Eagle Bancorp, Inc. Announces 1st Quarter 2004 Earnings
15 April 2004 - 10:35PM
PR Newswire (US)
Eagle Bancorp, Inc. Announces 1st Quarter 2004 Earnings BETHESDA,
Md., April 15 /PRNewswire-FirstCall/ -- Eagle Bancorp, Inc. , the
parent company of EagleBank, announced net income of $1.18 million
for the quarter ended March 31, 2004. The results for the first
quarter of 2004 represented a 20% increase over the $983 thousand
of net income for the same period in 2003 and a 45% increase over
the $815 thousand net income for the fourth quarter of 2003. On a
per share basis, the Company earned $0.22 per basic share and $0.21
per diluted share in the first quarter of 2004, as compared to
$0.15 per basic and diluted shares for the fourth quarter of 2003
and $0.34 per basic share and $0.32 per diluted share for the first
quarter of 2003. Earnings per share were significantly impacted in
the first quarter of 2004 and fourth quarter of 2003 by the 85%
increase in the number of outstanding shares following the
completion of the Company's offering of approximately 2.4 million
shares in August 2003. The additional shares are expected to have
an adverse impact on earnings per share for a number of quarters
until the capital can be further leveraged and deployed in loans
and other income producing assets other than low yielding, but
highly liquid short term investment securities. The Company
reported total assets at March 31, 2004 of $469 million compared to
$443 million at December 31, 2003 and $350 million at March 31,
2003. At March 31, 2004 deposits of approximately $386 million
represented a 15% increase over deposits of $336 million at
December 31, 2003, and a 38% increase over deposits of $279 million
at March 31, 2003. At March 31, 2004, loans (including loans held
for sale) increased 4% to $335 million from $321 million at
December 31, 2003, and 38% from $243 million at March 31, 2003.
Leonard Abel, Chairman and Ronald Paul, President and CEO of Eagle
Bancorp, Inc., are pleased with the first quarter operating results
reflecting an increase in earnings as compared to the same quarter
in 2003, as well as the immediately preceding quarter ending at
December 31, 2003. Operating results were good, highlighted by
moderate growth in loans and significant growth in deposits.
EagleBank commenced operations in July 1998. It presently has seven
offices, six in Montgomery County, Maryland and one in the District
of Columbia. A second office in the District is scheduled to open
in April and the Bank will be closing an office in Montgomery
County in June. EagleBank specializes in delivering full
relationship banking to the businesses, professionals and
individuals in the communities it serves. 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. 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. DATASOURCE: Eagle Bancorp, Inc. CONTACT: Ronald D.
Paul of Eagle Bancorp, Inc., +1-301-986-1800 Web site:
http://www.eaglebankmd.com/
Copyright
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024