Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $12.0 million for the quarter ended December 31, 2013, an 18%
increase over the $10.2 million net income for the quarter ended
December 31, 2012. Net income available to common shareholders for
the quarter ended December 31, 2013 increased 18% to $11.9 million
($0.46 per basic common share and $0.45 per diluted common share),
as compared to $10.1 million ($0.40 per basic common share and
$0.39 per diluted common share) for the same period in 2012.
For the year ended December 31, 2013, the Company's net income
was $47.0 million, a 33% increase over the $35.3 million for the
year ended December 31, 2012. Net income available to common
shareholders was $46.4 million ($1.81 per basic common share and
$1.76 per diluted common share), as compared to $34.7 million
($1.50 per basic common share and $1.46 per diluted common share)
for the year ended December 31, 2012, a 34% increase. Per share
amounts for all prior periods have been adjusted to reflect the 10%
stock dividend distributed on June 14, 2013.
"We are extremely pleased to report another quarter of record
earnings and continued strong and balanced financial performance"
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 2013, the Company's performance was highlighted
by growth in total loans and total deposits, an expanded net
interest margin from an already favorable level, very strong asset
quality trends in all respects and a continuation of the Company's
strong cost management. The strong quarterly earnings added to an
already solid capital base."
For the fourth quarter of 2013, total loans grew 5.3% and were
18.1% higher at December 31, 2013 than December 31, 2012. For the
fourth quarter of 2013, total deposits grew 8.1% and were 11.3%
higher at December 31, 2013 than December 31, 2012. The net
interest margin was 4.40% for the fourth quarter, 9 basis points
higher than both the third quarter of 2013 and the fourth quarter
of 2012. Mr. Paul added, "The continuing emphasis on disciplined
pricing for both new loans and funding sources has resulted in a
more favorable net interest margin position at December 31,
2013."
The Company was able to grow its net interest income for the
fourth quarter of 2013 at a substantial rate of 5% as compared to
the third quarter in 2013 ($38.7 million versus $36.7 million) and
effectively absorbed lower total noninterest earnings attributable
primarily to lower levels of residential mortgage originations and
sales.
Total revenue (net interest income plus noninterest income) for
the fourth quarter of 2013 was $43.0 million or 3% above the third
quarter 2013 amount ($41.9 million) and was 5% above the $40.8
million of total revenue earned for the fourth quarter of 2012. For
the full year 2013, total revenue was $169.5 million as compared to
$148.9 million in 2012, a 14% increase.
For the fourth quarter of 2013, revenue from residential
mortgage banking net interest income and fees was 2.4% of total
revenue versus 9.4% of total revenue for the fourth quarter of
2012. For the year of 2013, the Company produced 7.2% of total
revenue from its residential mortgage division net interest income
and fees, as compared to 8.8% of total revenue for the same period
in 2012. The Company assesses its residential mortgage loan area on
an ongoing basis in light of changes in market conditions, and
adjusts the scope of the division accordingly. The Company
continues to focus its activities on generating spread income,
while also looking to residential mortgage banking as a component
of the Company's ongoing growth.
Mr. Paul emphasized "that all asset quality measures showed
improvement at year end 2013, as compared to both September 30,
2013 and December 31, 2012. The combination of lower levels of
nonperforming loans and OREO, lower net charge-offs and consistent
loan loss provisioning resulted in the allowance for loan losses
ending December 31, 2013 at 1.39% of total loans and 166% of
nonperforming loans."
Lastly, Mr. Paul noted that for the fourth quarter of 2013, the
Company's operating cost management remained strong. The efficiency
ratio was 50%, which reflects management's determined, continuous
efforts to control costs while not inhibiting growth or our ability
to service our customers. Mr. Paul further noted the favorable
level of noninterest expenses to average assets of 2.39%. "We will
continue to have strict oversight of costs, while maintaining an
infrastructure that maximizes our ability to not just remain
competitive, but to grow."
At December 31, 2013, total assets were $3.77 billion, compared
to $3.41 billion at December 31, 2012, an 11% increase. As compared
to September 30, 2013, total assets at December 31, 2013 increased
by $266.6 million, or 8%. Total loans (excluding loans held for
sale) were $2.95 billion at December 31, 2013 compared to $2.49
billion at December 31, 2012, an 18% increase. As compared to
September 30, 2013, total loans at December 31, 2013 increased by
$148.3 million, a 5% increase. Total deposits were $3.23 billion at
December 31, 2013, compared to deposits of $2.90 billion at
December 31, 2012, an 11% increase. As compared to September 30,
2013, total deposits at December 31, 2013 increased by $241.3
million, an 8% increase. The level of deposit gains in 2013 was
impacted by a loss of $130.0 million of trustee deposits in March
2013 (earlier reported) related to the expiration of the TAG
program. Loans held for sale amounted to $42.0 million at December
31, 2013 as compared to $226.9 million at December 31, 2012, an 82%
decrease. As compared to September 30, 2013 loans held for sale
increased by $3.0 million, a 7% increase.
The investment portfolio totaled $378.1 million at December 31,
2013, a 26% increase from the $299.8 million balance at December
31, 2012. As compared to September 30, 2013, the investment
portfolio at December 31, 2013 increased by $22.3 million, a 6%
increase. Total borrowed funds (excluding customer repurchase
agreements) were $39.3 million at December 31, 2013, December 31,
2012 and September 30, 2013, respectively. Total shareholders'
equity increased to $393.9 million at December 31, 2013, compared
to $350.0 million and $382.1 million at December 31, 2012 and
September 30, 2013, respectively, reflecting growth in retained
earnings. The Company's capital position remains substantially in
excess of regulatory requirements for well capitalized status, with
a total risk based capital ratio of 13.02% at December 31, 2013, as
compared to a total risk based capital ratio of 12.20% at December
31, 2012. In addition, the tangible common equity ratio (tangible
common equity to tangible assets) increased to 8.86% at December
31, 2013, from 8.50% at December 31, 2012.
At December 31, 2013, the Company's nonperforming assets
amounted to $33.9 million, representing 0.90% of total assets,
compared to $38.8 million of nonperforming assets, or 1.11% of
total assets at September 30, 2013 and $36.0 million of
nonperforming assets, or 1.06% of total assets at December 31,
2012. Management continues to remain 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 1.39% of total loans (excluding loans
held for sale) at December 31, 2013, is adequate to absorb
potential credit losses within the loan portfolio at that date. The
allowance for credit losses represented 166% of nonperforming loans
at December 31, 2013, as compared to 144% at September 30, 2013 and
122% at December 31, 2012. The decrease in the allowance for credit
losses as a percentage of total loans at December 31, 2013, as
compared to September 30, 2013, from 1.42% to 1.39%, is due to
increased loan growth, and overall improved credit quality in the
loan portfolio at December 31, 2013.
Analysis of the three months ended December 31, 2013
compared to December 31, 2012
For the three months ended December 31, 2013, the Company
reported an annualized return on average assets ("ROAA") of 1.33%
as compared to 1.25% for the three months ended December 31, 2012.
The annualized return on average common equity ("ROAE") for the
quarter ended December 31, 2013 was 14.07%, as compared to 13.95%
for the quarter ended December 31, 2012. The higher ROAA and ROAE
ratios for fourth quarter of 2013 as compared to 2012 was due
primarily to a combination of higher net interest margin, improved
credit quality resulting in lower provision expense, and strong
cost management.
Net interest income increased 11.4% for the three months ended
December 31, 2013 over the same period in 2012, resulting from both
growth in average earning assets of 8.8% and an expanded net
interest margin for the three months ended December 31, 2013. The
net interest margin was 4.40% as compared to 4.31% for the three
months ended December 31, 2012. The Company believes its net
interest margin remains favorable compared to peer banking
companies and that its disciplined approach to managing its loan
portfolio yield to 5.40% for the fourth quarter of 2013 has been a
significant factor in its overall profitability.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, remained favorable at 50.03% for the
fourth quarter of 2013, as compared to 49.82% for the fourth
quarter of 2012. As a percentage of average assets, total
noninterest expense improved to 2.39% for the fourth quarter of
2013 as compared to 2.49% for the same period in 2012. Noninterest
expenses totaled $21.5 million for the three months ended December
31, 2013, as compared to $20.3 million for the three months ended
December 31, 2012, a 6% increase. Cost increases for salaries and
benefits were $595 thousand, due to staffing increases primarily as
a result of growth since December 31, 2012 in commercial lending
and branch personnel and merit and benefit cost increases. Premises
and equipment expenses were $297 thousand higher, due to the cost
of a new branch office and increases in leasing costs. Data
processing expenses increased by $305 thousand due to system
enhancements and increased customer transaction volume.
The provision for credit losses was $2.5 million for the three
months ended December 31, 2013 as compared to $4.1 million for the
three months ended December 31, 2012. Net charge-offs of $1.3
million in the fourth quarter of 2013 represented 0.18% of average
loans, excluding loans held for sale, as compared to $2.2 million
or 0.37% of average loans, excluding loans held for sale, in the
fourth quarter of 2012, a 43% dollar decline. Net charge-offs in
the fourth quarter of 2013 were attributable primarily to
commercial and industrial loans ($831 thousand), and commercial
real estate loans ($375 thousand). The lower provisioning in the
fourth quarter of 2013, as compared to the fourth quarter of 2012,
is due to a combination of lower net charge-offs, and overall
improved asset quality in the loan portfolio.
Noninterest income for the three months ended December 31, 2013
decreased to $4.3 million from $6.1 million for the three months
ended December 31, 2012, a 29% decrease. This decrease was
primarily due to lower gains on the sale of residential mortgage
loans of $3.0 million, offset by a combination of an increase in
service charges income of $221 thousand, higher income from Bank
Owned Life Insurance of $202 thousand, higher loan fees and
insurance income of $405 thousand, and higher income from sales of
SBA loans of $148 thousand. There were $4 thousand of investment
securities losses recorded for the fourth quarter of 2013, as
compared to investment securities losses of $75 thousand for the
fourth quarter of 2012. Excluding investment securities losses,
total noninterest income was $4.3 million for the fourth quarter of
2013, as compared to $6.1 million for the fourth quarter of 2012, a
decrease of 30%.
Analysis of the twelve months ended December 31, 2013
compared to December 31, 2012
For the twelve months ended December 31, 2013, the Company
reported an ROAA of 1.37% as compared to 1.18% for the twelve
months of 2012, while the ROAE was 14.60% in 2013, as compared to
14.14% for the same twelve month period in 2012. The higher ROAA
and ROAE ratios for the twelve months of 2013 as compared to 2012
was primarily due to improved credit quality, lower provision
expense, higher noninterest income, and strong cost management.
Contributing to the growth in ROAA and ROAE was solid growth in net
interest income and a favorable net interest margin.
For the year of 2013, net interest income increased 13.5% over
the year of 2012. Average earning assets increased 14.1%, while the
net interest margin was 4.30% for the year of 2013, as compared to
4.32% for the year of 2012. For the year of 2013, the Company was
able to maintain a strong net interest margin due to disciplined
loan pricing practices, and has been able to reduce its cost of
funds, while maintaining a favorable deposit mix, largely resulting
from ongoing efforts to increase and expand client
relationships.
The efficiency ratio improved to 49.90% for the year of 2013
from 51.40% for 2012. As a percentage of average assets, total
noninterest expenses improved to 2.46% for the year of 2013 from
2.55% for the year 2012. Total noninterest expenses increased 11%
for the year 2013 to $84.6 million as compared to $76.5 million for
2012. Cost increases for salaries and benefits were $3.8 million,
primarily due to merit increases, incentive compensation and
benefits increases, and staffing increases resulting primarily from
additional lending personnel. Premises and equipment expenses were
$1.7 million higher due primarily to the cost of new branch offices
and normal increases in leasing costs. Data processing costs
increased by $1.5 million due to system enhancements and increased
customer transaction expenses. Decreases in legal and professional
fees of $804 thousand were due primarily to declines in costs
related to problem loans. FDIC insurance premiums were $174
thousand higher due to growth in total assets. Other expenses
increased for the first twelve months of 2013 versus 2012 by $1.8
million, due primarily to a nonrecurring expense and increased OREO
related costs.
The provision for credit losses was $9.6 million for the year of
2013 as compared to $16.2 million in 2012. The lower provisioning
is due to a combination of lower net charge-offs, a lower level of
nonperforming loans and overall improvement in asset quality. For
the year of 2013, net charge-offs totaled $6.2 million (0.23% of
average loans) compared to $8.4 million (0.37% of average loans)
for the year of 2012, a dollar decline of 26%. Net charge-offs in
the year of 2013 were attributable to charge-offs of commercial and
industrial loans ($3.5 million), construction loans ($1.3 million),
the unguaranteed portion of SBA loans ($659 thousand), commercial
real estate loans ($602 thousand) and home equity and consumer
loans ($135 thousand).
Noninterest income for the year of 2013 was $24.7 million
compared to $21.4 million in 2012, an increase of 15.7%. This
increase was due primarily to a $1.7 million increase in gains
realized on the sale of SBA loans, offset by a $1.0 million
decrease in gains realized on the sale of residential loans, a $670
thousand increase on service charges on deposit accounts and a $1.9
million increase in other noninterest income due primarily to
increased loan related fees and annuity income. Additionally, bank
owned life insurance income increased $328 thousand due to new
investments. Net investment gains were $19 thousand in 2013 and
$690 thousand in 2012. A $529 thousand loss on the early
extinguishment of debt was recorded in September of 2012 due to the
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 $24.7 million
for the year of 2013, as compared to $21.2 million for 2012, a 17%
increase, which represented 15% of total revenue for the year of
2013 as compared to 14% for the year of 2012.
The financial information which follows provides more detail on
the Company's financial performance for the twelve and three months
ended December 31, 2013 as compared to the twelve and three months
ended December 31, 2012, 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, 2012 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
eighteen full service branch offices, located in Montgomery County,
Maryland, Washington, D.C. and Northern Virginia. The Company
focuses on building relationships with businesses, professionals
and individuals in its marketplace.
Conference Call: Eagle Bancorp will host a
conference call to discuss the fourth quarter 2013 financial
results on Thursday, January 23, 2014 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 30586191, 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 6, 2014.
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, 2012 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. |
Consolidated Financial
Highlights (Unaudited) |
(dollars in thousands, except per share
data) |
Twelve Months
Ended |
Three Months
Ended |
|
December 31, |
December 31, |
|
2013 |
2012 |
2013 |
2012 |
Income Statements: |
|
|
|
|
Total interest income |
$ 157,294 |
$ 141,943 |
$ 41,652 |
$ 38,164 |
Total interest expense |
12,504 |
14,414 |
2,938 |
3,427 |
Net interest income |
144,790 |
127,529 |
38,714 |
34,737 |
Provision for credit losses |
9,602 |
16,190 |
2,508 |
4,139 |
Net interest income after provision for
credit losses |
135,188 |
111,339 |
36,206 |
30,598 |
Noninterest income
(before investment gains & extinguisment of debt) |
24,697 |
21,203 |
4,308 |
6,135 |
Gain on sale of
investment securities |
19 |
690 |
(4) |
(75) |
Loss on early
extinguishment of debt |
-- |
(529) |
-- |
-- |
Total noninterest income |
24,716 |
21,364 |
4,304 |
6,060 |
Total noninterest expense |
84,579 |
76,531 |
21,524 |
20,325 |
Income before income tax expense |
75,325 |
56,172 |
18,986 |
16,333 |
Income tax expense |
28,318 |
20,883 |
6,983 |
6,135 |
Net income |
47,007 |
35,289 |
12,003 |
10,198 |
Preferred stock dividends and discount
accretion |
566 |
566 |
141 |
141 |
Net income available to common
shareholders |
$ 46,441 |
$ 34,723 |
$ 11,862 |
$ 10,057 |
|
|
|
|
|
Per Share Data (1): |
|
|
|
|
Earnings per weighted average common share,
basic |
$ 1.81 |
$ 1.50 |
$ 0.46 |
$ 0.40 |
Earnings per weighted average common share,
diluted |
$ 1.76 |
$ 1.46 |
$ 0.45 |
$ 0.39 |
Weighted average common shares outstanding,
basic |
25,726,062 |
23,135,886 |
25,835,054 |
24,915,837 |
Weighted average common shares outstanding,
diluted |
26,358,611 |
23,743,815 |
26,495,545 |
25,601,623 |
Actual shares outstanding |
25,885,863 |
25,250,378 |
25,885,863 |
25,250,378 |
Book value per common share at period
end |
$ 13.03 |
$ 11.62 |
$ 13.03 |
$ 11.62 |
Tangible book value per common share at
period end (2) |
$ 12.89 |
$ 11.47 |
$ 12.89 |
$ 11.47 |
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
Return on average assets |
1.37% |
1.18% |
1.33% |
1.25% |
Return on average common equity |
14.60% |
14.14% |
14.07% |
13.95% |
Net interest margin |
4.30% |
4.32% |
4.40% |
4.31% |
Efficiency ratio (3) |
49.90% |
51.40% |
50.03% |
49.82% |
|
|
|
|
|
Other Ratios: |
|
|
|
|
Allowance for credit losses to total
loans |
1.39% |
1.50% |
1.39% |
1.50% |
Allowance for credit losses to total
nonperforming loans |
165.66% |
122.19% |
165.66% |
122.19% |
Nonperforming loans to total loans |
0.84% |
1.23% |
0.84% |
1.23% |
Nonperforming assets to total assets |
0.90% |
1.06% |
0.90% |
1.06% |
Net charge-offs (annualized) to average
loans |
0.23% |
0.37% |
0.18% |
0.37% |
Common equity to total assets |
8.94% |
8.60% |
8.94% |
8.60% |
Tier 1 leverage ratio |
10.93% |
10.44% |
10.93% |
10.44% |
Tier 1 risk based capital ratio |
11.53% |
10.80% |
11.53% |
10.80% |
Total risk based capital ratio |
13.02% |
12.20% |
13.02% |
12.20% |
Tangible common equity to tangible assets
(2) |
8.86% |
8.50% |
8.86% |
8.50% |
|
|
|
|
|
Loan Balances - Period End (in
thousands): |
|
|
|
|
Commercial and Industrial |
$ 694,350 |
$ 545,070 |
$ 694,350 |
$ 545,070 |
Commercial real estate - owner
occupied |
$ 317,491 |
$ 297,857 |
$ 317,491 |
$ 297,857 |
Commercial real estate - income
producing |
$ 1,119,799 |
$ 914,638 |
$ 1,119,799 |
$ 914,638 |
1-4 Family mortgage |
$ 90,418 |
$ 61,871 |
$ 90,418 |
$ 61,871 |
Construction - commercial and
residential |
$ 574,167 |
$ 533,722 |
$ 574,167 |
$ 533,722 |
Construction - C&I (owner occupied) |
$ 34,660 |
$ 28,808 |
$ 34,660 |
$ 28,808 |
Home equity |
$ 110,242 |
$ 106,844 |
$ 110,242 |
$ 106,844 |
Other consumer |
$ 4,031 |
$ 4,285 |
$ 4,031 |
$ 4,285 |
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
Total assets |
$ 3,439,103 |
$ 2,997,994 |
$ 3,576,715 |
$ 3,247,498 |
Total earning assets |
$ 3,370,466 |
$ 2,953,417 |
$ 3,485,546 |
$ 3,203,462 |
Total loans held for sale |
$ 90,161 |
$ 140,167 |
$ 27,767 |
$ 186,122 |
Total loans |
$ 2,644,892 |
$ 2,281,027 |
$ 2,867,955 |
$ 2,442,418 |
Total deposits |
$ 2,913,795 |
$ 2,541,151 |
$ 3,038,949 |
$ 2,748,567 |
Total borrowings |
$ 133,896 |
$ 143,542 |
$ 126,409 |
$ 137,525 |
Total shareholders' equity |
$ 374,703 |
$ 302,234 |
$ 391,036 |
$ 343,401 |
|
|
|
|
|
(1) Per share amounts and the number of
outstanding shares have been adjusted to give effect to the 10%
common stock dividend distributed on June 14, 2013. |
|
(2) 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. |
|
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. |
|
|
GAAP Reconciliation
(Unaudited) |
(dollars in thousands except per
share data) |
|
|
|
|
December 31,
2013 |
December 31,
2012 |
Common shareholders' equity |
$ 337,263 |
$ 293,376 |
Less: Intangible assets |
(3,510) |
(3,785) |
Tangible common equity |
$ 333,753 |
$ 289,591 |
|
|
|
Book value per common share |
$ 13.03 |
$ 11.62 |
Less: Intangible book value per common
share |
(0.14) |
(0.15) |
Tangible book value per common
share |
$ 12.89 |
$ 11.47 |
|
|
|
Total assets |
$ 3,771,503 |
$ 3,409,441 |
Less: Intangible assets |
(3,510) |
(3,785) |
Tangible assets |
$ 3,767,993 |
$ 3,405,656 |
Tangible common equity
ratio |
8.86% |
8.50% |
|
|
(3) |
Computed by dividing noninterest
expense by the sum of net interest income and noninterest
income. |
|
|
Eagle Bancorp,
Inc. |
Consolidated Balance
Sheets (Unaudited) |
(dollars in thousands, except per
share data) |
|
|
|
|
Assets |
December 31,
2013 |
September 30,
2013 |
December 31,
2012 |
Cash and due from banks |
$ 9,577 |
$ 8,013 |
$ 7,439 |
Federal funds sold |
5,695 |
3,844 |
7,852 |
Interest bearing deposits with banks and
other short-term investments |
291,688 |
208,522 |
324,043 |
Investment securities available for sale, at
fair value |
378,133 |
355,830 |
299,820 |
Federal Reserve and Federal Home Loan Bank
stock |
11,272 |
11,246 |
10,694 |
Loans held for sale |
42,030 |
39,206 |
226,923 |
Loans |
2,945,158 |
2,796,840 |
2,493,095 |
Less allowance for credit losses |
(40,921) |
(39,687) |
(37,492) |
Loans, net |
2,904,237 |
2,757,153 |
2,455,603 |
Premises and equipment, net |
16,737 |
16,319 |
15,261 |
Deferred income taxes |
28,949 |
25,982 |
19,128 |
Bank owned life insurance |
39,738 |
29,555 |
14,135 |
Intangible assets, net |
3,510 |
3,597 |
3,785 |
Other real estate owned |
9,225 |
11,285 |
5,299 |
Other assets |
30,712 |
34,376 |
19,459 |
Total
Assets |
$ 3,771,503 |
$ 3,504,928 |
$ 3,409,441 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 849,409 |
$ 898,831 |
$ 881,390 |
Interest bearing
transaction |
118,580 |
104,004 |
113,813 |
Savings and money market |
1,811,088 |
1,538,630 |
1,374,869 |
Time, $100,000 or more |
203,706 |
193,000 |
232,875 |
Other time |
242,631 |
249,594 |
294,275 |
Total
deposits |
3,225,414 |
2,984,059 |
2,897,222 |
Customer repurchase agreements |
80,471 |
82,266 |
101,338 |
Long-term borrowings |
39,300 |
39,300 |
39,300 |
Other liabilities |
32,455 |
17,203 |
21,605 |
Total
liabilities |
3,377,640 |
3,122,828 |
3,059,465 |
|
|
|
|
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,
2013, September 30, 2013 and December 31, 2012 |
56,600 |
56,600 |
56,600 |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
25,885,863, 25,799,220 and 22,954,889 respectively |
253 |
252 |
226 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
242,990 |
241,131 |
180,593 |
Retained earnings |
96,393 |
84,534 |
106,146 |
Accumulated other comprehensive (loss)
income |
(3,319) |
(1,363) |
5,465 |
Total Shareholders'
Equity |
393,863 |
382,100 |
349,976 |
Total Liabilities and
Shareholders' Equity |
$ 3,771,503 |
$ 3,504,928 |
$ 3,409,441 |
|
|
|
|
|
Eagle Bancorp,
Inc. |
Consolidated Statements
of Operations (Unaudited) |
(dollars in thousands, except per
share data) |
|
Twelve Months
Ended |
Three Months
Ended |
|
December 31, |
December 31, |
Interest Income |
2013 |
2012 |
2013 |
2012 |
Interest and fees on loans |
$ 148,801 |
$ 134,600 |
$ 39,322 |
$ 36,439 |
Interest and dividends on
investment securities |
7,792 |
6,824 |
2,203 |
1,545 |
Interest on balances with other
banks and short-term investments |
689 |
475 |
125 |
177 |
Interest on federal funds
sold |
12 |
44 |
2 |
3 |
Total interest
income |
157,294 |
141,943 |
41,652 |
38,164 |
Interest Expense |
|
|
|
|
Interest on deposits |
10,614 |
12,057 |
2,492 |
2,927 |
Interest on customer repurchase
agreements |
254 |
325 |
57 |
75 |
Interest on short-term
borrowings |
-- |
3 |
-- |
1 |
Interest on long-term
borrowings |
1,636 |
2,029 |
389 |
424 |
Total interest
expense |
12,504 |
14,414 |
2,938 |
3,427 |
Net Interest
Income |
144,790 |
127,529 |
38,714 |
34,737 |
Provision for Credit
Losses |
9,602 |
16,190 |
2,508 |
4,139 |
Net Interest Income After Provision
For Credit Losses |
135,188 |
111,339 |
36,206 |
30,598 |
|
|
|
|
|
Noninterest Income |
|
|
|
|
Service charges on
deposits |
4,607 |
3,937 |
1,256 |
1,035 |
Gain on sale of loans |
14,578 |
13,942 |
1,223 |
4,075 |
Gain on sale of investment
securities |
19 |
690 |
(4) |
(75) |
Loss on early extinguishment of
debt |
-- |
(529) |
-- |
-- |
Increase in the cash surrender
value of bank owned life insurance |
720 |
392 |
300 |
98 |
Other income |
4,792 |
2,932 |
1,529 |
927 |
Total noninterest
income |
24,716 |
21,364 |
4,304 |
6,060 |
Noninterest Expense |
|
|
|
|
Salaries and employee
benefits |
47,481 |
43,684 |
12,759 |
12,164 |
Premises and equipment
expenses |
11,923 |
10,218 |
2,974 |
2,677 |
Marketing and advertising |
1,686 |
1,759 |
519 |
419 |
Data processing |
5,903 |
4,415 |
1,447 |
1,142 |
Legal, accounting and
professional fees |
3,449 |
4,253 |
863 |
938 |
FDIC insurance |
2,263 |
2,089 |
483 |
536 |
Other expenses |
11,874 |
10,113 |
2,479 |
2,449 |
Total noninterest
expense |
84,579 |
76,531 |
21,524 |
20,325 |
Income Before Income Tax
Expense |
75,325 |
56,172 |
18,986 |
16,333 |
Income Tax Expense |
28,318 |
20,883 |
6,983 |
6,135 |
Net Income |
47,007 |
35,289 |
12,003 |
10,198 |
Preferred Stock
Dividends |
566 |
566 |
141 |
141 |
Net Income Available to Common
Shareholders |
$ 46,441 |
$ 34,723 |
$ 11,862 |
$ 10,057 |
|
|
|
|
|
Earnings Per Common Share
(1) |
|
|
|
|
Basic |
$ 1.81 |
$ 1.50 |
$ 0.46 |
$ 0.40 |
Diluted |
$ 1.76 |
$ 1.46 |
$ 0.45 |
$ 0.39 |
(1) Per share amounts have been adjusted to
give effect to the 10% common stock dividend paid on June 14,
2013. |
|
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three
Months Ended December 31, |
|
2013 |
2012 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
ASSETS |
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
Interest bearing deposits with other banks
and other short-term investments |
$ 204,320 |
$ 125 |
0.24% |
$ 258,577 |
$ 177 |
0.27% |
Loans held for sale (1) |
27,767 |
282 |
4.06% |
186,122 |
1,600 |
3.44% |
Loans (1) (2) |
2,867,955 |
39,039 |
5.40% |
2,442,418 |
34,839 |
5.67% |
Investment securities available for sale
(2) |
380,562 |
2,202 |
2.30% |
310,851 |
1,545 |
1.98% |
Federal funds sold |
4,942 |
2 |
0.16% |
5,494 |
3 |
0.22% |
Total interest earning
assets |
3,485,546 |
41,650 |
4.74% |
3,203,462 |
38,164 |
4.74% |
|
|
|
|
|
|
|
Total noninterest earning assets |
131,249 |
|
|
80,580 |
|
|
Less: allowance for credit losses |
40,080 |
|
|
36,544 |
|
|
Total noninterest earning
assets |
91,169 |
|
|
44,036 |
|
|
TOTAL ASSETS |
$ 3,576,715 |
|
|
$ 3,247,498 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 104,466 |
$ 71 |
0.27% |
$ 110,688 |
$ 93 |
0.33% |
Savings and money market |
1,621,712 |
1,471 |
0.36% |
1,312,792 |
1,528 |
0.46% |
Time deposits |
448,838 |
950 |
0.84% |
471,591 |
1,306 |
1.10% |
Total interest bearing
deposits |
2,175,016 |
2,492 |
0.45% |
1,895,071 |
2,927 |
0.61% |
Customer repurchase agreements |
87,084 |
57 |
0.26% |
97,622 |
75 |
0.31% |
Other short-term borrowings |
25 |
-- |
-- |
603 |
1 |
-- |
Long-term borrowings |
39,300 |
388 |
3.86% |
39,300 |
424 |
4.22% |
Total interest bearing
liabilities |
2,301,425 |
2,937 |
0.51% |
2,032,596 |
3,427 |
0.67% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
863,933 |
|
|
853,496 |
|
|
Other liabilities |
20,321 |
|
|
18,005 |
|
|
Total noninterest bearing
liabilities |
884,254 |
|
|
871,501 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
391,036 |
|
|
343,401 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 3,576,715 |
|
|
$ 3,247,498 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 38,713 |
|
|
$ 34,737 |
|
Net interest spread |
|
|
4.23% |
|
|
4.07% |
Net interest margin |
|
|
4.40% |
|
|
4.31% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual status are
included in average balances. Net loan fees and late charges
included in interest income on loans totaled $2.3 million and $1.7
million for the three months ended December 31, 2013 and 2012,
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, |
|
2013 |
2012 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
ASSETS |
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
Interest bearing deposits with other banks
and other short-term investments |
$ 280,399 |
$ 689 |
0.25% |
$ 186,157 |
$ 475 |
0.26% |
Loans held for sale (1) |
90,161 |
3,140 |
4.64% |
140,167 |
4,945 |
3.53% |
Loans (1) (2) |
2,644,892 |
145,660 |
5.51% |
2,281,027 |
129,655 |
5.68% |
Investment securities available for sale
(2) |
348,143 |
7,792 |
2.24% |
330,670 |
6,824 |
2.06% |
Federal funds sold |
6,871 |
12 |
0.17% |
15,396 |
44 |
0.29% |
Total interest earning
assets |
3,370,466 |
157,293 |
4.67% |
2,953,417 |
141,943 |
4.81% |
|
|
|
|
|
|
|
Total noninterest earning assets |
107,844 |
|
|
77,827 |
|
|
Less: allowance for credit losses |
39,207 |
|
|
33,250 |
|
|
Total noninterest earning
assets |
68,637 |
|
|
44,577 |
|
|
TOTAL ASSETS |
$ 3,439,103 |
|
|
$ 2,997,994 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 103,763 |
$ 298 |
0.29% |
$ 94,848 |
$ 289 |
0.30% |
Savings and money market |
1,516,699 |
5,765 |
0.38% |
1,183,402 |
5,946 |
0.50% |
Time deposits |
481,576 |
4,551 |
0.95% |
481,661 |
5,822 |
1.21% |
Total interest bearing
deposits |
2,102,038 |
10,614 |
0.50% |
1,759,911 |
12,057 |
0.69% |
Customer repurchase agreements |
94,566 |
254 |
0.27% |
96,141 |
325 |
0.34% |
Other short-term borrowings |
30 |
-- |
-- |
697 |
3 |
-- |
Long-term borrowings |
39,300 |
1,636 |
4.11% |
46,704 |
2,029 |
4.27% |
Total interest bearing
liabilities |
2,235,934 |
12,504 |
0.56% |
1,903,453 |
14,414 |
0.76% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
811,757 |
|
|
781,240 |
|
|
Other liabilities |
16,709 |
|
|
11,067 |
|
|
Total noninterest bearing
liabilities |
828,466 |
|
|
792,307 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
374,703 |
|
|
302,234 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 3,439,103 |
|
|
$ 2,997,994 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 144,789 |
|
|
$ 127,529 |
|
Net interest spread |
|
|
4.11% |
|
|
4.05% |
Net interest margin |
|
|
4.30% |
|
|
4.32% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual status are
included in average balances. Net loan fees and late charges
included in interest income on loans totaled $7.9 million and $5.4
million for the twelve months ended December 31, 2013 and 2012,
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: |
2013 |
2013 |
2013 |
2013 |
2012 |
2012 |
2012 |
2012 |
Total interest income |
$ 41,652 |
$ 39,724 |
$ 37,985 |
$ 37,933 |
$ 38,164 |
$ 36,636 |
$ 34,575 |
$ 32,568 |
Total interest expense |
2,938 |
3,021 |
3,121 |
3,424 |
3,427 |
3,328 |
3,561 |
4,098 |
Net interest income |
38,714 |
36,703 |
34,864 |
34,509 |
34,737 |
33,308 |
31,014 |
28,470 |
Provision for credit losses |
2,508 |
1,372 |
2,357 |
3,365 |
4,139 |
3,638 |
4,443 |
3,970 |
Net interest income after provision for
credit losses |
36,206 |
35,331 |
32,507 |
31,144 |
30,598 |
29,670 |
26,571 |
24,500 |
Noninterest income (before
investment gains/losses & extinguishment of debt) |
4,308 |
5,236 |
7,065 |
8,088 |
6,135 |
4,916 |
4,293 |
5,859 |
Gain/(loss) on sale of
investment securities |
(4) |
-- |
-- |
23 |
(75) |
464 |
148 |
153 |
Loss on early
extinguishment of debt |
-- |
-- |
-- |
-- |
-- |
(529) |
-- |
-- |
Total noninterest income |
4,304 |
5,236 |
7,065 |
8,111 |
6,060 |
4,851 |
4,441 |
6,012 |
Salaries and employee
benefits |
12,759 |
12,187 |
11,335 |
11,200 |
12,164 |
10,807 |
10,289 |
10,424 |
Premises and
equipment |
2,974 |
3,222 |
2,927 |
2,800 |
2,677 |
2,562 |
2,469 |
2,510 |
Marketing and
advertising |
519 |
426 |
394 |
347 |
419 |
497 |
557 |
286 |
Other expenses |
5,272 |
5,838 |
6,029 |
6,350 |
5,065 |
5,241 |
5,222 |
5,342 |
Total noninterest expense |
21,524 |
21,673 |
20,685 |
20,697 |
20,325 |
19,107 |
18,537 |
18,562 |
Income before income tax expense |
18,986 |
18,894 |
18,887 |
18,558 |
16,333 |
15,414 |
12,475 |
11,950 |
Income tax expense |
6,983 |
7,137 |
7,212 |
6,986 |
6,135 |
5,739 |
4,692 |
4,317 |
Net income |
12,003 |
11,757 |
11,675 |
11,572 |
10,198 |
9,675 |
7,783 |
7,633 |
Preferred stock dividends and discount
accretion |
141 |
142 |
142 |
141 |
141 |
142 |
142 |
141 |
Net income available to common
shareholders |
$ 11,862 |
$ 11,615 |
$ 11,533 |
$ 11,431 |
$ 10,057 |
$ 9,533 |
$ 7,641 |
$ 7,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data (1): |
|
|
|
|
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.46 |
$ 0.45 |
$ 0.45 |
$ 0.45 |
$ 0.40 |
$ 0.41 |
$ 0.34 |
$ 0.34 |
Earnings per weighted average common share,
diluted |
$ 0.45 |
$ 0.44 |
$ 0.44 |
$ 0.44 |
$ 0.39 |
$ 0.40 |
$ 0.33 |
$ 0.33 |
Weighted average common shares outstanding,
basic |
25,835,054 |
25,784,287 |
25,742,185 |
25,518,523 |
24,915,837 |
23,158,050 |
22,327,796 |
22,122,043 |
Weighted average common shares outstanding,
diluted |
26,495,545 |
26,426,093 |
26,334,355 |
26,222,041 |
25,601,623 |
23,766,606 |
22,888,151 |
22,686,049 |
Actual shares outstanding |
25,885,863 |
25,799,220 |
25,764,542 |
25,728,162 |
25,250,378 |
24,244,007 |
22,650,356 |
22,242,183 |
Book value per common share at period
end |
$ 13.03 |
$ 12.62 |
$ 12.14 |
$ 11.86 |
$ 11.62 |
$ 11.05 |
$ 10.32 |
$ 9.86 |
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
Return on average assets |
1.33% |
1.35% |
1.41% |
1.39% |
1.25% |
1.27% |
1.08% |
1.08% |
Return on average common equity |
14.07% |
14.37% |
14.75% |
15.29% |
13.95% |
15.20% |
13.52% |
13.80% |
Net interest margin |
4.40% |
4.31% |
4.27% |
4.20% |
4.31% |
4.44% |
4.39% |
4.11% |
Efficiency ratio (2) |
50.03% |
51.68% |
49.33% |
48.56% |
49.82% |
50.07% |
52.28% |
53.83% |
|
|
|
|
|
|
|
|
|
Other Ratios: |
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans
(3) |
1.39% |
1.42% |
1.47% |
1.52% |
1.50% |
1.48% |
1.47% |
1.46% |
Nonperforming loans to total loans
(3) |
0.84% |
0.98% |
0.87% |
1.11% |
1.23% |
1.35% |
1.42% |
1.68% |
Nonperforming assets to total assets |
0.90% |
1.11% |
1.05% |
1.12% |
1.06% |
1.25% |
1.26% |
1.41% |
Net charge-offs (annualized) to average loans
(3) |
0.18% |
0.20% |
0.24% |
0.33% |
0.37% |
0.36% |
0.40% |
0.34% |
Tier 1 leverage ratio |
10.93% |
10.89% |
10.81% |
10.39% |
10.44% |
10.36% |
9.63% |
9.33% |
Tier 1 risk based capital ratio |
11.53% |
11.61% |
11.12% |
11.08% |
10.80% |
10.76% |
10.02% |
10.08% |
Total risk based capital ratio |
13.02% |
13.12% |
12.53% |
12.50% |
12.20% |
12.24% |
11.53% |
11.59% |
|
|
|
|
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ 3,576,715 |
$ 3,467,193 |
$ 3,331,677 |
$ 3,378,362 |
$ 3,247,498 |
$ 3,022,584 |
$ 2,888,188 |
$ 2,830,693 |
Total earning assets |
$ 3,485,546 |
$ 3,383,547 |
$ 3,279,034 |
$ 3,331,930 |
$ 3,203,462 |
$ 2,977,950 |
$ 2,844,491 |
$ 2,784,747 |
Total loans held for sale |
$ 27,767 |
$ 63,579 |
$ 91,781 |
$ 179,476 |
$ 186,122 |
$ 158,011 |
$ 95,734 |
$ 120,098 |
Total loans |
$ 2,867,955 |
$ 2,668,429 |
$ 2,557,811 |
$ 2,480,862 |
$ 2,442,418 |
$ 2,346,046 |
$ 2,246,644 |
$ 2,086,511 |
Total deposits |
$ 3,038,949 |
$ 2,939,705 |
$ 2,810,033 |
$ 2,864,305 |
$ 2,748,567 |
$ 2,572,022 |
$ 2,447,985 |
$ 2,393,413 |
Total borrowings |
$ 126,409 |
$ 136,590 |
$ 137,337 |
$ 135,315 |
$ 137,525 |
$ 132,955 |
$ 150,644 |
$ 153,227 |
Total stockholders' equity |
$ 391,036 |
$ 377,246 |
$ 370,302 |
$ 359,859 |
$ 343,401 |
$ 306,072 |
$ 284,040 |
$ 274,923 |
|
|
|
|
|
|
|
|
|
(1) Per share amounts and the number of
outstanding shares have been adjusted to give effect to the 10%
common stock dividend paid on June 14, 2013. |
(2) Computed by dividing noninterest expense
by the sum of net interest income and noninterest income. |
(3) Excludes loans held for sale. |
CONTACT: EAGLE BANCORP, INC.
Michael T. Flynn
301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024