Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $9.7 million for the quarter ended September 30, 2012, a 49%
increase over the $6.5 million net income for the quarter ended
September 30, 2011. Net income available to common shareholders
increased 51% to $9.5 million ($0.45 per basic common share and
$0.44 per diluted common share), as compared to $6.3 million ($0.32
per basic common share and $0.31 per diluted common share) for the
same three month period in 2011. These quarterly earnings represent
the fifteenth consecutive quarter of increasing net income.
For the nine months ended September 30, 2012, the Company's net
income was $25.1 million, a 44% increase over the $17.4 million for
the nine months ended September 30, 2011. Net income available to
common shareholders increased 54% to $24.7 million ($1.20 per basic
common share and $1.17 per diluted common share), as compared to
$16.0 million ($0.81 per basic common share and $0.79 per diluted
common share) for the same nine month period in 2011.
"We are very pleased to report another quarter of record
earnings, highlighted by strong and consistent financial
performance, substantially higher total revenue from both net
interest income and noninterest income, stable and favorable asset
quality trends and substantial capital growth" noted Ronald D.
Paul, Chairman and Chief Executive Officer of Eagle Bancorp, Inc.
Mr. Paul added "for the third quarter of 2012, the Company
continued its trend of producing balanced growth in its average
loans and deposits, expanding an already strong net interest
margin, and produced enhanced levels of noninterest revenue from
higher levels of residential mortgage refinancing activity. The
Company also continued its trend of improving performance for the
Efficiency Ratio, Return on Average Assets and Return on Average
Equity. For the third quarter of 2012, average loan balances grew
4% as compared to the second quarter of 2012, while average deposit
balances were 5% higher. The net interest margin expanded to 4.44%
for the third quarter of 2012, up 5 basis points from the second
quarter of 2012, due primarily to lower funding costs. Total
revenue was $38.2 million for the quarter, 8% higher than the
second quarter of 2012 and 32% higher than the same quarter one
year ago."
Mr. Paul added "sales of common stock under the "at the market"
offering (commenced in May 2012) were substantial during the third
quarter and together with favorable earnings, have provided good
growth in our capital position. Through September 30, 2012, net
proceeds from the sale of common stock in the Company's offering
amounted to $28.8 million. The shares were sold at a weighted
average price of $16.88 per share. Additionally, operating expenses
continued to be well managed in the quarter, contributing to a
lower efficiency ratio of 50.07%. Annualized net credit losses for
the third quarter of 2012 were 0.36% of average loans, and
nonperforming assets were stable at 1.25% of total assets at
September 30, 2012. We believe our financial results continue to
demonstrate a balanced approach to the Company's performance.
Finally, we are proud to see that the recently published FDIC
annual deposit survey (based on June 30, 2012 deposits), placed
EagleBank as having the largest market share of any locally based
community bank in the Washington, D.C. metropolitan area."
As reported one year ago, in mid September 2011, EagleBank
became the escrow depository for approximately $620 million of
noninterest bearing deposits resulting from a very large class
action lawsuit settlement (the "settlement deposit"). While the
impact of these funds was substantial in the third quarter of 2011,
we do not believe their impact was material in the third quarter of
2012. For this reason, and to allow for appropriate comparisons, we
make various parenthetical comments in this earnings press release,
in order to compute the relevant non-GAAP ratios on a basis which
excludes this large and unusual short-term transaction.
At September 30, 2012, total assets were $2.98 billion, compared
to $2.83 billion at December 31, 2011, a 5% increase. As compared
to September 30, 2011, total assets at September 30, 2012 decreased
by $244 million, an 8% decrease. Excluding the effect of the
settlement deposit, total assets increased $376 million, a 14%
increase. Total loans (excluding loans held for sale) were $2.40
billion at September 30, 2012 compared to $2.06 billion at December
31, 2011, a 17% increase. As compared to September 30, 2011, total
loans at September 30, 2012 increased by $368 million, an 18%
increase. Total deposits were $2.51 billion at September 30, 2012,
compared to deposits of $2.39 billion at December 31, 2011, a 5%
increase. As compared to September 30, 2011, total deposits at
September 30, 2012 decreased by $232 million, a 9% decrease.
Excluding the effect of the settlement deposit, total deposits
increased $388 million, an 18% increase. Loans held for sale
amounted to $171.2 million at September 30, 2012 as compared to
$176.8 million at December 31, 2011 and $107.9 million at September
30, 2011. The investment portfolio totaled $296.4 million at
September 30, 2012, a 6% decrease from the $313.8 million balance
at December 31, 2011. As compared to September 30, 2011, the
investment portfolio at September 30, 2012 increased by $4.0
million, a 1% increase. Total borrowed funds (excluding customer
repurchase agreements) were stable at $49.3 million at September
30, 2012, December 31, 2011 and September 30, 2011.
Total shareholders' equity increased to $324.4 million at
September 30, 2012, compared to $266.7 million and $258.5 million
at December 31, 2011 and September 30, 2011, respectively. The
Company's capital position remains substantially in excess of
regulatory requirements for well capitalized status, with a total
risk based capital ratio of 12.21% at September 30, 2012, as
compared to a total risk based capital ratio of 12.11% at September
30, 2011. Strong earnings over the twelve months ended September
30, 2012, together with progress to date on the "at the market"
capital raise and issuances upon the exercise of options and rights
under our employee stock plans, have enabled the Company to
increase regulatory capital ratios, while continuing substantial
balance sheet growth. In addition, the tangible common equity ratio
(tangible common equity to tangible assets) increased to 8.88% at
September 30, 2012, from 7.29% at December 31, 2011 and 6.15%
(7.62% excluding the effect of the settlement deposit) at September
30, 2011.
At September 30, 2012, the Company's nonperforming assets
amounted to $37.3 million, representing 1.25% of total assets,
compared to $36.0 million of nonperforming assets, or 1.27% of
total assets at December 31, 2011 and $34.4 million of
nonperforming assets, or 1.07% (1.32% excluding the effect of the
settlement deposit) of total assets at September 30, 2011.
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 (excluding loans held for sale) at September
30, 2012, is adequate to absorb potential credit losses within the
loan portfolio at that date. Included in nonperforming assets at
September 30, 2012 were $4.9 million of other real estate owned
("OREO") as compared to $3.2 million at December 31, 2011 and $2.9
million at September 30, 2011.
Analysis of the three months ended September 30, 2012
compared to September 30, 2011
For the three months ended September 30, 2012, the Company
reported an annualized return on average assets ("ROAA") of 1.27%
as compared to 1.00% (1.04% excluding the effect of the settlement
deposit) for the three months ended September 30, 2011. The
annualized return on average common equity ("ROAE") for the quarter
ended September 30, 2012 was 15.20%, as compared to 12.55% for the
quarter ended September 30, 2011. The higher ROAA and ROAE ratios
for the third quarter of 2012 as compared to 2011 are due to an
expanded net interest margin and higher noninterest income.
Net interest income increased 31% for the three months ended
September 30, 2012 over the same period in 2011, resulting from a
combination of strong average balance sheet growth and net interest
margin expansion, as the mix of earning assets shifted to higher
yield assets and the cost of funds for the third quarter of 2012,
as compared to the same quarter in 2011, declined more than the
yield on earning assets. As compared to the third quarter of 2011,
average earning assets increased by 18% for the third quarter of
2012. For the three months ended September 30, 2012, the net
interest margin was 4.44% as compared to 4.39% for the three months
ended June 30, 2012 and 3.98% (4.15% excluding the effect of the
settlement deposit) for the three months ended September 30, 2011.
The Company's net interest margin remains very favorable compared
to peers.
The provision for credit losses was $3.6 million for the three
months ended September 30, 2012 as compared to $2.9 million for the
three months ended September 30, 2011. At September 30, 2012 the
allowance for credit losses represented 1.48% of loans outstanding,
as compared to 1.44% and 1.41% at December 31, 2011 and September
30, 2011, respectively. The allowance for credit losses represented
110% of nonperforming loans at September 30, 2012, as compared to
90% at December 31, 2011 and 91% at September 30, 2011. The higher
provisioning in the third quarter of 2012, as compared to the third
quarter of 2011, is due to a higher allowance allocation for
selected loan categories and higher net charge-offs. Net
charge-offs of $2.1 million in the third quarter of 2012
represented 0.36% of average loans, excluding loans held for sale,
as compared to $1.8 million or 0.36% of average loans, excluding
loans held for sale, in the third quarter of 2011. Net charge-offs
in the third quarter of 2012 were primarily attributable to
charge-offs of construction loans ($1.5 million), owner occupied
real estate ($350 thousand), home equity and consumer loans ($208
thousand), and the unguaranteed portion of SBA loans ($46
thousand).
Noninterest income for the three months ended September 30, 2012
increased to $4.9 million from $3.5 million for the three months
ended September 30, 2011, a 38% increase. This increase was due
primarily to an increase of $2.0 million in gains on sales of
residential mortgage loans in the third quarter of 2012 as compared
to the third quarter of 2011, due to substantially higher volumes
of residential mortgage refinancing activity. Additionally, service
charges on deposit accounts increased $108 thousand in the third
quarter of 2012 as compared to the third quarter of 2011, a 12%
increase due substantially to growth in the number of accounts.
Investment securities gains were $464 thousand for the third
quarter of 2012, as compared to investment gains of $854 thousand
for the third quarter of 2011. Effectively offsetting investment
gains in the third quarter of 2012 was a $529 thousand loss on the
early extinguishment of debt due to restructuring of Federal Home
Loan Bank advances. Excluding investment securities gains or losses
and the loss on the early extinguishment of debt, total noninterest
income was $4.9 million for the third quarter of 2012, as compared
to $2.7 million for the third quarter of 2011, an increase of
85%.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, was 50.07% for the third quarter of 2012,
as compared to 54.43% for the third quarter of 2011. Noninterest
expenses were $19.1 million for the three months ended September
30, 2012, as compared to $15.7 million for the three months ended
September 30, 2011, a 22% increase. Cost increases for salaries and
benefits were $1.5 million, primarily due to merit and benefit cost
increases, increases in incentive pay, and staffing increases
primarily as a result of growth in residential lending, as well as
additional commercial lending and branch personnel. Premises and
equipment expenses were $623 thousand higher, due primarily to the
cost of a new branch office, a new commercial lending office, two
new residential lending offices and normal increases in leasing
costs. Legal, accounting and professional fees increased by $342
thousand for the quarter ended September 30, 2012 compared to the
same period in 2011. Other expenses increased by $222 thousand for
the quarter ended September 30, 2012 compared to the same period in
2011.
Analysis of the nine months ended September 30, 2012
compared to September 30, 2011
For the nine months ended September 30, 2012, the Company
reported an ROAA of 1.15% as compared to 1.00% (1.01% excluding the
effect of the settlement deposit) for the nine months of 2011,
while the ROAE was 14.21% in 2012, as compared to 11.10% for the
same nine month period in 2011. The increase in these ratios was
due to an expanded net interest margin, higher noninterest income
and improved operating efficiency.
A lower dividend rate on preferred stock accounted for a
significant amount of the increase in earnings available to common
shareholders for the nine months ended September 30, 2012 as
compared to the same period in 2011.
For the first nine months of 2012, net interest income increased
31% over the same period for 2011. This increase was attributed to
both an increase in average earning assets of 26% and an increase
in the net interest margin to 4.32% for the nine months of 2012, as
compared to 4.15% (4.21% excluding the effect of the settlement
deposit) for the nine months of 2011. The Company has been able to
maintain its loan portfolio yields in 2012 close to 2011 levels due
to loan pricing practices, has had a sharp increase in the mix of
average loans held for sale which has benefited earning asset
yields and has seen a reduction in its funding costs while
maintaining a favorable deposit mix.
The provision for credit losses was $12.1 million for the first
nine months of 2012 as compared to $8.2 million in 2011. The higher
provisioning in 2012 as compared to 2011 is attributable to higher
allowance allocations for selected loan categories and higher net
charge-offs in the first nine months of 2012 compared to 2011. For
the nine months ended September 30, 2012, net charge-offs totaled
$6.1 million (0.37% of average loans) compared to $4.4 million
(0.32% of average loans) for the nine months ended September 30,
2011. Net charge-offs in the nine months ended September 30, 2012
were primarily attributable to charge-offs of construction loans
($2.1 million), commercial and industrial loans ($1.6 million),
commercial real estate loans ($1.2 million), home equity and
consumer loans ($775 thousand), owner occupied real estate ($350
thousand) and the unguaranteed portion of SBA loans ($137
thousand).
Noninterest income for the first nine months of 2012 was $15.3
million compared to $9.6 million in 2011, an increase of 59%. This
increase was due primarily to a $6.1 million increase in gains
realized on the sale of residential loans. Service charges on
deposit accounts increased $601 thousand in 2012 as compared to
2011, a 26% increase. Other noninterest income increased by $287
thousand primarily due to other loan income and ATM fees.
Investment securities gains were $765 thousand for the first nine
months in 2012 as compared to $1.4 million for the same period in
2011. A $529 thousand loss on the early extinguishment of debt was
recorded due to restructuring of a Federal Home Loan Bank advance.
Excluding investment securities gains and the loss on the early
extinguishment of debt, total noninterest income was $15.1 million
for the nine months of 2012 as compared to $8.2 million for 2011,
an 84% increase.
Noninterest expenses were $56.2 million for the first nine
months of 2012, as compared to $45.0 million for 2011, a 25%
increase. Cost increases for salaries and benefits were $7.2
million primarily due to merit increases, incentive compensation
and benefits increases, and to staffing increases primarily as a
result of growth in residential lending, commercial lending and
branch personnel. Premises and equipment expenses were $1.6 million
higher due primarily to the cost of a new branch office, a new
commercial lending office, two new residential lending offices and
normal increases in leasing costs. Data processing costs increased
by $796 thousand due to system enhancements and expanded customer
transaction costs. FDIC insurance premiums were $75 thousand lower
due to FDIC premium rate declines which took effect on April 1,
2011. Other expenses increased for the first nine months of 2012
versus 2011 by $1.2 million. For the first nine months of 2012, the
efficiency ratio improved to 52.00% as compared to 55.92% for the
same period in 2011.
At September 30, 2012, the Company had a total risk based
capital ratio of 12.21%, a Tier 1 risk based capital ratio of
10.73%, and a Tier 1 leverage ratio of 10.36%, 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 nine and three months
ended September 30, 2012 as compared to the nine and three months
ended September 30, 2011, 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, 2011 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 operates through
seventeen full service branch offices, located in Montgomery
County, Maryland; Washington, D.C.; and Arlington and Fairfax
Counties, 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 third quarter 2012 financial results
on Tuesday October 23, 2012 at 10:00 a.m. eastern daylight time.
The public is invited to listen to this conference call by dialing
1.877.303.6220, conference ID Code is 38239760, 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 November 6, 2012.
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, 2011 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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Consolidated Financial
Highlights (Unaudited) |
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(dollars in thousands, except per
share data) |
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Nine Months Ended
September 30, |
Three Months
Ended September 30, |
|
2012 |
2011 |
2012 |
2011 |
Income Statements: |
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Total interest income |
$ 103,779 |
$ 86,033 |
$ 36,636 |
$ 30,741 |
Total interest expense |
10,987 |
15,257 |
3,328 |
5,365 |
Net interest income |
92,792 |
70,776 |
33,308 |
25,376 |
Provision for credit losses |
12,051 |
8,218 |
3,638 |
2,887 |
Net interest income after provision for
credit losses |
80,741 |
62,558 |
29,670 |
22,489 |
Noninterest income (before
investment gains & extinguishment of debt) |
15,068 |
8,192 |
4,916 |
2,657 |
Gain on sale of investment
securities |
765 |
1,445 |
464 |
854 |
Loss on early extinguishment of
debt |
(529) |
-- |
(529) |
-- |
Total noninterest income |
15,304 |
9,637 |
4,851 |
3,511 |
Total noninterest expense |
56,206 |
44,969 |
19,107 |
15,723 |
Income before income tax expense |
39,839 |
27,226 |
15,414 |
10,277 |
Income tax expense |
14,748 |
9,842 |
5,739 |
3,783 |
Net income |
25,091 |
17,384 |
9,675 |
6,494 |
Preferred stock dividends and discount
accretion |
425 |
1,369 |
142 |
166 |
Net income available to common
shareholders |
$ 24,666 |
$ 16,015 |
$ 9,533 |
$ 6,328 |
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Per Share Data: |
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Earnings per weighted average common share,
basic |
$ 1.20 |
$ 0.81 |
$ 0.45 |
$ 0.32 |
Earnings per weighted average common share,
diluted |
$ 1.17 |
$ 0.79 |
$ 0.44 |
$ 0.31 |
Weighted average common shares outstanding,
basic |
20,489,308 |
19,806,007 |
21,052,773 |
19,867,533 |
Weighted average common shares outstanding,
diluted |
21,014,480 |
20,258,446 |
21,606,005 |
20,281,294 |
Actual shares outstanding |
22,040,006 |
19,890,597 |
22,040,006 |
19,890,597 |
Book value per common share at period
end |
$ 12.15 |
$ 10.15 |
$ 12.15 |
$ 10.15 |
Tangible book value per common share at
period end (1) |
$ 11.97 |
$ 9.94 |
$ 11.97 |
$ 9.94 |
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Performance Ratios
(annualized): |
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Return on average assets
(3) |
1.15% |
1.00% |
1.27% |
1.00% |
Return on average common equity
(3) |
14.21% |
11.10% |
15.20% |
12.55% |
Net interest margin (3) |
4.32% |
4.15% |
4.44% |
3.98% |
Efficiency ratio (2) |
52.00% |
55.92% |
50.07% |
54.43% |
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Other Ratios: |
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Allowance for credit losses to total
loans |
1.48% |
1.41% |
1.48% |
1.41% |
Allowance for credit losses to total
nonperforming loans |
109.74% |
90.98% |
109.74% |
90.98% |
Nonperforming loans to total loans |
1.35% |
1.55% |
1.35% |
1.55% |
Nonperforming assets to total assets
(3) |
1.25% |
1.07% |
1.25% |
1.07% |
Net charge-offs (annualized) to average
loans |
0.37% |
0.32% |
0.36% |
0.36% |
Common equity to total assets
(3) |
9.00% |
6.27% |
9.00% |
6.27% |
Tier 1 leverage ratio |
10.36% |
9.61% |
10.36% |
9.61% |
Tier 1 risk based capital ratio |
10.73% |
10.49% |
10.73% |
10.49% |
Total risk based capital ratio |
12.21% |
12.11% |
12.21% |
12.11% |
Tangible common equity to tangible assets
(1) (3) |
8.88% |
6.15% |
8.88% |
6.15% |
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Loan Balances - Period End (in
thousands): |
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Commercial and Industrial |
$ 534,133 |
$ 470,103 |
$ 534,133 |
$ 470,103 |
Commercial real estate - owner
occupied |
$ 306,148 |
$ 245,497 |
$ 306,148 |
$ 245,497 |
Commercial real estate - income
producing |
$ 942,769 |
$ 772,728 |
$ 942,769 |
$ 772,728 |
1-4 Family mortgage |
$ 57,953 |
$ 37,662 |
$ 57,953 |
$ 37,662 |
Construction - commercial and
residential |
$ 437,954 |
$ 374,394 |
$ 437,954 |
$ 374,394 |
Construction - C&I (owner occupied) |
$ 14,739 |
$ 31,035 |
$ 14,739 |
$ 31,035 |
Home equity |
$ 98,930 |
$ 94,008 |
$ 98,930 |
$ 94,008 |
Other consumer |
$ 5,043 |
$ 4,218 |
$ 5,043 |
$ 4,218 |
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Average Balances (in
thousands): |
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Total assets (3) |
$ 2,914,217 |
$ 2,325,317 |
$ 3,022,584 |
$ 2,569,970 |
Total earning assets
(3) |
$ 2,869,459 |
$ 2,284,041 |
$ 2,977,950 |
$ 2,531,768 |
Total loans held for sale |
$ 124,736 |
$ 24,809 |
$ 158,011 |
$ 35,320 |
Total loans |
$ 2,226,837 |
$ 1,849,531 |
$ 2,346,046 |
$ 1,967,214 |
Total deposits (3) |
$ 2,471,508 |
$ 1,931,813 |
$ 2,572,022 |
$ 2,124,274 |
Total borrowings |
$ 145,563 |
$ 159,642 |
$ 132,955 |
$ 184,874 |
Total shareholders' equity |
$ 288,411 |
$ 225,403 |
$ 306,072 |
$ 251,916 |
Use of Non-GAAP Financial Measures
The Company considers the following non-GAAP measurements useful
for investors, regulators, management and others to evaluate
capital adequacy and to compare against other financial
institutions. The table below provides a reconciliation of these
non-GAAP financial measures with financial measures defined by
GAAP.
(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. The Company calculates the tangible common equity ratio by
excluding the balance of intangible assets from common
shareholders' equity and dividing by tangible assets. The Company
calculates tangible book value per common share by dividing
tangible common equity by common shares outstanding, as compared to
book value per common share, which the Company calculates by
dividing common shareholders' equity by common shares outstanding.
The Company considers this information 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.
(3) The reported GAAP figures below have been
adjusted for the $620 million settlement deposit received in
connection with a class action settlement September 13, 2011 and
which was disbursed by year end 2011. In the interim, the
deposit was invested in excess reserves at the Federal Reserve. As
the magnitude of the deposit distorts the operational results of
the Company, the GAAP reconciliation below and in the accompanying
text certain performance ratios excluding the effect of this
deposit. The settlement deposit resulted in approximately $72,000
of interest income and $30,000 of income, net of tax, during the
three and nine months periods ended September 30, 2011. The Company
considers this information important to enable shareholders and
other interested parties to assess the core operational performance
of the Company.
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GAAP
Reconciliation |
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(dollars in thousands except per
share data) |
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Nine Months Ended
September 30, 2012 (Unaudited) |
Twelve Months Ended December
31, 2011 (Unaudited) |
Nine Months Ended September
30, 2011 (Unaudited) |
Nonperforming assets |
$ 37,346 |
|
$ 34,375 |
Total assets |
2,976,188 |
|
3,219,746 |
Nonperforming assets to total
assets |
1.25% |
|
1.07% |
Total assets |
$ 2,976,188 |
|
$ 3,219,746 |
Less: settlement deposit |
-- |
|
(620,000) |
Adjusted total assets |
$ 2,976,188 |
|
$ 2,599,746 |
Nonperforming assets |
$ 37,346 |
|
$ 34,375 |
Adjusted total assets |
2,976,188 |
|
2,599,746 |
Nonperforming assets to total
adjusted assets |
1.25% |
|
1.32% |
Total deposits |
$ 2,514,989 |
|
$ 2,747,349 |
Less: settlement deposit |
-- |
|
(620,000) |
Adjusted total deposits |
$ 2,514,989 |
|
$ 2,127,349 |
Common shareholders' equity |
$ 267,799 |
$ 210,111 |
$ 201,862 |
Less: Intangible assets |
(3,895) |
(4,145) |
(4,154) |
Tangible common equity |
$ 263,904 |
$ 205,966 |
$ 197,708 |
|
|
|
|
Book value per common share |
$ 12.15 |
$ 10.53 |
$ 10.15 |
Less: Intangible book value per common
share |
(0.18) |
(0.21) |
(0.21) |
Tangible book value per common
share |
$ 11.97 |
$ 10.32 |
$ 9.94 |
|
|
|
|
Total assets |
$ 2,976,188 |
$ 2,831,255 |
$ 3,219,746 |
Less: Intangible assets |
(3,895) |
(4,145) |
(4,154) |
Tangible assets |
$ 2,972,293 |
$ 2,827,110 |
$ 3,215,592 |
Tangible common equity
ratio |
8.88% |
7.29% |
6.15% |
|
|
|
|
Common shareholders' equity |
$ 267,799 |
|
$ 201,862 |
Less: settlement deposit |
-- |
|
(30) |
Less: Intangible assets |
(3,895) |
|
(4,154) |
Tangible common equity |
$ 263,904 |
|
$ 197,678 |
Total assets |
$ 2,976,188 |
|
$ 3,219,746 |
Less: settlement deposit |
-- |
|
(620,000) |
Less: Intangible assets |
(3,895) |
|
(4,154) |
Adjusted tangible
assets |
$ 2,972,293 |
|
$ 2,595,592 |
Adjusted tangible common equity
ratio |
8.88% |
|
7.62% |
|
|
|
|
|
|
|
GAAP
Reconciliation |
|
|
|
|
|
|
(dollars in thousands except per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, |
|
2012 |
2011 |
|
Average Balance |
Interest |
Average
Yield/Rate |
Average Balance |
Interest |
Average
Yield/Rate |
|
|
|
|
|
|
|
Total interest earning assets |
$ 2,977,950 |
$ 36,636 |
4.89% |
$ 2,531,768 |
$ 30,741 |
4.82% |
Less: settlement deposit |
-- |
-- |
-- |
(114,000) |
(72) |
-0.25% |
Adjusted interest earning assets |
$ 2,977,950 |
$ 36,636 |
4.89% |
$ 2,417,768 |
$ 30,669 |
5.03% |
|
|
|
|
|
|
|
Total interest bearing liabilities |
$ 1,872,901 |
$ 3,328 |
0.71% |
$ 1,718,118 |
$ 5,365 |
1.24% |
|
|
|
|
|
|
|
Adjusted interest
spread |
|
|
4.18% |
|
|
3.79% |
Adjusted interest
margin |
|
|
4.44% |
|
|
4.15% |
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2012 |
2011 |
|
Average Balance |
Interest |
Average
Yield/Rate |
Average Balance |
Interest |
Average
Yield/Rate |
|
|
|
|
|
|
|
Total interest earning assets |
$ 2,869,459 |
$ 103,779 |
4.83% |
$ 2,284,041 |
$ 86,033 |
5.04% |
Less: settlement deposit |
-- |
-- |
-- |
(38,000) |
(72) |
-0.25% |
Adjusted interest earning assets |
$ 2,869,459 |
$ 103,779 |
4.83% |
$ 2,246,041 |
$ 85,961 |
5.12% |
|
|
|
|
|
|
|
Total interest bearing liabilities |
$ 1,860,092 |
$ 10,987 |
0.79% |
$ 1,619,514 |
$ 15,257 |
1.26% |
|
|
|
|
|
|
|
Adjusted interest
spread |
|
|
4.04% |
|
|
3.86% |
Adjusted interest
margin |
|
|
4.32% |
|
|
4.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
Three Months
Ended September 30, |
|
|
|
2012 |
2011 |
2012 |
2011 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
Net income |
$ 25,091 |
$ 17,384 |
$ 9,675 |
$ 6,494 |
|
|
Less: settlement deposit |
-- |
(30) |
-- |
(30) |
|
|
Adjusted net income |
$ 25,091 |
$ 17,354 |
$ 9,675 |
$ 6,464 |
|
|
|
|
|
|
|
|
|
Average total assets |
2,914,217 |
2,325,317 |
3,022,584 |
2,569,970 |
|
|
Less: settlement deposit |
-- |
(38,000) |
-- |
(114,000) |
|
|
Adjusted average total assets |
2,914,217 |
2,287,317 |
3,022,584 |
2,455,970 |
|
|
|
|
|
|
|
|
|
Adjusted return on average
assets |
1.15% |
1.01% |
1.27% |
1.04% |
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
Consolidated Balance
Sheets (Unaudited) |
|
|
|
(dollars in thousands, except per
share data) |
|
|
|
|
September 30,
2012 |
December 31,
2011 |
September 30,
2011 |
Assets |
|
|
|
Cash and due from banks |
$ 6,780 |
$ 5,374 |
$ 5,914 |
Federal funds sold |
4,173 |
21,785 |
22,088 |
Interest bearing deposits with banks and
other short-term investments |
46,752 |
205,252 |
718,848 |
Investment securities available for sale, at
fair value |
296,363 |
313,811 |
292,257 |
Federal Reserve and Federal Home Loan Bank
stock |
12,031 |
10,242 |
9,430 |
Loans held for sale |
171,241 |
176,826 |
107,907 |
Loans |
2,397,669 |
2,056,256 |
2,029,645 |
Less allowance for credit losses |
(35,582) |
(29,653) |
(28,599) |
Loans, net |
2,362,087 |
2,026,603 |
2,001,046 |
Premises and equipment, net |
14,472 |
12,320 |
11,162 |
Deferred income taxes |
16,413 |
14,673 |
14,091 |
Bank owned life insurance |
14,036 |
13,743 |
13,643 |
Intangible assets, net |
3,895 |
4,145 |
4,154 |
Other real estate owned |
4,923 |
3,225 |
2,941 |
Other assets |
23,022 |
23,256 |
16,265 |
Total
Assets |
$ 2,976,188 |
$ 2,831,255 |
$ 3,219,746 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 796,654 |
$ 688,506 |
$ 1,106,689 |
Interest bearing
transaction |
112,901 |
80,105 |
69,762 |
Savings and money market |
1,180,894 |
1,068,370 |
986,585 |
Time, $100,000 or more |
182,381 |
332,470 |
351,128 |
Other time |
242,159 |
222,644 |
233,185 |
Total deposits |
2,514,989 |
2,392,095 |
2,747,349 |
Customer repurchase agreements |
75,368 |
103,362 |
147,671 |
Other short-term borrowings |
10,000 |
-- |
-- |
Long-term borrowings |
39,300 |
49,300 |
49,300 |
Other liabilities |
12,132 |
19,787 |
16,964 |
Total liabilities |
2,651,789 |
2,564,544 |
2,961,284 |
|
|
|
|
Shareholders' Equity |
|
|
|
Preferred stock, par value $.01 per share,
shares authorized 1,000,000, Series B, $1,000 per share liquidation
preference, shares issued and outstanding 56,600 at September 30,
2012, December 31, 2011 and September 30, 2011 |
56,600 |
56,600 |
56,600 |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
22,040,006, 19,952,844 and 19,890,957, respectively |
217 |
197 |
197 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
164,522 |
132,670 |
131,946 |
Retained earnings |
96,088 |
71,423 |
64,389 |
Accumulated other comprehensive
income |
6,026 |
4,875 |
4,384 |
Total Shareholders'
Equity |
324,399 |
266,711 |
258,462 |
Total Liabilities and
Shareholders' Equity |
$ 2,976,188 |
$ 2,831,255 |
$ 3,219,746 |
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
|
Consolidated Statements
of Operations (Unaudited) |
|
|
|
|
(dollars in thousands, except per
share data) |
|
|
|
|
|
|
|
|
Nine Months
Ended September 30, |
Three Months
Ended September 30, |
Interest Income |
2012 |
2011 |
2012 |
2011 |
Interest and fees on loans |
$ 98,161 |
$ 81,013 |
$ 34,805 |
$ 29,119 |
Interest and dividends on
investment securities |
5,279 |
4,754 |
1,735 |
1,469 |
Interest on balances with other
banks and short-term investments |
298 |
172 |
83 |
136 |
Interest on federal funds
sold |
41 |
94 |
13 |
17 |
Total interest income |
103,779 |
86,033 |
36,636 |
30,741 |
Interest Expense |
|
|
|
|
Interest on deposits |
9,130 |
13,121 |
2,722 |
4,613 |
Interest on customer repurchase
agreements |
250 |
533 |
68 |
212 |
Interest on short-term
borrowings |
2 |
-- |
2 |
-- |
Interest on long-term
borrowings |
1,605 |
1,603 |
536 |
540 |
Total interest expense |
10,987 |
15,257 |
3,328 |
5,365 |
Net Interest
Income |
92,792 |
70,776 |
33,308 |
25,376 |
Provision for Credit
Losses |
12,051 |
8,218 |
3,638 |
2,887 |
Net Interest Income After Provision
For Credit Losses |
80,741 |
62,558 |
29,670 |
22,489 |
|
|
|
|
|
Noninterest Income |
|
|
|
|
Service charges on
deposits |
2,902 |
2,301 |
988 |
880 |
Gain on sale of loans |
9,867 |
3,872 |
3,144 |
1,065 |
Gain on sale of investment
securities |
765 |
1,445 |
464 |
854 |
Loss on early extinguishment of
debt |
(529) |
-- |
(529) |
-- |
Increase in the cash surrender
value of bank owned life insurance |
294 |
301 |
100 |
100 |
Other income |
2,005 |
1,718 |
684 |
612 |
Total noninterest income |
15,304 |
9,637 |
4,851 |
3,511 |
Noninterest Expense |
|
|
|
|
Salaries and employee
benefits |
31,520 |
24,335 |
10,807 |
9,263 |
Premises and equipment
expenses |
7,541 |
5,982 |
2,562 |
1,939 |
Marketing and advertising |
1,340 |
1,215 |
497 |
234 |
Data processing |
3,273 |
2,477 |
1,066 |
876 |
Legal, accounting and
professional fees |
3,315 |
2,870 |
1,073 |
731 |
FDIC insurance |
1,553 |
1,628 |
485 |
285 |
Other expenses |
7,664 |
6,462 |
2,617 |
2,395 |
Total noninterest expense |
56,206 |
44,969 |
19,107 |
15,723 |
Income Before Income Tax
Expense |
39,839 |
27,226 |
15,414 |
10,277 |
Income Tax Expense |
14,748 |
9,842 |
5,739 |
3,783 |
Net Income |
25,091 |
17,384 |
9,675 |
6,494 |
Preferred Stock Dividends and
Discount Accretion |
425 |
1,369 |
142 |
166 |
Net Income Available to Common
Shareholders |
$ 24,666 |
$ 16,015 |
$ 9,533 |
$ 6,328 |
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
Basic |
$ 1.20 |
$ 0.81 |
$ 0.45 |
$ 0.32 |
Diluted |
$ 1.17 |
$ 0.79 |
$ 0.44 |
$ 0.31 |
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields And Rates (unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months
Ended September 30, |
|
2012 |
2011 |
|
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 |
$ 137,265 |
$ 83 |
0.24% |
$ 229,242 |
$ 136 |
0.24% |
Loans held for sale (1) |
158,011 |
1,403 |
3.55% |
35,320 |
360 |
4.06% |
Loans (1) (2) |
2,346,046 |
33,402 |
5.66% |
1,967,214 |
28,759 |
5.80% |
Investment securities available for sale
(2) |
318,584 |
1,735 |
2.17% |
275,213 |
1,469 |
2.12% |
Federal funds sold |
18,044 |
13 |
0.29% |
24,779 |
17 |
0.27% |
Total interest earning
assets |
2,977,950 |
36,636 |
4.89% |
2,531,768 |
30,741 |
4.82% |
|
|
|
|
|
|
|
Total noninterest earning assets |
78,731 |
|
|
66,042 |
|
|
Less: allowance for credit losses |
34,097 |
|
|
27,840 |
|
|
Total noninterest earning
assets |
44,634 |
|
|
38,202 |
|
|
TOTAL ASSETS |
$ 3,022,584 |
|
|
$ 2,569,970 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 113,162 |
$ 64 |
0.22% |
$ 62,610 |
$ 51 |
0.32% |
Savings and money market |
1,198,955 |
1,385 |
0.46% |
874,433 |
2,429 |
1.10% |
Time deposits |
427,829 |
1,273 |
1.18% |
596,201 |
2,133 |
1.42% |
Total interest bearing
deposits |
1,739,946 |
2,722 |
0.62% |
1,533,244 |
4,613 |
1.19% |
Customer repurchase agreements |
81,916 |
68 |
0.33% |
135,574 |
212 |
0.62% |
Other short-term borrowings |
2,065 |
2 |
-- |
-- |
-- |
-- |
Long-term borrowings |
48,974 |
536 |
4.28% |
49,300 |
540 |
4.29% |
Total interest bearing
liabilities |
1,872,901 |
3,328 |
0.71% |
1,718,118 |
5,365 |
1.24% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
832,076 |
|
|
591,030 |
|
|
Other liabilities |
11,535 |
|
|
8,906 |
|
|
Total noninterest bearing
liabilities |
843,611 |
|
|
599,936 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
306,072 |
|
|
251,916 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 3,022,584 |
|
|
$ 2,569,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 33,308 |
|
|
$ 25,376 |
|
Net interest spread |
|
|
4.18% |
|
|
3.58% |
Net interest margin |
|
|
4.44% |
|
|
3.98% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $1.4 million
and $1.1 million for the three months ended September 30, 2012 and
2011, respectively. |
(2) Interest and fees on loans
and investments exclude tax equivalent adjustments. |
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields and Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2012 |
2011 |
|
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 |
$ 161,840 |
$ 298 |
0.25% |
$ 94,665 |
$ 172 |
0.24% |
Loans held for sale (1) |
124,736 |
3,345 |
3.58% |
24,809 |
734 |
3.94% |
Loans (1) (2) |
2,226,837 |
94,816 |
5.69% |
1,849,531 |
80,279 |
5.80% |
Investment securities available for sale
(2) |
337,325 |
5,279 |
2.09% |
255,044 |
4,754 |
2.49% |
Federal funds sold |
18,721 |
41 |
0.29% |
59,992 |
94 |
0.21% |
Total interest earning
assets |
2,869,459 |
103,779 |
4.83% |
2,284,041 |
86,033 |
5.04% |
|
|
|
|
|
|
|
Total noninterest earning assets |
76,902 |
|
|
67,591 |
|
|
Less: allowance for credit losses |
32,144 |
|
|
26,315 |
|
|
Total noninterest earning
assets |
44,758 |
|
|
41,276 |
|
|
TOTAL ASSETS |
$ 2,914,217 |
|
|
$ 2,325,317 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 89,529 |
$ 195 |
0.29% |
$ 61,908 |
$ 163 |
0.35% |
Savings and money market |
1,139,957 |
4,419 |
0.52% |
815,678 |
6,404 |
1.05% |
Time deposits |
485,043 |
4,516 |
1.24% |
582,286 |
6,554 |
1.50% |
Total interest bearing
deposits |
1,714,529 |
9,130 |
0.71% |
1,459,872 |
13,121 |
1.20% |
Customer repurchase agreements |
95,644 |
250 |
0.35% |
110,313 |
533 |
0.65% |
Other short-term borrowings |
728 |
2 |
-- |
29 |
-- |
-- |
Long-term borrowings |
49,191 |
1,605 |
4.29% |
49,300 |
1,603 |
4.29% |
Total interest bearing
liabilities |
1,860,092 |
10,987 |
0.79% |
1,619,514 |
15,257 |
1.26% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
756,979 |
|
|
471,941 |
|
|
Other liabilities |
8,735 |
|
|
8,459 |
|
|
Total noninterest bearing
liabilities |
765,714 |
|
|
480,400 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
288,411 |
|
|
225,403 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 2,914,217 |
|
|
$ 2,325,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 92,792 |
|
|
$ 70,776 |
|
Net interest spread |
|
|
4.04% |
|
|
3.78% |
Net interest margin |
|
|
4.32% |
|
|
4.15% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $3.7 million
and $3.1 million for the nine months ended September 30, 2012 and
2011, respectively. |
(2) Interest and fees on loans
and investments exclude tax equivalent adjustments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
|
|
|
|
|
Statements of Income and
Highlights Quarterly Trends (Unaudited) |
|
|
|
|
|
|
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(dollars in thousands, except per
share data) |
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Three Months
Ended |
Income Statements: |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
Total interest income |
$ 36,636 |
$ 34,575 |
$ 32,568 |
$ 33,091 |
$ 30,741 |
$ 28,996 |
$ 26,296 |
$ 26,040 |
Total interest expense |
3,328 |
3,561 |
4,098 |
4,820 |
5,365 |
5,102 |
4,790 |
4,753 |
Net interest income |
33,308 |
31,014 |
28,470 |
28,271 |
25,376 |
23,894 |
21,506 |
21,287 |
Provision for credit losses |
3,638 |
4,443 |
3,970 |
2,765 |
2,887 |
3,215 |
2,116 |
3,556 |
Net interest income after provision for
credit losses |
29,670 |
26,571 |
24,500 |
25,506 |
22,489 |
20,679 |
19,390 |
17,731 |
Noninterest income (before
investment gains & extinguishment of debt) |
4,916 |
4,293 |
5,859 |
3,864 |
2,657 |
2,602 |
2,933 |
3,180 |
Gain on sale of investment
securities |
464 |
148 |
153 |
-- |
854 |
591 |
-- |
497 |
Loss on early extinguishment of
debt |
(529) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Total noninterest income |
4,851 |
4,441 |
6,012 |
3,864 |
3,511 |
3,193 |
2,933 |
3,677 |
Salaries and employee
benefits |
10,807 |
10,289 |
10,424 |
10,183 |
9,263 |
7,761 |
7,311 |
7,318 |
Premises and
equipment |
2,562 |
2,469 |
2,510 |
2,389 |
1,939 |
2,052 |
1,991 |
1,735 |
Marketing and advertising |
497 |
557 |
286 |
411 |
234 |
747 |
234 |
139 |
Other expenses |
5,241 |
5,222 |
5,342 |
5,324 |
4,287 |
4,373 |
4,777 |
4,283 |
Total noninterest expense |
19,107 |
18,537 |
18,562 |
18,307 |
15,723 |
14,933 |
14,313 |
13,475 |
Income before income tax expense |
15,414 |
12,475 |
11,950 |
11,063 |
10,277 |
8,939 |
8,010 |
7,933 |
Income tax expense |
5,739 |
4,692 |
4,317 |
3,889 |
3,783 |
3,185 |
2,874 |
2,879 |
Net income |
9,675 |
7,783 |
7,633 |
7,174 |
6,494 |
5,754 |
5,136 |
5,054 |
Preferred stock dividends and discount
accretion |
142 |
142 |
141 |
142 |
166 |
883 |
320 |
328 |
Net income available to common
shareholders |
$ 9,533 |
$ 7,641 |
$ 7,492 |
$ 7,032 |
$ 6,328 |
$ 4,871 |
$ 4,816 |
$ 4,726 |
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Per Share Data: |
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Earnings per weighted average common share,
basic |
$ 0.45 |
$ 0.38 |
$ 0.37 |
$ 0.35 |
$ 0.32 |
$ 0.25 |
$ 0.24 |
$ 0.24 |
Earnings per weighted average common share,
diluted |
$ 0.44 |
$ 0.37 |
$ 0.36 |
$ 0.35 |
$ 0.31 |
$ 0.24 |
$ 0.24 |
$ 0.23 |
Weighted average common shares outstanding,
basic |
21,052,773 |
20,297,996 |
20,110,948 |
19,919,434 |
19,867,533 |
20,050,894 |
19,716,814 |
19,683,052 |
Weighted average common shares outstanding,
diluted |
21,606,005 |
20,807,410 |
20,623,681 |
20,370,108 |
20,281,294 |
20,495,291 |
20,215,244 |
20,130,854 |
Actual shares outstanding |
22,040,006 |
20,591,233 |
20,220,166 |
19,952,844 |
19,890,597 |
19,849,042 |
19,811,532 |
19,700,387 |
Book value per common share at period
end |
$ 12.15 |
$ 11.35 |
$ 10.85 |
$ 10.53 |
$ 10.15 |
$ 9.76 |
$ 9.46 |
$ 9.25 |
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Performance Ratios
(annualized): |
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Return on average assets |
1.27% |
1.08% |
1.08% |
0.91% |
1.00% |
1.01% |
0.98% |
0.96% |
Return on average common equity |
15.20% |
13.52% |
13.80% |
13.40% |
12.55% |
10.16% |
10.49% |
10.21% |
Net interest margin |
4.44% |
4.39% |
4.11% |
3.65% |
3.98% |
4.32% |
4.23% |
4.18% |
Efficiency ratio (1) |
50.07% |
52.28% |
53.83% |
56.97% |
54.43% |
55.13% |
58.57% |
53.98% |
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Other Ratios: |
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Allowance for credit losses to total loans
(2) |
1.48% |
1.47% |
1.46% |
1.44% |
1.41% |
1.41% |
1.43% |
1.48% |
Nonperforming loans to total loans |
1.35% |
1.42% |
1.68% |
1.59% |
1.55% |
1.60% |
1.85% |
1.51% |
Nonperforming assets to total assets |
1.25% |
1.26% |
1.41% |
1.27% |
1.07% |
1.47% |
1.68% |
1.53% |
Net charge-offs (annualized) to average
loans |
0.36% |
0.40% |
0.34% |
0.34% |
0.36% |
0.28% |
0.30% |
0.26% |
Tier 1 leverage ratio |
10.36% |
9.65% |
9.33% |
8.21% |
9.61% |
9.07% |
9.44% |
9.32% |
Tier 1 risk based capital ratio |
10.73% |
10.09% |
10.08% |
10.33% |
10.49% |
9.64% |
10.03% |
9.91% |
Total risk based capital ratio |
12.21% |
11.60% |
11.59% |
11.84% |
12.11% |
11.33% |
11.75% |
11.64% |
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Average Balances (in
thousands): |
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Total assets |
$ 3,022,584 |
$ 2,888,188 |
$ 2,830,693 |
$ 3,111,952 |
$ 2,569,970 |
$ 2,278,329 |
$ 2,122,677 |
$ 2,079,392 |
Total earning assets |
$ 2,977,950 |
$ 2,844,491 |
$ 2,784,747 |
$ 3,071,903 |
$ 2,531,768 |
$ 2,220,137 |
$ 2,063,557 |
$ 2,021,492 |
Total loans held for sale |
$ 158,011 |
$ 95,734 |
$ 120,098 |
$ 177,116 |
$ 35,320 |
$ 19,419 |
$ 19,532 |
$ 74,210 |
Total loans |
$ 2,346,046 |
$ 2,246,644 |
$ 2,086,511 |
$ 2,030,986 |
$ 1,967,214 |
$ 1,864,722 |
$ 1,713,854 |
$ 1,598,362 |
Total deposits |
$ 2,572,022 |
$ 2,447,985 |
$ 2,393,413 |
$ 2,652,707 |
$ 2,124,274 |
$ 1,902,837 |
$ 1,764,373 |
$ 1,710,088 |
Total borrowings |
$ 132,955 |
$ 150,644 |
$ 153,227 |
$ 183,632 |
$ 184,874 |
$ 153,108 |
$ 140,456 |
$ 154,950 |
Total stockholders' equity |
$ 306,072 |
$ 284,040 |
$ 274,923 |
$ 264,833 |
$ 251,916 |
$ 214,926 |
$ 208,833 |
$ 206,191 |
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(1) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. |
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(2) Excludes loans held for
sale. |
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CONTACT: Michael T. Flynn
301.986.1800
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