-----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, Okj/uOl+Hug/dZzkl67FbTLGg2vCKNCQ2BR/2M2Ve37DK89EZ7/5u3iQGlA5y5/n yUDDIaTGyPHUYKBk0UorPQ== 0001125282-05-003723.txt : 20050718 0001125282-05-003723.hdr.sgml : 20050718 20050718103759 ACCESSION NUMBER: 0001125282-05-003723 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050718 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050718 DATE AS OF CHANGE: 20050718 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: 05958557 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 b407762_8k.txt CURRENT REPORT 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): July 18, 2005 Eagle Bancorp, Inc. (Exact name of registrant as specified in its charter) Maryland 0-25923 52-2061461 (State or other jurisdiction (Commission file (IRS Employer of incorporation) number) 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 July 18, 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 July 18, 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: July 18, 2005 EX-99. 2 b407762_ex99.txt PRESS RELEASE Exhibit 99 [Eagle Bancorp, Inc. Logo Omitted] PRESS RELEASE EAGLE BANCORP, INC. FOR IMMEDIATE RELEASE CONTACT: Ronald D. Paul July 18, 2005 301.986.1800 EAGLE BANCORP, INC. ANNOUNCES 42% INCREASE IN EARNINGS FOR THE FIRST SIX MONTHS OF 2005 WITH ASSETS EXCEEDING $600 MILLION BETHESDA, MD. Eagle Bancorp, Inc. (Nasdaq: EGBN), the parent company of EagleBank, today announced net income of $3.2 million for the six months ended June 30, 2005, compared to $2.3 million for the first six months of 2004, an increase of 42%. On a per-share basis, the Company earned $0.45 per basic share and $0.43 per diluted share for 2005, as compared to $0.32 per basic share and $0.31 cents per diluted share for 2004. For the second quarter of 2005, the Company earned $1.6 million ($0.22 per basic share and $0.21 per diluted share), as compared to $1.1 million ($0.15 per basic share and diluted share) for the second quarter of 2004, a 45% increase. "We are extremely pleased to report continuing strong financial results for Eagle Bancorp for the first half and second quarter of 2005", noted Leonard L. Abel, Chairman of Eagle Bancorp, Inc. and Ronald D. Paul, President and CEO of Eagle Bancorp, Inc. "Growth in both deposits and loans and a favorable net interest margin comparison continue to propel increases in revenues and net earnings. Asset quality remains strong and the Company continues to make investment in its infrastructure to support a growing organization, while managing its overall costs as measured by the efficiency ratio." For the six months ended June 30, 2005, the Company reported an annualized return on average assets (ROAA) of 1.12% as compared to 0.99% for the first six months of 2004; while the annualized return on average equity (ROAE) was 10.83%, as compared to 8.30% for the same period in 2004. A number of factors contributed to the very strong first six month results. Both lending and deposit activity were strong in the period, and resulted in strong growth in net interest income due to both increased volume, and an improved net interest margin over the prior period. The Bank's asset/liability management position has allowed it to benefit from the continued increase in market interest rates in the January to June period. For the first six months of 2005, the net interest margin was 4.99% as compared to 4.23% for the first six months in 2004. Non-interest income for the first six months of 2005 was $1.9 million compared to $1.9 million in the first six months of 2004. Excluding securities gains of $12 thousand during the first six months of 2005 and $253 thousand during the same period in 2004, noninterest income increased 16%. This increase in noninterest income exclusive of securities gains was due primarily to increased amounts of gains on the sale of SBA loans, which increased to $517 thousand for the first six months of 2005, as compared to $241 thousand in the first six months of 2004. EagleBank is the leading community bank lender in the Washington D.C. metropolitan area. Non-interest expenses were $9.4 million for the first six months of 2005, as compared to $7.1 million for 2004, a 31% increase. The primary reasons for this increase were increases in staff levels, and related personnel cost increases, higher incentive compensation, increased occupancy cost, due in part to new banking offices, and higher marketing and data processing costs associated with a larger organization. In spite of higher levels of noninterest expenses, the very strong growth in revenue allowed the efficiency ratio to improve for the first six months of 2005 to 61.09% from 65.46% for the same period in 2004. Asset quality remained favorable in the period. The Company recorded net recoveries of $28 thousand for the first six months of 2005 as compared to net recoveries of $47 thousand for the first six months of 2004. The ratio of non-performing loans to total loans was .03% at June 30, 2005 as compared to ..13% at June 30, 2004. The provision for loan loss was $887 thousand for the first six months in 2005 as compared to $230 thousand for 2004; the increase due substantially to growth in the portfolio. At June 30, 2005, the allowance for credit losses represented 1.07% of loans outstanding, as compared to 1.13% at June 30, 2004. At June 30, 2005, total assets were $610.1 million compared to $494.0 million at June 30, 2004, a 23% increase. Total deposits amounted to $516.4 million, at June 30, 2005, a 28% increase over deposits of $403.2 million at June 30, 2004, while total loans increased to $481.8 million at June 30, 2005, from $349.0 million at June 30, 2004, a 38% increase. Eagle Bancorp commenced a quarterly cash dividend of $.07 per share in the first quarter of 2005, which was also paid for the second quarter of 2005. The Summary of Financial Information presented on the following pages provides more detail of the Company's performance for the six and three months ended June 30, 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 in Chevy Chase, Maryland which is expected to be opened in the first quarter of 2006. 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 Statement of Condition Highlights
JUNE 30, DECEMBER 31, JUNE 30, (in thousands) 2005 2004 2004 ------------------------------------------ UNAUDITED AUDITED UNAUDITED ------------------------------------------ ASSETS Cash and due from banks $ 24,577 $ 31,100 $ 31,180 Interest bearing deposits with banks and other short term investments 10,689 9,594 5,936 Federal funds sold 2,002 15,035 23,980 Investment securities available for sale, at fair value 71,035 64,098 63,922 Loans held for sale 3,646 2,208 3,866 Loans 481,769 415,509 349,012 Less: allowance for credit losses (5,155) (4,240) (3,957) Premises and equipment, net 5,962 5,726 5,603 Accrued interest, taxes and other assets 15,575 14,423 14,485 ----------------------------------------- TOTAL ASSETS $ 610,100 $ 553,453 $ 494,027 ========================================= LIABILITIES AND STOCKHOLDERS' EQUITY Noninterest bearing deposits $ 146,039 $ 130,309 $ 96,252 Interest bearing deposits 370,401 331,978 306,996 ----------------------------------------- Total deposits 516,440 462,287 403,248 Federal funds purchased and securities sold 26,352 23,983 21,906 under repurchase agreements - Other borrowings 4,333 6,333 12,528 Other liabilities 1,920 2,316 1,623 ----------------------------------------- Total liabilities 549,045 494,919 439,305 Stockholders' equity 61,055 58,534 54,722 ----------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 610,100 $ 553,453 $ 494,027 =========================================
EAGLE BANCORP, INC. Statements of Income Highlights (in thousands)
SIX MONTHS ENDED THREE MONTHS ENDED JUNE 30, JUNE 30, ---------------------------- --------------------------- 2005 2004 2005 2004 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) ----------- ----------- ----------- ----------- Total interest income $ 16,362 $ 10,989 $ 8,652 $ 5,613 Total interest expense 2,942 2,013 1,707 1,044 ---------- ---------- ---------- ---------- Net interest income 13,420 8,976 6,945 4,569 ---------- ---------- ---------- ---------- Provision for credit losses 887 230 470 76 Noninterest income (before investment gains) 1,913 1,654 874 825 Investment Gains 12 253 12 - Noninterest expense 9,375 7,124 4,900 3,631 ---------- ---------- ---------- ---------- Income before income tax expense 5,083 3,529 2,461 1,687 Income tax expense 1,874 1,277 905 614 ---------- ---------- ---------- ---------- Net income $ 3,209 $ 2,252 $ 1,556 $ 1,073 ========== ========== ========== ========== PER SHARE DATA (1): Earnings per share, basic $ 0.45 $ 0.32 $ 0.22 $ 0.15 Earnings per share, diluted $ 0.43 $ 0.31 $ 0.21 $ 0.15 Shares outstanding at period end 7,095,397 7,025,534 7,085,855 7,025,534 Weighted average shares outstanding, basic 7,085,855 7,016,697 7,092,770 7,023,232 Weighted average shares outstanding, diluted 7,514,477 7,274,391 7,533,336 7,315,565 Book value per share at period end $ 8.60 $ 7.79
(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 25, 2005 EAGLE BANCORP, INC. Performance Ratios (annualized): Return on average assets 1.12% 0.99% Return on average equity 10.83% 8.30% Net interest margin 4.99% 4.23% Efficiency ratio (2) 61.09% 65.46% OTHER RATIOS: Allowance for credit losses to total loans 1.07% 1.13% Non performing loans to total loans 0.03% 0.13% Net charge-offs (annualized) to average loans -0.01% -0.03% Average equity to average assets 10.37% 11.89% Tier 1 leverage Ratio 10.61% 12.10% Total risk based capital ratio 12.46% 16.20% AVERAGE BALANCES: Total assets $ 576,109 $ 456,495 Total earning assets $ 542,780 $ 424,259 Total loans $ 443,235 $ 332,108 Total deposits $ 479,639 $ 368,371 Total stockholders' equity $ 59,748 $ 54,297
(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income -----END PRIVACY-ENHANCED MESSAGE-----