Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $7.8 million for the quarter ended June 30, 2012, a 35% increase
over the $5.8 million net income for the quarter ended June 30,
2011. Net income available to common shareholders increased 57% to
$7.6 million ($0.38 per basic share and $0.37 per diluted common
share), as compared to $4.9 million ($0.25 per basic share and
$0.24 per diluted common share) for the same three month period in
2011.
For the six months ended June 30, 2012, the Company's net income
was $15.4 million, a 42% increase over the $10.9 million for the
six months ended June 30, 2011. Net income available to common
shareholders was $15.1 million ($0.75 per basic common share and
$0.73 per diluted common share), as compared to $9.7 million ($0.49
per basic common share and $0.48 per diluted common share) for the
same six month period in 2011, a 56% increase.
A lower dividend rate on preferred stock accounted for a
significant amount of the higher percentage increase in earnings
available to common shareholders for both the three and six month
periods.
"We are very pleased to report a fourteenth consecutive quarter
of record net income for our Company, highlighted by substantial
growth in revenue from both balance sheet growth and margin
expansion and by increased noninterest income," noted Ronald D.
Paul, Chairman and Chief Executive Officer of Eagle Bancorp, Inc.
Mr. Paul also noted "the second quarter financials reflected
continued low levels of problem assets and credit losses and
continued strong increases in shareholders' equity, primarily from
record earnings and the $5.6 million of net proceeds through June
30, 2012 from the sale of common stock in the Company's offering.
The shares were sold at a weighted average price of $15.94 per
share. Additionally, expenses were well managed in the quarter,
contributing to an even lower efficiency ratio of 52.28%. Total
revenue increased 31% in the second quarter 2012 over the same
quarter in 2011. Higher noninterest income from the origination and
sale of residential mortgage loans in the second quarter of 2012
contributed substantially to the increased revenue in the second
quarter of 2012 over 2011. Both total loans and total deposits
increased by 6% at June 30, 2012, as compared to March 31, 2012.
The net interest margin for the second quarter of 2012 was a very
strong 4.39%, as the cost of funds has been aggressively managed
lower, based on market rate changes. Net credit losses for the
second quarter of 2012 were 0.40% of average loans, and
nonperforming assets were 1.26% of total loans at June 30, 2012.
Importantly, we believe our financial results continue to
demonstrate a consistent and balanced approach to the Company's
performance. We are especially pleased that our number of customer
relationships continues to increase, as more and more businesses
view EagleBank's capabilities and services as highly
attractive."
At June 30, 2012, total assets were $2.96 billion, compared to
$2.83 billion at December 31, 2011, a 5% increase. As compared to
June 30, 2011, total assets at June 30, 2012 increased by $609
million, a 26% increase. Total loans (excluding loans held for
sale) were $2.32 billion at June 30, 2012 compared to $2.06 billion
at December 31, 2011, a 13% increase. As compared to June 30, 2011,
total loans at June 30, 2012 increased by $371 million, a 19%
increase. Total deposits were $2.51 billion at June 30, 2012,
compared to deposits of $2.39 billion at December 31, 2011, a 5%
increase. As compared to June 30, 2011, total deposits at June 30,
2012 increased by $573 million, a 30% increase. Loans held for sale
amounted to $102.8 million at June 30, 2012 as compared to $176.8
million at December 31, 2011 and $25.5 million at June 30, 2011.
The investment portfolio totaled $338.9 million at June 30, 2012,
an 8% increase from the $313.8 million balance at December 31,
2011, as excess liquidity was deployed into new investments. As
compared to June 30, 2011, the investment portfolio at June 30,
2012 increased by $89 million, a 36% increase. Total borrowed funds
(excluding customer repurchase agreements) were stable at $49.3
million at June 30, 2012, December 31, 2011 and June 30, 2011.
Total shareholders' equity increased to $290.3 million at June 30,
2012, compared to $266.7 million and $217.0 million at December 31,
2011 and June 30, 2011, respectively. The Company's capital
position remains substantially in excess of regulatory requirements
for well capitalized status, with a total risk based capital ratio
of 11.60% at June 30, 2012, as compared to a total risk based
capital ratio of 11.33% at June 30, 2011. Strong earnings over the
twelve months ended June 30, 2012, together with progress to date
on the "at the market" capital raise commenced May 1, 2012, and
issuances under our employee stock plans, have enabled the Company
to increase regulatory capital ratios, while continuing substantial
balance sheet growth. In addition, the tangible common equity ratio
(tangible common equity to tangible assets) increased to 7.76% at
June 30, 2012, from 7.29% at December 31, 2011.
At June 30, 2012, the Company's nonperforming assets amounted to
$37.3 million, representing 1.26% of total assets, compared to
$36.0 million of nonperforming assets, or 1.27% of total assets at
December 31, 2011 and $34.7 million of nonperforming assets, or
1.47% of total assets at June 30, 2011. Management remains
attentive to early signs of deterioration in borrowers' financial
conditions and to taking the appropriate action to mitigate risk.
Furthermore, the Company is diligent in placing loans on nonaccrual
status and believes, based on its loan portfolio risk analysis,
that its allowance for loan losses, at 1.47% of total loans
(excluding loans held for sale) at June 30, 2012, is adequate to
absorb potential credit losses within the loan portfolio at that
date. Included in nonperforming assets at June 30, 2012 were $4.4
million of other real estate owned ("OREO") as compared to $3.2
million at December 31, 2011 and $3.4 million at June 30, 2011.
Analysis of the three months ended June 30, 2012
compared to June 30, 2011
For the three months ended June 30, 2012, the Company reported
an annualized return on average assets (ROAA) of 1.08% as compared
to 1.01% for the three months ended June 30, 2011. The annualized
return on average common equity (ROAE) for the quarter ended June
30, 2012 was 13.52%, as compared to 10.16% for the quarter ended
June 30, 2011. The higher ROAA and ROAE ratios for the second
quarter of 2012 as compared to 2011 are due to an expanded net
interest margin, higher levels of noninterest income and
improvement in expense management.
Net interest income increased 30% for the three months ended
June 30, 2012 over the same period in 2011, resulting from a
combination of strong balance sheet growth and net interest margin
expansion, as the cost of funds for the second quarter of 2012 as
compared to the same quarter in 2011 declined more than the decline
in earning asset yields between the two periods. As compared to the
second quarter of 2011, average earning assets increased by 28% for
the second quarter of 2012. For the three months ended June 30,
2012, the net interest margin was 4.39% as compared to 4.11% for
the three months ended March 31, 2012 and 4.32% for the three
months ended June 30, 2011. Based on peer comparisons, the
Company's net interest margin remains very favorable.
The provision for credit losses was $4.4 million for the three
months ended June 30, 2012 as compared to $3.2 million for the
three months ended June 30, 2011. At June 30, 2012 the
allowance for credit losses represented 1.47% of loans outstanding,
as compared to 1.44% and 1.41% at December 31, 2011 and June 30,
2011, respectively. The higher provisioning in the second quarter
of 2012, as compared to the second quarter of 2011, is due to a
higher allowance allocation for selected loan categories and higher
net charge-offs. Net charge-offs of $2.2 million in the second
quarter of 2012 represented 0.40% of average loans, excluding loans
held for sale, as compared to $1.3 million or 0.28% of average
loans, excluding loans held for sale, in the second quarter of
2011. Net charge-offs in the second quarter of 2012 were primarily
attributable to charge-offs of commercial real estate loans ($881
thousand), commercial and industrial loans ($873 thousand),
construction loans ($371 thousand), the unguaranteed portion of SBA
loans ($93 thousand), and home equity and consumer loans ($21
thousand).
At June 30, 2012, the allowance for credit losses represented
91% of nonperforming assets as compared to 82% at December 31, 2011
and 79% at June 30, 2011. At June 30, 2012, the allowance for
credit losses represented 104% of nonperforming loans as compared
to 90% at December 31, 2011 and 88% at June 30, 2011.
Noninterest income for the three months ended June 30, 2012
increased to $4.4 million from $3.2 million for the three months
ended June 30, 2011, a 39% increase. This increase was due
primarily to an increase of $1.7 million in gains on sales of
residential mortgage loans in the second quarter of 2012 as
compared to the second quarter of 2011, due to substantially higher
volumes of residential mortgage loan refinancings. Additionally,
service charges on deposit accounts increased $263 thousand in the
second quarter of 2012 as compared to the second quarter of 2011, a
39% increase due substantially to growth in the number of accounts.
Investment securities gains were $148 thousand for the second
quarter of 2012, as compared to $591 thousand for the second
quarter in 2011. Excluding investment securities gains, total
noninterest income was $4.3 million for the second quarter of 2012,
as compared to $2.6 million for the second quarter of 2011, an
increase of 65%.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, was 52.28% for the second quarter of
2012, as compared to 55.13% for the second quarter of 2011.
Noninterest expenses were $18.5 million for the three months ended
June 30, 2012, as compared to $14.9 million for the three months
ended June 30, 2011, a 24% increase. Cost increases for salaries
and benefits were $2.5 million, primarily due to merit and benefit
cost increases, increases in incentive pay, and staffing increases
primarily as a result of growth of the residential lending
division, as well as additional lending and branch personnel. At
June 30, 2012, the Company had sixteen branch offices, as compared
to thirteen at June 30, 2011. Premises and equipment expenses
were $417 thousand higher, due primarily to the cost of three new
branch offices and normal increases in leasing costs. Other
expenses increased by $692 thousand for the quarter ended June 30,
2012 compared to the same period in 2011.
Analysis of the six months ended June 30, 2012 compared
to June 30, 2011
For the six months ended June 30, 2012, the Company reported an
ROAA of 1.08% as compared to 1.00% for the six months of 2011,
while the ROAE was 13.66% in 2012, as compared to 10.32% for the
same six month period in 2011. The increase in these ratios was due
to substantial increases in noninterest income and improved
operating efficiency.
For the first six months of 2012, net interest income increased
31% over the same period for 2011. Average earning assets increased
31%. The net interest margin was 4.25% for the six months of 2012,
as compared to 4.27% for the six months of 2011. The Company has
been able to maintain its loan portfolio yields in 2012 close to
2011 levels due to loan pricing practices, and has been able to
reduce its funding costs while maintaining a favorable deposit mix;
much of which has occurred from sales efforts to increase and
deepen client relationships.
The provision for credit losses was $8.4 million for the first
six months of 2012 as compared to $5.3 million in 2011. The higher
provisioning in 2012 as compared to 2011 is attributable
to higher allowance allocations for selected loan categories
and higher net charge-offs in the first six months of 2012 compared
to 2011. For the six months ended June 30, 2012, net charge-offs
totaled $4.0 million (0.37% of average loans) compared to $2.6
million (0.29% of average loans) for the six months ended June 30,
2011. Net charge-offs in the six months ended June 30, 2012 were
primarily attributable to charge-offs of commercial and industrial
loans ($1.6 million), commercial real estate loans ($1.2 million),
home equity and consumer loans ($567 thousand), construction loans
($516 thousand) and the unguaranteed portion of SBA loans ($92
thousand).
Noninterest income for the first six months of 2012 was $10.5
million compared to $6.1 million in 2011, an increase of 71%. This
increase was due primarily to a $4.0 million increase in gains
realized on the sale of residential loans partially offset by a
decrease of $118 thousand in gains realized on the sale of SBA
loans. Service charges on deposit accounts increased $493 thousand
in 2012 as compared to 2011, a 35% increase. Other noninterest
income increased by $215 thousand primarily due to other loan
income and ATM fees. Excluding investment securities gains, total
noninterest income was $10.2 million for the six months of 2012 as
compared to $5.5 million for 2011, an 83% increase.
Noninterest expenses were $37.1 million for the first six months
of 2012, as compared to $29.2 million for 2011, a 27% increase.
Cost increases for salaries and benefits were $5.6 million
primarily due to salaries, incentive compensation and benefits
increases, including staffing increases primarily as a result of
growth in the residential lending division as well as additional
lending and branch personnel. Premises and equipment expenses were
$936 thousand higher due primarily to the cost of three new branch
offices and normal increases in leasing costs. Data processing
costs increased by $606 thousand due to system enhancements and
expanded customer transaction costs. FDIC insurance premiums were
$275 thousand lower due to FDIC premium rate declines which took
effect on April 1, 2011. Other expenses increased for the first six
months of 2012 versus 2011 by $979 thousand. For the first six
months of 2012, the efficiency ratio improved to 53.05% as compared
to 56.76% for the same period in 2011.
At June 30, 2012, the Company had a total risk based capital
ratio of 11.60%, a Tier 1 risk based capital ratio of 10.09%, and a
Tier 1 leverage ratio of 9.65%, all measures substantially above
the regulatory requirements for well capitalized status.
The financial information which follows provides more detail on
the Company's financial performance for the six and three months
ended June 30, 2012 as compared to the six and three months ended
June 30, 2011, 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, 2011 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
sixteen full service branch offices, located in Montgomery County,
Maryland; Washington, D.C.; and Arlington and Fairfax Counties,
Virginia. The Company focuses on building relationships with
businesses, professionals and individuals in its
marketplace.
The Eagle Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6101
Conference Call: Eagle Bancorp will host a
conference call to discuss the second quarter 2012 financial
results on Tuesday July 24, 2012 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 96517007, 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 7, 2012.
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, 2011 and in other periodic and
current reports filed with the SEC. Readers are cautioned
against placing undue reliance on any such forward-looking
statements. The Company's past results are not necessarily
indicative of future performance.
Eagle Bancorp,
Inc. |
Consolidated Financial
Highlights |
(in thousands, except per share data) |
Six Months
Ended |
Three Months
Ended |
|
June
30, |
June
30, |
|
2012 |
2011 |
2012 |
2011 |
Income
Statements: |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Total interest income |
$ 67,143 |
$ 55,292 |
$ 34,575 |
$ 28,996 |
Total interest expense |
7,659 |
9,892 |
3,561 |
5,102 |
Net interest income |
59,484 |
45,400 |
31,014 |
23,894 |
Provision for credit losses |
8,413 |
5,331 |
4,443 |
3,215 |
Net interest income after provision for
credit losses |
51,071 |
40,069 |
26,571 |
20,679 |
Noninterest income (before investment
gains) |
10,152 |
5,535 |
4,293 |
2,602 |
Investment gains |
301 |
591 |
148 |
591 |
Total noninterest income |
10,453 |
6,126 |
4,441 |
3,193 |
Total noninterest expense |
37,099 |
29,246 |
18,537 |
14,933 |
Income before income tax expense |
24,425 |
16,949 |
12,475 |
8,939 |
Income tax expense |
9,009 |
6,059 |
4,692 |
3,185 |
Net income |
15,416 |
10,890 |
7,783 |
5,754 |
Preferred stock dividends and discount
accretion |
283 |
1,203 |
142 |
883 |
Net income available to common
shareholders |
$ 15,133 |
$ 9,687 |
$ 7,641 |
$ 4,871 |
|
|
|
|
|
Per Share Data: |
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.75 |
$ 0.49 |
$ 0.38 |
$ 0.25 |
Earnings per weighted average common share,
diluted |
$ 0.73 |
$ 0.48 |
$ 0.37 |
$ 0.24 |
Weighted average common shares outstanding,
basic |
20,204,472 |
19,774,722 |
20,297,996 |
20,050,894 |
Weighted average common shares outstanding,
diluted |
20,713,904 |
20,243,112 |
20,807,410 |
20,495,291 |
Actual shares outstanding |
20,591,233 |
19,849,042 |
20,591,233 |
19,849,042 |
Book value per common share at period
end |
$ 11.35 |
$ 9.76 |
$ 11.35 |
$ 9.76 |
Tangible book value per common share at
period end (1) |
$ 11.15 |
$ 9.56 |
$ 11.15 |
$ 9.56 |
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
Return on average assets |
1.08% |
1.00% |
1.08% |
1.01% |
Return on average common equity |
13.66% |
10.32% |
13.52% |
10.16% |
Net interest margin |
4.25% |
4.27% |
4.39% |
4.32% |
Efficiency ratio (2) |
53.06% |
56.76% |
52.28% |
55.13% |
|
|
|
|
|
Other Ratios: |
|
|
|
|
Allowance for credit losses to total
loans |
1.47% |
1.41% |
1.47% |
1.41% |
Allowance for credit losses to total
nonperforming loans |
103.66% |
88.00% |
103.66% |
88.00% |
Nonperforming loans to total loans |
1.42% |
1.60% |
1.42% |
1.60% |
Nonperforming assets to total assets |
1.26% |
1.47% |
1.26% |
1.47% |
Net charge-offs (annualized) to average
loans |
0.37% |
0.29% |
0.40% |
0.28% |
Common equity to total assets |
7.89% |
8.23% |
7.89% |
8.23% |
Tier 1 leverage ratio |
9.65% |
9.07% |
9.65% |
9.07% |
Tier 1 risk based capital ratio |
10.09% |
9.64% |
10.09% |
9.64% |
Total risk based capital ratio |
11.60% |
11.33% |
11.60% |
11.33% |
Tangible common equity to tangible assets
(1) |
7.76% |
8.07% |
7.76% |
8.07% |
|
|
|
|
|
Loan Balances - Period End (in
thousands): |
|
|
|
|
Commercial and Industrial |
$ 516,493 |
$ 482,680 |
$ 516,493 |
$ 482,680 |
Commercial real estate - owner
occupied |
$ 307,410 |
$ 242,266 |
$ 307,410 |
$ 242,266 |
Commercial real estate - income
producing |
$ 932,490 |
$ 719,450 |
$ 932,490 |
$ 719,450 |
1-4 Family mortgage |
$ 48,842 |
$ 36,794 |
$ 48,842 |
$ 36,794 |
Construction - commercial and
residential |
$ 400,805 |
$ 346,273 |
$ 400,805 |
$ 346,273 |
Construction - C&I (owner occupied) |
$ 10,501 |
$ 24,315 |
$ 10,501 |
$ 24,315 |
Home equity |
$ 97,969 |
$ 90,827 |
$ 97,969 |
$ 90,827 |
Other consumer |
$ 4,727 |
$ 5,871 |
$ 4,727 |
$ 5,871 |
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
Total assets |
$ 2,859,440 |
$ 2,200,962 |
$ 2,888,188 |
$ 2,278,329 |
Total earning assets |
$ 2,814,618 |
$ 2,142,278 |
$ 2,844,491 |
$ 2,220,137 |
Total loans held for sale |
$ 107,916 |
$ 19,466 |
$ 95,734 |
$ 19,419 |
Total loans |
$ 2,166,578 |
$ 1,789,714 |
$ 2,246,644 |
$ 1,864,722 |
Total deposits |
$ 2,420,699 |
$ 1,833,987 |
$ 2,447,985 |
$ 1,902,837 |
Total borrowings |
$ 151,936 |
$ 146,816 |
$ 150,644 |
$ 153,108 |
Total shareholders' equity |
$ 279,482 |
$ 211,926 |
$ 284,040 |
$ 214,926 |
(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. We
calculate the tangible common equity ratio by excluding the balance
of intangible assets from common shareholders' equity and dividing
by tangible assets. We calculate tangible book value per common
share by dividing tangible common equity by common shares
outstanding, as compared to book value per common share, which we
calculate by dividing common shareholders' equity by common shares
outstanding. We believe that this information is 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.
(2) Computed by dividing noninterest expense by the sum of net
interest income and noninterest income.
GAAP
Reconciliation |
(dollars in thousands
except per share data) |
|
Six Months
Ended |
Twelve Months
Ended |
Six Months
Ended |
|
June 30, 2012 |
December 31, 2011 |
June 30, 2011 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
Common shareholders' equity |
$ 233,670 |
$ 210,111 |
$ 193,792 |
Less: Intangible assets |
(3,978) |
(4,145) |
(4,070) |
Tangible common equity |
$ 229,692 |
$ 205,966 |
$ 189,722 |
|
|
|
|
Book value per common share |
$ 11.35 |
$ 10.53 |
$ 9.76 |
Less: Intangible book value per common
share |
(0.20) |
(0.21) |
(0.20) |
Tangible book value per common
share |
$ 11.15 |
$ 10.32 |
$ 9.56 |
|
|
|
|
Total assets |
$ 2,962,897 |
$ 2,831,255 |
$ 2,353,716 |
Less: Intangible assets |
(3,978) |
(4,145) |
(4,070) |
Tangible assets |
$ 2,958,919 |
$ 2,827,110 |
$ 2,349,646 |
Tangible common equity
ratio |
7.76% |
7.29% |
8.07% |
|
Eagle Bancorp,
Inc. |
Consolidated Balance Sheets |
(dollars in thousands) |
|
June 30, 2012 |
December 31, 2011 |
June 30, 2011 |
|
(Unaudited) |
(Audited) |
(Unaudited) |
Assets |
|
|
|
Cash and due from banks |
$ 6,998 |
$ 5,374 |
$ 33,950 |
Federal funds sold |
19,854 |
21,785 |
42,955 |
Interest bearing deposits with banks and
other short-term investments |
122,639 |
205,252 |
10,202 |
Investment securities available for sale, at
fair value |
338,933 |
313,811 |
250,019 |
Federal Reserve and Federal Home Loan Bank
stock |
10,950 |
10,242 |
9,748 |
Loans held for sale |
102,767 |
176,826 |
25,489 |
Loans |
2,319,237 |
2,056,256 |
1,948,476 |
Less allowance for credit losses |
(34,079) |
(29,653) |
(27,475) |
Loans, net |
2,285,158 |
2,026,603 |
1,921,001 |
Premises and equipment, net |
13,634 |
12,320 |
10,395 |
Deferred income taxes |
16,836 |
14,673 |
13,689 |
Bank owned life insurance |
13,936 |
13,743 |
13,543 |
Intangible assets, net |
3,978 |
4,145 |
4,070 |
Other real estate owned |
4,438 |
3,225 |
3,434 |
Other assets |
22,776 |
23,256 |
15,221 |
Total Assets |
$ 2,962,897 |
$ 2,831,255 |
$ 2,353,716 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 773,119 |
$ 688,506 |
$ 436,880 |
Interest bearing transaction |
95,827 |
80,105 |
67,458 |
Savings and money market |
1,197,974 |
1,068,370 |
819,004 |
Time, $100,000 or more |
239,287 |
332,470 |
380,766 |
Other time |
207,804 |
222,644 |
236,726 |
Total deposits |
2,514,011 |
2,392,095 |
1,940,834 |
Customer repurchase agreements |
97,704 |
103,362 |
136,897 |
Long-term borrowings |
49,300 |
49,300 |
49,300 |
Other liabilities |
11,612 |
19,787 |
9,658 |
Total liabilities |
2,672,627 |
2,564,544 |
2,136,689 |
|
|
|
|
Shareholders' Equity |
|
|
|
Preferred stock, par value $.01 per share,
shares authorized 1,000,000, Series A, $1,000 per share liquidation
preference, shares issued and outstanding 23,235 at June 30,
2011 |
-- |
-- |
23,235 |
Preferred stock, par value $.01 per share,
shares authorized 1,000,000, Series B, $1,000 per share liquidation
preference, shares issued and outstanding 56,600 at June 30,
2012 and December 31, 2011 |
56,600 |
56,600 |
-- |
Common stock, par value $.01 per share;
shares authorized 50,000,000, shares issued and outstanding
20,591,233, 19,952,844 and 19,849,042, respectively |
203 |
197 |
197 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
140,572 |
132,670 |
131,225 |
Retained earnings |
86,556 |
71,423 |
58,209 |
Accumulated other comprehensive
income |
5,393 |
4,875 |
3,215 |
Total shareholders' equity |
290,270 |
266,711 |
217,027 |
Total Liabilities and Shareholders'
Equity |
$ 2,962,897 |
$ 2,831,255 |
$ 2,353,716 |
|
Eagle Bancorp,
Inc. |
Consolidated Statements of
Operations |
For the Six and Three Month
Periods Ended June 30, 2012 and 2011 (Unaudited) |
(dollars in thousands, except per
share data) |
|
Six Months
Ended |
Three Months
Ended |
|
June
30, |
June
30, |
Interest Income |
2012 |
2011 |
2012 |
2011 |
Interest and fees on loans |
$ 63,356 |
$ 51,894 |
$ 32,633 |
$ 27,279 |
Interest and dividends on investment
securities |
3,544 |
3,285 |
1,850 |
1,665 |
Interest on balances with other banks and
short-term investments |
215 |
36 |
78 |
17 |
Interest on federal funds sold |
28 |
77 |
14 |
35 |
Total interest income |
67,143 |
55,292 |
34,575 |
28,996 |
Interest Expense |
|
|
|
|
Interest on deposits |
6,408 |
8,508 |
2,940 |
4,397 |
Interest on customer repurchase
agreements |
182 |
321 |
86 |
171 |
Interest on long-term borrowings |
1,069 |
1,063 |
535 |
534 |
Total interest expense |
7,659 |
9,892 |
3,561 |
5,102 |
Net Interest
Income |
59,484 |
45,400 |
31,014 |
23,894 |
Provision for Credit
Losses |
8,413 |
5,331 |
4,443 |
3,215 |
Net Interest Income After Provision
For Credit Losses |
51,071 |
40,069 |
26,571 |
20,679 |
|
|
|
|
|
Noninterest Income |
|
|
|
|
Service charges on deposits |
1,914 |
1,421 |
935 |
672 |
Gain on sale of loans |
6,723 |
2,807 |
2,584 |
1,106 |
Gain on sale of investment
securities |
301 |
591 |
148 |
591 |
Increase in the cash surrender value
of bank owned life insurance |
194 |
201 |
97 |
100 |
Other income |
1,321 |
1,106 |
677 |
724 |
Total noninterest income |
10,453 |
6,126 |
4,441 |
3,193 |
Noninterest Expense |
|
|
|
|
Salaries and employee benefits |
20,713 |
15,072 |
10,289 |
7,761 |
Premises and equipment expenses |
4,979 |
4,043 |
2,469 |
2,052 |
Marketing and advertising |
843 |
981 |
557 |
747 |
Data processing |
2,207 |
1,601 |
951 |
912 |
Legal, accounting and professional
fees |
2,242 |
2,139 |
1,141 |
1,003 |
FDIC insurance |
1,068 |
1,343 |
579 |
600 |
Other expenses |
5,047 |
4,067 |
2,551 |
1,858 |
Total noninterest expense |
37,099 |
29,246 |
18,537 |
14,933 |
Income Before Income Tax
Expense |
24,425 |
16,949 |
12,475 |
8,939 |
Income Tax Expense |
9,009 |
6,059 |
4,692 |
3,185 |
Net Income |
15,416 |
10,890 |
7,783 |
5,754 |
Preferred Stock Dividends and
Discount Accretion |
283 |
1,203 |
142 |
883 |
Net Income Available to Common
Shareholders |
$ 15,133 |
$ 9,687 |
$ 7,641 |
$ 4,871 |
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
Basic |
$ 0.75 |
$ 0.49 |
$ 0.38 |
$ 0.25 |
Diluted |
$ 0.73 |
$ 0.48 |
$ 0.37 |
$ 0.24 |
|
Eagle Bancorp,
Inc. |
Consolidated Average Balances,
Interest Yields And Rates (unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
2012 |
2011 |
|
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 |
$ 129,537 |
$ 78 |
0.25% |
$ 10,265 |
$ 17 |
0.66% |
Loans held for sale (1) |
95,734 |
872 |
3.64% |
19,419 |
168 |
3.47% |
Loans (1) (2) |
2,246,644 |
31,761 |
5.69% |
1,864,722 |
27,111 |
5.83% |
Investment securities available for sale
(2) |
353,572 |
1,850 |
2.10% |
252,096 |
1,665 |
2.65% |
Federal funds sold |
19,004 |
14 |
0.30% |
73,635 |
35 |
0.19% |
Total interest earning assets |
2,844,491 |
34,575 |
4.89% |
2,220,137 |
28,996 |
5.24% |
|
|
|
|
|
|
|
Total noninterest earning assets |
76,020 |
|
|
84,387 |
|
|
Less: allowance for credit losses |
32,323 |
|
|
26,195 |
|
|
Total noninterest earning assets |
43,697 |
|
|
58,192 |
|
|
TOTAL ASSETS |
$ 2,888,188 |
|
|
$ 2,278,329 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 78,321 |
$ 61 |
0.31% |
$ 61,623 |
$ 48 |
0.31% |
Savings and money market |
1,130,642 |
1,361 |
0.48% |
816,587 |
2,067 |
1.02% |
Time deposits |
489,386 |
1,518 |
1.25% |
600,145 |
2,282 |
1.53% |
Total interest bearing deposits |
1,698,349 |
2,940 |
0.70% |
1,478,355 |
4,397 |
1.19% |
Customer repurchase agreements |
101,240 |
86 |
0.34% |
103,720 |
171 |
0.66% |
Other short-term borrowings |
104 |
-- |
-- |
88 |
-- |
-- |
Long-term borrowings |
49,300 |
535 |
4.29% |
49,300 |
534 |
4.29% |
Total interest bearing liabilities |
1,848,993 |
3,561 |
0.77% |
1,631,463 |
5,102 |
1.25% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
749,636 |
|
|
424,482 |
|
|
Other liabilities |
5,519 |
|
|
7,458 |
|
|
Total noninterest bearing
liabilities |
755,155 |
|
|
431,940 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
284,040 |
|
|
214,926 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 2,888,188 |
|
|
$ 2,278,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 31,014 |
|
|
$ 23,894 |
|
Net interest spread |
|
|
4.12% |
|
|
3.99% |
Net interest margin |
|
|
4.39% |
|
|
4.32% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $1.1 million
and $1.3 million for the three months ended June 30, 2012 and 2011,
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, |
|
2012 |
2011 |
|
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 |
$ 174,263 |
$ 215 |
0.25% |
$ 10,329 |
$ 36 |
0.70% |
Loans held for sale (1) |
107,916 |
1,943 |
3.60% |
19,466 |
373 |
3.86% |
Loans (1) (2) |
2,166,578 |
61,413 |
5.70% |
1,789,714 |
51,521 |
5.81% |
Investment securities available for sale
(2) |
346,798 |
3,544 |
2.06% |
244,878 |
3,285 |
2.71% |
Federal funds sold |
19,063 |
28 |
0.30% |
77,891 |
77 |
0.20% |
Total interest earning assets |
2,814,618 |
67,143 |
4.80% |
2,142,278 |
55,292 |
5.20% |
|
|
|
|
|
|
|
Total noninterest earning assets |
75,978 |
|
|
84,224 |
|
|
Less: allowance for credit losses |
31,156 |
|
|
25,540 |
|
|
Total noninterest earning assets |
44,822 |
|
|
58,684 |
|
|
TOTAL ASSETS |
$ 2,859,440 |
|
|
$ 2,200,962 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 77,583 |
$ 131 |
0.34% |
$ 61,551 |
$ 111 |
0.36% |
Savings and money market |
1,110,134 |
3,033 |
0.55% |
785,814 |
3,976 |
1.02% |
Time deposits |
513,964 |
3,244 |
1.27% |
575,213 |
4,421 |
1.55% |
Total interest bearing deposits |
1,701,681 |
6,408 |
0.76% |
1,422,578 |
8,508 |
1.21% |
Customer repurchase agreements |
102,584 |
182 |
0.36% |
97,472 |
321 |
0.66% |
Other short-term borrowings |
52 |
-- |
-- |
44 |
-- |
-- |
Long-term borrowings |
49,300 |
1,069 |
4.29% |
49,300 |
1,063 |
4.29% |
Total interest bearing liabilities |
1,853,617 |
7,659 |
0.83% |
1,569,394 |
9,892 |
1.27% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
719,018 |
|
|
411,409 |
|
|
Other liabilities |
7,323 |
|
|
8,233 |
|
|
Total noninterest bearing
liabilities |
726,341 |
|
|
419,642 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
279,482 |
|
|
211,926 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY |
$ 2,859,440 |
|
|
$ 2,200,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 59,484 |
|
|
$ 45,400 |
|
Net interest spread |
|
|
3.97% |
|
|
3.93% |
Net interest margin |
|
|
4.25% |
|
|
4.27% |
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual
status are included in average balances. Net loan fees and late
charges included in interest income on loans totaled $2.3 million
and $2.0 million for the six months ended June 30, 2012 and 2011,
respectively. |
(2) Interest and fees on loans
and investments exclude tax equivalent adjustments. |
|
Eagle Bancorp,
Inc. |
Statements of Income and
Highlights (Quarterly Trends) |
(in thousands, except per share
data) (Unaudited) |
|
Three Months
Ended |
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
Income
Statements: |
2012 |
2012 |
2011 |
2011 |
2011 |
2011 |
2010 |
2010 |
Total interest income |
$ 34,575 |
$ 32,568 |
$ 33,091 |
$ 30,741 |
$ 28,996 |
$ 26,296 |
$ 26,040 |
$ 24,421 |
Total interest expense |
3,561 |
4,098 |
4,820 |
5,365 |
5,102 |
4,790 |
4,753 |
4,722 |
Net interest income |
31,014 |
28,470 |
28,271 |
25,376 |
23,894 |
21,506 |
21,287 |
19,699 |
Provision for credit losses |
4,443 |
3,970 |
2,765 |
2,887 |
3,215 |
2,116 |
3,556 |
1,962 |
Net interest income after provision for
credit losses |
26,571 |
24,500 |
25,506 |
22,489 |
20,679 |
19,390 |
17,731 |
17,737 |
Noninterest income (before investment
gains or losses) |
4,293 |
5,859 |
3,864 |
2,657 |
2,602 |
2,933 |
3,180 |
2,073 |
Investment gains (losses) |
148 |
153 |
-- |
854 |
591 |
-- |
497 |
260 |
Total noninterest income |
4,441 |
6,012 |
3,864 |
3,511 |
3,193 |
2,933 |
3,677 |
2,333 |
Salaries and employee benefits |
10,289 |
10,424 |
10,183 |
9,263 |
7,761 |
7,311 |
7,318 |
6,549 |
Premises and equipment |
2,469 |
2,510 |
2,389 |
1,939 |
2,052 |
1,991 |
1,735 |
2,021 |
Marketing and advertising |
557 |
286 |
411 |
234 |
747 |
234 |
139 |
391 |
Other expenses |
5,222 |
5,342 |
5,324 |
4,287 |
4,373 |
4,777 |
4,283 |
3,968 |
Total noninterest expense |
18,537 |
18,562 |
18,307 |
15,723 |
14,933 |
14,313 |
13,475 |
12,929 |
Income before income tax expense |
12,475 |
11,950 |
11,063 |
10,277 |
8,939 |
8,010 |
7,933 |
7,141 |
Income tax expense |
4,692 |
4,317 |
3,889 |
3,783 |
3,185 |
2,874 |
2,879 |
2,375 |
Net income |
7,783 |
7,633 |
7,174 |
6,494 |
5,754 |
5,136 |
5,054 |
4,766 |
Preferred stock dividends and discount
accretion |
142 |
141 |
142 |
166 |
883 |
320 |
328 |
327 |
Net income available to common
shareholders |
$ 7,641 |
$ 7,492 |
$ 7,032 |
$ 6,328 |
$ 4,871 |
$ 4,816 |
$ 4,726 |
$ 4,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
Earnings per weighted average common share,
basic |
$ 0.38 |
$ 0.37 |
$ 0.35 |
$ 0.32 |
$ 0.25 |
$ 0.24 |
$ 0.24 |
$ 0.22 |
Earnings per weighted average common share,
diluted |
$ 0.37 |
$ 0.36 |
$ 0.35 |
$ 0.31 |
$ 0.24 |
$ 0.24 |
$ 0.23 |
$ 0.22 |
Weighted average common shares outstanding,
basic |
20,297,996 |
20,110,948 |
19,919,434 |
19,867,533 |
20,050,894 |
19,716,814 |
19,683,052 |
19,659,934 |
Weighted average common shares outstanding,
diluted |
20,807,410 |
20,623,681 |
20,370,108 |
20,281,294 |
20,495,291 |
20,215,244 |
20,130,854 |
20,015,404 |
Actual shares outstanding |
20,591,233 |
20,220,166 |
19,952,844 |
19,890,597 |
19,849,042 |
19,811,532 |
19,700,387 |
19,671,797 |
Book value per common share at period
end |
$ 11.35 |
$ 10.85 |
$ 10.53 |
$ 10.15 |
$ 9.76 |
$ 9.46 |
$ 9.25 |
$ 9.14 |
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
Return on average assets |
1.08% |
1.08% |
0.91% |
1.00% |
1.01% |
0.98% |
0.96% |
0.96% |
Return on average common equity |
13.52% |
13.80% |
13.40% |
12.55% |
10.16% |
10.49% |
10.21% |
9.89% |
Net interest margin |
4.39% |
4.11% |
3.65% |
3.98% |
4.32% |
4.23% |
4.18% |
4.10% |
Efficiency ratio (1) |
52.28% |
53.83% |
56.97% |
54.43% |
55.13% |
58.57% |
53.98% |
58.68% |
|
|
|
|
|
|
|
|
|
Other Ratios: |
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans
(2) |
1.47% |
1.46% |
1.44% |
1.41% |
1.41% |
1.43% |
1.48% |
1.45% |
Nonperforming loans to total loans |
1.42% |
1.68% |
1.59% |
1.55% |
1.60% |
1.85% |
1.51% |
1.61% |
Nonperforming assets to total assets |
1.26% |
1.41% |
1.27% |
1.07% |
1.47% |
1.68% |
1.53% |
1.46% |
Net charge-offs (annualized) to average
loans |
0.40% |
0.34% |
0.34% |
0.36% |
0.28% |
0.30% |
0.26% |
0.39% |
Tier 1 leverage ratio |
9.65% |
9.33% |
8.21% |
9.61% |
9.07% |
9.44% |
9.32% |
9.66% |
Tier 1 risk based capital ratio |
10.09% |
10.08% |
10.33% |
10.49% |
9.64% |
10.03% |
9.91% |
10.88% |
Total risk based capital ratio |
11.60% |
11.59% |
11.84% |
12.11% |
11.33% |
11.75% |
11.64% |
12.66% |
|
|
|
|
|
|
|
|
|
Average Balances (in
thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ 2,888,188 |
$ 2,830,693 |
$ 3,111,952 |
$ 2,569,970 |
$ 2,278,329 |
$ 2,122,677 |
$ 2,079,392 |
$ 1,964,827 |
Total earning assets |
$ 2,844,491 |
$ 2,784,747 |
$ 3,071,903 |
$ 2,531,768 |
$ 2,220,137 |
$ 2,063,557 |
$ 2,021,492 |
$ 1,907,900 |
Total loans held for sale |
$ 95,734 |
$ 120,098 |
$ 177,116 |
$ 35,320 |
$ 19,419 |
$ 19,532 |
$ 74,210 |
$ 46,360 |
Total loans |
$ 2,246,644 |
$ 2,086,511 |
$ 2,030,986 |
$ 1,967,214 |
$ 1,864,722 |
$ 1,713,854 |
$ 1,598,362 |
$ 1,506,894 |
Total deposits |
$ 2,447,985 |
$ 2,393,413 |
$ 2,652,707 |
$ 2,124,274 |
$ 1,902,837 |
$ 1,764,373 |
$ 1,710,088 |
$ 1,610,813 |
Total borrowings |
$ 150,644 |
$ 153,227 |
$ 183,632 |
$ 184,874 |
$ 153,108 |
$ 140,456 |
$ 154,950 |
$ 146,711 |
Total stockholders' equity |
$ 284,040 |
$ 274,923 |
$ 264,833 |
$ 251,916 |
$ 214,926 |
$ 208,833 |
$ 206,191 |
$ 200,556 |
|
|
|
|
|
|
|
|
|
(1) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. |
(2) Excludes loans held for
sale. |
CONTACT: EAGLE BANCORP, INC.
Michael T. Flynn
301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
From Jul 2023 to Jul 2024