Eagle Bancorp, Inc. (the “Company”) (NASDAQ:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $25.7 million for the three months ended December 31, 2016, a
15% increase over the $22.3 million net income for the three months
ended December 31, 2015.
Net income per basic common share for the three
months ended December 31, 2016 was $0.76 compared to $0.67 for the
same period in 2015, a 13% increase. Net income per diluted common
share for the three months ended December 31, 2016 was $0.75
compared to $0.65 for the same period in 2015, a 15% increase.
For the year ended December 31, 2016, the
Company’s net income was $97.7 million, a 16% increase over the
$84.2 million for the year ended December 31, 2015. Net income
available to common shareholders was $97.7 million ($2.91 per basic
common share and $2.86 per diluted common share), as compared to
$83.6 million ($2.54 per basic common share and $2.50 per diluted
common share) for the same period in 2015, a 15% increase per basic
share and a 14% increase per diluted share.
“We are very pleased to report a continued trend
of balanced and consistently strong financial performance,” noted
Ronald D. Paul, Chairman and Chief Executive Officer of Eagle
Bancorp, Inc. “Our net income has increased for 32 consecutive
quarters dating back to the first quarter of 2009. This
strong financial performance has resulted from a combination of
steady balance sheet growth, revenue growth, solid asset quality,
and favorable operating leverage.” Loan balances increased 4% in
the fourth quarter and deposit balances increased 3%. Mr.
Paul added, “A lower net interest margin in the fourth quarter
(3.96% versus 4.11% in the third quarter 2016) was due
substantially to higher average liquidity as average deposit growth
in the fourth quarter exceeded average loan growth by about $275
million. The loan pipeline remains strong, and the yield on the
loan portfolio in the fourth quarter was 3 basis points higher at
5.11% versus 5.08% for the third quarter, as the Company continues
to demonstrate discipline in its loan pricing. Additionally, our
favorable credit quality improved even more in the fourth quarter
as we recorded net recoveries of $97 thousand for the latest three
months and the level of nonperforming assets was just 0.30% of
total assets at December 31, 2016. Mr. Paul further added, “that
the Company’s operating efficiency, another key driver of financial
performance remained quite strong in the fourth quarter, as
noninterest expense growth was 3% while total revenue increased by
4%, which further improved the efficiency ratio to 40.22% for the
most recent
quarter.”
The Company’s financial performance in the
fourth quarter of 2016 as compared to the fourth quarter in 2015
was highlighted by growth in average total loans of 15% and by
growth in average total deposits of 17%. Total revenue increased 7%
in the fourth quarter of 2016 over 2015 and increased 4% over the
third quarter of 2016. Noninterest expenses increased 4% for the
fourth quarter 2016 over 2015 and 3% over the third quarter of
2016. For the fourth quarter in 2016, the efficiency ratio
was 40.22%, as compared to 40.54% in the third quarter of 2016 and
41.47% for the fourth quarter in 2015. Mr. Paul added, “The Company
remains committed to cost management measures and strong
productivity.”
The annualized return on average assets (“ROAA”)
was 1.46% for the fourth quarter in 2016 and 1.52% for the twelve
months ended December 31, 2016. The annualized return on average
common equity (“ROACE”) was 12.26% for the fourth quarter in 2016
and 12.27% for the year ended December 31, 2016.
For the full year 2016, loans grew 14% and
averaged 16% higher. For the full year 2016, deposits increased 11%
and averaged 14% higher. For the full year 2016, total revenue
increased by 10% while total noninterest expenses increased 4%.
For the fourth quarter of 2016, the net interest
margin was 3.96%, as compared to 4.11% for the third quarter of
2016 and 4.38% for the fourth quarter of 2015. As noted above, the
higher average liquidity position in the fourth quarter was the
most significant factor in the quarterly net interest margin
decline of 15 basis points. In addition to stronger average deposit
growth over loan growth in the fourth quarter (8% versus 3%), the
sub-debt raise in late July at a cost of 5.00% has negatively
impacted the net interest margin in the fourth quarter by
18 basis points.
For the full year of 2016, the net interest
margin was 4.16% as compared to 4.33% for the year ended December
31, 2015. The sub-debt raise in July 2016 negatively impacted the
net interest margin in the twelve month period ending December 31,
2016 by nine basis points. Mr. Paul noted, “The persistently
low interest rate environment has continued to challenge bank
spread earnings. In the current environment, the Company has
continued its emphasis on disciplined pricing for both new loans
and funding sources, which has resulted in the Company maintaining
a superior net interest margin.”
Asset quality measures improved further in the
fourth quarter of 2016 from an already solid position. For the
fourth quarter of 2016, the Company recorded a net recovery
(annualized) of 0.01% of average loans, as compared to net
charge-offs (annualized) of 0.18% of average loans for the fourth
quarter of 2015. At December 31, 2016, the Company’s nonperforming
loans amounted to $17.9 million (0.31% of total loans) as compared
to $22.2 million (0.41% of total loans) at September 30, 2016 and
$13.2 million (0.26% of total loans) at December 31, 2015.
Nonperforming assets amounted to $20.6 million (0.30% of total
assets) at December 31, 2016 compared to $27.5 million (0.41% of
total assets) at September 30, 2016 and $19.1 million (0.31% of
total assets) at December 31, 2015.
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 December 31, 2016 allowance for credit losses, at 1.04% of
total loans (excluding loans held for sale), is adequate to absorb
potential credit losses within the loan portfolio as of the end of
the quarter. The allowance for credit losses was 1.04% of total
loans at September 30, 2016 and 1.05% at December 31, 2015. The
allowance for credit losses represented 330% of nonperforming loans
at December 31, 2016.
Total assets at December 31, 2016 were $6.89
billion, a 2% increase as compared to $6.76 billion at September
30, 2016, and a 13% increase as compared to $6.08 billion at
December 31, 2015. Total loans (excluding loans held for sale) were
$5.68 billion at December 31, 2016, a 4% increase as compared to
$5.48 billion at September 30, 2016, and a 14% increase as compared
to $5.00 billion at December 31, 2015. Loans held for sale amounted
to $51.6 million at December 31, 2016 as compared to $78.1 million
at September 30, 2016, a 34% decrease, and $47.5 million at
December 31, 2015, a 9% increase. The investment portfolio totaled
$538.1 million at December 31, 2016, a 25% increase from the $430.7
million balance at September 30, 2016. As compared to December 31,
2015, the investment portfolio at December 31, 2016 increased by
$50.2 million or 10%.
Total deposits at December 31, 2016 were $5.72
billion, compared to deposits of $5.56 billion at September 30,
2016, a 3% increase, and deposits of $5.16 billion at December 31,
2015, an 11% increase. Total borrowed funds (excluding customer
repurchase agreements) were $216.5 million at December 31, 2016,
$266.4 million at September 30, 2016 and $68.9 million at December
31, 2015.
Total shareholders’ equity at December 31, 2016
increased 3%, to $842.8 million, compared to $815.6 million at
September 30, 2016, and increased 14%, from $738.6 million at
December 31, 2015. During the fourth quarter of 2016, 378,495 net
shares were issued upon the exercise in full of the outstanding
warrant. Increased retained earnings together with the $150 million
of qualifying capital raised in a ten year sub-debt issue in July
2016 has enhanced the Company’s capital position well in excess of
regulatory requirements for well capitalized status. The total risk
based capital ratio was 14.89% at December 31, 2016, as compared to
15.05% at September 30, 2016, and 12.75% at December 31, 2015. In
addition, the tangible common equity ratio was 10.84% at December
31, 2016, compared to 10.64% at September 30, 2016 and 10.56% at
December 31, 2015.
Analysis of the three months ended
December 31, 2016 compared to December 31, 2015
For the three months ended December 31, 2016,
the Company reported an annualized ROAA of 1.46% as compared to
1.50% for the three months ended December 31, 2015. The annualized
ROACE for the three months ended December 31, 2016 was 12.26%, as
compared to 12.08% for the three months ended December 31,
2015.
Total revenue (net interest income plus
noninterest income) for the fourth quarter of 2016 was $74.0
million, or 7% above the $69.1 million of total revenue earned for
the fourth quarter of 2015 and was 4% higher than the $71.1 million
of revenue earned in the third quarter of 2016.
Net interest income increased 7% for the three
months ended December 31, 2016 over the same period in 2015 ($67.0
million versus $62.6 million). Growth in average earning assets was
19% and the net interest margin was 3.96% for the three months
ended December 31, 2016, as compared to 4.38% for the three months
ended December 31, 2015. 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 5.11% for the fourth quarter in 2016 has been a significant
factor in its overall profitability.
The provision for credit losses was $2.1 million
for the three months ended December 31, 2016 as compared to $4.6
million for the three months ended December 31, 2015. The lower
provisioning in the fourth quarter of 2016, as compared to the
fourth quarter of 2015, is primarily due to overall improved asset
quality. Net recoveries of $97 thousand in the fourth quarter of
2016 represented an annualized 0.01% of average loans, excluding
loans held for sale, as compared to $2.2 million of net charge-offs
or an annualized 0.18% of average loans, excluding loans held for
sale, in the fourth quarter of 2015. Net charge-offs in the fourth
quarter of 2016 were attributable primarily to commercial loans
($814 thousand) offset by a recovery in investment-commercial real
estate loans ($895 thousand).
Noninterest income for the three months ended
December 31, 2016 increased to $7.0 million from $6.5 million for
the three months ended December 31, 2015, an 8% increase. This
increase was primarily due to higher net gains on sales of
residential mortgage loans of $971 thousand. Residential mortgage
loans closed were $241 million for the fourth quarter in 2016
versus $181 million for the fourth quarter of
2015.
The efficiency ratio, which measures the ratio
of noninterest expense to total revenue, was 40.22% for the fourth
quarter of 2016, as compared to 41.47% for the fourth quarter of
2015. Noninterest expenses totaled $29.8 million for the three
months ended December 31, 2016, as compared to $28.6 million for
the three months ended December 31, 2015, a 4% increase. Cost
increases for salaries and benefits were $1.9 million, due
primarily to increased staff, merit increases and incentive
compensation. Premises and equipment expenses were $271 thousand
lower, due primarily to lower leasing expense as two branch offices
were downsized and two leases expired. Marketing and advertising
expense increased by $378 thousand primarily due to costs
associated with digital and print advertising and sponsorships.
FDIC insurance premium expense decreased by $281 thousand due to a
change in the FDIC insurance premium formula for small institutions
effective July 1, 2016. Other expenses decreased by $669 thousand
primarily due to lower fees incurred to maintain OREO
properties.
Analysis of the year ended December 31,
2016 compared to December 31, 2015
For the year ended December 31, 2016, the
Company reported an annualized ROAA of 1.52% as compared to 1.49%
for the year ended December 31, 2015. The annualized ROACE for the
year ended December 31, 2016 was 12.27%, as compared to 12.32% for
the year ended December 31, 2015. For the year ended December 31,
2016 total revenue was $285.4 million, as compared to $260.6
million for the same period in 2015, a 10%
increase.
Net interest income increased 10% for the year
ended December 31, 2016 over the same period in 2015 ($258.2
million versus $233.9 million). Growth in average earning assets
was 15% and the net interest margin was 4.16% for the year ended
December 31, 2016 as compared to 4.33% for the same period in 2015.
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 5.11% for the year
ended December 31, 2016 has been a significant factor in its
overall profitability.
The provision for credit losses was $11.3
million for the year ended December 31, 2016 as compared to $14.6
million for the year ended December 31, 2015. The lower
provisioning for 2016 is due to lower net charge-offs and to
overall improved asset quality. Net charge-offs of $4.9 million
during 2016 represented an annualized 0.09% of average loans,
excluding loans held for sale, as compared to $8.0 million or an
annualized 0.17% of average loans, excluding loans held for sale,
during 2015. Net charge-offs during 2016 were attributable
primarily to commercial ($3.5 million) and
investment-commercial real estate ($1.4 million).
Noninterest income for the year ended December
31, 2016 was $27.3 million as compared to $26.6 million for the
year ended December 31, 2015, a 3% increase. This increase was
primarily due to increased service charges on deposit accounts,
increased gains on sale of SBA loans, and increased gains on sale
of OREO.
Noninterest expenses totaled $115.0 million for
the year ended December 31, 2016, as compared to $110.7 million for
the year ended December 31, 2015, a 4% increase. Cost increases for
salaries and benefits were $5.3 million, due primarily to increased
staff, merit increases, and incentive compensation. Premises and
equipment expenses were $908 thousand lower, due primarily to lower
leasing expense as two branch offices were downsized and two
locations were closed due to the leases expiring. Marketing and
advertising expense increased by $747 thousand primarily due to
costs associated with digital and print advertising and
sponsorships. Data processing expense increased $214 thousand,
while FDIC insurance premium expense decreased by $436 thousand due
to a change in the FDIC insurance premium formula for small
institutions effective July 1, 2016. For 2016, the efficiency ratio
was 40.29% as compared to 42.49% for the same period in 2015.
The financial information which follows provides
more detail on the Company’s financial performance for the three
and twelve months ended December 31, 2016 as compared to the three
and twelve months ended December 31, 2015 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, 2015 and other reports filed with the Securities
and Exchange Commission (the “SEC”).
About Eagle Bancorp: The
Company is the holding company for EagleBank, which commenced
operations in 1998. The Bank is headquartered in Bethesda,
Maryland, and operates through twenty-one branch offices, located
in Montgomery County, Maryland, Washington, D.C. and Northern
Virginia. The Company focuses on building relationships with
businesses, professionals and individuals in its marketplace.
Conference Call: Eagle Bancorp
will host a conference call to discuss its fourth quarter 2016
financial results on Thursday, January 19, 2017 at 10:00 a.m.
eastern standard time. The public is invited to listen to this
conference call by dialing 1.877.303.6220, conference ID Code is
46041015, 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 February 2, 2017.
Forward-looking Statements:
This press release contains forward-looking statements within the
meaning of the Securities and Exchange Act of 1934, as amended,
including statements of goals, intentions, and expectations as to
future trends, plans, events or results of Company operations and
policies and regarding general economic conditions. In some cases,
forward-looking statements can be identified by use of words such
as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,”
“estimates,” “potential,” “continue,” “should,” and similar words
or phrases. These statements are based upon current and anticipated
economic conditions, nationally and in the Company’s market,
interest rates and interest rate policy, competitive factors, and
other conditions which by their nature, are not susceptible to
accurate forecast and are subject to significant uncertainty.
Because of these uncertainties and the assumptions on which this
discussion and the forward-looking statements are based, actual
future operations and results in the future may differ materially
from those indicated herein. For details on factors that could
affect these expectations, see the risk factors and other
cautionary language included in the Company’s Annual Report on Form
10-K for the year ended December 31, 2015 and in other periodic and
current reports filed with the SEC. Readers are cautioned against
placing undue reliance on any such forward-looking statements. The
Company’s past results are not necessarily indicative of future
performance.
Eagle Bancorp, Inc. |
|
|
|
|
|
|
|
Consolidated
Financial Highlights (Unaudited) |
|
|
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Income
Statements: |
|
|
|
|
|
|
|
Total interest
income |
$ |
75,795 |
|
|
$ |
67,311 |
|
|
$ |
285,805 |
|
|
$ |
253,180 |
|
Total interest
expense |
|
8,771 |
|
|
|
4,735 |
|
|
|
27,641 |
|
|
|
19,238 |
|
Net interest
income |
|
67,024 |
|
|
|
62,576 |
|
|
|
258,164 |
|
|
|
233,942 |
|
Provision for credit
losses |
|
2,112 |
|
|
|
4,595 |
|
|
|
11,331 |
|
|
|
14,638 |
|
Net interest income
after provision for credit losses |
|
64,912 |
|
|
|
57,981 |
|
|
|
246,833 |
|
|
|
219,304 |
|
Noninterest income
(before investment gains and extinguishment of debt) |
|
6,943 |
|
|
|
6,462 |
|
|
|
26,090 |
|
|
|
25,504 |
|
Gain on sale of
investment securities |
|
71 |
|
|
|
30 |
|
|
|
1,194 |
|
|
|
2,254 |
|
Loss on early
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,130 |
) |
Total noninterest
income |
|
7,014 |
|
|
|
6,492 |
|
|
|
27,284 |
|
|
|
26,628 |
|
Total noninterest
expense |
|
29,780 |
|
|
|
28,640 |
|
|
|
115,015 |
|
|
|
110,716 |
|
Income before income
tax expense |
|
42,146 |
|
|
|
35,833 |
|
|
|
159,102 |
|
|
|
135,216 |
|
Income tax expense |
|
16,429 |
|
|
|
13,485 |
|
|
|
61,395 |
|
|
|
51,049 |
|
Net income |
|
25,717 |
|
|
|
22,348 |
|
|
|
97,707 |
|
|
|
84,167 |
|
Preferred stock
dividends |
|
- |
|
|
|
62 |
|
|
|
- |
|
|
|
601 |
|
Net income available to
common shareholders |
$ |
25,717 |
|
|
$ |
22,286 |
|
|
$ |
97,707 |
|
|
$ |
83,566 |
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
Earnings per weighted
average common share, basic |
$ |
0.76 |
|
|
$ |
0.67 |
|
|
$ |
2.91 |
|
|
$ |
2.54 |
|
Earnings per weighted
average common share, diluted |
$ |
0.75 |
|
|
$ |
0.65 |
|
|
$ |
2.86 |
|
|
$ |
2.50 |
|
Weighted average common
shares outstanding, basic |
|
33,650,963 |
|
|
|
33,462,937 |
|
|
|
33,587,254 |
|
|
|
32,836,449 |
|
Weighted average common
shares outstanding, diluted |
|
34,233,940 |
|
|
|
34,069,786 |
|
|
|
34,181,616 |
|
|
|
33,479,592 |
|
Actual shares
outstanding at period end |
|
34,023,850 |
|
|
|
33,467,893 |
|
|
|
34,023,850 |
|
|
|
33,467,893 |
|
Book value per common
share at period end |
$ |
24.77 |
|
|
$ |
22.07 |
|
|
$ |
24.77 |
|
|
$ |
22.07 |
|
Tangible book value per
common share at period end (1) |
$ |
21.61 |
|
|
$ |
18.83 |
|
|
$ |
21.61 |
|
|
$ |
18.83 |
|
|
|
|
|
|
|
|
|
Performance
Ratios (annualized): |
|
|
|
|
|
|
|
Return on average
assets |
|
1.46 |
% |
|
|
1.50 |
% |
|
|
1.52 |
% |
|
|
1.49 |
% |
Return on average
common equity |
|
12.26 |
% |
|
|
12.08 |
% |
|
|
12.27 |
% |
|
|
12.32 |
% |
Net interest
margin |
|
3.96 |
% |
|
|
4.38 |
% |
|
|
4.16 |
% |
|
|
4.33 |
% |
Efficiency ratio
(2) |
|
40.22 |
% |
|
|
41.47 |
% |
|
|
40.29 |
% |
|
|
42.49 |
% |
|
|
|
|
|
|
|
|
Other
Ratios: |
|
|
|
|
|
|
|
Allowance for credit
losses to total loans (3) |
|
1.04 |
% |
|
|
1.05 |
% |
|
|
1.04 |
% |
|
|
1.05 |
% |
Allowance for credit
losses to total nonperforming loans |
|
330.49 |
% |
|
|
397.95 |
% |
|
|
330.49 |
% |
|
|
397.95 |
% |
Nonperforming loans to
total loans (3) |
|
0.31 |
% |
|
|
0.26 |
% |
|
|
0.31 |
% |
|
|
0.26 |
% |
Nonperforming assets to
total assets |
|
0.30 |
% |
|
|
0.31 |
% |
|
|
0.30 |
% |
|
|
0.31 |
% |
Net charge-offs
(annualized) to average loans (3) |
|
(0.01 |
%) |
|
|
0.18 |
% |
|
|
0.09 |
% |
|
|
0.17 |
% |
Common equity to total
assets |
|
12.23 |
% |
|
|
12.16 |
% |
|
|
12.23 |
% |
|
|
12.16 |
% |
Tier 1 capital (to
average assets) |
|
10.72 |
% |
|
|
10.90 |
% |
|
|
10.72 |
% |
|
|
10.90 |
% |
Total capital (to risk
weighted assets) |
|
14.89 |
% |
|
|
12.75 |
% |
|
|
14.89 |
% |
|
|
12.75 |
% |
Common equity tier 1
capital (to risk weighted assets) |
|
10.80 |
% |
|
|
10.68 |
% |
|
|
10.80 |
% |
|
|
10.68 |
% |
Tangible common equity
ratio (1) |
|
10.84 |
% |
|
|
10.56 |
% |
|
|
10.84 |
% |
|
|
10.56 |
% |
|
|
|
|
|
|
|
|
Loan Balances -
Period End (in thousands): |
|
|
|
|
|
|
|
Commercial and
Industrial |
$ |
1,200,728 |
|
|
$ |
1,052,257 |
|
|
$ |
1,200,728 |
|
|
$ |
1,052,257 |
|
Commercial real estate
- owner occupied |
$ |
640,870 |
|
|
$ |
498,103 |
|
|
$ |
640,870 |
|
|
$ |
498,103 |
|
Commercial real estate
- income producing |
$ |
2,509,518 |
|
|
$ |
2,115,478 |
|
|
$ |
2,509,518 |
|
|
$ |
2,115,478 |
|
1-4 Family
mortgage |
$ |
152,748 |
|
|
$ |
147,365 |
|
|
$ |
152,748 |
|
|
$ |
147,365 |
|
Construction -
commercial and residential |
$ |
932,531 |
|
|
$ |
985,607 |
|
|
$ |
932,531 |
|
|
$ |
985,607 |
|
Construction - C&I
(owner occupied) |
$ |
126,038 |
|
|
$ |
79,769 |
|
|
$ |
126,038 |
|
|
$ |
79,769 |
|
Home equity |
$ |
105,096 |
|
|
$ |
112,885 |
|
|
$ |
105,096 |
|
|
$ |
112,885 |
|
Other
consumer |
$ |
10,365 |
|
|
$ |
6,904 |
|
|
$ |
10,365 |
|
|
$ |
6,904 |
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
Total assets |
$ |
6,984,492 |
|
|
$ |
5,907,022 |
|
|
$ |
6,436,774 |
|
|
$ |
5,630,567 |
|
Total earning
assets |
$ |
6,752,859 |
|
|
$ |
5,675,730 |
|
|
$ |
6,208,976 |
|
|
$ |
5,400,574 |
|
Total loans |
$ |
5,591,790 |
|
|
$ |
4,859,391 |
|
|
$ |
5,338,716 |
|
|
$ |
4,594,395 |
|
Total deposits |
$ |
5,796,516 |
|
|
$ |
4,952,282 |
|
|
$ |
5,369,261 |
|
|
$ |
4,697,263 |
|
Total borrowings |
$ |
312,842 |
|
|
$ |
168,652 |
|
|
$ |
240,232 |
|
|
$ |
168,110 |
|
Total shareholders’
equity |
$ |
834,823 |
|
|
$ |
757,199 |
|
|
$ |
796,400 |
|
|
$ |
738,468 |
|
(1) Tangible common equity to tangible
assets (the "tangible common equity ratio") and tangible book value
per common share are non-GAAP financial measures derived from GAAP
based amounts. The Company calculates the tangible common equity
ratio by excluding the balance of intangible assets from common
shareholders' equity and dividing by tangible assets. The Company
calculates tangible book value per common share by dividing
tangible common equity by common shares outstanding, as compared to
book value per common share, which the Company calculates by
dividing common shareholders' equity by common shares outstanding.
The Company considers this information important to shareholders as
tangible equity is a measure that is consistent with the
calculation of capital for bank regulatory purposes, which excludes
intangible assets from the calculation of risk based ratios and as
such is useful for investors, regulators, management and others to
evaluate capital adequacy and to compare against other financial
institutions. The table below provides a reconciliation of these
non-GAAP financial measures with financial measures defined by
GAAP.
|
|
|
|
|
GAAP
Reconciliation (Unaudited) |
|
|
|
|
(dollars in thousands
except per share data) |
|
|
|
|
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2016 |
|
December 31, 2015 |
|
Common shareholders'
equity |
$ |
842,799 |
|
|
$ |
738,601 |
|
|
Less: Intangible
assets |
|
(107,419 |
) |
|
|
(108,542 |
) |
|
Tangible common
equity |
$ |
735,380 |
|
|
$ |
630,059 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
24.77 |
|
|
$ |
22.07 |
|
|
Less: Intangible book
value per common share |
|
(3.16 |
) |
|
|
(3.24 |
) |
|
Tangible book
value per common share |
$ |
21.61 |
|
|
$ |
18.83 |
|
|
|
|
|
|
|
Total assets |
$ |
6,890,097 |
|
|
$ |
6,075,577 |
|
|
Less: Intangible
assets |
|
(107,419 |
) |
|
|
(108,542 |
) |
|
Tangible
assets |
$ |
6,782,678 |
|
|
$ |
5,967,035 |
|
|
Tangible common
equity ratio |
|
10.84 |
% |
|
|
10.56 |
% |
|
|
|
|
(2) Computed by dividing noninterest expense by
the sum of net interest income and noninterest income.
(3) Excludes loans held for sale.
Eagle Bancorp,
Inc. |
|
|
|
|
|
Consolidated
Balance Sheets (Unaudited) |
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Assets |
December 31, 2016 |
|
September 30, 2016 |
|
December 31, 2015 |
Cash and due from
banks |
$ |
10,285 |
|
|
$ |
10,615 |
|
|
$ |
10,270 |
|
Federal funds sold |
|
2,397 |
|
|
|
5,262 |
|
|
|
3,791 |
|
Interest bearing
deposits with banks and other short-term investments |
|
355,481 |
|
|
|
503,150 |
|
|
|
284,302 |
|
Investment securities
available for sale, at fair value |
|
538,108 |
|
|
|
430,668 |
|
|
|
487,869 |
|
Federal Reserve and
Federal Home Loan Bank stock |
|
21,600 |
|
|
|
19,920 |
|
|
|
16,903 |
|
Loans held for
sale |
|
51,629 |
|
|
|
78,118 |
|
|
|
47,492 |
|
Loans |
|
5,677,893 |
|
|
|
5,481,975 |
|
|
|
4,998,368 |
|
Less allowance for
credit losses |
|
(59,073 |
) |
|
|
(56,864 |
) |
|
|
(52,687 |
) |
Loans,
net |
|
5,618,820 |
|
|
|
5,425,111 |
|
|
|
4,945,681 |
|
Premises and equipment,
net |
|
20,661 |
|
|
|
19,370 |
|
|
|
18,254 |
|
Deferred income
taxes |
|
48,220 |
|
|
|
41,065 |
|
|
|
40,311 |
|
Bank owned life
insurance |
|
60,130 |
|
|
|
59,747 |
|
|
|
58,682 |
|
Intangible assets, net |
|
107,419 |
|
|
|
107,694 |
|
|
|
108,542 |
|
Other real estate
owned |
|
2,694 |
|
|
|
5,194 |
|
|
|
5,852 |
|
Other assets |
|
52,653 |
|
|
|
56,218 |
|
|
|
47,628 |
|
Total Assets |
$ |
6,890,097 |
|
|
$ |
6,762,132 |
|
|
$ |
6,075,577 |
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest bearing demand |
$ |
1,775,684 |
|
|
$ |
1,668,271 |
|
|
$ |
1,405,067 |
|
Interest
bearing transaction |
|
289,122 |
|
|
|
297,973 |
|
|
|
178,797 |
|
Savings
and money market |
|
2,902,560 |
|
|
|
2,802,519 |
|
|
|
2,835,325 |
|
Time,
$100,000 or more |
|
464,843 |
|
|
|
452,015 |
|
|
|
406,570 |
|
Other
time |
|
283,906 |
|
|
|
337,371 |
|
|
|
332,685 |
|
Total
deposits |
|
5,716,115 |
|
|
|
5,558,149 |
|
|
|
5,158,444 |
|
Customer repurchase
agreements |
|
68,876 |
|
|
|
71,642 |
|
|
|
72,356 |
|
Other short-term
borrowings |
|
- |
|
|
|
50,000 |
|
|
|
- |
|
Long-term
borrowings |
|
216,514 |
|
|
|
216,419 |
|
|
|
68,928 |
|
Other liabilities |
|
45,793 |
|
|
|
50,283 |
|
|
|
37,248 |
|
Total liabilities |
|
6,047,298 |
|
|
|
5,946,493 |
|
|
|
5,336,976 |
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value $.01 per share; shares authorized
100,000,000, shares issued and outstanding 34,023,850, 33,590,880,
and 33,467,893, respectively. |
|
338 |
|
|
|
333 |
|
|
|
331 |
|
Warrant |
|
- |
|
|
|
946 |
|
|
|
946 |
|
Additional paid in
capital |
|
513,531 |
|
|
|
509,706 |
|
|
|
503,529 |
|
Retained earnings |
|
331,311 |
|
|
|
305,594 |
|
|
|
233,604 |
|
Accumulated other
comprehensive (loss) income |
|
(2,381 |
) |
|
|
(940 |
) |
|
|
191 |
|
Total Shareholders' Equity |
|
842,799 |
|
|
|
815,639 |
|
|
|
738,601 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,890,097 |
|
|
$ |
6,762,132 |
|
|
$ |
6,075,577 |
|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
|
|
|
|
Consolidated
Statements of Operations (Unaudited) |
|
|
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
Interest
Income |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Interest
and fees on loans |
$ |
72,486 |
|
$ |
64,275 |
|
$ |
274,488 |
|
$ |
242,340 |
|
Interest
and dividends on investment securities |
|
2,508 |
|
|
2,903 |
|
|
9,629 |
|
|
10,092 |
|
Interest
on balances with other banks and short-term investments |
|
798 |
|
|
129 |
|
|
1,654 |
|
|
732 |
|
Interest
on federal funds sold |
|
3 |
|
|
4 |
|
|
34 |
|
|
16 |
|
Total
interest income |
|
75,795 |
|
|
67,311 |
|
|
285,805 |
|
|
253,180 |
|
Interest
Expense |
|
|
|
|
|
|
|
Interest
on deposits |
|
5,736 |
|
|
3,674 |
|
|
19,249 |
|
|
14,343 |
|
Interest
on customer repurchase agreements |
|
52 |
|
|
39 |
|
|
167 |
|
|
132 |
|
Interest
on short-term borrowings |
|
5 |
|
|
32 |
|
|
732 |
|
|
86 |
|
Interest
on long-term borrowings |
|
2,978 |
|
|
990 |
|
|
7,493 |
|
|
4,677 |
|
Total
interest expense |
|
8,771 |
|
|
4,735 |
|
|
27,641 |
|
|
19,238 |
|
Net Interest
Income |
|
67,024 |
|
|
62,576 |
|
|
258,164 |
|
|
233,942 |
|
Provision for
Credit Losses |
|
2,112 |
|
|
4,595 |
|
|
11,331 |
|
|
14,638 |
|
Net Interest
Income After Provision For Credit Losses |
|
64,912 |
|
|
57,981 |
|
|
246,833 |
|
|
219,304 |
|
|
|
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
|
|
Service
charges on deposits |
|
1,518 |
|
|
1,407 |
|
|
5,821 |
|
|
5,397 |
|
Gain on
sale of loans |
|
3,099 |
|
|
2,609 |
|
|
11,563 |
|
|
11,973 |
|
Gain on
sale of investment securities |
|
71 |
|
|
30 |
|
|
1,194 |
|
|
2,254 |
|
Loss on
early extinguishment of debt |
|
- |
|
|
- |
|
|
- |
|
|
(1,130 |
) |
Increase
in the cash surrender value of bank owned life
insurance |
|
383 |
|
|
398 |
|
|
1,554 |
|
|
1,589 |
|
Other
income |
|
1,943 |
|
|
2,048 |
|
|
7,152 |
|
|
6,545 |
|
Total
noninterest income |
|
7,014 |
|
|
6,492 |
|
|
27,284 |
|
|
26,628 |
|
Noninterest
Expense |
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
17,853 |
|
|
15,977 |
|
|
67,010 |
|
|
61,749 |
|
Premises
and equipment expenses |
|
3,699 |
|
|
3,970 |
|
|
15,118 |
|
|
16,026 |
|
Marketing
and advertising |
|
944 |
|
|
566 |
|
|
3,495 |
|
|
2,748 |
|
Data
processing |
|
2,031 |
|
|
1,936 |
|
|
7,747 |
|
|
7,533 |
|
Legal,
accounting and professional fees |
|
828 |
|
|
814 |
|
|
3,673 |
|
|
3,729 |
|
FDIC
insurance |
|
525 |
|
|
806 |
|
|
2,718 |
|
|
3,154 |
|
Merger
expenses |
|
- |
|
|
2 |
|
|
- |
|
|
141 |
|
Other
expenses |
|
3,900 |
|
|
4,569 |
|
|
15,254 |
|
|
15,636 |
|
Total
noninterest expense |
|
29,780 |
|
|
28,640 |
|
|
115,015 |
|
|
110,716 |
|
Income Before
Income Tax Expense |
|
42,146 |
|
|
35,833 |
|
|
159,102 |
|
|
135,216 |
|
Income Tax
Expense |
|
16,429 |
|
|
13,485 |
|
|
61,395 |
|
|
51,049 |
|
Net
Income |
|
25,717 |
|
|
22,348 |
|
|
97,707 |
|
|
84,167 |
|
Preferred Stock
Dividends |
|
- |
|
|
62 |
|
|
- |
|
|
601 |
|
Net Income
Available to Common Shareholders |
$ |
25,717 |
|
$ |
22,286 |
|
$ |
97,707 |
|
$ |
83,566 |
|
|
|
|
|
|
|
|
|
Earnings Per
Common Share |
|
|
|
|
|
|
|
Basic |
$ |
0.76 |
|
$ |
0.67 |
|
$ |
2.91 |
|
$ |
2.54 |
|
Diluted |
$ |
0.75 |
|
$ |
0.65 |
|
$ |
2.86 |
|
$ |
2.50 |
|
|
|
|
|
|
|
|
|
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields
And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
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 |
$ |
599,281 |
$ |
798 |
0.53 |
% |
|
$ |
225,346 |
$ |
129 |
0.23 |
% |
Loans
held for sale (1) |
|
70,874 |
|
615 |
3.47 |
% |
|
|
40,587 |
|
383 |
3.77 |
% |
Loans
(1) (2) |
|
5,591,790 |
|
71,871 |
5.11 |
% |
|
|
4,859,391 |
|
63,892 |
5.22 |
% |
Investment securities available for sale (2) |
|
487,730 |
|
2,508 |
2.05 |
% |
|
|
544,129 |
|
2,903 |
2.12 |
% |
Federal
funds sold |
|
3,184 |
|
3 |
0.37 |
% |
|
|
6,277 |
|
4 |
0.19 |
% |
Total
interest earning assets |
|
6,752,859 |
|
75,795 |
4.47 |
% |
|
|
5,675,730 |
|
67,311 |
4.71 |
% |
|
|
|
|
|
|
|
|
Total
noninterest earning assets |
|
289,615 |
|
|
|
|
281,800 |
|
|
Less:
allowance for credit losses |
|
57,982 |
|
|
|
|
50,508 |
|
|
Total
noninterest earning assets |
|
231,633 |
|
|
|
|
231,292 |
|
|
TOTAL
ASSETS |
$ |
6,984,492 |
|
|
|
$ |
5,907,022 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest
bearing transaction |
$ |
303,994 |
$ |
201 |
0.26 |
% |
|
$ |
195,167 |
$ |
83 |
0.17 |
% |
Savings
and money market |
|
2,941,919 |
|
3,715 |
0.50 |
% |
|
|
2,560,727 |
|
2,118 |
0.33 |
% |
Time
deposits |
|
786,782 |
|
1,820 |
0.92 |
% |
|
|
764,761 |
|
1,473 |
0.76 |
% |
Total
interest bearing deposits |
|
4,032,695 |
|
5,736 |
0.57 |
% |
|
|
3,520,655 |
|
3,674 |
0.41 |
% |
Customer
repurchase agreements |
|
95,283 |
|
52 |
0.22 |
% |
|
|
71,591 |
|
39 |
0.21 |
% |
Other
short-term borrowings |
|
1,090 |
|
5 |
1.79 |
% |
|
|
28,154 |
|
32 |
0.00 |
% |
Long-term borrowings |
|
216,469 |
|
2,978 |
5.38 |
% |
|
|
68,907 |
|
990 |
5.62 |
% |
Total
interest bearing liabilities |
|
4,345,537 |
|
8,771 |
0.80 |
% |
|
|
3,689,307 |
|
4,735 |
0.51 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
Noninterest bearing demand |
|
1,763,821 |
|
|
|
|
1,431,627 |
|
|
Other
liabilities |
|
40,311 |
|
|
|
|
28,889 |
|
|
Total
noninterest bearing liabilities |
|
1,804,132 |
|
|
|
|
1,460,516 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
834,823 |
|
|
|
|
757,199 |
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
6,984,492 |
|
|
|
$ |
5,907,022 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
67,024 |
|
|
|
$ |
62,576 |
|
Net interest
spread |
|
|
3.67 |
% |
|
|
|
4.20 |
% |
Net interest
margin |
|
|
3.96 |
% |
|
|
|
4.38 |
% |
Cost of funds |
|
|
0.51 |
% |
|
|
|
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 $4.4 million and $3.8 million for the
three months ended December 31, 2016 and 2015, 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) |
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
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 |
$ |
339,947 |
$ |
1,654 |
0.49 |
% |
|
$ |
308,848 |
$ |
732 |
0.24 |
% |
Loans
held for sale (1) |
|
53,590 |
|
1,903 |
3.55 |
% |
|
|
44,533 |
|
1,671 |
3.75 |
% |
Loans
(1) (2) |
|
5,338,716 |
|
272,585 |
5.11 |
% |
|
|
4,594,395 |
|
240,669 |
5.24 |
% |
Investment securities available for sale (2) |
|
468,773 |
|
9,629 |
2.05 |
% |
|
|
445,986 |
|
10,092 |
2.26 |
% |
Federal
funds sold |
|
7,950 |
|
34 |
0.43 |
% |
|
|
6,812 |
|
16 |
0.23 |
% |
Total
interest earning assets |
|
6,208,976 |
|
285,805 |
4.60 |
% |
|
|
5,400,574 |
|
253,180 |
4.69 |
% |
|
|
|
|
|
|
|
|
Total
noninterest earning assets |
|
283,687 |
|
|
|
|
278,804 |
|
|
Less:
allowance for credit losses |
|
55,889 |
|
|
|
|
48,811 |
|
|
Total
noninterest earning assets |
|
227,798 |
|
|
|
|
229,993 |
|
|
TOTAL
ASSETS |
$ |
6,436,774 |
|
|
|
$ |
5,630,567 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest
bearing transaction |
$ |
251,954 |
$ |
646 |
0.26 |
% |
|
$ |
182,518 |
$ |
291 |
0.16 |
% |
Savings
and money market |
|
2,728,347 |
|
12,039 |
0.44 |
% |
|
|
2,425,286 |
|
8,185 |
0.34 |
% |
Time
deposits |
|
769,801 |
|
6,564 |
0.85 |
% |
|
|
774,943 |
|
5,867 |
0.76 |
% |
Total
interest bearing deposits |
|
3,750,102 |
|
19,249 |
0.51 |
% |
|
|
3,382,747 |
|
14,343 |
0.42 |
% |
Customer
repurchase agreements |
|
77,833 |
|
167 |
0.21 |
% |
|
|
59,141 |
|
132 |
0.22 |
% |
Other
short-term borrowings |
|
29,376 |
|
732 |
2.45 |
% |
|
|
27,659 |
|
86 |
0.31 |
% |
Long-term borrowings |
|
133,023 |
|
7,493 |
5.54 |
% |
|
|
81,310 |
|
4,677 |
5.67 |
% |
Total
interest bearing liabilities |
|
3,990,334 |
|
27,641 |
0.69 |
% |
|
|
3,550,857 |
|
19,238 |
0.54 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
Noninterest bearing demand |
|
1,619,159 |
|
|
|
|
1,314,516 |
|
|
Other
liabilities |
|
30,881 |
|
|
|
|
26,726 |
|
|
Total
noninterest bearing liabilities |
|
1,650,040 |
|
|
|
|
1,341,242 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
796,400 |
|
|
|
|
738,468 |
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
6,436,774 |
|
|
|
$ |
5,630,567 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
258,164 |
|
|
|
$ |
233,942 |
|
Net interest
spread |
|
|
3.91 |
% |
|
|
|
4.15 |
% |
Net interest
margin |
|
|
4.16 |
% |
|
|
|
4.33 |
% |
Cost of funds |
|
|
0.44 |
% |
|
|
|
0.36 |
% |
|
|
|
|
|
|
|
|
(1) Loans
placed on nonaccrual status are included in average balances. Net
loan fees and late charges included in interest income on loans
totaled $16.1 million and $12.6 million for the years ended
December 31, 2016 and 2015, 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 |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
Income
Statements: |
|
2016 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
Total interest
income |
$ |
75,795 |
|
|
$ |
72,431 |
|
|
$ |
69,772 |
|
|
$ |
67,807 |
|
|
$ |
67,311 |
|
|
$ |
63,981 |
|
|
$ |
62,423 |
|
|
$ |
59,465 |
|
|
Total interest
expense |
|
8,771 |
|
|
|
7,703 |
|
|
|
5,950 |
|
|
|
5,217 |
|
|
|
4,735 |
|
|
|
4,896 |
|
|
|
4,873 |
|
|
|
4,734 |
|
|
Net interest
income |
|
67,024 |
|
|
|
64,728 |
|
|
|
63,822 |
|
|
|
62,590 |
|
|
|
62,576 |
|
|
|
59,085 |
|
|
|
57,550 |
|
|
|
54,731 |
|
|
Provision for credit
losses |
|
2,112 |
|
|
|
2,288 |
|
|
|
3,888 |
|
|
|
3,043 |
|
|
|
4,595 |
|
|
|
3,262 |
|
|
|
3,471 |
|
|
|
3,310 |
|
|
Net interest income
after provision for credit losses |
|
64,912 |
|
|
|
62,440 |
|
|
|
59,934 |
|
|
|
59,547 |
|
|
|
57,981 |
|
|
|
55,823 |
|
|
|
54,079 |
|
|
|
51,421 |
|
|
Noninterest income (before investment gains & extinguishment of
debt) |
|
6,943 |
|
|
|
6,404 |
|
|
|
7,077 |
|
|
|
5,666 |
|
|
|
6,462 |
|
|
|
6,039 |
|
|
|
6,233 |
|
|
|
6,770 |
|
|
Gain on
sale of investment securities |
|
71 |
|
|
|
1 |
|
|
|
498 |
|
|
|
624 |
|
|
|
30 |
|
|
|
60 |
|
|
|
- |
|
|
|
2,164 |
|
|
Loss on
early extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,130 |
) |
|
Total noninterest
income |
|
7,014 |
|
|
|
6,405 |
|
|
|
7,575 |
|
|
|
6,290 |
|
|
|
6,492 |
|
|
|
6,099 |
|
|
|
6,233 |
|
|
|
7,804 |
|
|
Salaries
and employee benefits |
|
17,853 |
|
|
|
17,130 |
|
|
|
15,908 |
|
|
|
16,119 |
|
|
|
15,977 |
|
|
|
15,383 |
|
|
|
14,683 |
|
|
|
15,706 |
|
|
Premises
and equipment |
|
4 |
|
|
|
3,786 |
|
|
|
3,807 |
|
|
|
3,826 |
|
|
|
3,970 |
|
|
|
3,974 |
|
|
|
4,072 |
|
|
|
4,010 |
|
|
Marketing
and advertising |
|
944 |
|
|
|
857 |
|
|
|
920 |
|
|
|
774 |
|
|
|
566 |
|
|
|
762 |
|
|
|
735 |
|
|
|
685 |
|
|
Merger
expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
2 |
|
|
|
26 |
|
|
|
111 |
|
|
Other
expenses |
|
7,284 |
|
|
|
7,065 |
|
|
|
7,660 |
|
|
|
7,383 |
|
|
|
8,125 |
|
|
|
7,284 |
|
|
|
7,082 |
|
|
|
7,561 |
|
|
Total noninterest
expense |
|
29,780 |
|
|
|
28,838 |
|
|
|
28,295 |
|
|
|
28,102 |
|
|
|
28,640 |
|
|
|
27,405 |
|
|
|
26,598 |
|
|
|
28,073 |
|
|
Income before income
tax expense |
|
42,146 |
|
|
|
40,007 |
|
|
|
39,214 |
|
|
|
37,735 |
|
|
|
35,833 |
|
|
|
34,517 |
|
|
|
33,714 |
|
|
|
31,152 |
|
|
Income tax expense |
|
16,429 |
|
|
|
15,484 |
|
|
|
15,069 |
|
|
|
14,413 |
|
|
|
13,485 |
|
|
|
13,054 |
|
|
|
12,776 |
|
|
|
11,734 |
|
|
Net income |
|
25,717 |
|
|
|
24,523 |
|
|
|
24,145 |
|
|
|
23,322 |
|
|
|
22,348 |
|
|
|
21,463 |
|
|
|
20,938 |
|
|
|
19,418 |
|
|
Preferred stock
dividends |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
62 |
|
|
|
180 |
|
|
|
179 |
|
|
|
180 |
|
|
Net income available to
common shareholders |
$ |
25,717 |
|
|
$ |
24,523 |
|
|
$ |
24,145 |
|
|
$ |
23,322 |
|
|
$ |
22,286 |
|
|
$ |
21,283 |
|
|
$ |
20,759 |
|
|
$ |
19,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted
average common share, basic |
$ |
0.76 |
|
|
$ |
0.73 |
|
|
$ |
0.72 |
|
|
$ |
0.70 |
|
|
$ |
0.67 |
|
|
$ |
0.64 |
|
|
$ |
0.62 |
|
|
$ |
0.62 |
|
|
Earnings per weighted
average common share, diluted |
$ |
0.75 |
|
|
$ |
0.72 |
|
|
$ |
0.71 |
|
|
$ |
0.68 |
|
|
$ |
0.65 |
|
|
$ |
0.63 |
|
|
$ |
0.61 |
|
|
$ |
0.61 |
|
|
Weighted average common
shares outstanding, basic |
|
33,650,963 |
|
|
|
33,590,183 |
|
|
|
33,588,141 |
|
|
|
33,518,998 |
|
|
|
33,462,937 |
|
|
|
33,400,973 |
|
|
|
33,367,476 |
|
|
|
31,082,715 |
|
|
Weighted average common
shares outstanding, diluted |
|
34,233,940 |
|
|
|
34,187,171 |
|
|
|
34,183,209 |
|
|
|
34,104,237 |
|
|
|
34,069,786 |
|
|
|
34,026,412 |
|
|
|
33,997,989 |
|
|
|
31,776,323 |
|
|
Actual shares
outstanding |
|
34,023,850 |
|
|
|
33,590,880 |
|
|
|
33,584,898 |
|
|
|
33,581,599 |
|
|
|
33,467,893 |
|
|
|
33,405,510 |
|
|
|
33,394,563 |
|
|
|
33,303,467 |
|
|
Book value per common
share at period end |
$ |
24.77 |
|
|
$ |
24.28 |
|
|
$ |
23.48 |
|
|
$ |
22.71 |
|
|
$ |
22.07 |
|
|
$ |
21.38 |
|
|
$ |
20.76 |
|
|
$ |
20.11 |
|
|
Tangible book value per
common share at period end (1) |
$ |
21.61 |
|
|
$ |
21.08 |
|
|
$ |
20.27 |
|
|
$ |
19.48 |
|
|
$ |
18.83 |
|
|
$ |
18.10 |
|
|
$ |
17.46 |
|
|
$ |
16.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.46 |
% |
|
|
1.50 |
% |
|
|
1.57 |
% |
|
|
1.54 |
% |
|
|
1.50 |
% |
|
|
1.47 |
% |
|
|
1.51 |
% |
|
|
1.49 |
% |
|
Return on average
common equity |
|
12.26 |
% |
|
|
12.04 |
% |
|
|
12.40 |
% |
|
|
12.39 |
% |
|
|
12.08 |
% |
|
|
11.95 |
% |
|
|
12.18 |
% |
|
|
13.24 |
% |
|
Net interest
margin |
|
3.96 |
% |
|
|
4.11 |
% |
|
|
4.30 |
% |
|
|
4.31 |
% |
|
|
4.38 |
% |
|
|
4.23 |
% |
|
|
4.33 |
% |
|
|
4.41 |
% |
|
Efficiency ratio
(2) |
|
40.22 |
% |
|
|
40.54 |
% |
|
|
39.63 |
% |
|
|
40.80 |
% |
|
|
41.47 |
% |
|
|
42.04 |
% |
|
|
41.70 |
% |
|
|
44.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans (3) |
|
1.04 |
% |
|
|
1.04 |
% |
|
|
1.05 |
% |
|
|
1.06 |
% |
|
|
1.05 |
% |
|
|
1.05 |
% |
|
|
1.07 |
% |
|
|
1.07 |
% |
|
Nonperforming loans to
total loans (3) |
|
0.31 |
% |
|
|
0.41 |
% |
|
|
0.40 |
% |
|
|
0.43 |
% |
|
|
0.26 |
% |
|
|
0.30 |
% |
|
|
0.33 |
% |
|
|
0.44 |
% |
|
Allowance for credit
losses to total nonperforming loans |
|
330.49 |
% |
|
|
255.29 |
% |
|
|
264.44 |
% |
|
|
249.03 |
% |
|
|
397.95 |
% |
|
|
347.82 |
% |
|
|
328.98 |
% |
|
|
244.12 |
% |
|
Nonperforming assets to
total assets |
|
0.30 |
% |
|
|
0.41 |
% |
|
|
0.39 |
% |
|
|
0.42 |
% |
|
|
0.31 |
% |
|
|
0.41 |
% |
|
|
0.44 |
% |
|
|
0.58 |
% |
|
Net charge-offs
(annualized) to average loans (3) |
|
-0.01 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.09 |
% |
|
|
0.18 |
% |
|
|
0.16 |
% |
|
|
0.21 |
% |
|
|
0.15 |
% |
|
Tier 1 capital (to
average assets) |
|
10.72 |
% |
|
|
11.12 |
% |
|
|
11.24 |
% |
|
|
11.01 |
% |
|
|
10.90 |
% |
|
|
11.96 |
% |
|
|
12.03 |
% |
|
|
12.19 |
% |
|
Total capital (to risk
weighted assets) |
|
14.89 |
% |
|
|
15.05 |
% |
|
|
12.71 |
% |
|
|
12.87 |
% |
|
|
12.75 |
% |
|
|
13.80 |
% |
|
|
13.75 |
% |
|
|
13.90 |
% |
|
Common equity tier 1
capital (to risk weighted assets) |
|
10.80 |
% |
|
|
10.83 |
% |
|
|
10.74 |
% |
|
|
10.83 |
% |
|
|
10.68 |
% |
|
|
10.48 |
% |
|
|
10.37 |
% |
|
|
10.37 |
% |
|
Tangible common equity
ratio (1) |
|
10.84 |
% |
|
|
10.64 |
% |
|
|
10.88 |
% |
|
|
10.86 |
% |
|
|
10.56 |
% |
|
|
10.46 |
% |
|
|
10.34 |
% |
|
|
10.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,984,492 |
|
|
$ |
6,492,274 |
|
|
$ |
6,191,164 |
|
|
$ |
6,072,533 |
|
|
$ |
5,907,022 |
|
|
$ |
5,775,283 |
|
|
$ |
5,561,069 |
|
|
$ |
5,270,301 |
|
|
Total earning
assets |
$ |
6,752,859 |
|
|
$ |
6,264,531 |
|
|
$ |
5,967,008 |
|
|
$ |
5,844,915 |
|
|
$ |
5,675,730 |
|
|
$ |
5,545,398 |
|
|
$ |
5,332,397 |
|
|
$ |
5,039,748 |
|
|
Total loans |
$ |
5,591,790 |
|
|
$ |
5,422,677 |
|
|
$ |
5,266,305 |
|
|
$ |
5,070,386 |
|
|
$ |
4,859,391 |
|
|
$ |
4,636,298 |
|
|
$ |
4,499,871 |
|
|
$ |
4,376,248 |
|
|
Total deposits |
$ |
5,796,516 |
|
|
$ |
5,353,834 |
|
|
$ |
5,178,501 |
|
|
$ |
5,143,670 |
|
|
$ |
4,952,282 |
|
|
$ |
4,842,706 |
|
|
$ |
4,655,234 |
|
|
$ |
4,330,403 |
|
|
Total borrowings |
$ |
312,842 |
|
|
$ |
300,083 |
|
|
$ |
207,221 |
|
|
$ |
139,324 |
|
|
$ |
168,652 |
|
|
$ |
128,015 |
|
|
$ |
127,582 |
|
|
$ |
249,516 |
|
|
Total shareholders’
equity |
$ |
834,823 |
|
|
$ |
809,973 |
|
|
$ |
783,318 |
|
|
$ |
756,916 |
|
|
$ |
757,199 |
|
|
$ |
778,279 |
|
|
$ |
755,541 |
|
|
$ |
661,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Tangible common equity to tangible assets (the "tangible common
equity ratio") and tangible book value per common share are
non-GAAP financial measures derived from GAAP based amounts. The
Company calculates the tangible common equity ratio by
excluding the balance of intangible assets from common
shareholders' equity and dividing by tangible assets. The Company
calculates tangible book value per common share by dividing
tangible common equity by common shares outstanding, as
compared to book value per common share, which the Company
calculates by dividing common shareholders' equity by common shares
outstanding. The Company considers this information important to
shareholders as tangible equity is a measure that is
consistent with the calculation of capital for bank regulatory
purposes, which excludes intangible assets from the calculation of
risk based ratios and as such is useful for investors, regulators,
management and others to evaluate capital adequacy and to
compare against other financial institutions. |
|
(2)
Computed by dividing noninterest expense by the sum of net interest
income and noninterest income. |
|
(3) Excludes loans held
for sale. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE BANCORP, INC.
CONTACT:
Michael T. Flynn
301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
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From Sep 2024 to Oct 2024
Eagle Bancorp (NASDAQ:EGBN)
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From Oct 2023 to Oct 2024