Eagle Bancorp, Inc. (the “Company”) (NASDAQ:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $37.3 million for the three months ended June 30, 2018, a 34%
increase over the $27.8 million net income for the three months
ended June 30, 2017. Net income per basic common share for the
three months ended June 30, 2018 was $1.09 compared to $0.81 for
the same period in 2017, a 35% increase. Net income per diluted
common share for the three months ended June 30, 2018 was $1.08
compared to $0.81 for the same period in 2017, a 33%
increase.
For the six months ended June 30, 2018, the
Company’s net income was $73.0 million, a 33% increase over the
$54.8 million of net income for the same period in 2017. Net income
per basic common share for the six months ended June 30, 2018 was
$2.13 compared to $1.61 for the same period in 2017, a 32%
increase. Net income per diluted common share for the six months
ended June 30, 2018 was $2.12 compared to $1.60 for the same period
in 2017, a 32% increase.
“We are very pleased to report another quarter
of favorable earnings, which continued to exhibit positive trends
of balance sheet growth, revenue growth, solid asset quality and
favorable operating leverage,” noted Ronald D. Paul, Chairman and
Chief Executive Officer of Eagle Bancorp, Inc. Mr. Paul continued,
“The Company’s assets ended the quarter at $7.88 billion,
representing 9% growth over the second quarter of 2017 and total
shareholders’ equity exceeded $1.00 billion for the first
time. Second quarter 2018 earnings resulted in a return on
average assets of 1.92%, return on average common equity (“ROACE”)
of 14.93% and a return on average tangible common equity (“ROATCE”)
of 16.71%.” Mr. Paul added “Our financial results in the second
quarter continue to exhibit balanced and consistent
performance.”
While the lower effective tax rate of 25.1% for
the second quarter of 2018 resulting from the Tax Act signed in
December 2017 contributed to higher net earnings, on a pre-tax
basis, second quarter earnings in 2018 increased 10% over the
second quarter in 2017 and increased 4% over the first quarter of
2018.
The Company’s performance in the second quarter
of 2018 as compared to the second quarter of 2017 was highlighted
by 11% growth in both average total loans and average total
deposits, by a relatively stable net interest margin of 4.15% as
compared to 4.16% and by 9% growth in total revenue to $83.8
million. Mr. Paul noted that the Company continues to focus more on
growth of average balances year over year and quarter over quarter
since that measure relates more directly to income statement
results. Comparing average balances in the second quarter of 2018
versus the first quarter of 2018, average loan growth was 2% and
average deposit growth was 3%.
Mr. Paul added, “In the second quarter of 2018,
period end total loans growth was a modest 1% over March 31, 2018,
while total deposits increased 2% over March 31, 2018. New loans
settled in the second quarter of 2018 were similar to the first
quarter of 2018, which had a 3% growth rate, however, substantial
loan payoffs and delays in new loan fundings occurred in the second
quarter which restrained net loan growth. The total of unfunded
loan commitments remains stable over the last six quarters at
approximately $2.4 billion. The Company continues to emphasize
strategies focusing on achieving core deposit growth.
Significantly, the mix of noninterest deposits to total deposits
averaged 33% in the second quarter of 2018 as compared to 32% in
the second quarter of 2017. Since spread earnings are the key
element of our revenue, we remain focused on our net interest
margin, which has been stable as market rates and related deposit
rates have continued to increase.”
The net interest margin was 4.15% for the second
quarter of 2018, down one basis point from the second quarter of
2017 and down two basis points from the first quarter of 2018. Mr.
Paul noted, “While we are seeing a higher cost of funds, we are
also experiencing higher loan yields, in part due to rate
adjustments in our predominately variable and adjustable rate loan
portfolio.” The Company’s net interest income increased 12% in the
second quarter of 2018 over 2017 as the Company has continued its
emphasis on disciplined pricing for both new loans and funding
sources. The Company believes that it has a superior net interest
margin compared to peers, but it is also focused on all factors
that contribute to Earnings Per Share (“EPS”) growth.
For the first six months of 2018, total loans
grew 4% over December 31, 2017, and averaged 12% higher for the
first six months of 2018 as compared to the first six months of
2017. At June 30, 2018, total deposits were 7% higher than deposits
at December 31, 2017, and averaged 10% higher for the first six
months of 2018 compared with the first six months of 2017.
Total revenue (net interest income plus
noninterest income) for the second quarter of 2018 was $83.8
million, or 9% above the $76.7 million of total revenue earned for
the second quarter of 2017 and was 3% higher than the $81.1 million
of revenue earned in the first quarter of 2018. For the six month
periods ended June 30, total revenue was $164.9 million for 2018,
as compared to $149.7 million in 2017, a 10%
increase.
The primary driver of the Company’s revenue
growth for the second quarter of 2018 as compared to the second
quarter of 2017 was its net interest income growth of 12% ($78.2
million versus $69.7 million). Noninterest income (excluding
investment gains) declined by 21% in the second quarter 2018 over
2017 ($5.5 million versus $7.0 million), due substantially to
lesser sales of Small Business Administration (“SBA”) and
residential mortgage loans and the resulting gains on the sale of
these loans, and by lower revenue associated with the origination,
securitization, servicing and sale of FHA Multifamily-Backed
Government National Mortgage Association (“GNMA”) securities. Mr.
Paul added that “while these business lines do exhibit variations
in revenue from quarter to quarter all three business units above
are important to our long term continued success.”
Asset quality measures remained solid at June
30, 2018. Net charge-offs (annualized) were 0.05% of average loans
for the second quarter of 2018, as compared to 0.02% of average
loans for the second quarter of 2017. At June 30, 2018, the
Company’s nonperforming loans amounted to $10.9 million (0.16% of
total loans) as compared to $17.1 million (0.29% of total loans) at
June 30, 2017 and $13.2 million (0.21% of total loans) at December
31, 2017. Nonperforming assets amounted to $12.3 million (0.16% of
total assets) at June 30, 2018 compared to $18.5 million (0.26% of
total assets) at June 30, 2017 and $14.6 million (0.20% of total
assets) at December 31, 2017.
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 1.00% of total loans
(excluding loans held for sale) at June 30, 2018, is adequate to
absorb potential credit losses within the loan portfolio at that
date. The allowance for credit losses was 1.02% at June 30, 2017
and 1.01% of total loans at December 31, 2017. The allowance at
June 30, 2018 for credit losses represented 612% of nonperforming
loans, as compared to 356% at June 30, 2017 and 489% at December
31, 2017.
“The Company’s productivity continued to be very
favorable in the second quarter,” noted Mr. Paul. The efficiency
ratio of 38.55% 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 1.66% in
the second quarter of 2018 as compared to 1.72% in the second
quarter of 2017. A 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. The Company continues to make investments in
its infrastructure including IT systems and resources and 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, manage risk, and proactively enhance our risk
management systems as we continue to grow.”
Total assets at June 30, 2018 were $7.88
billion, a 9% increase as compared to $7.24 billion at June 30,
2017, and a 5% increase as compared to $7.48 billion at December
31, 2017. Total loans (excluding loans held for sale) were $6.65
billion at June 30, 2018, an 11% increase as compared to $5.99
billion at June 30, 2017, and a 4% increase as compared to $6.41
billion at December 31, 2017. Loans held for sale amounted to $30.5
million at June 30, 2018 as compared to $49.3 million at June 30,
2017, a 38% decrease, and $25.1 million at December 31, 2017, a 22%
increase. The investment portfolio totaled $656.9 million at June
30, 2018, a 32% increase from the $497.7 million balance at June
30, 2017. As compared to December 31, 2017, the investment
portfolio at June 30, 2018 increased by $67.6 million or 12%.
Total deposits at June 30, 2018 were $6.27
billion, compared to deposits of $5.87 billion at June 30, 2017, a
7% increase, and deposits of $5.85 billion at December 31, 2017, a
7% increase. Total borrowed funds (excluding customer repurchase
agreements) were $517.1 million at June 30, 2018, $361.7 million at
June 30, 2017 and $541.9 million at December 31, 2017. 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, 2018
increased 13%, to $1.02 billion, compared to $902.7 million at June
30, 2017, and increased 8%, from $950.4 million at December 31,
2017. The Company’s capital position remains substantially in
excess of regulatory requirements for well capitalized status, with
a total risk based capital ratio of 15.59% at June 30, 2018, as
compared to 15.13% at June 30, 2017, and 15.02% at December 31,
2017. In addition, the tangible common equity ratio was 11.79% at
June 30, 2018, compared to 11.15% at June 30, 2017 and 11.44% at
December 31, 2017.
Analysis of the three months ended June
30, 2018 compared to June 30, 2017
For the three months ended June 30, 2018, the
Company reported an annualized ROAA of 1.92% as compared to 1.60%
for the three months ended June 30, 2017. The annualized ROACE for
the three months ended June 30, 2018 was 14.93% as compared to
12.51% for the three months ended June 30, 2017. The annualized
ROATCE for the three months ended June 30, 2018 was 16.71% as
compared to 14.22% for the three months ended June 30, 2017.
Net interest income increased 12% for the three
months ended June 30, 2018 over the same period in 2017 ($78.2
million versus $69.7 million), resulting from growth in average
earning assets of 12%. The net interest margin was 4.15% for the
three months ended June 30, 2018, as compared to 4.16% for the
three months ended June 30, 2017. The Company believes its current
net interest margin remains favorable compared to peer banking
companies and that its disciplined approach to managing the loan
portfolio yield to 5.53% for the second quarter of 2018 (as
compared to 5.14% for the same period in 2017) has been a
significant factor in its overall profitability.
The provision for credit losses was $1.7 million
for the three months ended June 30, 2018 as compared to $1.6
million for the three months ended June 30, 2017. Net charge-offs
of $848 thousand in the second quarter of 2018 represented an
annualized 0.05% of average loans, excluding loans held for sale,
as compared to $367 thousand, or an annualized 0.02% of average
loans, excluding loans held for sale, in the second quarter of
2017. Net charge-offs in the second quarter of 2018 were
attributable primarily to commercial real estate loans ($479
thousand) and commercial loans ($385 thousand).
Noninterest income for the three months ended
June 30, 2018 decreased to $5.6 million from $7.0 million for the
three months ended June 30, 2017, a 21% decrease, due substantially
to lower gains on the sale of residential mortgage loans ($1.7
million versus $2.5 million) resulting from lower volume as
compared to 2017, and minimal revenue associated with the
origination, securitization, servicing, and sale of FHA
Multifamily-Backed GNMA securities as compared to $752 thousand
during the second quarter of 2017. Residential mortgage loans
closed were $126 million for the second quarter of 2018 versus $188
million for the second quarter of 2017.
The efficiency ratio, which measures the ratio
of noninterest expense to total revenue, was 38.55% for the second
quarter of 2018, as compared to 39.10% for the second quarter of
2017. Noninterest expenses totaled $32.3 million for the three
months ended June 30, 2018, as compared to $30.0 million for the
three months ended June 30, 2017, an 8% increase. Cost increases
for salaries and benefits were $943 thousand, due primarily to
merit increases and benefit costs. Data processing expense
increased by $407 thousand due primarily to the costs of software
and infrastructure investments. Legal, accounting and professional
fees increased $882 thousand due to due diligence from independent
consultants associated with the internet event late in 2017 and
efforts to enhance our risk management systems.
Analysis of the six months ended June
30, 2018 compared to June 30, 2017
For the six months ended June 30, 2018, the
Company reported an annualized ROAA of 1.91% as compared to 1.61%
for the six months ended June 30, 2017. The annualized ROACE for
the six months ended June 30, 2018 was 14.96% as compared to 12.62%
for the six months ended June 30, 2017. The annualized ROATCE for
the six months ended June 30, 2018 was 16.78% as compared to 14.38%
for the six months ended June 30, 2017.
Net interest income increased 13% for the six
months ended June 30, 2018 over the same period in 2017 ($154.0
million versus $136.6 million), resulting from growth in average
earning assets of 13%. The net interest margin was 4.16% for both
the six months ended June 30, 2018 and 2017. The Company believes
its current net interest margin remains favorable compared to peer
banking companies and that its disciplined approach to managing the
loan portfolio yield to 5.42% for the first six months of 2018 (as
compared to 5.15% for the same period in 2017) has been a
significant factor in its overall profitability.
The provision for credit losses was $3.6 million
for the six months ended June 30, 2018 as compared to $3.0 million
for the six months ended June 30, 2017. The higher provisioning for
the six months ended June 30, 2018, as compared to the same period
in 2017, is due primarily to higher net charge-offs. Net
charge-offs of $1.8 million for the six months ended June 30, 2018
represented an annualized 0.05% of average loans, excluding loans
held for sale, as compared to $989 thousand, or an annualized 0.03%
of average loans, excluding loans held for sale, in the first six
months of 2017. Net charge-offs in the first six months of 2018
were attributable primarily to commercial loans ($1.4 million) and
commercial real estate loans ($540 thousand) offset by a net
recovery in consumer loans ($135 thousand).
Noninterest income for the six months ended June
30, 2018 decreased to $10.9 million from $13.1 million for the six
months ended June 30, 2017, a 17% decrease, due substantially to
lower gains on the sale of residential mortgage loans ($2.9 million
versus $4.3 million) resulting from lower volume as compared to
2017, and minimal revenue associated with the origination,
securitization, servicing, and sale of FHA Multifamily-Backed GNMA
securities for the six months ended June 30, 2018 versus $752
thousand for the same period in 2017. Residential mortgage loans
closed were $226 million for the six months ended June 30, 2018
versus $338 million for the same period in 2017.
Noninterest expenses totaled $63.4 million for
the six months ended June 30, 2018, as compared to $59.2 million
for the six months ended June 30, 2017, a 7% increase. Cost
increases for salaries and benefits for the six months ended June
30, 2018 were $1.1 million, due primarily to merit increases and
benefit costs. Data processing expense increased by $683 thousand
due primarily to the costs of software and infrastructure
investments. Legal, accounting and professional fees increased $2.9
million due to due diligence from independent consultants
associated with the internet event late in 2017 and efforts to
enhance our risk management systems. Other expenses decreased $1.1
million, due primarily to a net loss on the sale of OREO in the
first quarter of 2017 ($361 thousand) and lower costs to maintain
OREO properties ($276 thousand). For the first six months of 2018,
the efficiency ratio was 38.47% as compared to 39.57% for the same
period in 2017.
The financial information which follows provides
more detail on the Company’s financial performance for the three
and six months ended June 30, 2018 as compared to the three and six
months ended June 30, 2017 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, 2017 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 branch offices, located in
Suburban 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 2018
financial results on Thursday, July 19, 2018 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 5875946, 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 2, 2018.
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, 2017 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, |
|
Six Months Ended June 30, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Income
Statements: |
|
|
|
|
|
|
|
Total interest
income |
$ |
96,296 |
|
|
$ |
79,344 |
|
|
$ |
185,345 |
|
|
$ |
155,138 |
|
Total interest
expense |
|
18,086 |
|
|
|
9,646 |
|
|
|
31,355 |
|
|
|
18,546 |
|
Net interest
income |
|
78,210 |
|
|
|
69,698 |
|
|
|
153,990 |
|
|
|
136,592 |
|
Provision for credit
losses |
|
1,650 |
|
|
|
1,566 |
|
|
|
3,619 |
|
|
|
2,963 |
|
Net interest income
after provision for credit losses |
|
76,560 |
|
|
|
68,132 |
|
|
|
150,371 |
|
|
|
133,629 |
|
Noninterest income
(before investment gains) |
|
5,526 |
|
|
|
6,997 |
|
|
|
10,788 |
|
|
|
12,562 |
|
Gain on sale of
investment securities |
|
26 |
|
|
|
26 |
|
|
|
68 |
|
|
|
531 |
|
Total noninterest
income |
|
5,552 |
|
|
|
7,023 |
|
|
|
10,856 |
|
|
|
13,093 |
|
Total noninterest
expense |
|
32,289 |
|
|
|
30,001 |
|
|
|
63,410 |
|
|
|
59,233 |
|
Income before income
tax expense |
|
49,823 |
|
|
|
45,154 |
|
|
|
97,817 |
|
|
|
87,489 |
|
Income tax expense |
|
12,528 |
|
|
|
17,382 |
|
|
|
24,807 |
|
|
|
32,700 |
|
Net income |
$ |
37,295 |
|
|
$ |
27,772 |
|
|
$ |
73,010 |
|
|
$ |
54,789 |
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
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|
|
|
|
|
Earnings per weighted
average common share, basic |
$ |
1.09 |
|
|
$ |
0.81 |
|
|
$ |
2.13 |
|
|
$ |
1.61 |
|
Earnings per weighted
average common share, diluted |
$ |
1.08 |
|
|
$ |
0.81 |
|
|
$ |
2.12 |
|
|
$ |
1.60 |
|
Weighted average common
shares outstanding, basic |
|
34,305,693 |
|
|
|
34,128,598 |
|
|
|
34,283,412 |
|
|
|
34,099,228 |
|
Weighted average common
shares outstanding, diluted |
|
34,448,354 |
|
|
|
34,324,120 |
|
|
|
34,427,613 |
|
|
|
34,304,285 |
|
Actual shares
outstanding at period end |
|
34,305,071 |
|
|
|
34,169,924 |
|
|
|
34,305,071 |
|
|
|
34,169,924 |
|
Book value per common
share at period end |
$ |
29.82 |
|
|
$ |
26.42 |
|
|
$ |
29.82 |
|
|
$ |
26.42 |
|
Tangible book value per
common share at period end (1) |
$ |
26.71 |
|
|
$ |
23.28 |
|
|
$ |
26.71 |
|
|
$ |
23.28 |
|
|
|
|
|
|
|
|
|
Performance
Ratios (annualized): |
|
|
|
|
|
|
|
Return on average
assets |
|
1.92% |
|
|
|
1.60% |
|
|
|
1.91% |
|
|
|
1.61% |
|
Return on average
common equity |
|
14.93% |
|
|
|
12.51% |
|
|
|
14.96% |
|
|
|
12.62% |
|
Return on average
tangible common equity |
|
16.71% |
|
|
|
14.22% |
|
|
|
16.78% |
|
|
|
14.38% |
|
Net interest
margin |
|
4.15% |
|
|
|
4.16% |
|
|
|
4.16% |
|
|
|
4.16% |
|
Efficiency ratio
(2) |
|
38.55% |
|
|
|
39.10% |
|
|
|
38.47% |
|
|
|
39.57% |
|
|
|
|
|
|
|
|
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Other
Ratios: |
|
|
|
|
|
|
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Allowance for credit
losses to total loans (3) |
|
1.00% |
|
|
|
1.02% |
|
|
|
1.00% |
|
|
|
1.02% |
|
Allowance for credit
losses to total nonperforming loans |
|
612.42% |
|
|
|
356.00% |
|
|
|
612.42% |
|
|
|
356.00% |
|
Nonperforming loans to
total loans (3) |
|
0.16% |
|
|
|
0.29% |
|
|
|
0.16% |
|
|
|
0.29% |
|
Nonperforming assets to
total assets |
|
0.16% |
|
|
|
0.26% |
|
|
|
0.16% |
|
|
|
0.26% |
|
Net charge-offs
(annualized) to average loans (3) |
|
0.05% |
|
|
|
0.02% |
|
|
|
0.05% |
|
|
|
0.03% |
|
Common equity to total
assets |
|
12.98% |
|
|
|
12.46% |
|
|
|
12.98% |
|
|
|
12.46% |
|
Tier 1 capital (to
average assets) |
|
11.97% |
|
|
|
11.61% |
|
|
|
11.97% |
|
|
|
11.61% |
|
Total capital (to risk
weighted assets) |
|
15.59% |
|
|
|
15.13% |
|
|
|
15.59% |
|
|
|
15.13% |
|
Common equity tier 1
capital (to risk weighted assets) |
|
11.89% |
|
|
|
11.18% |
|
|
|
11.89% |
|
|
|
11.18% |
|
Tangible common equity
ratio (1) |
|
11.79% |
|
|
|
11.15% |
|
|
|
11.79% |
|
|
|
11.15% |
|
|
|
|
|
|
|
|
|
Loan Balances -
Period End (in thousands): |
|
|
|
|
|
|
|
Commercial and
Industrial |
$ |
1,467,088 |
|
|
$ |
1,319,736 |
|
|
$ |
1,467,088 |
|
|
$ |
1,319,736 |
|
Commercial real estate
- owner occupied |
$ |
852,697 |
|
|
$ |
660,066 |
|
|
$ |
852,697 |
|
|
$ |
660,066 |
|
Commercial real estate
- income producing |
$ |
3,000,385 |
|
|
$ |
2,596,230 |
|
|
$ |
3,000,385 |
|
|
$ |
2,596,230 |
|
1-4 Family
mortgage |
$ |
103,415 |
|
|
$ |
151,115 |
|
|
$ |
103,415 |
|
|
$ |
151,115 |
|
Construction -
commercial and residential |
$ |
1,087,287 |
|
|
$ |
1,034,902 |
|
|
$ |
1,087,287 |
|
|
$ |
1,034,902 |
|
Construction - C&I
(owner occupied) |
$ |
48,480 |
|
|
$ |
116,577 |
|
|
$ |
48,480 |
|
|
$ |
116,577 |
|
Home equity |
$ |
89,539 |
|
|
$ |
103,671 |
|
|
$ |
89,539 |
|
|
$ |
103,671 |
|
Other consumer |
$ |
2,811 |
|
|
$ |
2,734 |
|
|
$ |
2,811 |
|
|
$ |
2,734 |
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
Total assets |
$ |
7,789,564 |
|
|
$ |
6,959,994 |
|
|
$ |
7,694,055 |
|
|
$ |
6,866,597 |
|
Total earning
assets |
$ |
7,558,138 |
|
|
$ |
6,728,055 |
|
|
$ |
7,466,348 |
|
|
$ |
6,633,740 |
|
Total loans |
$ |
6,569,931 |
|
|
$ |
5,895,174 |
|
|
$ |
6,502,207 |
|
|
$ |
5,800,742 |
|
Total deposits |
$ |
6,269,126 |
|
|
$ |
5,660,119 |
|
|
$ |
6,166,640 |
|
|
$ |
5,607,552 |
|
Total borrowings |
$ |
485,729 |
|
|
$ |
375,124 |
|
|
$ |
504,444 |
|
|
$ |
346,791 |
|
Total shareholders’
equity |
$ |
1,002,091 |
|
|
$ |
890,498 |
|
|
$ |
984,436 |
|
|
$ |
875,223 |
|
(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 calculates return on average tangible common equity by
dividing annualized year to date net income by tangible common
equity. 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) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
Twelve Months Ended |
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2018 |
|
June 30, 2018 |
|
December 31, 2017 |
|
June 30, 2017 |
|
June 30, 2017 |
Common shareholders'
equity |
|
|
$ |
1,023,137 |
|
|
$ |
950,438 |
|
|
|
|
$ |
902,675 |
|
Less: Intangible
assets |
|
|
|
(106,820 |
) |
|
|
(107,212 |
) |
|
|
|
|
(107,061 |
) |
Tangible common
equity |
|
|
$ |
916,317 |
|
|
$ |
843,226 |
|
|
|
|
$ |
795,614 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
|
$ |
29.82 |
|
|
$ |
27.80 |
|
|
|
|
$ |
26.42 |
|
Less: Intangible book
value per common share |
|
|
|
(3.11 |
) |
|
|
(3.13 |
) |
|
|
|
|
(3.14 |
) |
Tangible book
value per common share |
|
|
$ |
26.71 |
|
|
$ |
24.67 |
|
|
|
|
$ |
23.28 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
$ |
7,880,017 |
|
|
$ |
7,479,029 |
|
|
|
|
$ |
7,244,527 |
|
Less: Intangible
assets |
|
|
|
(106,820 |
) |
|
|
(107,212 |
) |
|
|
|
|
(107,061 |
) |
Tangible
assets |
|
|
$ |
7,773,197 |
|
|
$ |
7,371,817 |
|
|
|
|
$ |
7,137,466 |
|
Tangible common
equity ratio |
|
|
|
11.79% |
|
|
|
11.44% |
|
|
|
|
|
11.15% |
|
|
|
|
|
|
|
|
|
|
|
Average common
shareholders' equity |
$ |
1,002,091 |
|
|
$ |
984,436 |
|
|
$ |
906,174 |
|
|
$ |
890,501 |
|
|
$ |
875,225 |
|
Less: Average
intangible assets |
|
(106,955 |
) |
|
|
(107,112 |
) |
|
|
(107,117 |
) |
|
|
(107,050 |
) |
|
|
(107,153 |
) |
Average
tangible common equity |
$ |
895,136 |
|
|
$ |
877,324 |
|
|
$ |
799,057 |
|
|
$ |
783,450 |
|
|
$ |
768,072 |
|
|
|
|
|
|
|
|
|
|
|
Net Income Available to
Common Shareholders |
$ |
37,295 |
|
|
$ |
73,010 |
|
|
$ |
100,232 |
|
|
$ |
27,772 |
|
|
$ |
54,789 |
|
Average tangible common
equity |
$ |
895,136 |
|
|
$ |
877,324 |
|
|
$ |
799,057 |
|
|
$ |
783,450 |
|
|
$ |
768,072 |
|
Annualized
Return on Average Tangible Common Equity |
|
16.71% |
|
|
|
16.78% |
|
|
|
12.54% |
|
|
|
14.22% |
|
|
|
14.38% |
|
(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, 2018 |
|
December 31, 2017 |
|
June 30, 2017 |
Cash and due from
banks |
$ |
6,873 |
|
|
$ |
7,445 |
|
|
$ |
8,017 |
|
Federal funds sold |
|
9,251 |
|
|
|
15,767 |
|
|
|
7,417 |
|
Interest bearing
deposits with banks and other short-term investments |
|
249,667 |
|
|
|
167,261 |
|
|
|
432,267 |
|
Investment securities
available for sale, at fair value |
|
656,942 |
|
|
|
589,268 |
|
|
|
497,672 |
|
Federal Reserve and
Federal Home Loan Bank stock |
|
35,875 |
|
|
|
36,324 |
|
|
|
28,603 |
|
Loans held for
sale |
|
30,493 |
|
|
|
25,096 |
|
|
|
49,327 |
|
Loans |
|
6,651,704 |
|
|
|
6,411,528 |
|
|
|
5,985,031 |
|
Less allowance for
credit losses |
|
(66,609 |
) |
|
|
(64,758 |
) |
|
|
(61,047 |
) |
Loans,
net |
|
6,585,095 |
|
|
|
6,346,770 |
|
|
|
5,923,984 |
|
Premises and equipment,
net |
|
19,055 |
|
|
|
20,991 |
|
|
|
20,153 |
|
Deferred income
taxes |
|
30,562 |
|
|
|
28,770 |
|
|
|
46,294 |
|
Bank owned life
insurance |
|
62,647 |
|
|
|
60,947 |
|
|
|
60,869 |
|
Intangible assets,
net |
|
106,820 |
|
|
|
107,212 |
|
|
|
107,061 |
|
Other real estate
owned |
|
1,394 |
|
|
|
1,394 |
|
|
|
1,394 |
|
Other assets |
|
85,343 |
|
|
|
71,784 |
|
|
|
61,469 |
|
Total Assets |
$ |
7,880,017 |
|
|
$ |
7,479,029 |
|
|
$ |
7,244,527 |
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest bearing demand |
$ |
2,022,916 |
|
|
$ |
1,982,912 |
|
|
$ |
1,851,437 |
|
Interest
bearing transaction |
|
435,484 |
|
|
|
420,417 |
|
|
|
405,210 |
|
Savings
and money market |
|
2,658,768 |
|
|
|
2,621,146 |
|
|
|
2,730,981 |
|
Time,
$100,000 or more |
|
675,528 |
|
|
|
515,682 |
|
|
|
490,105 |
|
Other
time |
|
476,062 |
|
|
|
313,827 |
|
|
|
389,964 |
|
Total
deposits |
|
6,268,758 |
|
|
|
5,853,984 |
|
|
|
5,867,697 |
|
Customer repurchase
agreements |
|
29,135 |
|
|
|
76,561 |
|
|
|
74,362 |
|
Other short-term
borrowings |
|
300,000 |
|
|
|
325,000 |
|
|
|
145,000 |
|
Long-term
borrowings |
|
217,100 |
|
|
|
216,905 |
|
|
|
216,710 |
|
Other liabilities |
|
41,887 |
|
|
|
56,141 |
|
|
|
38,083 |
|
Total liabilities |
|
6,856,880 |
|
|
|
6,528,591 |
|
|
|
6,341,852 |
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
Common stock, par value
$.01 per share; shares authorized 100,000,000, shares |
|
|
|
|
|
issued
and outstanding 34,305,071, 34,185,163, and 34,169,924,
respectively |
|
341 |
|
|
|
340 |
|
|
|
340 |
|
Additional paid in
capital |
|
524,176 |
|
|
|
520,304 |
|
|
|
517,356 |
|
Retained earnings |
|
505,229 |
|
|
|
431,544 |
|
|
|
386,100 |
|
Accumulated other
comprehensive loss |
|
(6,609 |
) |
|
|
(1,750 |
) |
|
|
(1,121 |
) |
Total Shareholders' Equity |
|
1,023,137 |
|
|
|
950,438 |
|
|
|
902,675 |
|
Total Liabilities and Shareholders' Equity |
$ |
7,880,017 |
|
|
$ |
7,479,029 |
|
|
$ |
7,244,527 |
|
|
|
|
|
|
|
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 |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
Interest
and fees on loans |
$ |
90,924 |
|
$ |
75,896 |
|
$ |
175,354 |
|
$ |
148,367 |
Interest
and dividends on investment securities |
|
4,058 |
|
|
2,827 |
|
|
7,650 |
|
|
5,660 |
Interest
on balances with other banks and short-term investments |
|
1,274 |
|
|
610 |
|
|
2,255 |
|
|
1,093 |
Interest
on federal funds sold |
|
40 |
|
|
11 |
|
|
86 |
|
|
18 |
Total
interest income |
|
96,296 |
|
|
79,344 |
|
|
185,345 |
|
|
155,138 |
Interest
Expense |
|
|
|
|
|
|
|
Interest
on deposits |
|
14,048 |
|
|
6,403 |
|
|
23,177 |
|
|
12,233 |
Interest
on customer repurchase agreements |
|
62 |
|
|
40 |
|
|
112 |
|
|
78 |
Interest
on other short-term borrowings |
|
997 |
|
|
224 |
|
|
2,108 |
|
|
277 |
Interest
on long-term borrowings |
|
2,979 |
|
|
2,979 |
|
|
5,958 |
|
|
5,958 |
Total
interest expense |
|
18,086 |
|
|
9,646 |
|
|
31,355 |
|
|
18,546 |
Net Interest
Income |
|
78,210 |
|
|
69,698 |
|
|
153,990 |
|
|
136,592 |
Provision for
Credit Losses |
|
1,650 |
|
|
1,566 |
|
|
3,619 |
|
|
2,963 |
Net Interest
Income After Provision For Credit Losses |
|
76,560 |
|
|
68,132 |
|
|
150,371 |
|
|
133,629 |
|
|
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
|
|
Service
charges on deposits |
|
1,760 |
|
|
1,543 |
|
|
3,374 |
|
|
3,015 |
Gain on
sale of loans |
|
1,675 |
|
|
2,519 |
|
|
3,198 |
|
|
4,567 |
Gain on
sale of investment securities |
|
26 |
|
|
26 |
|
|
68 |
|
|
531 |
Increase
in the cash surrender value of bank owned life insurance |
|
356 |
|
|
372 |
|
|
700 |
|
|
739 |
Other
income |
|
1,735 |
|
|
2,563 |
|
|
3,516 |
|
|
4,241 |
Total
noninterest income |
|
5,552 |
|
|
7,023 |
|
|
10,856 |
|
|
13,093 |
Noninterest
Expense |
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
17,812 |
|
|
16,869 |
|
|
34,670 |
|
|
33,546 |
Premises
and equipment expenses |
|
3,873 |
|
|
3,920 |
|
|
7,802 |
|
|
7,767 |
Marketing
and advertising |
|
1,291 |
|
|
1,247 |
|
|
2,228 |
|
|
2,141 |
Data
processing |
|
2,404 |
|
|
1,997 |
|
|
4,721 |
|
|
4,038 |
Legal,
accounting and professional fees |
|
2,179 |
|
|
1,297 |
|
|
5,152 |
|
|
2,299 |
FDIC
insurance |
|
951 |
|
|
590 |
|
|
1,626 |
|
|
1,134 |
Other
expenses |
|
3,779 |
|
|
4,081 |
|
|
7,211 |
|
|
8,308 |
Total
noninterest expense |
|
32,289 |
|
|
30,001 |
|
|
63,410 |
|
|
59,233 |
Income Before
Income Tax Expense |
|
49,823 |
|
|
45,154 |
|
|
97,817 |
|
|
87,489 |
Income Tax
Expense |
|
12,528 |
|
|
17,382 |
|
|
24,807 |
|
|
32,700 |
Net
Income |
$ |
37,295 |
|
$ |
27,772 |
|
$ |
73,010 |
|
$ |
54,789 |
|
|
|
|
|
|
|
|
Earnings Per
Common Share |
|
|
|
|
|
|
|
Basic |
$ |
1.09 |
|
$ |
0.81 |
|
$ |
2.13 |
|
$ |
1.61 |
Diluted |
$ |
1.08 |
|
$ |
0.81 |
|
$ |
2.12 |
|
$ |
1.60 |
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields
And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2018 |
|
|
|
2017 |
|
|
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 |
$ |
302,991 |
$ |
1,274 |
1.69 |
% |
|
$ |
267,123 |
$ |
610 |
0.92 |
% |
Loans held for sale
(1) |
|
25,621 |
|
291 |
4.54 |
% |
|
|
38,165 |
|
388 |
4.07 |
% |
Loans (1)
(2) |
|
6,569,931 |
|
90,633 |
5.53 |
% |
|
|
5,895,174 |
|
75,508 |
5.14 |
% |
Investment securities
available for sale (2) |
|
643,409 |
|
4,058 |
2.53 |
% |
|
|
520,951 |
|
2,827 |
2.18 |
% |
Federal funds sold |
|
16,186 |
|
40 |
0.99 |
% |
|
|
6,642 |
|
11 |
0.66 |
% |
Total
interest earning assets |
|
7,558,138 |
|
96,296 |
5.11 |
% |
|
|
6,728,055 |
|
79,344 |
4.73 |
% |
|
|
|
|
|
|
|
|
Total noninterest
earning assets |
|
297,601 |
|
|
|
|
292,119 |
|
|
Less: allowance for
credit losses |
|
66,175 |
|
|
|
|
60,180 |
|
|
Total
noninterest earning assets |
|
231,426 |
|
|
|
|
231,939 |
|
|
TOTAL ASSETS |
$ |
7,789,564 |
|
|
|
$ |
6,959,994 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
444,842 |
$ |
815 |
0.73 |
% |
|
$ |
360,574 |
$ |
337 |
0.37 |
% |
Savings and money
market |
|
2,647,910 |
|
8,546 |
1.29 |
% |
|
|
2,679,337 |
|
4,097 |
0.61 |
% |
Time deposits |
|
1,123,330 |
|
4,687 |
1.67 |
% |
|
|
781,864 |
|
1,969 |
1.01 |
% |
Total
interest bearing deposits |
|
4,216,082 |
|
14,048 |
1.34 |
% |
|
|
3,821,775 |
|
6,403 |
0.67 |
% |
Customer repurchase
agreements |
|
38,438 |
|
62 |
0.65 |
% |
|
|
69,093 |
|
40 |
0.23 |
% |
Other short-term
borrowings |
|
230,223 |
|
997 |
1.71 |
% |
|
|
89,355 |
|
224 |
0.99 |
% |
Long-term
borrowings |
|
217,068 |
|
2,979 |
5.43 |
% |
|
|
216,676 |
|
2,979 |
5.44 |
% |
Total
interest bearing liabilities |
|
4,701,811 |
|
18,086 |
1.54 |
% |
|
|
4,196,899 |
|
9,646 |
0.92 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
Noninterest bearing
demand |
|
2,053,044 |
|
|
|
|
1,838,344 |
|
|
Other liabilities |
|
32,618 |
|
|
|
|
34,253 |
|
|
Total
noninterest bearing liabilities |
|
2,085,662 |
|
|
|
|
1,872,597 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
Equity |
|
1,002,091 |
|
|
|
|
890,498 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
7,789,564 |
|
|
|
$ |
6,959,994 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
78,210 |
|
|
|
$ |
69,698 |
|
Net interest
spread |
|
|
3.57 |
% |
|
|
|
3.81 |
% |
Net interest
margin |
|
|
4.15 |
% |
|
|
|
4.16 |
% |
Cost of funds |
|
|
0.96 |
% |
|
|
|
0.57 |
% |
|
|
|
|
|
|
|
|
(1) Loans
placed on nonaccrual status are included in average balances. Net
loan fees and late charges included in interest income on loans
totaled $5.2 million and $4.3 million for the three months
ended June 30, 2018 and 2017, 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, |
|
|
2018 |
|
|
|
2017 |
|
|
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 |
$ |
292,772 |
$ |
2,255 |
1.55 |
% |
|
$ |
269,613 |
$ |
1,093 |
0.82 |
% |
Loans held for sale
(1) |
|
25,293 |
|
565 |
4.47 |
% |
|
|
33,796 |
|
670 |
3.96 |
% |
Loans (1)
(2) |
|
6,502,207 |
|
174,789 |
5.42 |
% |
|
|
5,800,742 |
|
147,697 |
5.15 |
% |
Investment securities
available for sale (1) |
|
628,818 |
|
7,650 |
2.45 |
% |
|
|
523,566 |
|
5,660 |
2.19 |
% |
Federal funds sold |
|
17,258 |
|
86 |
1.00 |
% |
|
|
6,023 |
|
18 |
0.60 |
% |
Total
interest earning assets |
|
7,466,348 |
|
185,345 |
5.01 |
% |
|
|
6,633,740 |
|
155,138 |
4.73 |
% |
|
|
|
|
|
|
|
|
Total noninterest
earning assets |
|
293,488 |
|
|
|
|
292,603 |
|
|
Less: allowance for
credit losses |
|
65,781 |
|
|
|
|
59,746 |
|
|
Total
noninterest earning assets |
|
227,707 |
|
|
|
|
232,857 |
|
|
TOTAL ASSETS |
$ |
7,694,055 |
|
|
|
$ |
6,866,597 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest bearing
transaction |
$ |
409,066 |
$ |
1,279 |
0.63 |
% |
|
$ |
345,986 |
$ |
575 |
0.34 |
% |
Savings and money
market |
|
2,708,480 |
|
14,210 |
1.06 |
% |
|
|
2,684,900 |
|
7,961 |
0.60 |
% |
Time deposits |
|
1,006,356 |
|
7,688 |
1.54 |
% |
|
|
759,942 |
|
3,697 |
0.98 |
% |
Total
interest bearing deposits |
|
4,123,902 |
|
23,177 |
1.13 |
% |
|
|
3,790,828 |
|
12,233 |
0.65 |
% |
Customer repurchase
agreements |
|
53,158 |
|
112 |
0.42 |
% |
|
|
69,359 |
|
78 |
0.23 |
% |
Other short-term
borrowings |
|
234,267 |
|
2,108 |
1.79 |
% |
|
|
60,808 |
|
277 |
0.91 |
% |
Long-term
borrowings |
|
217,019 |
|
5,958 |
5.46 |
% |
|
|
216,624 |
|
5,958 |
5.47 |
% |
Total
interest bearing liabilities |
|
4,628,346 |
|
31,355 |
1.37 |
% |
|
|
4,137,619 |
|
18,546 |
0.91 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities: |
|
|
|
|
|
|
|
Noninterest bearing
demand |
|
2,042,738 |
|
|
|
|
1,816,724 |
|
|
Other liabilities |
|
38,535 |
|
|
|
|
37,031 |
|
|
Total
noninterest bearing liabilities |
|
2,081,273 |
|
|
|
|
1,853,755 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
984,436 |
|
|
|
|
875,223 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
7,694,055 |
|
|
|
$ |
6,866,597 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
153,990 |
|
|
|
$ |
136,592 |
|
Net interest
spread |
|
|
3.64 |
% |
|
|
|
3.82 |
% |
Net interest
margin |
|
|
4.16 |
% |
|
|
|
4.16 |
% |
Cost of funds |
|
|
0.85 |
% |
|
|
|
0.57 |
% |
|
|
|
|
|
|
|
|
(1) Loans
placed on nonaccrual status are included in average balances. Net
loan fees and late charges included in interest income on loans
totaled $9.9 million and $8.2 million for the six months ended
June 30, 2018 and 2017, 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: |
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
Total interest
income |
$ |
96,296 |
|
|
$ |
89,049 |
|
|
$ |
86,526 |
|
|
$ |
82,370 |
|
|
$ |
79,344 |
|
|
$ |
75,794 |
|
|
$ |
75,795 |
|
|
$ |
72,431 |
|
|
|
Total interest
expense |
|
18,086 |
|
|
|
13,269 |
|
|
|
11,167 |
|
|
|
10,434 |
|
|
|
9,646 |
|
|
|
8,900 |
|
|
|
8,771 |
|
|
|
7,703 |
|
|
|
Net interest
income |
|
78,210 |
|
|
|
75,780 |
|
|
|
75,359 |
|
|
|
71,936 |
|
|
|
69,698 |
|
|
|
66,894 |
|
|
|
67,024 |
|
|
|
64,728 |
|
|
|
Provision for credit
losses |
|
1,650 |
|
|
|
1,969 |
|
|
|
4,087 |
|
|
|
1,921 |
|
|
|
1,566 |
|
|
|
1,397 |
|
|
|
2,112 |
|
|
|
2,288 |
|
|
|
Net interest income
after provision for credit losses |
|
76,560 |
|
|
|
73,811 |
|
|
|
71,272 |
|
|
|
70,015 |
|
|
|
68,132 |
|
|
|
65,497 |
|
|
|
64,912 |
|
|
|
62,440 |
|
|
|
Noninterest income (before investment gains) |
|
5,526 |
|
|
|
5,262 |
|
|
|
9,496 |
|
|
|
6,773 |
|
|
|
6,997 |
|
|
|
5,565 |
|
|
|
6,943 |
|
|
|
6,404 |
|
|
|
Gain on
sale of investment securities |
|
26 |
|
|
|
42 |
|
|
|
- |
|
|
|
11 |
|
|
|
26 |
|
|
|
505 |
|
|
|
71 |
|
|
|
1 |
|
|
|
Total noninterest
income |
|
5,552 |
|
|
|
5,304 |
|
|
|
9,496 |
|
|
|
6,784 |
|
|
|
7,023 |
|
|
|
6,070 |
|
|
|
7,014 |
|
|
|
6,405 |
|
|
|
Salaries
and employee benefits |
|
17,812 |
|
|
|
16,858 |
|
|
|
16,678 |
|
|
|
16,905 |
|
|
|
16,869 |
|
|
|
16,677 |
|
|
|
17,853 |
|
|
|
17,130 |
|
|
|
Premises
and equipment |
|
3,873 |
|
|
|
3,929 |
|
|
|
4,019 |
|
|
|
3,846 |
|
|
|
3,920 |
|
|
|
3,847 |
|
|
|
3,699 |
|
|
|
3,786 |
|
|
|
Marketing
and advertising |
|
1,291 |
|
|
|
937 |
|
|
|
1,222 |
|
|
|
732 |
|
|
|
1,247 |
|
|
|
894 |
|
|
|
944 |
|
|
|
857 |
|
|
|
Other
expenses |
|
9,313 |
|
|
|
9,397 |
|
|
|
7,884 |
|
|
|
8,033 |
|
|
|
7,965 |
|
|
|
7,814 |
|
|
|
7,284 |
|
|
|
7,065 |
|
|
|
Total noninterest
expense |
|
32,289 |
|
|
|
31,121 |
|
|
|
29,803 |
|
|
|
29,516 |
|
|
|
30,001 |
|
|
|
29,232 |
|
|
|
29,780 |
|
|
|
28,838 |
|
|
|
Income before income
tax expense |
|
49,823 |
|
|
|
47,994 |
|
|
|
50,965 |
|
|
|
47,283 |
|
|
|
45,154 |
|
|
|
42,335 |
|
|
|
42,146 |
|
|
|
40,007 |
|
|
|
Income tax expense |
|
12,528 |
|
|
|
12,279 |
|
|
|
35,396 |
|
|
|
17,409 |
|
|
|
17,382 |
|
|
|
15,318 |
|
|
|
16,429 |
|
|
|
15,484 |
|
|
|
Net income |
|
37,295 |
|
|
|
35,715 |
|
|
|
15,569 |
|
|
|
29,874 |
|
|
|
27,772 |
|
|
|
27,017 |
|
|
|
25,717 |
|
|
|
24,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted
average common share, basic |
$ |
1.09 |
|
|
$ |
1.04 |
|
|
$ |
0.46 |
|
|
$ |
0.87 |
|
|
$ |
0.81 |
|
|
$ |
0.79 |
|
|
$ |
0.76 |
|
|
$ |
0.73 |
|
|
|
Earnings per weighted
average common share, diluted |
$ |
1.08 |
|
|
$ |
1.04 |
|
|
$ |
0.45 |
|
|
$ |
0.87 |
|
|
$ |
0.81 |
|
|
$ |
0.79 |
|
|
$ |
0.75 |
|
|
$ |
0.72 |
|
|
|
Weighted average common
shares outstanding, basic |
|
34,305,693 |
|
|
|
34,260,882 |
|
|
|
34,179,793 |
|
|
|
34,173,893 |
|
|
|
34,128,598 |
|
|
|
34,069,528 |
|
|
|
33,650,963 |
|
|
|
33,590,183 |
|
|
|
Weighted average common
shares outstanding, diluted |
|
34,448,354 |
|
|
|
34,406,310 |
|
|
|
34,334,873 |
|
|
|
34,338,442 |
|
|
|
34,324,120 |
|
|
|
34,284,316 |
|
|
|
34,233,940 |
|
|
|
34,187,171 |
|
|
|
Actual shares
outstanding at period end |
|
34,305,071 |
|
|
|
34,303,056 |
|
|
|
34,185,163 |
|
|
|
34,174,009 |
|
|
|
34,169,924 |
|
|
|
34,110,056 |
|
|
|
34,023,850 |
|
|
|
33,590,880 |
|
|
|
Book value per common
share at period end |
$ |
29.82 |
|
|
$ |
28.72 |
|
|
$ |
27.80 |
|
|
$ |
27.33 |
|
|
$ |
26.42 |
|
|
$ |
25.59 |
|
|
$ |
24.77 |
|
|
$ |
24.28 |
|
|
|
Tangible book value per
common share at period end (1) |
$ |
26.71 |
|
|
$ |
25.60 |
|
|
$ |
24.67 |
|
|
$ |
24.19 |
|
|
$ |
23.28 |
|
|
$ |
22.45 |
|
|
$ |
21.61 |
|
|
$ |
21.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.92% |
|
|
|
1.91% |
|
|
|
0.82% |
|
|
|
1.66% |
|
|
|
1.60% |
|
|
|
1.62% |
|
|
|
1.46% |
|
|
|
1.50% |
|
|
|
Return on average
common equity |
|
14.93% |
|
|
|
14.99% |
|
|
|
6.49% |
|
|
|
12.86% |
|
|
|
12.51% |
|
|
|
12.74% |
|
|
|
12.26% |
|
|
|
12.04% |
|
|
|
Return on average
tangible common equity |
|
16.71% |
|
|
|
16.86% |
|
|
|
7.31% |
|
|
|
14.55% |
|
|
|
14.22% |
|
|
|
14.56% |
|
|
|
14.07% |
|
|
|
13.89% |
|
|
|
Net interest
margin |
|
4.15% |
|
|
|
4.17% |
|
|
|
4.13% |
|
|
|
4.14% |
|
|
|
4.16% |
|
|
|
4.14% |
|
|
|
3.95% |
|
|
|
4.11% |
|
|
|
Efficiency ratio
(2) |
|
38.55% |
|
|
|
38.38% |
|
|
|
35.12% |
|
|
|
37.49% |
|
|
|
39.10% |
|
|
|
40.06% |
|
|
|
40.22% |
|
|
|
40.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans (3) |
|
1.00% |
|
|
|
1.00% |
|
|
|
1.01% |
|
|
|
1.03% |
|
|
|
1.02% |
|
|
|
1.03% |
|
|
|
1.04% |
|
|
|
1.04% |
|
|
|
Allowance for credit
losses to total nonperforming loans |
|
612.42% |
|
|
|
491.56% |
|
|
|
489.20% |
|
|
|
379.11% |
|
|
|
356.00% |
|
|
|
416.91% |
|
|
|
330.49% |
|
|
|
255.29% |
|
|
|
Nonperforming loans to
total loans (3) |
|
0.16% |
|
|
|
0.20% |
|
|
|
0.21% |
|
|
|
0.27% |
|
|
|
0.29% |
|
|
|
0.25% |
|
|
|
0.31% |
|
|
|
0.41% |
|
|
|
Nonperforming assets to
total assets |
|
0.16% |
|
|
|
0.19% |
|
|
|
0.20% |
|
|
|
0.24% |
|
|
|
0.26% |
|
|
|
0.22% |
|
|
|
0.30% |
|
|
|
0.41% |
|
|
|
Net charge-offs
(annualized) to average loans (3) |
|
0.05% |
|
|
|
0.06% |
|
|
|
0.15% |
|
|
|
0.00% |
|
|
|
0.02% |
|
|
|
0.04% |
|
|
|
-0.01 |
% |
|
|
0.14% |
|
|
|
Tier 1 capital (to
average assets) |
|
11.97% |
|
|
|
11.76% |
|
|
|
11.45% |
|
|
|
11.78% |
|
|
|
11.61% |
|
|
|
11.51% |
|
|
|
10.72% |
|
|
|
11.12% |
|
|
|
Total capital (to risk
weighted assets) |
|
15.59% |
|
|
|
15.32% |
|
|
|
15.02% |
|
|
|
15.30% |
|
|
|
15.13% |
|
|
|
14.97% |
|
|
|
14.89% |
|
|
|
15.05% |
|
|
|
Common equity tier 1
capital (to risk weighted assets) |
|
11.89% |
|
|
|
11.57% |
|
|
|
11.23% |
|
|
|
11.40% |
|
|
|
11.18% |
|
|
|
10.97% |
|
|
|
10.80% |
|
|
|
10.83% |
|
|
|
Tangible common equity
ratio (1) |
|
11.79% |
|
|
|
11.57% |
|
|
|
11.44% |
|
|
|
11.35% |
|
|
|
11.15% |
|
|
|
10.97% |
|
|
|
10.84% |
|
|
|
10.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,789,564 |
|
|
$ |
7,597,485 |
|
|
$ |
7,487,624 |
|
|
$ |
7,128,769 |
|
|
$ |
6,959,994 |
|
|
$ |
6,772,164 |
|
|
$ |
6,984,492 |
|
|
$ |
6,492,274 |
|
|
|
Total earning
assets |
$ |
7,558,138 |
|
|
$ |
7,373,535 |
|
|
$ |
7,242,994 |
|
|
$ |
6,897,613 |
|
|
$ |
6,728,055 |
|
|
$ |
6,538,377 |
|
|
$ |
6,754,935 |
|
|
$ |
6,266,311 |
|
|
|
Total loans |
$ |
6,569,931 |
|
|
$ |
6,433,730 |
|
|
$ |
6,207,505 |
|
|
$ |
5,946,411 |
|
|
$ |
5,895,174 |
|
|
$ |
5,705,261 |
|
|
$ |
5,591,790 |
|
|
$ |
5,422,677 |
|
|
|
Total deposits |
$ |
6,269,126 |
|
|
$ |
6,063,017 |
|
|
$ |
6,101,727 |
|
|
$ |
5,827,953 |
|
|
$ |
5,660,119 |
|
|
$ |
5,554,402 |
|
|
$ |
5,796,516 |
|
|
$ |
5,353,834 |
|
|
|
Total borrowings |
$ |
485,729 |
|
|
$ |
523,369 |
|
|
$ |
382,687 |
|
|
$ |
344,959 |
|
|
$ |
375,124 |
|
|
$ |
318,143 |
|
|
$ |
312,842 |
|
|
$ |
300,083 |
|
|
|
Total shareholders’
equity |
$ |
1,002,091 |
|
|
$ |
966,585 |
|
|
$ |
951,727 |
|
|
$ |
921,493 |
|
|
$ |
890,498 |
|
|
$ |
859,779 |
|
|
$ |
834,823 |
|
|
$ |
809,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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