-----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, CwbnNDDsOrZyWQb9czR4lvkDs0aTQ2Bej1kSIgrKqM9fEvAHfr4XpCP/nw6aUSC0 jXx9raWJ5ojuChB4Z0G2uw== 0001125282-05-005324.txt : 20051017 0001125282-05-005324.hdr.sgml : 20051017 20051017143331 ACCESSION NUMBER: 0001125282-05-005324 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051017 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051017 DATE AS OF CHANGE: 20051017 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: 051140739 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 b409289_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): October 17, 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 October 17, 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 October 17, 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: October 17, 2005 EX-99 2 b409289_ex99-1.txt PRESS RELEASE Exhibit 99 [Eagle Bancorp, Inc. Logo Omitted] PRESS RELEASE EAGLE BANCORP, INC. FOR IMMEDIATE RELEASE CONTACT: Ronald D. Paul October 17, 2005 301.986.1800 EAGLE BANCORP, INC. ANNOUNCES 68% INCREASE IN EARNINGS FOR THE FIRST NINE MONTHS OF 2005 WITH ASSETS EXCEEDING $647 MILLION BETHESDA, MD. Eagle Bancorp, Inc. (Nasdaq: EGBN), the parent company of EagleBank, today announced net income of $5.5 million for the nine months ended September 30, 2005, compared to $3.3 million for the first nine months of 2004, an increase of 68%. On a per-share basis, the Company earned $0.77 per basic share and $0.73 per diluted share for 2005, as compared to $0.46 per basic share and $0.44 cents per diluted share for 2004. For the third quarter of 2005, the Company earned $2.3 million, as compared to $1.0 million for the third quarter of 2004, a 127% increase. On a per-share basis, the Company earned $0.32 per basic share and $0.30 per diluted share for the third quarter of 2005, as compared to $0.14 per share for both basic and fully diluted shares for the same period in 2004. "Our growth in assets, loans and deposits continues and was coupled with favorable financial performance for Eagle Bancorp for the first nine months and third quarter of 2005", noted Leonard L. Abel, Chairman of Eagle Bancorp and Ronald D. Paul, President and CEO of Eagle Bancorp. "We are quite pleased with our balance sheet growth, and a continuing favorable net interest margin result. Furthermore, non-interest revenue has shown increases and productivity, as measured by the efficiency ratio, has improved in 2005 over 2004. We are committed to a balanced approach to managing the Company, which includes focusing on solid asset quality and making investment in infrastructure to support a growing organization", added Abel and Paul. For the nine months ended September 30, 2005, the Company reported an annualized return on average assets (ROAA) of 1.23% as compared to 0.92% for the first nine months of 2004; while the annualized return on average equity (ROAE) was 12.07%, as compared to 7.91% for the same period in 2004. Several factors contributed to the favorable financial results. Both loan and deposit activity were strong in the period, and together with an improved net interest margin, resulted in the Company's net interest income increasing to $20.9 million from $14.0 million for the first nine months of 2005 over 2004, a 49% gain and to $7.5 million from $5.0 million for the third quarter of 2005 as compared to the same period in 2004, also a 49% gain. The Bank's asset/liability management position has allowed it to benefit from the increase in market interest rates in the January to September period. For the first nine months of 2005, the net interest margin was 5.01% as compared to 4.27% for the first nine months in 2004. Non-interest income for the first nine months of 2005 was $3.2 million compared to $2.6 million in the first nine months of 2004, a 22% increase. This increase in non-interest income was due primarily to increased amounts of gains on the sale of SBA loans and related service fees, where EagleBank is the leading community bank lender in its marketplace and to higher net investment gains. For the three months ended September 30, 2005, noninterest income increased 78% to $1.2 million from $697 thousand in the same period in 2004. The primary reason for the increase was $269 thousand of net investment gains in the third quarter of 2005, as compared to a $60 thousand net investment loss for the same period in 2004. Other increases in the third quarter were due to increases in gains on the sale of SBA loans and related service fees. Non-interest expenses were $14.1 million for the first nine months of 2005, as compared to $11.1 million for 2004, a 27% increase. The primary reasons for this increase were increases in personnel and related benefit cost increases, higher incentive compensation, increased occupancy cost, due in part to new banking offices, and higher marketing, data processing and professional fees 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 nine months of 2005 to 58.52% from 66.74% for the same period in 2004. For the three months ended September 30, 2005, noninterest expenses increased 19% to $4.7 million from $4.0 million for the same period in 2004. This increase was attributed to the same factors mentioned above for the nine month period. Asset quality remained favorable in the period. The Company recorded net charge-offs of just $53 thousand for the first nine months of 2005 (.02% of average loans outstanding), as compared to net recoveries of $39 thousand for the first nine months of 2004. The ratio of non-performing loans to total loans was .04% at September 30, 2005, as compared to .71% at September 30, 2004. The provision for loan loss was $1.3 million for the first nine months in 2005 as compared to $457 thousand for 2004; the increase due substantially to growth in the loan portfolio over the past twelve months. At September 30, 2005, the allowance for credit losses represented 1.09% of loans outstanding, as compared to 1.15% at September 30, 2004. For the three months ended September 30, 2005, the provision for loan losses was $424 thousand as compared to $227 for the third quarter in 2004. At September 30, 2005, total assets were $647 million compared to $508 million at September 30, 2004, a 27% increase. Total deposits amounted to $546 million at September 30, 2005, a 33% increase over deposits of $411 million at September 30, 2004, while total loans increased to $504 million at September 30, 2005, from $364 million at September 30, 2004, a 38% increase. Eagle Bancorp paid a dividend of $.07 per share for the third quarter of 2005. The quarterly dividend commenced 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 three and nine months ended September 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 second 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
(in thousands) SEPTEMBER 30, 2005 DECEMBER 31, 2004 SEPTEMBER 30, 2004 ------------------------ ---------------------- ---------------------- UNAUDITED AUDITED UNAUDITED ------------------------ ---------------------- ---------------------- ASSETS Cash and cash equivalents $ 29,196 $ 31,100 $ 38,204 Interest bearing deposits with other banks 396 9,594 9,612 Federal funds sold 30,051 15,035 - Investment securities available for sale 63,949 64,098 77,606 Loans held for sale 2,327 2,208 3,138 Loans 504,290 415,509 363,824 Less: Allowance for credit losses (5,496) (4,240) (4,176) Premises and equipment, net 5,744 5,726 5,425 Other assets 16,562 14,423 14,054 ------------------------ ---------------------- ---------------------- TOTAL ASSETS $ 647,019 $ 553,453 $ 507,687 ======================== ====================== ====================== LIABILITIES AND STOCKHOLDERS' EQUITY Non interest bearing deposits $ 140,554 $ 130,309 $ 113,730 Interest bearing deposits 405,008 331,978 297,291 ------------------------ ---------------------- ---------------------- Total deposits 545,562 462,287 411,021 Federal funds purchased and securities sold under repurchase agreements 31,470 23,983 27,370 Other borrowings 4,000 6,333 11,443 Other liabilities 2,400 2,316 1,375 ------------------------ ---------------------- ---------------------- Total liabilities 583,432 494,919 451,209 Stockholders' equity 63,587 58,534 56,478 ------------------------ ---------------------- ---------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 647,019 $ 553,453 $ 507,687 ======================== ====================== ======================
EAGLE BANCORP, INC. Statements of Income Highlights
(in thousands) NINE MONTHS ENDED THREE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, --------------------------------------- --------------------------------------- 2005 2004 % 2005 2004 % (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) Total interest income $ 26,120 $ 17,135 52% $ 9,758 $ 6,146 59% Total interest expense 5,184 3,128 66% 2,242 1,115 101% --------------- --------------- ------- --------------- -------------- -------- Net interest income 20,936 14,007 49% 7,516 5,031 49% --------------- --------------- ------- --------------- -------------- -------- Provision for credit losses 1,311 457 187% 424 227 87% Noninterest income before investment gains (losses) 2,884 2,411 20% 970 757 28% Investment gains (losses) 281 193 46% 269 (60) n/m Noninterest expense 14,105 11,086 27% 4,729 3,962 19% --------------- --------------- ------- --------------- -------------- -------- Income before income tax expense 8,685 5,068 71% 3,602 1,539 134% Income tax expense 3,206 1,816 77% 1,332 539 147% --------------- --------------- ------- --------------- -------------- -------- Net income $ 5,479 $ 3,252 68% $ 2,270 $ 1,000 127% =============== =============== ======= =============== ============== ======== Per Share Data (1): Earnings per share, basic $ 0.77 $ 0.46 $ 0.32 $ 0.14 Earnings per share, diluted $ 0.73 $ 0.44 $ 0.30 $ 0.14 Shares outstanding at period end 7,174,343 7,030,256 7,174,343 7,030,256 Weighted average shares outstanding, basic 7,093,486 7,018,229 7,119,872 7,028,567 Weighted average shares outstanding, diluted 7,532,690 7,328,545 7,574,063 7,378,229 Book value per share at period end $ 8.86 $ 8.03 $ 8.86 $ 8.03 (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 1.23% 0.92% Return on average equity 12.07% 7.91% Net interest margin 5.01% 4.27% Efficiency ratio (2) 58.52% 66.74% Other Ratios: Allowance for credit losses to total loans 1.09% 1.15% Non performing loans to total loans 0.04% 0.71% Net charge-offs (recoveries) to average loans 0.02% -0.02% Average equity to average assets 10.22% 11.68% Tier 1 leverage Ratio 10.18% 12.00% Total risk based capital ratio 12.56% 14.50% Average Balances (in thousands): Total assets $ 593,496 $ 469,357 Total earning assets $ 558,956 $ 437,651 Total loans (3) $ 463,576 $ 341,559 Total deposits $ 495,318 $ 380,866 Total stockholders' equity $ 60,668 $ 54,826 (2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income and investment gains (losses) (3) Includes loans held for sale
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