-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DzJ8IzCQdw+XFCfQdsChwCGGKZ7GaU8CY2Fn9+QuPzy+bxLe8gunOSIywOnPL9tF +bYD+m39M5Mc/4zzCKIzlg== 0001125282-05-001962.txt : 20050414 0001125282-05-001962.hdr.sgml : 20050414 20050414172518 ACCESSION NUMBER: 0001125282-05-001962 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050414 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050414 DATE AS OF CHANGE: 20050414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAGLE BANCORP INC CENTRAL INDEX KEY: 0001050441 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 522061461 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25923 FILM NUMBER: 05751577 BUSINESS ADDRESS: STREET 1: 7815 WOODMONT AVENUE CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 3019861800 MAIL ADDRESS: STREET 1: 7815 WOODMONT AVENUE CITY: BETHESDA STATE: MD ZIP: 20814 8-K 1 b406021_8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 14, 2005 Eagle Bancorp, Inc. (Exact name of registrant as specified in its charter) Maryland 0-25923 52-2061461 (State or other jurisdiction (Commission file number) (IRS Employer of incorporation) Number) 7815 Woodmont Avenue, Bethesda, Maryland 20814 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: 301.986.1800 Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition On April 14, 2005 Eagle Bancorp, Inc. issued the press release attached hereto as exhibit 99. Item 9.01. Financial Statements and Exhibits (a) Financial Statements of Business Acquired. Not applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Exhibits. 99 Press Release dated April 14, 2005 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EAGLE BANCORP, INC. By: /s/ Ronald D. Paul ------------------------------------------ Ronald D. Paul, President, Chief Executive Officer Dated: April 14, 2005 EX-99 2 b406021_ex99.txt PRESS RELEASE Exhibit 99 [Eagle Bancorp, Inc. Logo Omitted] PRESS RELEASE EAGLE BANCORP, INC. FOR IMMEDIATE RELEASE CONTACT: Ronald D. Paul April 14, 2005 301.986.1800 EAGLE BANCORP, INC. ANNOUNCES 40% INCREASE IN NET EARNINGS FOR FIRST QUARTER OF 2005 OVER 2004 BETHESDA, MD. Eagle Bancorp, Inc. (Nasdaq: EGBN), the parent company of EagleBank, today announced net income of $1.7 million for the quarter ended March 31, 2005, compared to $1.2 million for the first quarter of 2004 , an increase of 40%. On a per-share basis, the Company earned $0.23 per basic share and $0.22 per diluted share for 2005, as compared to $0.17 per basic share and $0.16 cents per diluted share for 2004. "We are extremely pleased to report the continuing strong performance of Eagle Bancorp in the first quarter of 2005", noted both Leonard Abel, Chairman and Ronald Paul, President and CEO of Eagle Bancorp, Inc. "Our balance sheet growth in both deposits and loans was accompanied by increases in revenues and net earnings. We take particular pride in the quality of assets managed by the Company. Recurring non-interest sources of revenue, in particular, showed good growth, aided in part from the start-up of Eagle Land Title, which performs professional services in connection with loan settlement processes." For the first quarter of 2005, the Company reported an annualized return on average assets (ROAA) of 1.20% as compared to 1.08% for the first quarter of 2004; while the annualized return on average equity was 11.32%, as compared to 8.78% for the same quarter in 2004. A number of factors contributed to the very strong first quarter results. Both lending and deposit activity were strong in the first quarter, and resulted in the Company's net interest income growth due to both increased volume, and an improved net interest margin. The Bank's asset/liability management position has allowed it to benefit from the continued increase in market interest rates in the January to March period. For the first quarter of 2005, the net interest margin was 4.98% as compared to 4.33% for the first quarter in 2004. Recurring non-interest income for the first quarter of 2005 was $1.0 million compared to $0.8 million in the first quarter of 2004 (which excludes investment securities gains of $0.3 million recorded in 2004). This increase in recurring non-interest income was due primarily to increased amounts of gains on the sale of both SBA loans, where EagleBank is the leading community bank lender in its marketplace, and gains on the sale of residential mortgage loans. Non-interest expenses were $4.5 million for the first quarter of 2005, as compared to $3.5 million for 2004, a 28% increase. The primary reasons for this increase were increases in staff levels and related personal cost increases, increased occupancy cost, due in part to new banking offices, and higher marketing, data processing and professional fees associated with a larger organization. The efficiency ratio improved in the first quarter of 2005 to 59.56% from 63.64% for the same period in 2004. Asset quality remained favorable in the quarter. The Company recorded net recoveries of $6 thousand for the first quarter of 2005 as compared to net credit losses of $84 thousand or .10% of average loans for the first quarter of 2004. The ratio of non-performing loan to total loans was .03% at March 31, 2005 as compared to .17% at March 31, 2004. The provision for loan loss was $417 thousand for the first quarter in 2005 as compared to $154 thousand for 2004; the increase due substantially to growth in the portfolio. At March 31, 2005, the allowance for credit losses represented 1.07% of loans outstanding, as compared to 1.14% at March 31, 2004. At March 31, 2005, total assets were $589.8 million compared to $469.5 million at March 31, 2004, a 26% increase. Total deposits amounted to $482.9 million, at March 31, 2005, also representing a 25% increase over deposits of $385.6 million at March 31, 2004, while total loans increased to $437.1 million at March 31, 2005, from $330.3 million at March 31, 2004, a 32% increase. Eagle Bancorp paid an initial quarterly cash dividend of $.07 per share in the first quarter of 2005 The Summary of Financial Information presented on the following pages provides more detail of the Company's performance for the quarter ended March 31, 2005 as compared to 2004. Persons wishing additional information should refer to the Company's Form 10K filed with the Securities and Exchange Commission on March 16, 2005. Eagle Bancorp is the holding company for EagleBank and its subsidiary, Eagle Land Title, LLC. EagleBank commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and conducts full service commercial banking services thru eight offices, located in Montgomery County, Maryland and Washington, D.C. A lease has been executed for a new community bank office to be located in Chevy Chase, Maryland. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace. 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. 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 Statement of Condition Highlights
(in thousands) MARCH 31, 2005 DECEMBER 31, 2004 MARCH 31, 2004 ------------------------------------------------------------------------- UNAUDITED AUDITED UNAUDITED ------------------------------------------------------------------------- Assets Cash and cash equivalents $ 23,193 $ 31,100 $ 29,659 Interest bearing deposits with other banks 15,620 9,594 4,981 Federal funds sold 26,064 15,035 17,026 Investment securities available for sale 67,333 64,098 70,459 Loans held for sale 3,671 2,208 4,341 Loans 437,117 415,509 330,253 Less: Allowance for credit losses (4,683) (4,240) (3,750) Premises and equipment, net 6,176 5,726 4,863 Other assets 15,338 14,423 11,630 --------- --------- --------- TOTAL ASSETS $ 589,829 $ 553,453 $ 469,462 ========= ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Non interest bearing deposits $ 146,376 $ 130,309 $ 93,805 Interest bearing deposits 336,534 331,978 291,835 Total deposits 482,910 462,287 385,640 Federal funds purchased and securities sold 39,498 23,983 13,958 under repurchase agreements -- Other borrowings 5,333 6,333 13,551 Other liabilities 2,448 2,316 1,657 --------- --------- --------- Total liabilities 530,189 494,919 414,806 Stockholders' equity 59,640 58,534 54,656 --------- --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 589,829 $ 553,453 $ 469,462 ========= ========= =========
EAGLE BANCORP, INC. Consolidated Statement of Income Highlights (in thousands)
THREE MONTHS ENDED MARCH 31, ------------------------------------------- 2005 2004 (UNAUDITED) (UNAUDITED) Total interest income $ 7,710 $ 5,376 Total interest expense 1,235 969 ---------- ---------- Net interest income 6,475 4,407 ---------- ---------- Provision for credit losses 417 154 Noninterest income (before investment gains) (1) 1,039 829 Investment gains -- 253 Noninterest expense 4,475 3,493 ---------- ---------- Income before income tax expense 2,622 1,842 Income tax expense 969 663 ---------- ---------- Net income $ 1,653 $ 1,179 ========== ==========
(1) includes gains on the sale of SBA loans of $385k in 2005 and $97k in 2004 Per Share Data (1): - ------------------- Earnings per share, basic $ 0.23 $ 0.17 Earnings per share, diluted $ 0.22 0.16 Shares outstanding at period end 7,088,651 7,022,297 Weighted average shares outstanding, basic 7,078,451 7,010,169 Weighted average shares outstanding, diluted 7,494,133 7,345,599 Book value per share at period end $ 8.41 $ 7.78
(1) prior periods adjusted to give retroactive effect to the 1.3 to 1 stock split in the form of a 30% stock dividend paid on February 28, 2005 EAGLE BANCORP, INC. Performance Ratios (annualized): Return on average assets 1.20% 1.08% Return on average equity 11.32% 8.78% Net interest margin 4.98% 4.33% Efficiency ratio (2) 59.56% 63.64% OTHER RATIOS: Allowance for credit losses to total loans 1.07% 1.14% Non performing loans to total loans 0.03% 0.17% Net charge-offs (annualized) to average loans -0.01% 0.10% Average equity to average assets 10.57% 12.28% AVERAGE BALANCES (IN THOUSANDS): Total assets $ 559,981 $ 438,634 Total earning assets $ 527,291 $ 409,068 Total loans $ 429,095 $ 324,942 Total deposits $ 463,304 $ 347,998 Total stockholders' equity $ 59,208 $ 53,877
(2) computed by dividing noninterest expense by the sum of net interest income and noninterest income -----END PRIVACY-ENHANCED MESSAGE-----