Eagle Bancorp, Inc. Assets Exceed $500 Million Third Quarter
Earnings Grow 28 Percent Over 2003 BETHESDA, Md., Oct. 18
/PRNewswire-FirstCall/ -- Eagle Bancorp, Inc. (NASDAQ:EGBN), the
parent company of EagleBank, announces net income of $1 million for
the three months ended September 30, 2004 and $3.3 million for the
nine months ended September 30, 2004. The results for the quarter
represent a 28% increase over the $778 thousand earned in the third
quarter of 2003. The nine month results represent a 37% increase
over the $2.4 million earned in the first nine months of 2003. On a
per share basis, the Company earned $0.18 per basic share and $0.18
per diluted share for the third quarter of 2004, as compared to
$0.17 per basic and $0.16 per diluted share for the third quarter
of 2003. For the nine months ended September 30, 2004, the Company
earned $0.60 per basic share and $0.57 per diluted share compared
to $0.70 per basic and $0.65 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 Company reported total assets at September 30, 2004 of
$508 million compared to $443 million at December 31, 2003, a 14.6%
increase. At September 30, 2003 total assets were $402 million. At
September 30, 2004, deposits of approximately $411 million
represented a 22.3% increase over deposits of $336 million at
December 31, 2003, and a 31.3% increase over deposits of $313
million at September 30, 2003. At September 30, 2004, loans
(including loans held for sale) increased 14.3% to $367 million
from $321 million at December 31, 2003, and 27.0% from $289 million
at September 30, 2003. Leonard Abel, Chairman and Ronald Paul,
President and CEO of Eagle Bancorp, Inc., are extremely pleased
that in just over six years of operation, the Company exceeded $500
million in assets. They offer their thanks to the shareholders for
their encouragement, the Company's staff for its effort and the
community for the support and encouragement in achieving this
significant milestone. While growing to over $500 million in
assets, the Company has been consistent in improving profits. They
are particularly pleased that the Company has been able to maintain
its interest margin above 4%, and actually increasing it to 4.27%
for the nine month period in 2004 from 4.14% for all of 2003 and
4.09% for the first nine months of 2003. As a result of the
interest rate sensitivity of the Company's asset base, the recent
increases by the Federal Reserve in the target federal funds rate
and any additional increases, are expected to further improve the
Company's net interest rate margin. Indirectly contributing to the
success of the Company is a low level of non performing loans. At
September 30, 2004, non performing loans stood at 0.86% of total
loans compared to 0.16% at September 30, 2003 and 0.21% at December
31, 2003. Non performing loans at September 30, 2004 included one
loan of $2.2 million which management believes is well
collateralized and expects to be resolved in the fourth quarter of
2004 with no resulting loss to the Company. Exclusive of this
credit non performing loans were at 0.25%. The Summary of Financial
Information presented on the following pages provides a more
comprehensive overview of the Company's performance for the first
nine 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 November 15, 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 Nine Months
Ended September 30, 2004 and September 30, 2003 and Year Ended
December 31, 2003 Statements of Condition Highlights September 30,
September 30, December 31, (in thousands) 2004 2003 2003 Unaudited
Unaudited Audited Assets Cash and cash equivalents $ 50,116 $
26,340 $ 25,103 Interest bearing deposits with other banks 9,612
4,351 4,332 Federal funds sold - 2,000 - Investment securities
available for sale 65,696 70,069 82,581 Loans held for sale 3,138
1,930 3,649 Loans 363,823 287,001 317,533 Less: Allowance for
credit losses (4,176) (3,237) (3,680) Loans, net 359,649 283,764
313,853 Other assets 19,479 13,267 13,479 Total Assets $ 507,688 $
401,721 $ 442,997 Liabilities and Stockholders' Equity Non interest
bearing deposits $ 113,730 $ 79,723 $ 90,468 Interest bearing
deposits 297,291 233,581 245,046 Total deposits 411,021 313,304
335,514 Federal funds purchased and securities sold under
repurchase agreements 27,370 20,009 38,454 Other borrowings 11,443
15,632 14,588 Other liabilities 1,376 875 1,429 Total liabilities
451,210 349,820 389,985 Stockholders' equity 56,478 51,901 53,012
Total Liabilities and Stockholders' Equity $ 507,688 $ 401,721 $
442,997 Statements of Income Highlights Nine Months Three Months
Year Ended Ended Ended September 30, September 30, December 2004
2003 2004 2003 31, 2003 Unaudited Unaudited Unaudited Unaudited
Audited Total interest income $17,135 $13,360 $6,146 $4,541 $18,404
Total interest expense 3,128 3,048 1,115 906 3,953 Net interest
income 14,007 10,312 5,031 3,635 14,451 Provision for credit losses
457 730 227 305 1,175 Noninterest income 2,604 2,133 697 687 2,936
Noninterest expense 11,086 7,920 3,962 2,804 11,094 Income before
income taxes 5,068 3,795 1,539 1,213 5,118 Income tax expense 1,816
1,395 539 435 1,903 Net income $3,252 $2,400 $1,000 $778 $3,215 Per
Share Data: Earnings per share, basic $0.60 $0.70 $0.18 $0.17 $0.82
Earnings per share, diluted $0.57 $0.65 $0.18 $0.16 $0.77 Shares
outstanding at period end 5,408,169 5,359,153 5,359,303 Weighted
average shares outstanding, basic 5,398,638 3,442,022 5,406,590
4,522,116 3,932,004 Weighted average shares outstanding, diluted
5,657,452 3,671,841 5,640,888 4,742,419 4,166,128 Book value at
period end $10.45 $9.67 $9.89 Financial Ratios and Average Balance
Highlights Nine Months Ended Year Ended September 30, December 31,
Performance Ratios: 2004 2003 2003 (annualized) Unaudited Unaudited
Audited Return on average assets 0.92% 0.88% 0.86% Return on
average equity 7.89% 11.50% 9.45% Net interest margin 4.27% 4.09%
4.14% Efficiency ratio 66.74% 63.59% 63.34% Other Ratios: Allowance
for credit losses to total loans 1.15% 1.13% 1.16% Non performing
loans to total loans 0.86% 0.16% 0.21% Net charge-offs (annualized)
to average loans 0.02% 0.13% 0.10% Average equity to average assets
11.71% 7.66% 9.05% Tier 1 capital ratio 14.36% 16.1% 15.30% Total
capital ratio 15.42% 17.1% 16.40% Average Balances: Assets $469,357
$363,047 $375,802 Earning assets $437,651 $337,323 $349,157 Loans
$341,559 $256,011 $266,811 Deposits $380,866 $283,228 $292,953
Stockholders' equity $54,947 $27,826 $34,028 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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