BETHESDA, Md., April 23, 2009 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent company of EagleBank, today announced net income of $2.1 million for the three months ended March 31, 2009. Net income available to common shareholders was $1.5 million for the three months ended March 31, 2009 ($0.12 per basic and diluted common share), after accrual of preferred stock dividends, compared to $1.7 million ($0.15 per basic and diluted common share) for 2008.
"We are pleased to report continuing solid financial results for Eagle Bancorp, Inc. for the first quarter of 2009," noted Ronald D. Paul, Chairman, President and Chief Executive Officer of Eagle Bancorp, Inc. "A long-term trend of growth in our balance sheet continued in the most recent quarter, as assets increased by almost $600 million year over year" added Mr. Paul, "including loan growth of over $100 million during the two quarters following consummation of our acquisition of Fidelity & Trust Financial Corporation ("Fidelity")." The loan growth was primarily funded by the $38.2 million of capital the Company obtained from the U.S. Treasury late in December 2008 and growth in deposits and borrowed funds. The continued growth in average deposits, other funding sources and loans were the major drivers of the increase in net interest income for the three months ended March 31, 2009, as compared to the three month period ended March 31, 2008. "In spite of substantial stress in the financial markets and a difficult interest rate environment, wherein the Federal Reserve continues to inject liquidity into financial markets to keep interest rates at very low levels, the Company maintained a strong net interest margin for the first quarter of 2009 of 3.76%, which was slightly higher than the net interest margin in the fourth quarter of 2008 of 3.74%."
At March 31, 2009, the Company's level of non-performing assets of $49.8 million representing 3.33% of total assets, and was elevated as compared to both March 31, 2008, ($11.7 million or 1.30% of total assets) and December 31, 2008, ($26.4 million or 1.76% of total assets), reflective of the weakened economic situation in our region. Management remains attentive to early signs of deterioration in borrower's financial conditions. The Company is conservative in placing loans on non-accrual status and believes, based on its loan portfolio risk analysis, that its allowance for loan losses at 1.50% of total loans at March 31, 2009 is adequate to absorb any credit losses in the loan portfolio at that date. Since March 31, 2009, one loan of approximately $10.9 million, representing approximately 23% of total non-performing loans was brought current with additional funds posted in an escrow account by the borrower. Delays in completing the documentation on the extension caused the loan to be included in non-performing status at March 31, 2009. Non-performing assets net of this loan amounted to $38.9 million or 2.60% of total assets.
For the three months ended March 31, 2009, the Company reported an annualized return on average assets (ROAA) of 0.56% as compared to 0.77% for the three months ended March 31, 2008. The annualized return on average common equity (ROACE) was 5.87%, as compared to 7.98% for the same period in 2008. The lower ratios are due principally to a decline in the net interest margin in the past twelve months and to substantial increases in the provisions to the allowance for credit losses.
Both lending and deposit activities showed growth for the period ended March 31, 2009 as compared to the same period in 2008, as average loans increased 75% and average deposits increased by 77%. While a significant portion of these increases was due to the Fidelity acquisition, the Company increased loans by approximately $100 million and increased deposits and customer repurchase agreements by approximately $28 million in the two full quarters since the acquisition.
Net interest income increased 57% for the three months ended March 31, 2009 over 2008, as the effect of favorable growth noted above was partially offset by declines in the net interest margin. For the three months ended March 31, 2009 the net interest margin was 3.76% as compared to 4.19% for the three months ended March 31, 2008 and 3.74% for the three months ended December 31, 2008. Margin compression, reflecting declines in market interest rates on earning assets resulting from Federal Reserve activities which have not been matched by comparable declines in rates on interest bearing liabilities, has been challenging the banking industry for a significant period. Additionally, the Company's issuance of $12.15 million of subordinated notes represents an additional category of interest expense which did not exist in the first quarter of 2008. The Company's net interest margin remains favorable to peer-banking companies.
The provision for credit losses was $1.6 million for the three months ended March 31, 2009 as compared to $720 thousand for the three months ended March 31, 2008. The higher provisioning in the first quarter of 2009 as compared to 2008 is attributable to risk migration within the portfolio and increased reserves for problem loans.
The allowance for credit losses represented 1.50% of loans outstanding at March 31, 2009, as compared to 1.45% at December 31, 2008 and 1.15% at March 31, 2008. The higher allowance percentage at March 31, 2009 as compared to December 31, 2008 resulted primarily from increases in reserves for problem loans. In addition to the factors noted above for the past quarter, the increase in the allowance at March 31, 2009 as compared to March 31, 2008 was attributable to the acquisition of the loan portfolio of Fidelity whose allowance for credit losses was approximately $7.5 million or 2.10% of loans outstanding at the date of the acquisition on August 31, 2008.
At March 31, 2009, the allowance for credit losses represented 41% of non-performing loans as compared to 72% at December 31, 2008 and 75% at March 31, 2008. This lower coverage ratio at March 31, 2009 is reflective of two primary factors: approximately $11.7 million, or 25% of non-performing loans were acquired from Fidelity and are carried at fair value, without any allowance attributable for pre-acquisition deterioration as required under AICPA Statement of Position 03-3, "Accounting for Certain Loans or Debt Securities Acquired in a Transfer", and the addition of one loan of approximately $10.9 million to non-performing status. The adjusted coverage ratio for loans excluding the non-performing loans acquired from Fidelity carried at fair value and the $10.9 million subsequently removed from non-performing status, is approximately 79%.
For the three months ended March 31, 2009, the Company recorded net charge-offs of $918 thousand (0.29% of average loans), as compared to $25 thousand of net charge-offs (0.01% of average loans) for the three months ended March 31, 2008. Net charge-offs in the most recent quarter were attributable to charge-offs in the non-guaranteed portion of SBA loans ($208 thousand), and commercial business loans ($710 thousand).
The ratio of non-performing loans to total loans increased from 2.01% ($25.5 million) at December 31, 2008 to 3.67% ($46.5 million) at March 31, 2009, an increase of $21.0 million, including one loan of approximately $10.9 million which subsequently returned to current status. Non-performing loans at March 31, 2009 increased by $34.8 million as compared to March 31, 2008's level of $11.7 million, or 1.54% of loans. The increase in non-performing loans is due to the following: one loan for approximately $10.9 million which was subsequently brought current, fifteen loans acquired from Fidelity totaling approximately $11.7 million, five commercial real estate loans totaling approximately $5.0 million which are currently experiencing delays in construction, development, and/or absorption, two commercial business loans totaling approximately $3.3 million, and a number of smaller commercial business loans totaling approximately $4.0 million. At March 31, 2009, the Company held $3.3 million of Other Real Estate Owned ("OREO") as compared to $909 thousand at December 31, 2008 and no OREO at March 31, 2008.
Noninterest income for the three months ended March 31, 2009 was $1.4 million as compared to $940 thousand for the three months ended March 31, 2008, a 52% increase. This increase was due primarily to higher service charges on deposit accounts and to gains realized on the investment securities portfolio.
Noninterest expenses were $10.3 million for the three months ended March 31, 2009, as compared to $6.2 million for the same period in 2008, a 66% increase. The primary reason for this increase was the Fidelity acquisition which increased the size of the organization resulting in higher staff levels and related personnel costs, increased occupancy costs, higher internet and license agreement fees, and higher loan collection costs. In addition, higher costs were incurred for marketing, sponsorships, broker fees, legal, and accounting and professional fees. The efficiency ratio, which measures the ratio of noninterest expense to total revenue, was 69.10% for the three months ended March 31, 2009, as compared to 65.07% for the three months ended March 31, 2008. The Company is placing additional emphasis on noninterest expense management.
By all regulatory measures, the Company and EagleBank were well capitalized at March 31, 2009. On February 17, 2009, the Company paid the initial quarterly dividend payment of $372 thousand on the $38.2 million of preferred stock Series A, issued in December 2008 to the U.S. Treasury under the Capital Purchase Plan (commonly referred to as TARP). The Company is regularly reviewing its capital needs and the availability, costs and benefits of capital alternatives in the marketplace.
At March 31, 2009, total assets were $1.50 billion compared to $899.5 million at March 31, 2008, a 67% increase. Total deposits amounted to $1.15 billion at March 31, 2009, a 68% increase over deposits of $685.7 million at March 31, 2008, while total loans increased to $1.27 billion at March 31, 2009, from $759.5 million at March 31, 2008, a 67% increase. Total borrowed funds, excluding customer repurchase agreements, increased to $72.2 million at March 31, 2009 from $62.0 million at March 31, 2008, a 16% increase. The increase in borrowed funds is primarily due to the $12.15 million in subordinated notes that the Company issued on August 28, 2008.
The financial information which follows provides more detail of the Company's performance for the three months ended March 31, 2009 as compared to the three months ended March 31, 2008, including eight quarters of trend data. Persons wishing additional information should refer to the Company's Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission (the "SEC").
The Company is the holding company for EagleBank which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through thirteen offices, located in Montgomery County, Maryland, Washington, D.C. and Fairfax County, Virginia. A new office in Potomac, Maryland is planned to open in the fourth quarter of 2009. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace.
The Eagle Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6101
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, the Company's ability to successfully integrate the operations of Fidelity 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. 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.
Financial Highlights
(in thousands, except per share data) Three Months Ended
March 31,
-------------------------
2009 2008
Income Statements: (Unaudited) (Unaudited)
------------------
Net interest income $ 13,463 $ 8,600
Provision for credit losses 1,566 720
Total noninterest income 1,432 940
Total noninterest expense 10,293 6,208
Income before income tax expense 3,036 2,612
Net income 2,075 1,651
Preferred Stock Dividends and Discount
Accretion 583 --
Net Income Available to Common Shareholders $ 1,492 $ 1,651
Per Share Data(1):
------------------
Earnings per weighted average common share,
basic $ 0.12 $ 0.15
Earnings per weighted average common share,
diluted $ 0.12 $ 0.15
Weighted average common shares outstanding,
basic 12,742,725 10,759,361
Weighted average common shares outstanding,
diluted 12,793,974 10,927,392
Actual shares outstanding 12,745,118 10,769,277
Book value per common share at period end $ 8.34 $ 7.76
Tangible book value per common share at
period end $ 8.15 $ 7.74
Dividend per common share $ -- $ 0.0545
Performance Ratios (annualized):
--------------------------------
Return on average assets 0.56% 0.77%
Return on average common equity 5.87% 7.98%
Net interest margin 3.76% 4.19%
Efficiency ratio(2) 69.10% 65.07%
Other Ratios:
-------------
Allowance for credit losses to total loans 1.50% 1.15%
Non-performing loans to total loans 3.67% 1.54%
Non-performing assets to total assets 3.33% 1.30%
Net charge-offs (annualized) to average
loans 0.29% 0.01%
Average common equity to average assets 6.89% 9.67%
Tier 1 leverage ratio 9.06% 9.55%
Tier 1 risk based capital ratio 10.19% 9.90%
Total risk based capital ratio 12.36% 10.95%
Tangible common equity to tangible assets 7.08% 9.27%
Average Balances (in thousands):
--------------------------------
Total assets $ 1,497,036 $ 860,030
Total earning assets $ 1,453,527 $ 825,463
Total loans (3) $ 1,281,950 $ 731,501
Total deposits $ 1,157,226 $ 655,105
Total borrowings $ 190,065 $ 116,684
Total stockholders' equity $ 141,341 $ 83,200
(1) Per share amounts and the number of outstanding shares have been
adjusted to give effect to the 10% common stock dividend paid on
October 1, 2008
(2) Computed by dividing noninterest expense by the sum of net
interest income and noninterest income
(3) Includes loans held for sale
Eagle Bancorp, Inc.
Statements of Financial Condition
(dollars in thousands)
March 31, March 31, December 31,
2009 2008 2008
(Unaudited) (Unaudited) (Audited)
------------ ------------ ------------
Assets
Cash and due from banks $ 27,322 $ 18,117 $ 27,157
Federal funds sold 6,147 16,013 191
Interest bearing deposits
with banks and other short
term investments 3,538 2,230 2,489
Investment securities
available for sale, at fair
value 158,976 82,932 169,079
Loans held for sale 2,832 1,945 2,718
Loans 1,267,958 759,547 1,265,640
Less: Allowance for credit
losses (19,051) (8,733) (18,403)
------------ ------------ ------------
Loans, net 1,248,906 750,814 1,247,237
Premises and equipment, net 9,488 6,445 9,666
Deferred income taxes 10,878 3,218 11,106
Bank owned life insurance 12,564 12,100 12,450
Other assets 15,123 5,653 14,734
------------ ------------ ------------
Total Assets $ 1,495,774 $ 899,467 $ 1,496,827
============ ============ ============
Liabilities and Stockholders'
Equity
Noninterest bearing deposits $ 232,725 $ 143,508 $ 223,580
Interest bearing transaction 47,840 47,822 54,801
Savings and money market 303,022 193,348 271,791
Time, $100,000 or more 256,506 177,003 249,516
Other time 308,625 124,059 329,692
------------ ------------ ------------
Total deposits 1,148,718 685,740 1,129,380
Customer repurchase
agreements and federal funds
purchased 120,918 61,727 98,802
Other short-term borrowings 10,000 22,000 55,000
Long-term borrowings 62,150 40,000 62,150
Other liabilities 9,458 6,463 9,124
------------ ------------ ------------
Total liabilities 1,351,244 815,930 1,354,456
Stockholders' Equity
Preferred stock, par value
$.01 per share, shares
authorized 1,000,000,
Series A, $1,000 per share
liquidation preference,
shares issued and
outstanding 38,235, 0, and
38,235 respectively,
discount of $1,809, $0, and
$1,892, respectively, net 36,374 -- 36,312
Common stock, $0.01 par
value; shares authorized
50,000,000, 20,000,000 and
50,000,000; issued and
outstanding 12,745,118,
9,790,252, and 12,714,355 127 98 127
Warrants 1,892 -- 1,892
Additional paid in capital 77,039 52,878 76,822
Retained earnings 26,405 29,258 24,866
Accumulated other
comprehensive income 2,692 1,303 2,352
------------ ------------ ------------
Total stockholders' equity 144,529 83,537 142,371
------------ ------------ ------------
Total Liabilities and
Stockholders' Equity $ 1,495,774 $ 899,467 $ 1,496,827
============ ============ ============
EAGLE BANCORP, INC.
Consolidated Statements of Operations
For the Three Month Periods Ended March 31, 2009 and 2008 (Unaudited)
(dollars in thousands, except per share data)
2009 2008
-------- --------
Interest Income
Interest and fees on loans $ 18,113 $ 12,880
Taxable interest and dividends on investment
securities 1,929 1,052
Interest on balances with other banks and
short-term investments 19 43
Interest on federal funds sold 6 39
-------- --------
Total interest income 20,067 14,014
-------- --------
Interest Expense
Interest on deposits 5,557 4,428
Interest on customer repurchase agreements and
federal funds purchased 281 394
Interest on short-term borrowings 40 190
Interest on long-term borrowings 726 402
-------- --------
Total interest expense 6,604 5,414
-------- --------
Net Interest Income 13,463 8,600
Provision for Credit Losses 1,566 720
-------- --------
Net Interest Income After Provision For Credit
Losses 11,897 7,880
-------- --------
Noninterest Income
Service charges on deposits 831 429
Gain on sale of loans 131 127
Gain on sale of investment securities 132 10
Increase in the cash surrender value of bank
owned life insurance 114 116
Other income 224 258
-------- --------
Total noninterest income 1,432 940
-------- --------
Noninterest Expense
Salaries and employee benefits 5,305 3,640
Premises and equipment expenses 1,875 1,080
Marketing and advertising 315 81
Data processing 547 340
Legal, accounting and professional fees 590 170
FDIC insurance and regulatory assessments 476 126
Other expenses 1,185 771
-------- --------
Total noninterest expense 10,293 6,208
-------- --------
Income Before Income Tax Expense 3,036 2,612
Income Tax Expense 961 961
-------- --------
Net Income 2,075 1,651
Preferred Stock Dividends and Discount Accretion 583 --
-------- --------
Net Income Available to Common Shareholders $ 1,492 $ 1,651
======== ========
Earnings Per Common Share
Basic $ 0.12 $ 0.15
Diluted $ 0.12 $ 0.15
Dividends Declared Per Common Share $ -- $ 0.0545
Eagle Bancorp, Inc.
Statements of Income and Highlights (Quarterly Trends)
(in thousands, except per share data) (Unaudited)
Three Months Ended
-------------------------------------------
March 31, Dec. 31, Sept. 30, June 30,
Income Statements: 2009 2008 2008 2008
------------------
Total interest income $ 20,067 $ 20,904 $ 16,744 $ 13,995
Total interest expense 6,604 7,680 5,829 4,753
---------- ---------- ---------- ----------
Net interest income 13,463 13,224 10,915 9,242
Provision for credit
losses 1,566 1,450 995 814
---------- ---------- ---------- ----------
Net interest income after
provision for credit
losses 11,897 11,774 9,920 8,428
---------- ---------- ---------- ----------
Noninterest income
(before investment
gains or losses) 1,300 1,314 1,150 970
Investment gains (losses) 132 (53) 45 --
---------- ---------- ---------- ----------
Total noninterest income 1,432 1,261 1,195 970
---------- ---------- ---------- ----------
Salaries and employee
benefits 5,305 5,270 4,172 3,646
Premises and equipment
expenses 1,875 1,861 1,380 1,103
Marketing and advertising 315 734 125 114
Other expenses 2,798 2,642 1,893 1,669
---------- ---------- ---------- ----------
Total noninterest expense 10,293 10,507 7,570 6,532
---------- ---------- ---------- ----------
Income before income tax
expense 3,036 2,528 3,545 2,866
Income tax expense 961 867 1,284 1,011
---------- ---------- ---------- ----------
Net income 2,075 1,661 2,261 1,855
Preferred Stock Dividends
and Discount Accretion 583 177 -- --
---------- ---------- ---------- ----------
Net Income Available to
Common Shareholders $ 1,492 $ 1,484 $ 2,261 $ 1,855
========== ========== ========== ==========
Per Share Data (1):
-------------------
Earnings per weighted
average common share,
basic $ 0.12 $ 0.12 $ 0.20 $ 0.17
Earnings per weighted
average common share,
diluted $ 0.12 $ 0.12 $ 0.19 $ 0.17
Weighted average common
shares outstanding,
basic 12,742,725 12,703,425 11,482,401 10,816,857
Weighted average common
shares outstanding,
diluted 12,793,974 12,777,262 11,576,095 10,896,766
Actual shares outstanding 12,745,118 12,714,355 12,686,128 10,826,828
Book value per common
share at period end $ 8.34 $ 8.19 $ 7.93 $ 7.78
Dividend per common share $ -- $ -- $ -- $ 0.05
Performance Ratios
(annualized):
------------------
Return on average assets 0.56% 0.46% 0.82% 0.84%
Return on average common
equity 5.87% 5.21% 9.97% 8.81%
Net interest margin 3.76% 3.74% 4.11% 4.34%
Efficiency ratio(2) 69.10% 72.54% 62.51% 63.96%
Other Ratios:
-------------
Allowance for credit
losses to total loans 1.50% 1.45% 1.46% 1.15%
Non-performing loans to
total loans 3.67% 2.01% 1.79% 1.45%
Non-performing assets to
total assets 3.33% 1.76% 1.45% 1.26%
Net charge-offs
(annualized) to average
loans 0.29% 0.05% 0.27% 0.20%
Average common equity to
average assets 6.89% 7.00% 8.21% 9.51%
Tier 1 leverage ratio 9.06% 9.39% 8.79% 9.43%
Tier 1 risk based capital
ratio 10.19% 9.97% 7.55% 9.74%
Total risk based capital
ratio 12.36% 12.11% 9.75% 10.80%
Average Balances (in
thousands):
--------------------
Total assets $1,497,036 $1,450,553 $1,098,285 $ 891,012
Total earning assets $1,453,527 $1,406,422 $1,057,542 $ 857,232
Total loans(3) $1,281,950 $1,218,067 $ 922,224 $ 770,034
Total deposits $1,157,226 $1,152,378 $ 863,931 $ 683,151
Total borrowings $ 190,065 $ 177,954 $ 138,374 $ 118,634
Total stockholders'
equity $ 141,341 $ 113,245 $ 90,223 $ 84,708
Three Months Ended
-------------------------------------------
March 31, Dec. 31, Sept. 30, June 30,
Income Statements: 2008 2007 2007 2007
------------------
Total interest income $ 14,014 $ 14,879 $ 14,355 $ 14,107
Total interest expense 5,414 6,036 6,017 5,909
---------- ---------- ---------- ----------
Net interest income 8,600 8,843 8,338 8,198
Provision for credit
losses 720 883 421 36
---------- ---------- ---------- ----------
Net interest income after
provision for credit
losses 7,880 7,960 7,917 8,162
---------- ---------- ---------- ----------
Noninterest income
(before investment
gains or losses) 930 1,961 1,032 1,196
Investment gains (losses) 10 (1) -- --
---------- ---------- ---------- ----------
Total noninterest income 940 1,960 1,032 1,196
---------- ---------- ---------- ----------
Salaries and employee
benefits 3,640 3,784 3,577 3,454
Premises and equipment
expenses 1,080 1,180 1,186 1,255
Marketing and advertising 81 109 134 131
Other expenses 1,407 1,395 1,276 1,391
---------- ---------- ---------- ----------
Total noninterest expense 6,208 6,468 6,173 6,231
---------- ---------- ---------- ----------
Income before income tax
expense 2,612 3,452 2,776 3,127
Income tax expense 961 1,166 1,021 1,149
---------- ---------- ---------- ----------
Net income 1,651 2,286 1,755 1,978
Preferred Stock Dividends
and Discount Accretion -- -- -- --
---------- ---------- ---------- ----------
Net Income Available to
Common Shareholders $ 1,651 $ 2,286 $ 1,755 $ 1,978
========== ========== ========== ==========
Per Share Data (1):
-------------------
Earnings per weighted
average common share,
basic $ 0.15 $ 0.22 $ 0.16 $ 0.19
Earnings per weighted
average common share,
diluted $ 0.15 $ 0.21 $ 0.16 $ 0.18
Weighted average common
shares outstanding,
basic 10,759,361 10,658,364 10,538,869 10,486,041
Weighted average common
shares outstanding,
diluted 10,927,392 10,873,180 10,822,376 10,794,891
Actual shares outstanding 10,769,277 10,693,447 10,542,432 10,519,479
Book value per common
share at period end $ 7.76 $ 7.59 $ 7.40 $ 7.23
Dividend per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05
Performance Ratios
(annualized):
------------------
Return on average assets 0.77% 1.06% 0.88% 1.02%
Return on average common
equity 7.98% 11.33% 9.09% 10.50%
Net interest margin 4.19% 4.30% 4.34% 4.45%
Efficiency ratio(2) 65.07% 59.87% 65.88% 66.33%
Other Ratios:
-------------
Allowance for credit
losses to total loans 1.15% 1.12% 1.09% 1.11%
Non-performing loans to
total loans 1.54% 0.74% 0.82% 0.22%
Non-performing assets to
total assets 1.30% 0.63% 0.69% 0.18%
Net charge-offs
(annualized) to average
loans 0.01% 0.15% 0.18% 0.01%
Average common equity to
average assets 9.67% 9.39% 9.69% 9.70%
Tier 1 leverage ratio 9.55% 9.46% 9.78% 9.85%
Tier 1 risk based capital
ratio 9.90% 10.20% 10.87% 10.84%
Total risk based capital
ratio 10.95% 11.21% 11.90% 11.87%
Average Balances (in
thousands):
--------------------
Total assets $ 860,030 $ 852,243 $ 799,242 $ 778,454
Total earning assets $ 825,463 $ 816,187 $ 761,378 $ 738,501
Total loans(3) $ 731,501 $ 687,030 $ 665,222 $ 647,714
Total deposits $ 655,105 $ 659,355 $ 636,573 $ 624,413
Total borrowings $ 116,684 $ 107,697 $ 80,951 $ 74,948
Total stockholders'
equity $ 83,200 $ 80,058 $ 77,469 $ 75,549
(1) Per share amounts and the number of outstanding shares have been
adjusted to give effect to the 10% common stock dividend paid on
October 1, 2008
(2) Computed by dividing noninterest expense by the sum of net
interest income and noninterest income
(3) Includes loans held for sale
EAGLE BANCORP, INC.
Average Balances, Interest Yields And Rates, And Net Interest
Margin (Unaudited)
(dollars in thousands)
Three Months Ended March 31,
---------------------------------
2009
---------------------------------
Average
Average Yield
Balance Interest /Rate
---------------------------------
ASSETS:
Interest earning assets:
Interest bearing deposits
with other banks and
other short-term investments $ 2,763 $ 19 2.72%
Loans (1) (2) (3) 1,281,950 18,113 5.73%
Investment securities available
for sale (3) 159,649 1,929 4.90%
Federal funds sold 9,165 6 0.25%
-----------------------
Total interest earning assets 1,453,527 20,067 5.60%
-----------------------
Total noninterest earning assets 24,851
Less: allowance for credit losses (18,658)
----------
Total noninterest earning assets 43,509
----------
TOTAL ASSETS $1,497,036
==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Interest bearing liabilities:
Interest bearing transaction $ 47,690 $ 32 0.27%
Savings and money market 293,551 1,088 1.50%
Time deposits 601,440 4,437 2.99%
Customer repurchase agreements and
federal funds purchased 98,582 281 1.16%
Other short-term borrowings 29,333 40 0.56%
Long-term borrowings 62,150 726 4.73%
-----------------------
Total interest bearing
liabilities 1,132,746 6,604 2.36%
-----------------------
Noninterest bearing liabilities:
Noninterest bearing demand 214,546
Other liabilities 8,404
----------
Total noninterest bearing
liabilities 222,950
Stockholders' equity 141,341
----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,497,036
==========
Net interest income $ 13,464
==========
Net interest spread 3.24%
Net interest margin 3.76%
Three Months Ended March 31,
---------------------------------
2008
---------------------------------
Average
Average Yield
Balance Interest /Rate
---------------------------------
ASSETS:
Interest earning assets:
Interest bearing deposits with
other banks and other short-term
investments $ 4,093 $ 43 4.23%
Loans (1) (2) (3) 731,501 12,880 7.08%
Investment securities available
for sale (3) 84,029 1,052 5.04%
Federal funds sold 5,840 39 2.69%
-----------------------
Total interest earning assets 825,463 14,014 6.83%
-----------------------
Total noninterest earning assets 42,709
Less: allowance for credit losses 8,142
----------
Total noninterest earning assets 34,567
----------
TOTAL ASSETS $ 860,030
==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Interest bearing liabilities:
Interest bearing transaction $ 44,143 $ 65 0.59%
Savings and money market 185,589 1,067 2.31%
Time deposits 288,965 3,296 4.59%
Customer repurchase agreements and
federal funds purchased 55,014 394 2.88%
Other short-term borrowings 22,000 190 3.47%
Long-term borrowings 39,670 402 4.08%
-----------------------
Total interest bearing
liabilities 635,381 5,414 3.43%
-----------------------
Noninterest bearing liabilities:
Noninterest bearing demand 136,409
Other liabilities 5,040
----------
Total noninterest bearing
liabilities 141,449
Stockholders' equity 83,200
----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 860,030
==========
Net interest income $ 8,600
==========
Net interest spread 3.40%
Net interest margin 4.19%
(1) Includes Loans held for sale
(2) Loans placed on nonaccrual status are included in average
balances. Net loan fees and late charges included in interest
income on loans totaled $433 thousand and $297 thousand for the
three months ended March 31, 2009 and 2008, respectively.
(3) Interest and fees on loans and investments exclude tax
equivalent adjustments.