Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $12.5 million for the quarter ended March 31, 2014, an 8%
increase over the $11.6 million net income for the quarter ended
March 31, 2013. Net income available to common shareholders for the
quarter ended March 31, 2014 increased 8% to $12.4 million ($0.48
per basic common share and $0.47 per diluted common share), as
compared to $11.4 million ($0.45 per basic common share and $0.44
per diluted common share) for the same period in 2013.
Per share amounts for all prior periods have been adjusted to
reflect the 10% stock dividend distributed on June 14, 2013.
"We are pleased to report another quarter of record earnings,
together with continued strong and balanced financial performance,"
noted Ronald D. Paul, Chairman and Chief Executive Officer of Eagle
Bancorp, Inc. "The Company's net income has increased each quarter
since the fourth quarter of 2008." Mr. Paul added, "For the first
quarter of 2014, the Company's performance was highlighted by
growth in total revenue, by growth in both loans and deposit
balances, by an expanded net interest margin from an already very
favorable level, by a continued trend of lower net charge-offs and
by increased levels of activity and revenue from the Bank's SBA
lending unit. Additionally, the Company has been able to continue
posting an efficiency ratio that compares very favorably to peer
banking companies."
For the first quarter of 2014, total loans grew 4% over December
31, 2013, and were 20% higher at March 31, 2014 than March 31,
2013. For the first quarter of 2014, total deposits increased 1%
over December 31, 2013, and were 16% higher at March 31, 2014 than
March 31, 2013. The net interest margin was 4.45% for the first
quarter, 5 basis points higher than the fourth quarter of 2013, and
25 basis points higher than the first quarter of 2013. Mr. Paul
added, "The continuing emphasis on disciplined pricing for both new
loans and funding sources together with a favorable loan to deposit
ratio has resulted in a more favorable net interest margin position
at March 31, 2014."
Total revenue (net interest income plus noninterest income) for
the first quarter of 2014 was $44.5 million or 4% above the $42.6
million of total revenue earned for the first quarter of 2013 and
was 3% above the fourth quarter of 2013 total revenue of $43.0
million.
The Company was able to grow its net interest income for the
first quarter of 2014 at a substantial rate of 16%, as compared to
the first quarter in 2013 ($40.0 million versus $34.5 million),
effectively outpacing lower total noninterest earnings attributable
primarily to much lower levels of residential mortgage originations
and sales, and achieved 3% growth in net interest income in the
first quarter of 2014 as compared to the fourth quarter of 2013
($40.0 million versus $38.7 million).
For the first quarter of 2014, revenue from residential mortgage
banking net interest income and fees was 2.96% of total revenue
versus 12.83% of total revenue for the first quarter of 2013. The
Company assesses its residential mortgage lending unit on an
ongoing basis in light of changes in current and projected market
conditions, and adjusts the scope of the unit accordingly. Mr. Paul
emphasized that, "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.
Purchase money residential mortgage activity has been increasing in
the Company's market area and Eagle is committed to participating
in that improved business activity."
Asset quality measures were very solid at March 31, 2014, in
spite of an $11.6 million increase in loans classified as
nonperforming. Net charge-offs in both dollars and as percentage of
average loans declined for the fifth consecutive quarter, to 0.11%
for the first quarter of 2014. The $11.6 million increase in
nonperforming loans relates primarily to one large commercial loan
relationship totaling $11 million which was placed on nonaccrual in
March 2014. The borrower underlying the credit is deceased and the
Company has been actively working to finalize collection of the
outstanding loan balance. The Company believes it is adequately
reserved on this relationship. Taking into account the level and
details of nonperforming loans and portfolio delinquencies, lower
net charge-off trends and consistent loan loss provisioning
resulted in the allowance for loan losses ($42.0 million) ending
March 31, 2014 at 1.37% of total loans and 116% of total
nonperforming loans as compared to 1.39% of total loans and 166% of
nonperforming loans at December 31, 2013, and 1.52% of total loans
and 138% of nonperforming loans at March 31, 2013.
Mr. Paul noted that, "For the first quarter of 2014, the
Company's operating cost management remained strong." The
efficiency ratio of 51.94% 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 2.50%.
"We will maintain strict oversight of costs, while retaining an
infrastructure that maximizes our ability to not just remain
competitive, but to grow."
At March 31, 2014, total assets were $3.80 billion, compared to
$3.32 billion at March 31, 2013, a 14% increase, and $3.77 billion
at December 31, 2013, a 1% increase. Total loans (excluding loans
held for sale) were $3.06 billion at March 31, 2014 compared to
$2.55 billion at March 31, 2013, a 20% increase, and $2.95 billion
at December 31, 2013, a 4% increase. Total deposits were $3.27
billion at March 31, 2014, compared to deposits of $2.81 billion at
March 31, 2013, a 16% increase, and $3.23 billion at December 31,
2013, a 2% increase. Loans held for sale amounted to $21.9 million
at March 31, 2014 as compared to $132.7 million at March 31, 2013,
an 84% decrease, and to $42.0 million at December 31, 2013, a 48%
decline.
The investment portfolio totaled $387.8 million at March 31,
2014, a 22% increase from the $318.4 million balance at March 31,
2013. As compared to December 31, 2013, the investment portfolio at
March 31, 2014 increased by $9.7 million, a 3% increase. Total
borrowed funds (excluding customer repurchase agreements) were
$39.3 million at March 31, 2014, December 31, 2013 and March 31,
2013, respectively.
Total shareholders' equity increased to $410.4 million at March
31, 2014, compared to $361.9 million and $393.9 million at March
31, 2013 and December 31, 2013, respectively, primarily 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 13.04%
at March 31, 2014, as compared to a total risk based capital ratio
of 12.50% at March 31, 2013 and 13.01% at December 31, 2013. In
addition, the tangible common equity ratio (tangible common equity
to tangible assets) increased to 9.22% at March 31, 2014, from
9.08% at March 31, 2013 and 8.86% at December 31, 2013.
At March 31, 2014, the Company's nonperforming assets amounted
to $45.1 million, representing 1.19% of total assets, compared to
$33.9 million nonperforming assets, or 0.90% of total assets at
December 31, 2013 and $37.4 million of nonperforming assets, or
1.12% of total assets at March 31, 2013. As noted above, the
increase in nonperforming assets in the first quarter of 2014 was
due to one large commercial loan relationship ($11.0 million) that
was placed on nonaccrual status in March 2014. Collection is being
actively pursued and management believes it has fully reserved for
any potential loss at March 31, 2014. 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
1.37% of total loans (excluding loans held for sale) at March 31,
2014, is adequate to absorb potential credit losses within the loan
portfolio at that date. The allowance for credit losses represented
116% of nonperforming loans at March 31, 2014, as compared to 138%
at March 31, 2013 and 166% at December 31, 2013. The decrease in
the allowance for credit losses as a percentage of total loans at
March 31, 2014, as compared to December 31, 2013 (from 1.39% to
1.37%), is due to substantial loan growth in the first quarter of
2014, and overall improved credit quality in the loan portfolio at
March 31, 2014.
For the three months ended March 31, 2014, the Company reported
an annualized return on average assets ("ROAA") of 1.36% as
compared to 1.39% for the three months ended March 31, 2013. The
annualized return on average common equity ("ROAE") for the quarter
ended March 31, 2014 was 14.38%, as compared to 15.29% for the
quarter ended March 31, 2013. The lower ROAA and ROAE ratios for
first quarter of 2014 as compared to 2013 was due primarily to a
decrease in the level of noninterest income attributable
substantially to lower levels of residential mortgage refinancing
activity.
Net interest income increased 16% for the three months ended
March 31, 2014 over the same period in 2013, resulting from both
growth in average earning assets of 9% and an expanded net interest
margin for the three months ended March 31, 2014. The net interest
margin was 4.45% as compared to 4.20% for the three months ended
March 31, 2013. 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 5.45%
for the first quarter of 2014 has been a significant factor in its
overall profitability.
The provision for credit losses was $1.9 million for the three
months ended March 31, 2014 as compared to $3.4 million for the
three months ended March 31, 2013. The lower provisioning in the
first quarter of 2014, as compared to the first quarter of 2013, is
due to a combination of lower net charge-offs, and overall improved
asset quality in the loan portfolio. Net charge-offs of $837
thousand in the first quarter of 2014 represented an annualized
0.11% of average loans, excluding loans held for sale, as compared
to $2.0 million or an annualized 0.33% of average loans, excluding
loans held for sale, in the first quarter of 2013, a 59% decline.
Net charge-offs in the first quarter of 2014 were attributable
primarily to construction loans ($544 thousand) and home equity and
consumer loans ($224 thousand).
Noninterest income for the three months ended March 31, 2014
decreased to $4.5 million from $8.1 million for the three months
ended March 31, 2013, a 45% decrease. This decrease was primarily
due to substantially lower gains on the sale of residential
mortgage loans of $4.3 million (due to lower origination volume),
partially offset by an increase in income from sales of SBA loans
of $541 thousand and higher income from Bank Owned Life Insurance
of $220 thousand. There were $8 thousand of investment securities
gains recorded for the first quarter of 2014, as compared to
investment securities gains of $23 thousand for the first quarter
of 2013.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, remained favorable at 51.94% for the
first quarter of 2014, as compared to 48.56% for the first quarter
of 2013. As a percentage of average assets, total noninterest
expense increased slightly to 2.50% for the first quarter of 2014
as compared to 2.49% for the same period in 2013. Noninterest
expenses totaled $23.1 million for the three months ended March 31,
2014, as compared to $20.7 million for the three months ended March
31, 2013, a 12% increase. Cost increases for salaries and benefits
were $2.4 million, due primarily to officer merit increases and to
discretionary bonuses. Premises and equipment expenses were $289
thousand higher, due to costs of additional office space and
increases in leasing costs. Legal, accounting and professional fees
increased by $201 thousand primarily due to an increase in legal
fees. Other operating expenses were lower in the first quarter of
2014 primarily due to a non-recurring expense recorded in the first
quarter of 2013.
The financial information which follows provides more detail on
the Company's financial performance for the three months ended
March 31, 2014 as compared to the three months ended March 31,
2013, 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, 2013 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 first quarter 2014 financial results
on Thursday, April 24, 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 25126457, or by accessing the
call on the Company's website, www.eaglebankcorp.com. A replay of
the conference call will be available on the Company's website
through May 9, 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, 2013 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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Three Months
Ended March 31, |
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2014 |
2013 |
Income Statements: |
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Total interest income |
$ 42,837 |
$ 37,933 |
Total interest expense |
2,830 |
3,424 |
Net interest income |
40,007 |
34,509 |
Provision for credit losses |
1,934 |
3,365 |
Net interest income after provision for
credit losses |
38,073 |
31,144 |
Noninterest income
(before investment gains) |
4,455 |
8,088 |
Gain on sale of
investment securities |
8 |
23 |
Total noninterest income |
4,463 |
8,111 |
Total noninterest expense |
23,098 |
20,697 |
Income before income tax expense |
19,438 |
18,558 |
Income tax expense |
6,939 |
6,986 |
Net income |
12,499 |
11,572 |
Preferred stock dividends |
141 |
141 |
Net income available to common
shareholders |
$ 12,358 |
$ 11,431 |
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Per Share Data (1): |
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Earnings per weighted average common share,
basic |
$ 0.48 |
$ 0.45 |
Earnings per weighted average common share,
diluted |
$ 0.47 |
$ 0.44 |
Weighted average common shares outstanding,
basic |
25,927,888 |
25,518,523 |
Weighted average common shares outstanding,
diluted |
26,575,155 |
26,222,041 |
Actual shares outstanding |
25,975,186 |
25,728,162 |
Book value per common share at period
end |
$ 13.62 |
$ 11.86 |
Tangible book value per common share at
period end (2) |
$ 13.49 |
$ 11.72 |
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Performance Ratios
(annualized): |
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Return on average assets |
1.36% |
1.39% |
Return on average common equity |
14.38% |
15.29% |
Net interest margin |
4.45% |
4.20% |
Efficiency ratio (3) |
51.94% |
48.56% |
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Other Ratios: |
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Allowance for credit losses to total
loans |
1.37% |
1.52% |
Allowance for credit losses to total
nonperforming loans |
115.67% |
137.80% |
Nonperforming loans to total loans |
1.19% |
1.11% |
Nonperforming assets to total assets |
1.19% |
1.12% |
Net charge-offs (annualized) to average
loans |
0.11% |
0.33% |
Common equity to total assets |
9.30% |
9.18% |
Tier 1 leverage ratio |
10.83% |
10.39% |
Tier 1 risk based capital ratio |
11.57% |
11.08% |
Total risk based capital ratio |
13.04% |
12.50% |
Tangible common equity to tangible assets
(2) |
9.22% |
9.08% |
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Loan Balances - Period End (in
thousands): |
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Commercial and Industrial |
$ 704,386 |
$ 579,618 |
Commercial real estate - owner
occupied |
$ 320,994 |
$ 303,561 |
Commercial real estate - income
producing |
$ 1,196,405 |
$ 910,829 |
1-4 Family mortgage |
$ 97,846 |
$ 69,256 |
Construction - commercial and
residential |
$ 593,967 |
$ 538,071 |
Construction - C&I (owner occupied) |
$ 35,480 |
$ 34,002 |
Home equity |
$ 108,839 |
$ 108,570 |
Other consumer |
$ 6,058 |
$ 4,117 |
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Average Balances (in
thousands): |
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Total assets |
$ 3,740,225 |
$ 3,378,362 |
Total earning assets |
$ 3,647,305 |
$ 3,331,930 |
Total loans held for sale |
$ 26,592 |
$ 179,476 |
Total loans |
$ 2,981,917 |
$ 2,480,862 |
Total deposits |
$ 3,217,916 |
$ 2,864,305 |
Total borrowings |
$ 102,146 |
$ 135,315 |
Total shareholders' equity |
$ 405,121 |
$ 359,859 |
(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) |
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(dollars in thousands except per share
data) |
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Three Months Ended March 31,
2014 |
Twelve Months Ended December
31, 2013 |
Three Months Ended March 31,
2013 |
Common shareholders' equity |
$ 353,782 |
$ 337,263 |
$ 305,252 |
Less: Intangible assets |
(3,482) |
(3,510) |
(3,659) |
Tangible common equity |
$ 350,300 |
$ 333,753 |
$ 301,593 |
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Book value per common share |
$ 13.62 |
$ 13.03 |
$ 11.86 |
Less: Intangible book value per common
share |
(0.13) |
(0.14) |
(0.14) |
Tangible book value per common
share |
$ 13.49 |
$ 12.89 |
$ 11.72 |
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Total assets |
$ 3,803,952 |
$ 3,771,503 |
$ 3,324,865 |
Less: Intangible assets |
(3,482) |
(3,510) |
(3,659) |
Tangible assets |
$ 3,800,470 |
$ 3,767,993 |
$ 3,321,206 |
Tangible common equity
ratio |
9.22% |
8.86% |
9.08% |
(3) Computed by dividing noninterest expense by the sum of
net interest income and noninterest income.
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Eagle Bancorp, Inc. |
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Consolidated Balance Sheets
(Unaudited) |
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(dollars in thousands, except per share
data) |
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Assets |
March 31, 2014 |
December 31,
2013 |
March 31, 2013 |
Cash and due from banks |
$ 8,982 |
$ 9,577 |
$ 7,123 |
Federal funds sold |
8,468 |
5,695 |
5,811 |
Interest bearing deposits with banks and
other short-term investments |
213,501 |
291,688 |
257,957 |
Investment securities available for sale, at
fair value |
387,790 |
378,133 |
318,431 |
Federal Reserve and Federal Home Loan Bank
stock |
10,599 |
11,272 |
11,154 |
Loans held for sale |
21,862 |
42,030 |
132,698 |
Loans |
3,063,975 |
2,945,158 |
2,548,024 |
Less allowance for credit losses |
(42,018) |
(40,921) |
(38,811) |
Loans, net |
3,021,957 |
2,904,237 |
2,509,213 |
Premises and equipment, net |
17,181 |
16,737 |
16,094 |
Deferred income taxes |
27,146 |
28,949 |
20,661 |
Bank owned life insurance |
40,052 |
39,738 |
14,229 |
Intangible assets, net |
3,482 |
3,510 |
3,659 |
Other real estate owned |
8,809 |
9,225 |
9,199 |
Other assets |
34,123 |
30,712 |
18,636 |
Total
Assets |
$ 3,803,952 |
$ 3,771,503 |
$ 3,324,865 |
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Liabilities and Shareholders'
Equity |
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Deposits: |
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Noninterest bearing demand |
$ 886,623 |
$ 849,409 |
$ 756,177 |
Interest bearing
transaction |
106,645 |
118,580 |
99,187 |
Savings and money market |
1,861,355 |
1,811,088 |
1,456,318 |
Time, $100,000 or more |
196,238 |
203,706 |
216,337 |
Other time |
222,828 |
242,631 |
284,911 |
Total deposits |
3,273,689 |
3,225,414 |
2,812,930 |
Customer repurchase agreements |
66,437 |
80,471 |
92,664 |
Long-term borrowings |
39,300 |
39,300 |
39,300 |
Other liabilities |
14,144 |
32,455 |
18,119 |
Total
liabilities |
3,393,570 |
3,377,640 |
2,963,013 |
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Shareholders' Equity |
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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 March 31, 2014,
December 31, 2013 and March 31, 2013 |
56,600 |
56,600 |
56,600 |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
25,975,186, 25,885,863 and 23,389,238 respectively |
255 |
253 |
228 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
244,332 |
242,990 |
181,993 |
Retained earnings |
108,751 |
96,393 |
117,577 |
Accumulated other comprehensive (loss)
income |
(502) |
(3,319) |
4,508 |
Total Shareholders'
Equity |
410,382 |
393,863 |
361,852 |
Total Liabilities and
Shareholders' Equity |
$ 3,803,952 |
$ 3,771,503 |
$ 3,324,865 |
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Eagle Bancorp, Inc. |
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Consolidated Statements of Operations
(Unaudited) |
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(dollars in thousands, except per share
data) |
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Three Months
Ended March 31, |
Interest Income |
2014 |
2013 |
Interest and fees on loans |
$ 40,363 |
$ 36,024 |
Interest and dividends on
investment securities |
2,333 |
1,696 |
Interest on balances with other
banks and short-term investments |
138 |
209 |
Interest on federal funds
sold |
3 |
4 |
Total interest income |
42,837 |
37,933 |
Interest Expense |
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Interest on deposits |
2,412 |
2,940 |
Interest on customer repurchase
agreements |
38 |
69 |
Interest on long-term
borrowings |
380 |
415 |
Total interest expense |
2,830 |
3,424 |
Net Interest
Income |
40,007 |
34,509 |
Provision for Credit
Losses |
1,934 |
3,365 |
Net Interest Income After Provision
For Credit Losses |
38,073 |
31,144 |
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Noninterest Income |
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Service charges on
deposits |
1,192 |
1,285 |
Gain on sale of loans |
1,843 |
5,649 |
Gain on sale of investment
securities |
8 |
23 |
Increase in the cash surrender
value of bank owned life insurance |
314 |
94 |
Other income |
1,106 |
1,060 |
Total noninterest income |
4,463 |
8,111 |
Noninterest Expense |
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Salaries and employee
benefits |
13,608 |
11,200 |
Premises and equipment
expenses |
3,089 |
2,800 |
Marketing and advertising |
462 |
347 |
Data processing |
1,588 |
1,539 |
Legal, accounting and
professional fees |
974 |
773 |
FDIC insurance |
544 |
582 |
Other expenses |
2,833 |
3,456 |
Total noninterest expense |
23,098 |
20,697 |
Income Before Income Tax
Expense |
19,438 |
18,558 |
Income Tax Expense |
6,939 |
6,986 |
Net Income |
12,499 |
11,572 |
Preferred Stock
Dividends |
141 |
141 |
Net Income Available to Common
Shareholders |
$ 12,358 |
$ 11,431 |
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Earnings Per Common Share
(1) |
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Basic |
$ 0.48 |
$ 0.45 |
Diluted |
$ 0.47 |
$ 0.44 |
|
|
|
(1) Per share amounts have been
adjusted to give effect to the 10% common stock dividend
distributed on June 14, 2013. |
|
|
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|
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|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2014 |
2013 |
|
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 |
$ 230,272 |
$ 138 |
0.24% |
$ 346,291 |
$ 209 |
0.24% |
Loans held for sale (1) |
26,592 |
266 |
4.00% |
179,476 |
1,485 |
3.31% |
Loans (1) (2) |
2,981,917 |
40,097 |
5.45% |
2,480,862 |
34,539 |
5.65% |
Investment securities available for sale
(2) |
401,096 |
2,333 |
2.36% |
316,870 |
1,696 |
2.17% |
Federal funds sold |
7,428 |
3 |
0.16% |
8,431 |
4 |
0.19% |
Total interest earning
assets |
3,647,305 |
42,837 |
4.76% |
3,331,930 |
37,933 |
4.62% |
|
|
|
|
|
|
|
Total noninterest earning assets |
134,570 |
|
|
84,383 |
|
|
Less: allowance for credit losses |
41,650 |
|
|
37,951 |
|
|
Total noninterest earning
assets |
92,920 |
|
|
46,432 |
|
|
TOTAL ASSETS |
$ 3,740,225 |
|
|
$ 3,378,362 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 113,984 |
$ 63 |
0.22% |
$ 104,798 |
$ 83 |
0.32% |
Savings and money market |
1,838,306 |
1,493 |
0.33% |
1,421,035 |
1,526 |
0.44% |
Time deposits |
429,595 |
856 |
0.81% |
524,515 |
1,331 |
1.03% |
Total interest bearing
deposits |
2,381,885 |
2,412 |
0.41% |
2,050,348 |
2,940 |
0.58% |
Customer repurchase agreements |
62,846 |
38 |
0.25% |
96,015 |
69 |
0.29% |
Long-term borrowings |
39,300 |
380 |
3.87% |
39,300 |
415 |
4.22% |
Total interest bearing
liabilities |
2,484,031 |
2,830 |
0.46% |
2,185,663 |
3,424 |
0.64% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
836,031 |
|
|
813,957 |
|
|
Other liabilities |
15,042 |
|
|
18,883 |
|
|
Total noninterest bearing
liabilities |
851,073 |
|
|
832,840 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
405,121 |
|
|
359,859 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 3,740,225 |
|
|
$ 3,378,362 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 40,007 |
|
|
$ 34,509 |
|
Net interest spread |
|
|
4.30% |
|
|
3.98% |
Net interest margin |
|
|
4.45% |
|
|
4.20% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $2.4 million
and $1.9 million for the three months ended March 31, 2014 and
2013, respectively. |
(2) Interest and fees on loans
and investments exclude tax equivalent adjustments. |
|
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|
|
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|
Eagle Bancorp, Inc. |
|
|
|
|
|
|
|
|
Statements of Income and Highlights
Quarterly Trends (Unaudited) |
|
|
|
|
|
|
|
|
(dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Income Statements: |
March 31, 2014 |
December 31, 2013 |
September 30, 2013 |
June 30, 2013 |
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
Total interest income |
$ 42,837 |
$ 41,652 |
$ 39,724 |
$ 37,985 |
$ 37,933 |
$ 38,164 |
$ 36,636 |
$ 34,575 |
Total interest expense |
2,830 |
2,938 |
3,021 |
3,121 |
3,424 |
3,427 |
3,328 |
3,561 |
Net interest income |
40,007 |
38,714 |
36,703 |
34,864 |
34,509 |
34,737 |
33,308 |
31,014 |
Provision for credit losses |
1,934 |
2,508 |
1,372 |
2,357 |
3,365 |
4,139 |
3,638 |
4,443 |
Net interest income after provision for
credit losses |
38,073 |
36,206 |
35,331 |
32,507 |
31,144 |
30,598 |
29,670 |
26,571 |
Noninterest income
(before investment gains/losses & extinguishment of debt) |
4,455 |
4,308 |
5,236 |
7,065 |
8,088 |
6,135 |
4,916 |
4,293 |
Gain/(loss) on sale of
investment securities |
8 |
(4) |
-- |
-- |
23 |
(75) |
464 |
148 |
Loss on early
extinguishment of debt |
-- |
-- |
-- |
-- |
-- |
-- |
(529) |
-- |
Total noninterest income |
4,463 |
4,304 |
5,236 |
7,065 |
8,111 |
6,060 |
4,851 |
4,441 |
Salaries and employee
benefits |
13,608 |
12,759 |
12,187 |
11,335 |
11,200 |
12,164 |
10,807 |
10,289 |
Premises and
equipment |
3,089 |
2,974 |
3,222 |
2,927 |
2,800 |
2,677 |
2,562 |
2,469 |
Marketing and
advertising |
462 |
519 |
426 |
394 |
347 |
419 |
497 |
557 |
Other expenses |
5,939 |
5,272 |
5,838 |
6,029 |
6,350 |
5,065 |
5,241 |
5,222 |
Total noninterest expense |
23,098 |
21,524 |
21,673 |
20,685 |
20,697 |
20,325 |
19,107 |
18,537 |
Income before income tax expense |
19,438 |
18,986 |
18,894 |
18,887 |
18,558 |
16,333 |
15,414 |
12,475 |
Income tax expense |
6,939 |
6,983 |
7,137 |
7,212 |
6,986 |
6,135 |
5,739 |
4,692 |
Net income |
12,499 |
12,003 |
11,757 |
11,675 |
11,572 |
10,198 |
9,675 |
7,783 |
Preferred stock dividends |
141 |
141 |
142 |
142 |
141 |
141 |
142 |
142 |
Net income available to common
shareholders |
$ 12,358 |
$ 11,862 |
$ 11,615 |
$ 11,533 |
$ 11,431 |
$ 10,057 |
$ 9,533 |
$ 7,641 |
|
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|
Per Share Data (1): |
|
|
|
|
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.48 |
$ 0.46 |
$ 0.45 |
$ 0.45 |
$ 0.45 |
$ 0.40 |
$ 0.41 |
$ 0.34 |
Earnings per weighted average common share,
diluted |
$ 0.47 |
$ 0.45 |
$ 0.44 |
$ 0.44 |
$ 0.44 |
$ 0.39 |
$ 0.40 |
$ 0.33 |
Weighted average common shares outstanding,
basic |
25,927,888 |
25,835,054 |
25,784,287 |
25,742,185 |
25,518,523 |
24,915,837 |
23,158,050 |
22,327,796 |
Weighted average common shares outstanding,
diluted |
26,575,155 |
26,495,545 |
26,426,093 |
26,334,355 |
26,222,041 |
25,601,623 |
23,766,606 |
22,888,151 |
Actual shares outstanding |
25,975,186 |
25,885,863 |
25,799,220 |
25,764,542 |
25,728,162 |
25,250,378 |
24,244,007 |
22,650,356 |
Book value per common share at period
end |
$ 13.62 |
$ 13.03 |
$ 12.62 |
$ 12.14 |
$ 11.86 |
$ 11.62 |
$ 11.05 |
$ 10.32 |
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
Return on average assets |
1.36% |
1.33% |
1.35% |
1.41% |
1.39% |
1.25% |
1.27% |
1.08% |
Return on average common equity |
14.38% |
14.07% |
14.37% |
14.75% |
15.29% |
13.95% |
15.20% |
13.52% |
Net interest margin |
4.45% |
4.40% |
4.31% |
4.27% |
4.20% |
4.31% |
4.44% |
4.39% |
Efficiency ratio (2) |
51.94% |
50.03% |
51.68% |
49.33% |
48.56% |
49.82% |
50.07% |
52.28% |
|
|
|
|
|
|
|
|
|
Other Ratios: |
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans
(3) |
1.37% |
1.39% |
1.42% |
1.47% |
1.52% |
1.50% |
1.48% |
1.47% |
Nonperforming loans to total loans
(3) |
1.19% |
0.84% |
0.98% |
0.87% |
1.11% |
1.23% |
1.35% |
1.42% |
Nonperforming assets to total assets |
1.19% |
0.90% |
1.11% |
1.05% |
1.12% |
1.06% |
1.25% |
1.26% |
Net charge-offs (annualized) to average loans
(3) |
0.11% |
0.18% |
0.20% |
0.24% |
0.33% |
0.37% |
0.36% |
0.40% |
Tier 1 leverage ratio |
10.83% |
10.93% |
10.89% |
10.81% |
10.39% |
10.44% |
10.36% |
9.63% |
Tier 1 risk based capital ratio |
11.57% |
11.53% |
11.61% |
11.12% |
11.08% |
10.80% |
10.76% |
10.02% |
Total risk based capital ratio |
13.04% |
13.01% |
13.12% |
12.53% |
12.50% |
12.20% |
12.24% |
11.53% |
|
|
|
|
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ 3,740,225 |
$ 3,576,715 |
$ 3,467,193 |
$ 3,331,677 |
$ 3,378,362 |
$ 3,247,498 |
$ 3,022,584 |
$ 2,888,188 |
Total earning assets |
$ 3,647,305 |
$ 3,485,546 |
$ 3,383,547 |
$ 3,279,034 |
$ 3,331,930 |
$ 3,203,462 |
$ 2,977,950 |
$ 2,844,491 |
Total loans held for sale |
$ 26,592 |
$ 27,767 |
$ 63,579 |
$ 91,781 |
$ 179,476 |
$ 186,122 |
$ 158,011 |
$ 95,734 |
Total loans |
$ 2,981,917 |
$ 2,867,955 |
$ 2,668,429 |
$ 2,557,811 |
$ 2,480,862 |
$ 2,442,418 |
$ 2,346,046 |
$ 2,246,644 |
Total deposits |
$ 3,217,916 |
$ 3,038,949 |
$ 2,939,705 |
$ 2,810,033 |
$ 2,864,305 |
$ 2,748,567 |
$ 2,572,022 |
$ 2,447,985 |
Total borrowings |
$ 102,146 |
$ 126,409 |
$ 136,590 |
$ 137,337 |
$ 135,315 |
$ 137,525 |
$ 132,955 |
$ 150,644 |
Total stockholders' equity |
$ 405,121 |
$ 391,036 |
$ 377,246 |
$ 370,302 |
$ 359,859 |
$ 343,401 |
$ 306,072 |
$ 284,040 |
|
|
|
|
|
|
|
|
|
(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) 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)
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