Eagle Bancorp, Inc. (the “Company”) (NASDAQ:EGBN), the parent
company of EagleBank, today announced record quarterly net income
of $29.9 million for the three months ended September 30, 2017, a
22% increase over the $24.5 million net income for the three months
ended September 30, 2016. Net income per basic common share for the
three months ended September 30, 2017 was $0.87 compared to $0.73
for the same period in 2016, a 19% increase. Net income per diluted
common share for the three months ended September 30, 2017 was
$0.87 compared to $0.72 for the same period in 2016, a 21%
increase.
For the nine months ended September 30, 2017,
the Company’s net income was $84.7 million, an 18% increase over
the $72.0 million for the same period in 2016. Net income per basic
common share for the nine months ended September 30, 2017 was $2.48
compared to $2.14 for the same period in 2016, a 16% increase. Net
income per diluted common share for the nine months ended September
30, 2017 was $2.47 compared to $2.11 for the same period in 2016, a
17% increase.
“We are very pleased to report a continued
quarterly 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 35
consecutive quarters dating back to the first quarter of 2009. We
are proud that this performance has been the result of a
combination of balance sheet growth, revenue growth, solid asset
quality, and improved operating leverage. Both the FHA Multifamily
lending division and the Small Business Administration (“SBA”)
lending division added additional revenue during the third quarter.
As a result, we are very pleased to report continued growth in
earnings and earnings per share.”
The Company’s financial performance for the
three and nine months ended September 30, 2017 as compared to the
same periods in September 30, 2016 was highlighted by:
- growth in total revenue of 11% for the third quarter of 2017
and 8% for the first nine months of 2017 over 2016;
- a stable and strong net interest margin (“NIM”) of 4.14% for
the three and nine months ended September 30, 2017;
- improvement in the efficiency ratio to 37.49% for the third
quarter in 2017 and 38.86% for the first nine months of 2017;
- a year-to-date annualized net charge-off ratio to average loans
of 0.02%;
- further improvement in non-performing assets from an already
favorable position;
- growth in average total loans of 11% over the prior year;
- growth in average total deposits of 9% over the prior year;
and
- noninterest income contribution from our FHA Multifamily
lending division.
Mr. Paul added, “At a time when the net interest
margin of banks is being challenged by the low interest rate
environment, the Company remains committed to cost management
measures and strong productivity.” The strong third quarter
earnings resulted in an annualized return on average assets
(“ROAA”) of 1.66% and an annualized return on average common equity
(“ROACE”) of 12.86%.
For the first nine months of 2017, total loans
grew 7% over December 31, 2016, and averaged 11% higher in the
first nine months of 2017 as compared to the first nine months of
2016. Loan growth has moderated in the third quarter due to a
portfolio sale of $37.0 million in residential mortgages out of the
loan portfolio, being more selective in new credit opportunities,
and higher levels of loan payoffs as projects continue to perform
well and are refinanced with third-party lenders. At September 30,
2017, total deposits were 4% higher than deposits at December 31,
2016, while average deposits were 9% higher for the first nine
months of 2017 compared with the first nine months of 2016.
The NIM was 4.14% for the third quarter of 2017
which was just two basis points lower than the second quarter of
2017. Mr. Paul noted, “We believe that our NIM remains favorable to
peer banks. Importantly, we have been able to continue to expand
loan yields which were 5.19% for the third quarter, up five basis
points from the second quarter and up 11 basis points from the
third quarter in 2016. By achieving better loan yields, which is in
part due to having a high percentage of variable rate loans, we are
doing well in offsetting a higher cost of funds. Funding costs,
although up four basis points from the second quarter, have
benefitted from the substantial average mix of noninterest deposits
of 32.4% for the third quarter. The Company’s focus continues to be
on all the factors that contribute to earnings per share growth, as
opposed to dependence on any one factor.”
Total revenue (net interest income plus
noninterest income) for the third quarter of 2017 was $78.7
million, 11% above the $71.1 million of total revenue earned for
the third quarter of 2016 and 3% higher than the $76.7 million of
revenue earned in the second quarter of 2017. For the nine month
period ended September 30, total revenue was $228.4 million for
2017, as compared to $211.4 million in 2016, an 8%
increase.
The primary driver of the Company’s revenue
growth for the third quarter of 2017 as compared to the third
quarter in 2016 was its net interest income growth of 11% ($71.9
million versus $64.7 million). Noninterest income (excluding
investment gains) increased by 6% in the third quarter of 2017 over
2016, due substantially to income of $780 thousand on the
origination, securitization, servicing and sale of FHA
Multifamily-Backed Government National Mortgage Association
(“GNMA”) securities offset by lower sales of residential mortgage
loans and the resulting gains on the sale of these loans. The
portfolio sale of $37.0 million in residential mortgages out of the
loan portfolio resulted in $168 thousand in revenue during the
third quarter of 2017. There was no income related to portfolio
sales of residential mortgages out of the loan portfolio during the
third quarter of 2016. The sale of the guaranteed portion on SBA
loans resulted in $390 thousand in revenue during the third quarter
of 2017 compared to $101 thousand for the same period in 2016.
The Company continues to benefit from strong
asset quality as measures remained solid at September 30, 2017. Net
charge-offs (annualized) were 0.00% of average loans for the third
quarter of 2017, as compared to 0.14% of average loans for the
third quarter of 2016. At September 30, 2017, the Company’s
nonperforming loans amounted to $16.6 million (0.27% of total
loans) as compared to $22.3 million (0.41% of total loans) at
September 30, 2016 and $17.9 million (0.31% of total loans) at
December 31, 2016. Nonperforming assets amounted to $18.0 million
(0.24% of total assets) at September 30, 2017 compared to $27.5
million (0.41% of total assets) at September 30, 2016 and $20.6
million (0.30% of total assets) at December 31, 2016.
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 when appropriate and believes, based on its loan portfolio
risk analysis, that its allowance for credit losses, at 1.03% of
total loans (excluding loans held for sale) at September 30, 2017,
is adequate to absorb potential credit losses within the loan
portfolio at that date. The allowance for credit losses was 1.04%
at September 30, 2016 and December 31, 2016. The allowance for
credit losses at September 30, 2017 represented 379% of
nonperforming loans, as compared to 255% at September 30, 2016 and
330% at December 31, 2016.
“The Company’s productivity continued to improve
in the third quarter,” noted Mr. Paul. The efficiency ratio of
37.49% in the third quarter of 2017 reflects management’s ongoing
efforts to maintain superior operating leverage. The annualized
level of noninterest expenses as a percentage of average assets has
declined to 1.66% in the third quarter of 2017 as compared to 1.78%
in the third quarter of 2016. A relatively stable staff, capacity
utilization, branch rationalization, a low level of problem assets,
and leveraging of other fixed costs have been the major reasons for
improved operating leverage. Additionally, the Company continues to
invest in IT systems and resources, including its online client
services. Mr. Paul further noted, “Our goal is to improve operating
performance without inhibiting growth or negatively impacting our
ability to service our customers. We will continue to maintain
strict oversight of expenses, while retaining an infrastructure to
remain competitive, support our growth initiatives and manage
risk.”
Total assets at September 30, 2017 were $7.39
billion, a 9% increase as compared to $6.76 billion at September
30, 2016, and a 7% increase as compared to $6.89 billion at
December 31, 2016. Total loans (excluding loans held for sale) were
$6.08 billion at September 30, 2017, an 11% increase as compared to
$5.48 billion at September 30, 2016, and a 7% increase as compared
to $5.68 billion at December 31, 2016. Loans held for sale amounted
to $26.0 million at September 30, 2017 as compared to $78.1 million
at September 30, 2016, a 67% decrease, and $51.6 million at
December 31, 2016, a 50% decrease. The investment portfolio totaled
$556.0 million at September 30, 2017, a 29% increase from the
$430.7 million balance at September 30, 2016. As compared to
December 31, 2016, the investment portfolio at September 30, 2017
increased by $17.9 million or 3%.
Total deposits at September 30, 2017 were $5.91
billion, compared to deposits of $5.56 billion at September 30,
2016, a 6% increase, and deposits of $5.72 billion at December 31,
2016, a 4% increase. Total borrowed funds (excluding customer
repurchase agreements) were $416.8 million at September 30, 2017,
$266.4 million at September 30, 2016, and $216.5 million at
December 31, 2016. We continue to work on expanding the breadth and
depth of our existing relationships while we pursue building new
relationships.
Total shareholders’ equity at September 30, 2017
increased 15%, to $934.0 million, compared to $815.6 million at
September 30, 2016, and increased 11% from $842.8 million at
December 31, 2016. The Company’s capital position remains
substantially in excess of regulatory requirements for well
capitalized status, with a total risk based capital ratio of 15.30%
at September 30, 2017, as compared to 15.05% at September 30, 2016,
and 14.89% at December 31, 2016. In addition, the tangible common
equity ratio was 11.35% at September 30, 2017, compared to 10.64%
at September 30, 2016 and 10.84% at December 31, 2016.
Analysis of the three months ended
September 30, 2017 compared to September 30, 2016
For the three months ended September 30, 2017,
the Company reported an annualized ROAA of 1.66% as compared to
1.50% for the three months ended September 30, 2016. The annualized
ROACE for the three months ended September 30, 2017 was 12.86%, as
compared to 12.04% for the three months ended September 30,
2016.
Net interest income increased 11% for the three
months ended September 30, 2017 over the same period in 2016 ($71.9
million versus $64.7 million), resulting from growth in average
earning assets of 10% and a three basis point expansion of the net
interest margin. The net interest margin was 4.14% for the three
months ended September 30, 2017, as compared to 4.11% for the three
months ended September 30, 2016. 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 of 2017 has been a
significant factor in its overall profitability.
The provision for credit losses was $1.9 million
for the three months ended September 30, 2017 as compared to $2.3
million for the three months ended September 30, 2016. The lower
provisioning in the third quarter of 2017, as compared to the third
quarter of 2016, is primarily due to lower net charge-offs and to
overall improved asset quality. Net charge-offs of $2 thousand in
the third quarter of 2017 represented an annualized 0.00% of
average loans, excluding loans held for sale, as compared to $2.0
million, or an annualized 0.14% of average loans, excluding loans
held for sale, in the third quarter of 2016. Net charge-offs in the
third quarter of 2017 were attributable primarily to net
charge-offs in commercial and industrial loans ($114 thousand)
offset by net recoveries in construction - commercial and
residential ($106 thousand).
Noninterest income for the three months ended
September 30, 2017 increased to $6.8 million from $6.4 million for
the three months ended September 30, 2016, due substantially to
income of $780 thousand on the origination, securitization,
servicing and sale of FHA Multifamily-Backed GNMA securities in the
third quarter of 2017, offset by lower sales of residential
mortgage loans and the resulting gains on the sale of these loans
(gain of $1.8 million for the third quarter of 2017 versus $2.9
million for the same period in 2016). There was no income related
to FHA Multifamily-Backed GNMA securities in the third quarter of
2016. The portfolio sale of $37.0 million in residential mortgages
out of the loan portfolio resulted in $168 thousand in revenue
during the third quarter of 2017. There was no income related to
portfolio sales of residential mortgages out of the loan portfolio
during the third quarter of 2016. The sale of the guaranteed
portion on SBA loans resulted in $390 thousand in revenue during
the third quarter of 2017 compared to $101 thousand for the same
period in 2016. Residential mortgage loans closed were $135 million
for the third quarter in 2017 versus $276 million for the third
quarter of 2016. Excluding gains on sales of investment securities,
noninterest income was $6.8 million in the third quarter of 2017 as
compared to $6.4 million for the third quarter of 2016, an increase
of 6%.
The efficiency ratio, which measures the ratio
of noninterest expense to total revenue, was 37.49% for the third
quarter of 2017, as compared to 40.54% for the third quarter of
2016. Noninterest expenses totaled $29.5 million for the three
months ended September 30, 2017, as compared to $28.8 million for
the three months ended September 30, 2016, a 2% increase. Legal,
accounting, and professional fees decreased by $469 thousand
primarily due to general bank consulting projects. FDIC insurance
premiums increased by $300 thousand primarily due to a larger
assessment base. Salaries and benefits expenses decreased
$225 thousand due primarily to a decrease in employee benefit costs
due to the prior year acceleration of restricted stock awards,
offset by merit increases.
The effective tax rate was 36.8% for the third
quarter 2017 as compared to 38.7% for the same period in 2016 due
primarily to new tax credit investments in the third quarter of
2017 and a lower state tax apportionment factor in the current
year.
Analysis of the nine months ended
September 30, 2017 compared to September 30, 2016
For the nine months ended September 30, 2017,
the Company reported an annualized ROAA of 1.63% as compared to
1.54% for the nine months ended September 30, 2016. The annualized
ROACE for the nine months ended September 30, 2017 was 12.71%, as
compared to 12.27% for the nine months ended September 30, 2016.
The higher ratios are due to increased earnings.
Net interest income increased 9% for the nine
months ended September 30, 2017 over the same period in 2016
($208.5 million versus $191.1 million), resulting from growth in
average earning assets of 12%. The net interest margin was 4.14%
for the nine months ended September 30, 2017 as compared to 4.23%
for the same period in 2016. 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 5.15% for the first nine months in 2017 has been a significant
factor in its overall profitability. Additionally, the percentage
of average noninterest bearing deposits to total deposits was 32%
for the first nine months in 2017 versus 30% for the same period in
2016.
The provision for credit losses was $4.9 million
for the nine months ended September 30, 2017 as compared to $9.2
million for the nine months ended September 30, 2016. The lower
provisioning in the first nine months of 2017, as compared to the
first nine months of 2016, is due to a combination of lower
net-charge-offs, lower loan growth, as net loans increased $406.3
million during the first nine months of 2017, as compared to an
increase of $483.6 million during the same period in 2016, and to
overall improved asset quality. Net charge-offs of $991 thousand in
the first nine months of 2017 represented an annualized 0.02% of
average loans, excluding loans held for sale, as compared to $5.0
million or an annualized 0.13% of average loans, excluding loans
held for sale, in the first nine months of 2016. Net charge-offs in
the first nine months of 2017 were attributable primarily to
commercial real estate loans.
Noninterest income for the nine months ended
September 30, 2017 was $19.9 million as compared to $20.3 million
for the nine months ended September 30, 2016, a 2% decrease.
This was primarily due to fewer sales of SBA and residential
mortgage loans resulting in a $785 thousand and $939 thousand
decreased gain on the sale of these loans, respectively, and a $581
thousand decreased gain on sale of securities, offset by revenue
associated with the origination, securitization, servicing, and
sale of FHA Multifamily-Backed GNMA securities of $1.5 million and
a $338 thousand increase in service charges on
deposits. The portfolio sale of $37.0 million in
residential mortgages out of the loan portfolio resulted in $168
thousand in revenue during the nine months ended September 30,
2017. There was no income related to portfolio sales of residential
mortgages out of the loan portfolio for the same period of 2016.
Excluding investment securities net gains, total noninterest income
was $19.3 million for the nine months ended September 30, 2017, as
compared to $19.1 million for the same period in 2016, a 1%
increase.
Noninterest expenses totaled $88.7 million for
the nine months ended September 30, 2017, as compared to $85.2
million for the nine months ended September 30, 2016, a 4%
increase. Cost increases for salaries and benefits were $1.3
million, due primarily to increased merit and incentive
compensation, offset by a decrease in employee benefit costs due to
the prior year acceleration of restricted stock awards. Marketing
and advertising increased by $322 thousand due to costs associated
with digital and print advertising and sponsorships. Data
processing increased by $341 thousand due primarily to increased
vendor fees associated with higher volumes and rates. Legal,
accounting and professional fees increased by $694 thousand
primarily due to enhanced IT risk management and general bank
consulting projects. Other expenses increased $799 thousand
primarily due to higher broker fees. For the first nine months of
2017, the efficiency ratio was 38.86% as compared to 40.32% for the
same period in 2016.
The financial information which follows provides
more detail on the Company’s financial performance for the three
and nine months ended September 30, 2017 as compared to the three
and nine months ended September 30, 2016 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, 2016 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 third quarter 2017
financial results on Thursday, October 19, 2017 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
87543459, 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 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, 2016 and in other periodic and
current reports filed with the SEC. Readers are cautioned against
placing undue reliance on any such forward-looking statements. The
Company’s past results are not necessarily indicative of future
performance.
Eagle Bancorp, Inc. |
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Consolidated
Financial Highlights (Unaudited) |
|
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(dollars in thousands,
except per share data) |
|
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2017 |
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2016 |
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2017 |
|
|
|
2016 |
|
|
Income
Statements: |
|
|
|
|
|
|
|
|
Total interest
income |
$ |
82,370 |
|
|
$ |
72,431 |
|
|
$ |
237,508 |
|
|
$ |
210,010 |
|
|
Total interest
expense |
|
10,434 |
|
|
|
7,703 |
|
|
|
28,980 |
|
|
|
18,870 |
|
|
Net interest
income |
|
71,936 |
|
|
|
64,728 |
|
|
|
208,528 |
|
|
|
191,140 |
|
|
Provision for credit
losses |
|
1,921 |
|
|
|
2,288 |
|
|
|
4,884 |
|
|
|
9,219 |
|
|
Net interest income
after provision for credit losses |
|
70,015 |
|
|
|
62,440 |
|
|
|
203,644 |
|
|
|
181,921 |
|
|
Noninterest income
(before investment gains) |
|
6,773 |
|
|
|
6,404 |
|
|
|
19,335 |
|
|
|
19,147 |
|
|
Gain on sale of
investment securities |
|
11 |
|
|
|
1 |
|
|
|
542 |
|
|
|
1,123 |
|
|
Total noninterest
income |
|
6,784 |
|
|
|
6,405 |
|
|
|
19,877 |
|
|
|
20,270 |
|
|
Total noninterest
expense |
|
29,516 |
|
|
|
28,838 |
|
|
|
88,749 |
|
|
|
85,235 |
|
|
Income before income
tax expense |
|
47,283 |
|
|
|
40,007 |
|
|
|
134,772 |
|
|
|
116,956 |
|
|
Income tax expense |
|
17,409 |
|
|
|
15,484 |
|
|
|
50,109 |
|
|
|
44,966 |
|
|
Net income |
$ |
29,874 |
|
|
$ |
24,523 |
|
|
$ |
84,663 |
|
|
$ |
71,990 |
|
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Per Share
Data: |
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|
Earnings per weighted
average common share, basic |
$ |
0.87 |
|
|
$ |
0.73 |
|
|
$ |
2.48 |
|
|
$ |
2.14 |
|
|
Earnings per weighted
average common share, diluted |
$ |
0.87 |
|
|
$ |
0.72 |
|
|
$ |
2.47 |
|
|
$ |
2.11 |
|
|
Weighted average common
shares outstanding, basic |
|
34,173,893 |
|
|
|
33,590,183 |
|
|
|
34,124,387 |
|
|
|
33,565,863 |
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|
Weighted average common
shares outstanding, diluted |
|
34,338,442 |
|
|
|
34,187,171 |
|
|
|
34,315,640 |
|
|
|
34,161,890 |
|
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Actual shares
outstanding at period end |
|
34,174,009 |
|
|
|
33,590,880 |
|
|
|
34,174,009 |
|
|
|
33,590,880 |
|
|
Book value per common
share at period end |
$ |
27.33 |
|
|
$ |
24.28 |
|
|
$ |
27.33 |
|
|
$ |
24.28 |
|
|
Tangible book value per
common share at period end (1) |
$ |
24.19 |
|
|
$ |
21.08 |
|
|
$ |
24.19 |
|
|
$ |
21.08 |
|
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|
|
|
|
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Performance
Ratios (annualized): |
|
|
|
|
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|
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Return on average
assets |
|
1.66 |
% |
|
|
1.50 |
% |
|
|
1.63 |
% |
|
|
1.54 |
% |
|
Return on average
common equity |
|
12.86 |
% |
|
|
12.04 |
% |
|
|
12.71 |
% |
|
|
12.27 |
% |
|
Net interest
margin |
|
4.14 |
% |
|
|
4.11 |
% |
|
|
4.14 |
% |
|
|
4.23 |
% |
|
Efficiency ratio
(2) |
|
37.49 |
% |
|
|
40.54 |
% |
|
|
38.86 |
% |
|
|
40.32 |
% |
|
|
|
|
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Other
Ratios: |
|
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|
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Allowance for credit
losses to total loans (3) |
|
1.03 |
% |
|
|
1.04 |
% |
|
|
1.03 |
% |
|
|
1.04 |
% |
|
Allowance for credit
losses to total nonperforming loans |
|
379.11 |
% |
|
|
255.29 |
% |
|
|
379.11 |
% |
|
|
255.29 |
% |
|
Nonperforming loans to
total loans (3) |
|
0.27 |
% |
|
|
0.41 |
% |
|
|
0.27 |
% |
|
|
0.41 |
% |
|
Nonperforming assets to
total assets |
|
0.24 |
% |
|
|
0.41 |
% |
|
|
0.24 |
% |
|
|
0.41 |
% |
|
Net charge-offs
(annualized) to average loans (3) |
|
0.00 |
% |
|
|
0.14 |
% |
|
|
0.02 |
% |
|
|
0.13 |
% |
|
Common equity to total
assets |
|
12.63 |
% |
|
|
12.06 |
% |
|
|
12.63 |
% |
|
|
12.06 |
% |
|
Tier 1 capital (to
average assets) |
|
11.78 |
% |
|
|
11.12 |
% |
|
|
11.78 |
% |
|
|
11.12 |
% |
|
Total capital (to risk
weighted assets) |
|
15.30 |
% |
|
|
15.05 |
% |
|
|
15.30 |
% |
|
|
15.05 |
% |
|
Common equity tier 1
capital (to risk weighted assets) |
|
11.40 |
% |
|
|
10.83 |
% |
|
|
11.40 |
% |
|
|
10.83 |
% |
|
Tangible common equity
ratio (1) |
|
11.35 |
% |
|
|
10.64 |
% |
|
|
11.35 |
% |
|
|
10.64 |
% |
|
|
|
|
|
|
|
|
|
|
Loan Balances -
Period End (in thousands): |
|
|
|
|
|
|
|
|
Commercial and
Industrial |
$ |
1,244,184 |
|
|
$ |
1,130,042 |
|
|
$ |
1,244,184 |
|
|
$ |
1,130,042 |
|
|
Commercial real estate
- owner occupied |
$ |
749,580 |
|
|
$ |
590,427 |
|
|
$ |
749,580 |
|
|
$ |
590,427 |
|
|
Commercial real estate
- income producing |
$ |
2,898,948 |
|
|
$ |
2,551,186 |
|
|
$ |
2,898,948 |
|
|
$ |
2,551,186 |
|
|
1-4 Family
mortgage |
$ |
109,460 |
|
|
$ |
154,439 |
|
|
$ |
109,460 |
|
|
$ |
154,439 |
|
|
Construction -
commercial and residential |
$ |
915,493 |
|
|
$ |
838,137 |
|
|
$ |
915,493 |
|
|
$ |
838,137 |
|
|
Construction - C&I
(owner occupied) |
$ |
55,828 |
|
|
$ |
104,676 |
|
|
$ |
55,828 |
|
|
$ |
104,676 |
|
|
Home equity |
$ |
101,898 |
|
|
$ |
106,856 |
|
|
$ |
101,898 |
|
|
$ |
106,856 |
|
|
Other
consumer |
$ |
8,813 |
|
|
$ |
6,212 |
|
|
$ |
8,813 |
|
|
$ |
6,212 |
|
|
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
|
Total assets |
$ |
7,128,769 |
|
|
$ |
6,492,274 |
|
|
$ |
6,954,948 |
|
|
$ |
6,252,867 |
|
|
Total earning
assets |
$ |
6,897,613 |
|
|
$ |
6,266,311 |
|
|
$ |
6,722,664 |
|
|
$ |
6,027,834 |
|
|
Total loans |
$ |
5,946,411 |
|
|
$ |
5,422,677 |
|
|
$ |
5,849,832 |
|
|
$ |
5,253,742 |
|
|
Total deposits |
$ |
5,827,953 |
|
|
$ |
5,353,834 |
|
|
$ |
5,681,827 |
|
|
$ |
5,225,804 |
|
|
Total borrowings |
$ |
344,959 |
|
|
$ |
300,083 |
|
|
$ |
346,174 |
|
|
$ |
215,851 |
|
|
Total shareholders’
equity |
$ |
921,493 |
|
|
$ |
809,973 |
|
|
$ |
890,817 |
|
|
$ |
783,499 |
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
Nine Months Ended |
|
Twelve Months Ended |
|
Nine Months Ended |
|
|
|
September 30, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
|
Common shareholders'
equity |
$ |
933,982 |
|
|
$ |
842,799 |
|
|
$ |
815,639 |
|
|
|
Less: Intangible
assets |
|
(107,150 |
) |
|
|
(107,419 |
) |
|
|
(107,694 |
) |
|
|
Tangible common
equity |
$ |
826,832 |
|
|
$ |
735,380 |
|
|
$ |
707,945 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
27.33 |
|
|
$ |
24.77 |
|
|
$ |
24.28 |
|
|
|
Less: Intangible book
value per common share |
|
(3.14 |
) |
|
|
(3.16 |
) |
|
|
(3.20 |
) |
|
|
Tangible book
value per common share |
$ |
24.19 |
|
|
$ |
21.61 |
|
|
$ |
21.08 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,393,656 |
|
|
$ |
6,890,096 |
|
|
$ |
6,762,132 |
|
|
|
Less: Intangible
assets |
|
(107,150 |
) |
|
|
(107,419 |
) |
|
|
(107,694 |
) |
|
|
Tangible
assets |
$ |
7,286,506 |
|
|
$ |
6,782,677 |
|
|
$ |
6,654,438 |
|
|
|
Tangible common
equity ratio |
|
11.35 |
% |
|
|
10.84 |
% |
|
|
10.64 |
% |
|
|
|
|
|
|
|
|
|
(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 |
September 30, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
Cash and due from
banks |
$ |
8,246 |
|
|
$ |
10,285 |
|
|
$ |
8,678 |
|
Federal funds sold |
|
8,548 |
|
|
|
2,397 |
|
|
|
5,262 |
|
Interest bearing
deposits with banks and other short-term investments |
|
432,156 |
|
|
|
355,481 |
|
|
|
505,087 |
|
Investment securities
available for sale, at fair value |
|
556,026 |
|
|
|
538,108 |
|
|
|
430,668 |
|
Federal Reserve and
Federal Home Loan Bank stock |
|
30,980 |
|
|
|
21,600 |
|
|
|
19,920 |
|
Loans held for
sale |
|
25,980 |
|
|
|
51,629 |
|
|
|
78,118 |
|
Loans |
|
6,084,204 |
|
|
|
5,677,893 |
|
|
|
5,481,975 |
|
Less allowance for
credit losses |
|
(62,967 |
) |
|
|
(59,074 |
) |
|
|
(56,864 |
) |
Loans,
net |
|
6,021,237 |
|
|
|
5,618,819 |
|
|
|
5,425,111 |
|
Premises and equipment,
net |
|
19,546 |
|
|
|
20,661 |
|
|
|
19,370 |
|
Deferred income
taxes |
|
45,432 |
|
|
|
48,220 |
|
|
|
41,065 |
|
Bank owned life
insurance |
|
61,238 |
|
|
|
60,130 |
|
|
|
59,747 |
|
Intangible assets,
net |
|
107,150 |
|
|
|
107,419 |
|
|
|
107,694 |
|
Other real estate
owned |
|
1,394 |
|
|
|
2,694 |
|
|
|
5,194 |
|
Other assets |
|
75,723 |
|
|
|
52,653 |
|
|
|
56,218 |
|
Total Assets |
$ |
7,393,656 |
|
|
$ |
6,890,096 |
|
|
$ |
6,762,132 |
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest bearing demand |
$ |
1,843,157 |
|
|
$ |
1,775,684 |
|
|
$ |
1,668,271 |
|
Interest
bearing transaction |
|
429,247 |
|
|
|
289,122 |
|
|
|
297,973 |
|
Savings
and money market |
|
2,818,871 |
|
|
|
2,902,560 |
|
|
|
2,802,519 |
|
Time,
$100,000 or more |
|
482,325 |
|
|
|
464,842 |
|
|
|
452,015 |
|
Other
time |
|
340,352 |
|
|
|
283,906 |
|
|
|
337,371 |
|
Total
deposits |
|
5,913,952 |
|
|
|
5,716,114 |
|
|
|
5,558,149 |
|
Customer repurchase
agreements |
|
73,569 |
|
|
|
68,876 |
|
|
|
71,642 |
|
Other short-term
borrowings |
|
200,000 |
|
|
|
- |
|
|
|
50,000 |
|
Long-term
borrowings |
|
216,807 |
|
|
|
216,514 |
|
|
|
216,419 |
|
Other liabilities |
|
55,346 |
|
|
|
45,793 |
|
|
|
50,283 |
|
Total liabilities |
|
6,459,674 |
|
|
|
6,047,297 |
|
|
|
5,946,493 |
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
Common stock, par value
$.01 per share; shares authorized 100,000,000, shares issued and
outstanding 34,174,009, 34,023,850, and 33,590,880,
respectively |
|
340 |
|
|
|
338 |
|
|
|
333 |
|
Warrant |
|
- |
|
|
|
- |
|
|
|
946 |
|
Additional paid in
capital |
|
518,616 |
|
|
|
513,531 |
|
|
|
509,706 |
|
Retained
earnings |
|
415,975 |
|
|
|
331,311 |
|
|
|
305,594 |
|
Accumulated other
comprehensive loss |
|
(949 |
) |
|
|
(2,381 |
) |
|
|
(940 |
) |
Total Shareholders' Equity |
|
933,982 |
|
|
|
842,799 |
|
|
|
815,639 |
|
Total Liabilities and Shareholders' Equity |
$ |
7,393,656 |
|
|
$ |
6,890,096 |
|
|
$ |
6,762,132 |
|
|
|
|
|
|
|
Eagle Bancorp,
Inc. |
|
|
|
|
|
|
|
Consolidated
Statements of Income (Unaudited) |
|
|
|
|
|
|
|
(dollars in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Interest
Income |
2017 |
|
2016 |
|
2017 |
|
2016 |
Interest
and fees on loans |
$ |
78,176 |
|
$ |
69,869 |
|
$ |
226,543 |
|
$ |
202,002 |
Interest
and dividends on investment securities |
|
3,194 |
|
|
2,177 |
|
|
8,854 |
|
|
7,121 |
Interest
on balances with other banks and short-term investments |
|
991 |
|
|
376 |
|
|
2,084 |
|
|
856 |
Interest
on federal funds sold |
|
9 |
|
|
9 |
|
|
27 |
|
|
31 |
Total
interest income |
|
82,370 |
|
|
72,431 |
|
|
237,508 |
|
|
210,010 |
Interest
Expense |
|
|
|
|
|
|
|
Interest
on deposits |
|
7,233 |
|
|
4,840 |
|
|
19,466 |
|
|
13,513 |
Interest
on customer repurchase agreements |
|
58 |
|
|
39 |
|
|
136 |
|
|
115 |
Interest
on other short-term borrowings |
|
164 |
|
|
383 |
|
|
441 |
|
|
727 |
Interest
on long-term borrowings |
|
2,979 |
|
|
2,441 |
|
|
8,937 |
|
|
4,515 |
Total
interest expense |
|
10,434 |
|
|
7,703 |
|
|
28,980 |
|
|
18,870 |
Net Interest
Income |
|
71,936 |
|
|
64,728 |
|
|
208,528 |
|
|
191,140 |
Provision for
Credit Losses |
|
1,921 |
|
|
2,288 |
|
|
4,884 |
|
|
9,219 |
Net Interest
Income After Provision For Credit Losses |
|
70,015 |
|
|
62,440 |
|
|
203,644 |
|
|
181,921 |
|
|
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
|
|
Service
charges on deposits |
|
1,626 |
|
|
1,431 |
|
|
4,641 |
|
|
4,303 |
Gain on
sale of loans |
|
2,173 |
|
|
3,009 |
|
|
6,740 |
|
|
8,464 |
Gain on
sale of investment securities |
|
11 |
|
|
1 |
|
|
542 |
|
|
1,123 |
Increase
in the cash surrender value of bank owned life
insurance |
|
369 |
|
|
391 |
|
|
1,108 |
|
|
1,171 |
Other
income |
|
2,605 |
|
|
1,573 |
|
|
6,846 |
|
|
5,209 |
Total
noninterest income |
|
6,784 |
|
|
6,405 |
|
|
19,877 |
|
|
20,270 |
Noninterest
Expense |
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
16,905 |
|
|
17,130 |
|
|
50,451 |
|
|
49,157 |
Premises
and equipment expenses |
|
3,846 |
|
|
3,786 |
|
|
11,613 |
|
|
11,419 |
Marketing
and advertising |
|
732 |
|
|
857 |
|
|
2,873 |
|
|
2,551 |
Data
processing |
|
2,019 |
|
|
1,879 |
|
|
6,057 |
|
|
5,716 |
Legal,
accounting and professional fees |
|
1,240 |
|
|
771 |
|
|
3,539 |
|
|
2,845 |
FDIC
insurance |
|
929 |
|
|
629 |
|
|
2,063 |
|
|
2,193 |
Other
expenses |
|
3,845 |
|
|
3,786 |
|
|
12,153 |
|
|
11,354 |
Total
noninterest expense |
|
29,516 |
|
|
28,838 |
|
|
88,749 |
|
|
85,235 |
Income Before
Income Tax Expense |
|
47,283 |
|
|
40,007 |
|
|
134,772 |
|
|
116,956 |
Income Tax
Expense |
|
17,409 |
|
|
15,484 |
|
|
50,109 |
|
|
44,966 |
Net
Income |
$ |
29,874 |
|
$ |
24,523 |
|
$ |
84,663 |
|
$ |
71,990 |
|
|
|
|
|
|
|
|
Earnings Per
Common Share |
|
|
|
|
|
|
|
Basic |
$ |
0.87 |
|
$ |
0.73 |
|
$ |
2.48 |
|
$ |
2.14 |
Diluted |
$ |
0.87 |
|
$ |
0.72 |
|
$ |
2.47 |
|
$ |
2.11 |
|
|
|
|
|
|
|
|
Eagle Bancorp, Inc. |
Consolidated Average Balances, Interest Yields
And Rates (Unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
2017 |
|
2016 |
|
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 |
$ |
331,194 |
$ |
991 |
1.19 |
% |
|
$ |
338,521 |
$ |
376 |
0.44 |
% |
Loans
held for sale (1) |
|
37,146 |
|
350 |
3.77 |
% |
|
|
66,791 |
|
586 |
3.51 |
% |
Loans
(1) (2) |
|
5,946,411 |
|
77,826 |
5.19 |
% |
|
|
5,422,677 |
|
69,283 |
5.08 |
% |
Investment securities available for sale (2) |
|
576,423 |
|
3,194 |
2.20 |
% |
|
|
429,207 |
|
2,177 |
2.02 |
% |
Federal
funds sold |
|
6,439 |
|
9 |
0.55 |
% |
|
|
9,115 |
|
9 |
0.39 |
% |
Total
interest earning assets |
|
6,897,613 |
|
82,370 |
4.74 |
% |
|
|
6,266,311 |
|
72,431 |
4.60 |
% |
|
|
|
|
|
|
|
|
Total
noninterest earning assets |
|
292,891 |
|
|
|
|
281,784 |
|
|
Less:
allowance for credit losses |
|
61,735 |
|
|
|
|
55,821 |
|
|
Total
noninterest earning assets |
|
231,156 |
|
|
|
|
225,963 |
|
|
TOTAL ASSETS |
$ |
7,128,769 |
|
|
|
$ |
6,492,274 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest
bearing transaction |
$ |
406,923 |
$ |
506 |
0.49 |
% |
|
$ |
269,230 |
$ |
193 |
0.29 |
% |
Savings
and money market |
|
2,663,762 |
|
4,211 |
0.63 |
% |
|
|
2,641,863 |
|
2,976 |
0.45 |
% |
Time
deposits |
|
866,595 |
|
2,516 |
1.15 |
% |
|
|
784,834 |
|
1,671 |
0.85 |
% |
Total
interest bearing deposits |
|
3,937,280 |
|
7,233 |
0.73 |
% |
|
|
3,695,927 |
|
4,840 |
0.52 |
% |
Customer
repurchase agreements |
|
73,345 |
|
58 |
0.31 |
% |
|
|
73,749 |
|
39 |
0.21 |
% |
Other
short-term borrowings |
|
54,840 |
|
164 |
1.17 |
% |
|
|
50,013 |
|
383 |
3.00 |
% |
Long-term borrowings |
|
216,774 |
|
2,979 |
5.38 |
% |
|
|
176,321 |
|
2,441 |
5.42 |
% |
Total
interest bearing liabilities |
|
4,282,239 |
|
10,434 |
0.97 |
% |
|
|
3,996,010 |
|
7,703 |
0.77 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
Noninterest bearing demand |
|
1,890,673 |
|
|
|
|
1,657,907 |
|
|
Other
liabilities |
|
34,364 |
|
|
|
|
28,384 |
|
|
Total
noninterest bearing liabilities |
|
1,925,037 |
|
|
|
|
1,686,291 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
Equity |
|
921,493 |
|
|
|
|
809,973 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
7,128,769 |
|
|
|
$ |
6,492,274 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
71,936 |
|
|
|
$ |
64,728 |
|
Net interest
spread |
|
|
3.77 |
% |
|
|
|
3.83 |
% |
Net interest
margin |
|
|
4.14 |
% |
|
|
|
4.11 |
% |
Cost of funds |
|
|
0.60 |
% |
|
|
|
0.49 |
% |
|
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $4.7 million and $4.1 million for the three
months ended September 30, 2017 and 2016, 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, |
|
2017 |
|
2016 |
|
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 |
$ |
290,366 |
$ |
2,084 |
0.96 |
% |
|
$ |
254,348 |
$ |
856 |
0.45 |
% |
Loans
held for sale (1) |
|
34,925 |
|
1,020 |
3.89 |
% |
|
|
47,786 |
|
1,288 |
3.59 |
% |
Loans
(1) (2) |
|
5,849,832 |
|
225,523 |
5.15 |
% |
|
|
5,253,742 |
|
200,714 |
5.10 |
% |
Investment securities available for sale (1) |
|
541,378 |
|
8,854 |
2.19 |
% |
|
|
462,408 |
|
7,121 |
2.06 |
% |
Federal
funds sold |
|
6,163 |
|
27 |
0.59 |
% |
|
|
9,550 |
|
31 |
0.43 |
% |
Total
interest earning assets |
|
6,722,664 |
|
237,508 |
4.72 |
% |
|
|
6,027,834 |
|
210,010 |
4.65 |
% |
|
|
|
|
|
|
|
|
Total
noninterest earning assets |
|
292,700 |
|
|
|
|
280,220 |
|
|
Less:
allowance for credit losses |
|
60,416 |
|
|
|
|
55,187 |
|
|
Total
noninterest earning assets |
|
232,284 |
|
|
|
|
225,033 |
|
|
TOTAL ASSETS |
$ |
6,954,948 |
|
|
|
$ |
6,252,867 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
Interest
bearing transaction |
$ |
366,521 |
$ |
1,081 |
0.39 |
% |
|
$ |
234,481 |
$ |
445 |
0.25 |
% |
Savings
and money market |
|
2,677,777 |
|
12,171 |
0.61 |
% |
|
|
2,656,638 |
|
8,324 |
0.42 |
% |
Time
deposits |
|
795,884 |
|
6,214 |
1.04 |
% |
|
|
764,099 |
|
4,744 |
0.83 |
% |
Total
interest bearing deposits |
|
3,840,182 |
|
19,466 |
0.68 |
% |
|
|
3,655,218 |
|
13,513 |
0.49 |
% |
Customer
repurchase agreements |
|
70,702 |
|
136 |
0.26 |
% |
|
|
71,973 |
|
115 |
0.21 |
% |
Other
short-term borrowings |
|
58,797 |
|
441 |
0.99 |
% |
|
|
38,873 |
|
727 |
2.46 |
% |
Long-term borrowings |
|
216,675 |
|
8,937 |
5.44 |
% |
|
|
105,005 |
|
4,515 |
5.65 |
% |
Total
interest bearing liabilities |
|
4,186,356 |
|
28,980 |
0.93 |
% |
|
|
3,871,069 |
|
18,870 |
0.65 |
% |
|
|
|
|
|
|
|
|
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
Noninterest bearing demand |
|
1,841,645 |
|
|
|
|
1,570,586 |
|
|
Other
liabilities |
|
36,130 |
|
|
|
|
27,713 |
|
|
Total
noninterest bearing liabilities |
|
1,877,775 |
|
|
|
|
1,598,299 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
890,817 |
|
|
|
|
783,499 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
6,954,948 |
|
|
|
$ |
6,252,867 |
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
208,528 |
|
|
|
$ |
191,140 |
|
Net interest
spread |
|
|
3.79 |
% |
|
|
|
4.00 |
% |
Net interest
margin |
|
|
4.14 |
% |
|
|
|
4.23 |
% |
Cost of funds |
|
|
0.58 |
% |
|
|
|
0.42 |
% |
|
|
|
|
|
|
|
|
(1) Loans
placed on nonaccrual status are included in average balances. Net
loan fees and late charges included in interest income on loans
totaled $12.9 million and $11.7 million for the nine months
ended September 30, 2017 and 2016, 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 |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
Income
Statements: |
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
Total interest
income |
$ |
82,370 |
|
|
$ |
79,344 |
|
|
$ |
75,794 |
|
|
$ |
75,795 |
|
|
$ |
72,431 |
|
|
$ |
69,772 |
|
|
$ |
67,807 |
|
|
$ |
67,311 |
|
Total interest
expense |
|
10,434 |
|
|
|
9,646 |
|
|
|
8,900 |
|
|
|
8,771 |
|
|
|
7,703 |
|
|
|
5,950 |
|
|
|
5,217 |
|
|
|
4,735 |
|
Net interest
income |
|
71,936 |
|
|
|
69,698 |
|
|
|
66,894 |
|
|
|
67,024 |
|
|
|
64,728 |
|
|
|
63,822 |
|
|
|
62,590 |
|
|
|
62,576 |
|
Provision for credit
losses |
|
1,921 |
|
|
|
1,566 |
|
|
|
1,397 |
|
|
|
2,112 |
|
|
|
2,288 |
|
|
|
3,888 |
|
|
|
3,043 |
|
|
|
4,595 |
|
Net interest income
after provision for credit losses |
|
70,015 |
|
|
|
68,132 |
|
|
|
65,497 |
|
|
|
64,912 |
|
|
|
62,440 |
|
|
|
59,934 |
|
|
|
59,547 |
|
|
|
57,981 |
|
Noninterest income (before investment gains) |
|
6,773 |
|
|
|
6,997 |
|
|
|
5,565 |
|
|
|
6,943 |
|
|
|
6,404 |
|
|
|
7,077 |
|
|
|
5,666 |
|
|
|
6,462 |
|
Gain on
sale of investment securities |
|
11 |
|
|
|
26 |
|
|
|
505 |
|
|
|
71 |
|
|
|
1 |
|
|
|
498 |
|
|
|
624 |
|
|
|
30 |
|
Total noninterest
income |
|
6,784 |
|
|
|
7,023 |
|
|
|
6,070 |
|
|
|
7,014 |
|
|
|
6,405 |
|
|
|
7,575 |
|
|
|
6,290 |
|
|
|
6,492 |
|
Salaries
and employee benefits |
|
16,905 |
|
|
|
16,869 |
|
|
|
16,677 |
|
|
|
17,853 |
|
|
|
17,130 |
|
|
|
15,908 |
|
|
|
16,119 |
|
|
|
15,977 |
|
Premises
and equipment |
|
3,846 |
|
|
|
3,920 |
|
|
|
3,847 |
|
|
|
3,699 |
|
|
|
3,786 |
|
|
|
3,807 |
|
|
|
3,826 |
|
|
|
3,970 |
|
Marketing
and advertising |
|
732 |
|
|
|
1,247 |
|
|
|
894 |
|
|
|
944 |
|
|
|
857 |
|
|
|
920 |
|
|
|
774 |
|
|
|
566 |
|
Merger
expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
Other
expenses |
|
8,033 |
|
|
|
7,965 |
|
|
|
7,814 |
|
|
|
7,284 |
|
|
|
7,065 |
|
|
|
7,660 |
|
|
|
7,383 |
|
|
|
8,125 |
|
Total noninterest
expense |
|
29,516 |
|
|
|
30,001 |
|
|
|
29,232 |
|
|
|
29,780 |
|
|
|
28,838 |
|
|
|
28,295 |
|
|
|
28,102 |
|
|
|
28,640 |
|
Income before income
tax expense |
|
47,283 |
|
|
|
45,154 |
|
|
|
42,335 |
|
|
|
42,146 |
|
|
|
40,007 |
|
|
|
39,214 |
|
|
|
37,735 |
|
|
|
35,833 |
|
Income tax expense |
|
17,409 |
|
|
|
17,382 |
|
|
|
15,318 |
|
|
|
16,429 |
|
|
|
15,484 |
|
|
|
15,069 |
|
|
|
14,413 |
|
|
|
13,485 |
|
Net income |
|
29,874 |
|
|
|
27,772 |
|
|
|
27,017 |
|
|
|
25,717 |
|
|
|
24,523 |
|
|
|
24,145 |
|
|
|
23,322 |
|
|
|
22,348 |
|
Preferred stock
dividends |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
62 |
|
Net income available to
common shareholders |
$ |
29,874 |
|
|
$ |
27,772 |
|
|
$ |
27,017 |
|
|
$ |
25,717 |
|
|
$ |
24,523 |
|
|
$ |
24,145 |
|
|
$ |
23,322 |
|
|
$ |
22,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted
average common share, basic |
$ |
0.87 |
|
|
$ |
0.81 |
|
|
$ |
0.79 |
|
|
$ |
0.76 |
|
|
$ |
0.73 |
|
|
$ |
0.72 |
|
|
$ |
0.70 |
|
|
$ |
0.67 |
|
Earnings per weighted
average common share, diluted |
$ |
0.87 |
|
|
$ |
0.81 |
|
|
$ |
0.79 |
|
|
$ |
0.75 |
|
|
$ |
0.72 |
|
|
$ |
0.71 |
|
|
$ |
0.68 |
|
|
$ |
0.65 |
|
Weighted average common
shares outstanding, basic |
|
34,173,893 |
|
|
|
34,128,598 |
|
|
|
34,069,528 |
|
|
|
33,650,963 |
|
|
|
33,590,183 |
|
|
|
33,588,141 |
|
|
|
33,518,998 |
|
|
|
33,462,937 |
|
Weighted average common
shares outstanding, diluted |
|
34,338,442 |
|
|
|
34,324,120 |
|
|
|
34,284,316 |
|
|
|
34,233,940 |
|
|
|
34,187,171 |
|
|
|
34,183,209 |
|
|
|
34,104,237 |
|
|
|
34,069,786 |
|
Actual shares
outstanding at period end |
|
34,174,009 |
|
|
|
34,169,924 |
|
|
|
34,110,056 |
|
|
|
34,023,850 |
|
|
|
33,590,880 |
|
|
|
33,584,898 |
|
|
|
33,581,599 |
|
|
|
33,467,893 |
|
Book value per common
share at period end |
$ |
27.33 |
|
|
$ |
26.42 |
|
|
$ |
25.59 |
|
|
$ |
24.77 |
|
|
$ |
24.28 |
|
|
$ |
23.48 |
|
|
$ |
22.71 |
|
|
$ |
22.07 |
|
Tangible book value per
common share at period end (1) |
$ |
24.19 |
|
|
$ |
23.28 |
|
|
$ |
22.45 |
|
|
$ |
21.61 |
|
|
$ |
21.08 |
|
|
$ |
20.27 |
|
|
$ |
19.48 |
|
|
$ |
18.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.66 |
% |
|
|
1.60 |
% |
|
|
1.62 |
% |
|
|
1.46 |
% |
|
|
1.50 |
% |
|
|
1.57 |
% |
|
|
1.54 |
% |
|
|
1.50 |
% |
Return on average
common equity |
|
12.86 |
% |
|
|
12.51 |
% |
|
|
12.74 |
% |
|
|
12.26 |
% |
|
|
12.04 |
% |
|
|
12.40 |
% |
|
|
12.39 |
% |
|
|
12.08 |
% |
Net interest
margin |
|
4.14 |
% |
|
|
4.16 |
% |
|
|
4.14 |
% |
|
|
3.96 |
% |
|
|
4.11 |
% |
|
|
4.30 |
% |
|
|
4.31 |
% |
|
|
4.38 |
% |
Efficiency ratio
(2) |
|
37.49 |
% |
|
|
39.10 |
% |
|
|
40.06 |
% |
|
|
40.22 |
% |
|
|
40.54 |
% |
|
|
39.63 |
% |
|
|
40.80 |
% |
|
|
41.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans (3) |
|
1.03 |
% |
|
|
1.02 |
% |
|
|
1.03 |
% |
|
|
1.04 |
% |
|
|
1.04 |
% |
|
|
1.05 |
% |
|
|
1.06 |
% |
|
|
1.05 |
% |
Allowance for credit
losses to total nonperforming loans |
|
379.11 |
% |
|
|
356.00 |
% |
|
|
416.91 |
% |
|
|
330.49 |
% |
|
|
255.29 |
% |
|
|
264.44 |
% |
|
|
249.03 |
% |
|
|
397.95 |
% |
Nonperforming loans to
total loans (3) |
|
0.27 |
% |
|
|
0.29 |
% |
|
|
0.25 |
% |
|
|
0.31 |
% |
|
|
0.41 |
% |
|
|
0.40 |
% |
|
|
0.43 |
% |
|
|
0.26 |
% |
Nonperforming assets to
total assets |
|
0.24 |
% |
|
|
0.26 |
% |
|
|
0.22 |
% |
|
|
0.30 |
% |
|
|
0.41 |
% |
|
|
0.39 |
% |
|
|
0.42 |
% |
|
|
0.31 |
% |
Net charge-offs
(annualized) to average loans (3) |
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
-0.01 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.09 |
% |
|
|
0.18 |
% |
Tier 1 capital (to
average assets) |
|
11.78 |
% |
|
|
11.61 |
% |
|
|
11.51 |
% |
|
|
10.72 |
% |
|
|
11.12 |
% |
|
|
11.24 |
% |
|
|
11.01 |
% |
|
|
10.90 |
% |
Total capital (to risk
weighted assets) |
|
15.30 |
% |
|
|
15.13 |
% |
|
|
14.97 |
% |
|
|
14.89 |
% |
|
|
15.05 |
% |
|
|
12.71 |
% |
|
|
12.87 |
% |
|
|
12.75 |
% |
Common equity tier 1
capital (to risk weighted assets) |
|
11.40 |
% |
|
|
11.18 |
% |
|
|
10.97 |
% |
|
|
10.80 |
% |
|
|
10.83 |
% |
|
|
10.74 |
% |
|
|
10.83 |
% |
|
|
10.68 |
% |
Tangible common equity
ratio (1) |
|
11.35 |
% |
|
|
11.15 |
% |
|
|
10.97 |
% |
|
|
10.84 |
% |
|
|
10.64 |
% |
|
|
10.88 |
% |
|
|
10.86 |
% |
|
|
10.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,128,769 |
|
|
$ |
6,959,994 |
|
|
$ |
6,772,164 |
|
|
$ |
6,984,492 |
|
|
$ |
6,492,274 |
|
|
$ |
6,191,164 |
|
|
$ |
6,072,533 |
|
|
$ |
5,907,022 |
|
Total earning
assets |
$ |
6,897,613 |
|
|
$ |
6,728,055 |
|
|
$ |
6,538,377 |
|
|
$ |
6,754,935 |
|
|
$ |
6,266,311 |
|
|
$ |
5,968,488 |
|
|
$ |
5,846,081 |
|
|
$ |
5,676,549 |
|
Total loans |
$ |
5,946,411 |
|
|
$ |
5,895,174 |
|
|
$ |
5,705,261 |
|
|
$ |
5,591,790 |
|
|
$ |
5,422,677 |
|
|
$ |
5,266,305 |
|
|
$ |
5,070,386 |
|
|
$ |
4,859,391 |
|
Total deposits |
$ |
5,827,953 |
|
|
$ |
5,660,119 |
|
|
$ |
5,554,402 |
|
|
$ |
5,796,516 |
|
|
$ |
5,353,834 |
|
|
$ |
5,178,501 |
|
|
$ |
5,143,670 |
|
|
$ |
4,952,282 |
|
Total borrowings |
$ |
344,959 |
|
|
$ |
375,124 |
|
|
$ |
318,143 |
|
|
$ |
312,842 |
|
|
$ |
300,083 |
|
|
$ |
207,221 |
|
|
$ |
139,324 |
|
|
$ |
168,652 |
|
Total shareholders’
equity |
$ |
921,493 |
|
|
$ |
890,498 |
|
|
$ |
859,779 |
|
|
$ |
834,823 |
|
|
$ |
809,973 |
|
|
$ |
783,318 |
|
|
$ |
756,916 |
|
|
$ |
757,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
Flynn301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
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