Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $11.6 million for the quarter ended March 31, 2013, a 52%
increase over the $7.6 million net income for the quarter ended
March 31, 2012. Net income available to common shareholders for the
quarter ended March 31, 2013 increased 53% to $11.4 million ($0.49
per basic common share and $0.48 per diluted common share), as
compared to $7.5 million ($0.37 per basic common share and $0.36
per diluted common share) for the same period in 2012.
"We are very pleased to report a continuing trend of record
quarterly earnings, consisting of balanced and focused financial
performance, comprised of substantially higher total revenue from
net interest income and noninterest income, continued favorable
asset quality and disciplined operating expense management," noted
Ronald D. Paul, Chairman and Chief Executive Officer of Eagle
Bancorp, Inc.
Capital levels at March 31, 2013 versus December 31, 2012 have
been enhanced by strong earnings during the quarter. The Company's
earnings have now increased for seventeen consecutive quarters
since the fourth quarter of 2008. Mr. Paul noted, "For the first
quarter of 2013, the Company maintained its disciplined approach to
loan pricing, and was able to record loan growth in excess of 2%
for the first three months of 2013, which was net of substantial
loan payoffs due to expected maturities during the period." For the
quarter, the loan portfolio yielded 5.65%, as compared to 5.67% for
the final quarter of 2012, while average loans for the first
quarter were 19% above the same quarter in 2012. Mr. Paul added,
"Considering the high level of average liquidity maintained during
the first quarter, I am very pleased with the net interest margin
of 4.20%, which was higher than the same quarter one year ago and
remains very favorable to peer banking companies."
Higher average liquidity was maintained intentionally to address
potential negative impacts of the TAG deposit insurance expiration.
Aside from the loss of one $130 million trustee relationship, the
Company has not experienced any measurable negative impacts from
TAG expiration. Excluding this relationship, total deposits
increased in the first quarter by $46 million. Average deposits for
the first quarter were 20% above the same quarter in 2012.
The Company has been able to further enhance its favorable
operating cost management as measured by both the Efficiency Ratio,
which was 48.56% and the annualized level of Noninterest Expenses
to Average Assets, which was 2.48%. Total revenue (net interest
income plus noninterest income) was $42.6 million for the first
quarter of 2013, 4% higher than the fourth quarter in 2012 and 24%
higher than the same quarter one year ago.
At March 31, 2013, total assets were $3.32 billion, compared to
$2.82 billion at March 31, 2012, an 18% increase. As compared to
December 31, 2012, total assets at March 31, 2013 decreased by $85
million, a 3% decrease. Total loans (excluding loans held for sale)
were $2.55 billion at March 31, 2013 compared to $2.19 billion at
March 31, 2012, a 17% increase. As compared to December 31, 2012,
total loans at March 31, 2013 increased by $55 million, a 2%
increase. Total deposits were $2.81 billion at March 31, 2013,
compared to deposits of $2.37 billion at March 31, 2012, a 19%
increase. As compared to December 31, 2012, total deposits at March
31, 2013 decreased by $84 million, a 3% decrease, resulting from
the loss of one large relationship. Loans held for sale amounted to
$132.7 million at March 31, 2013 as compared to $87.5 million at
March 31, 2012, a 52% increase. As compared to December 31, 2012
loans held for sale decreased by $94 million, a 42% decrease. The
investment portfolio totaled $318.4 million at March 31, 2013, an
8% decrease from the $345.0 million balance at March 31, 2012. As
compared to December 31, 2012, the investment portfolio at March
31, 2013 increased by $18.6 million, a 6% increase. Total borrowed
funds (excluding customer repurchase agreements) were $39.3 million
at March 31, 2013 compared to $49.3 million at March 31, 2012, a
20% decrease due to the early payoff of Federal Home Loan Bank
advances. As compared to December 31, 2012, total borrowed funds at
March 31, 2013 remained the same at $39.3 million. Total
shareholders' equity increased to $361.9 million at March 31, 2013,
compared to $276.0 million and $350.0 million at March 31, 2012 and
December 31, 2012, respectively, reflecting capital raising
activities during 2012 and 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 12.50% at March 31, 2013, as compared to a total risk based
capital ratio of 11.59% at March 31, 2012 and 12.20% at December
31, 2012. In addition, the tangible common equity ratio (tangible
common equity to tangible assets) increased to 9.08% at March 31,
2013, from 7.66% at March 31, 2012 and 8.50% at December 31,
2012.
At March 31, 2013, the Company's nonperforming assets amounted
to $37.4 million, representing 1.12% of total assets, compared to
$39.7 million of nonperforming assets, or 1.41% of total assets at
March 31, 2012 and $36.0 million of nonperforming assets, or 1.06%
of total assets at December 31, 2012. 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
1.52% of total loans (excluding loans held for sale) at March 31,
2013, is adequate to absorb potential credit losses within the loan
portfolio at that date. The allowance for credit losses represented
138% of nonperforming loans at March 31, 2013, as compared to 122%
at December 31, 2012 and 87% at March 31, 2012, respectively. The
increase in the allowance for credit losses is due to a higher
environmental reserve based upon the potential impact of
sequestration and federal budget matters, and changes in loan mix.
Included in nonperforming assets at March 31, 2013 were $9.2
million of other real estate owned ("OREO") as compared to $3.0
million at March 31, 2012 and $5.3 million at December 31,
2012.
For the three months ended March 31, 2013, the Company reported
an annualized return on average assets ("ROAA") of 1.39% as
compared to 1.08% for the three months ended March 31, 2012. The
annualized return on average common equity ("ROAE") for the quarter
ended March 31, 2013 was 15.29%, as compared to 13.80% for the
quarter ended March 31, 2012. The higher ROAA and ROAE ratios for
the first quarter of 2013 as compared to 2012 are due substantially
to an expanded net interest margin, higher noninterest income and
improved cost management.
Net interest income increased 21% for the three months ended
March 31, 2013 over the same period in 2012, resulting from a
combination of strong average balance sheet growth and net interest
margin expansion, as the decline in earning asset yield was more
than offset by a decline in the cost of funds, as compared to the
same quarter in 2012. For the three months ended March 31, 2013,
the net interest margin was 4.20% as compared to 4.11% and 4.31%
for the three months ended March 31, 2012 and December 31, 2012,
respectively.
The provision for credit losses was $3.4 million for the three
months ended March 31, 2013 as compared to $4.0 million for the
three months ended March 31, 2012. At March 31, 2013 the allowance
for credit losses represented 1.52% of loans outstanding, as
compared to 1.46% and 1.50% at March 31, 2012 and December 31,
2012, respectively. The lower provisioning in the first quarter of
2013, as compared to the first quarter of 2012, is due to a
combination of lower loan growth, and changes in loan mix, offset
somewhat by higher net charge-offs. Net charge-offs of $2.0 million
in the first quarter of 2013 represented 0.33% of average loans,
excluding loans held for sale, as compared to $1.7 million or 0.34%
of average loans, excluding loans held for sale, in the first
quarter of 2012. Net charge-offs in the first quarter of 2013 were
primarily attributable to commercial and industrial loans ($918
thousand), construction loans ($713 thousand), the unguaranteed
portion of SBA loans ($240 thousand), commercial real estate loans
($109 thousand) and home equity and consumer loans ($66
thousand).
Noninterest income for the three months ended March 31, 2013
increased to $8.1 million from $6.0 million for the three months
ended March 31, 2012, a 35% increase. This increase was due
primarily to an increase of $1.5 million in gains on sales of
residential mortgage loans in the first quarter of 2013 as compared
to the first quarter of 2012, resulting primarily from higher
volumes of residential mortgage refinancing activity. Other income
increased $416 thousand in the first quarter of 2013 as compared to
the first quarter of 2012, a 65% increase due substantially to
higher loan fee income. Investment securities gains amounted to $23
thousand for the first quarter of 2013, as compared to investment
gains of $153 thousand for the first quarter of 2012. Excluding
investment securities gains, total noninterest income was $8.1
million for the first quarter of 2013, as compared to $5.9 million
for the first quarter of 2012, an increase of 38%.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, was 48.56% for the first quarter of 2013,
as compared to 53.83% for the first quarter of 2012. Noninterest
expenses totaled $20.7 million for the three months ended March 31,
2013, as compared to $18.6 million for the three months ended March
31, 2012, a 12% increase. Cost increases for salaries and benefits
were $776 thousand, due to staffing increases primarily as a result
of growth since March 31, 2012 in residential lending, as well as
additional commercial lending and bank administration personnel
merit and benefit cost increases, and increases in incentive pay.
Premises and equipment expenses were $290 thousand higher, due to
the cost of two new branch offices, normal increases in leasing
costs and the acceleration of amortization for leasehold
improvements. Data processing expenses increased by $283 thousand
due to system enhancements and expanded customer transaction costs.
The increase in other expenses of $840 thousand was due primarily
to establishing a contingency reserve.
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.; City of Alexandria, Virginia and
Arlington and Fairfax Counties, 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 the first quarter 2013 financial results
on Tuesday, April 23, 2013 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 32780114, 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 May 7, 2013.
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, 2012 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) |
|
|
Three Months
Ended March 31, |
|
2013 |
2012 |
Income Statements: |
|
|
Total interest income |
$ 37,933 |
$ 32,568 |
Total interest expense |
3,424 |
4,098 |
Net interest income |
34,509 |
28,470 |
Provision for credit losses |
3,365 |
3,970 |
Net interest income after provision for
credit losses |
31,144 |
24,500 |
Noninterest income (before
investment gains) |
8,088 |
5,859 |
Gain on sale of investment
securities |
23 |
153 |
Total noninterest income |
8,111 |
6,012 |
Total noninterest expense |
20,697 |
18,562 |
Income before income tax expense |
18,558 |
11,950 |
Income tax expense |
6,986 |
4,317 |
Net income |
11,572 |
7,633 |
Preferred stock dividends and discount
accretion |
141 |
141 |
Net income available to common
shareholders |
$ 11,431 |
$ 7,492 |
|
|
|
Per Share Data: |
|
|
Earnings per weighted average common share,
basic |
$ 0.49 |
$ 0.37 |
Earnings per weighted average common share,
diluted |
$ 0.48 |
$ 0.36 |
Weighted average common shares outstanding,
basic |
23,198,657 |
20,110,948 |
Weighted average common shares outstanding,
diluted |
23,838,219 |
20,623,681 |
Actual shares outstanding |
23,389,238 |
20,220,166 |
Book value per common share at period
end |
$ 13.05 |
$ 10.85 |
Tangible book value per common share at
period end (1) |
$ 12.89 |
$ 10.65 |
|
|
|
Performance Ratios
(annualized): |
|
|
Return on average assets |
1.39% |
1.08% |
Return on average common equity |
15.29% |
13.80% |
Net interest margin |
4.20% |
4.11% |
Efficiency ratio (2) |
48.56% |
53.83% |
|
|
|
Other Ratios: |
|
|
Allowance for credit losses to total
loans |
1.52% |
1.46% |
Allowance for credit losses to total
nonperforming loans |
137.80% |
86.82% |
Nonperforming loans to total loans |
1.11% |
1.68% |
Nonperforming assets to total assets |
1.12% |
1.41% |
Net charge-offs (annualized) to average
loans |
0.33% |
0.34% |
Common equity to total assets |
9.18% |
7.79% |
Tier 1 leverage ratio |
10.39% |
9.33% |
Tier 1 risk based capital ratio |
11.08% |
10.08% |
Total risk based capital ratio |
12.50% |
11.59% |
Tangible common equity to tangible assets
(1) |
9.08% |
7.66% |
|
|
|
Loan Balances - Period End (in
thousands): |
|
|
Commercial and Industrial |
$ 579,618 |
$ 492,824 |
Commercial real estate - owner
occupied |
$ 303,561 |
$ 275,723 |
Commercial real estate - income
producing |
$ 910,829 |
$ 829,984 |
1-4 Family mortgage |
$ 69,256 |
$ 43,057 |
Construction - commercial and
residential |
$ 538,071 |
$ 417,346 |
Construction - C&I (owner occupied) |
$ 34,002 |
$ 27,412 |
Home equity |
$ 108,570 |
$ 95,437 |
Other consumer |
$ 4,117 |
$ 5,157 |
|
|
|
Average Balances (in
thousands): |
|
|
Total assets |
$ 3,378,362 |
$ 2,830,693 |
Total earning assets |
$ 3,331,930 |
$ 2,784,747 |
Total loans held for sale |
$ 179,476 |
$ 120,098 |
Total loans |
$ 2,480,862 |
$ 2,086,511 |
Total deposits |
$ 2,864,305 |
$ 2,393,413 |
Total borrowings |
$ 135,315 |
$ 153,227 |
Total shareholders' equity |
$ 359,859 |
$ 274,923 |
Use of Non-GAAP Financial Measures
(1) 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) |
|
|
|
|
Three Months Ended March 31,
2013 |
Three Months Ended
December 31, 2012 |
Three Months Ended March 31,
2012 |
Common shareholders' equity |
$ 305,252 |
$ 293,376 |
$ 219,408 |
Less: Intangible assets |
(3,659) |
(3,785) |
(4,066) |
Tangible common equity |
$ 301,593 |
$ 289,591 |
$ 215,342 |
|
|
|
|
Book value per common share |
$ 13.05 |
$ 12.78 |
$ 10.85 |
Less: Intangible book value per common
share |
(0.16) |
(0.16) |
(0.20) |
Tangible book value per common
share |
$ 12.89 |
$ 12.62 |
$ 10.65 |
|
|
|
|
Total assets |
$ 3,324,865 |
$ 3,409,441 |
$ 2,815,549 |
Less: Intangible assets |
(3,659) |
(3,785) |
(4,066) |
Tangible assets |
$ 3,321,206 |
$ 3,405,656 |
$ 2,811,483 |
Tangible common equity
ratio |
9.08% |
8.50% |
7.66% |
(2) Computed by dividing noninterest expense by the
sum of net interest income and noninterest income.
|
|
|
|
Eagle
Bancorp, Inc. |
|
|
|
Consolidated
Balance Sheets |
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
March 31, 2013
(Unaudited) |
December 31, 2012
(Audited) |
March 31, 2012
(Unaudited) |
Assets |
|
|
|
Cash and due from banks |
$ 7,123 |
$ 7,439 |
$ 5,838 |
Federal funds sold |
5,811 |
7,852 |
18,990 |
Interest bearing deposits with banks and
other short-term investments |
257,957 |
324,043 |
117,326 |
Investment securities available for sale, at
fair value |
318,431 |
299,820 |
345,021 |
Federal Reserve and Federal Home Loan Bank
stock |
11,154 |
10,694 |
11,374 |
Loans held for sale |
132,698 |
226,923 |
87,496 |
Loans |
2,548,024 |
2,493,095 |
2,186,940 |
Less allowance for credit losses |
(38,811) |
(37,492) |
(31,875) |
Loans, net |
2,509,213 |
2,455,603 |
2,155,065 |
Premises and equipment, net |
16,094 |
15,261 |
12,864 |
Deferred income taxes |
20,661 |
19,128 |
14,658 |
Bank owned life insurance |
14,229 |
14,135 |
13,839 |
Intangible assets, net |
3,659 |
3,785 |
4,066 |
Other real estate owned |
9,199 |
5,299 |
3,014 |
Other assets |
18,636 |
19,459 |
25,998 |
Total
Assets |
$ 3,324,865 |
$ 3,409,441 |
$ 2,815,549 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 756,177 |
$ 881,390 |
$ 698,636 |
Interest bearing
transaction |
99,187 |
113,813 |
75,751 |
Savings and money market |
1,456,318 |
1,374,869 |
1,084,622 |
Time, $100,000 or more |
216,337 |
232,875 |
293,570 |
Other time |
284,911 |
294,275 |
215,656 |
Total deposits |
2,812,930 |
2,897,222 |
2,368,235 |
Customer repurchase agreements |
92,664 |
101,338 |
111,580 |
Long-term borrowings |
39,300 |
39,300 |
49,300 |
Other liabilities |
18,119 |
21,605 |
10,426 |
Total
liabilities |
2,963,013 |
3,059,465 |
2,539,541 |
|
|
|
|
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 March 31, 2013,
December 31, 2012 and March 31, 2012 |
56,600 |
56,600 |
56,600 |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
23,389,238, 22,954,889 and 20,220,166, respectively |
228 |
226 |
199 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
181,993 |
180,593 |
134,455 |
Retained earnings |
117,577 |
106,146 |
78,911 |
Accumulated other comprehensive
income |
4,508 |
5,465 |
4,897 |
Total Shareholders'
Equity |
361,852 |
349,976 |
276,008 |
Total Liabilities and
Shareholders' Equity |
$ 3,324,865 |
$ 3,409,441 |
$ 2,815,549 |
|
|
|
Eagle
Bancorp, Inc. |
|
|
Consolidated
Statements of Operations (Unaudited) |
|
|
(dollars in
thousands, except per share data) |
|
|
|
Three Months
Ended March 31, |
Interest Income |
2013 |
2012 |
Interest and fees on loans |
$ 36,024 |
$ 30,723 |
Interest and dividends on
investment securities |
1,696 |
1,694 |
Interest on balances with other
banks and short-term investments |
209 |
137 |
Interest on federal funds
sold |
4 |
14 |
Total interest income |
37,933 |
32,568 |
Interest Expense |
|
|
Interest on deposits |
2,940 |
3,468 |
Interest on customer repurchase
agreements |
69 |
96 |
Interest on long-term
borrowings |
415 |
534 |
Total interest expense |
3,424 |
4,098 |
Net Interest
Income |
34,509 |
28,470 |
Provision for Credit
Losses |
3,365 |
3,970 |
Net Interest Income After Provision
For Credit Losses |
31,144 |
24,500 |
|
|
|
Noninterest Income |
|
|
Service charges on
deposits |
1,285 |
979 |
Gain on sale of loans |
5,649 |
4,139 |
Gain on sale of investment
securities |
23 |
153 |
Increase in the cash surrender
value of bank owned life insurance |
94 |
97 |
Other income |
1,060 |
644 |
Total noninterest income |
8,111 |
6,012 |
Noninterest Expense |
|
|
Salaries and employee
benefits |
11,200 |
10,424 |
Premises and equipment
expenses |
2,800 |
2,510 |
Marketing and advertising |
347 |
286 |
Data processing |
1,539 |
1,256 |
Legal, accounting and
professional fees |
893 |
1,101 |
FDIC insurance |
582 |
489 |
Other expenses |
3,336 |
2,496 |
Total noninterest expense |
20,697 |
18,562 |
Income Before Income Tax
Expense |
18,558 |
11,950 |
Income Tax Expense |
6,986 |
4,317 |
Net Income |
11,572 |
7,633 |
Preferred Stock
Dividends |
141 |
141 |
Net Income Available to Common
Shareholders |
$ 11,431 |
$ 7,492 |
|
|
|
Earnings Per Common
Share |
|
|
Basic |
$ 0.49 |
$ 0.37 |
Diluted |
$ 0.48 |
$ 0.36 |
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2013 |
2012 |
|
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 |
$ 346,409 |
$ 209 |
0.24% |
$ 218,990 |
$ 137 |
0.25% |
Loans held for sale (1) |
179,476 |
1,485 |
3.31% |
120,098 |
1,071 |
3.57% |
Loans (1) (2) |
2,480,862 |
34,539 |
5.65% |
2,086,511 |
29,653 |
5.72% |
Investment securities available for sale
(2) |
316,752 |
1,696 |
2.17% |
340,025 |
1,694 |
2.00% |
Federal funds sold |
8,431 |
4 |
0.19% |
19,123 |
14 |
0.29% |
Total interest earning
assets |
3,331,930 |
37,933 |
4.62% |
2,784,747 |
32,569 |
4.70% |
|
|
|
|
|
|
|
Total noninterest earning assets |
84,383 |
|
|
75,935 |
|
|
Less: allowance for credit losses |
37,951 |
|
|
29,989 |
|
|
Total noninterest earning
assets |
46,432 |
|
|
45,946 |
|
|
TOTAL ASSETS |
$ 3,378,362 |
|
|
$ 2,830,693 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 104,798 |
$ 83 |
0.32% |
$ 76,845 |
$ 71 |
0.37% |
Savings and money market |
1,421,035 |
1,526 |
0.44% |
1,089,626 |
1,672 |
0.62% |
Time deposits |
524,515 |
1,331 |
1.03% |
538,542 |
1,726 |
1.29% |
Total interest bearing
deposits |
2,050,348 |
2,940 |
0.58% |
1,705,013 |
3,469 |
0.82% |
Customer repurchase agreements |
96,015 |
69 |
0.29% |
103,927 |
96 |
0.37% |
Long-term borrowings |
39,300 |
415 |
4.22% |
49,300 |
534 |
4.29% |
Total interest bearing
liabilities |
2,185,663 |
3,424 |
0.64% |
1,858,240 |
4,099 |
0.89% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
813,957 |
|
|
688,400 |
|
|
Other liabilities |
18,883 |
|
|
9,130 |
|
|
Total noninterest bearing
liabilities |
832,840 |
|
|
697,530 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
359,859 |
|
|
274,923 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 3,378,362 |
|
|
$ 2,830,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 34,509 |
|
|
$ 28,470 |
|
Net interest spread |
|
|
3.98% |
|
|
3.81% |
Net interest margin |
|
|
4.20% |
|
|
4.11% |
|
|
|
|
|
|
|
(1) Loans placed on
nonaccrual status are included in average balances. Net loan fees
and late charges included in interest income on loans totaled $1.9
million and $1.2 million for the three months ended March 31, 2013
and 2012, respectively. |
(2) Interest and fees
on loans and investments exclude tax equivalent
adjustments. |
|
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|
|
|
Eagle
Bancorp, Inc. |
|
|
|
|
|
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|
|
Statements of
Income and Highlights Quarterly Trends (Unaudited) |
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Income Statements: |
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
September 30, 2011 |
June 30, 2011 |
Total interest income |
$ 37,933 |
$ 38,164 |
$ 36,636 |
$ 34,575 |
$ 32,568 |
$ 33,091 |
$ 30,741 |
$ 28,996 |
Total interest expense |
3,424 |
3,427 |
3,328 |
3,561 |
4,098 |
4,820 |
5,365 |
5,102 |
Net interest income |
34,509 |
34,737 |
33,308 |
31,014 |
28,470 |
28,271 |
25,376 |
23,894 |
Provision for credit losses |
3,365 |
4,139 |
3,638 |
4,443 |
3,970 |
2,765 |
2,887 |
3,215 |
Net interest income after provision for
credit losses |
31,144 |
30,598 |
29,670 |
26,571 |
24,500 |
25,506 |
22,489 |
20,679 |
Noninterest income (before
investment gains/losses & extinguishment of debt) |
8,088 |
6,135 |
4,916 |
4,293 |
5,859 |
3,864 |
2,657 |
2,602 |
Gain/(loss) on sale of
investment securities |
23 |
(75) |
464 |
148 |
153 |
-- |
854 |
591 |
Loss on early extinguishment of
debt |
-- |
-- |
(529) |
-- |
-- |
-- |
-- |
-- |
Total noninterest income |
8,111 |
6,060 |
4,851 |
4,441 |
6,012 |
3,864 |
3,511 |
3,193 |
Salaries and employee
benefits |
11,200 |
12,164 |
10,807 |
10,289 |
10,424 |
10,183 |
9,263 |
7,761 |
Premises and
equipment |
2,800 |
2,677 |
2,562 |
2,469 |
2,510 |
2,389 |
1,939 |
2,052 |
Marketing and advertising |
347 |
419 |
497 |
557 |
286 |
411 |
234 |
747 |
Other expenses |
6,350 |
5,065 |
5,241 |
5,222 |
5,342 |
5,324 |
4,287 |
4,373 |
Total noninterest expense |
20,697 |
20,325 |
19,107 |
18,537 |
18,562 |
18,307 |
15,723 |
14,933 |
Income before income tax expense |
18,558 |
16,333 |
15,414 |
12,475 |
11,950 |
11,063 |
10,277 |
8,939 |
Income tax expense |
6,986 |
6,135 |
5,739 |
4,692 |
4,317 |
3,889 |
3,783 |
3,185 |
Net income |
11,572 |
10,198 |
9,675 |
7,783 |
7,633 |
7,174 |
6,494 |
5,754 |
Preferred stock dividends and discount
accretion |
141 |
141 |
142 |
142 |
141 |
142 |
166 |
883 |
Net income available to common
shareholders |
$ 11,431 |
$ 10,057 |
$ 9,533 |
$ 7,641 |
$ 7,492 |
$ 7,032 |
$ 6,328 |
$ 4,871 |
|
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.49 |
$ 0.44 |
$ 0.45 |
$ 0.38 |
$ 0.37 |
$ 0.35 |
$ 0.32 |
$ 0.25 |
Earnings per weighted average common share,
diluted |
$ 0.48 |
$ 0.43 |
$ 0.44 |
$ 0.37 |
$ 0.36 |
$ 0.35 |
$ 0.31 |
$ 0.24 |
Weighted average common shares outstanding,
basic |
23,198,657 |
22,650,761 |
21,052,773 |
20,297,996 |
20,110,948 |
19,919,434 |
19,867,533 |
20,050,894 |
Weighted average common shares outstanding,
diluted |
23,838,219 |
23,274,203 |
21,606,005 |
20,807,410 |
20,623,681 |
20,370,108 |
20,281,294 |
20,495,291 |
Actual shares outstanding |
23,389,238 |
22,954,889 |
22,040,006 |
20,591,233 |
20,220,166 |
19,952,844 |
19,890,597 |
19,849,042 |
Book value per common share at period
end |
$ 13.05 |
$ 12.78 |
$ 12.15 |
$ 11.35 |
$ 10.85 |
$ 10.53 |
$ 10.15 |
$ 9.76 |
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
Return on average assets |
1.39% |
1.25% |
1.27% |
1.08% |
1.08% |
0.91% |
1.00% |
1.01% |
Return on average common equity |
15.29% |
13.95% |
15.20% |
13.52% |
13.80% |
13.40% |
12.55% |
10.16% |
Net interest margin |
4.20% |
4.31% |
4.44% |
4.39% |
4.11% |
3.65% |
3.98% |
4.32% |
Efficiency ratio (1) |
48.56% |
49.82% |
50.07% |
52.28% |
53.83% |
56.97% |
54.43% |
55.13% |
|
|
|
|
|
|
|
|
|
Other Ratios: |
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans
(2) |
1.52% |
1.50% |
1.48% |
1.47% |
1.46% |
1.44% |
1.41% |
1.41% |
Nonperforming loans to total loans |
1.11% |
1.23% |
1.35% |
1.42% |
1.68% |
1.59% |
1.55% |
1.60% |
Nonperforming assets to total assets |
1.12% |
1.06% |
1.25% |
1.26% |
1.41% |
1.27% |
1.07% |
1.47% |
Net charge-offs (annualized) to average
loans |
0.33% |
0.37% |
0.36% |
0.40% |
0.34% |
0.34% |
0.36% |
0.28% |
Tier 1 leverage ratio |
10.39% |
10.44% |
10.36% |
9.65% |
9.33% |
8.21% |
9.61% |
9.07% |
Tier 1 risk based capital ratio |
11.08% |
10.80% |
10.73% |
10.09% |
10.08% |
10.33% |
10.49% |
9.64% |
Total risk based capital ratio |
12.50% |
12.20% |
12.21% |
11.60% |
11.59% |
11.84% |
12.11% |
11.33% |
|
|
|
|
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ 3,378,362 |
$ 3,247,498 |
$ 3,022,584 |
$ 2,888,188 |
$ 2,830,693 |
$ 3,111,952 |
$ 2,569,970 |
$ 2,278,329 |
Total earning assets |
$ 3,331,930 |
$ 3,203,462 |
$ 2,977,950 |
$ 2,844,491 |
$ 2,784,747 |
$ 3,071,903 |
$ 2,531,768 |
$ 2,220,137 |
Total loans held for sale |
$ 179,476 |
$ 186,122 |
$ 158,011 |
$ 95,734 |
$ 120,098 |
$ 177,116 |
$ 35,320 |
$ 19,419 |
Total loans |
$ 2,480,862 |
$ 2,442,418 |
$ 2,346,046 |
$ 2,246,644 |
$ 2,086,511 |
$ 2,030,986 |
$ 1,967,214 |
$ 1,864,722 |
Total deposits |
$ 2,864,305 |
$ 2,748,567 |
$ 2,572,022 |
$ 2,447,985 |
$ 2,393,413 |
$ 2,652,707 |
$ 2,124,274 |
$ 1,902,837 |
Total borrowings |
$ 135,315 |
$ 137,525 |
$ 132,955 |
$ 150,644 |
$ 153,227 |
$ 183,632 |
$ 184,874 |
$ 153,108 |
Total stockholders' equity |
$ 359,859 |
$ 343,401 |
$ 306,072 |
$ 284,040 |
$ 274,923 |
$ 264,833 |
$ 251,916 |
$ 214,926 |
|
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|
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|
(1) Computed by
dividing noninterest expense by the sum of net interest income and
noninterest income. |
|
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|
(2) Excludes loans
held for sale. |
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|
CONTACT: Michael T. Flynn
301.986.1800
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