Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $14.7 million ($16.9 million on an operating basis) for the
three months ended December 31, 2014, a 23% increase on a net
income basis (41% on an operating basis) over the $12.0 million net
income for the three months ended December 31, 2013. Net income
available to common shareholders for the three months ended
December 31, 2014 increased 23% (41% increase on an operating
basis) to $14.5 million ($16.7 million on an operating basis) as
compared to $11.9 million for the same period in 2013.
Net income per basic and diluted common share for the three
months ended December 31, 2014 was $0.51 and $0.49, respectively
($0.59 per basic common share and $0.56 per diluted common share on
an operating basis), as compared to $0.46 per basic common share
and $0.45 per diluted common share for the same period in 2013.
Operating earnings exclude expenses of $3.2 million or $2.2
million net of tax ($0.08 per basic share and $0.07 per diluted
share) recorded in the fourth quarter and $4.7 million or $3.5
million net of tax ($0.13 per basic and diluted share) for the year
ended December 31, 2014, related to the October 31, 2014 merger
with Virginia Heritage Bank. Where appropriate, parenthetical
references refer to operating earnings, which the Company believes
are better comparisons to prior period results of operations.
Reconciliations of GAAP earnings to operating earnings are
contained in the footnotes to the financial highlights table.
For the year ended December 31, 2014, the Company's net income
was $54.3 million ($57.7 million on an operating basis), a 15%
increase (23% on an operating basis) over the $47.0 million for the
year ended December 31, 2013. Net income available to common
shareholders was $53.6 million ($57.1 million on an operating
basis) as compared to $46.4 million for 2013, a 16% increase (23%
on an operating basis).
Net income per basic and diluted common share for the year ended
December 31, 2014 was $2.01 and $1.95, respectively ($2.14 per
basic common share and $2.08 per diluted common share on an
operating basis), as compared to $1.81 per basic common share and
$1.76 per diluted common share for 2013, an 11% increase per basic
and diluted share (18% on an operating basis per basic and diluted
share)
"We are pleased to report our twenty-fourth consecutive quarter
of record earnings, which includes the first reporting period since
the Company's completion of the merger with Virginia Heritage Bank
on October 31, 2014," 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 fourth quarter of 2014, the Company's performance was again
highlighted by significant growth in total loans and total
deposits, both from organic growth and from the merger; by 33%
growth in total revenue as compared to the same quarter in 2013; by
a continuation of a favorable net interest margin, which was 4.42%
for the fourth quarter of 2014; and by continued solid asset
quality measures. As expected, the merger has resulted in improved
operating leverage for the Company as evidenced by a fourth quarter
efficiency ratio on an operating basis of 45.71%. The strong fourth
quarter earnings resulted in an annualized return on average assets
("ROAA") of 1.21% (1.38% on an operating basis) and an annualized
return on average equity ("ROAE") of 11.68% (13.15% on an operating
basis).
The completion of the merger with Virginia Heritage Bank
contributed to growth in the Company's balance sheet in the fourth
quarter of approximately $800 million in loans, $3 million in loans
held for sale, $645 million in deposits, and $95 million in
borrowings. Additionally, the Company issued 4,010,261 shares of
its common stock to complete the merger, and succeeded to $15.3
million of preferred stock which has a dividend rate of 1.00%.
Intangibles of approximately $107 million were recorded in the
merger transaction.
For the fourth quarter of 2014, total loans grew 26% over
September 30, 2014, and were 46% higher at December 31, 2014 as
compared to December 31, 2013. For the fourth quarter of 2014,
total deposits increased 22% over September 30, 2014, and were 34%
higher at December 31, 2014 than December 31, 2013. The net
interest margin was 4.42% for the fourth quarter, 2 basis points
higher than the fourth 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 the Company's superior net interest margin
position."
Total revenue (net interest income plus noninterest income) for
the fourth quarter of 2014 was $57.1 million, or 33% above the
$43.0 million of total revenue earned for the fourth quarter of
2013. For the year ended December 31, 2014, total revenue was
$196.8 million, 16% higher than $169.5 million recorded for the
year ended December 31, 2013.
The primary driver of the Company's revenue growth for the
fourth quarter of 2014 was its net interest income growth of 34%,
as compared to the fourth quarter in 2013 ($51.8 million versus
$38.7 million). Noninterest income growth in the fourth quarter
2014 contributed to the total revenue growth in the quarter due
substantially to increased gains on the sale of residential
mortgage loans.
For the fourth quarter of 2014, revenue from residential
mortgage banking net interest income and fees represented 3.6% of
total revenue versus 2.4% of total revenue for the fourth quarter
of 2013. For the year of 2014, revenue from residential mortgage
banking net interest income and fees represented 2.9% of total
revenue versus 7.2% of total revenue for the year of 2013. Mr. Paul
emphasized, "that the Company's primary focus is on generating
spread or net interest income, while also looking to residential
mortgage banking and SBA as components of the Company's ongoing
noninterest income growth opportunities. Purchase money residential
mortgage activity has been increasing in the Company's market area
and EagleBank is committed to participating in that improved
business activity." The mix of purchase money mortgages was 54% for
the year of 2014 as compared to 28% for the year of 2013. Activity
in SBA lending in the fourth quarter of 2014 resulted in $186
thousand of gains on sales. The Company remains committed to
growing the SBA business.
Asset quality measures remained solid at December 31, 2014. Net
charge-offs (annualized) were 0.26% of average loans for the fourth
quarter of 2014 and were 0.17% of average loans for the year ended
December 31, 2014, as compared to net charge-offs (annualized) of
0.18% and 0.23%, respectively for the fourth quarter of 2013 and
the year ended December 31, 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 at
December 31, 2014 standing at $46.1 million or 1.07% of total loans
and 205% of total nonperforming loans, as compared to $40.9 million
or 1.39% of total loans and 166% of nonperforming loans at December
31, 2013. The ratio of the allowance for credit losses to total
loans declined from 1.31% at September 30, 2014 to 1.07% at
December 31, 2014 due to accounting for the loans acquired from
Virginia Heritage Bank at fair value. As a result, under the
applicable accounting, the acquired loans will not have any
allowance component attributed against them, except to the extent
of future deterioration, if any. The credit mark recorded in
connection with the merger was 1.59% of loans acquired or
approximately $12.8 million, which represents expected lifetime
losses on the acquired loan portfolio.
At December 31, 2014, the Company's nonperforming assets
amounted to $35.7 million, representing 0.68% of total assets,
compared to $33.9 million of nonperforming assets, or 0.90% of
total assets at December 31, 2013 and to $38.0 million of
nonperforming assets, or 0.92% of total assets at September 30,
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 credit losses, at 1.07% of total loans (excluding
loans held for sale) at December 31, 2014, is adequate to absorb
potential credit losses within the loan portfolio at that date. The
allowance for credit losses represented 205% of nonperforming loans
at December 31, 2014, as compared to 166% at December 31, 2013 and
153% at September 30, 2014.
Lastly, Mr. Paul noted, "that for the year ended December 31,
2014, the Company's operating cost management remained quite
strong." The efficiency ratio of 50.67% (48.28% on an operating
basis) reflects management's determined and continuous efforts to
control costs. As earlier noted, the merger completed in the fourth
quarter resulted in improved operating efficiency. The in-market
transaction allowed the Company to achieve significant cost savings
beginning in the fourth quarter of 2014. The Company's goal is to
maximize operating performance without inhibiting growth or
negatively impacting our ability to service our customers. Mr. Paul
further noted the favorable full year 2014 level of noninterest
expenses to average assets of just 2.41% (2.30% on an operating
basis) as compared to 2.46% for the year 2013, highlights the
commitment to furthering operating leverage. "We will maintain
strict oversight of expenses, while retaining an infrastructure to
remain competitive."
At December 31, 2014, total assets were $5.25 billion, compared
to $3.77 billion at December 31, 2013, a 39% increase, and $4.17
billion at September 30, 2014, a 26% increase. Total loans
(excluding loans held for sale) were $4.31 billion at December 31,
2014 compared to $2.95 billion at December 31, 2013, a 46%
increase, and $3.43 billion at September 30, 2014, a 26% increase.
Total deposits were $4.31 billion at December 31, 2014, compared to
deposits of $3.23 billion at December 31, 2013, a 34% increase and
$3.53 billion at September 30, 2014, a 22% increase. Loans held for
sale amounted to $44.3 million at December 31, 2014 as compared to
$42.0 million at December 31, 2013, a 5% increase, and $41.3
million at September 30, 2014, a 7% increase.
The investment portfolio totaled $382.3 million at December 31,
2014, a 1% increase from the $378.1 million balance at December 31,
2013. As compared to September 30, 2014, the investment portfolio
at December 31, 2014 decreased by $125 thousand. Total borrowed
funds (excluding customer repurchase agreements) were $219.3
million at December 31, 2014 as compared to $39.3 million at
December 31, 2013, a 458% increase, and $109.3 million at September
30, 2014, a 101% increase. Included in the increase in borrowed
funds at September 30, 2014 and December 31, 2014 is the issuance
of $70 million of ten-year noncallable 5.75% subordinated debt
issued in August 2014. The subordinated debt qualifies as Tier 2
capital for regulatory purposes at the Company.
Total shareholders' equity increased to $620.8 million at
December 31, 2014, compared to $393.9 million and $442.6 million at
December 31, 2013 and September 30, 2014, respectively, primarily
due to growth from earnings and the issuance of new common equity
to consummate the merger with Virginia Heritage Bank. The ratio of
common equity to total assets was 10.46% at December 31, 2014 as
compared to 8.94% at December 31, 2013 and 9.26% at September 30,
2014. The Company's capital position remains substantially in
excess of regulatory requirements for well capitalized status, with
a total risk based capital ratio of 12.97% at December 31, 2014, as
compared to a total risk based capital ratio of 13.01% at December
31, 2013 and 14.48% at September 30, 2014. In addition, the
tangible common equity ratio (tangible common equity to tangible
assets) was 8.54% at December 31, 2014, compared to 8.86% at
December 31, 2013 and 9.19% at September 30, 2014.
Analysis of the three months ended December 31, 2014
compared to December 31, 2013
For the three months ended December 31, 2014, the Company
reported an annualized ROAA of 1.21% (1.38% on an operating basis)
as compared to 1.33% for the three months ended December 31, 2013.
The annualized ROAE for the three months ended December 31, 2014
was 11.68% (13.15% on an operating basis), as compared to 14.07%
for the three months ended December 31, 2013.
Net interest income increased 34% for the three months ended
December 31, 2014 over the same period in 2013, resulting from both
growth in average earning assets of 34% and an expanded net
interest margin for the three months ended December 31, 2014. The
net interest margin was 4.42% as compared to 4.40% for the three
months ended December 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 5.29% and 5.37%, for the fourth quarter in 2014
and for the year ended December 31, 2014, respectively, has been a
significant factor in its overall
profitability.
The provision for credit losses was $3.7 million for the three
months ended December 31, 2014 as compared to $2.5 million for the
three months ended December 31, 2013. The higher provisioning in
the fourth quarter of 2014, as compared to the fourth quarter of
2013, is due primarily to higher net charge-offs. Net charge-offs
of $2.6 million in the fourth quarter of 2014 represented an
annualized 0.26% of average loans, excluding loans held for sale,
as compared to $1.3 million or an annualized 0.18% of average
loans, excluding loans held for sale, in the fourth quarter of
2013. Charge-offs in the fourth quarter of 2014 were attributable
primarily to land development and construction loans ($1.3
million), owner occupied-commercial real estate loans ($717
thousand) and commercial and industrial loans ($486 thousand).
Noninterest income for the three months ended December 31, 2014
increased to $5.3 million from $4.3 million for the three months
ended December 31, 2013, a 23% increase. This increase was
primarily due to an increase of $992 thousand in gains on the sale
of residential mortgage loans due to higher origination volume and
a decrease of $15 thousand in income from sales of SBA loans. There
were $12 thousand of investment securities gains recorded for the
fourth quarter of 2014, as compared to $4 thousand of investment
securities losses for the fourth quarter of 2013.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, was 51.38% (45.71% on an operating basis)
for the fourth quarter of 2014, as compared to 50.03% for the
fourth quarter of 2013. As a percentage of average assets, total
noninterest expense (annualized) was 2.40% (2.14% on an operating
basis) for the fourth quarter of 2014 as compared to 2.39% for the
same period in 2013. Noninterest expenses totaled $29.4 million
($26.1 million on an operating basis) for the three months ended
December 31, 2014, as compared to $21.5 million for the three
months ended December 31, 2013, a 36% increase (21% increase on an
operating basis). Cost increases for salaries and benefits were
$2.9 million, due primarily to increased staff from the merger,
merit increases, employee benefit expense increases and incentive
compensation. Premises and equipment expenses were $773 thousand
higher, due to costs of additional branches and office space
acquired in the merger and to increases in leasing costs. Data
processing expense increased $124 thousand primarily due to
increases associated with the merger and higher network expenses.
Legal, accounting and professional fees increased by $183 thousand.
Merger related expenses attributable to the merger with Virginia
Heritage Bank were $3.2 million for the quarter.
Analysis of the year ended December 31, 2014 compared to
December 31, 2013
For the year ended December 31, 2014, the Company reported an
ROAA of 1.31% (1.40% on an operating basis) as compared to 1.37%
for the year ended December 31, 2013, while the ROAE was 13.50%
(14.38% on an operating basis), as compared to 14.60% for the year
ended December 31, 2013.
Net interest income increased 23% for the year ended December
31, 2014 over 2013, resulting from both growth in average earning
assets of 19% and an expanded net interest margin. The net interest
margin was 4.44% as compared to 4.30% for the year ended December
31, 2013. For 2014, the Company has been able to maintain its
loan portfolio yields relatively close to 2013 levels (5.37% versus
5.51%) due to disciplined loan practices, and also has been able to
reduce its cost of funds (0.33% versus 0.37%), 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 $10.9 million for the year
ended December 31, 2014 as compared to $9.6 million for the year
ended December 31, 2013. The higher provisioning for the year ended
December 31, 2014 as compared to the same period in 2013 is due to
higher loan growth. For the year ended December 31, 2014, net
charge-offs totaled $5.7 million (0.17% of average loans) compared
to $6.2 million (0.23% of average loans) for the year ended
December 31, 2013. Net charge-offs for the year ended December 31,
2014 were attributable primarily to land development and
construction loans ($2.6 million), commercial and industrial loans
($1.7 million), owner occupied-commercial real estate loans ($746
thousand) and home equity and other consumer ($578 thousand).
Noninterest income for the year ended December 31, 2014
decreased to $18.3 million from $24.7 million for the year ended
December 31, 2013, a 26% decrease. This decrease was primarily due
to decline of $6.9 million in gains on the sale of residential
mortgage loans due to lower origination and sales volume, and a
decrease of $791 thousand in income from sales of SBA loans. This
decrease was partially offset by $299 thousand from service charges
on deposits and a $563 thousand from Bank Owned Life Insurance.
There were $22 thousand of investment securities gains recorded for
the year of 2014, as compared to $19 thousand of investment
securities gains for the year of 2013.
Noninterest expenses for the year ended of 2014 were $99.7
million ($95.0 million on an operating basis) compared to $84.6
million, an 18% increase (12% on an operating basis). Cost
increases for salaries and employee benefits were $9.8 million, due
primarily to additional personnel acquired in the merger, to merit
increases, to higher benefit costs and to higher incentive
compensation. Premises and equipment expenses were $1.4 million
higher, due to costs of additional branches and office space
acquired in the merger, and to normal increases in leasing costs.
Legal, accounting and professional fees increased by $470 thousand.
The decrease in other expenses of $1.8 million was due to lower
OREO expenses and a decrease in other losses. For 2014, expenses of
$4.7 million were specifically attributable to the merger with
Virginia Heritage Bank. As a percentage of average assets, total
noninterest expense was 2.41% (2.30% on an operating basis) for the
year of 2014 as compared to 2.46% for the same period in 2013. For
the year of 2014, the efficiency ratio remained favorable at 50.67%
(48.28% on an operating basis) as compared to 49.90% for the same
period in 2013.
The financial information which follows provides more detail on
the Company's financial performance for the twelve and three months
ended December 31, 2014 as compared to the twelve and three months
ended December 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
twenty-two 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 its fourth quarter and full year 2014
financial results on Thursday, January 22, 2015 at 10:00 a.m.
eastern standard time. The public is invited to listen to this
conference call by dialing 1.877.303.6220, conference ID Code is
61443513, 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 5, 2015.
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,
expectations as to the Company's ability to successfully integrate
Virginia Heritage Bank's business and customers and to achieve
anticipated cost savings and business enhancements related to the
merger, 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) |
Twelve Months
Ended |
Three Months
Ended |
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December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
Income Statements: |
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Total interest income |
$ 191,573 |
$ 157,294 |
$ 56,091 |
$ 41,652 |
Total interest expense |
13,095 |
12,504 |
4,275 |
2,938 |
Net interest income |
178,478 |
144,790 |
51,816 |
38,714 |
Provision for credit losses |
10,879 |
9,602 |
3,700 |
2,508 |
Net interest income after provision for
credit losses |
167,599 |
135,188 |
48,116 |
36,206 |
Noninterest income
(before investment gains) |
18,323 |
24,697 |
5,298 |
4,308 |
Gain(loss) on sale of
investment securities |
22 |
19 |
12 |
(4) |
Total noninterest income |
18,345 |
24,716 |
5,310 |
4,304 |
Total noninterest expense
(1) |
99,728 |
84,579 |
29,352 |
21,524 |
Income before income tax expense |
86,216 |
75,325 |
24,074 |
18,986 |
Income tax expense |
31,958 |
28,318 |
9,347 |
6,983 |
Net income (1) |
54,258 |
47,007 |
14,727 |
12,003 |
Preferred stock dividends |
614 |
566 |
180 |
141 |
Net income available to common shareholders
(1) |
$ 53,644 |
$ 46,441 |
$ 14,547 |
$ 11,862 |
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Per Share Data: |
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Earnings per weighted average common share,
basic (1) |
$ 2.01 |
$ 1.81 |
$ 0.51 |
$ 0.46 |
Earnings per weighted average common share,
diluted (1) |
$ 1.95 |
$ 1.76 |
$ 0.49 |
$ 0.45 |
Weighted average common shares outstanding,
basic |
26,683,759 |
25,726,062 |
28,777,778 |
25,835,054 |
Weighted average common shares outstanding,
diluted |
27,550,978 |
26,358,611 |
29,632,685 |
26,495,545 |
Actual shares outstanding |
30,139,396 |
25,885,863 |
30,139,396 |
25,885,863 |
Book value per common share at period
end |
$ 18.21 |
$ 13.03 |
$ 18.21 |
$ 13.03 |
Tangible book value per common share at
period end (2) |
$ 14.56 |
$ 12.89 |
$ 14.56 |
$ 12.89 |
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Performance Ratios
(annualized): |
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Return on average assets
(1) |
1.31% |
1.37% |
1.21% |
1.33% |
Return on average common equity
(1) |
13.50% |
14.60% |
11.68% |
14.07% |
Net interest margin |
4.44% |
4.30% |
4.42% |
4.40% |
Efficiency ratio (1)
(3) |
50.67% |
49.90% |
51.38% |
50.03% |
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Other Ratios: |
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Allowance for credit losses to total
loans |
1.07% |
1.39% |
1.07% |
1.39% |
Allowance for credit losses to total
nonperforming loans |
205.30% |
165.66% |
205.30% |
165.66% |
Nonperforming loans to total loans |
0.52% |
0.84% |
0.52% |
0.84% |
Nonperforming assets to total assets |
0.68% |
0.90% |
0.68% |
0.90% |
Net charge-offs (annualized) to average
loans |
0.17% |
0.23% |
0.26% |
0.18% |
Common equity to total assets |
10.46% |
8.94% |
10.46% |
8.94% |
Tier 1 leverage ratio |
10.69% |
10.93% |
10.69% |
10.93% |
Tier 1 risk based capital ratio |
10.39% |
11.53% |
10.39% |
11.53% |
Total risk based capital ratio |
12.97% |
13.01% |
12.97% |
13.01% |
Tangible common equity to tangible assets
(2) |
8.54% |
8.86% |
8.54% |
8.86% |
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Loan Balances - Period End (in
thousands): |
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Commercial and Industrial |
$ 916,226 |
$ 694,350 |
$ 916,226 |
$ 694,350 |
Commercial real estate - owner
occupied |
$ 461,581 |
$ 317,491 |
$ 461,581 |
$ 317,491 |
Commercial real estate - income
producing |
$ 1,703,172 |
$ 1,119,799 |
$ 1,703,172 |
$ 1,119,799 |
1-4 Family mortgage |
$ 148,018 |
$ 90,418 |
$ 148,018 |
$ 90,418 |
Construction - commercial and
residential |
$ 793,432 |
$ 574,167 |
$ 793,432 |
$ 574,167 |
Construction - C&I (owner occupied) |
$ 58,032 |
$ 34,660 |
$ 58,032 |
$ 34,660 |
Home equity |
$ 122,536 |
$ 110,242 |
$ 122,536 |
$ 110,242 |
Other consumer |
$ 109,402 |
$ 4,031 |
$ 109,402 |
$ 4,031 |
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Average Balances (in
thousands): |
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Total assets |
$ 4,130,495 |
$ 3,439,103 |
$ 4,844,409 |
$ 3,576,715 |
Total earning assets |
$ 4,013,125 |
$ 3,370,466 |
$ 4,654,423 |
$ 3,485,546 |
Total loans held for sale |
$ 33,541 |
$ 90,161 |
$ 39,387 |
$ 27,767 |
Total loans |
$ 3,361,696 |
$ 2,644,892 |
$ 3,993,020 |
$ 2,867,955 |
Total deposits |
$ 3,513,088 |
$ 2,913,795 |
$ 4,025,900 |
$ 3,038,949 |
Total borrowings |
$ 147,859 |
$ 133,896 |
$ 237,401 |
$ 126,409 |
Total shareholders' equity |
$ 456,623 |
$ 374,703 |
$ 561,467 |
$ 391,036 |
(1) The reported figure includes the effect of $4.7
million and $3.2 million of merger related expenses ($3.5 million
and $2.2 million net of tax) for the twelve and three months ended
December 31, 2014. 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 twelve and three months periods ended December 31, 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) |
|
|
|
Twelve Months Ended |
Three Months Ended |
|
December 31,
2014 |
December 31,
2014 |
Net income |
$ 54,258 |
$ 14,727 |
Adjustments to net income |
|
|
Merger-related expenses, net of
tax |
3,472 |
2,173 |
Operating net income |
$ 57,730 |
$ 16,900 |
|
|
|
Net income available to common
shareholders |
$ 53,644 |
$ 14,547 |
Adjustments to net income available to common
shareholders |
|
|
Merger-related expenses, net of
tax |
3,472 |
2,173 |
Operating earnings |
$ 57,116 |
$ 16,720 |
|
|
|
Earnings per weighted average common
share, basic |
$ 2.01 |
$ 0.51 |
Adjustments to earnings per weighted average
common share, basic |
|
|
Merger-related expenses, net of
tax |
0.13 |
0.08 |
Operating earnings per weighted average
common share, basic |
$ 2.14 |
$ 0.59 |
|
|
|
Earnings per weighted average common
share, diluted |
$ 1.95 |
$ 0.49 |
Adjustments to earnings per weighted average
common share, diluted |
|
|
Merger-related expenses, net of
tax |
0.13 |
0.07 |
Operating earnings per weighted average
common share, diluted |
$ 2.08 |
$ 0.56 |
|
|
|
Summary Operating
Results: |
|
|
Noninterest expense |
$ 99,728 |
$ 29,352 |
Merger-related expenses |
4,699 |
3,239 |
Adjusted noninterest expense |
$ 95,029 |
$ 26,113 |
|
|
|
Adjusted efficiency ratio |
48.28% |
45.71% |
|
|
|
Adjusted noninterest expense as a % of
average assets |
2.30% |
2.14% |
|
|
|
Return on average
assets |
|
|
Net income |
$ 54,258 |
$ 14,727 |
Adjustments to net income |
|
|
Merger-related expenses, net of
tax |
3,472 |
2,173 |
Operating net income |
$ 57,730 |
$ 16,900 |
|
|
|
Adjusted return on average assets |
1.40% |
1.38% |
|
|
|
Return on average common
equity |
|
|
Net income available to common
shareholders |
$ 53,644 |
$ 14,547 |
Adjustments to net income available to common
shareholders |
|
|
Merger-related expenses, net of
tax |
3,472 |
2,173 |
Operating earnings |
$ 57,116 |
$ 16,720 |
|
|
|
Adjusted return on average common equity |
14.38% |
13.43% |
(2) 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 and as
such is 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.
|
|
|
GAAP Reconciliation
(Unaudited) |
|
|
(dollars in thousands except per share
data) |
|
|
|
|
|
|
December 31,
2014 |
December 31,
2013 |
Common shareholders' equity |
$ 548,859 |
$ 337,263 |
Less: Intangible assets |
(109,908) |
(3,510) |
Tangible common equity |
$ 438,951 |
$ 333,753 |
|
|
|
Book value per common share |
$ 18.21 |
$ 13.03 |
Less: Intangible book value per common
share |
(3.65) |
(0.14) |
Tangible book value per common
share |
$ 14.56 |
$ 12.89 |
|
|
|
Total assets |
$ 5,247,880 |
$ 3,771,503 |
Less: Intangible assets |
(109,908) |
(3,510) |
Tangible assets |
$ 5,137,972 |
$ 3,767,993 |
Tangible common equity
ratio |
8.54% |
8.86% |
(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,
2014 |
September 30,
2014 |
December 31,
2013 |
Cash and due from banks |
$ 9,097 |
$ 7,920 |
$ 9,577 |
Federal funds sold |
3,516 |
8,968 |
5,695 |
Interest bearing deposits with banks and
other short-term investments |
243,412 |
191,468 |
291,688 |
Investment securities available for sale, at
fair value |
382,343 |
382,468 |
378,133 |
Federal Reserve and Federal Home Loan Bank
stock |
22,560 |
10,657 |
11,272 |
Loans held for sale |
44,317 |
41,254 |
42,030 |
Loans |
4,312,399 |
3,432,548 |
2,945,158 |
Less allowance for credit losses |
(46,075) |
(44,954) |
(40,921) |
Loans, net |
4,266,324 |
3,387,594 |
2,904,237 |
Premises and equipment, net |
19,099 |
17,848 |
16,737 |
Deferred income taxes |
32,511 |
25,803 |
28,949 |
Bank owned life insurance |
56,594 |
40,432 |
39,738 |
Intangible assets, net |
109,908 |
3,321 |
3,510 |
Other real estate owned |
13,224 |
8,623 |
9,225 |
Other assets |
44,975 |
42,825 |
30,712 |
Total
Assets |
$ 5,247,880 |
$ 4,169,181 |
$ 3,771,503 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 1,175,799 |
$ 1,056,559 |
$ 849,409 |
Interest bearing
transaction |
143,628 |
161,886 |
118,580 |
Savings and money market |
2,302,600 |
1,944,593 |
1,811,088 |
Time, $100,000 or more |
393,132 |
190,137 |
203,706 |
Other time |
295,609 |
180,675 |
242,631 |
Total deposits |
4,310,768 |
3,533,850 |
3,225,414 |
Customer repurchase agreements |
61,120 |
58,957 |
80,471 |
Other short-term borrowings |
100,000 |
-- |
-- |
Long-term borrowings |
119,300 |
109,300 |
39,300 |
Other liabilities |
35,933 |
24,460 |
32,455 |
Total
liabilities |
4,627,121 |
3,726,567 |
3,377,640 |
|
|
|
|
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,
2014, September 30, 2014 and December 31, 2013; Series C, $1,000
per share liquidation preference, shares issued and outstanding
15,300 at December 31, 2014, -0- at September 30, 2014 and December
31, 2013 |
71,900 |
56,600 |
56,600 |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
30,139,396, 26,022,307 and 25,885,863 respectively |
296 |
255 |
253 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
394,933 |
247,811 |
242,990 |
Retained earnings |
150,037 |
135,490 |
96,393 |
Accumulated other comprehensive income
(loss) |
2,647 |
1,512 |
(3,319) |
Total Shareholders'
Equity |
620,759 |
442,614 |
393,863 |
Total Liabilities and
Shareholders' Equity |
$ 5,247,880 |
$ 4,169,181 |
$ 3,771,503 |
|
|
|
|
|
|
|
|
|
|
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 |
2014 |
2013 |
2014 |
2013 |
Interest and fees on loans |
$ 181,775 |
$ 148,801 |
$ 53,594 |
$ 39,322 |
Interest and dividends on
investment securities |
9,286 |
7,792 |
2,375 |
2,203 |
Interest on balances with other
banks and short-term investments |
496 |
689 |
117 |
125 |
Interest on federal funds
sold |
16 |
12 |
5 |
2 |
Total interest income |
191,573 |
157,294 |
56,091 |
41,652 |
Interest Expense |
|
|
|
|
Interest on deposits |
9,638 |
10,614 |
2,713 |
2,492 |
Interest on customer repurchase
agreements |
143 |
254 |
36 |
57 |
Interest on short-term
borrowings |
31 |
-- |
31 |
-- |
Interest on long-term
borrowings |
3,283 |
1,636 |
1,495 |
389 |
Total interest expense |
13,095 |
12,504 |
4,275 |
2,938 |
Net Interest
Income |
178,478 |
144,790 |
51,816 |
38,714 |
Provision for Credit
Losses |
10,879 |
9,602 |
3,700 |
2,508 |
Net Interest Income After Provision
For Credit Losses |
167,599 |
135,188 |
48,116 |
36,206 |
|
|
|
|
|
Noninterest Income |
|
|
|
|
Service charges on
deposits |
4,906 |
4,607 |
1,268 |
1,256 |
Gain on sale of loans |
6,886 |
14,578 |
2,200 |
1,223 |
Gain on sale of investment
securities |
22 |
19 |
12 |
(4) |
Increase in the cash surrender
value of bank owned life insurance |
1,283 |
720 |
364 |
300 |
Other income |
5,248 |
4,792 |
1,466 |
1,529 |
Total noninterest income |
18,345 |
24,716 |
5,310 |
4,304 |
Noninterest Expense |
|
|
|
|
Salaries and employee
benefits |
57,268 |
47,481 |
15,703 |
12,759 |
Premises and equipment
expenses |
13,317 |
11,923 |
3,747 |
2,974 |
Marketing and advertising |
1,999 |
1,686 |
578 |
519 |
Data processing |
6,163 |
5,903 |
1,571 |
1,447 |
Legal, accounting and
professional fees |
3,439 |
2,969 |
926 |
743 |
FDIC insurance |
2,333 |
2,263 |
653 |
483 |
Merger expenses |
4,699 |
-- |
3,239 |
-- |
Other expenses |
10,510 |
12,354 |
2,935 |
2,599 |
Total noninterest expense |
99,728 |
84,579 |
29,352 |
21,524 |
Income Before Income Tax
Expense |
86,216 |
75,325 |
24,074 |
18,986 |
Income Tax Expense |
31,958 |
28,318 |
9,347 |
6,983 |
Net Income |
54,258 |
47,007 |
14,727 |
12,003 |
Preferred Stock
Dividends |
614 |
566 |
180 |
141 |
Net Income Available to Common
Shareholders |
$ 53,644 |
$ 46,441 |
$ 14,547 |
$ 11,862 |
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
Basic |
$ 2.01 |
$ 1.81 |
$ 0.51 |
$ 0.46 |
Diluted |
$ 1.95 |
$ 1.76 |
$ 0.49 |
$ 0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months
Ended December 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 |
$ 202,182 |
$ 117 |
0.23% |
$ 204,193 |
$ 125 |
0.24% |
Loans held for sale (1) |
39,387 |
381 |
3.87% |
27,767 |
282 |
4.06% |
Loans (1) (2) |
3,993,020 |
53,213 |
5.29% |
2,867,955 |
39,040 |
5.40% |
Investment securities available for sale
(2) |
409,627 |
2,375 |
2.30% |
380,689 |
2,203 |
2.29% |
Federal funds sold |
10,207 |
5 |
0.19% |
4,942 |
2 |
0.16% |
Total interest earning
assets |
4,654,423 |
56,091 |
4.78% |
3,485,546 |
41,652 |
4.74% |
|
|
|
|
|
|
|
Total noninterest earning assets |
234,775 |
|
|
131,249 |
|
|
Less: allowance for credit losses |
44,789 |
|
|
40,080 |
|
|
Total noninterest earning
assets |
189,986 |
|
|
91,169 |
|
|
TOTAL ASSETS |
$ 4,844,409 |
|
|
$ 3,576,715 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 132,516 |
$ 43 |
0.13% |
$ 104,466 |
$ 71 |
0.27% |
Savings and money market |
2,111,968 |
1,682 |
0.32% |
1,621,712 |
1,471 |
0.36% |
Time deposits |
594,850 |
988 |
0.66% |
448,838 |
950 |
0.84% |
Total interest bearing
deposits |
2,839,334 |
2,713 |
0.38% |
2,175,016 |
2,492 |
0.45% |
Customer repurchase agreements |
62,663 |
36 |
0.22% |
87,084 |
57 |
0.26% |
Other short-term borrowings |
28,916 |
31 |
0.42% |
25 |
-- |
-- |
Long-term borrowings |
145,822 |
1,495 |
4.01% |
39,300 |
389 |
3.86% |
Total interest bearing
liabilities |
3,076,735 |
4,275 |
0.55% |
2,301,425 |
2,938 |
0.51% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
1,186,566 |
|
|
863,933 |
|
|
Other liabilities |
19,641 |
|
|
20,321 |
|
|
Total noninterest bearing
liabilities |
1,206,207 |
|
|
884,254 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
561,467 |
|
|
391,036 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 4,844,409 |
|
|
$ 3,576,715 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 51,816 |
|
|
$ 38,714 |
|
Net interest spread |
|
|
4.23% |
|
|
4.23% |
Net interest margin |
|
|
4.42% |
|
|
4.40% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $3.1 million
and $2.3 million for the year ended December 31, 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) |
|
|
|
|
|
|
|
|
Twelve Months
Ended December 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 |
$ 207,530 |
$ 496 |
0.24% |
$ 280,268 |
$ 689 |
0.25% |
Loans held for sale (1) |
33,541 |
1,337 |
3.99% |
90,161 |
3,140 |
3.48% |
Loans (1) (2) |
3,361,696 |
180,438 |
5.37% |
2,644,892 |
145,661 |
5.51% |
Investment securities available for sale
(2) |
401,153 |
9,286 |
2.31% |
348,274 |
7,792 |
2.24% |
Federal funds sold |
9,205 |
16 |
0.17% |
6,871 |
12 |
0.17% |
Total interest earning
assets |
4,013,125 |
191,573 |
4.77% |
3,370,466 |
157,294 |
4.67% |
|
|
|
|
|
|
|
Total noninterest earning assets |
160,543 |
|
|
107,844 |
|
|
Less: allowance for credit losses |
43,173 |
|
|
39,207 |
|
|
Total noninterest earning
assets |
117,370 |
|
|
68,637 |
|
|
TOTAL ASSETS |
$ 4,130,495 |
|
|
$ 3,439,103 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 119,835 |
$ 178 |
0.15% |
$ 103,763 |
$ 298 |
0.29% |
Savings and money market |
1,950,138 |
6,265 |
0.32% |
1,516,699 |
5,765 |
0.38% |
Time deposits |
449,108 |
3,195 |
0.71% |
481,576 |
4,551 |
0.95% |
Total interest bearing
deposits |
2,519,081 |
9,638 |
0.38% |
2,102,038 |
10,614 |
0.50% |
Customer repurchase agreements |
63,490 |
143 |
0.23% |
94,566 |
254 |
0.27% |
Other short-term borrowings |
7,288 |
31 |
0.42% |
30 |
-- |
-- |
Long-term borrowings |
77,081 |
3,283 |
4.20% |
39,300 |
1,636 |
4.11% |
Total interest bearing
liabilities |
2,666,940 |
13,095 |
0.49% |
2,235,934 |
12,504 |
0.56% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
994,007 |
|
|
811,757 |
|
|
Other liabilities |
12,925 |
|
|
16,709 |
|
|
Total noninterest bearing
liabilities |
1,006,932 |
|
|
828,466 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
456,623 |
|
|
374,703 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 4,130,495 |
|
|
$ 3,439,103 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 178,478 |
|
|
$ 144,790 |
|
Net interest spread |
|
|
4.28% |
|
|
4.11% |
Net interest margin |
|
|
4.44% |
|
|
4.30% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $11.5 million
and $7.9 million for the year ended December 31, 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 |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
Income Statements: |
2014 |
2014 |
2014 |
2014 |
2013 |
2013 |
2013 |
2013 |
Total interest income |
$ 56,091 |
$ 47,886 |
$ 44,759 |
$ 42,837 |
$ 41,652 |
$ 39,724 |
$ 37,985 |
$ 37,933 |
Total interest expense |
4,275 |
3,251 |
2,739 |
2,830 |
2,938 |
3,021 |
3,121 |
3,424 |
Net interest income |
51,816 |
44,635 |
42,020 |
40,007 |
38,714 |
36,703 |
34,864 |
34,509 |
Provision for credit losses |
3,700 |
2,111 |
3,134 |
1,934 |
2,508 |
1,372 |
2,357 |
3,365 |
Net interest income after provision for
credit losses |
48,116 |
42,524 |
38,886 |
38,073 |
36,206 |
35,331 |
32,507 |
31,144 |
Noninterest income (before investment
gains/losses & extinguishment of debt) |
5,298 |
4,761 |
3,809 |
4,455 |
4,308 |
5,236 |
7,065 |
8,088 |
Gain/(loss) on sale of
investment securities |
12 |
-- |
2 |
8 |
(4) |
-- |
-- |
23 |
Total noninterest income |
5,310 |
4,761 |
3,811 |
4,463 |
4,304 |
5,236 |
7,065 |
8,111 |
Salaries and employee
benefits |
15,703 |
14,942 |
13,015 |
13,608 |
12,759 |
12,187 |
11,335 |
11,200 |
Premises and
equipment |
3,747 |
3,374 |
3,107 |
3,089 |
2,974 |
3,222 |
2,927 |
2,800 |
Marketing and
advertising |
578 |
544 |
415 |
462 |
519 |
426 |
394 |
347 |
Merger expenses |
3,239 |
885 |
576 |
-- |
-- |
-- |
-- |
-- |
Other expenses |
6,085 |
5,398 |
5,022 |
5,939 |
5,272 |
5,838 |
6,029 |
6,350 |
Total noninterest expense |
29,352 |
25,143 |
22,135 |
23,098 |
21,524 |
21,673 |
20,685 |
20,697 |
Income before income tax expense |
24,074 |
22,142 |
20,562 |
19,438 |
18,986 |
18,894 |
18,887 |
18,558 |
Income tax expense |
9,347 |
8,054 |
7,618 |
6,939 |
6,983 |
7,137 |
7,212 |
6,986 |
Net income |
14,727 |
14,088 |
12,944 |
12,499 |
12,003 |
11,757 |
11,675 |
11,572 |
Preferred stock dividends |
180 |
151 |
142 |
141 |
141 |
142 |
142 |
141 |
Net income available to common
shareholders |
$ 14,547 |
$ 13,937 |
$ 12,802 |
$ 12,358 |
$ 11,862 |
$ 11,615 |
$ 11,533 |
$ 11,431 |
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|
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|
|
|
|
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|
Per Share Data (1): |
|
|
|
|
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.51 |
$ 0.54 |
$ 0.49 |
$ 0.48 |
$ 0.46 |
$ 0.45 |
$ 0.45 |
$ 0.45 |
Earnings per weighted average common share,
diluted |
$ 0.49 |
$ 0.52 |
$ 0.48 |
$ 0.47 |
$ 0.45 |
$ 0.44 |
$ 0.44 |
$ 0.44 |
Weighted average common shares outstanding,
basic |
28,777,778 |
26,023,670 |
25,981,638 |
25,927,888 |
25,835,054 |
25,784,287 |
25,742,185 |
25,518,523 |
Weighted average common shares outstanding,
diluted |
29,632,685 |
26,654,186 |
26,623,784 |
26,575,155 |
26,495,545 |
26,426,093 |
26,334,355 |
26,222,041 |
Actual shares outstanding |
30,139,396 |
26,022,307 |
25,985,659 |
25,975,186 |
25,885,863 |
25,799,220 |
25,764,542 |
25,728,162 |
Book value per common share at period
end |
$ 18.21 |
$ 14.83 |
$ 14.25 |
$ 13.62 |
$ 13.03 |
$ 12.62 |
$ 12.14 |
$ 11.86 |
Tangible book value per common share at
period end (2) |
$ 14.56 |
$ 14.71 |
$ 14.12 |
$ 13.49 |
$ 12.89 |
$ 12.48 |
$ 12.00 |
$ 11.72 |
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|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
Return on average assets |
1.21% |
1.37% |
1.35% |
1.36% |
1.33% |
1.35% |
1.41% |
1.39% |
Return on average common equity |
11.68% |
14.52% |
14.09% |
14.38% |
14.07% |
14.37% |
14.75% |
15.29% |
Net interest margin |
4.42% |
4.45% |
4.48% |
4.45% |
4.40% |
4.31% |
4.27% |
4.20% |
Efficiency ratio (3) |
51.38% |
50.90% |
48.30% |
51.94% |
50.03% |
51.68% |
49.33% |
48.56% |
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Other Ratios: |
|
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|
|
|
|
|
|
Allowance for credit losses to total loans
(4) |
1.07% |
1.31% |
1.33% |
1.37% |
1.39% |
1.42% |
1.47% |
1.52% |
Nonperforming loans to total loans
(4) |
0.52% |
0.86% |
0.69% |
1.19% |
0.84% |
0.98% |
0.87% |
1.11% |
Allowance for credit losses to total
nonperforming loans |
205.30% |
152.25% |
193.50% |
115.67% |
165.66% |
144.08% |
168.63% |
137.80% |
Nonperforming assets to total assets |
0.68% |
0.92% |
0.80% |
1.19% |
0.90% |
1.11% |
1.05% |
1.12% |
Net charge-offs (annualized) to average loans
(4) |
0.26% |
0.09% |
0.20% |
0.11% |
0.18% |
0.20% |
0.24% |
0.33% |
Tier 1 leverage ratio |
10.69% |
10.70% |
10.89% |
10.83% |
10.93% |
10.89% |
10.81% |
10.39% |
Tier 1 risk based capital ratio |
10.39% |
11.26% |
11.29% |
11.57% |
11.53% |
11.61% |
11.12% |
11.08% |
Total risk based capital ratio |
12.97% |
14.48% |
12.71% |
13.04% |
13.01% |
13.12% |
12.53% |
12.50% |
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|
|
|
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ 4,844,409 |
$ 4,070,914 |
$ 3,853,441 |
$ 3,740,225 |
$ 3,576,715 |
$ 3,467,193 |
$ 3,331,677 |
$ 3,378,362 |
Total earning assets |
$ 4,654,423 |
$ 3,977,859 |
$ 3,760,720 |
$ 3,647,305 |
$ 3,485,546 |
$ 3,383,547 |
$ 3,279,034 |
$ 3,331,930 |
Total loans held for sale |
$ 39,387 |
$ 45,069 |
$ 22,848 |
$ 26,592 |
$ 27,767 |
$ 63,579 |
$ 91,781 |
$ 179,476 |
Total loans |
$ 3,993,020 |
$ 3,317,731 |
$ 3,141,976 |
$ 2,981,917 |
$ 2,867,955 |
$ 2,668,429 |
$ 2,557,811 |
$ 2,480,862 |
Total deposits |
$ 4,025,900 |
$ 3,470,231 |
$ 3,328,380 |
$ 3,217,916 |
$ 3,038,949 |
$ 2,939,705 |
$ 2,810,033 |
$ 2,864,305 |
Total borrowings |
$ 237,401 |
$ 152,249 |
$ 98,105 |
$ 102,146 |
$ 126,409 |
$ 136,590 |
$ 137,337 |
$ 135,315 |
Total stockholders' equity |
$ 561,467 |
$ 437,370 |
$ 421,029 |
$ 405,121 |
$ 391,036 |
$ 377,246 |
$ 370,302 |
$ 359,859 |
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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
Eagle Bancorp (NASDAQ:EGBN)
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