Eagle Bancorp, Inc. (the “Company”) (NASDAQ:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $27.8 million for the three months ended June 30, 2017, a 15%
increase over the $24.1 million net income for the three months
ended June 30, 2016. Net income per basic common share for the
three months ended June 30, 2017 was $0.81 compared to $0.72 for
the same period in 2016, a 13% increase. Net income per diluted
common share for the three months ended June 30, 2017 was $0.81
compared to $0.71 for the same period in 2016, a 14% increase.
For the six months ended June 30, 2017, the
Company’s net income was $54.8 million, a 15% increase over the
$47.5 million for the same period in 2016. Net income per basic
common share for the six months ended June 30, 2017 was $1.61
compared to $1.41 for the same period in 2016, a 14% increase. Net
income per diluted common share for the six months ended June 30,
2017 was $1.60 compared to $1.39 for the same period in 2016, a 15%
increase.
“We are very pleased to report a continued
quarterly trend of balanced and consistently strong financial
performance,” noted Ronald D. Paul, Chairman and Chief Executive
Officer of Eagle Bancorp, Inc. “Our net income has increased for 34
consecutive quarters dating back to the first quarter of 2009. We
are proud that this performance has been the result of a
combination of balance sheet growth, revenue growth, solid asset
quality, and improved operating leverage. We continued to benefit
from growth in new loans even while anticipated loan maturities
increased. Notwithstanding such payoffs, we are very pleased to
report continued growth in earnings and earnings per share.
Additionally, the new FHA Multifamily lending division is beginning
to add revenue."
The Company’s financial performance for the six
months ended June 30, 2017 as compared to June 30, 2016 was
highlighted by:
- growth in total loans of 11% over the prior year;
- growth in total deposits of 10% over the prior year;
- growth in total revenue of 7% for the first six months of 2017
over 2016;
- a year-to-date annualized net charge-off ratio to average loans
of 0.03%;
- noninterest income contribution from our FHA Multifamily
lending division;
- further improvement in operating leverage from an already
favorable position; and
- a reduction in the efficiency ratio to 39.57% for the first six
months of 2017.
Mr. Paul added, “At a time when the net interest
margin of banks is being challenged by rising rates, the Company
remains committed to cost management measures and strong
productivity.” The strong second quarter earnings resulted in an
annualized return on average assets (“ROAA”) of 1.60% and an
annualized return on average common equity (“ROACE”) of 12.51%.
For the first six months of 2017, total loans
grew 5% over December 31, 2016, and averaged 12% higher in the
first six months of 2017 as compared to the first six months of
2016. Loan growth has moderated in the second quarter due to both
our being more selective in new credit opportunities and due to
higher levels of loan maturities as projects continue to perform
well. At June 30, 2017, total deposits were 3% higher than deposits
at December 31, 2016, while deposits averaged 9% higher for the
first six months of 2017 compared with the first six months of
2016.
The net interest margin (“NIM”) was 4.16% for
the second quarter of 2017 which was two basis points higher than
first quarter of 2017. Mr. Paul noted, “We believe that our NIM
remains favorable to peer banks. Importantly, we have been able to
sustain attractive loan yields which were 5.14% for the second
quarter, up one basis point from first quarter and up four basis
points from second quarter in 2016. By achieving better loan
yields, which is in part due to having a high percentage of
variable rate loans that benefit from short term rate increases by
the Federal Reserve, we are doing well in offsetting a higher cost
of funds. The Company’s focus continues to be on all the factors
that contribute to earnings per share growth, as opposed to
dependence on any one factor.”
Total revenue (net interest income plus
noninterest income) for the second quarter of 2017 was $76.7
million, or 7% above the $71.4 million of total revenue earned for
the second quarter of 2016 and was 5% higher than the $73.0 million
of revenue earned in the first quarter of 2017. For the six month
periods, total revenue was $149.7 million for 2017, as compared to
$140.3 million in 2016, a 7% increase.
The primary driver of the Company’s revenue
growth for the second quarter of 2017 as compared to the second
quarter in 2016 was its net interest income growth of 9% ($69.7
million versus $63.8 million). Noninterest income (excluding
investment gains) declined by 1% in the second quarter 2017 over
2016, due substantially to higher sales in 2016 of Small Business
Administration (“SBA”) and residential mortgage loans and the
resulting gains on the sale of these loans. The lower revenue
associated with SBA and residential mortgage loan sales was
effectively offset by income of $642 thousand (net of certain
transaction expenses) on the origination, securitization, servicing
and sale of FHA Multifamily-Backed Government National Mortgage
Association (“GNMA”) securities.
Asset quality measures remained solid at June
30, 2017. Net charge-offs (annualized) were 0.02% of average loans
for the second quarter of 2017, as compared to 0.15% of average
loans for the second quarter of 2016. At June 30, 2017, the
Company’s nonperforming loans amounted to $17.1 million (0.29% of
total loans) as compared to $21.4 million (0.40% of total loans) at
June 30, 2016 and $17.9 million (0.31% of total loans) at December
31, 2016. Nonperforming assets amounted to $18.5 million (0.26% of
total assets) at June 30, 2017 compared to $24.5 million (0.39% of
total assets) at June 30, 2016 and $20.6 million (0.30% of total
assets) at December 31, 2016.
Management continues to remain attentive to any
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 1.02% of total loans
(excluding loans held for sale) at June 30, 2017, is adequate to
absorb potential credit losses within the loan portfolio at that
date. The allowance for credit losses was 1.05% at June 30, 2016
and 1.04% of total loans at December 31, 2016. The allowance at
June 30, 2017 for credit losses represented 356% of nonperforming
loans, as compared to 264% at June 30, 2016 and 330% at December
31, 2016.
“The Company’s productivity continued to improve
in the second quarter,” noted Mr. Paul. The efficiency ratio of
39.10% reflects management’s ongoing efforts to maintain superior
operating leverage. The annualized level of noninterest expenses as
a percentage of average assets has declined to 1.72% in the second
quarter of 2017 as compared to 1.83% in the second quarter of 2016.
A relatively stable staff, capacity utilization, branch
rationalization, a low level of problem assets, and leveraging of
other fixed costs have been the major reasons for improved
operating leverage. Additionally, the Company continues investments
in IT systems and resources, including its online client services.
Our goal is to improve operating performance without inhibiting
growth or negatively impacting our ability to service our
customers. Mr. Paul further noted, “We will continue to maintain
strict oversight of expenses, while retaining an infrastructure to
remain competitive, support our growth initiatives and manage
risk.”
Total assets at June 30, 2017 were $7.24
billion, a 14% increase as compared to $6.37 billion at June 30,
2016, and a 5% increase as compared to $6.89 billion at December
31, 2016. Total loans (excluding loans held for sale) were $5.99
billion at June 30, 2017, an 11% increase as compared to $5.40
billion at June 30, 2016, and a 5% increase as compared to $5.68
billion at December 31, 2016. Loans held for sale amounted to $49.3
million at June 30, 2017 as compared to $59.3 million at June 30,
2016, a 17% decrease, and $51.6 million at December 31, 2016, a 5%
decrease. The investment portfolio totaled $497.7 million at June
30, 2017, a 22% increase from the $409.5 million balance at June
30, 2016. As compared to December 31, 2016, the investment
portfolio at June 30, 2017 decreased by $40.4 million or 8%.
Total deposits at June 30, 2017 were $5.87
billion, compared to deposits of $5.34 billion at June 30, 2016, a
10% increase, and deposits of $5.72 billion at December 31, 2016, a
3% increase. Total borrowed funds (excluding customer repurchase
agreements) were $361.7 million at June 30, 2017, $119.0 million at
June 30, 2016 and $216.5 million at December 31, 2016. We continue
to work on expanding the breadth and depth of our existing
relationships while we pursue building new relationships.
Total shareholders’ equity at June 30, 2017
increased 15%, to $902.7 million, compared to $788.6 million at
June 30, 2016, and increased 7%, from $842.8 million at December
31, 2016. The Company’s capital position remains substantially in
excess of regulatory requirements for well capitalized status, with
a total risk based capital ratio of 15.13% at June 30, 2017, as
compared to 12.73% at June 30, 2016, and 14.89% at December 31,
2016. In addition, the tangible common equity ratio was 11.15% at
June 30, 2017, compared to 10.88% at June 30, 2016 and 10.84% at
December 31, 2016.
Analysis of the three months ended June
30, 2017 compared to June 30, 2016
For the three months ended June 30, 2017, the
Company reported an annualized ROAA of 1.60% as compared to 1.57%
for the three months ended June 30, 2016. The annualized ROACE for
the three months ended June 30, 2017 was 12.51%, as compared to
12.40% for the three months ended June 30, 2016.
Net interest income increased 9% for the three
months ended June 30, 2017 over the same period in 2016 ($69.7
million versus $63.8 million), resulting from growth in average
earning assets of 13%. The net interest margin was 4.16% for the
three months ended June 30, 2017, as compared to 4.30% for the
three months ended June 30, 2016. The Company believes its net
interest margin remains favorable compared to peer banking
companies and that its disciplined approach to managing the loan
portfolio yield to 5.14% for the second quarter in 2017 has been a
significant factor in its overall profitability.
The provision for credit losses was $1.6 million
for the three months ended June 30, 2017 as compared to $3.9
million for the three months ended June 30, 2016. The lower
provisioning in the second quarter of 2017, as compared to the
second quarter of 2016, is primarily due to lower loan growth, as
net loans increased $160.1 million in the three months ended June
30, 2017, as compared to an increase of $247.6 million in the same
period in 2016, and to overall improved asset quality. Net
charge-offs of $366 thousand in the second quarter of 2017
represented an annualized 0.02% of average loans, excluding loans
held for sale, as compared to $2.0 million, or an annualized 0.15%
of average loans, excluding loans held for sale, in the second
quarter of 2016. Net charge-offs in the second quarter of 2017 were
attributable primarily to income producing - commercial real estate
($969 thousand) offset by recoveries in construction - commercial
and residential ($343 thousand) and commercial and industrial loans
($254 thousand).
Noninterest income for the three months ended
June 30, 2017 decreased to $7.0 million from $7.6 million for the
three months ended June 30, 2016, due primarily to lesser net gains
on the sale of investments ($26 thousand in 2017 versus $498
thousand in 2016), a decrease of $888 thousand in gains on the sale
of SBA loans, a decrease in gains on sales of residential mortgages
of $584 thousand, offset by revenue associated with the
origination, securitization, servicing, and sale of FHA
Multifamily-Backed GNMA securities of $642 thousand (net of certain
transaction expenses), an increase in other miscellaneous income of
$335 thousand, and an increase in other loan income of $137
thousand. Residential mortgage loans closed were $188 million for
the second quarter in 2017 versus $214 million for the second
quarter of 2016. Excluding gains on sales of investment securities,
noninterest income was $7.0 million in the second quarter of 2017
as compared to $7.1 million for the second quarter of 2016, a
decrease of 1%.
The efficiency ratio, which measures the ratio
of noninterest expense to total revenue, was 39.10% for the second
quarter of 2017, as compared to 39.63% for the second quarter of
2016. Noninterest expenses totaled $30.0 million for the three
months ended June 30, 2017, as compared to $28.3 million for the
three months ended June 30, 2016, a 6% increase. Cost increases for
salaries and benefits were $961 thousand, due primarily to
increased staff, merit increases and incentive compensation.
Marketing and advertising expense increased by $327 thousand
primarily due to costs associated with expanded digital and print
advertising. Legal, accounting and professional fees increased by
$286 thousand primarily due to enhanced IT risk management.
Analysis of the six months ended June
30, 2017 compared to June 30, 2016
For the six months ended June 30, 2017, the
Company reported an annualized ROAA of 1.61% as compared to 1.56%
for the six months ended June 30, 2016. The annualized ROACE for
the six months ended June 30, 2017 was 12.62%, as compared to
12.39% for the six months ended June 30, 2016. The higher ratios
are due to increased earnings.
Net interest income increased 8% for the six
months ended June 30, 2017 over the same period in 2016 ($136.6
million versus $126.4 million), resulting from growth in average
earning assets of 12%. The net interest margin was 4.16% for the
six months ended June 30, 2017 as compared to 4.30% for the same
period in 2016. The Company believes its net interest margin
remains favorable compared to peer banking companies and that its
disciplined approach to managing the loan portfolio yield to 5.13%
for the first six months in 2017 has been a significant factor in
its overall profitability. Additionally, the percentage of average
noninterest bearing deposits to total deposits was 32% for the
first six months in 2017 versus 30% for the same period in
2016.
The provision for credit losses was $3.0 million
for the six months ended June 30, 2017 as compared to $6.9 million
for the six months ended June 30, 2016. The lower provisioning in
the first six months of 2017, as compared to the first six months
of 2016, is due to lower loan growth, as net loans increased $307.1
million during the first six months of 2017, as compared to an
increase of $405.1 million during the same period in 2016, and to
overall improved asset quality. Net charge-offs of $989 thousand in
the first six months of 2017 represented an annualized 0.03% of
average loans, excluding loans held for sale, as compared to $3.1
million or an annualized 0.12% of average loans, excluding loans
held for sale, in the first six months of 2016. Net charge-offs in
the first six months of 2017 were attributable primarily to income
producing - commercial real estate ($1.4 million) offset by
recoveries in construction - commercial and residential ($346
thousand) and commercial and industrial loans ($131 thousand).
Noninterest income for the six months ended June
30, 2017 was $13.1 million as compared to $13.9 million for the six
months ended June 30, 2016, a 6% decrease due primarily to lesser
net gains on the sale of investments ($531 thousand in 2017 and
$1.1 million in 2016), a decrease of $1.1 million in gains on the
sale of SBA loans, offset by revenue associated with the
origination, securitization, servicing, and sale of FHA
Multifamily-Backed GNMA securities of $642 thousand (net of certain
transaction expenses), and an increase in other miscellaneous
income of $213 thousand. Excluding investment securities net gains,
total noninterest income was $12.6 million for the six months ended
June 30, 2017, as compared to $12.7 million for the same period in
2016, a 1% decrease.
Noninterest expenses totaled $59.2 million for
the six months ended June 30, 2017, as compared to $56.4 million
for the six months ended June 30, 2016, a 5% increase. Cost
increases for salaries and benefits were $1.5 million, due
primarily to increased staff and merit increases. Marketing and
advertising expense increased by $447 thousand primarily due to
costs associated with expanded digital and print advertising.
Legal, accounting and professional fees increased by $225 thousand
primarily due to enhanced IT risk management. Other expenses
increased $740 thousand primarily due to higher broker fees.
For the first six months of 2017, the efficiency ratio was 39.57%
as compared to 40.20% for the same period in 2016.
The financial information which follows provides
more detail on the Company’s financial performance for the three
and six months ended June 30, 2017 as compared to the three and six
months ended June 30, 2016 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, 2016 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-one 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 second quarter 2017
financial results on Thursday, July 20, 2017 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 47807241, 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 August 3, 2017.
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, 2016 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. |
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Consolidated
Financial Highlights (Unaudited) |
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(dollars in thousands,
except per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
|
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2017 |
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2016 |
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2017 |
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2016 |
|
|
Income
Statements: |
|
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|
|
|
|
|
|
Total interest
income |
$ |
79,344 |
|
|
$ |
69,772 |
|
|
$ |
155,138 |
|
|
$ |
137,579 |
|
|
Total interest
expense |
|
9,646 |
|
|
|
5,950 |
|
|
|
18,546 |
|
|
|
11,167 |
|
|
Net interest
income |
|
69,698 |
|
|
|
63,822 |
|
|
|
136,592 |
|
|
|
126,412 |
|
|
Provision for credit
losses |
|
1,566 |
|
|
|
3,888 |
|
|
|
2,963 |
|
|
|
6,931 |
|
|
Net interest income
after provision for credit losses |
|
68,132 |
|
|
|
59,934 |
|
|
|
133,629 |
|
|
|
119,481 |
|
|
Noninterest income
(before investment gains) |
|
6,997 |
|
|
|
7,077 |
|
|
|
12,562 |
|
|
|
12,743 |
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|
Gain on sale of
investment securities |
|
26 |
|
|
|
498 |
|
|
|
531 |
|
|
|
1,122 |
|
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Total noninterest
income |
|
7,023 |
|
|
|
7,575 |
|
|
|
13,093 |
|
|
|
13,865 |
|
|
Total noninterest
expense |
|
30,001 |
|
|
|
28,295 |
|
|
|
59,233 |
|
|
|
56,397 |
|
|
Income before income
tax expense |
|
45,154 |
|
|
|
39,214 |
|
|
|
87,489 |
|
|
|
76,949 |
|
|
Income tax expense |
|
17,382 |
|
|
|
15,069 |
|
|
|
32,700 |
|
|
|
29,482 |
|
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Net income |
$ |
27,772 |
|
|
$ |
24,145 |
|
|
$ |
54,789 |
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|
$ |
47,467 |
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Per Share
Data: |
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Earnings per weighted
average common share, basic |
$ |
0.81 |
|
|
$ |
0.72 |
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|
$ |
1.61 |
|
|
$ |
1.41 |
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Earnings per weighted
average common share, diluted |
$ |
0.81 |
|
|
$ |
0.71 |
|
|
$ |
1.60 |
|
|
$ |
1.39 |
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Weighted average common
shares outstanding, basic |
|
34,128,598 |
|
|
|
33,588,141 |
|
|
|
34,099,228 |
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|
|
33,553,570 |
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Weighted average common
shares outstanding, diluted |
|
34,324,120 |
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|
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34,183,209 |
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|
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34,304,285 |
|
|
|
34,146,404 |
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Actual shares
outstanding at period end |
|
34,169,924 |
|
|
|
33,584,898 |
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|
|
34,169,924 |
|
|
|
33,584,898 |
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Book value per common
share at period end |
$ |
26.42 |
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|
$ |
23.48 |
|
|
$ |
26.42 |
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|
$ |
23.48 |
|
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Tangible book value per
common share at period end (1) |
$ |
23.28 |
|
|
$ |
20.27 |
|
|
$ |
23.28 |
|
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$ |
20.27 |
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Performance
Ratios (annualized): |
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Return on average
assets |
|
1.60 |
% |
|
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1.57 |
% |
|
|
1.61 |
% |
|
|
1.56 |
% |
|
Return on average
common equity |
|
12.51 |
% |
|
|
12.40 |
% |
|
|
12.62 |
% |
|
|
12.39 |
% |
|
Net interest
margin |
|
4.16 |
% |
|
|
4.30 |
% |
|
|
4.16 |
% |
|
|
4.30 |
% |
|
Efficiency ratio
(2) |
|
39.10 |
% |
|
|
39.63 |
% |
|
|
39.57 |
% |
|
|
40.20 |
% |
|
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Other
Ratios: |
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Allowance for credit
losses to total loans (3) |
|
1.02 |
% |
|
|
1.05 |
% |
|
|
1.02 |
% |
|
|
1.05 |
% |
|
Allowance for credit
losses to total nonperforming loans |
|
356.00 |
% |
|
|
264.44 |
% |
|
|
356.00 |
% |
|
|
264.44 |
% |
|
Nonperforming loans to
total loans (3) |
|
0.29 |
% |
|
|
0.40 |
% |
|
|
0.29 |
% |
|
|
0.40 |
% |
|
Nonperforming assets to
total assets |
|
0.26 |
% |
|
|
0.39 |
% |
|
|
0.26 |
% |
|
|
0.39 |
% |
|
Net charge-offs
(annualized) to average loans (3) |
|
0.02 |
% |
|
|
0.15 |
% |
|
|
0.03 |
% |
|
|
0.12 |
% |
|
Common equity to total
assets |
|
12.46 |
% |
|
|
12.39 |
% |
|
|
12.46 |
% |
|
|
12.39 |
% |
|
Tier 1 capital (to
average assets) |
|
11.61 |
% |
|
|
11.24 |
% |
|
|
11.61 |
% |
|
|
11.24 |
% |
|
Total capital (to risk
weighted assets) |
|
15.13 |
% |
|
|
12.73 |
% |
|
|
15.13 |
% |
|
|
12.73 |
% |
|
Common equity tier 1
capital (to risk weighted assets) |
|
11.18 |
% |
|
|
10.74 |
% |
|
|
11.18 |
% |
|
|
10.74 |
% |
|
Tangible common equity
ratio (1) |
|
11.15 |
% |
|
|
10.88 |
% |
|
|
11.15 |
% |
|
|
10.88 |
% |
|
|
|
|
|
|
|
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Loan Balances -
Period End (in thousands): |
|
|
|
|
|
|
|
|
Commercial and
Industrial |
$ |
1,319,736 |
|
|
$ |
1,140,863 |
|
|
$ |
1,319,736 |
|
|
$ |
1,140,863 |
|
|
Commercial real estate
- owner occupied |
$ |
660,066 |
|
|
$ |
584,358 |
|
|
$ |
660,066 |
|
|
$ |
584,358 |
|
|
Commercial real estate
- income producing |
$ |
2,596,230 |
|
|
$ |
2,461,581 |
|
|
$ |
2,596,230 |
|
|
$ |
2,461,581 |
|
|
1-4 Family
mortgage |
$ |
151,115 |
|
|
$ |
150,129 |
|
|
$ |
151,115 |
|
|
$ |
150,129 |
|
|
Construction -
commercial and residential |
$ |
1,034,902 |
|
|
$ |
847,268 |
|
|
$ |
1,034,902 |
|
|
$ |
847,268 |
|
|
Construction - C&I
(owner occupied) |
$ |
116,577 |
|
|
$ |
100,063 |
|
|
$ |
116,577 |
|
|
$ |
100,063 |
|
|
Home equity |
$ |
103,671 |
|
|
$ |
110,697 |
|
|
$ |
103,671 |
|
|
$ |
110,697 |
|
|
Other
consumer |
$ |
2,734 |
|
|
$ |
8,470 |
|
|
$ |
2,734 |
|
|
$ |
8,470 |
|
|
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ |
6,959,994 |
|
|
$ |
6,191,164 |
|
|
$ |
6,866,597 |
|
|
$ |
6,131,848 |
|
|
Total earning
assets |
$ |
6,725,251 |
|
|
$ |
5,967,008 |
|
|
$ |
6,631,111 |
|
|
$ |
5,905,962 |
|
|
Total loans |
$ |
5,895,174 |
|
|
$ |
5,266,305 |
|
|
$ |
5,800,742 |
|
|
$ |
5,168,346 |
|
|
Total deposits |
$ |
5,660,119 |
|
|
$ |
5,178,501 |
|
|
$ |
5,607,552 |
|
|
$ |
5,161,086 |
|
|
Total borrowings |
$ |
375,124 |
|
|
$ |
207,221 |
|
|
$ |
346,791 |
|
|
$ |
173,272 |
|
|
Total shareholders’
equity |
$ |
890,498 |
|
|
$ |
783,318 |
|
|
$ |
875,223 |
|
|
$ |
770,117 |
|
|
|
|
|
|
|
|
|
|
|
(1) 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) |
|
|
|
|
|
|
|
Six Months Ended |
|
Twelve Months Ended |
|
Six Months Ended |
|
|
June 30, 2017 |
|
December 31, 2016 |
|
June 30, 2016 |
|
Common shareholders'
equity |
$ |
902,675 |
|
|
$ |
842,799 |
|
|
$ |
788,628 |
|
|
Less: Intangible
assets |
|
(107,061 |
) |
|
|
(107,419 |
) |
|
|
(108,021 |
) |
|
Tangible common
equity |
$ |
795,614 |
|
|
$ |
735,380 |
|
|
$ |
680,607 |
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
26.42 |
|
|
$ |
24.77 |
|
|
$ |
23.48 |
|
|
Less: Intangible book
value per common share |
|
(3.14 |
) |
|
|
(3.16 |
) |
|
|
(3.21 |
) |
|
Tangible book
value per common share |
$ |
23.28 |
|
|
$ |
21.61 |
|
|
$ |
20.27 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,244,527 |
|
|
$ |
6,890,096 |
|
|
$ |
6,365,320 |
|
|
Less: Intangible
assets |
|
(107,061 |
) |
|
|
(107,419 |
) |
|
|
(108,021 |
) |
|
Tangible
assets |
$ |
7,137,466 |
|
|
$ |
6,782,677 |
|
|
$ |
6,257,299 |
|
|
Tangible common
equity ratio |
|
11.15 |
% |
|
|
10.84 |
% |
|
|
10.88 |
% |
|
|
|
|
|
|
|
|
(2) Computed by dividing noninterest expense by the sum of net
interest income and noninterest income.
(3) Excludes loans held for sale.
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
|
|
Consolidated
Balance Sheets (Unaudited) |
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Assets |
June 30, 2017 |
|
December 31, 2016 |
|
June 30, 2016 |
Cash and due from
banks |
$ |
10,948 |
|
|
$ |
10,285 |
|
|
$ |
11,013 |
|
Federal funds sold |
|
7,417 |
|
|
|
2,397 |
|
|
|
5,444 |
|
Interest bearing
deposits with banks and other short-term investments |
|
429,336 |
|
|
|
355,481 |
|
|
|
230,041 |
|
Investment securities
available for sale, at fair value |
|
497,672 |
|
|
|
538,108 |
|
|
|
409,512 |
|
Federal Reserve and
Federal Home Loan Bank stock |
|
28,603 |
|
|
|
21,600 |
|
|
|
19,864 |
|
Loans held for
sale |
|
49,327 |
|
|
|
51,629 |
|
|
|
59,323 |
|
Loans |
|
5,985,031 |
|
|
|
5,677,893 |
|
|
|
5,403,429 |
|
Less allowance for
credit losses |
|
(61,047 |
) |
|
|
(59,074 |
) |
|
|
(56,536 |
) |
Loans,
net |
|
5,923,984 |
|
|
|
5,618,819 |
|
|
|
5,346,893 |
|
Premises and equipment,
net |
|
20,153 |
|
|
|
20,661 |
|
|
|
18,209 |
|
Deferred income
taxes |
|
46,294 |
|
|
|
48,220 |
|
|
|
41,321 |
|
Bank owned life
insurance |
|
60,869 |
|
|
|
60,130 |
|
|
|
59,357 |
|
Intangible assets,
net |
|
107,061 |
|
|
|
107,419 |
|
|
|
108,021 |
|
Other real estate
owned |
|
1,394 |
|
|
|
2,694 |
|
|
|
3,152 |
|
Other assets |
|
61,469 |
|
|
|
52,653 |
|
|
|
53,170 |
|
Total Assets |
$ |
7,244,527 |
|
|
$ |
6,890,096 |
|
|
$ |
6,365,320 |
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest bearing demand |
$ |
1,851,437 |
|
|
$ |
1,775,684 |
|
|
$ |
1,631,732 |
|
Interest
bearing transaction |
|
405,210 |
|
|
|
289,122 |
|
|
|
293,401 |
|
Savings
and money market |
|
2,730,981 |
|
|
|
2,902,560 |
|
|
|
2,634,446 |
|
Time,
$100,000 or more |
|
490,105 |
|
|
|
464,842 |
|
|
|
434,102 |
|
Other
time |
|
389,964 |
|
|
|
283,906 |
|
|
|
342,307 |
|
Total
deposits |
|
5,867,697 |
|
|
|
5,716,114 |
|
|
|
5,335,988 |
|
Customer repurchase
agreements |
|
74,362 |
|
|
|
68,876 |
|
|
|
80,508 |
|
Other short-term
borrowings |
|
145,000 |
|
|
|
- |
|
|
|
50,000 |
|
Long-term
borrowings |
|
216,710 |
|
|
|
216,514 |
|
|
|
68,989 |
|
Other liabilities |
|
38,083 |
|
|
|
45,793 |
|
|
|
41,207 |
|
Total liabilities |
|
6,341,852 |
|
|
|
6,047,297 |
|
|
|
5,576,692 |
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
Common stock, par value
$.01 per share; shares authorized 100,000,000, shares |
|
|
|
|
|
issued
and outstanding 34,169,924, 34,023,850, and 33,584,898,
respectively |
|
340 |
|
|
|
338 |
|
|
|
333 |
|
Warrant |
|
- |
|
|
|
- |
|
|
|
946 |
|
Additional paid in
capital |
|
517,356 |
|
|
|
513,531 |
|
|
|
507,602 |
|
Retained
earnings |
|
386,100 |
|
|
|
331,311 |
|
|
|
281,071 |
|
Accumulated other
comprehensive loss |
|
(1,121 |
) |
|
|
(2,381 |
) |
|
|
(1,324 |
) |
Total Shareholders' Equity |
|
902,675 |
|
|
|
842,799 |
|
|
|
788,628 |
|
Total Liabilities and Shareholders' Equity |
$ |
7,244,527 |
|
|
$ |
6,890,096 |
|
|
$ |
6,365,320 |
|
Eagle Bancorp,
Inc. |
|
|
|
|
|
|
|
Consolidated
Statements of Income (Unaudited) |
|
|
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Interest
Income |
2017 |
|
2016 |
|
2017 |
|
2016 |
Interest
and fees on loans |
$ |
75,896 |
|
$ |
67,211 |
|
$ |
148,367 |
|
$ |
132,133 |
Interest
and dividends on investment securities |
|
2,827 |
|
|
2,356 |
|
|
5,660 |
|
|
4,944 |
Interest
on balances with other banks and short-term investments |
|
610 |
|
|
196 |
|
|
1,093 |
|
|
480 |
Interest
on federal funds sold |
|
11 |
|
|
9 |
|
|
18 |
|
|
22 |
Total
interest income |
|
79,344 |
|
|
69,772 |
|
|
155,138 |
|
|
137,579 |
Interest
Expense |
|
|
|
|
|
|
|
Interest
on deposits |
|
6,403 |
|
|
4,530 |
|
|
12,233 |
|
|
8,673 |
Interest
on customer repurchase agreements |
|
40 |
|
|
39 |
|
|
78 |
|
|
76 |
Interest
on other short-term borrowings |
|
224 |
|
|
344 |
|
|
277 |
|
|
344 |
Interest
on long-term borrowings |
|
2,979 |
|
|
1,037 |
|
|
5,958 |
|
|
2,074 |
Total
interest expense |
|
9,646 |
|
|
5,950 |
|
|
18,546 |
|
|
11,167 |
Net Interest
Income |
|
69,698 |
|
|
63,822 |
|
|
136,592 |
|
|
126,412 |
Provision for
Credit Losses |
|
1,566 |
|
|
3,888 |
|
|
2,963 |
|
|
6,931 |
Net Interest
Income After Provision For Credit Losses |
|
68,132 |
|
|
59,934 |
|
|
133,629 |
|
|
119,481 |
|
|
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
|
|
Service
charges on deposits |
|
1,543 |
|
|
1,424 |
|
|
3,015 |
|
|
2,872 |
Gain on
sale of loans |
|
2,519 |
|
|
3,992 |
|
|
4,567 |
|
|
5,455 |
Gain on
sale of investment securities |
|
26 |
|
|
498 |
|
|
531 |
|
|
1,122 |
Increase
in the cash surrender value of bank owned life
insurance |
|
372 |
|
|
390 |
|
|
739 |
|
|
780 |
Other
income |
|
2,563 |
|
|
1,271 |
|
|
4,241 |
|
|
3,636 |
Total
noninterest income |
|
7,023 |
|
|
7,575 |
|
|
13,093 |
|
|
13,865 |
Noninterest
Expense |
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
16,869 |
|
|
15,908 |
|
|
33,546 |
|
|
32,027 |
Premises
and equipment expenses |
|
3,920 |
|
|
3,807 |
|
|
7,767 |
|
|
7,633 |
Marketing
and advertising |
|
1,247 |
|
|
920 |
|
|
2,141 |
|
|
1,694 |
Data
processing |
|
1,997 |
|
|
1,823 |
|
|
4,038 |
|
|
3,837 |
Legal,
accounting and professional fees |
|
1,297 |
|
|
1,011 |
|
|
2,299 |
|
|
2,074 |
FDIC
insurance |
|
590 |
|
|
755 |
|
|
1,134 |
|
|
1,564 |
Other
expenses |
|
4,081 |
|
|
4,071 |
|
|
8,308 |
|
|
7,568 |
Total
noninterest expense |
|
30,001 |
|
|
28,295 |
|
|
59,233 |
|
|
56,397 |
Income Before
Income Tax Expense |
|
45,154 |
|
|
39,214 |
|
|
87,489 |
|
|
76,949 |
Income Tax
Expense |
|
17,382 |
|
|
15,069 |
|
|
32,700 |
|
|
29,482 |
Net
Income |
$ |
27,772 |
|
$ |
24,145 |
|
$ |
54,789 |
|
$ |
47,467 |
|
|
|
|
|
|
|
|
Earnings Per
Common Share |
|
|
|
|
|
|
|
Basic |
$ |
0.81 |
|
$ |
0.72 |
|
$ |
1.61 |
|
$ |
1.41 |
Diluted |
$ |
0.81 |
|
$ |
0.71 |
|
$ |
1.60 |
|
$ |
1.39 |
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields
And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
2017 |
|
2016 |
|
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 |
$ |
264,319 |
$ |
610 |
0.93 |
% |
|
$ |
184,821 |
$ |
196 |
0.43 |
% |
Loans
held for sale (1) |
|
38,165 |
|
388 |
4.07 |
% |
|
|
47,111 |
|
428 |
3.63 |
% |
Loans
(1) (2) |
|
5,895,174 |
|
75,508 |
5.14 |
% |
|
|
5,266,305 |
|
66,783 |
5.10 |
% |
Investment securities available for sale (2) |
|
520,951 |
|
2,827 |
2.18 |
% |
|
|
460,195 |
|
2,356 |
2.06 |
% |
Federal
funds sold |
|
6,642 |
|
11 |
0.66 |
% |
|
|
8,576 |
|
9 |
0.42 |
% |
Total
interest earning assets |
|
6,725,251 |
|
79,344 |
4.73 |
% |
|
|
5,967,008 |
|
69,772 |
4.70 |
% |
|
|
|
|
|
|
|
|
Total
noninterest earning assets |
|
294,923 |
|
|
|
|
279,972 |
|
|
Less:
allowance for credit losses |
|
60,180 |
|
|
|
|
55,816 |
|
|
Total
noninterest earning assets |
|
234,743 |
|
|
|
|
224,156 |
|
|
TOTAL ASSETS |
$ |
6,959,994 |
|
|
|
$ |
6,191,164 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest
bearing transaction |
$ |
360,574 |
$ |
337 |
0.37 |
% |
|
$ |
243,836 |
$ |
152 |
0.25 |
% |
Savings
and money market |
|
2,679,337 |
|
4,097 |
0.61 |
% |
|
|
2,573,184 |
|
2,828 |
0.44 |
% |
Time
deposits |
|
781,864 |
|
1,969 |
1.01 |
% |
|
|
760,786 |
|
1,550 |
0.82 |
% |
Total
interest bearing deposits |
|
3,821,775 |
|
6,403 |
0.67 |
% |
|
|
3,577,806 |
|
4,530 |
0.51 |
% |
Customer
repurchase agreements |
|
69,093 |
|
40 |
0.23 |
% |
|
|
71,767 |
|
39 |
0.22 |
% |
Other
short-term borrowings |
|
89,355 |
|
224 |
0.99 |
% |
|
|
66,484 |
|
344 |
2.05 |
% |
Long-term borrowings |
|
216,676 |
|
2,979 |
5.44 |
% |
|
|
68,970 |
|
1,037 |
5.95 |
% |
Total
interest bearing liabilities |
|
4,196,899 |
|
9,646 |
0.92 |
% |
|
|
3,785,027 |
|
5,950 |
0.63 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
Noninterest bearing demand |
|
1,838,344 |
|
|
|
|
1,600,695 |
|
|
Other
liabilities |
|
34,253 |
|
|
|
|
22,124 |
|
|
Total
noninterest bearing liabilities |
|
1,872,597 |
|
|
|
|
1,622,819 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
Equity |
|
890,498 |
|
|
|
|
783,318 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
6,959,994 |
|
|
|
$ |
6,191,164 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
69,698 |
|
|
|
$ |
63,822 |
|
Net interest
spread |
|
|
3.81 |
% |
|
|
|
4.07 |
% |
Net interest
margin |
|
|
4.16 |
% |
|
|
|
4.30 |
% |
Cost of funds |
|
|
0.57 |
% |
|
|
|
0.40 |
% |
|
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $4.3 million and $3.7 million |
for the three months ended June 30, 2017 and 2016,
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) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2017 |
|
|
|
2016 |
|
|
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 |
$ |
266,984 |
$ |
1,093 |
0.83 |
% |
|
$ |
210,476 |
$ |
480 |
0.46 |
% |
Loans
held for sale (1) |
|
33,796 |
|
670 |
3.96 |
% |
|
|
38,179 |
|
701 |
3.67 |
% |
Loans
(1) (2) |
|
5,800,742 |
|
147,697 |
5.13 |
% |
|
|
5,168,346 |
|
131,432 |
5.11 |
% |
Investment securities available for sale (2) |
|
523,566 |
|
5,660 |
2.18 |
% |
|
|
479,191 |
|
4,944 |
2.07 |
% |
Federal
funds sold |
|
6,023 |
|
18 |
0.60 |
% |
|
|
9,770 |
|
22 |
0.45 |
% |
Total interest earning assets |
|
6,631,111 |
|
155,138 |
4.72 |
% |
|
|
5,905,962 |
|
137,579 |
4.68 |
% |
|
|
|
|
|
|
|
|
Total
noninterest earning assets |
|
295,232 |
|
|
|
|
280,752 |
|
|
Less:
allowance for credit losses |
|
59,746 |
|
|
|
|
54,866 |
|
|
Total
noninterest earning assets |
|
235,486 |
|
|
|
|
225,886 |
|
|
TOTAL ASSETS |
$ |
6,866,597 |
|
|
|
$ |
6,131,848 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest
bearing transaction |
$ |
345,986 |
$ |
575 |
0.34 |
% |
|
$ |
216,916 |
$ |
252 |
0.23 |
% |
Savings
and money market |
|
2,684,900 |
|
7,961 |
0.60 |
% |
|
|
2,664,106 |
|
5,348 |
0.40 |
% |
Time
deposits |
|
759,942 |
|
3,697 |
0.98 |
% |
|
|
753,618 |
|
3,073 |
0.82 |
% |
Total
interest bearing deposits |
|
3,790,828 |
|
12,233 |
0.65 |
% |
|
|
3,634,640 |
|
8,673 |
0.48 |
% |
Customer
repurchase agreements |
|
69,359 |
|
78 |
0.23 |
% |
|
|
71,076 |
|
76 |
0.22 |
% |
Other
short-term borrowings |
|
60,808 |
|
277 |
0.91 |
% |
|
|
33,242 |
|
344 |
2.05 |
% |
Long-term borrowings |
|
216,624 |
|
5,958 |
5.47 |
% |
|
|
68,954 |
|
2,074 |
5.95 |
% |
Total
interest bearing liabilities |
|
4,137,619 |
|
18,546 |
0.90 |
% |
|
|
3,807,912 |
|
11,167 |
0.59 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
Noninterest bearing demand |
|
1,816,724 |
|
|
|
|
1,526,446 |
|
|
Other
liabilities |
|
37,031 |
|
|
|
|
27,373 |
|
|
Total
noninterest bearing liabilities |
|
1,853,755 |
|
|
|
|
1,553,819 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
875,223 |
|
|
|
|
770,117 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
6,866,597 |
|
|
|
$ |
6,131,848 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
136,592 |
|
|
|
$ |
126,412 |
|
Net interest
spread |
|
|
3.82 |
% |
|
|
|
4.09 |
% |
Net interest
margin |
|
|
4.16 |
% |
|
|
|
4.30 |
% |
Cost of funds |
|
|
0.56 |
% |
|
|
|
0.38 |
% |
|
|
|
|
|
|
|
|
(1) Loans
placed on nonaccrual status are included in average balances. Net
loan fees and late charges included in interest income on loans
totaled $8.2 million and $7.5 million |
for the six
months ended June 30, 2017 and 2016, 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 |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
Income
Statements: |
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2015 |
|
Total interest
income |
$ |
79,344 |
|
|
$ |
75,794 |
|
|
$ |
75,795 |
|
|
$ |
72,431 |
|
|
$ |
69,772 |
|
|
$ |
67,807 |
|
|
$ |
67,311 |
|
|
$ |
63,981 |
|
Total interest
expense |
|
9,646 |
|
|
|
8,900 |
|
|
|
8,771 |
|
|
|
7,703 |
|
|
|
5,950 |
|
|
|
5,217 |
|
|
|
4,735 |
|
|
|
4,896 |
|
Net interest
income |
|
69,698 |
|
|
|
66,894 |
|
|
|
67,024 |
|
|
|
64,728 |
|
|
|
63,822 |
|
|
|
62,590 |
|
|
|
62,576 |
|
|
|
59,085 |
|
Provision for credit
losses |
|
1,566 |
|
|
|
1,397 |
|
|
|
2,112 |
|
|
|
2,288 |
|
|
|
3,888 |
|
|
|
3,043 |
|
|
|
4,595 |
|
|
|
3,262 |
|
Net interest income
after provision for credit losses |
|
68,132 |
|
|
|
65,497 |
|
|
|
64,912 |
|
|
|
62,440 |
|
|
|
59,934 |
|
|
|
59,547 |
|
|
|
57,981 |
|
|
|
55,823 |
|
Noninterest income (before investment gains) |
|
6,997 |
|
|
|
5,565 |
|
|
|
6,943 |
|
|
|
6,404 |
|
|
|
7,077 |
|
|
|
5,666 |
|
|
|
6,462 |
|
|
|
6,039 |
|
Gain on
sale of investment securities |
|
26 |
|
|
|
505 |
|
|
|
71 |
|
|
|
1 |
|
|
|
498 |
|
|
|
624 |
|
|
|
30 |
|
|
|
60 |
|
Total noninterest
income |
|
7,023 |
|
|
|
6,070 |
|
|
|
7,014 |
|
|
|
6,405 |
|
|
|
7,575 |
|
|
|
6,290 |
|
|
|
6,492 |
|
|
|
6,099 |
|
Salaries
and employee benefits |
|
16,869 |
|
|
|
16,677 |
|
|
|
17,853 |
|
|
|
17,130 |
|
|
|
15,908 |
|
|
|
16,119 |
|
|
|
15,977 |
|
|
|
15,383 |
|
Premises
and equipment |
|
3,920 |
|
|
|
3,847 |
|
|
|
3,699 |
|
|
|
3,786 |
|
|
|
3,807 |
|
|
|
3,826 |
|
|
|
3,970 |
|
|
|
3,974 |
|
Marketing
and advertising |
|
1,247 |
|
|
|
894 |
|
|
|
944 |
|
|
|
857 |
|
|
|
920 |
|
|
|
774 |
|
|
|
566 |
|
|
|
762 |
|
Merger
expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
2 |
|
Other
expenses |
|
7,965 |
|
|
|
7,814 |
|
|
|
7,284 |
|
|
|
7,065 |
|
|
|
7,660 |
|
|
|
7,383 |
|
|
|
8,125 |
|
|
|
7,284 |
|
Total noninterest
expense |
|
30,001 |
|
|
|
29,232 |
|
|
|
29,780 |
|
|
|
28,838 |
|
|
|
28,295 |
|
|
|
28,102 |
|
|
|
28,640 |
|
|
|
27,405 |
|
Income before income
tax expense |
|
45,154 |
|
|
|
42,335 |
|
|
|
42,146 |
|
|
|
40,007 |
|
|
|
39,214 |
|
|
|
37,735 |
|
|
|
35,833 |
|
|
|
34,517 |
|
Income tax expense |
|
17,382 |
|
|
|
15,318 |
|
|
|
16,429 |
|
|
|
15,484 |
|
|
|
15,069 |
|
|
|
14,413 |
|
|
|
13,485 |
|
|
|
13,054 |
|
Net income |
|
27,772 |
|
|
|
27,017 |
|
|
|
25,717 |
|
|
|
24,523 |
|
|
|
24,145 |
|
|
|
23,322 |
|
|
|
22,348 |
|
|
|
21,463 |
|
Preferred stock
dividends |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
62 |
|
|
|
180 |
|
Net income available to
common shareholders |
$ |
27,772 |
|
|
$ |
27,017 |
|
|
$ |
25,717 |
|
|
$ |
24,523 |
|
|
$ |
24,145 |
|
|
$ |
23,322 |
|
|
$ |
22,286 |
|
|
$ |
21,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted
average common share, basic |
$ |
0.81 |
|
|
$ |
0.79 |
|
|
$ |
0.76 |
|
|
$ |
0.73 |
|
|
$ |
0.72 |
|
|
$ |
0.70 |
|
|
$ |
0.67 |
|
|
$ |
0.64 |
|
Earnings per weighted
average common share, diluted |
$ |
0.81 |
|
|
$ |
0.79 |
|
|
$ |
0.75 |
|
|
$ |
0.72 |
|
|
$ |
0.71 |
|
|
$ |
0.68 |
|
|
$ |
0.65 |
|
|
$ |
0.63 |
|
Weighted average common
shares outstanding, basic |
|
34,128,598 |
|
|
|
34,069,528 |
|
|
|
33,650,963 |
|
|
|
33,590,183 |
|
|
|
33,588,141 |
|
|
|
33,518,998 |
|
|
|
33,462,937 |
|
|
|
33,400,973 |
|
Weighted average common
shares outstanding, diluted |
|
34,324,120 |
|
|
|
34,284,316 |
|
|
|
34,233,940 |
|
|
|
34,187,171 |
|
|
|
34,183,209 |
|
|
|
34,104,237 |
|
|
|
34,069,786 |
|
|
|
34,026,412 |
|
Actual shares
outstanding at period end |
|
34,169,924 |
|
|
|
34,110,056 |
|
|
|
34,023,850 |
|
|
|
33,590,880 |
|
|
|
33,584,898 |
|
|
|
33,581,599 |
|
|
|
33,467,893 |
|
|
|
33,405,510 |
|
Book value per common
share at period end |
$ |
26.42 |
|
|
$ |
25.59 |
|
|
$ |
24.77 |
|
|
$ |
24.28 |
|
|
$ |
23.48 |
|
|
$ |
22.71 |
|
|
$ |
22.07 |
|
|
$ |
21.38 |
|
Tangible book value per
common share at period end (1) |
$ |
23.28 |
|
|
$ |
22.45 |
|
|
$ |
21.61 |
|
|
$ |
21.08 |
|
|
$ |
20.27 |
|
|
$ |
19.48 |
|
|
$ |
18.83 |
|
|
$ |
18.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.60 |
% |
|
|
1.62 |
% |
|
|
1.46 |
% |
|
|
1.50 |
% |
|
|
1.57 |
% |
|
|
1.54 |
% |
|
|
1.50 |
% |
|
|
1.47 |
% |
Return on average
common equity |
|
12.51 |
% |
|
|
12.74 |
% |
|
|
12.26 |
% |
|
|
12.04 |
% |
|
|
12.40 |
% |
|
|
12.39 |
% |
|
|
12.08 |
% |
|
|
11.95 |
% |
Net interest
margin |
|
4.16 |
% |
|
|
4.14 |
% |
|
|
3.96 |
% |
|
|
4.11 |
% |
|
|
4.30 |
% |
|
|
4.31 |
% |
|
|
4.38 |
% |
|
|
4.23 |
% |
Efficiency ratio
(2) |
|
39.10 |
% |
|
|
40.06 |
% |
|
|
40.22 |
% |
|
|
40.54 |
% |
|
|
39.63 |
% |
|
|
40.80 |
% |
|
|
41.47 |
% |
|
|
42.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans (3) |
|
1.02 |
% |
|
|
1.03 |
% |
|
|
1.04 |
% |
|
|
1.04 |
% |
|
|
1.05 |
% |
|
|
1.06 |
% |
|
|
1.05 |
% |
|
|
1.05 |
% |
Allowance for credit
losses to total nonperforming loans |
|
356.00 |
% |
|
|
416.91 |
% |
|
|
330.49 |
% |
|
|
255.29 |
% |
|
|
264.44 |
% |
|
|
249.03 |
% |
|
|
397.95 |
% |
|
|
347.82 |
% |
Nonperforming loans to
total loans (3) |
|
0.29 |
% |
|
|
0.25 |
% |
|
|
0.31 |
% |
|
|
0.41 |
% |
|
|
0.40 |
% |
|
|
0.43 |
% |
|
|
0.26 |
% |
|
|
0.30 |
% |
Nonperforming assets to
total assets |
|
0.26 |
% |
|
|
0.22 |
% |
|
|
0.30 |
% |
|
|
0.41 |
% |
|
|
0.39 |
% |
|
|
0.42 |
% |
|
|
0.31 |
% |
|
|
0.41 |
% |
Net charge-offs
(annualized) to average loans (3) |
|
0.02 |
% |
|
|
0.04 |
% |
|
|
-0.01 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.09 |
% |
|
|
0.18 |
% |
|
|
0.16 |
% |
Tier 1 capital (to
average assets) |
|
11.61 |
% |
|
|
11.51 |
% |
|
|
10.72 |
% |
|
|
11.12 |
% |
|
|
11.24 |
% |
|
|
11.01 |
% |
|
|
10.90 |
% |
|
|
11.96 |
% |
Total capital (to risk
weighted assets) |
|
15.13 |
% |
|
|
14.97 |
% |
|
|
14.89 |
% |
|
|
15.05 |
% |
|
|
12.71 |
% |
|
|
12.87 |
% |
|
|
12.75 |
% |
|
|
13.80 |
% |
Common equity tier 1
capital (to risk weighted assets) |
|
11.18 |
% |
|
|
10.97 |
% |
|
|
10.80 |
% |
|
|
10.83 |
% |
|
|
10.74 |
% |
|
|
10.83 |
% |
|
|
10.68 |
% |
|
|
10.48 |
% |
Tangible common equity
ratio (1) |
|
11.15 |
% |
|
|
10.97 |
% |
|
|
10.84 |
% |
|
|
10.64 |
% |
|
|
10.88 |
% |
|
|
10.86 |
% |
|
|
10.56 |
% |
|
|
10.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,959,994 |
|
|
$ |
6,772,164 |
|
|
$ |
6,984,492 |
|
|
$ |
6,492,274 |
|
|
$ |
6,191,164 |
|
|
$ |
6,072,533 |
|
|
$ |
5,907,022 |
|
|
$ |
5,775,283 |
|
Total earning
assets |
$ |
6,725,251 |
|
|
$ |
6,535,926 |
|
|
$ |
6,752,859 |
|
|
$ |
6,264,531 |
|
|
$ |
5,967,008 |
|
|
$ |
5,844,915 |
|
|
$ |
5,675,730 |
|
|
$ |
5,545,398 |
|
Total loans |
$ |
5,895,174 |
|
|
$ |
5,705,261 |
|
|
$ |
5,591,790 |
|
|
$ |
5,422,677 |
|
|
$ |
5,266,305 |
|
|
$ |
5,070,386 |
|
|
$ |
4,859,391 |
|
|
$ |
4,636,298 |
|
Total deposits |
$ |
5,660,119 |
|
|
$ |
5,554,402 |
|
|
$ |
5,796,516 |
|
|
$ |
5,353,834 |
|
|
$ |
5,178,501 |
|
|
$ |
5,143,670 |
|
|
$ |
4,952,282 |
|
|
$ |
4,842,706 |
|
Total borrowings |
$ |
375,124 |
|
|
$ |
318,143 |
|
|
$ |
312,842 |
|
|
$ |
300,083 |
|
|
$ |
207,221 |
|
|
$ |
139,324 |
|
|
$ |
168,652 |
|
|
$ |
128,015 |
|
Total shareholders’
equity |
$ |
890,498 |
|
|
$ |
859,779 |
|
|
$ |
834,823 |
|
|
$ |
809,973 |
|
|
$ |
783,318 |
|
|
$ |
756,916 |
|
|
$ |
757,199 |
|
|
$ |
778,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
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. |
(2)
Computed by dividing noninterest expense by the sum of net interest
income and noninterest income. |
|
|
(3) Excludes loans held
for sale. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE BANCORP, INC.
CONTACT:
Michael T. Flynn
301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
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From Jun 2024 to Jul 2024
Eagle Bancorp (NASDAQ:EGBN)
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From Jul 2023 to Jul 2024