Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $10.2 million for the quarter ended December 31, 2012, a 42%
increase over the $7.2 million net income for the quarter ended
December 31, 2011. Net income available to common shareholders for
the quarter ended December 31, 2012 increased 43% to $10.1 million
($0.44 per basic common share and $0.43 per diluted common share),
as compared to $7.0 million ($0.35 per basic and diluted common
share) for the same three month period in 2011.
For the year ended December 31, 2012, the Company's net income
was $35.3 million, a 44% increase over the $24.6 million for the
year ended December 31, 2011. Net income available to common
shareholders increased 51% to $34.7 million ($1.65 per basic common
share and $1.61 per diluted common share), as compared to $23.0
million ($1.16 per basic common share and $1.14 per diluted common
share) for the year ended December 31, 2011.
"We are very pleased to report another quarter of record
earnings, highlighted by strong, balanced and consistent financial
performance, substantially higher total revenue from net interest
income and noninterest income, continued favorable asset quality
trends and substantial capital growth," noted Ronald D. Paul,
Chairman and Chief Executive Officer of Eagle Bancorp, Inc. The
Company's earnings have now increased in each quarter since the
fourth quarter of 2008. Mr. Paul added, "For the fourth quarter of
2012, the Company continued its trend of achieving growth in both
average loans and deposits, maintaining a strong net interest
margin, and accomplishing enhanced levels of noninterest revenue,
primarily from higher levels of residential mortgage refinancing
activity. Additional liquidity was added to the balance sheet in
the fourth quarter to address potential risk from expiration of the
TAG deposit insurance program and normal year end activity. The
Company also maintained favorable operating cost management as
measured by both the Efficiency Ratio and the level of Noninterest
Expenses to Average Assets. For the fourth quarter of 2012, average
loan balances grew 4% as compared to the third quarter of 2012,
while average deposit balances were 7% higher. The net interest
margin remained strong at 4.31% for the fourth quarter of 2012, in
spite of substantially higher balance sheet liquidity. Total
revenue (net interest income plus noninterest income) was $40.8
million for the fourth quarter of 2012, 7% higher than the third
quarter of 2012 and 27% higher than the same quarter one year
ago."
At December 31, 2012, total assets were $3.41 billion, compared
to $2.83 billion at December 31, 2011, a 20% increase. As compared
to September 30, 2012, total assets at December 31, 2012 increased
by $433 million, a 15% increase. Total loans (excluding loans held
for sale) were $2.49 billion at December 31, 2012 compared to $2.06
billion at December 31, 2011, a 21% increase. As compared to
September 30, 2012, total loans at December 31, 2012 increased by
$95 million, a 4% increase. Total deposits were $2.90 billion at
December 31, 2012, compared to deposits of $2.39 billion at
December 31, 2011, a 21% increase. As compared to September 30,
2012, total deposits at December 31, 2012 increased by $382
million, a 15% increase, which included $127 million in broker
deposits. Loans held for sale amounted to $226.9 million at
December 31, 2012 as compared to $176.8 million at December 31,
2011, a 28% increase. As compared to September 30, 2012 loans held
for sale increased by $56 million, a 33% increase. The investment
portfolio totaled $299.8 million at December 31, 2012, a 5%
decrease from the $313.8 million balance at December 31, 2011. As
compared to September 30, 2012, the investment portfolio at
December 31, 2012 increased by $3.5 million, a 1% increase. Total
borrowed funds (excluding customer repurchase agreements) were
$39.3 million at December 31, 2012 compared to $49.3 million at
December 31, 2011, a 20% decrease. As compared to September 30,
2012, total borrowed funds at December 31, 2012 decreased by $10
million, a 20% decrease due to the early payoff of Federal Home
Loan Bank ("FHLB") advances.
Total shareholders' equity increased to $350.0 million at
December 31, 2012, compared to $266.7 million and $324.4 million at
December 31, 2011 and September 30, 2012, respectively. In late
October 2012, the Company announced completion of a $35 million At
the Market Stock Offering (which commenced May 1, 2012), as well as
completion of an additional $10 million Underwritten Offering. In
total, the Company sold an aggregate of 2,604,086 shares of common
stock at an average weighted price of $17.31 per share, for
aggregate net proceeds of $43.6 million.
The Company's capital position remains substantially in excess
of regulatory requirements for well capitalized status, with a
total risk based capital ratio of 12.19% at December 31, 2012, as
compared to a total risk based capital ratio of 11.84% at December
31, 2011. The combination of strong earnings over the twelve months
ended December 31, 2012, the At the Market and Underwritten
Offering capital raises noted above and issuances under stock
options and employee stock purchase 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 8.50% at
December 31, 2012, from 7.29% at December 31, 2011. As compared to
September 30, 2012, the tangible common equity ratio declined by 38
basis points due to substantial growth in total assets in the
fourth quarter of 2012.
At December 31, 2012, the Company's nonperforming assets
amounted to $36.0 million, representing 1.06% of total assets,
compared to $36.0 million of nonperforming assets, or 1.27% of
total assets at December 31, 2011 and $37.3 million of
nonperforming assets, or 1.25% of total assets at September 30,
2012. Management remains attentive to early signs of deterioration
in borrowers' financial conditions and is proactive in taking the
appropriate steps 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 1.50% of total loans (excluding loans held for sale) at
December 31, 2012, is adequate to absorb potential credit losses
within the loan portfolio at that date. The allowance for credit
losses represented 122% of nonperforming loans at December 31,
2012, as compared to 90% at December 31, 2011 and 110% at September
30, 2012, respectively. Included in nonperforming assets at
December 31, 2012 were $5.3 million of other real estate owned
("OREO") as compared to $3.2 million at December 31, 2011 and $4.9
million at September 30, 2012.
Analysis of the three months ended December 31, 2012
compared to December 31, 2011
As reported in October 2011, EagleBank became the escrow
depository in mid-September 2011 of approximately $620 million of
noninterest bearing deposits resulting from a long term client
relationship (the "settlement deposit"). The deposits, as expected,
were substantially withdrawn in the fourth quarter of 2011. While
this large and unusual transaction did not impact 2012 results,
these funds contributed approximately $140 thousand to net earnings
in the fourth quarter of 2011 and $170 thousand to earnings for the
full year 2011 and significantly impacted a number of financial
ratios and metrics. To allow for appropriate comparisons, we make
certain 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.
For the three months ended December 31, 2012, the Company
reported an annualized return on average assets ("ROAA") of 1.25%
as compared to 0.91% (1.03% excluding the effect of the settlement
deposit) for the three months ended December 31, 2011. The
annualized return on average common equity ("ROAE") for the quarter
ended December 31, 2012 was 13.95%, as compared to 13.40% for the
quarter ended December 31, 2011. The higher ROAA and ROAE ratios
for the fourth quarter of 2012 as compared to 2011 are due to an
expanded net interest margin and higher noninterest income.
Net interest income increased 23% for the three months ended
December 31, 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 declined, as compared to the
same quarter in 2011. As compared to the fourth quarter of 2011,
average earning assets increased by 4% for the fourth quarter of
2012 (20% excluding the effect of the settlement deposit). For the
three months ended December 31, 2012, the net interest margin was
4.31% as compared to 3.65% (4.16% excluding the effect of the
settlement deposit) for the three months ended December 31, 2011.
The Company's net interest margin remains favorable compared to
peers.
The provision for credit losses was $4.1 million for the three
months ended December 31, 2012 as compared to $2.8 million for the
three months ended December 31, 2011. At December 31, 2012 the
allowance for credit losses represented 1.50% of loans outstanding,
as compared to 1.44% and 1.48% at December 31, 2011 and September
30, 2012, respectively. The allowance for credit losses represented
122% of nonperforming loans at December 31, 2012, as compared to
90% at December 31, 2011 and 110% at September 30, 2012,
respectively. The higher provisioning in the fourth quarter of
2012, as compared to the fourth quarter of 2011, is due to change
in loan mix, loan growth and higher net charge-offs. Net
charge-offs of $2.2 million in the fourth quarter of 2012
represented 0.37% of average loans, excluding loans held for sale,
as compared to $1.7 million or 0.34% of average loans, excluding
loans held for sale, in the fourth quarter of 2011. Net charge-offs
in the fourth quarter of 2012 were primarily attributable to
commercial and industrial loans ($1.4 million), construction loans
($459 thousand), home equity and consumer loans ($195 thousand),
and the unguaranteed portion of SBA loans ($111 thousand).
Noninterest income for the three months ended December 31, 2012
increased to $6.1 million from $3.9 million for the three months
ended December 31, 2011, a 57% increase. This increase was due
primarily to an increase of $1.9 million in gains on sales of
residential mortgage loans in the fourth quarter of 2012 as
compared to the fourth quarter of 2011, resulting from
substantially higher volumes of residential mortgage refinancing
activity. Other income increased $365 thousand in the fourth
quarter of 2012 as compared to the fourth quarter of 2011, a 65%
increase due substantially to loan fee income and ATM fees.
Investment securities losses amounted to $75 thousand for the
fourth quarter of 2012, as compared to no investment gains or
losses for the fourth quarter of 2011. Excluding investment
securities losses, total noninterest income was $6.1 million for
the fourth quarter of 2012, as compared to $3.9 million for the
fourth quarter of 2011, an increase of 59%.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, was 49.82% for the fourth quarter of
2012, as compared to 56.97% for the fourth quarter of 2011.
Noninterest expenses were $20.3 million for the three months ended
December 31, 2012, as compared to $18.3 million for the three
months ended December 31, 2011, an 11% increase. Cost increases for
salaries and benefits were $2.0 million, due to staffing increases
primarily as a result of growth in residential lending, as well as
additional commercial lending and branch personnel and merit and
benefit cost increases, increases in incentive pay. Premises and
equipment expenses were $288 thousand higher, due to the cost of
new branch offices, a new commercial lending office, two new
residential lending offices and normal increases in leasing
costs.
Analysis of the twelve months ended December 31, 2012
compared to December 31, 2011
For the twelve months ended December 31, 2012, the Company
reported an ROAA of 1.18% as compared to 0.97% (1.01% excluding the
effect of the settlement deposit) for the twelve months of 2011,
while the ROAE was 14.14% in 2012, as compared to 11.71% for the
same twelve 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 contributed
approximately $945 thousand of the aggregate $11.7 million increase
in earnings available to common shareholders for the twelve months
ended December 31, 2012 as compared to the same period in 2011.
For the twelve months of 2012, net interest income increased 29%
over the same period for 2011. This increase was attributed to both
an increase in average earning assets of 19% and an increase in the
net interest margin to 4.32% for the twelve months of 2012, as
compared to 3.99% (4.17% excluding the effect of the settlement
deposit) for the twelve 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, and has experienced a significant
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 $16.2 million for the twelve
months of 2012 as compared to $11.0 million in 2011. The higher
provisioning in 2012 as compared to 2011 is attributable to the
change in loan mix, higher reserves for classified loans, loan
growth, and higher net charge-offs in the twelve months of 2012
compared to 2011. For the twelve months ended December 31, 2012,
net charge-offs totaled $8.4 million (0.37% of average loans)
compared to $6.1 million (0.32% of average loans) for the twelve
months ended December 31, 2011. Net charge-offs in the twelve
months ended December 31, 2012 were primarily attributable to
commercial and industrial loans ($3.1 million), construction loans
($2.5 million), commercial real estate loans ($1.2 million), home
equity and consumer loans ($970 thousand), owner occupied real
estate ($350 thousand) and the unguaranteed portion of SBA loans
($248 thousand).
Noninterest income for the twelve months of 2012 was $21.4
million compared to $13.5 million in 2011, an increase of 58%. This
increase was due primarily to an $8.0 million increase in gains
realized on the sale of residential mortgage loans. Service charges
on deposit accounts increased $619 thousand in 2012 as compared to
2011, a 19% increase. Other noninterest income increased by $652
thousand primarily due to other loan income and ATM fees.
Investment securities gains were $690 thousand for the twelve
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
realized in 2012 due to restructuring of FHLB advances. Excluding
investment securities gains and the loss on the early
extinguishment of debt, total noninterest income was $21.2 million
for the twelve months of 2012 as compared to $12.1 million for
2011, a 76% increase.
Noninterest expenses were $76.5 million for the twelve months of
2012, as compared to $63.3 million for 2011, a 21% increase. Cost
increases for salaries and benefits were $9.2 million due to
staffing increases primarily as a result of growth in residential
lending, commercial lending and branch personnel and merit
increases, incentive compensation and benefits increases. Premises
and equipment expenses were $1.8 million higher due primarily to
the cost of new branch offices, a new commercial lending office,
two new residential lending offices and normal increases in leasing
costs. Data processing costs increased by $861 thousand due to
system enhancements and expanded customer transaction costs. Legal,
accounting, and professional fees increases of $279 thousand were
due substantially to higher professional fees, resolution of
problem loans and related collection costs. FDIC insurance premiums
were $106 thousand lower due to FDIC premium rate declines which
took effect on April 1, 2011. Other expenses increased for the
twelve months of 2012 versus 2011 by $1.1 million due substantially
to increases in broker fees, other losses, and telephone. For the
twelve months of 2012, the efficiency ratio improved to 51.40% as
compared to 56.22% for the same period in 2011 and the ratio of
noninterest expenses to average assets was 2.55% for the twelve
months ended December 31, 2012 as compared to 2.51% for the same
period in 2011.
At December 31, 2012, the Company had a total risk based capital
ratio of 12.19%, a Tier 1 risk based capital ratio of 10.80%, and a
Tier 1 leverage ratio of 10.44%, 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 twelve and three months
ended December 31, 2012 as compared to the twelve and three months
ended December 31, 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 fourth quarter 2012 financial
results on Thursday, January 24, 2013 at 10:00 a.m. eastern
standard time. The public is invited to listen to this conference
call by dialing 1.877.303.6220, conference ID Code is 86070079, 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 8, 2013.
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.
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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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Twelve Months
Ended December 31, |
Three Months
Ended December 31, |
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2012 |
2011 |
2012 |
2011 |
Income Statements: |
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Total interest income |
$ 141,943 |
$ 119,124 |
$ 38,164 |
$ 33,091 |
Total interest expense |
14,414 |
20,077 |
3,427 |
4,820 |
Net interest income |
127,529 |
99,047 |
34,737 |
28,271 |
Provision for credit losses |
16,190 |
10,983 |
4,139 |
2,765 |
Net interest income after provision for
credit losses |
111,339 |
88,064 |
30,598 |
25,506 |
Noninterest income (before investment
gains/losses & extinguishment of debt) |
21,203 |
12,056 |
6,135 |
3,864 |
Gain/(loss) on sale of investment
securities |
690 |
1,445 |
(75) |
-- |
Loss on early extinguishment of debt |
(529) |
-- |
-- |
-- |
Total noninterest income |
21,364 |
13,501 |
6,060 |
3,864 |
Total noninterest expense |
76,531 |
63,276 |
20,325 |
18,307 |
Income before income tax expense |
56,172 |
38,289 |
16,333 |
11,063 |
Income tax expense |
20,883 |
13,731 |
6,135 |
3,889 |
Net income |
35,289 |
24,558 |
10,198 |
7,174 |
Preferred stock dividends and discount
accretion |
566 |
1,511 |
141 |
142 |
Net income available to common
shareholders |
$ 34,723 |
$ 23,047 |
$ 10,057 |
$ 7,032 |
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Per Share Data: |
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Earnings per weighted average common share,
basic |
$ 1.65 |
$ 1.16 |
$ 0.44 |
$ 0.35 |
Earnings per weighted average common share,
diluted |
$ 1.61 |
$ 1.14 |
$ 0.43 |
$ 0.35 |
Weighted average common shares outstanding,
basic |
21,032,624 |
19,835,534 |
22,650,761 |
19,867,533 |
Weighted average common shares outstanding,
diluted |
21,585,286 |
20,287,812 |
23,274,203 |
20,281,294 |
Actual shares outstanding |
22,954,889 |
19,952,844 |
22,954,889 |
19,952,844 |
Book value per common share at period
end |
$ 12.78 |
$ 10.53 |
$ 12.78 |
$ 10.53 |
Tangible book value per common share at
period end (1) |
$ 12.62 |
$ 10.32 |
$ 12.62 |
$ 10.32 |
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Performance Ratios
(annualized): |
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Return on average assets
(2) |
1.18% |
0.97% |
1.25% |
0.91% |
Return on average common equity
(2) |
14.14% |
11.71% |
13.95% |
13.40% |
Net interest margin (2) |
4.32% |
3.99% |
4.31% |
3.65% |
Efficiency ratio (3) |
51.40% |
56.22% |
49.82% |
56.97% |
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Other Ratios: |
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Allowance for credit losses to total
loans |
1.50% |
1.44% |
1.50% |
1.44% |
Allowance for credit losses to total
nonperforming loans |
122.19% |
90.42% |
122.19% |
90.42% |
Nonperforming loans to total loans |
1.23% |
1.59% |
1.23% |
1.59% |
Nonperforming assets to total assets
(2) |
1.06% |
1.27% |
1.06% |
1.27% |
Net charge-offs (annualized) to average
loans |
0.37% |
0.32% |
0.37% |
0.34% |
Common equity to total assets
(2) |
8.60% |
7.42% |
8.60% |
7.42% |
Tier 1 leverage ratio |
10.44% |
8.21% |
10.44% |
8.21% |
Tier 1 risk based capital ratio |
10.80% |
10.33% |
10.80% |
10.33% |
Total risk based capital ratio |
12.19% |
11.84% |
12.19% |
11.84% |
Tangible common equity to tangible assets
(1) (2) |
8.50% |
7.29% |
8.50% |
7.29% |
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Loan Balances - Period End (in
thousands): |
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Commercial and Industrial |
$ 545,070 |
$ 478,886 |
$ 545,070 |
$ 478,886 |
Commercial real estate - owner occupied |
$ 297,857 |
$ 250,174 |
$ 297,857 |
$ 250,174 |
Commercial real estate - income
producing |
$ 914,636 |
$ 756,643 |
$ 914,636 |
$ 756,643 |
1-4 Family mortgage |
$ 61,871 |
$ 39,552 |
$ 61,871 |
$ 39,552 |
Construction - commercial and
residential |
$ 533,722 |
$ 395,267 |
$ 533,722 |
$ 395,267 |
Construction - C&I (owner occupied) |
$ 28,808 |
$ 34,402 |
$ 28,808 |
$ 34,402 |
Home equity |
$ 106,844 |
$ 97,103 |
$ 106,844 |
$ 97,103 |
Other consumer |
$ 4,285 |
$ 4,227 |
$ 4,285 |
$ 4,227 |
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Average Balances (in
thousands): |
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Total assets (2) |
$ 2,997,994 |
$ 2,523,592 |
$ 3,247,498 |
$ 3,111,952 |
Total earning assets
(2) |
$ 2,953,417 |
$ 2,482,625 |
$ 3,203,462 |
$ 3,071,903 |
Total loans held for sale |
$ 140,167 |
$ 63,198 |
$ 186,122 |
$ 177,116 |
Total loans |
$ 2,281,027 |
$ 1,895,268 |
$ 2,442,418 |
$ 2,030,986 |
Total deposits (2) |
$ 2,541,151 |
$ 2,113,517 |
$ 2,748,567 |
$ 2,652,707 |
Total borrowings |
$ 143,542 |
$ 165,689 |
$ 137,525 |
$ 183,632 |
Total shareholders' equity |
$ 302,234 |
$ 235,342 |
$ 343,401 |
$ 264,833 |
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) 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 $254,000
and $326,000 of interest income and $140,000 and $170,000 of
income, net of tax, during the three and twelve months periods
ended December 31, 2011. The Company considers this information
important to enable shareholders and other interested parties to
assess the core operational performance of the Company.
(3) Computed by dividing noninterest expense by the
sum of net interest income and noninterest income.
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GAAP Reconciliation
(Unaudited) |
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(dollars in thousands except per share
data) |
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Twelve Months Ended |
Twelve Months Ended |
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December 31,
2012 |
December 31,
2011 |
Common shareholders' equity |
$ 293,376 |
$ 210,111 |
Less: Intangible assets |
(3,785) |
(4,145) |
Tangible common equity |
$ 289,591 |
$ 205,966 |
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Book value per common share |
$ 12.78 |
$ 10.53 |
Less: Intangible book value per common
share |
(0.16) |
(0.21) |
Tangible book value per common
share |
$ 12.62 |
$ 10.32 |
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Total assets |
$ 3,409,441 |
$ 2,831,255 |
Less: Intangible assets |
(3,785) |
(4,145) |
Tangible assets |
$ 3,405,656 |
$ 2,827,110 |
Tangible common equity
ratio |
8.50% |
7.29% |
|
|
|
|
|
|
|
GAAP Reconciliation
(Unaudited) |
(dollars in thousands except per
share data) |
|
|
|
|
|
|
|
|
Three Months
Ended December 31, |
|
2012 |
2011 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
|
|
|
|
|
|
|
Total earning assets |
$ 3,203,462 |
$ 38,164 |
4.74% |
$ 3,071,903 |
$ 33,091 |
4.27% |
Less: settlement deposit |
-- |
-- |
-- |
(396,710) |
(254) |
(0.25%) |
Adjusted earning assets |
$ 3,203,462 |
$ 38,164 |
4.74% |
$ 2,675,193 |
$ 32,837 |
4.87% |
|
|
|
|
|
|
|
Total interest bearing liabilities |
$ 2,032,596 |
$ 3,427 |
0.67% |
$ 1,858,912 |
$ 4,820 |
1.03% |
|
|
|
|
|
|
|
Adjusted interest
spread |
|
|
4.07% |
|
|
3.84% |
Adjusted interest
margin |
|
|
4.31% |
|
|
4.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in average earning
assets |
|
|
|
|
Increase/(Decrease) |
Percentage |
Total earning assets |
$ 3,203,462 |
|
|
$ 3,071,903 |
$ 131,559 |
4.28% |
Less: settlement deposit |
-- |
|
|
(396,710) |
-- |
|
Adjusted earning assets |
$ 3,203,462 |
|
|
$ 2,675,193 |
$ 528,269 |
19.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, |
|
2012 |
2011 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
|
|
|
|
|
|
|
Total earning assets |
$ 2,953,417 |
$ 141,943 |
4.81% |
$ 2,482,625 |
$ 119,124 |
4.80% |
Less: settlement deposit |
-- |
-- |
-- |
(117,990) |
(326) |
(0.28%) |
Adjusted earning assets |
$ 2,953,417 |
$ 141,943 |
4.81% |
$ 2,364,635 |
$ 118,798 |
5.02% |
|
|
|
|
|
|
|
Total interest bearing liabilities |
$ 1,903,453 |
$ 14,414 |
0.76% |
$ 1,679,855 |
$ 20,077 |
1.20% |
|
|
|
|
|
|
|
Adjusted interest
spread |
|
|
4.05% |
|
|
3.83% |
Adjusted interest
margin |
|
|
4.32% |
|
|
4.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, |
Three Months
Ended December 31, |
|
|
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
|
|
|
|
Net income |
$ 35,289 |
$ 24,558 |
$ 10,198 |
$ 7,174 |
|
|
Less: settlement deposit |
-- |
(170) |
-- |
(140) |
|
|
Adjusted net income |
$ 35,289 |
$ 24,388 |
$ 10,198 |
$ 7,034 |
|
|
|
|
|
|
|
|
|
Average total assets |
$ 2,997,994 |
$ 2,523,592 |
$ 3,247,498 |
$ 3,111,952 |
|
|
Less: settlement deposit |
-- |
(117,990) |
-- |
(396,710) |
|
|
Adjusted average total assets |
$ 2,997,994 |
$ 2,405,602 |
$ 3,247,498 |
$ 2,715,242 |
|
|
|
|
|
|
|
|
|
Adjusted return on average
assets |
1.18% |
1.01% |
1.25% |
1.03% |
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
Consolidated Balance
Sheets (Unaudited) |
(dollars in thousands, except per
share data) |
|
December 31,
2012 |
September 30,
2012 |
December 31,
2011 |
Assets |
|
|
|
Cash and due from banks |
$ 7,439 |
$ 6,780 |
$ 5,374 |
Federal funds sold |
7,852 |
4,173 |
21,785 |
Interest bearing deposits with banks and
other short-term investments |
324,043 |
46,752 |
205,252 |
Investment securities available for sale, at
fair value |
299,820 |
296,363 |
313,811 |
Federal Reserve and Federal Home Loan Bank
stock |
10,694 |
12,031 |
10,242 |
Loans held for sale |
226,923 |
171,241 |
176,826 |
Loans |
2,493,095 |
2,397,669 |
2,056,256 |
Less allowance for credit losses |
(37,492) |
(35,582) |
(29,653) |
Loans, net |
2,455,603 |
2,362,087 |
2,026,603 |
Premises and equipment, net |
15,261 |
14,472 |
12,320 |
Deferred income taxes |
19,128 |
16,413 |
14,673 |
Bank owned life insurance |
14,135 |
14,036 |
13,743 |
Intangible assets, net |
3,785 |
3,895 |
4,145 |
Other real estate owned |
5,299 |
4,923 |
3,225 |
Other assets |
19,459 |
23,022 |
23,256 |
Total Assets |
$ 3,409,441 |
$ 2,976,188 |
$ 2,831,255 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 881,390 |
$ 796,654 |
$ 688,506 |
Interest bearing transaction |
113,813 |
112,901 |
80,105 |
Savings and money market |
1,374,869 |
1,180,894 |
1,068,370 |
Time, $100,000 or more |
232,875 |
242,159 |
332,470 |
Other time |
294,275 |
182,381 |
222,644 |
Total deposits |
2,897,222 |
2,514,989 |
2,392,095 |
Customer repurchase agreements |
101,338 |
75,368 |
103,362 |
Other short-term borrowings |
-- |
10,000 |
-- |
Long-term borrowings |
39,300 |
39,300 |
49,300 |
Other liabilities |
21,605 |
12,132 |
19,787 |
Total liabilities |
3,059,465 |
2,651,789 |
2,564,544 |
|
|
|
|
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 December 31,
2012, September 30, 2012 and December 31, 2011 |
56,600 |
56,600 |
56,600 |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
22,954,889, 22,040,006 and 19,952,844, respectively |
226 |
217 |
197 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
180,593 |
164,522 |
127,670 |
Retained earnings |
106,146 |
96,088 |
76,423 |
Accumulated other comprehensive income |
5,465 |
6,026 |
4,875 |
Total Shareholders'
Equity |
349,976 |
324,399 |
266,711 |
Total Liabilities and
Shareholders' Equity |
$ 3,409,441 |
$ 2,976,188 |
$ 2,831,255 |
|
|
|
|
|
Eagle Bancorp,
Inc. |
Consolidated Statements
of Operations (Unaudited) |
(dollars in thousands, except per
share data) |
|
|
|
|
|
|
Twelve Months
Ended December 31, |
Three Months
Ended December 31, |
Interest Income |
2012 |
2011 |
2012 |
2011 |
Interest and fees on loans |
$ 134,600 |
$ 112,320 |
$ 36,439 |
$ 31,307 |
Interest and dividends on investment
securities |
6,824 |
6,181 |
1,545 |
1,427 |
Interest on balances with other banks and
short-term investments |
475 |
513 |
177 |
341 |
Interest on federal funds sold |
44 |
110 |
3 |
16 |
Total interest income |
141,943 |
119,124 |
38,164 |
33,091 |
Interest Expense |
|
|
|
|
Interest on deposits |
12,057 |
17,248 |
2,927 |
4,127 |
Interest on customer repurchase
agreements |
325 |
685 |
75 |
152 |
Interest on short-term borrowings |
3 |
-- |
1 |
-- |
Interest on long-term borrowings |
2,029 |
2,144 |
424 |
541 |
Total interest expense |
14,414 |
20,077 |
3,427 |
4,820 |
Net Interest Income |
127,529 |
99,047 |
34,737 |
28,271 |
Provision for Credit
Losses |
16,190 |
10,983 |
4,139 |
2,765 |
Net Interest Income After Provision
For Credit Losses |
111,339 |
88,064 |
30,598 |
25,506 |
|
|
|
|
|
Noninterest Income |
|
|
|
|
Service charges on deposits |
3,937 |
3,318 |
1,035 |
1,017 |
Gain on sale of loans |
13,942 |
6,057 |
4,075 |
2,185 |
Gain/(loss) on sale of investment
securities |
690 |
1,445 |
(75) |
-- |
Loss on early extinguishment of debt |
(529) |
-- |
-- |
-- |
Increase in the cash surrender value
of bank owned life insurance |
392 |
401 |
98 |
100 |
Other income |
2,932 |
2,280 |
927 |
562 |
Total noninterest income |
21,364 |
13,501 |
6,060 |
3,864 |
Noninterest Expense |
|
|
|
|
Salaries and employee benefits |
43,684 |
34,518 |
12,164 |
10,183 |
Premises and equipment expenses |
10,218 |
8,371 |
2,677 |
2,389 |
Marketing and advertising |
1,759 |
1,626 |
419 |
411 |
Data processing |
4,415 |
3,554 |
1,142 |
1,077 |
Legal, accounting and professional
fees |
4,253 |
3,974 |
938 |
1,104 |
FDIC insurance |
2,089 |
2,195 |
536 |
567 |
Other expenses |
10,113 |
9,038 |
2,449 |
2,576 |
Total noninterest expense |
76,531 |
63,276 |
20,325 |
18,307 |
Income Before Income Tax
Expense |
56,172 |
38,289 |
16,333 |
11,063 |
Income Tax Expense |
20,883 |
13,731 |
6,135 |
3,889 |
Net Income |
35,289 |
24,558 |
10,198 |
7,174 |
Preferred Stock Dividends and
Discount Accretion |
566 |
1,511 |
141 |
142 |
Net Income Available to Common
Shareholders |
$ 34,723 |
$ 23,047 |
$ 10,057 |
$ 7,032 |
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
Basic |
$ 1.65 |
$ 1.16 |
$ 0.44 |
$ 0.35 |
Diluted |
$ 1.61 |
$ 1.14 |
$ 0.43 |
$ 0.35 |
|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months
Ended December 31, |
|
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 |
$ 258,577 |
$ 177 |
0.27% |
$ 539,924 |
$ 341 |
0.25% |
Loans held for sale (1) |
186,122 |
1,600 |
3.44% |
177,116 |
1,724 |
3.89% |
Loans (1) (2) |
2,442,418 |
34,839 |
5.67% |
2,030,986 |
29,583 |
5.78% |
Investment securities available for sale
(2) |
310,851 |
1,545 |
1.98% |
301,517 |
1,427 |
1.88% |
Federal funds sold |
5,494 |
3 |
0.22% |
22,360 |
16 |
0.28% |
Total interest earning assets |
3,203,462 |
38,164 |
4.74% |
3,071,903 |
33,091 |
4.27% |
|
|
|
|
|
|
|
Total noninterest earning assets |
80,580 |
|
|
68,745 |
|
|
Less: allowance for credit losses |
36,544 |
|
|
28,696 |
|
|
Total noninterest earning assets |
44,036 |
|
|
40,049 |
|
|
TOTAL ASSETS |
$ 3,247,498 |
|
|
$ 3,111,952 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 110,688 |
$ 93 |
0.33% |
$ 73,577 |
$ 73 |
0.39% |
Savings and money market |
1,312,792 |
1,528 |
0.46% |
1,031,079 |
2,085 |
0.80% |
Time deposits |
471,591 |
1,306 |
1.10% |
570,624 |
1,969 |
1.37% |
Total interest bearing deposits |
1,895,071 |
2,927 |
0.61% |
1,675,280 |
4,127 |
0.98% |
Customer repurchase agreements |
97,622 |
75 |
0.31% |
134,332 |
152 |
0.45% |
Other short-term borrowings |
603 |
1 |
-- |
-- |
-- |
-- |
Long-term borrowings |
39,300 |
424 |
4.22% |
49,300 |
541 |
4.29% |
Total interest bearing liabilities |
2,032,596 |
3,427 |
0.67% |
1,858,912 |
4,820 |
1.03% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
853,496 |
|
|
977,427 |
|
|
Other liabilities |
18,005 |
|
|
10,780 |
|
|
Total noninterest bearing
liabilities |
871,501 |
|
|
988,207 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
343,401 |
|
|
264,833 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 3,247,498 |
|
|
$ 3,111,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 34,737 |
|
|
$ 28,271 |
|
Net interest spread |
|
|
4.07% |
|
|
3.24% |
Net interest margin |
|
|
4.31% |
|
|
3.65% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $1.7 million
and $1.2 million for the three months ended December 31, 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) |
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, |
|
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 |
$ 186,157 |
$ 475 |
0.26% |
$ 206,894 |
$ 513 |
0.25% |
Loans held for sale (1) |
140,167 |
4,945 |
3.53% |
63,198 |
2,458 |
3.89% |
Loans (1) (2) |
2,281,027 |
129,655 |
5.68% |
1,895,268 |
109,862 |
5.80% |
Investment securities available for sale
(2) |
330,670 |
6,824 |
2.06% |
266,758 |
6,181 |
2.32% |
Federal funds sold |
15,396 |
44 |
0.29% |
50,507 |
110 |
0.22% |
Total interest earning assets |
2,953,417 |
141,943 |
4.81% |
2,482,625 |
119,124 |
4.80% |
|
|
|
|
|
|
|
Total noninterest earning assets |
77,827 |
|
|
67,882 |
|
|
Less: allowance for credit losses |
33,250 |
|
|
26,915 |
|
|
Total noninterest earning assets |
44,577 |
|
|
40,967 |
|
|
TOTAL ASSETS |
$ 2,997,994 |
|
|
$ 2,523,592 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 94,848 |
$ 289 |
0.30% |
$ 64,849 |
$ 236 |
0.36% |
Savings and money market |
1,183,402 |
5,946 |
0.50% |
869,971 |
8,488 |
0.98% |
Time deposits |
481,661 |
5,822 |
1.21% |
579,346 |
8,524 |
1.47% |
Total interest bearing deposits |
1,759,911 |
12,057 |
0.69% |
1,514,166 |
17,248 |
1.14% |
Customer repurchase agreements |
96,141 |
325 |
0.34% |
116,367 |
685 |
0.59% |
Other short-term borrowings |
697 |
3 |
-- |
22 |
-- |
-- |
Long-term borrowings |
46,704 |
2,029 |
4.27% |
49,300 |
2,144 |
4.35% |
Total interest bearing liabilities |
1,903,453 |
14,414 |
0.76% |
1,679,855 |
20,077 |
1.20% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
781,240 |
|
|
599,351 |
|
|
Other liabilities |
11,067 |
|
|
9,044 |
|
|
Total noninterest bearing
liabilities |
792,307 |
|
|
608,395 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
302,234 |
|
|
235,342 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 2,997,994 |
|
|
$ 2,523,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 127,529 |
|
|
$ 99,047 |
|
Net interest spread |
|
|
4.05% |
|
|
3.60% |
Net interest margin |
|
|
4.32% |
|
|
3.99% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $5.4 million
and $4.3 million for the twelve months ended December 31, 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) |
(dollars in thousands, except per
share data) |
|
Three Months
Ended |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
Income Statements: |
2012 |
2012 |
2012 |
2012 |
2011 |
2011 |
2011 |
2011 |
Total interest income |
$ 38,164 |
$ 36,636 |
$ 34,575 |
$ 32,568 |
$ 33,091 |
$ 30,741 |
$ 28,996 |
$ 26,296 |
Total interest expense |
3,427 |
3,328 |
3,561 |
4,098 |
4,820 |
5,365 |
5,102 |
4,790 |
Net interest income |
34,737 |
33,308 |
31,014 |
28,470 |
28,271 |
25,376 |
23,894 |
21,506 |
Provision for credit losses |
4,139 |
3,638 |
4,443 |
3,970 |
2,765 |
2,887 |
3,215 |
2,116 |
Net interest income after provision for
credit losses |
30,598 |
29,670 |
26,571 |
24,500 |
25,506 |
22,489 |
20,679 |
19,390 |
Noninterest income (before investment
gains/losses & extinguishment of debt) |
6,135 |
4,916 |
4,293 |
5,859 |
3,864 |
2,657 |
2,602 |
2,933 |
Gain/(loss) on sale of investment
securities |
(75) |
464 |
148 |
153 |
-- |
854 |
591 |
-- |
Loss on early extinguishment of debt |
-- |
(529) |
-- |
-- |
-- |
-- |
-- |
-- |
Total noninterest income |
6,060 |
4,851 |
4,441 |
6,012 |
3,864 |
3,511 |
3,193 |
2,933 |
Salaries and employee benefits |
12,164 |
10,807 |
10,289 |
10,424 |
10,183 |
9,263 |
7,761 |
7,311 |
Premises and equipment |
2,677 |
2,562 |
2,469 |
2,510 |
2,389 |
1,939 |
2,052 |
1,991 |
Marketing and advertising |
419 |
497 |
557 |
286 |
411 |
234 |
747 |
234 |
Other expenses |
5,065 |
5,241 |
5,222 |
5,342 |
5,324 |
4,287 |
4,373 |
4,777 |
Total noninterest expense |
20,325 |
19,107 |
18,537 |
18,562 |
18,307 |
15,723 |
14,933 |
14,313 |
Income before income tax expense |
16,333 |
15,414 |
12,475 |
11,950 |
11,063 |
10,277 |
8,939 |
8,010 |
Income tax expense |
6,135 |
5,739 |
4,692 |
4,317 |
3,889 |
3,783 |
3,185 |
2,874 |
Net income |
10,198 |
9,675 |
7,783 |
7,633 |
7,174 |
6,494 |
5,754 |
5,136 |
Preferred stock dividends and discount
accretion |
141 |
142 |
142 |
141 |
142 |
166 |
883 |
320 |
Net income available to common
shareholders |
$ 10,057 |
$ 9,533 |
$ 7,641 |
$ 7,492 |
$ 7,032 |
$ 6,328 |
$ 4,871 |
$ 4,816 |
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Per Share Data: |
|
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|
|
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.44 |
$ 0.45 |
$ 0.38 |
$ 0.37 |
$ 0.35 |
$ 0.32 |
$ 0.25 |
$ 0.24 |
Earnings per weighted average common share,
diluted |
$ 0.43 |
$ 0.44 |
$ 0.37 |
$ 0.36 |
$ 0.35 |
$ 0.31 |
$ 0.24 |
$ 0.24 |
Weighted average common shares outstanding,
basic |
22,650,761 |
21,052,773 |
20,297,996 |
20,110,948 |
19,919,434 |
19,867,533 |
20,050,894 |
19,716,814 |
Weighted average common shares outstanding,
diluted |
23,274,203 |
21,606,005 |
20,807,410 |
20,623,681 |
20,370,108 |
20,281,294 |
20,495,291 |
20,215,244 |
Actual shares outstanding |
22,954,889 |
22,040,006 |
20,591,233 |
20,220,166 |
19,952,844 |
19,890,597 |
19,849,042 |
19,811,532 |
Book value per common share at period
end |
$ 12.78 |
$ 12.15 |
$ 11.35 |
$ 10.85 |
$ 10.53 |
$ 10.15 |
$ 9.76 |
$ 9.46 |
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Performance Ratios
(annualized): |
|
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|
|
|
Return on average assets |
1.25% |
1.27% |
1.08% |
1.08% |
0.91% |
1.00% |
1.01% |
0.98% |
Return on average common equity |
13.95% |
15.20% |
13.52% |
13.80% |
13.40% |
12.55% |
10.16% |
10.49% |
Net interest margin |
4.31% |
4.44% |
4.39% |
4.11% |
3.65% |
3.98% |
4.32% |
4.23% |
Efficiency ratio (1) |
49.82% |
50.07% |
52.28% |
53.83% |
56.97% |
54.43% |
55.13% |
58.57% |
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Other Ratios: |
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|
Allowance for credit losses to total loans
(2) |
1.50% |
1.48% |
1.47% |
1.46% |
1.44% |
1.41% |
1.41% |
1.43% |
Nonperforming loans to total loans |
1.23% |
1.35% |
1.42% |
1.68% |
1.59% |
1.55% |
1.60% |
1.85% |
Nonperforming assets to total assets |
1.06% |
1.25% |
1.26% |
1.41% |
1.27% |
1.07% |
1.47% |
1.68% |
Net charge-offs (annualized) to average
loans |
0.37% |
0.36% |
0.40% |
0.34% |
0.34% |
0.36% |
0.28% |
0.30% |
Tier 1 leverage ratio |
10.44% |
10.36% |
9.65% |
9.33% |
8.21% |
9.61% |
9.07% |
9.44% |
Tier 1 risk based capital ratio |
10.80% |
10.73% |
10.09% |
10.08% |
10.33% |
10.49% |
9.64% |
10.03% |
Total risk based capital ratio |
12.19% |
12.21% |
11.60% |
11.59% |
11.84% |
12.11% |
11.33% |
11.75% |
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Average Balances (in
thousands): |
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|
Total assets |
$ 3,247,498 |
$ 3,022,584 |
$ 2,888,188 |
$ 2,830,693 |
$ 3,111,952 |
$ 2,569,970 |
$ 2,278,329 |
$ 2,122,677 |
Total earning assets |
$ 3,203,462 |
$ 2,977,950 |
$ 2,844,491 |
$ 2,784,747 |
$ 3,071,903 |
$ 2,531,768 |
$ 2,220,137 |
$ 2,063,557 |
Total loans held for sale |
$ 186,122 |
$ 158,011 |
$ 95,734 |
$ 120,098 |
$ 177,116 |
$ 35,320 |
$ 19,419 |
$ 19,532 |
Total loans |
$ 2,442,418 |
$ 2,346,046 |
$ 2,246,644 |
$ 2,086,511 |
$ 2,030,986 |
$ 1,967,214 |
$ 1,864,722 |
$ 1,713,854 |
Total deposits |
$ 2,748,567 |
$ 2,572,022 |
$ 2,447,985 |
$ 2,393,413 |
$ 2,652,707 |
$ 2,124,274 |
$ 1,902,837 |
$ 1,764,373 |
Total borrowings |
$ 137,525 |
$ 132,955 |
$ 150,644 |
$ 153,227 |
$ 183,632 |
$ 184,874 |
$ 153,108 |
$ 140,456 |
Total stockholders' equity |
$ 343,401 |
$ 306,072 |
$ 284,040 |
$ 274,923 |
$ 264,833 |
$ 251,916 |
$ 214,926 |
$ 208,833 |
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(1) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. |
(2) Excludes loans held for
sale. |
CONTACT: Michael T. Flynn
301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
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