Eagle Bancorp, Inc. (the “Company”) (NASDAQ:EGBN), the parent
company of EagleBank, today announced quarterly net income of $33.7
million for the three months ended March 31, 2019, (basic and
diluted earnings per common share of $0.98) as compared to $35.7
million net income (basic and diluted earnings per common share of
$1.04) for the three months ended March 31, 2018.
First quarter 2019 earnings include nonrecurring
charges related to share based compensation awards and the
retirement of our former Chairman and Chief Executive Officer, Mr.
Ronald D. Paul as announced in late March. For the first quarter of
2019, salaries and benefit expenses include $6.2 million ($0.13 per
diluted shares) of nonrecurring noninterest expenses.
Excluding nonrecurring costs, net earnings for
the first quarter of 2019 were $38.5 million ($1.11 per diluted
shares) as compared to $35.7 million net income ($1.04 per diluted
shares) for the first quarter in 2018, an 8% increase.
“We are pleased to report another quarter of
favorable earnings, supported by continuing loan growth, an
increase in the net interest margin over the fourth quarter of
2018, superior core operating leverage, and solid asset quality
despite an uptick in net charge-offs and nonperforming loans as
discussed below,” noted Susan G. Riel, Interim President and Chief
Executive Officer of Eagle Bancorp, Inc. Ms. Riel continued, “The
Company’s assets ended the quarter at $8.39 billion, representing
9% growth over the first quarter of 2018. First quarter 2019
earnings resulted in a return on average assets of 1.62% (1.85%
excluding nonrecurring costs as defined above) and a return on
average tangible common equity of 13.38% (15.26% excluding
nonrecurring costs as defined above).”
Ms. Riel added, “Our Company has been truly
saddened by the unexpected retirement of Ron Paul due to health
reasons. Fortunately, his leadership in developing a strong
executive team together with a well designed succession plan
adopted by our Board of Directors has resulted in a smooth
transition over the past four weeks. I have been with Eagle since
the Company was founded in 1997. That, together with my prior
banking experience, has prepared me well. Our management philosophy
has always been team building. Our entire employee base is highly
capable of moving forward and continuing a tradition of building
business relationships, continuing our growth initiatives, managing
risk, and providing best in class service and strong
profitability.”
The Company’s performance in the first quarter
of 2019 as compared to the first quarter of 2018 was highlighted by
growth in average total loans of 9.4%, growth in average total
deposits of 15.2%, a net interest margin of 4.02%, and 8% growth in
total revenue to $87.3 million. Ms. Riel noted that the Company
focuses more on growth of average balances year over year since
that measure relates more directly to income statement results. As
compared to the fourth quarter of 2018, average loan growth in the
first quarter 2019 was 2.0% and average deposit growth was 0.5%.
Deposit growth tends to be seasonally lower in the first quarter of
each year. The GAAP reported efficiency ratio for the first quarter
in 2019 was 43.87%. Excluding nonrecurring charges as identified
above, the Company’s operating leverage remained strong with an
efficiency ratio of 36.82% for the first quarter of 2019 as
compared to 38.38% for the first quarter of 2018.
During the first quarter of 2019, the Bank
incurred an annualized net charge-off of 19 basis points of average
loans substantially attributable to one residential condominium
project sold at foreclosure to a third party during the first
quarter of 2019. The foreclosure sale was ratified by the Court on
April 8, 2019 and there is a 30 day closing requirement. Consistent
with GAAP, the transaction remained in nonperforming loans as of
March 31, 2019. The carrying value of the nonperforming loan at the
end of the first quarter was $17.5 million, equal to the purchase
price at foreclosure. No additional loss from this transaction is
anticipated. Nonperforming loans increased significantly as a
result of the residential condominium loan discussed above. Further
increases included a $1.5 million loan characterized as
nonperforming at March 31, 2019 which was paid in full shortly
following the end of the first quarter. Excluding the $19.0 million
of loan balances discussed above, nonperforming loans at March 31,
2019 would have been $21.3 million (0.30% of total loans).
Ms. Riel added, “For the first quarter of 2019,
period end loan balances grew 2.6% over December 31, 2018, and
total deposits declined by 4.2%. The pipeline of loan commitments
and new relationship opportunities remains strong. Management
continues to focus on achieving relationship development and
growth. Importantly, the mix of noninterest deposits to total
deposits averaged 32.5% in the first quarter of 2019, as compared
to 33.5% for the first quarter of 2018.”
The net interest margin was 4.02% for the first
quarter of 2019, up five basis points from the fourth quarter of
2018 and down 15 basis points as compared to the first quarter in
2018. The improved net interest margin in the first quarter of 2019
was due to a higher mix of loans relative to total assets, higher
loan yields and lower deposit betas in the first quarter of 2019 as
compared to the fourth quarter in 2018. The decline in the net
interest margin in the first quarter of 2019, versus the same
period in 2018, was due to an increase in the cost of funds of 46
basis points exceeding the increased yield on earning assets of 31
basis points in a generally increasing interest rate environment,
as loan demand required increased funding. Ms. Riel noted, “While
we saw a higher cost of funds, we also experienced improved loan
yields, in part due to rate adjustments on our predominately
variable and adjustable rate loan portfolio.” Increases in the cost
of interest bearing deposits were just six basis points in the
first quarter of 2019. The Company’s net interest income increased
7% in the first quarter of 2019 over 2018 as we continue to see
quality lending opportunities and have continued emphasis on
disciplined pricing for both new loans and funding sources.
Management believes that the Company has maintained a superior net
interest margin compared to peers.
Total revenue (net interest income plus
noninterest income) for the first quarter of 2019 was $87.3
million, or 8% above the $81.1 million of total revenue earned for
the first quarter of 2018. The primary driver of revenue growth for
the first quarter of 2019 over 2018 was net interest income growth
of 7% ($81.0 million versus $75.8 million). Noninterest income
increased in the first quarter of 2019 compared to the same period
in 2018, due substantially to increased net investment gains offset
by lower gains on sales of loans. Excluding net gains on sales of
investment securities, noninterest income was $5.4 million for the
first quarter of 2019 and $5.3 million for the first quarter of
2018.
While the Company’s primary focus continues to
be on generating spread income, management also looks to the
origination and sale of residential mortgage loans, Small Business
Administration (“SBA”) loan activity and FHA Multifamily lending
and securitization as components of the Company’s ongoing
noninterest income initiatives. For the first quarter of 2019,
gains on the sale of residential mortgage loans were $1.3 million
as compared to $1.4 million for the first quarter of 2018. The
lesser revenue was due to lower volumes, as market interest rates
have been generally higher over the past 12 months. Sales of SBA
guaranteed loans resulted in modest gains of $108 thousand on sales
for the first quarter of 2019 versus $169 thousand for the same
period in 2018. Gains on sales of FHA multifamily loans in the
first quarter of 2019 were $55 thousand versus $48 thousand in the
first quarter of 2018. Ms. Riel added, “In all three of these
business units, we have worked to right size the operations based
on lesser revenues but remain committed to these businesses.”
As noted earlier, our asset quality measures
remained solid at March 31, 2019, notwithstanding higher net
charge-offs and elevated nonperforming loans at March 31, 2019.
Annualized net charge-offs were 0.19% of average loans for the
first quarter of 2019, as compared to 0.06% of average loans for
the first quarter of 2018. At March 31, 2019, the Company’s
nonperforming loans amounted to $40.3 million (0.56% of total
loans) as compared to $13.4 million (0.20% of total loans) at March
31, 2018 and $16.3 million (0.23% of total loans) at December 31,
2018. Nonperforming assets amounted to $41.7 million (0.50% of
total assets) at March 31, 2019 compared to $14.8 million (0.19% of
total assets) at March 31, 2018 and $17.7 million (0.21% of total
assets) at December 31, 2018.
Management remains attentive to any signs of
deterioration in borrowers’ financial conditions and is proactive
in taking the appropriate steps to mitigate risk, including placing
loans on nonaccrual status. Based on our ongoing risk analysis and
consistent application of allowance methodology, management
believes that its allowance for credit losses, at 0.98% of total
loans (excluding loans held for sale) at March 31, 2019, is
adequate to absorb potential credit losses within the loan
portfolio at that date. The allowance for credit losses was 1.00%
at both March 31, 2018 and December 31, 2018. The allowance for
credit losses represented 174% of nonperforming loans at March 31,
2019, as compared to 492% at March 31, 2018 and 430% at December
31, 2018. Excluding the $19.0 million of nonperforming loans
discussed above, the allowance for loan losses at March 31, 2019
would have been 329% of nonperforming loans, in line with prior
quarters and well above peer banking companies.
“The Company’s productivity remained strong in
the quarter,” noted Ms. Riel. Excluding the nonrecurring costs
discussed above, the efficiency ratio of 36.82% reflects
management’s ongoing efforts to maintain superior operating
leverage. Further, the annualized level of noninterest expenses
(excluding nonrecurring charges identified above) as a percentage
of average assets has declined to 1.52% in the first quarter of
2019 as compared to 1.64% in the first quarter of 2018. The
Company’s goal is to maximize operating performance without
inhibiting growth or negatively impacting our ability to service
our customers. Ms. Riel further noted, “Our favorable efficiency
ratio is due in large part to our streamlined branch system and
control of occupancy costs. Our total deposits at March 31, 2019
averaged $334 million per branch as compared to the FDIC’s most
recently reported regional average of $135 million per branch.”
Total assets at March 31, 2019 were $8.39
billion, a 9% increase as compared to $7.70 billion at March 31,
2018, and stable as compared to $8.39 billion at December 31, 2018.
Total loans (excluding loans held for sale) were $7.17 billion at
March 31, 2019, a 9% increase as compared to $6.60 billion at March
31, 2018, and a 3% increase as compared to $6.99 billion at
December 31, 2018. Loans held for sale amounted to $20.3 million at
March 31, 2019 as compared to $25.9 million at March 31, 2018, a
22% decrease, and $19.3 million at December 31, 2018, a 5%
increase. The investment portfolio totaled $772.2 million at March
31, 2019, a 34% increase from the $578.3 million balance at March
31, 2018. As compared to December 31, 2018, the investment
portfolio at March 31, 2019 decreased by $11.9 million or 2%.
Total deposits at March 31, 2019 were $6.68
billion compared to $6.12 billion at March 31, 2018, a 9% increase
and $6.97 billion at December 31, 2018, a 4% decrease. We continue
to work on expanding the breadth and depth of our existing customer
relationships while we pursue new relationships. The deposit
decline in the first quarter of 2019 was deemed seasonal. Total
borrowed funds (excluding customer repurchase agreements) were
$467.4 million at March 31, 2019, $492.0 million at March 31, 2018
and $217.3 million at December 31, 2018.
Total shareholders’ equity at March 31, 2019
increased 17% to $1.15 billion compared to $985.2 million at March
31, 2018, and increased 4% from $1.11 billion at December 31, 2018.
The increase in shareholders’ equity at March 31, 2019 compared to
the same period in 2018 was primarily the result of growth in
retained earnings. The Company’s capital position remains
substantially in excess of regulatory requirements for well
capitalized status, with a total risk based capital ratio of 16.22%
at March 31, 2019, as compared to 15.32% at March 31, 2018, and
16.07% at December 31, 2018. In addition, the tangible common
equity ratio was 12.59% at March 31, 2019, compared to 11.57% at
March 31, 2018 and 12.11% at December 31, 2018. Tangible book value
per share was $30.20 at March 31, 2019, an 18% increase over $25.60
for the same period in 2018.
In accordance with the new accounting standard
(ASC 842) adopted as of January 1, 2019, a right of use lease asset
and a lease obligation liability were both recorded in the first
quarter of 2019 for $29.6 million which added leverage to the
balance sheet and reduced the total risk based capital ratio by six
basis points. All of the Company’s branches and administrative
offices are leased facilities.
Net interest income increased 7% for the three
months ended March 31, 2019 over the same period in 2018 ($81.0
million versus $75.8 million), resulting from growth in average
earning assets of 11%. The net interest margin was 4.02% for the
three months ended March 31, 2019, as compared to 4.17% for the
three months ended March 31, 2018. Management believes the
Company’s current net interest margin remains favorable compared to
peer banking companies and that its disciplined approach to
managing the loan portfolio yield to 5.62% for the first quarter of
2019 (as compared to 5.30% for the same period in 2018) has been a
significant factor in its overall profitability.
The provision for credit losses was $3.4 million
for the three months ended March 31, 2019 as compared to $2.0
million for the three months ended March 31, 2018. The higher
provisioning in the first quarter of 2019, as compared to the first
quarter of 2018, is due to higher net charge-offs. Net charge-offs
of $3.4 million in the first quarter of 2019 represented an
annualized 0.19% of average loans, excluding loans held for sale,
as compared to $921 thousand, or an annualized 0.06% of average
loans, excluding loans held for sale, in the first quarter of 2018.
Net charge-offs in the first quarter of 2019 were attributable
primarily to commercial real estate loans ($3.5 million) offset by
a net recovery in commercial loans ($126 thousand).
Noninterest income for the three months ended
March 31, 2019 increased to $6.3 million from $5.3 million for the
three months ended March 31, 2018, a 19% increase, due
substantially to higher net investment gains in the first quarter
of 2019 as compared to 2018 offset by lower gains on the sale of
residential mortgage loans ($1.3 million versus $1.4 million)
resulting from lower volume. Net investment gains were $912
thousand for the three months ended March 31, 2019 compared to $42
thousand for the same period in 2018. Residential mortgage loans
closed were $93 million for the first quarter of 2019 versus $100
million for the first quarter of 2018.
The efficiency ratio, which measures the ratio
of noninterest expense to total revenue, was 43.87% for the first
quarter of 2019, (36.82% excluding nonrecurring costs defined
above) as compared to 38.38% for the first quarter of 2018.
Noninterest expenses totaled $38.3 million for the three months
ended March 31, 2019, as compared to $31.1 million for the three
months ended March 31, 2018, a 23% increase. Excluding nonrecurring
salaries and benefit costs defined above, noninterest expenses were
$32.2 million for the first quarter in 2019, a 3% increase over
noninterest expenses in the first quarter of 2018.
Cost increases for salaries and benefits were
$6.8 million, $6.2 million of which were nonrecurring charges
related to share based compensation awards and the retirement of
Mr. Paul. The remaining increase was due primarily to increased
staff and merit increases. Legal, accounting and professional fees
decreased $1.3 million, a significant portion of which was due to
higher expenses during the first quarter of 2018 for independent
consulting and professional services associated with the internet
event late in 2017. FDIC expenses increased $441 thousand due to a
higher assessment base resulting from growth in total assets. Other
expenses increased $1.0 million, due primarily to higher broker
fees ($660 thousand).
The effective income tax rate for the first
quarter of 2019 was 26.1% as compared to 25.6% for the first
quarter of 2018 due primarily to a decrease in federal tax credits
and an increase in nondeductible expenses.
The financial information which follows provides
more detail on the Company’s financial performance for the three
months ended March 31, 2019 as compared to the three months ended
March 31, 2018 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, 2018 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 first quarter 2019
financial results on Thursday, April 18, 2019 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 2599209, or
by accessing the call on the Company’s website,
www.EagleBankCorp.com. A replay of the conference call will be
available on the Company’s website through May 2, 2019.
Forward-looking Statements:
This press release contains forward-looking statements within the
meaning of the Securities 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, 2018 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.
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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 March 31, |
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2019 |
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2018 |
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Income
Statements: |
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Total interest
income |
$ |
105,134 |
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$ |
89,049 |
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Total interest
expense |
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24,117 |
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|
13,269 |
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Net interest
income |
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81,017 |
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|
75,780 |
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Provision for credit
losses |
|
3,360 |
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|
1,969 |
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Net interest income
after provision for credit losses |
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77,657 |
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|
73,811 |
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Noninterest income
(before investment gains) |
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5,379 |
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5,262 |
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Gain on sale of
investment securities |
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912 |
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42 |
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Total noninterest
income |
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6,291 |
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5,304 |
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Total noninterest
expense |
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38,304 |
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31,121 |
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Income before income
tax expense |
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45,644 |
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47,994 |
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Income tax expense |
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11,895 |
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12,279 |
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Net income |
$ |
33,749 |
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$ |
35,715 |
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Per Share
Data: |
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Earnings per weighted
average common share, basic |
$ |
0.98 |
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$ |
1.04 |
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Earnings per weighted
average common share, diluted |
$ |
0.98 |
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$ |
1.04 |
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Weighted average common
shares outstanding, basic |
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34,480,772 |
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34,260,882 |
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Weighted average common
shares outstanding, diluted |
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34,536,236 |
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34,406,310 |
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Actual shares
outstanding at period end |
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34,537,193 |
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34,303,056 |
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Book value per common
share at period end |
$ |
33.25 |
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$ |
28.72 |
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Tangible book value per
common share at period end (1) |
$ |
30.20 |
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$ |
25.60 |
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Performance
Ratios (annualized): |
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Return on average
assets |
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1.62 |
% |
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1.91 |
% |
Return on average
common equity |
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12.12 |
% |
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14.99 |
% |
Return on average
tangible common equity |
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13.38 |
% |
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16.86 |
% |
Net interest
margin |
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4.02 |
% |
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4.17 |
% |
Efficiency ratio
(2) |
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43.87 |
% |
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38.38 |
% |
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Other
Ratios: |
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Allowance for credit
losses to total loans (3) |
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0.98 |
% |
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1.00 |
% |
Allowance for credit
losses to total nonperforming loans (4) |
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173.72 |
% |
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491.56 |
% |
Nonperforming loans to
total loans (3)(4) |
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0.56 |
% |
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0.20 |
% |
Nonperforming assets to
total assets (4) |
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0.50 |
% |
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0.19 |
% |
Net charge-offs
(annualized) to average loans (3)(4) |
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0.19 |
% |
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0.06 |
% |
Common equity to total
assets |
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13.69 |
% |
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12.80 |
% |
Tier 1 capital (to
average assets) |
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12.49 |
% |
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11.76 |
% |
Total capital (to risk
weighted assets) |
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16.22 |
% |
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15.32 |
% |
Common equity tier 1
capital (to risk weighted assets) |
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12.69 |
% |
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11.57 |
% |
Tangible common equity
ratio (1) |
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12.59 |
% |
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11.57 |
% |
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Loan Balances -
Period End (in thousands): |
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Commercial and
Industrial |
$ |
1,510,835 |
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$ |
1,426,042 |
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Commercial real estate
- owner occupied |
$ |
990,372 |
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$ |
800,747 |
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Commercial real estate
- income producing |
$ |
3,370,692 |
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$ |
3,137,498 |
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1-4 Family
mortgage |
$ |
101,860 |
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$ |
103,932 |
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Construction -
commercial and residential |
$ |
1,044,305 |
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$ |
1,000,266 |
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Construction - C&I
(owner occupied) |
$ |
64,845 |
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$ |
40,547 |
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Home equity |
$ |
87,009 |
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$ |
90,271 |
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Other consumer |
$ |
3,140 |
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$ |
3,223 |
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Average
Balances (in thousands): |
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Total assets |
$ |
8,455,680 |
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$ |
7,597,485 |
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Total earning
assets |
$ |
8,185,711 |
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$ |
7,373,535 |
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Total loans |
$ |
7,038,472 |
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$ |
6,433,730 |
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Total deposits |
$ |
6,987,468 |
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$ |
6,063,017 |
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Total borrowings |
$ |
266,209 |
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$ |
523,369 |
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Total shareholders’
equity |
$ |
1,128,869 |
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$ |
966,585 |
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(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.
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GAAP
Reconciliation (Unaudited) |
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(dollars in thousands
except per share data) |
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Three Months Ended |
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Three Months Ended |
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March 31, 2019 |
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|
March 31, 2018 |
Common shareholders'
equity |
$ |
1,148,488 |
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$ |
985,180 |
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Less: Intangible
assets |
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(105,466 |
) |
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(107,097 |
) |
Tangible common
equity |
$ |
1,043,022 |
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$ |
878,083 |
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Book value per common
share |
$ |
33.25 |
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$ |
28.72 |
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Less: Intangible book
value per common share |
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(3.05 |
) |
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(3.12 |
) |
Tangible book
value per common share |
$ |
30.20 |
|
|
$ |
25.60 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
8,388,406 |
|
|
$ |
7,698,060 |
|
Less: Intangible
assets |
|
(105,466 |
) |
|
|
(107,097 |
) |
Tangible
assets |
$ |
8,282,940 |
|
|
$ |
7,590,963 |
|
Tangible common
equity ratio |
|
12.59 |
% |
|
|
11.57 |
% |
|
|
|
|
|
|
|
|
Average common
shareholders' equity |
$ |
1,128,869 |
|
|
$ |
966,585 |
|
Less: Average
intangible assets |
|
(105,581 |
) |
|
|
(107,271 |
) |
Average
tangible common equity |
$ |
1,023,288 |
|
|
$ |
859,314 |
|
|
|
|
|
|
|
|
|
Net Income Available to
Common Shareholders |
$ |
33,750 |
|
|
$ |
35,715 |
|
Average tangible common
equity |
$ |
1,023,288 |
|
|
$ |
859,314 |
|
Annualized Return on Average Tangible Common Equity
(1) |
|
13.38 |
% |
|
|
16.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
|
|
|
|
|
|
|
|
GAAP
Reconciliation (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
Change |
|
Non-GAAP |
Noninterest
Expense |
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
23,644 |
|
|
|
(6,153 |
) |
|
|
17,491 |
|
Total
noninterest expense |
|
38,304 |
|
|
|
(6,153 |
) |
|
|
32,151 |
|
Income Before
Income Tax Expense |
|
45,645 |
|
|
|
6,153 |
|
|
|
51,798 |
|
Income Tax
Expense |
|
11,895 |
|
|
|
1,404 |
|
|
|
13,299 |
|
Net
Income |
$ |
33,749 |
|
|
$ |
4,749 |
|
|
$ |
38,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Common Share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.98 |
|
|
$ |
0.14 |
|
|
$ |
1.12 |
|
Diluted |
$ |
0.98 |
|
|
$ |
0.13 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share at period end |
$ |
33.25 |
|
|
|
|
|
|
$ |
33.39 |
|
Tangible book value per
common share at period end |
$ |
30.20 |
|
|
|
|
|
|
$ |
30.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.62 |
% |
|
|
|
|
|
|
1.85 |
% |
Return on average
common equity |
|
12.12 |
% |
|
|
|
|
|
|
13.84 |
% |
Return on average
tangible common equity |
|
13.38 |
% |
|
|
|
|
|
|
15.26 |
% |
Efficiency ratio |
|
43.87 |
% |
|
|
|
|
|
|
36.82 |
% |
Effective tax rate |
|
26.06 |
% |
|
|
|
|
|
|
25.67 |
% |
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Common equity to total
assets |
|
13.69 |
% |
|
|
|
|
|
|
13.75 |
% |
Tier 1 capital (to
average assets) |
|
12.49 |
% |
|
|
|
|
|
|
12.55 |
% |
Tier 1 risk based
capital ratio |
|
11.69 |
% |
|
|
|
|
|
|
11.69 |
% |
Total capital (to risk
weighted assets) |
|
16.22 |
% |
|
|
|
|
|
|
16.27 |
% |
Common equity tier 1
capital (to risk weighted assets) |
|
12.69 |
% |
|
|
|
|
|
|
12.75 |
% |
Tangible common equity
ratio |
|
12.59 |
% |
|
|
|
|
|
|
12.65 |
% |
Non Interest Expense as
a % of average assets |
|
1.81 |
% |
|
|
|
|
|
|
1.52 |
% |
Allowance for credit
losses to total nonperforming loans (4) |
|
173.72 |
% |
|
|
|
|
|
|
329.15 |
% |
Nonperforming loans to
total loans (4) |
|
0.56 |
% |
|
|
|
|
|
|
0.30 |
% |
(2) Computed by dividing noninterest expense by the sum of net
interest income and noninterest income.
(3) Excludes loans held for sale.
(4) Includes $19.0 million of nonperforming loans at March 31,
2019 that were addressed in April with no additional losses.
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
|
|
Consolidated
Balance Sheets (Unaudited) |
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
Cash and due from
banks |
$ |
6,817 |
|
|
$ |
6,773 |
|
|
$ |
7,954 |
|
Federal funds sold |
|
15,403 |
|
|
|
11,934 |
|
|
|
29,552 |
|
Interest bearing
deposits with banks and other short-term investments |
|
99,870 |
|
|
|
303,157 |
|
|
|
167,347 |
|
Investment securities
available for sale, at fair value |
|
772,229 |
|
|
|
784,139 |
|
|
|
578,317 |
|
Federal Reserve and
Federal Home Loan Bank stock |
|
34,995 |
|
|
|
23,506 |
|
|
|
34,768 |
|
Loans held for
sale |
|
20,268 |
|
|
|
19,254 |
|
|
|
25,873 |
|
Loans |
|
7,173,058 |
|
|
|
6,991,447 |
|
|
|
6,602,526 |
|
Less allowance for
credit losses |
|
(69,943 |
) |
|
|
(69,944 |
) |
|
|
(65,807 |
) |
Loans,
net |
|
7,103,115 |
|
|
|
6,921,503 |
|
|
|
6,536,719 |
|
Premises and equipment,
net |
|
44,726 |
|
|
|
16,851 |
|
|
|
19,808 |
|
Deferred income
taxes |
|
31,763 |
|
|
|
33,027 |
|
|
|
30,203 |
|
Bank owned life
insurance |
|
73,865 |
|
|
|
73,441 |
|
|
|
61,291 |
|
Intangible assets,
net |
|
105,466 |
|
|
|
105,766 |
|
|
|
107,097 |
|
Other real estate
owned |
|
1,394 |
|
|
|
1,394 |
|
|
|
1,394 |
|
Other assets |
|
78,495 |
|
|
|
88,392 |
|
|
|
97,737 |
|
Total Assets |
$ |
8,388,406 |
|
|
$ |
8,389,137 |
|
|
$ |
7,698,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing demand |
$ |
2,216,270 |
|
|
$ |
2,104,220 |
|
|
$ |
1,909,210 |
|
Interest
bearing transaction |
|
588,326 |
|
|
|
593,107 |
|
|
|
366,986 |
|
Savings
and money market |
|
2,515,269 |
|
|
|
2,949,559 |
|
|
|
2,767,721 |
|
Time,
$100,000 or more |
|
791,956 |
|
|
|
801,957 |
|
|
|
598,307 |
|
Other
time |
|
571,098 |
|
|
|
525,442 |
|
|
|
479,577 |
|
Total
deposits |
|
6,682,919 |
|
|
|
6,974,285 |
|
|
|
6,121,801 |
|
Customer repurchase
agreements |
|
26,418 |
|
|
|
30,413 |
|
|
|
48,365 |
|
Other short-term
borrowings |
|
250,000 |
|
|
|
- |
|
|
|
275,000 |
|
Long-term
borrowings |
|
217,394 |
|
|
|
217,296 |
|
|
|
217,003 |
|
Other liabilities |
|
63,187 |
|
|
|
58,202 |
|
|
|
50,711 |
|
Total liabilities |
|
7,239,918 |
|
|
|
7,280,196 |
|
|
|
6,712,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value
$.01 per share; shares authorized 100,000,000, shares |
|
|
|
|
|
|
|
|
|
|
|
issued
and outstanding 34,537,193, 34,387,919, and 34,303,056,
respectively |
|
343 |
|
|
|
342 |
|
|
|
341 |
|
Additional paid in
capital |
|
530,894 |
|
|
|
528,380 |
|
|
|
522,316 |
|
Retained earnings |
|
618,243 |
|
|
|
584,494 |
|
|
|
467,933 |
|
Accumulated other
comprehensive loss |
|
(992 |
) |
|
|
(4,275 |
) |
|
|
(5,410 |
) |
Total Shareholders' Equity |
|
1,148,488 |
|
|
|
1,108,941 |
|
|
|
985,180 |
|
Total Liabilities and Shareholders' Equity |
$ |
8,388,406 |
|
|
$ |
8,389,137 |
|
|
$ |
7,698,060 |
|
|
|
|
|
|
|
|
|
|
` |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
|
|
Consolidated
Statements of Income (Unaudited) |
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
Interest
Income |
2019 |
|
2018 |
Interest
and fees on loans |
$ |
97,821 |
|
$ |
84,430 |
Interest
and dividends on investment securities |
|
5,598 |
|
|
3,592 |
Interest
on balances with other banks and short-term investments |
|
1,666 |
|
|
981 |
Interest
on federal funds sold |
|
49 |
|
|
46 |
Total
interest income |
|
105,134 |
|
|
89,049 |
Interest
Expense |
|
|
|
|
|
Interest
on deposits |
|
20,900 |
|
|
9,129 |
Interest
on customer repurchase agreements |
|
98 |
|
|
50 |
Interest
on other short-term borrowings |
|
140 |
|
|
1,111 |
Interest
on long-term borrowings |
|
2,979 |
|
|
2,979 |
Total
interest expense |
|
24,117 |
|
|
13,269 |
Net Interest
Income |
|
81,017 |
|
|
75,780 |
Provision for
Credit Losses |
|
3,360 |
|
|
1,969 |
Net Interest
Income After Provision For Credit Losses |
|
77,657 |
|
|
73,811 |
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
Service
charges on deposits |
|
1,694 |
|
|
1,614 |
Gain on
sale of loans |
|
1,388 |
|
|
1,523 |
Gain on
sale of investment securities |
|
912 |
|
|
42 |
Increase
in the cash surrender value of bank owned life insurance |
|
425 |
|
|
344 |
Other
income |
|
1,872 |
|
|
1,781 |
Total
noninterest income |
|
6,291 |
|
|
5,304 |
Noninterest
Expense |
|
|
|
|
|
Salaries
and employee benefits |
|
23,644 |
|
|
16,858 |
Premises
and equipment expenses |
|
3,852 |
|
|
3,929 |
Marketing
and advertising |
|
1,148 |
|
|
937 |
Data
processing |
|
2,375 |
|
|
2,317 |
Legal,
accounting and professional fees |
|
1,709 |
|
|
2,973 |
FDIC
insurance |
|
1,116 |
|
|
675 |
Other
expenses |
|
4,460 |
|
|
3,432 |
Total
noninterest expense |
|
38,304 |
|
|
31,121 |
Income Before
Income Tax Expense |
|
45,644 |
|
|
47,994 |
Income Tax
Expense |
|
11,895 |
|
|
12,279 |
Net
Income |
$ |
33,749 |
|
$ |
35,715 |
|
|
|
|
|
|
Earnings Per
Common Share |
|
|
|
|
|
Basic |
$ |
0.98 |
|
$ |
1.04 |
Diluted |
$ |
0.98 |
|
$ |
1.04 |
|
|
|
|
|
|
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields
And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
|
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 |
$ |
301,020 |
$ |
1,666 |
2.24 |
% |
|
$ |
282,440 |
$ |
981 |
1.41 |
% |
Loans
held for sale (1) |
|
17,919 |
|
200 |
4.46 |
% |
|
|
24,960 |
|
274 |
4.39 |
% |
Loans
(1) (2) |
|
7,038,472 |
|
97,621 |
5.62 |
% |
|
|
6,433,730 |
|
84,156 |
5.30 |
% |
Investment securities available for sale (2) |
|
810,550 |
|
5,598 |
2.80 |
% |
|
|
614,064 |
|
3,592 |
2.37 |
% |
Federal
funds sold |
|
17,750 |
|
49 |
1.12 |
% |
|
|
18,341 |
|
46 |
1.02 |
% |
Total
interest earning assets |
|
8,185,711 |
|
105,134 |
5.21 |
% |
|
|
7,373,535 |
|
89,049 |
4.90 |
% |
|
|
|
|
|
|
|
|
Total
noninterest earning assets |
|
339,420 |
|
|
|
|
289,333 |
|
|
Less:
allowance for credit losses |
|
69,451 |
|
|
|
|
65,383 |
|
|
Total
noninterest earning assets |
|
269,969 |
|
|
|
|
223,950 |
|
|
TOTAL ASSETS |
$ |
8,455,680 |
|
|
|
$ |
7,597,485 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest
bearing transaction |
$ |
590,853 |
$ |
1,181 |
0.81 |
% |
|
$ |
372,893 |
$ |
464 |
0.50 |
% |
Savings
and money market |
|
2,792,552 |
|
11,963 |
1.74 |
% |
|
|
2,769,722 |
|
5,664 |
0.83 |
% |
Time
deposits |
|
1,330,939 |
|
7,756 |
2.36 |
% |
|
|
888,083 |
|
3,001 |
1.37 |
% |
Total
interest bearing deposits |
|
4,714,344 |
|
20,900 |
1.80 |
% |
|
|
4,030,698 |
|
9,129 |
0.92 |
% |
Customer
repurchase agreements |
|
27,793 |
|
98 |
1.43 |
% |
|
|
68,043 |
|
50 |
0.30 |
% |
Other
short-term borrowings |
|
21,059 |
|
140 |
2.66 |
% |
|
|
238,356 |
|
1,111 |
1.86 |
% |
Long-term borrowings |
|
217,357 |
|
2,979 |
5.48 |
% |
|
|
216,970 |
|
2,979 |
5.49 |
% |
Total
interest bearing liabilities |
|
4,980,553 |
|
24,117 |
1.96 |
% |
|
|
4,554,067 |
|
13,269 |
1.18 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
Noninterest bearing demand |
|
2,273,124 |
|
|
|
|
2,032,319 |
|
|
Other
liabilities |
|
73,134 |
|
|
|
|
44,514 |
|
|
Total
noninterest bearing liabilities |
|
2,346,258 |
|
|
|
|
2,076,833 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
Equity |
|
1,128,869 |
|
|
|
|
966,585 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
8,455,680 |
|
|
|
$ |
7,597,485 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
81,017 |
|
|
|
$ |
75,780 |
|
Net interest
spread |
|
|
3.25 |
% |
|
|
|
3.72 |
% |
Net interest
margin |
|
|
4.02 |
% |
|
|
|
4.17 |
% |
Cost of funds |
|
|
1.19 |
% |
|
|
|
0.73 |
% |
|
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $4.1 million and $4.7 million for the
three months ended March 31, 2019 and 2018, 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 |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
Income
Statements: |
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
Total interest
income |
$ |
105,134 |
|
|
$ |
105,581 |
|
|
$ |
102,360 |
|
|
$ |
96,296 |
|
|
$ |
89,049 |
|
|
$ |
86,526 |
|
|
$ |
82,370 |
|
|
$ |
79,344 |
|
Total interest
expense |
|
24,117 |
|
|
|
23,869 |
|
|
|
21,069 |
|
|
|
18,086 |
|
|
|
13,269 |
|
|
|
11,167 |
|
|
|
10,434 |
|
|
|
9,646 |
|
Net interest
income |
|
81,017 |
|
|
|
81,712 |
|
|
|
81,291 |
|
|
|
78,210 |
|
|
|
75,780 |
|
|
|
75,359 |
|
|
|
71,936 |
|
|
|
69,698 |
|
Provision for credit
losses |
|
3,360 |
|
|
|
2,600 |
|
|
|
2,441 |
|
|
|
1,650 |
|
|
|
1,969 |
|
|
|
4,087 |
|
|
|
1,921 |
|
|
|
1,566 |
|
Net interest income
after provision for credit losses |
|
77,657 |
|
|
|
79,112 |
|
|
|
78,850 |
|
|
|
76,560 |
|
|
|
73,811 |
|
|
|
71,272 |
|
|
|
70,015 |
|
|
|
68,132 |
|
Noninterest income (before investment gains) |
|
5,379 |
|
|
|
6,060 |
|
|
|
5,640 |
|
|
|
5,527 |
|
|
|
5,262 |
|
|
|
9,496 |
|
|
|
6,773 |
|
|
|
6,997 |
|
Gain on
sale of investment securities |
|
912 |
|
|
|
29 |
|
|
|
- |
|
|
|
26 |
|
|
|
42 |
|
|
|
- |
|
|
|
11 |
|
|
|
26 |
|
Total noninterest
income |
|
6,291 |
|
|
|
6,089 |
|
|
|
5,640 |
|
|
|
5,553 |
|
|
|
5,304 |
|
|
|
9,496 |
|
|
|
6,784 |
|
|
|
7,023 |
|
Salaries
and employee benefits |
|
23,644 |
|
|
|
15,907 |
|
|
|
17,157 |
|
|
|
17,812 |
|
|
|
16,858 |
|
|
|
16,678 |
|
|
|
16,905 |
|
|
|
16,869 |
|
Premises
and equipment |
|
3,852 |
|
|
|
3,969 |
|
|
|
3,889 |
|
|
|
3,873 |
|
|
|
3,929 |
|
|
|
4,019 |
|
|
|
3,846 |
|
|
|
3,920 |
|
Marketing
and advertising |
|
1,148 |
|
|
|
1,147 |
|
|
|
1,191 |
|
|
|
1,291 |
|
|
|
937 |
|
|
|
1,222 |
|
|
|
732 |
|
|
|
1,247 |
|
Other
expenses |
|
9,660 |
|
|
|
10,664 |
|
|
|
9,377 |
|
|
|
9,313 |
|
|
|
9,397 |
|
|
|
7,884 |
|
|
|
8,033 |
|
|
|
7,965 |
|
Total noninterest
expense |
|
38,304 |
|
|
|
31,687 |
|
|
|
31,614 |
|
|
|
32,289 |
|
|
|
31,121 |
|
|
|
29,803 |
|
|
|
29,516 |
|
|
|
30,001 |
|
Income before income
tax expense |
|
45,644 |
|
|
|
53,514 |
|
|
|
52,876 |
|
|
|
49,824 |
|
|
|
47,994 |
|
|
|
50,965 |
|
|
|
47,283 |
|
|
|
45,154 |
|
Income tax expense |
|
11,895 |
|
|
|
13,197 |
|
|
|
13,928 |
|
|
|
12,528 |
|
|
|
12,279 |
|
|
|
35,396 |
|
|
|
17,409 |
|
|
|
17,382 |
|
Net income |
|
33,749 |
|
|
|
40,317 |
|
|
|
38,948 |
|
|
|
37,296 |
|
|
|
35,715 |
|
|
|
15,569 |
|
|
|
29,874 |
|
|
|
27,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted
average common share, basic |
$ |
0.98 |
|
|
$ |
1.17 |
|
|
$ |
1.14 |
|
|
$ |
1.09 |
|
|
$ |
1.04 |
|
|
$ |
0.46 |
|
|
$ |
0.87 |
|
|
$ |
0.81 |
|
Earnings per weighted
average common share, diluted |
$ |
0.98 |
|
|
$ |
1.17 |
|
|
$ |
1.13 |
|
|
$ |
1.08 |
|
|
$ |
1.04 |
|
|
$ |
0.45 |
|
|
$ |
0.87 |
|
|
$ |
0.81 |
|
Weighted average common
shares outstanding, basic |
|
34,480,772 |
|
|
|
34,349,089 |
|
|
|
34,308,684 |
|
|
|
34,305,693 |
|
|
|
34,260,882 |
|
|
|
34,179,793 |
|
|
|
34,173,893 |
|
|
|
34,128,598 |
|
Weighted average common
shares outstanding, diluted |
|
34,536,236 |
|
|
|
34,460,985 |
|
|
|
34,460,794 |
|
|
|
34,448,354 |
|
|
|
34,406,310 |
|
|
|
34,334,873 |
|
|
|
34,338,442 |
|
|
|
34,324,120 |
|
Actual shares
outstanding at period end |
|
34,537,193 |
|
|
|
34,387,919 |
|
|
|
34,308,473 |
|
|
|
34,305,071 |
|
|
|
34,303,056 |
|
|
|
34,185,163 |
|
|
|
34,174,009 |
|
|
|
34,169,924 |
|
Book value per common
share at period end |
$ |
33.25 |
|
|
$ |
32.25 |
|
|
$ |
30.94 |
|
|
$ |
29.82 |
|
|
$ |
28.72 |
|
|
$ |
27.80 |
|
|
$ |
27.33 |
|
|
$ |
26.42 |
|
Tangible book value per
common share at period end (1) |
$ |
30.20 |
|
|
$ |
29.17 |
|
|
$ |
27.84 |
|
|
$ |
26.71 |
|
|
$ |
25.60 |
|
|
$ |
24.67 |
|
|
$ |
24.19 |
|
|
$ |
23.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.62 |
% |
|
|
1.90 |
% |
|
|
1.93 |
% |
|
|
1.92 |
% |
|
|
1.91 |
% |
|
|
0.82 |
% |
|
|
1.66 |
% |
|
|
1.60 |
% |
Return on average
common equity |
|
12.12 |
% |
|
|
14.82 |
% |
|
|
14.85 |
% |
|
|
14.93 |
% |
|
|
14.99 |
% |
|
|
6.49 |
% |
|
|
12.86 |
% |
|
|
12.51 |
% |
Return on average
tangible common equity |
|
13.38 |
% |
|
|
16.43 |
% |
|
|
16.54 |
% |
|
|
16.71 |
% |
|
|
16.86 |
% |
|
|
7.31 |
% |
|
|
14.55 |
% |
|
|
14.22 |
% |
Net interest
margin |
|
4.02 |
% |
|
|
3.97 |
% |
|
|
4.14 |
% |
|
|
4.15 |
% |
|
|
4.17 |
% |
|
|
4.13 |
% |
|
|
4.14 |
% |
|
|
4.16 |
% |
Efficiency ratio
(2) |
|
43.87 |
% |
|
|
36.09 |
% |
|
|
36.37 |
% |
|
|
38.55 |
% |
|
|
38.38 |
% |
|
|
35.12 |
% |
|
|
37.49 |
% |
|
|
39.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans (3) |
|
0.98 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.01 |
% |
|
|
1.03 |
% |
|
|
1.02 |
% |
Allowance for credit
losses to total nonperforming loans (4) |
|
173.72 |
% |
|
|
429.72 |
% |
|
|
452.28 |
% |
|
|
612.42 |
% |
|
|
491.56 |
% |
|
|
489.20 |
% |
|
|
379.11 |
% |
|
|
356.00 |
% |
Nonperforming loans to
total loans (3)(4) |
|
0.56 |
% |
|
|
0.23 |
% |
|
|
0.22 |
% |
|
|
0.16 |
% |
|
|
0.20 |
% |
|
|
0.21 |
% |
|
|
0.27 |
% |
|
|
0.29 |
% |
Nonperforming assets to
total assets (4) |
|
0.50 |
% |
|
|
0.21 |
% |
|
|
0.20 |
% |
|
|
0.16 |
% |
|
|
0.19 |
% |
|
|
0.20 |
% |
|
|
0.24 |
% |
|
|
0.26 |
% |
Net charge-offs
(annualized) to average loans (3)(4) |
|
0.19 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.06 |
% |
|
|
0.15 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
Tier 1 capital (to
average assets) |
|
12.49 |
% |
|
|
12.08 |
% |
|
|
12.13 |
% |
|
|
11.97 |
% |
|
|
11.76 |
% |
|
|
11.45 |
% |
|
|
11.78 |
% |
|
|
11.61 |
% |
Total capital (to risk
weighted assets) |
|
16.22 |
% |
|
|
16.07 |
% |
|
|
15.74 |
% |
|
|
15.59 |
% |
|
|
15.32 |
% |
|
|
15.02 |
% |
|
|
15.30 |
% |
|
|
15.13 |
% |
Common equity tier 1
capital (to risk weighted assets) |
|
12.69 |
% |
|
|
12.47 |
% |
|
|
12.11 |
% |
|
|
11.89 |
% |
|
|
11.57 |
% |
|
|
11.23 |
% |
|
|
11.40 |
% |
|
|
11.18 |
% |
Tangible common equity
ratio (1) |
|
12.59 |
% |
|
|
12.11 |
% |
|
|
12.01 |
% |
|
|
11.79 |
% |
|
|
11.57 |
% |
|
|
11.44 |
% |
|
|
11.35 |
% |
|
|
11.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
8,455,680 |
|
|
$ |
8,415,480 |
|
|
$ |
8,023,535 |
|
|
$ |
7,789,564 |
|
|
$ |
7,597,485 |
|
|
$ |
7,487,624 |
|
|
$ |
7,128,769 |
|
|
$ |
6,959,994 |
|
Total earning
assets |
$ |
8,185,711 |
|
|
$ |
8,171,010 |
|
|
$ |
7,793,422 |
|
|
$ |
7,558,138 |
|
|
$ |
7,373,535 |
|
|
$ |
7,242,994 |
|
|
$ |
6,897,613 |
|
|
$ |
6,728,055 |
|
Total loans |
$ |
7,038,472 |
|
|
$ |
6,897,434 |
|
|
$ |
6,646,264 |
|
|
$ |
6,569,931 |
|
|
$ |
6,433,730 |
|
|
$ |
6,207,505 |
|
|
$ |
5,946,411 |
|
|
$ |
5,895,174 |
|
Total deposits |
$ |
6,987,468 |
|
|
$ |
6,950,714 |
|
|
$ |
6,485,144 |
|
|
$ |
6,269,126 |
|
|
$ |
6,063,017 |
|
|
$ |
6,101,727 |
|
|
$ |
5,827,953 |
|
|
$ |
5,660,119 |
|
Total borrowings |
$ |
266,209 |
|
|
$ |
342,637 |
|
|
$ |
464,460 |
|
|
$ |
485,729 |
|
|
$ |
523,369 |
|
|
$ |
382,687 |
|
|
$ |
344,959 |
|
|
$ |
375,124 |
|
Total shareholders’
equity |
$ |
1,128,869 |
|
|
$ |
1,079,622 |
|
|
$ |
1,040,826 |
|
|
$ |
1,002,091 |
|
|
$ |
966,585 |
|
|
$ |
951,727 |
|
|
$ |
921,493 |
|
|
$ |
890,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
(4)
Includes $19.0 million of nonperforming loans at March 31, 2019
that were addressed in April with no additional losses. |
|
|
|
|
|
|
|
|
|
|
|
EAGLE BANCORP,
INC.CONTACT:Michael T.
Flynn301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
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