Eagle Bancorp, Inc. Announces 68% Increase in 2nd Quarter and 39%
Increase in Six Month Earnings BETHESDA, Md., July 19
/PRNewswire-FirstCall/ -- Eagle Bancorp, Inc. (NASDAQ:EGBN), the
parent company of EagleBank, announces net income of $1.1 million
for the quarter and $2.3 million for the six months ended June 30,
2004. The results for the quarter represent a 68% increase over the
$639 thousand earned in the second quarter of 2003. The six months
results represent a 39% increase over the $1.6 million earned in
the first six months of 2003. On a per share basis, the Company
earned $0.20 per basic share and $0.19 per diluted share for the
second quarter of 2004, as compared to $0.22 per basic and $0.20
per diluted share for the second quarter of 2003. For the six
months ending June 30, 2004, the Company earned $0.42 per basic
share and $0.40 per diluted share compared to $0.56 per basic and
$0.52 per diluted share for the same period in 2003. Earnings per
share were affected in both periods of 2004 when compared to the
same periods in 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
impact on earnings per share should be reduced in future quarters
as the additional capital is 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 June 30, 2004 of $494 million compared to
$443 million at December 31, 2003, an 11.4% increase. At June 30,
2003 total assets were $421 million. At June 30, 2004 deposits of
approximately $403 million represented a 20.1% increase over
deposits of $336 million at December 31, 2003, and a 30.8% increase
over deposits of $308 million at June 30, 2003. At June 30, 2004,
loans (including loans held for sale) increased 9.7% to $353
million from $321 million at December 31, 2003, and 32.3% from $266
million at June 30, 2003. Leonard Abel, Chairman and Ronald Paul,
President and CEO of Eagle Bancorp, Inc., are pleased with the
results for the first six months and the quarter ending June 30,
2004. They are particularly pleased that the Company has been able
to maintain its interest margin above 4% increasing it to 4.23% for
the six month period in 2004 from 4.14% for all of 2003 and 4.17%
for the first six months of 2003. As a result of the interest rate
sensitivity of the Company's asset base the recent 25 basis point
increase by the Federal Reserve in the target federal funds rate,
and any additional increases, are expected to further improve the
Company's interest rate margin. Indirectly contributing to the
success of the Company is the excellent level of non performing
loans, which stood at the very low percentage of total loans of
0.13% at June 30, 2004, and the fact that recoveries exceeded
charge offs by $78 thousand during the six month period in 2004.
They are pleased that the Bank was able to open its Dupont Circle
branch, located at 1228 Connecticut Avenue, on schedule and expects
that this office will complement the existing K Street Office.
Reinforcing the Board of Director's belief that the District of
Columbia represents significant potential growth and profit
opportunities, the Bank executed a lease for a third D.C. branch
and regional office at 14th and K Streets across from McPherson
Square. That office is expected to open in the first quarter of
2005. The Summary of Financial Information presented on the
following pages provides a more comprehensive overview of the
Company's performance for the first six months of 2004. Persons
wishing additional information should refer to the Company's 10Q
report to be filed with the Securities and Exchange Commission on
or before August 16, 2004. Non-GAAP Presentations. This press
release refers to the efficiency ratio which is computed by
dividing noninterest expense by the sum of net interest income on a
tax equivalent basis and noninterest income. This is a non-GAAP
financial measure that we believe provides investors with important
information regarding our operational efficiency. Comparison of our
efficiency ratio with those of other companies may not be possible
because other companies may calculate the efficiency ratio
differently. The Company, in referring to its net income, is
referring to income under accounting principles generally accepted
in the United States, or "GAAP." 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. 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. Summary of Financial Information
For the Three and Six Months Ended June 30, 2004 and June 30, 2003
and Year Ended December 31, 2003 Statements of Condition Highlights
June 30, June 30, December 31, (in thousands) 2004 2003 2003
Unaudited Unaudited Audited Assets Cash and cash equivalents
$31,180 $33,732 $25,103 Interest bearing deposits with other banks
5,936 20,755 4,332 Federal funds and cash equivalents 23,980 9,019
- Investment securities available for sale 63,922 83,392 82,581
Loans held for sale 3,866 4,181 3,649 Loans 349,013 261,392 317,533
Less: Allowance for credit losses (3,957) (2,952) 3,680 Loans, net
345,056 258,440 313,853 Other assets 20,098 11,117 13,479 Total
Assets $494,038 $420,636 $442,997 Liabilities and Stockholders'
Equity Non interest bearing deposits 96,252 81,513 90,468 Interest
bearing deposits 306,996 226,986 245,046 Total deposits 403,248
308,499 335,514 Federal funds purchased and securities sold under
repurchase agreements 21,906 27,186 38,454 Other borrowings 12,528
26,273 14,588 Other liabilities 1,623 37,110 1,429 Total
liabilities 439,305 399,068 389,985 Stockholders' equity 54,733
21,568 53,012 Total Liabilities and Stockholders' Equity $494,038
$420,636 $442,997 Statements of Income Highlights Six Months Three
Months Year Ended Ended Ended December June 30, June 30, 31, 2004
2003 2004 2003 2003 Unaudited Unaudited Unaudited Unaudited Audited
Total interest income $10,992 $8,819 $5,616 $4,353 $18,404 Total
interest expense 2,016 2,142 1,047 1,067 3,953 Net interest income
8,976 6,677 4,569 3,286 14,451 Provision for credit losses 230 425
76 201 1,175 Noninterest income 1,907 1,446 825 573 2,936
Noninterest expense 7,124 5,116 3,631 2,651 11,094 Income before
incomes taxes 3,529 2,582 1,687 1,007 5,118 Income tax expense
1,277 960 614 368 1,903 Net income $2,252 $1,622 $1,073 $639 $3,215
Per Share Data: Earnings per share, basic $0.42 $0.56 $0.20 $0.22
$0.82 Earnings per share, diluted $0.40 $0.52 $0.19 $0.20 $0.77
Shares outstanding at period end 5,404,257 2,907,174 5,359,303
Weighted average shares outstanding, basic 5,397,459 2,899,359
5,402,486 2,899,036 3,932,004 Weighted average shares outstanding,
diluted 5,626,954 3,104,781 5,627,358 3,105,378 4,166,128 Book
value at period end $10.13 $7.44 $9.89 Financial Ratios and Average
Balance Highlights Six Months Ended Year Ended June 30, December
31, Performance Ratios: 2004 2003 2003 (annualized) Unaudited
Unaudited Audited Return on average assets 0.99 % 0.93 % 0.86 %
Return on average equity 8.30 % 15.52 % 9.45 % Net interest margin
4.23 % 4.17 % 4.14 % Efficiency ratio 65.50 % 62.93 % 63.34 % Other
Ratios: Allowance for credit losses to total loans 1.14 % 1.13 %
1.16 % Non performing loans to total loans 0.13 % 0.19 % 0.21 % Net
charge-offs (annualized) to average loans * 0.23 % 0.10 % Equity to
average assets 11.88 % 6.20 % 9.05 % Tier 1 capital ratio 13.62 %
8.10 % 15.30 % Total capital ratio 14.60 % 9.20 % 16.40 % Average
Balances: Assets $457,096 $347,087 $375,802 Earning assets $423,920
$322,946 $349,157 Loans $332,108 $247,527 $266,811 Deposits
$368,361 $256,872 $263,448 Stockholders' equity $54,297 $20,900
$34,028 * Recoveries exceed credit losses DATASOURCE: Eagle
Bancorp, Inc. CONTACT: Ronald D. Paul of Eagle Bancorp, Inc.,
+1-301-986-1800 Web site: http://www.eaglebankmd.com/
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