Eagle Bancorp, Inc. (the "Company") (NASDAQ:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $21.5 million for the three months ended September 30, 2015, a
52% increase over the $14.1 million net income ($14.8 million on an
operating basis) for the three months ended September 30, 2014. Net
income available to common shareholders for the three months ended
September 30, 2015 increased 53% to $21.3 million as compared to
$13.9 million ($14.6 million on an operating basis) for the same
period in 2014.
Net income per basic and diluted common share for the three
months ended September 30, 2015 was $0.64 and $0.63, respectively
as compared to $0.54 per basic common share and $0.52 per diluted
common share ($0.57 per basic common share and $0.55 per diluted
common share on an operating basis) for the same period in 2014, a
19% increase per basic common share and 21% per diluted common
share (14% increase per basic common share and 15% per diluted
common share on an operating basis).
For the nine months ended September 30, 2015, the Company's net
income was $61.8 million, a 56% increase (52% on an operating
basis) over the $39.5 million ($40.8 million on an operating basis)
for the nine months ended September 30, 2014. Net income available
to common shareholders was $61.3 million ($1.88 per basic common
share and $1.84 per diluted common share), as compared to $39.1
million ($40.3 million on an operating basis) or $1.50 per basic
common share and $1.47 per diluted common share ($1.55 per basic
common share and $1.52 per diluted common share on an operating
basis) for the same nine month period in 2014, a 25% increase per
basic and diluted common share (21% increase per basic and diluted
common share on an operating basis).
Operating earnings for the three months ended September 30,
2014, exclude merger related expenses of $674 thousand ($0.03 per
basic and diluted common share) related to the merger (the
"Merger") with Virginia Heritage Bank ("Virginia Heritage")
completed October 31, 2014. The nine months ended September 30,
2014, exclude merger related expenses of $1.3 million ($0.05 per
basic and diluted common share) related to the Merger.
Reconciliations of GAAP earnings to operating earnings are
contained in the footnotes to the financial highlights table.
"We are very pleased to report our twenty-seventh consecutive
quarter of record earnings, continuing a long-term trend of
consistent and balanced financial results," noted Ronald D. Paul,
Chairman and Chief Executive Officer of Eagle Bancorp, Inc. The
Company's quarterly earnings have increased for each quarter since
the fourth quarter of 2008. The Company's performance in the third
quarter of 2015 was highlighted by growth in total loans and total
deposits; by 32% growth in total revenue as compared to the same
quarter in 2014 and by 2% growth in total revenue as compared to
the second quarter of 2015; by a continuation of a favorable net
interest margin, which was 4.23% for the third quarter of 2015; and
by continued solid asset quality measures. Additionally, operating
leverage remained quite favorable with an efficiency ratio in the
third quarter of 2015 of 42.04%. The strong third quarter earnings
resulted in an annualized return on average assets ("ROAA") of
1.47%, an annualized return on average common equity ("ROACE") of
11.95% and a Common Equity Tier 1 ratio of 10.44% at September 30,
2015.
For the third quarter of 2015, total loans grew 5.0%, net of the
indirect loans, to $4.77 billion and total deposits increased 2.1%
to $4.93 billion as compared to June 30, 2015. Growth in loans and
deposits over the last twelve months was in part due to the Merger,
which added approximately $800 million in loans and $645 million in
deposits. Excluding balances acquired in the Merger, and the sale
of the indirect consumer loan portfolio discussed below, organic
loan and deposit growth over the last twelve months was 18% for
loans and 21% for deposits.
On July 24, 2015, the Company completed the sale of the indirect
consumer loan portfolio amounting to approximately $80.3 million
acquired in the Merger. The sale of this non-strategic loan class
will allow the Company to deploy the funds into commercial and
commercial real estate loans, its core competency, improve over
time its yield on earning assets and reduce operating expenses. The
fair value adjustment was included in the June 30, 2015 balance
sheet as an adjustment to intangibles established in the Merger
transaction.
The net interest margin was 4.23% for the third quarter of 2015,
as compared to 4.45% for the third quarter of 2014 and 4.33% for
the second quarter of 2015. Mr. Paul added, "The margin compression
experienced in the third quarter of 2015 was due to an expected
reduction in loan yields, and was due substantially to competitive
pressure in the continuing low interest rate environment. Higher
balance sheet liquidity continued in the third quarter of 2015
which will be deployed over time into higher yielding loans. The
Company continues its emphasis on disciplined pricing for both new
loans and funding sources. The yield on the loan portfolio was
5.19% in the third quarter 2015 versus 5.29% in the second quarter
and the costs of funds was 0.35% in the third quarter of 2015
versus 0.37% in the second quarter.
Total revenue (net interest income plus noninterest income) for
the third quarter of 2015 was $65.2 million, or 32% above the $49.4
million of total revenue earned for the third quarter of 2014 and
was 2% higher than the $63.8 million of revenue earned in the
second quarter of 2015.
The primary driver of the Company's revenue growth for the third
quarter of 2015 as compared to the third quarter of 2014 continues
to be its net interest income growth of 32% ($59.1 million versus
$44.6 million). Noninterest income increased 28% in the third
quarter 2015 over the same period in 2014 ($6.1 million versus $4.8
million) which contributed to total revenue growth and was due to
increased gains on the sale of residential mortgage loans.
For the third quarter of 2015, revenue from residential mortgage
banking represented 3.4% of total revenue as compared to 2.8% of
total revenue for the third quarter of 2014. While the Company's
primary focus continues to be on generating spread income,
management also looks to residential mortgage banking as well as
Small Business Administration ("SBA") loan activity as components
of the Company's ongoing noninterest income growth opportunities.
The mix of residential mortgage originations of $175 million was
59% purchase money and 41% refinance transactions for the third
quarter of 2015. Sales of SBA guaranteed loans resulted in $107
thousand of gains on sales for the third quarter of 2015.
Asset quality measures remained solid at September 30, 2015. Net
charge-offs (annualized) were 0.16% of average loans for the third
quarter of 2015, as compared to 0.09% of average loans for the
third quarter of 2014. At September 30, 2015, the Company's
nonperforming loans amounted to $14.5 million (0.30% of total
loans) as compared to $29.3 million (0.85% of total loans) at
September 30, 2014 and $22.4 million (0.52% of total loans) at
December 31, 2014. Nonperforming assets amounted to $24.4 million
(0.41% of total assets) at September 30, 2015 compared to $38.0
million (0.91% of total assets) at September 30, 2014 and $35.7
million (0.68% of total assets) at December 31, 2014.
Management continues to remain attentive to any signs of
deterioration in borrowers' financial conditions and is proactive
in taking the appropriate steps to mitigate risk. Furthermore, the
Company is diligent in placing loans on nonaccrual status and
believes, based on its loan portfolio risk analysis, that its
allowance for credit losses, at 1.05% of total loans (excluding
loans held for sale) at September 30, 2015, is adequate to absorb
potential credit losses within the loan portfolio at that date. The
allowance for credit losses was 1.31% of total loans at September
30, 2014 and 1.07 at December 31, 2014. The decline in the ratio of
the allowance to total loans since September 30, 2014 was due
primarily to loans acquired in the Merger being accounted for at
fair value in accordance with U.S. GAAP. The allowance for credit
losses represented 348% of nonperforming loans, referred to as the
Coverage Ratio, at September 30, 2015, as compared to 153% at
September 30, 2014 and 205% at December 31, 2014 resulting
primarily from a decrease in non-performing loans.
"The Company's operating cost management remained quite
favorable for the third quarter of 2015," noted Mr. Paul. The
efficiency ratio of 42.04% reflects management's ongoing efforts to
maintain superior operating leverage. The level of noninterest
expenses as a percentage of average assets declined to 1.90% in the
third quarter of 2015 as compared to 2.47% in the third quarter of
2014. The Merger completed in the fourth quarter of 2014
accelerated a trend of improvement in the Company's operating
leverage over the past several years. The in-market transaction
allowed the Company to achieve significant cost savings beginning
in the fourth quarter of 2014, which has carried into 2015. Mr.
Paul further noted, "The Company's goal remains providing for an
appropriate infrastructure to remain competitive, service our
clients, manage risk, and achieve the Company's growth initiatives
while also maintaining strict oversight of expenses."
Total assets at September 30, 2015 were $5.89 billion, a 41%
increase as compared to $4.17 billion at September 30, 2014, and a
12% increase as compared to $5.25 billion at December 31, 2014.
Total loans (excluding loans held for sale) were $4.78 billion at
September 30, 2015, a 39% increase as compared to $3.43 billion at
September 30, 2014, and an 11% increase as compared to $4.31
billion at December 31, 2014. Loans held for sale amounted to $35.7
million at September 30, 2015 as compared to $41.3 million at
September 30, 2014, a 13% decrease, and $44.3 million at December
31, 2014, a 19% decrease. The investment portfolio totaled $524.3
million at September 30, 2015, a 37% increase from the $382.5
million balance at September 30, 2014. As compared to December 31,
2014, the investment portfolio at September 30, 2015 increased by
$142.0 million or 37%.
Total deposits at September 30, 2015 were $4.93 billion compared
to deposits of $3.53 billion at September 30, 2014, a 39% increase
and $4.31 billion at December 31, 2014, a 14% increase. Total
borrowed funds (excluding customer repurchase agreements) were $70
million at September 30, 2015 as compared to $109.3 million at
September 30, 2014, a 36% decrease, and $219.3 million at December
31, 2014, a 68% decrease. The decline in borrowed funds in the
first nine months of 2015 as compared to December 31, 2014 was the
result of the payoff of all FHLB advances and the $9.3 million in
subordinated notes at 8.50% dated August 30, 2010.
Total shareholders' equity at September 30, 2015 increased to
$786.1 million, compared to shareholders' equity of $442.6 million
at September 30, 2014, a 78% increase and $620.8 million at
December 31, 2014, a 27% increase. The increases are primarily due
to retained earnings, the public offering of common stock completed
during the first quarter of 2015, which netted approximately $94.5
million, as well as the issuance of common stock to consummate the
Merger. The ratio of common equity to total assets was 12.13% at
September 30, 2015 as compared to 9.26% at September 30, 2014 and
10.46% at December 31, 2014. The Company's capital position remains
substantially in excess of regulatory requirements for well
capitalized status, with a total risk based capital ratio of 13.77%
at September 30, 2015, as compared to 14.48% at September 30, 2014
and 12.97% at December 31, 2014. In addition, the tangible common
equity ratio (tangible common equity to tangible assets) was 10.46%
at September 30, 2015, compared to 9.19% at September 30, 2014 and
8.54% at December 31, 2014.
Analysis of the three months ended September 30, 2015
compared to September 30, 2014
For the three months ended September 30, 2015, the Company
reported an annualized ROAA of 1.47% as compared to 1.37% (1.44% on
an operating basis) for the three months ended September 30, 2014.
The annualized ROACE for the three months ended September 30, 2015
was 11.95%, as compared to 14.52% (15.22% on an operating basis)
for the three months ended September 30, 2014, the lower ROACE is
due to a higher average capital position.
Net interest income increased 32% for the three months ended
September 30, 2015 over the same period in 2014 ($59.1 million
versus $44.6 million), resulting from growth in average earning
assets of 39%. The net interest margin was 4.23% for the three
months ended September 30, 2015, as compared to 4.45% for the three
months ended September 30, 2014. The Company believes its net
interest margin remains favorable compared to peer banking
companies and that its disciplined approach to managing the loan
portfolio yield to 5.19% for the third quarter in 2015 has been a
significant factor in its overall profitability.
The provision for credit losses was $3.3 million for the three
months ended September 30, 2015 as compared to $2.1 million for the
three months ended September 30, 2014. The higher provisioning in
the third quarter of 2015, as compared to the third quarter of
2014, is due to higher net charge-offs and growth in the loan
portfolio. Net charge-offs of $1.9 million in the third quarter of
2015 represented an annualized 0.16% of average loans, excluding
loans held for sale, as compared to $710 thousand or an annualized
0.09% of average loans, excluding loans held for sale, in the third
quarter of 2014. Net charge-offs in the third quarter of 2015 were
attributable primarily to commercial and industrial loans.
Noninterest income for the three months ended September 30, 2015
increased to $6.1 million from $4.8 million for the three months
ended September 30, 2014, a 28% increase. This increase was
primarily due to an increase of $1.1 million in gains on the sale
of residential mortgage loans. Residential mortgage loans closed
were $175 million for the third quarter of 2015 versus $163 million
for the third quarter of 2014.
The efficiency ratio, which measures the ratio of noninterest
expense to total revenue, was 42.04% for the third quarter of 2015,
as compared to 50.90% (49.11% on an operating basis) for the third
quarter of 2014. Noninterest expenses totaled $27.4 million for the
three months ended September 30, 2015, as compared to $25.1 million
($24.3 million on an operating basis) for the three months ended
September 30, 2014, a 9% increase (13% increase on an operating
basis). Cost increases for salaries and benefits were $441
thousand, due primarily to increased staff from the Merger, merit
increases and employee benefit expense increases. Premises and
equipment expenses were $600 thousand higher, due to costs of
additional branches and office space acquired in the Merger and to
increases in leasing costs. Data processing expense increased $404
thousand primarily due to increased accounts and transaction volume
primarily arising out of the Merger. Legal, accounting and
professional fees increased by $323 thousand primarily due to
professional fees. Higher FDIC expenses were due to both average
asset growth and higher deposit levels. Other expenses increased
$938 thousand primarily due to franchise tax and core deposit
intangible amortization.
Analysis of the nine months ended September 30, 2015
compared to September 30, 2014
For the nine months ended September 30, 2015, the Company
reported an annualized ROAA of 1.49% as compared to 1.36% (1.40% on
an operating basis) for the nine months ended September 30, 2014.
The annualized ROACE for the nine months ended September 30, 2015
was 12.41%, as compared to 14.33% (14.79% on an operating basis)
for the nine months ended September 30, 2014, the lower ROACE due
to the higher average capital position.
Net interest income increased 35.3% for the nine months ended
September 30, 2015 over the same period in 2014 ($171.4 million
versus $126.7 million), resulting from growth in average earning
assets of 39.8%. The net interest margin was 4.32% as compared to
4.46% for the nine months ended September 30, 2014. The Company
believes its net interest margin remains favorable compared to peer
banking companies and that its disciplined approach to managing the
loan portfolio yield to 5.25% for the first nine months in 2015 has
been a significant factor in its overall profitability.
The provision for credit losses was $10.0 million for the nine
months ended September 30, 2015 as compared to $7.2 million for the
nine months ended September 30, 2014. The higher provisioning in
the first nine months of 2015, as compared to the first nine months
of 2014, is due to higher net charge-offs. Net charge-offs of $5.8
million in the first nine months of 2015 represented an annualized
0.17% of average loans, excluding loans held for sale, as compared
to $3.1 million or an annualized 0.13% of average loans, excluding
loans held for sale, in the first nine months of 2014. Net
charge-offs in the first nine months of 2015 were attributable
primarily to commercial and industrial loans ($4.6 million), home
equity and other consumer ($736 thousand), income
producing-commercial real estate loans ($625 thousand) offset by a
recovery in construction commercial real estate loans ($114
thousand).
Noninterest income for the nine months ended September 30, 2015
increased to $20.1 million from $13.0 million for the nine months
ended September 30, 2014, a 54.5% increase. This increase was
primarily due to $5.1 million higher gains on the sale of
residential mortgage loans and to gains realized on the sale of
investment securities of $2.2 million offset by a $1.1 million loss
on the early extinguishment of debt due to the early payoff of FHLB
advances. Residential mortgage loans closed were $723 million for
the first nine months of 2015 versus $389 million for the first
nine months of 2014. Investment gains were realized in February
2015 to take advantage of market conditions. This decision to pay
off the FHLB advances early was based upon the deposit growth in
the quarter and expected benefits to the cost of funds going
forward. Excluding investment securities gains and the loss on
early extinguishment of debt, total noninterest income was $19.0
million for the nine months ended September 30, 2015, as compared
to $13.0 million for the same period in 2014, a 46.2% increase.
Noninterest expenses totaled $82.1 million for the nine months
ended September 30, 2015, as compared to $70.4 million ($68.9
million on an operating basis) for the nine months ended September
30, 2014, a 16.6% increase (19.1% on an operating basis). Cost
increases for salaries and benefits were $4.2 million, due
primarily to increased staff from the Merger, merit increases,
employee benefit expense increases and higher incentive
compensation. Premises and equipment expenses were $2.5 million
higher, due to costs of additional branches and office space
acquired in the Merger and to increases in leasing costs. Marketing
and advertising expense increased by $761 thousand primarily due to
costs associated with digital and print advertising and
sponsorships. Data processing expense increased $1.0 million
primarily due to increased accounts and transaction volume
primarily arising out of the Merger and to higher network expenses.
Higher FDIC expenses were due to both higher average assets and
higher deposit levels. Other expenses increased $3.5 million
primarily due to costs and valuations associated with other real
estate owned, franchise tax, and higher core deposit intangible
amortization. For the first nine months of 2015, the efficiency
ratio was 42.86% as compared to 50.38% (49.33% on an operating
basis) for the same period in 2014.
The financial information which follows provides more detail on
the Company's financial performance for the nine and three months
ended September 30, 2015 as compared to the nine and three months
ended September 30, 2014 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, 2014 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-two branch offices, located in Montgomery County, Maryland,
Washington, D.C. and Northern Virginia. The Company focuses on
building relationships with businesses, professionals and
individuals in its marketplace.
Conference Call: Eagle Bancorp will host a
conference call to discuss its third quarter 2015 financial results
on Thursday, October 22, 2015 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 48715117, 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 November 6, 2015.
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, 2014 and in other periodic and
current reports filed with the SEC. Readers are cautioned against
placing undue reliance on any such forward-looking statements. The
Company's past results are not necessarily indicative of future
performance.
Eagle
Bancorp, Inc. |
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Consolidated
Financial Highlights (Unaudited) |
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(dollars in
thousands, except per share data) |
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Nine Months Ended
September 30, |
Three Months
Ended September 30, |
|
2015 |
2014 |
2015 |
2014 |
Income Statements: |
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Total interest income |
$ 185,869 |
$ 135,482 |
$ 63,981 |
$ 47,886 |
Total interest expense |
14,503 |
8,820 |
4,896 |
3,251 |
Net interest income |
171,366 |
126,662 |
59,085 |
44,635 |
Provision for credit losses |
10,043 |
7,179 |
3,262 |
2,111 |
Net interest income after provision for
credit losses |
161,323 |
119,483 |
55,823 |
42,524 |
Noninterest income (before investment
gains) |
19,042 |
13,025 |
6,039 |
4,761 |
Gain on sale of investment securities |
2,224 |
10 |
60 |
-- |
Loss on early extinguishment of debt |
(1,130) |
-- |
-- |
-- |
Total noninterest income |
20,136 |
13,035 |
6,099 |
4,761 |
Total noninterest expense
(1) |
82,076 |
70,376 |
27,405 |
25,143 |
Income before income tax expense |
99,383 |
62,142 |
34,517 |
22,142 |
Income tax expense |
37,564 |
22,611 |
13,054 |
8,054 |
Net income (1) |
61,819 |
39,531 |
21,463 |
14,088 |
Preferred stock dividends |
539 |
434 |
180 |
151 |
Net income available to common shareholders
(1) |
$ 61,280 |
$ 39,097 |
$ 21,283 |
$ 13,937 |
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Per Share Data: |
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Earnings per weighted average common share,
basic (1) |
$ 1.88 |
$ 1.50 |
$ 0.64 |
$ 0.54 |
Earnings per weighted average common share,
diluted (1) |
$ 1.84 |
$ 1.47 |
$ 0.63 |
$ 0.52 |
Weighted average common shares outstanding,
basic |
32,625,379 |
25,978,083 |
33,400,973 |
26,023,670 |
Weighted average common shares outstanding,
diluted |
33,277,542 |
26,617,975 |
34,026,412 |
26,654,186 |
Actual shares outstanding at period end |
33,405,510 |
26,022,307 |
33,405,510 |
26,022,307 |
Book value per common share at period
end |
$ 21.38 |
$ 14.83 |
$ 21.38 |
$ 14.83 |
Tangible book value per common share at
period end (2) |
$ 18.10 |
$ 14.71 |
$ 18.10 |
$ 14.71 |
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Performance Ratios
(annualized): |
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Return on average assets
(1) |
1.49% |
1.36% |
1.47% |
1.37% |
Return on average common equity
(1) |
12.41% |
14.33% |
11.95% |
14.52% |
Net interest margin |
4.32% |
4.46% |
4.23% |
4.45% |
Efficiency ratio (1)(3) |
42.86% |
50.38% |
42.04% |
50.90% |
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Other Ratios: |
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Allowance for credit losses to total loans
(4) |
1.05% |
1.31% |
1.05% |
1.31% |
Allowance for credit losses to total
nonperforming loans |
347.82% |
153.20% |
347.82% |
153.20% |
Nonperforming loans to total loans
(4) |
0.30% |
0.85% |
0.30% |
0.85% |
Nonperforming assets to total assets |
0.41% |
0.91% |
0.41% |
0.91% |
Net charge-offs (annualized) to average loans
(4) |
0.17% |
0.13% |
0.16% |
0.09% |
Common equity to total assets |
12.13% |
9.26% |
12.13% |
9.26% |
Tier 1 leverage ratio |
11.93% |
10.70% |
11.93% |
10.70% |
Total risk based capital ratio |
13.77% |
14.48% |
13.77% |
14.48% |
Common Equity Tier 1 |
10.44% |
n/a |
10.44% |
n/a |
Tangible common equity to tangible assets
(2) |
10.46% |
9.19% |
10.46% |
9.19% |
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Loan Balances - Period End (in
thousands): |
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Commercial and Industrial |
$ 1,007,659 |
$ 798,489 |
$ 1,007,659 |
$ 798,489 |
Commercial real estate - owner
occupied |
$ 489,657 |
$ 337,422 |
$ 489,657 |
$ 337,422 |
Commercial real estate - income
producing |
$ 2,022,950 |
$ 1,382,839 |
$ 2,022,950 |
$ 1,382,839 |
1-4 Family mortgage |
$ 147,720 |
$ 126,263 |
$ 147,720 |
$ 126,263 |
Construction - commercial and
residential |
$ 927,265 |
$ 634,736 |
$ 927,265 |
$ 634,736 |
Construction - C&I (owner occupied) |
$ 60,487 |
$ 41,846 |
$ 60,487 |
$ 41,846 |
Home equity |
$ 115,346 |
$ 107,291 |
$ 115,346 |
$ 107,291 |
Other consumer |
$ 5,881 |
$ 3,662 |
$ 5,881 |
$ 3,662 |
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Average Balances (in
thousands): |
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Total assets |
$ 5,538,552 |
$ 3,889,909 |
$ 5,776,404 |
$ 4,070,914 |
Total earning assets |
$ 5,307,404 |
$ 3,797,011 |
$ 5,544,835 |
$ 3,977,859 |
Total loans |
$ 4,505,092 |
$ 3,148,943 |
$ 4,636,298 |
$ 3,317,731 |
Total deposits |
$ 4,611,324 |
$ 3,340,271 |
$ 4,842,706 |
$ 3,470,231 |
Total borrowings |
$ 169,077 |
$ 117,683 |
$ 129,136 |
$ 152,249 |
Total shareholders' equity |
$ 732,156 |
$ 421,291 |
$ 778,279 |
$ 437,370 |
(1) The reported figure includes the effect of $1.5
million and $885 thousand of merger related expenses ($1.3 million
and $674 thousand net of tax) for the nine and three months ended
September 30, 2014. As the magnitude of the merger expenses
distorts the operational results of the Company, we present in the
GAAP reconciliation below and in the accompanying text certain
performance ratios excluding the effect of the merger expenses
during the nine and three months periods ended September 30, 2014.
We believe this information is important to enable shareholders and
other interested parties to assess the core operational performance
of the Company.
GAAP
Reconciliation (Unaudited) |
|
|
(dollars in thousands
except per share data) |
|
|
|
|
|
|
Nine Months Ended September
30, 2014 |
Three Months Ended September
30, 2014 |
Net income |
$ 39,531 |
$ 14,088 |
Adjustments to net income |
|
|
Merger-related expenses |
1,250 |
674 |
Operating net income |
$ 40,781 |
$ 14,762 |
|
|
|
Net income available to common
shareholders |
$ 39,097 |
$ 13,937 |
Adjustments to net income available to common
shareholders |
|
|
Merger-related expenses |
1,250 |
674 |
Operating earnings |
$ 40,347 |
$ 14,611 |
|
|
|
Earnings per weighted average common
share, basic |
$ 1.50 |
$ 0.54 |
Adjustments to earnings per weighted average
common share, basic |
|
|
Merger-related expenses |
0.05 |
0.03 |
Operating earnings per weighted average
common share, basic |
$ 1.55 |
$ 0.57 |
|
|
|
Earnings per weighted average common
share, diluted |
$ 1.47 |
$ 0.52 |
Adjustments to earnings per weighted average
common share, diluted |
|
|
Merger-related expenses |
0.05 |
0.03 |
Operating earnings per weighted average
common share, diluted |
$ 1.52 |
$ 0.55 |
|
|
|
Summary Operating
Results: |
|
|
Noninterest expense |
$ 70,376 |
$ 25,143 |
Merger-related expenses |
1,460 |
885 |
Adjusted noninterest expense |
$ 68,916 |
$ 24,258 |
|
|
|
Adjusted efficiency ratio |
49.33% |
49.11% |
|
|
|
Adjusted noninterest expense as a % of
average assets |
2.37% |
2.36% |
|
|
|
Return on average
assets |
|
|
Net income |
$ 39,531 |
$ 14,088 |
Adjustments to net income |
|
|
Merger-related expenses |
1,250 |
674 |
Operating net income |
$ 40,781 |
$ 14,762 |
|
|
|
Adjusted return on average assets |
1.40% |
1.44% |
|
|
|
Return on average common
equity |
|
|
Net income available to common
shareholders |
$ 39,097 |
$ 13,937 |
Adjustments to net income available to common
shareholders |
|
|
Merger-related expenses |
1,250 |
674 |
Operating earnings |
$ 40,347 |
$ 14,611 |
|
|
|
Adjusted return on average common equity |
14.79% |
15.22% |
(2) Tangible common equity to tangible assets (the
"tangible common equity ratio") and tangible book value per common
share are non-GAAP financial measures derived from GAAP-based
amounts. The Company calculates the tangible common equity ratio by
excluding the balance of intangible assets from common
shareholders' equity and dividing by tangible assets. The Company
calculates tangible book value per common share by dividing
tangible common equity by common shares outstanding, as compared to
book value per common share, which the Company calculates by
dividing common shareholders' equity by common shares outstanding.
The Company considers this information important to shareholders as
tangible equity is a measure that is consistent with the
calculation of capital for bank regulatory purposes, which excludes
intangible assets from the calculation of risk based ratios and as
such is useful for investors, regulators, management and others to
evaluate capital adequacy and to compare against other financial
institutions. The table below provides a reconciliation of these
non-GAAP financial measures with financial measures defined by
GAAP.
GAAP
Reconciliation (Unaudited) |
|
|
|
(dollars in thousands
except per share data) |
|
|
|
|
Nine Months Ended September
30, 2015 |
Twelve Months Ended December
31, 2014 |
Nine Months Ended September
30, 2014 |
Common shareholders' equity |
$ 714,169 |
$ 548,859 |
$ 386,014 |
Less: Intangible assets |
(109,498) |
(109,908) |
(3,321) |
Tangible common equity |
$ 604,671 |
$ 438,951 |
$ 382,693 |
|
|
|
|
Book value per common share |
$ 21.38 |
$ 18.21 |
$ 14.83 |
Less: Intangible book value per common
share |
(3.28) |
(3.65) |
(0.12) |
Tangible book value per common
share |
$ 18.10 |
$ 14.56 |
$ 14.71 |
|
|
|
|
Total assets |
$ 5,888,958 |
$ 5,247,880 |
$ 4,169,181 |
Less: Intangible assets |
(109,498) |
(109,908) |
(3,321) |
Tangible assets |
$ 5,779,460 |
$ 5,137,972 |
$ 4,165,860 |
Tangible common equity
ratio |
10.46% |
8.54% |
9.19% |
(3) Computed by dividing noninterest expense by the
sum of net interest income and noninterest income.
(4) Excludes loans held for sale.
Eagle
Bancorp, Inc. |
|
|
|
Consolidated
Balance Sheets (Unaudited) |
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
Assets |
September 30,
2015 |
December 31,
2014 |
September 30,
2014 |
Cash and due from banks |
$ 10,703 |
$ 9,097 |
$ 7,920 |
Federal funds sold |
4,076 |
3,516 |
8,968 |
Interest bearing deposits with banks and
other short-term investments |
291,276 |
243,412 |
191,468 |
Investment securities available for sale, at
fair value |
524,326 |
382,343 |
382,468 |
Federal Reserve and Federal Home Loan Bank
stock |
16,865 |
22,560 |
10,657 |
Loans held for sale |
35,713 |
44,317 |
41,254 |
Loans |
4,776,965 |
4,312,399 |
3,432,548 |
Less allowance for credit losses |
(50,320) |
(46,075) |
(44,954) |
Loans, net |
4,726,645 |
4,266,324 |
3,387,594 |
Premises and equipment, net |
17,070 |
19,099 |
17,848 |
Deferred income taxes |
35,426 |
32,511 |
25,803 |
Bank owned life insurance |
58,284 |
56,594 |
40,432 |
Intangible assets, net |
109,498 |
109,908 |
3,321 |
Other real estate owned |
9,952 |
13,224 |
8,623 |
Other assets |
49,124 |
44,975 |
42,825 |
Total
Assets |
$ 5,888,958 |
$ 5,247,880 |
$ 4,169,181 |
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
Deposits: |
|
|
|
Noninterest bearing demand |
$ 1,402,447 |
$ 1,175,799 |
$ 1,056,559 |
Interest bearing
transaction |
207,716 |
143,628 |
161,886 |
Savings and money market |
2,514,310 |
2,302,600 |
1,944,593 |
Time, $100,000 or more |
439,248 |
393,132 |
190,137 |
Other time |
362,867 |
295,609 |
180,675 |
Total deposits |
4,926,588 |
4,310,768 |
3,533,850 |
Customer repurchase agreements |
64,893 |
61,120 |
58,957 |
Other short-term borrowings |
-- |
100,000 |
-- |
Long-term borrowings |
70,000 |
119,300 |
109,300 |
Other liabilities |
41,408 |
35,933 |
24,460 |
Total
liabilities |
5,102,889 |
4,627,121 |
3,726,567 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Preferred stock, par value $.01 per share,
shares authorized 1,000,000, Series B, $1,000 per share liquidation
preference, shares issued and outstanding 56,600 at September 30,
2015, December 31, 2014 and September 30, 2014; Series C, $1,000
per share liquidation preference, shares issued and outstanding
15,300 at September 30, 2015, and December 31, 2014, and -0- at
September 30, 2014 |
71,900 |
71,900 |
56,600 |
Common stock, par value $.01 per share;
shares authorized 100,000,000, shares issued and outstanding
33,405,510, 30,139,396 and 26,022,307 respectively |
330 |
296 |
255 |
Warrant |
946 |
946 |
946 |
Additional paid in capital |
500,334 |
394,933 |
247,811 |
Retained earnings |
211,318 |
150,037 |
135,490 |
Accumulated other comprehensive income |
1,241 |
2,647 |
1,512 |
Total Shareholders'
Equity |
786,069 |
620,759 |
442,614 |
Total Liabilities and
Shareholders' Equity |
$ 5,888,958 |
$ 5,247,880 |
$ 4,169,181 |
|
|
|
|
|
Eagle
Bancorp, Inc. |
|
|
|
|
Consolidated
Statements of Operations (Unaudited) |
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
Three Months
Ended September 30, |
Interest Income |
2015 |
2014 |
2015 |
2014 |
Interest and fees on loans |
$ 178,063 |
$ 128,181 |
$ 61,006 |
$ 45,502 |
Interest and dividends on
investment securities |
7,189 |
6,911 |
2,745 |
2,255 |
Interest on balances with other
banks and short-term investments |
604 |
379 |
228 |
125 |
Interest on federal funds
sold |
13 |
11 |
2 |
4 |
Total interest income |
185,869 |
135,482 |
63,981 |
47,886 |
Interest Expense |
|
|
|
|
Interest on deposits |
10,668 |
6,925 |
3,739 |
2,189 |
Interest on customer repurchase
agreements |
94 |
107 |
33 |
38 |
Interest on short-term
borrowings |
54 |
-- |
-- |
-- |
Interest on long-term
borrowings |
3,687 |
1,788 |
1,124 |
1,024 |
Total interest expense |
14,503 |
8,820 |
4,896 |
3,251 |
Net Interest
Income |
171,366 |
126,662 |
59,085 |
44,635 |
Provision for Credit
Losses |
10,043 |
7,179 |
3,262 |
2,111 |
Net Interest Income After Provision
For Credit Losses |
161,323 |
119,483 |
55,823 |
42,524 |
|
|
|
|
|
Noninterest Income |
|
|
|
|
Service charges on
deposits |
3,990 |
3,638 |
1,374 |
1,227 |
Gain on sale of loans |
9,364 |
4,686 |
2,483 |
1,822 |
Gain on sale of investment
securities |
2,224 |
10 |
60 |
-- |
Loss on early extinguishment of
debt |
(1,130) |
-- |
-- |
-- |
Increase in the cash surrender
value of bank owned life insurance |
1,191 |
919 |
395 |
295 |
Other income |
4,497 |
3,782 |
1,787 |
1,417 |
Total noninterest income |
20,136 |
13,035 |
6,099 |
4,761 |
Noninterest Expense |
|
|
|
|
Salaries and employee
benefits |
45,772 |
41,565 |
15,383 |
14,942 |
Premises and equipment
expenses |
12,056 |
9,570 |
3,974 |
3,374 |
Marketing and advertising |
2,182 |
1,421 |
762 |
544 |
Data processing |
5,598 |
4,592 |
1,976 |
1,572 |
Legal, accounting and
professional fees |
2,915 |
2,513 |
1,063 |
740 |
FDIC insurance |
2,348 |
1,680 |
794 |
573 |
Merger expenses |
139 |
1,460 |
2 |
885 |
Other expenses |
11,066 |
7,575 |
3,451 |
2,513 |
Total noninterest expense |
82,076 |
70,376 |
27,405 |
25,143 |
Income Before Income Tax
Expense |
99,383 |
62,142 |
34,517 |
22,142 |
Income Tax Expense |
37,564 |
22,611 |
13,054 |
8,054 |
Net Income |
61,819 |
39,531 |
21,463 |
14,088 |
Preferred Stock
Dividends |
539 |
434 |
180 |
151 |
Net Income Available to Common
Shareholders |
$ 61,280 |
$ 39,097 |
$ 21,283 |
$ 13,937 |
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
Basic |
$ 1.88 |
$ 1.50 |
$ 0.64 |
$ 0.54 |
Diluted |
$ 1.84 |
$ 1.47 |
$ 0.63 |
$ 0.52 |
|
Eagle Bancorp,
Inc. |
Consolidated Average
Balances, Interest Yields And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
Three Months
Ended September 30, |
|
2015 |
2014 |
|
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 |
$ 374,778 |
$ 228 |
0.24% |
$ 209,997 |
$ 125 |
0.24% |
Loans held for sale (1) |
38,373 |
374 |
3.90% |
45,069 |
457 |
4.06% |
Loans (1) (2) |
4,636,298 |
60,632 |
5.19% |
3,317,731 |
45,045 |
5.39% |
Investment securities available for sale
(2) |
491,800 |
2,745 |
2.21% |
395,528 |
2,255 |
2.26% |
Federal funds sold |
3,586 |
2 |
0.22% |
9,534 |
4 |
0.17% |
Total interest earning
assets |
5,544,835 |
63,981 |
4.58% |
3,977,859 |
47,886 |
4.78% |
|
|
|
|
|
|
|
Total noninterest earning assets |
281,109 |
|
|
137,024 |
|
|
Less: allowance for credit losses |
49,540 |
|
|
43,969 |
|
|
Total noninterest earning
assets |
231,569 |
|
|
93,055 |
|
|
TOTAL ASSETS |
$ 5,776,404 |
|
|
$ 4,070,914 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 202,885 |
$ 97 |
0.19% |
$ 116,315 |
$ 35 |
0.12% |
Savings and money market |
2,453,141 |
2,092 |
0.34% |
1,945,865 |
1,574 |
0.32% |
Time deposits |
797,472 |
1,550 |
0.77% |
372,695 |
579 |
0.62% |
Total interest bearing
deposits |
3,453,498 |
3,739 |
0.43% |
2,434,875 |
2,188 |
0.36% |
Customer repurchase agreements |
56,624 |
33 |
0.23% |
69,579 |
37 |
0.21% |
Other short-term borrowings |
3 |
-- |
-- |
-- |
-- |
-- |
Long-term borrowings |
72,509 |
1,124 |
6.07% |
82,670 |
1,025 |
4.85% |
Total interest bearing liabilities |
3,582,634 |
4,896 |
0.54% |
2,587,124 |
3,250 |
0.50% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
1,389,208 |
|
|
1,035,356 |
|
|
Other liabilities |
26,283 |
|
|
11,064 |
|
|
Total noninterest bearing
liabilities |
1,415,491 |
|
|
1,046,420 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
778,279 |
|
|
437,370 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 5,776,404 |
|
|
$ 4,070,914 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 59,085 |
|
|
$ 44,636 |
|
Net interest spread |
|
|
4.04% |
|
|
4.28% |
Net interest margin |
|
|
4.23% |
|
|
4.45% |
Cost of funds |
|
|
0.35% |
|
|
0.33% |
|
|
|
|
|
|
|
(1) Loans placed on
nonaccrual status are included in average balances. Net loan fees
and late charges included in interest income on loans totaled $3.2
million and $3.1 million for the three months ended September 30,
2015 and 2014, 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) |
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2015 |
2014 |
|
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 |
$ 336,545 |
$ 604 |
0.24% |
$ 209,332 |
$ 379 |
0.24% |
Loans held for sale (1) |
45,863 |
1,288 |
3.74% |
31,571 |
957 |
4.04% |
Loans (1) (2) |
4,505,092 |
176,775 |
5.25% |
3,148,943 |
127,224 |
5.40% |
Investment securities available for sale
(2) |
412,912 |
7,189 |
2.33% |
398,298 |
6,911 |
2.32% |
Federal funds sold |
6,992 |
13 |
0.25% |
8,867 |
11 |
0.17% |
Total interest earning
assets |
5,307,404 |
185,869 |
4.68% |
3,797,011 |
135,482 |
4.77% |
|
|
|
|
|
|
|
Total noninterest earning assets |
279,388 |
|
|
135,526 |
|
|
Less: allowance for credit losses |
48,240 |
|
|
42,628 |
|
|
Total noninterest earning
assets |
231,148 |
|
|
92,898 |
|
|
TOTAL ASSETS |
$ 5,538,552 |
|
|
$ 3,889,909 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Interest bearing transaction |
$ 178,256 |
$ 208 |
0.16% |
$ 115,561 |
$ 135 |
0.16% |
Savings and money market |
2,379,643 |
6,066 |
0.34% |
1,895,618 |
4,582 |
0.32% |
Time deposits |
778,375 |
4,394 |
0.75% |
399,994 |
2,207 |
0.74% |
Total interest bearing
deposits |
3,336,274 |
10,668 |
0.43% |
2,411,173 |
6,924 |
0.38% |
Customer repurchase agreements |
54,945 |
94 |
0.23% |
63,768 |
107 |
0.22% |
Other short-term borrowings |
27,492 |
54 |
0.26% |
-- |
-- |
-- |
Long-term borrowings |
86,640 |
3,687 |
5.61% |
53,915 |
1,788 |
4.37% |
Total interest bearing
liabilities |
3,505,351 |
14,503 |
0.55% |
2,528,856 |
8,819 |
0.47% |
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
Noninterest bearing demand |
1,275,050 |
|
|
929,098 |
|
|
Other liabilities |
25,995 |
|
|
10,664 |
|
|
Total noninterest bearing
liabilities |
1,301,045 |
|
|
939,762 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
732,156 |
|
|
421,291 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ 5,538,552 |
|
|
$ 3,889,909 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 171,366 |
|
|
$ 126,663 |
|
Net interest spread |
|
|
4.13% |
|
|
4.30% |
Net interest margin |
|
|
4.32% |
|
|
4.46% |
Cost of funds |
|
|
0.36% |
|
|
0.31% |
|
|
|
|
|
|
|
(1) Loans placed on
nonaccrual status are included in average balances. Net loan fees
and late charges included in interest income on loans totaled $8.9
million and $8.4 million for the nine months ended September 30,
2015 and 2014, 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 |
Income Statements: |
September 30,
2015 |
June 30, 2015 |
March 31, 2015 |
December 31,
2014 |
September 30,
2014 |
June 30, 2014 |
March 31, 2014 |
December 31,
2013 |
Total interest income |
$ 63,981 |
$ 62,423 |
$ 59,465 |
$ 56,091 |
$ 47,886 |
$ 44,759 |
$ 42,837 |
$ 41,652 |
Total interest expense |
4,896 |
4,873 |
4,734 |
4,275 |
3,251 |
2,739 |
2,830 |
2,938 |
Net interest income |
59,085 |
57,550 |
54,731 |
51,816 |
44,635 |
42,020 |
40,007 |
38,714 |
Provision for credit losses |
3,262 |
3,471 |
3,310 |
3,700 |
2,111 |
3,134 |
1,934 |
2,508 |
Net interest income after provision for
credit losses |
55,823 |
54,079 |
51,421 |
48,116 |
42,524 |
38,886 |
38,073 |
36,206 |
Noninterest income (before
investment gains/losses & extinguishment of debt) |
6,039 |
6,233 |
6,770 |
5,298 |
4,761 |
3,809 |
4,455 |
4,308 |
Gain/(loss) on sale of
investment securities |
60 |
-- |
2,164 |
12 |
-- |
2 |
8 |
(4) |
Loss on early extinguishment of
debt |
-- |
-- |
(1,130) |
-- |
-- |
-- |
-- |
-- |
Total noninterest income |
6,099 |
6,233 |
7,804 |
5,310 |
4,761 |
3,811 |
4,463 |
4,304 |
Salaries and employee
benefits |
15,383 |
14,683 |
15,706 |
15,703 |
14,942 |
13,015 |
13,608 |
12,759 |
Premises and
equipment |
3,974 |
4,072 |
4,010 |
3,747 |
3,374 |
3,107 |
3,089 |
2,974 |
Marketing and advertising |
762 |
735 |
685 |
578 |
544 |
415 |
462 |
519 |
Merger expenses |
2 |
26 |
111 |
3,239 |
885 |
576 |
-- |
-- |
Other expenses |
7,284 |
7,082 |
7,561 |
6,085 |
5,398 |
5,022 |
5,939 |
5,272 |
Total noninterest expense |
27,405 |
26,598 |
28,073 |
29,352 |
25,143 |
22,135 |
23,098 |
21,524 |
Income before income tax expense |
34,517 |
33,714 |
31,152 |
24,074 |
22,142 |
20,562 |
19,438 |
18,986 |
Income tax expense |
13,054 |
12,776 |
11,734 |
9,347 |
8,054 |
7,618 |
6,939 |
6,983 |
Net income |
21,463 |
20,938 |
19,418 |
14,727 |
14,088 |
12,944 |
12,499 |
12,003 |
Preferred stock dividends |
180 |
179 |
180 |
180 |
151 |
142 |
141 |
141 |
Net income available to common
shareholders |
$ 21,283 |
$ 20,759 |
$ 19,238 |
$ 14,547 |
$ 13,937 |
$ 12,802 |
$ 12,358 |
$ 11,862 |
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Per Share Data: |
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|
Earnings per weighted average common share,
basic |
$ 0.64 |
$ 0.62 |
$ 0.62 |
$ 0.51 |
$ 0.54 |
$ 0.49 |
$ 0.48 |
$ 0.46 |
Earnings per weighted average common share,
diluted |
$ 0.63 |
$ 0.61 |
$ 0.61 |
$ 0.49 |
$ 0.52 |
$ 0.48 |
$ 0.47 |
$ 0.45 |
Weighted average common shares outstanding,
basic |
33,400,973 |
33,367,476 |
31,082,715 |
28,777,778 |
26,023,670 |
25,981,638 |
25,927,888 |
25,835,054 |
Weighted average common shares outstanding,
diluted |
34,026,412 |
33,997,989 |
31,776,323 |
29,632,685 |
26,654,186 |
26,623,784 |
26,575,155 |
26,495,545 |
Actual shares outstanding |
33,405,510 |
33,394,563 |
33,303,467 |
30,139,396 |
26,022,307 |
25,985,659 |
25,975,186 |
25,885,863 |
Book value per common share at period
end |
$ 21.38 |
$ 20.76 |
$ 20.11 |
$ 18.21 |
$ 14.83 |
$ 14.25 |
$ 13.62 |
$ 13.03 |
Tangible book value per common share at
period end (1) |
$ 18.10 |
$ 17.46 |
$ 16.82 |
$ 14.56 |
$ 14.71 |
$ 14.12 |
$ 13.49 |
$ 12.89 |
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Performance Ratios
(annualized): |
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Return on average assets |
1.47% |
1.51% |
1.49% |
1.21% |
1.37% |
1.35% |
1.36% |
1.33% |
Return on average common equity |
11.95% |
12.18% |
13.24% |
11.68% |
14.52% |
14.09% |
14.38% |
14.07% |
Net interest margin |
4.23% |
4.33% |
4.41% |
4.42% |
4.45% |
4.48% |
4.45% |
4.40% |
Efficiency ratio (2) |
42.04% |
41.70% |
44.89% |
51.38% |
50.90% |
48.30% |
51.94% |
50.03% |
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Other Ratios: |
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Allowance for credit losses to total loans
(3) |
1.05% |
1.07% |
1.07% |
1.07% |
1.31% |
1.33% |
1.37% |
1.39% |
Nonperforming loans to total loans
(3) |
0.30% |
0.33% |
0.44% |
0.52% |
0.86% |
0.69% |
1.19% |
0.84% |
Allowance for credit losses to total
nonperforming loans |
347.82% |
328.98% |
244.12% |
205.30% |
152.25% |
193.50% |
115.67% |
165.66% |
Nonperforming assets to total assets |
0.41% |
0.44% |
0.58% |
0.68% |
0.92% |
0.80% |
1.19% |
0.90% |
Net charge-offs (annualized) to average loans
(3) |
0.16% |
0.21% |
0.15% |
0.26% |
0.09% |
0.20% |
0.11% |
0.18% |
Tier 1 leverage ratio |
11.93% |
12.03% |
12.19% |
10.69% |
10.70% |
10.89% |
10.83% |
10.93% |
Total risk based capital ratio |
13.77% |
13.75% |
13.90% |
12.97% |
14.48% |
12.71% |
13.04% |
13.01% |
Common Equity Tier 1 |
10.44% |
10.37% |
10.43% |
n/a |
n/a |
n/a |
n/a |
n/a |
Tangible common equity to tangible assets
(1) |
10.46% |
10.33% |
10.39% |
8.54% |
9.19% |
9.38% |
9.22% |
8.86% |
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Average Balances (in
thousands): |
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Total assets |
$ 5,776,404 |
$ 5,562,220 |
$ 5,271,483 |
$ 4,844,409 |
$ 4,070,914 |
$ 3,853,441 |
$ 3,740,225 |
$ 3,576,715 |
Total earning assets |
$ 5,544,835 |
$ 5,332,397 |
$ 5,039,428 |
$ 4,654,423 |
$ 3,977,859 |
$ 3,760,720 |
$ 3,647,305 |
$ 3,485,546 |
Total loans |
$ 4,636,298 |
$ 4,499,871 |
$ 4,376,248 |
$ 3,993,020 |
$ 3,317,731 |
$ 3,141,976 |
$ 2,981,917 |
$ 2,867,955 |
Total deposits |
$ 4,842,706 |
$ 4,655,234 |
$ 4,330,403 |
$ 4,025,900 |
$ 3,470,231 |
$ 3,328,380 |
$ 3,217,916 |
$ 3,038,949 |
Total borrowings |
$ 129,136 |
$ 128,733 |
$ 250,698 |
$ 237,401 |
$ 152,249 |
$ 98,105 |
$ 102,146 |
$ 126,409 |
Total stockholders' equity |
$ 778,279 |
$ 755,541 |
$ 661,364 |
$ 561,467 |
$ 437,370 |
$ 421,029 |
$ 405,121 |
$ 391,036 |
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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. |
(2) Computed by
dividing noninterest expense by the sum of net interest income and
noninterest income. |
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(3) Excludes loans
held for sale. |
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CONTACT: Michael T. Flynn
301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
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