |
(0.22) |
Tangible book value per common
share |
$ 9.25 |
$ 8.44 |
|
|
|
Total assets |
$ 2,186,268 |
$ 1,832,991 |
Less: Intangible assets |
(4,330) |
(4,347) |
Tangible assets |
$ 2,181,938 |
$ 1,828,644 |
|
|
|
Tangible common equity
ratio |
8.39% |
9.06% |
Eagle Bancorp, Inc. |
|
|
|
Statements of Financial Condition |
|
|
|
(dollars in thousands) |
|
|
|
|
March 31, 2011 |
December 31, 2010 |
March 31, 2010 |
|
(Unaudited) |
(Audited) |
(Unaudited) |
Assets |
|
|
|
Cash and due from banks |
$ 22,768 |
$ 12,414 |
$ 25,987 |
Federal funds sold |
74,210 |
34,048 |
66,839 |
Interest bearing deposits with banks and
other short-term investments |
10,187 |
11,652 |
7,541 |
Investment securities available for sale, at
fair value |
228,507 |
228,048 |
253,740 |
Federal Reserve and Federal Home Loan Bank
stock |
10,406 |
9,528 |
10,417 |
Loans held for sale |
12,459 |
80,571 |
1,089 |
Loans |
1,790,084 |
1,675,500 |
1,427,223 |
Less allowance for credit losses |
(25,582) |
(24,754) |
(21,045) |
Loans, net |
1,764,502 |
1,650,746 |
1,406,178 |
Premises and equipment, net |
10,217 |
9,367 |
8,711 |
Deferred income taxes |
14,302 |
14,471 |
11,909 |
Bank owned life insurance |
13,443 |
13,342 |
13,022 |
Intangible assets, net |
4,330 |
4,188 |
4,347 |
Other real estate owned |
3,529 |
6,701 |
3,906 |
Other assets |
17,408 |
14,294 |
19,305 |
Total Assets |
$ 2,186,268 |
$ 2,089,370 |
$ 1,832,991 |
|
|
|
|
Liabilities and Stockholders'
Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 402,041 |
$ 400,291 |
$ 291,714 |
Interest bearing
transaction |
61,219 |
61,771 |
48,865 |
Savings and money market |
780,386 |
737,071 |
624,197 |
Time, $100,000 or more |
370,326 |
344,747 |
321,003 |
Other time |
212,908 |
182,918 |
191,160 |
Total deposits |
1,826,880 |
1,726,798 |
1,476,939 |
Customer repurchase agreements |
89,753 |
97,584 |
97,837 |
Other short-term borrowings |
-- |
-- |
10,000 |
Long-term borrowings |
49,300 |
49,300 |
49,300 |
Other liabilities |
10,216 |
10,972 |
6,450 |
Total liabilities |
1,976,149 |
1,884,654 |
1,640,526 |
|
|
|
|
Stockholders' Equity |
|
|
|
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 $554, $601 and $734 respectively, net |
22,629 |
22,582 |
22,449 |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
19,811,532, 19,700,387 and 19,633,763, respectively |
197 |
197 |
196 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
130,703 |
130,382 |
129,434 |
Retained earnings |
53,349 |
48,551 |
36,288 |
Accumulated other comprehensive
income |
2,295 |
2,058 |
3,152 |
Total stockholders' equity |
210,119 |
204,716 |
192,465 |
Total Liabilities and
Stockholders' Equity |
$ 2,186,268 |
$ 2,089,370 |
$ 1,832,991 |
EAGLE BANCORP, INC. |
|
|
Consolidated Statements of
Operations |
|
|
For the Three Month Periods Ended March 31,
2011 and 2010 (Unaudited) |
|
|
(dollars in thousands, except per share
data) |
|
|
|
Three Months
Ended |
|
March
31, |
Interest Income |
2011 |
2010 |
Interest and fees on loans |
$ 24,615 |
$ 20,462 |
Interest and dividends on
investment securities |
1,620 |
1,977 |
Interest on balances with other
banks and short-term investments |
19 |
33 |
Interest on federal funds
sold |
42 |
36 |
Total interest income |
26,296 |
22,508 |
Interest Expense |
|
|
Interest on deposits |
4,111 |
4,538 |
Interest on customer repurchase
agreements |
150 |
183 |
Interest on short-term
borrowings |
-- |
18 |
Interest on long-term
borrowings |
529 |
546 |
Total interest expense |
4,790 |
5,285 |
Net Interest
Income |
21,506 |
17,223 |
Provision for Credit
Losses |
2,116 |
1,689 |
Net Interest Income After Provision
For Credit Losses |
19,390 |
15,534 |
|
|
|
Noninterest Income |
|
|
Service charges on
deposits |
749 |
730 |
Gain on sale of loans |
1,701 |
54 |
Increase in the cash surrender
value of bank owned life insurance |
101 |
110 |
Other income |
382 |
328 |
Total noninterest income |
2,933 |
1,222 |
Noninterest Expense |
|
|
Salaries and employee
benefits |
7,311 |
5,675 |
Premises and equipment
expenses |
1,991 |
2,092 |
Marketing and advertising |
234 |
247 |
Data processing |
689 |
615 |
Legal, accounting and
professional fees |
1,136 |
574 |
FDIC insurance |
743 |
634 |
Other expenses |
2,209 |
1,626 |
Total noninterest expense |
14,313 |
11,463 |
Income Before Income Tax
Expense |
8,010 |
5,293 |
Income Tax Expense |
2,874 |
1,902 |
Net Income |
5,136 |
3,391 |
Preferred Stock Dividends and
Discount Accretion |
320 |
320 |
Net Income Available to Common
Shareholders |
$ 4,816 |
$ 3,071 |
|
|
|
Earnings Per Common
Share |
|
|
Basic |
$ 0.24 |
$ 0.16 |
Diluted |
$ 0.24 |
$ 0.15 |
EAGLE BANCORP,
INC. |
Average Balances, Interest
Yields And Rates, And Net Interest Margin |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
2011 |
2010 |
|
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 |
$ 10,395 |
$ 19 |
0.74% |
$ 7,558 |
$ 33 |
1.77% |
Loans held for sale (1) |
19,532 |
206 |
4.28% |
1,204 |
15 |
5.05% |
Loans (1) (2) |
1,713,854 |
24,409 |
5.78% |
1,405,700 |
20,447 |
5.90% |
Investment securities available for sale
(1) |
237,579 |
1,620 |
2.77% |
269,437 |
1,977 |
2.98% |
Federal funds sold |
82,197 |
42 |
0.21% |
70,090 |
36 |
0.21% |
Total interest earning assets |
2,063,557 |
26,296 |
5.17% |
1,753,989 |
22,508 |
5.20% |
|
|
|
|
|
|
|
Total noninterest earning assets |
83,998 |
|
|
82,214 |
|
|
Less: allowance for credit losses |
24,878 |
|
|
20,820 |
|
|
Total noninterest earning assets |
59,120 |
|
|
61,394 |
|
|
TOTAL ASSETS |
$2,122,677 |
|
|
$1,815,383 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 61,479 |
$ 63 |
0.42% |
$ 50,557 |
$ 33 |
0.26% |
Savings and money market |
754,699 |
1,909 |
1.03% |
625,639 |
2,085 |
1.35% |
Time deposits |
550,004 |
2,139 |
1.58% |
507,089 |
2,420 |
1.94% |
Total interest bearing deposits |
1,366,182 |
4,111 |
1.22% |
1,183,285 |
4,538 |
1.56% |
Customer repurchase agreements |
91,156 |
150 |
0.67% |
87,338 |
183 |
0.85% |
Other short-term borrowings |
-- |
-- |
-- |
10,000 |
18 |
0.73% |
Long-term borrowings |
49,300 |
529 |
4.35% |
49,300 |
546 |
4.49% |
Total interest bearing liabilities |
1,506,638 |
4,790 |
1.29% |
1,329,923 |
5,285 |
1.61% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
398,191 |
|
|
288,776 |
|
|
Other liabilities |
9,015 |
|
|
5,291 |
|
|
Total noninterest bearing
liabilities |
407,206 |
|
|
294,067 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
208,833 |
|
|
191,393 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$2,122,677 |
|
|
$1,815,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 21,506 |
|
|
$ 17,223 |
|
Net interest spread |
|
|
3.88% |
|
|
3.59% |
Net interest margin |
|
|
4.23% |
|
|
3.98% |
|
|
|
|
|
|
|
(1) Interest and fees on loans
and investments exclude tax equivalent adjustments. |
(2) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $760 thousand
and $536 thousand for the three months ended March 31, 2011 and
2010, respectively. |
Eagle Bancorp,
Inc. |
Statements of Income and
Highlights (Quarterly Trends) |
(in thousands, except per share
data) (Unaudited) |
|
Three Months
Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
Income
Statements: |
2011 |
2010 |
2010 |
2010 |
2010 |
2009 |
2009 |
2009 |
Total interest income |
$ 26,296 |
$ 26,040 |
$ 24,421 |
$ 23,689 |
$ 22,508 |
$ 22,413 |
$ 21,426 |
$ 20,432 |
Total interest expense |
4,790 |
4,753 |
4,722 |
5,072 |
5,285 |
5,685 |
6,408 |
6,112 |
Net interest income |
21,506 |
21,287 |
19,699 |
18,617 |
17,223 |
16,728 |
15,018 |
14,320 |
Provision for credit losses |
2,116 |
3,556 |
1,962 |
2,101 |
1,689 |
2,528 |
1,857 |
1,718 |
Net interest income after provision for
credit losses |
19,390 |
17,731 |
17,737 |
16,516 |
15,534 |
14,200 |
13,161 |
12,602 |
Noninterest income (before
investment gains or losses) |
2,933 |
3,180 |
2,073 |
1,437 |
1,222 |
1,275 |
1,486 |
1,698 |
Investment gains (losses) |
-- |
497 |
260 |
573 |
-- |
1 |
-- |
1,405 |
Total noninterest income |
2,933 |
3,677 |
2,333 |
2,010 |
1,222 |
1,276 |
1,486 |
3,103 |
Salaries and employee
benefits |
7,311 |
7,318 |
6,549 |
5,969 |
5,675 |
5,412 |
5,128 |
5,044 |
Premises and
equipment |
1,991 |
1,735 |
2,021 |
2,612 |
2,092 |
1,843 |
1,798 |
1,827 |
Marketing and advertising |
234 |
139 |
391 |
281 |
247 |
314 |
228 |
242 |
Other expenses |
4,777 |
4,283 |
3,968 |
4,275 |
3,449 |
3,058 |
3,126 |
4,460 |
Total noninterest expense |
14,313 |
13,475 |
12,929 |
13,137 |
11,463 |
10,627 |
10,280 |
11,573 |
Income before income tax expense |
8,010 |
7,933 |
7,141 |
5,389 |
5,293 |
4,849 |
4,367 |
4,132 |
Income tax expense |
2,874 |
2,879 |
2,375 |
1,942 |
1,902 |
1,898 |
1,625 |
1,481 |
Net income |
5,136 |
5,054 |
4,766 |
3,447 |
3,391 |
2,951 |
2,742 |
2,651 |
Preferred stock dividends and discount
accretion |
320 |
328 |
327 |
324 |
320 |
540 |
595 |
589 |
Net Income Available to Common
Shareholders |
$ 4,816 |
$ 4,726 |
$ 4,439 |
$ 3,123 |
$ 3,071 |
$ 2,411 |
$ 2,147 |
$ 2,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.24 |
$ 0.24 |
$ 0.22 |
$ 0.16 |
$ 0.16 |
$ 0.12 |
$ 0.16 |
$ 0.16 |
Earnings per weighted average common share,
diluted |
$ 0.24 |
$ 0.23 |
$ 0.22 |
$ 0.16 |
$ 0.15 |
$ 0.12 |
$ 0.15 |
$ 0.16 |
Weighted average common shares outstanding,
basic |
19,716,814 |
19,897,713 |
19,874,596 |
19,641,247 |
19,609,197 |
19,521,574 |
13,504,539 |
12,750,496 |
Weighted average common shares outstanding,
diluted |
20,215,244 |
20,345,515 |
20,230,063 |
20,071,945 |
19,951,246 |
19,779,726 |
13,794,355 |
12,887,964 |
Actual shares outstanding |
19,811,532 |
19,700,387 |
19,671,797 |
19,652,918 |
19,633,763 |
19,534,226 |
19,505,339 |
12,763,940 |
Book value per common share at period
end |
$ 9.46 |
$ 9.25 |
$ 9.14 |
$ 8.87 |
$ 8.66 |
$ 8.48 |
$ 8.46 |
$ 8.52 |
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
Return on average assets |
0.98% |
0.96% |
0.96% |
0.73% |
0.76% |
0.68% |
0.67% |
0.70% |
Return on average common equity |
10.49% |
9.89% |
9.89% |
7.27% |
7.38% |
5.76% |
7.30% |
7.58% |
Net interest margin |
4.23% |
4.18% |
4.10% |
4.10% |
3.98% |
3.96% |
3.77% |
3.91% |
Efficiency ratio (1) |
58.57% |
53.98% |
58.68% |
63.69% |
62.15% |
59.02% |
62.29% |
66.42% |
|
|
|
|
|
|
|
|
|
Other Ratios: |
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans
(2) |
1.43% |
1.48% |
1.45% |
1.45% |
1.47% |
1.47% |
1.51% |
1.50% |
Nonperforming loans to total loans |
1.85% |
1.51% |
1.61% |
1.68% |
1.47% |
1.57% |
1.73% |
2.36% |
Nonperforming assets to total assets |
1.68% |
1.53% |
1.46% |
1.49% |
1.36% |
1.50% |
1.63% |
2.14% |
Net charge-offs (annualized) to average
loans |
0.30% |
0.26% |
0.39% |
0.38% |
0.36% |
0.54% |
0.48% |
0.35% |
Tier 1 leverage ratio |
9.44% |
9.32% |
9.66% |
9.84% |
10.00% |
10.29% |
11.68% |
8.96% |
Tier 1 risk based capital ratio |
10.03% |
9.91% |
10.88% |
11.15% |
11.77% |
11.82% |
13.65% |
9.91% |
Total risk based capital ratio |
11.75% |
11.64% |
12.66% |
12.85% |
13.50% |
13.57% |
15.57% |
12.05% |
|
|
|
|
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ 2,122,677 |
$ 2,079,392 |
$ 1,964,827 |
$ 1,881,761 |
$ 1,815,383 |
$ 1,732,168 |
$ 1,631,200 |
$ 1,518,979 |
Total earning assets |
$ 2,063,557 |
$ 2,021,492 |
$ 1,907,900 |
$ 1,821,943 |
$ 1,753,989 |
$ 1,677,573 |
$ 1,579,603 |
$ 1,468,296 |
Total loans held for sale |
$ 19,532 |
$ 32,367 |
$ 18,295 |
$ 3,976 |
$ 1,204 |
$ 3,999 |
$ 4,790 |
$ 5,652 |
Total loans |
$ 1,713,854 |
$ 1,640,205 |
$ 1,534,959 |
$ 1,485,349 |
$ 1,405,700 |
$ 1,348,077 |
$ 1,312,895 |
$ 1,291,982 |
Total deposits |
$ 1,764,373 |
$ 1,710,088 |
$ 1,610,813 |
$ 1,529,498 |
$ 1,472,061 |
$ 1,381,305 |
$ 1,321,405 |
$ 1,164,978 |
Total borrowings |
$ 140,456 |
$ 154,950 |
$ 146,711 |
$ 151,240 |
$ 146,638 |
$ 141,406 |
$ 146,819 |
$ 199,479 |
Total stockholders' equity |
$ 208,833 |
$ 206,191 |
$ 200,556 |
$ 194,866 |
$ 191,393 |
$ 202,004 |
$ 153,171 |
$ 145,492 |
|
|
|
|
|
|
|
|
|
(1) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. |
(2) Excludes loans held for sale. |
|
|
|
|
|
|
|
|
CONTACT: Eagle Bancorp, Inc.
Michael T. Flynn
301.986.1800
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