In a release issued under the same headline earlier today by Eagle
Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent company of
EagleBank, please note that in the Consolidated Average Balances,
Interest Yields And Rates (Unaudited) table for the Three Months
Ended June 30, 2014, the TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
Average Balance should read $3,853,441, not $38,534,441 as
previously stated.
The corrected release follows:
Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $12.9 million ($13.5 million operating earnings) for the quarter
ended June 30, 2014, an 11% increase on a net income basis (16% on
an operating income basis) over the $11.7 million net income for
the quarter ended June 30, 2013. Net income available to common
shareholders for the quarter ended June 30, 2014 increased 11% (16%
increase on an operating basis) to $12.8 million ($13.4 million on
an operating basis) as compared to $11.5 million for the same
period in 2013. Net income per basic and diluted common share for
the three months ended June 30, 2014 was $0.49 and $0.48,
respectively ($0.51 per basic common share and $0.50 per diluted
common share on an operating earnings basis), as compared to $0.45
per basic common share and $0.44 per diluted common share for the
same period in 2013.
Operating earnings exclude merger related expenses of $576
thousand ($0.02 per basic and diluted shares) recorded in the
second quarter and first six months of 2014 related to our
contemplated merger with Virginia Heritage Bank. Where appropriate,
parenthetical references refer to operating earnings.
Reconciliations of GAAP earnings to operating earnings are
contained in the footnotes to the financial highlights table.
On June 9, 2014, the Company and Virginia Heritage Bank ("VHB")
(OTCQB:VGBK) announced that they have entered into a definitive
agreement pursuant to which VHB will be merged into EagleBank, with
EagleBank being the surviving institution. The merger is expected
to accelerate the Company's growth in the attractive Northern
Virginia market. At March 31, 2014, VHB had approximately $917
million in assets, $716 million in net loans and $737 million in
deposits. The merger is subject to regulatory approvals and
approval of Virginia Heritage shareholders, and is expected to be
completed in the fourth quarter of 2014.
For the six months ended June 30, 2014, the Company's net income
was $25.4 million ($26.0 million on an operating basis), a 9%
increase (12% on an operating basis) over the $23.2 million for the
six months ended June 30, 2013. Net income available to common
shareholders was $25.2 million ($25.7 million on an operating
basis) $0.97 per basic common share and $0.95 per diluted common
share ($0.99 per basic common share and $0.97 per diluted common
share on an operating basis), as compared to $23.0 million ($0.90
per basic common share and $0.88 per diluted common share) for the
same six month period in 2013, a 10% increase (12% on an operating
basis).
"We are very 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. For the
second 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 continued solid asset quality measures and by
enhanced measures of operating efficiency. The strong earnings
resulted in a return on average assets of 1.35% (1.41% on an
operating basis) for the second quarter of 2014 and contributed to
a higher leverage capital ratio of 10.89% at June 30, 2014 as
compared to 10.81% at June 30, 2013. The leverage capital ratio was
10.93% at December 31, 2013.
For the second quarter of 2014, total loans grew 7% over March
31, 2014, and were 22% higher at June 30, 2014 as compared to June
30, 2013. For the second quarter of 2014, total deposits increased
3% over March 31, 2014, and were 17% higher at June 30, 2014 than
June 30, 2013. The net interest margin was 4.48% for the second
quarter, 3 basis points higher than the first quarter of 2014, and
21 basis points higher than the second 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 superior net interest margin position at
June 30, 2014."
Total revenue (net interest income plus noninterest income) for
the second quarter of 2014 was $45.8 million or 9% above the $41.9
million of total revenue earned for the second quarter of 2013. For
the first six months of 2014, total revenue was $90.3 million, 7%
higher than $84.5 million for the first six months in 2013.
The Company's primary driver of revenue growth for the second
quarter of 2014 was its net interest income growth of 21%, as
compared to the second quarter in 2013 ($42.0 million versus $34.9
million), effectively outpacing the decline in total noninterest
earnings attributable primarily to much lower levels of residential
mortgage originations and sales. Additionally, the Company achieved
5% growth in net interest income in the second quarter of 2014 as
compared to the first quarter of 2014 ($42.0 million versus $40.0
million).
For the second quarter of 2014, revenue from residential
mortgage banking net interest income and fees represented 1.92% of
total revenue versus 7.74% of total revenue for the second quarter
of 2013. For the first six months of 2014, revenue from residential
mortgage banking net interest income and fees represented 2.43% of
total revenue versus 10.31% of total revenue first six months of
2013. The Company evaluates 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 or net interest income, while also
looking to residential mortgage banking as a component of the
Company's ongoing noninterest income growth opportunities. 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." The mix of purchase money
mortgages was 65% for the first six months in 2014 as compared to
17% for the first six months in 2013. Activity in SBA lending was
generally weaker in the second quarter; however the Company remains
committed to growing the SBA business.
Asset quality measures improved to ever stronger levels at June
30, 2014. The one large nonaccrual relationship of about $11.0
million that arose in the first quarter of 2014 was resolved as
expected by June 30, 2014 with no loss. Net charge-offs
(annualized) were 0.20% of average loans for the second quarter of
2014 and were 0.16% (annualized) of average loans for the first six
months of 2014, as compared to 0.24% (annualized) and 0.28%
net-charge offs (annualized), respectively for the second quarter
of 2013 and the first six months in 2013. Taking into account loan
growth, the level and details of nonperforming loans and portfolio
delinquencies, net charge-off trends and consistent loan loss
reserve methodology resulted in the allowance for loan losses
($43.6 million) ending June 30, 2014 at 1.33% of total loans and
193% of total nonperforming loans as compared to 1.47% of total
loans and 169% of nonperforming loans at June 30, 2013, and 1.39%
of total loans and 166% of nonperforming loans at December 31,
2013.
Lastly, Mr. Paul noted, "that for the second quarter of 2014,
the Company's operating cost management remained quite strong." The
efficiency ratio of 48.30% (47.04% on an operating basis) reflects
management's determined and continuous efforts to control costs.
The Company's goal is to maximize operating performance while not
inhibiting growth or negatively impacting our ability to service
our customers. Mr. Paul further noted the favorable level of second
quarter noninterest expenses (annualized) to average assets of just
2.30% (2.24% on an operating basis). "We will maintain strict
oversight of costs, while retaining an infrastructure that
maximizes our ability to not just remain competitive, but to
grow."
At June 30, 2014, total assets were $3.91 billion, compared to
$3.41 billion at June 30, 2013, a 15% increase, and $3.77 billion
at December 31, 2013, a 4% increase. Total loans (excluding loans
held for sale) were $3.28 billion at June 30, 2014 compared to
$2.69 billion at June 30, 2013, a 22% increase and $2.95 billion at
December 31, 2013, an 11% increase. Total deposits were $3.37
billion at June 30, 2014, compared to deposits of $2.89 billion at
June 30, 2013, a 17% increase and $3.23 billion at December 31,
2013, a 4% increase. Loans held for sale amounted to $35.4 million
at June 30, 2014 as compared to $104.8 million at June 30, 2013, a
66% decrease, and $42.0 million at December 31, 2013, a 16%
decline.
The investment portfolio totaled $379.0 million at June 30,
2014, a 13% increase from the $335.8 million balance at June 30,
2013. As compared to December 31, 2013, the investment portfolio at
June 30, 2014 increased by $857 thousand, a 0.2% increase. Total
borrowed funds (excluding customer repurchase agreements) were
$39.3 million at June 30, 2014, June 30, 2013 and December 31, 2013
respectively.
Total shareholders' equity increased to $426.8 million at June
30, 2014, compared to $369.4 million and $393.9 million at June 30,
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 12.71%
at June 30, 2014, as compared to a total risk based capital ratio
of 12.53% at June 30, 2013 and 13.01% at December 31, 2013. In
addition, the tangible common equity ratio (tangible common equity
to tangible assets) increased to 9.39% at June 30, 2014, from 9.07%
at June 30, 2013 and 8.86% at December 31, 2013.
At June 30, 2014, the Company's nonperforming assets amounted to
$31.3 million, representing 0.80% of total assets, compared to
$33.9 million nonperforming assets, or 0.90% of total assets at
December 31, 2013 and $35.7 million of nonperforming assets, or
1.05% of total assets at June 30, 2013. 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
1.33% of total loans (excluding loans held for sale) at June 30,
2014, is adequate to absorb potential credit losses within the loan
portfolio at that date. The allowance for credit losses represented
193% of nonperforming loans at June 30, 2014, as compared to 169%
at June 30, 2013 and 166% at December 31, 2013. The decrease in the
allowance for credit losses as a percentage of total loans at June
30, 2014, as compared to December 31, 2013 (from 1.39% to 1.33%),
is due to increased loan growth and overall improved credit quality
in the loan portfolio at June 30, 2014.
Analysis of the three months ended June 30, 2014
compared to June 30, 2013
For the three months ended June 30, 2014, the Company reported
an annualized return on average assets ("ROAA") of 1.35% (1.41% on
an operating basis) as compared to 1.41% for the three months ended
June 30, 2013. The annualized return on average common equity
("ROAE") for the quarter ended June 30, 2014 was 14.09% (14.72% on
an operating basis), as compared to 14.75% for the three months
ended June 30, 2013. The slightly lower ROAA and ROAE ratios for
second 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 21% for the three months ended
June 30, 2014 over the same period in 2013, resulting from both
growth in average earning assets of 15% and an expanded net
interest margin for the three months ended June 30, 2014. The net
interest margin was 4.48% as compared to 4.27% for the three months
ended June 30, 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 5.37%
and 5.41%, for the second quarter and first six months of 2014,
respectively, has been a significant factor in its overall
profitability.
The provision for credit losses was $3.1 million for the three
months ended June 30, 2014 as compared to $2.4 million for the
three months ended June 30, 2013. The higher provisioning in the
second quarter of 2014, as compared to the second quarter of 2013,
is due to higher loan growth. Net charge-offs of $1.6 million in
the second quarter of 2014 represented an annualized 0.20% of
average loans, excluding loans held for sale, as compared to $1.5
million or an annualized 0.24% of average loans, excluding loans
held for sale, in the second quarter of 2013. Net charge-offs in
the second quarter of 2014 were attributable primarily to
commercial and industrial loans ($1.3 million) and construction
loans ($219 thousand).
Noninterest income for the three months ended June 30, 2014
decreased to $3.8 million from $7.1 million for the three months
ended June 30, 2013, a 46% decrease. This decrease was primarily
due to a decline of $2.4 million in gains on the sale of
residential mortgage loans due to substantially lower origination
volume, and a $1.4 million decrease in gains on sales of SBA loans.
This decrease was partially offset by increases of $268 thousand
and $215 thousand, respectively, in income from service charges on
deposits and Bank Owned Life Insurance. There were $2 thousand of
investment securities gains recorded for the second quarter of
2014, as compared to no investment securities gains for the second
quarter of 2013.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, improved to 48.30% (47.04% on an
operating basis) for the second quarter of 2014, as compared to
49.33% for the second quarter of 2013. As a percentage of average
assets, total noninterest expense (annualized) improved to 2.30%
(2.24% on an operating basis) for the second quarter of 2014 as
compared to 2.50% for the same period in 2013. Noninterest expenses
totaled $22.1 million ($21.6 million on an operating basis) for the
three months ended June 30, 2014, as compared to $20.7 million for
the three months ended June 30, 2013, a 7% increase (4% increase on
an operating basis). Cost increases for salaries and benefits were
$1.7 million, due primarily to increased salaries and employee
benefits expense and incentive compensation. Premises and equipment
expenses were $180 thousand higher, due to costs of additional
office space and increases in leasing costs. Legal, accounting and
professional fees increased by $210 thousand primarily due to an
increase in professional fees, consulting fees and collection costs
related to problem loans. The decrease in other expenses of $491
thousand ($1.1 million on an operating basis) was due primarily to
reduced costs related to OREO property and other losses. Included
in other expenses are $576 thousand of expenses related to the
merger announced in early June 2014.
Analysis of the six months ended June 30, 2014 compared
to June 30, 2013
For the six months ended June 30, 2014, the Company reported an
annualized ROAA of 1.35% (1.38% on an operating basis) as compared
to 1.40% for the six months ended June 30, 2013, while the
annualized ROAE was 14.23% (14.56% on an operating basis), as
compared to 15.01% for the same six months of 2013. The lower ROAA
and ROAE ratios for six months 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 18% for the six months ended June
30, 2014 over the same period in 2013, resulting from both growth
in average earning assets of 12% and an expanded net interest
margin for the six months ended June 30, 2014. The net interest
margin was 4.47% as compared to 4.23% for the six months ended June
30, 2013. Year-to-date in 2014, the Company has been able to
maintain its loan portfolio yields relatively close to 2013 levels
(5.41% versus 5.58%) due to disciplined loan practices, and also
has been able to reduce its cost of funds (0.30% versus 0.40%),
while maintaining a favorable deposit mix, much of which has
occurred from ongoing efforts to increase and deepen client
relationships.
The provision for credit losses was $5.1 million for the six
months ended June 30, 2014 as compared to $5.7 million for the six
months ended June 30, 2013. The lower provisioning is due to a
combination of lower net charge-offs, and overall improved asset
quality in the loan portfolio. For the six months ended June 30,
2014 net charge-offs totaled $2.4 million (0.16% of average loans)
compared to $3.6 million (0.28% of average loans) for the six
months ended June 30, 2013. Net charge-offs for the six months
ended June 30, 2014 were attributable primarily to commercial and
industrial loans ($1.4 million) and construction loans ($736
thousand).
Noninterest income for the six months ended June 30, 2014
decreased to $8.3 million from $15.2 million for the six months
ended June 30, 2013, a 46% decrease. This decrease was primarily
due to decline of $6.7 million in gains on the sale of residential
mortgage loans due to lower origination and sales volume, and a
decrease of $826 thousand in income from sales of SBA loans. This
decrease was partially offset by $175 thousand higher income from
service charges on deposits and a $435 thousand increase in income
from Bank Owned Life Insurance. There were $10 thousand of
investment securities gains recorded for the first six months of
2014, as compared to $23 thousand of investment securities gains
for the first six months of 2013.
Noninterest expenses for the first six months of 2014 were $45.2
million ($44.7 million on an operating basis) compared to $41.4
million, a 9% increase (8% on an operating basis). Cost increases
for salaries and employee benefits were $4.1 million, due primarily
to merit increases, higher benefit costs and incentive and
discretionary bonuses. Premises and equipment expenses were $469
thousand higher, due to costs of additional office space and
increases in leasing costs. Legal, accounting and professional fees
increased by $411 thousand primarily due to an increase in
professional fees, consulting fees and collection costs related to
problem loans. The decrease in other expenses of $1.1 million ($1.7
million on an operating basis) was due primarily to a decline in
costs related to OREO property and other losses. As a percentage of
average assets, total noninterest expense improved to 2.40% (2.37%
on an operating basis) for the first six months of 2014 as compared
to 2.49% for the same period in 2013. For the first six months of
2014, the efficiency ratio remained favorable at 50.09% (49.45% on
an operating basis) as compared to 48.94% for the same period in
2013.
The financial information, which follows, provides more detail
on the Company's financial performance for the six and three months
ended June 30, 2014 as compared to the six and three months ended
June 30, 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. The Company announced in early
June a merger transaction with Virginia Heritage Bank in Northern
Virginia expected to close in the fourth quarter of 2014.
Conference Call: Eagle Bancorp will host a
conference call to discuss the second quarter 2014 financial
results on Wednesday, July 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 72276154, 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 August 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, 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.
Eagle Bancorp, Inc. |
|
|
|
|
Consolidated Financial Highlights
(Unaudited) |
|
|
|
|
(dollars in thousands, except per share
data) |
Six Months
Ended |
Three Months
Ended |
|
June
30, |
June
30, |
|
2014 |
2013 |
2014 |
2013 |
Income Statements: |
|
|
|
|
Total interest income |
$ 87,596 |
$ 75,918 |
$ 44,759 |
$ 37,985 |
Total interest expense |
5,569 |
6,545 |
2,739 |
3,121 |
Net interest income |
82,027 |
69,373 |
42,020 |
34,864 |
Provision for credit losses |
5,068 |
5,722 |
3,134 |
2,357 |
Net interest income after provision for
credit losses |
76,959 |
63,651 |
38,886 |
32,507 |
Noninterest income (before
investment gains) |
8,264 |
15,153 |
3,809 |
7,065 |
Gain on sale of investment
securities |
10 |
23 |
2 |
-- |
Total noninterest income |
8,274 |
15,176 |
3,811 |
7,065 |
Total noninterest expense
(1) |
45,233 |
41,382 |
22,135 |
20,685 |
Income before income tax expense |
40,000 |
37,445 |
20,562 |
18,887 |
Income tax expense |
14,557 |
14,198 |
7,618 |
7,212 |
Net income (1) |
25,443 |
23,247 |
12,944 |
11,675 |
Preferred stock dividends |
283 |
283 |
142 |
142 |
Net income available to common shareholders
(1) |
$ 25,160 |
$ 22,964 |
$ 12,802 |
$ 11,533 |
|
|
|
|
|
Per Share Data: |
|
|
|
|
Earnings per weighted average common share,
basic (1) |
$ 0.97 |
$ 0.90 |
$ 0.49 |
$ 0.45 |
Earnings per weighted average common share,
diluted (1) |
$ 0.95 |
$ 0.88 |
$ 0.48 |
$ 0.44 |
Weighted average common shares outstanding,
basic |
25,954,912 |
25,641,067 |
25,981,638 |
25,742,185 |
Weighted average common shares outstanding,
diluted |
26,599,594 |
26,234,030 |
26,623,784 |
26,334,355 |
Actual shares outstanding |
25,985,659 |
25,764,542 |
25,985,659 |
25,764,542 |
Book value per common share at period
end |
$ 14.25 |
$ 12.14 |
$ 14.25 |
$ 12.14 |
Tangible book value per common share at
period end (2) |
$ 14.12 |
$ 12.00 |
$ 14.12 |
$ 12.00 |
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
Return on average assets
(1) |
1.35% |
1.40% |
1.35% |
1.41% |
Return on average common equity
(1) |
14.23% |
15.01% |
14.09% |
14.75% |
Net interest margin |
4.47% |
4.23% |
4.48% |
4.27% |
Efficiency ratio (1)
(3) |
50.09% |
48.94% |
48.30% |
49.33% |
|
|
|
|
|
Other Ratios: |
|
|
|
|
Allowance for credit losses to total
loans |
1.33% |
1.47% |
1.33% |
1.47% |
Allowance for credit losses to total
nonperforming loans |
193.50% |
168.63% |
193.50% |
168.63% |
Nonperforming loans to total loans |
0.69% |
0.87% |
0.69% |
0.87% |
Nonperforming assets to total assets |
0.80% |
1.05% |
0.80% |
1.05% |
Net charge-offs (annualized) to average
loans |
0.16% |
0.28% |
0.20% |
0.24% |
Common equity to total assets |
9.46% |
9.17% |
9.46% |
9.17% |
Tier 1 leverage ratio |
10.89% |
10.81% |
10.89% |
10.81% |
Tier 1 risk based capital ratio |
11.29% |
11.12% |
11.29% |
11.12% |
Total risk based capital ratio |
12.71% |
12.53% |
12.71% |
12.53% |
Tangible common equity to tangible assets
(2) |
9.38% |
9.07% |
9.38% |
9.07% |
|
|
|
|
|
Loan Balances - Period End (in
thousands): |
|
|
|
|
Commercial and Industrial |
$ 726,611 |
$ 636,623 |
$ 726,611 |
$ 636,623 |
Commercial real estate - owner occupied |
$ 330,073 |
$ 311,335 |
$ 330,073 |
$ 311,335 |
Commercial real estate - income
producing |
$ 1,302,479 |
$ 1,003,723 |
$ 1,302,479 |
$ 1,003,723 |
1-4 Family mortgage |
$ 123,587 |
$ 78,813 |
$ 123,587 |
$ 78,813 |
Construction - commercial and
residential |
$ 642,264 |
$ 515,511 |
$ 642,264 |
$ 515,511 |
Construction - C&I (owner occupied) |
$ 38,368 |
$ 28,807 |
$ 38,368 |
$ 28,807 |
Home equity |
$ 108,931 |
$ 108,565 |
$ 108,931 |
$ 108,565 |
Other consumer |
$ 7,116 |
$ 7,981 |
$ 7,116 |
$ 7,981 |
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
Total assets |
$ 3,797,906 |
$ 3,354,891 |
$ 3,853,441 |
$ 3,331,677 |
Total earning assets |
$ 3,705,086 |
$ 3,305,336 |
$ 3,760,720 |
$ 3,279,034 |
Total loans held for sale |
$ 24,710 |
$ 135,386 |
$ 22,848 |
$ 91,781 |
Total loans |
$ 3,063,149 |
$ 2,519,549 |
$ 3,141,976 |
$ 2,557,811 |
Total deposits |
$ 3,274,215 |
$ 2,837,020 |
$ 3,328,380 |
$ 2,810,033 |
Total borrowings |
$ 100,114 |
$ 136,332 |
$ 98,105 |
$ 137,337 |
Total shareholders' equity |
$ 413,119 |
$ 365,109 |
$ 421,029 |
$ 370,302 |
(1) The reported figure includes the effect of $576 thousand of
merger related expenses. As the magnitude of the merger expenses
distorts the operational results of the Company, we present in the
GAAP reconciliation below and in the accompanying text certain
performance ratios excluding the effect of the merger expenses
during the three and six months periods ended June 30, 2014. We
believe this information is important to enable shareholders and
other interested parties to assess the core operational performance
of the Company.
GAAP Reconciliation
(Unaudited) |
|
|
(dollars in thousands except per share
data) |
|
|
|
Six Months Ended |
Three Months Ended |
|
June 30, 2014 |
June 30, 2014 |
Net income |
$ 25,443 |
$ 12,944 |
Adjustments to net income |
|
|
Merger-related expenses |
576 |
576 |
Operating net income |
$ 26,019 |
$ 13,520 |
|
|
|
Net income available to common
shareholders |
$ 25,160 |
$ 12,802 |
Adjustments to net income available to common
shareholders |
|
|
Merger-related expenses |
576 |
576 |
Operating earnings |
$ 25,736 |
$ 13,378 |
|
|
|
Earnings per weighted average common
share, basic |
$ 0.97 |
$ 0.49 |
Adjustments to earnings per weighted average
common share, basic |
|
|
Merger-related expenses |
0.02 |
0.02 |
Operating earnings per weighted average
common share, basic |
$ 0.99 |
$ 0.51 |
|
|
|
Earnings per weighted average common
share, diluted |
$ 0.95 |
$ 0.48 |
Adjustments to earnings per weighted average
common share, diluted |
|
|
Merger-related expenses |
0.02 |
0.02 |
Operating earnings per weighted average
common share, diluted |
$ 0.97 |
$ 0.50 |
|
|
|
Summary Operating
Results: |
|
|
Noninterest expense |
$ 45,233 |
$ 22,135 |
Merger-related expenses |
576 |
576 |
Adjusted noninterest expense |
$ 44,657 |
$ 21,559 |
|
|
|
Adjusted efficiency ratio |
49.45% |
47.04% |
|
|
|
Adjusted noninterest expense as a % of
average assets |
2.37% |
2.24% |
|
|
|
Return on average
assets |
|
|
Net income |
$ 25,443 |
$ 12,944 |
Adjustments to net income |
|
|
Merger-related expenses |
576 |
576 |
Operating net income |
$ 26,019 |
$ 13,520 |
|
|
|
Adjusted return on average assets |
1.38% |
1.41% |
|
|
|
Return on average common
equity |
|
|
Net income available to common
shareholders |
$ 25,160 |
$ 12,802 |
Adjustments to net income available to common
shareholders |
|
|
Merger-related expenses |
576 |
576 |
Operating earnings |
$ 25,736 |
$ 13,378 |
|
|
|
Adjusted return on average common equity |
14.56% |
14.72% |
(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) |
|
|
|
|
Six Months Ended |
Twelve Months Ended |
Six Months Ended |
|
June 30, 2014 |
December 31,
2013 |
June 30, 2013 |
Common shareholders' equity |
$ 370,221 |
$ 337,263 |
$ 312,790 |
Less: Intangible assets |
(3,379) |
(3,510) |
(3,690) |
Tangible common equity |
$ 366,842 |
$ 333,753 |
$ 309,100 |
|
|
|
|
Book value per common share |
$ 14.25 |
$ 13.03 |
$ 12.14 |
Less: Intangible book value per common
share |
(0.13) |
(0.14) |
(0.14) |
Tangible book value per common
share |
$ 14.12 |
$ 12.89 |
$ 12.00 |
|
|
|
|
Total assets |
$ 3,914,444 |
$ 3,771,503 |
$ 3,410,568 |
Less: Intangible assets |
(3,379) |
(3,510) |
(3,690) |
Tangible assets |
$ 3,911,065 |
$ 3,767,993 |
$ 3,406,878 |
Tangible common equity
ratio |
9.38% |
8.86% |
9.07% |
(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 |
June 30, 2014 |
December 31,
2013 |
June 30, 2013 |
Cash and due from banks |
$ 8,602 |
$ 9,577 |
$ 7,765 |
Federal funds sold |
9,480 |
5,695 |
10,634 |
Interest bearing deposits with banks and
other short-term investments |
97,400 |
291,688 |
172,849 |
Investment securities available for sale, at
fair value |
378,990 |
378,133 |
335,779 |
Federal Reserve and Federal Home Loan Bank
stock |
10,626 |
11,272 |
11,220 |
Loans held for sale |
35,411 |
42,030 |
104,767 |
Loans |
3,279,429 |
2,945,158 |
2,691,358 |
Less allowance for credit losses |
(43,552) |
(40,921) |
(39,640) |
Loans, net |
3,235,877 |
2,904,237 |
2,651,718 |
Premises and equipment, net |
17,797 |
16,737 |
16,706 |
Deferred income taxes |
25,586 |
28,949 |
24,883 |
Bank owned life insurance |
40,361 |
39,738 |
29,324 |
Intangible assets, net |
3,379 |
3,510 |
3,690 |
Other real estate owned |
8,843 |
9,225 |
12,213 |
Other assets |
42,092 |
30,712 |
29,020 |
Total
Assets |
$ 3,914,444 |
$ 3,771,503 |
$ 3,410,568 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 945,485 |
$ 849,409 |
$ 767,808 |
Interest bearing
transaction |
128,415 |
118,580 |
107,013 |
Savings and money market |
1,899,430 |
1,811,088 |
1,531,804 |
Time, $100,000 or more |
186,063 |
203,706 |
203,117 |
Other time |
208,534 |
242,631 |
278,494 |
Total deposits |
3,367,927 |
3,225,414 |
2,888,236 |
Customer repurchase agreements |
60,646 |
80,471 |
97,327 |
Long-term borrowings |
39,300 |
39,300 |
39,300 |
Other liabilities |
19,750 |
32,455 |
16,315 |
Total
liabilities |
3,487,623 |
3,377,640 |
3,041,178 |
|
|
|
|
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 June 30, 2014,
December 31, 2013 and June 30, 2013 |
56,600 |
56,600 |
56,600 |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
25,985,659, 25,885,863 and 25,764,542 respectively |
255 |
253 |
251 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
244,703 |
242,990 |
239,584 |
Retained earnings |
122,479 |
96,393 |
72,916 |
Accumulated other comprehensive income
(loss) |
1,838 |
(3,319) |
(907) |
Total Shareholders'
Equity |
426,821 |
393,863 |
369,390 |
Total Liabilities and
Shareholders' Equity |
$ 3,914,444 |
$ 3,771,503 |
$ 3,410,568 |
|
|
|
|
|
Eagle Bancorp, Inc. |
|
|
|
|
Consolidated Statements of Operations
(Unaudited) |
|
|
|
|
(dollars in thousands, except per share
data) |
|
|
|
|
|
Six Months
Ended |
Three Months
Ended |
|
June
30, |
June
30, |
Interest Income |
2014 |
2013 |
2014 |
2013 |
Interest and fees on loans |
$ 82,679 |
$ 72,022 |
$ 42,316 |
$ 35,998 |
Interest and dividends on
investment securities |
4,656 |
3,507 |
2,323 |
1,811 |
Interest on balances with other
banks and short-term investments |
254 |
382 |
116 |
173 |
Interest on federal funds
sold |
7 |
7 |
4 |
3 |
Total interest income |
87,596 |
75,918 |
44,759 |
37,985 |
Interest Expense |
|
|
|
|
Interest on deposits |
4,736 |
5,578 |
2,324 |
2,638 |
Interest on customer repurchase
agreements |
69 |
133 |
31 |
64 |
Interest on long-term
borrowings |
764 |
834 |
384 |
419 |
Total interest expense |
5,569 |
6,545 |
2,739 |
3,121 |
Net Interest Income |
82,027 |
69,373 |
42,020 |
34,864 |
Provision for Credit
Losses |
5,068 |
5,722 |
3,134 |
2,357 |
Net Interest Income After Provision
For Credit Losses |
76,959 |
63,651 |
38,886 |
32,507 |
|
|
|
|
|
Noninterest Income |
|
|
|
|
Service charges on
deposits |
2,411 |
2,236 |
1,219 |
951 |
Gain on sale of loans |
2,864 |
10,417 |
1,021 |
4,768 |
Gain on sale of investment
securities |
10 |
23 |
2 |
-- |
Increase in the cash surrender
value of bank owned life insurance |
624 |
189 |
310 |
95 |
Other income |
2,365 |
2,311 |
1,259 |
1,251 |
Total noninterest income |
8,274 |
15,176 |
3,811 |
7,065 |
Noninterest Expense |
|
|
|
|
Salaries and employee
benefits |
26,623 |
22,535 |
13,015 |
11,335 |
Premises and equipment
expenses |
6,196 |
5,727 |
3,107 |
2,927 |
Marketing and advertising |
877 |
741 |
415 |
394 |
Data processing |
3,020 |
3,070 |
1,432 |
1,531 |
Legal, accounting and
professional fees |
1,773 |
1,362 |
799 |
589 |
FDIC insurance |
1,107 |
1,196 |
563 |
614 |
Other expenses |
5,637 |
6,751 |
2,804 |
3,295 |
Total noninterest expense |
45,233 |
41,382 |
22,135 |
20,685 |
Income Before Income Tax
Expense |
40,000 |
37,445 |
20,562 |
18,887 |
Income Tax Expense |
14,557 |
14,198 |
7,618 |
7,212 |
Net Income |
25,443 |
23,247 |
12,944 |
11,675 |
Preferred Stock
Dividends |
283 |
283 |
142 |
142 |
Net Income Available to Common
Shareholders |
$ 25,160 |
$ 22,964 |
$ 12,802 |
$ 11,533 |
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
Basic |
$ 0.97 |
$ 0.90 |
$ 0.49 |
$ 0.45 |
Diluted |
$ 0.95 |
$ 0.88 |
$ 0.48 |
$ 0.44 |
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
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 |
$ 187,950 |
$ 116 |
0.25% |
$ 282,571 |
$ 173 |
0.25% |
Loans held for sale (1) |
22,848 |
233 |
4.08% |
91,781 |
783 |
3.41% |
Loans (1) (2) |
3,141,976 |
42,083 |
5.37% |
2,557,811 |
35,215 |
5.52% |
Investment securities available for sale
(2) |
398,330 |
2,323 |
2.34% |
339,251 |
1,811 |
2.14% |
Federal funds sold |
9,616 |
4 |
0.17% |
7,620 |
3 |
0.16% |
Total interest earning
assets |
3,760,720 |
44,759 |
4.77% |
3,279,034 |
37,985 |
4.65% |
|
|
|
|
|
|
|
Total noninterest earning assets |
134,960 |
|
|
91,671 |
|
|
Less: allowance for credit losses |
42,239 |
|
|
39,028 |
|
|
Total noninterest earning
assets |
92,721 |
|
|
52,643 |
|
|
TOTAL ASSETS |
$ 3,853,441 |
|
|
$ 3,331,677 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 116,358 |
$ 38 |
0.13% |
$ 103,655 |
$ 70 |
0.27% |
Savings and money market |
1,901,501 |
1,515 |
0.32% |
1,449,457 |
1,314 |
0.36% |
Time deposits |
398,317 |
771 |
0.78% |
499,950 |
1,254 |
1.01% |
Total interest bearing
deposits |
2,416,176 |
2,324 |
0.39% |
2,053,062 |
2,638 |
0.52% |
Customer repurchase agreements |
58,805 |
31 |
0.21% |
97,944 |
64 |
0.26% |
Other short-term borrowings |
-- |
-- |
-- |
93 |
-- |
-- |
Long-term borrowings |
39,300 |
384 |
3.87% |
39,300 |
419 |
4.22% |
Total interest bearing
liabilities |
2,514,281 |
2,739 |
0.44% |
2,190,399 |
3,121 |
0.57% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
912,204 |
|
|
756,971 |
|
|
Other liabilities |
5,927 |
|
|
14,005 |
|
|
Total noninterest bearing
liabilities |
918,131 |
|
|
770,976 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
421,029 |
|
|
370,302 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 3,853,441 |
|
|
$ 3,331,677 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 42,020 |
|
|
$ 34,864 |
|
Net interest spread |
|
|
4.33% |
|
|
4.08% |
Net interest margin |
|
|
4.48% |
|
|
4.27% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $2.9 million
and $1.8 million for the three months ended June 30, 2014 and 2013,
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) |
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
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 |
$ 208,994 |
$ 254 |
0.24% |
$ 314,250 |
$ 382 |
0.25% |
Loans held for sale (1) |
24,710 |
499 |
4.04% |
135,386 |
2,268 |
3.35% |
Loans (1) (2) |
3,063,149 |
82,180 |
5.41% |
2,519,549 |
69,754 |
5.58% |
Investment securities available for sale
(2) |
399,705 |
4,656 |
2.35% |
328,128 |
3,507 |
2.16% |
Federal funds sold |
8,528 |
7 |
0.17% |
8,023 |
7 |
0.18% |
Total interest earning
assets |
3,705,086 |
87,596 |
4.77% |
3,305,336 |
75,918 |
4.63% |
|
|
|
|
|
|
|
Total noninterest earning assets |
134,766 |
|
|
88,047 |
|
|
Less: allowance for credit losses |
41,946 |
|
|
38,492 |
|
|
Total noninterest earning
assets |
92,820 |
|
|
49,555 |
|
|
TOTAL ASSETS |
$ 3,797,906 |
|
|
$ 3,354,891 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 115,178 |
$ 101 |
0.18% |
$ 104,223 |
$ 153 |
0.30% |
Savings and money market |
1,870,078 |
3,007 |
0.32% |
1,435,325 |
2,840 |
0.40% |
Time deposits |
413,870 |
1,628 |
0.79% |
512,165 |
2,585 |
1.02% |
Total interest bearing
deposits |
2,399,126 |
4,736 |
0.40% |
2,051,713 |
5,578 |
0.55% |
Customer repurchase agreements |
60,814 |
69 |
0.23% |
96,985 |
133 |
0.28% |
Other short-term borrowings |
-- |
-- |
-- |
47 |
-- |
-- |
Long-term borrowings |
39,300 |
764 |
3.87% |
39,300 |
834 |
4.22% |
Total interest bearing
liabilities |
2,499,240 |
5,569 |
0.45% |
2,188,045 |
6,545 |
0.60% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
875,089 |
|
|
785,307 |
|
|
Other liabilities |
10,458 |
|
|
16,430 |
|
|
Total noninterest bearing
liabilities |
885,547 |
|
|
801,737 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
413,119 |
|
|
365,109 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 3,797,906 |
|
|
$ 3,354,891 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 82,027 |
|
|
$ 69,373 |
|
Net interest spread |
|
|
4.32% |
|
|
4.03% |
Net interest margin |
|
|
4.47% |
|
|
4.23% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $5.3 million
and $3.7 million for the six months ended June 30, 2014 and 2013,
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 |
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
Income Statements: |
2014 |
2014 |
2013 |
2013 |
2013 |
2013 |
2012 |
2012 |
Total interest income |
$ 44,759 |
$ 42,837 |
$ 41,652 |
$ 39,724 |
$ 37,985 |
$ 37,933 |
$ 38,164 |
$ 36,636 |
Total interest expense |
2,739 |
2,830 |
2,938 |
3,021 |
3,121 |
3,424 |
3,427 |
3,328 |
Net interest income |
42,020 |
40,007 |
38,714 |
36,703 |
34,864 |
34,509 |
34,737 |
33,308 |
Provision for credit losses |
3,134 |
1,934 |
2,508 |
1,372 |
2,357 |
3,365 |
4,139 |
3,638 |
Net interest income after provision for
credit losses |
38,886 |
38,073 |
36,206 |
35,331 |
32,507 |
31,144 |
30,598 |
29,670 |
Noninterest income (before
investment gains/losses & extinguishment of debt) |
3,809 |
4,455 |
4,308 |
5,236 |
7,065 |
8,088 |
6,135 |
4,916 |
Gain/(loss) on sale of
investment securities |
2 |
8 |
(4) |
-- |
-- |
23 |
(75) |
464 |
Loss on early extinguishment of
debt |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
(529) |
Total noninterest income |
3,811 |
4,463 |
4,304 |
5,236 |
7,065 |
8,111 |
6,060 |
4,851 |
Salaries and employee
benefits |
13,015 |
13,608 |
12,759 |
12,187 |
11,335 |
11,200 |
12,164 |
10,807 |
Premises and equipment |
3,107 |
3,089 |
2,974 |
3,222 |
2,927 |
2,800 |
2,677 |
2,562 |
Marketing and advertising |
415 |
462 |
519 |
426 |
394 |
347 |
419 |
497 |
Other expenses |
5,598 |
5,939 |
5,272 |
5,838 |
6,029 |
6,350 |
5,065 |
5,241 |
Total noninterest expense |
22,135 |
23,098 |
21,524 |
21,673 |
20,685 |
20,697 |
20,325 |
19,107 |
Income before income tax expense |
20,562 |
19,438 |
18,986 |
18,894 |
18,887 |
18,558 |
16,333 |
15,414 |
Income tax expense |
7,618 |
6,939 |
6,983 |
7,137 |
7,212 |
6,986 |
6,135 |
5,739 |
Net income |
12,944 |
12,499 |
12,003 |
11,757 |
11,675 |
11,572 |
10,198 |
9,675 |
Preferred stock dividends |
142 |
141 |
141 |
142 |
142 |
141 |
141 |
142 |
Net income available to common
shareholders |
$ 12,802 |
$ 12,358 |
$ 11,862 |
$ 11,615 |
$ 11,533 |
$ 11,431 |
$ 10,057 |
$ 9,533 |
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Per Share Data (1): |
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|
Earnings per weighted average common share,
basic |
$ 0.49 |
$ 0.48 |
$ 0.46 |
$ 0.45 |
$ 0.45 |
$ 0.45 |
$ 0.40 |
$ 0.41 |
Earnings per weighted average common share,
diluted |
$ 0.48 |
$ 0.47 |
$ 0.45 |
$ 0.44 |
$ 0.44 |
$ 0.44 |
$ 0.39 |
$ 0.40 |
Weighted average common shares outstanding,
basic |
25,981,638 |
25,927,888 |
25,835,054 |
25,784,287 |
25,742,185 |
25,518,523 |
24,915,837 |
23,158,050 |
Weighted average common shares outstanding,
diluted |
26,623,784 |
26,575,155 |
26,495,545 |
26,426,093 |
26,334,355 |
26,222,041 |
25,601,623 |
23,766,606 |
Actual shares outstanding |
25,985,659 |
25,975,186 |
25,885,863 |
25,799,220 |
25,764,542 |
25,728,162 |
25,250,378 |
24,244,007 |
Book value per common share at period
end |
$ 14.25 |
$ 13.62 |
$ 13.03 |
$ 12.62 |
$ 12.14 |
$ 11.86 |
$ 11.62 |
$ 11.05 |
Tangible book value per common share at
period end (2) |
$ 14.12 |
$ 13.49 |
$ 12.89 |
$ 12.48 |
$ 12.00 |
$ 11.72 |
$ 11.47 |
$ 10.89 |
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Performance Ratios
(annualized): |
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Return on average assets |
1.35% |
1.36% |
1.33% |
1.35% |
1.41% |
1.39% |
1.25% |
1.27% |
Return on average common equity |
14.09% |
14.38% |
14.07% |
14.37% |
14.75% |
15.29% |
13.95% |
15.20% |
Net interest margin |
4.48% |
4.45% |
4.40% |
4.31% |
4.27% |
4.20% |
4.31% |
4.44% |
Efficiency ratio (3) |
48.30% |
51.94% |
50.03% |
51.68% |
49.33% |
48.56% |
49.82% |
50.07% |
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Other Ratios: |
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Allowance for credit losses to total loans
(4) |
1.33% |
1.37% |
1.39% |
1.42% |
1.47% |
1.52% |
1.50% |
1.48% |
Nonperforming loans to total loans
(4) |
0.69% |
1.19% |
0.84% |
0.98% |
0.87% |
1.11% |
1.23% |
1.35% |
Allowance for credit losses to total
nonperforming loans |
193.50% |
115.67% |
165.66% |
144.08% |
168.63% |
137.80% |
122.19% |
109.74% |
Nonperforming assets to total assets |
0.80% |
1.19% |
0.90% |
1.11% |
1.05% |
1.12% |
1.06% |
1.25% |
Net charge-offs (annualized) to average loans
(4) |
0.20% |
0.11% |
0.18% |
0.20% |
0.24% |
0.33% |
0.37% |
0.36% |
Tier 1 leverage ratio |
10.89% |
10.83% |
10.93% |
10.89% |
10.81% |
10.39% |
10.44% |
10.36% |
Tier 1 risk based capital ratio |
11.29% |
11.57% |
11.53% |
11.61% |
11.12% |
11.08% |
10.80% |
10.76% |
Total risk based capital ratio |
12.71% |
13.04% |
13.01% |
13.12% |
12.53% |
12.50% |
12.20% |
12.24% |
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Average Balances (in
thousands): |
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Total assets |
$ 3,853,441 |
$ 3,740,225 |
$ 3,576,715 |
$ 3,467,193 |
$ 3,331,677 |
$ 3,378,362 |
$ 3,247,498 |
$ 3,022,584 |
Total earning assets |
$ 3,760,720 |
$ 3,647,305 |
$ 3,485,546 |
$ 3,383,547 |
$ 3,279,034 |
$ 3,331,930 |
$ 3,203,462 |
$ 2,977,950 |
Total loans held for sale |
$ 22,848 |
$ 26,592 |
$ 27,767 |
$ 63,579 |
$ 91,781 |
$ 179,476 |
$ 186,122 |
$ 158,011 |
Total loans |
$ 3,141,976 |
$ 2,981,917 |
$ 2,867,955 |
$ 2,668,429 |
$ 2,557,811 |
$ 2,480,862 |
$ 2,442,418 |
$ 2,346,046 |
Total deposits |
$ 3,328,380 |
$ 3,217,916 |
$ 3,038,949 |
$ 2,939,705 |
$ 2,810,033 |
$ 2,864,305 |
$ 2,748,567 |
$ 2,572,022 |
Total borrowings |
$ 98,105 |
$ 102,146 |
$ 126,409 |
$ 136,590 |
$ 137,337 |
$ 135,315 |
$ 137,525 |
$ 132,955 |
Total stockholders' equity |
$ 421,029 |
$ 405,121 |
$ 391,036 |
$ 377,246 |
$ 370,302 |
$ 359,859 |
$ 343,401 |
$ 306,072 |
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(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) Tangible book value per
common share is a non-GAAP financial measure derived from
GAAP-based amounts. We calculate tangible book value per common
share by dividing tangible common equity by common shares
outstanding, as compared to book value per common share, which we
calculate by dividing common shareholders' equity by common shares
outstanding. We believe that this information is important to
shareholders as tangible equity is a measure that is consistent
with the calculation of capital for bank regulatory purposes,
which excludes intangible assets from the calculation of risk
based ratios. |
(3) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. |
(4) Excludes loans held for
sale. |
CONTACT: EAGLE BANCORP, INC.:
Michael T. Flynn
301.986.1800
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