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Eagle Bancorp, Inc. Announces Record Earnings For The Fourth Quarter Of 2012, With Full Year 2012 Earnings Up 44%

Stocks in this article: EGBN

At December 31, 2012, the Company had a total risk based capital ratio of 12.19%, a Tier 1 risk based capital ratio of 10.80%, and a Tier 1 leverage ratio of 10.44%, all measures substantially above the regulatory requirements for well capitalized status.

The financial information which follows provides more detail on the Company's financial performance for the twelve and three months ended December 31, 2012 as compared to the twelve and three months ended December 31, 2011, 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, 2011 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 seventeen full service branch offices, located in Montgomery County, Maryland; Washington, D.C.; and Arlington and Fairfax Counties, Virginia. 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

Conference Call: Eagle Bancorp will host a conference call to discuss the fourth quarter 2012 financial results on Thursday, January 24, 2013 at 10:00 a.m. eastern standard time. The public is invited to listen to this conference call by dialing 1.877.303.6220, conference ID Code is 86070079, 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 February 8, 2013.

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, 2011 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.        
Consolidated Financial Highlights (Unaudited)        
(dollars in thousands, except per share data)        
  Twelve Months Ended December 31, Three Months Ended December 31,
  2012 2011 2012 2011
Income Statements:        
Total interest income  $ 141,943  $ 119,124  $ 38,164  $ 33,091
Total interest expense  14,414  20,077  3,427  4,820
Net interest income  127,529  99,047  34,737  28,271
Provision for credit losses  16,190  10,983  4,139  2,765
Net interest income after provision for credit losses  111,339  88,064  30,598  25,506
Noninterest income (before investment gains/losses & extinguishment of debt)  21,203  12,056  6,135  3,864
Gain/(loss) on sale of investment securities  690  1,445  (75)  -- 
Loss on early extinguishment of debt  (529)  --   --   -- 
Total noninterest income  21,364  13,501  6,060  3,864
Total noninterest expense  76,531  63,276  20,325  18,307
Income before income tax expense  56,172  38,289  16,333  11,063
Income tax expense  20,883  13,731  6,135  3,889
Net income  35,289  24,558  10,198  7,174
Preferred stock dividends and discount accretion  566  1,511  141  142
Net income available to common shareholders  $ 34,723  $ 23,047  $ 10,057  $ 7,032
         
         
Per Share Data:        
Earnings per weighted average common share, basic  $ 1.65  $ 1.16  $ 0.44  $ 0.35
Earnings per weighted average common share, diluted  $ 1.61  $ 1.14  $ 0.43  $ 0.35
Weighted average common shares outstanding, basic  21,032,624  19,835,534  22,650,761  19,867,533
Weighted average common shares outstanding, diluted  21,585,286  20,287,812  23,274,203  20,281,294
Actual shares outstanding  22,954,889  19,952,844  22,954,889  19,952,844
Book value per common share at period end  $ 12.78  $ 10.53  $ 12.78  $ 10.53
Tangible book value per common share at period end (1)  $ 12.62  $ 10.32  $ 12.62  $ 10.32
         
Performance Ratios (annualized):        
Return on average assets (2) 1.18% 0.97% 1.25% 0.91%
Return on average common equity (2) 14.14% 11.71% 13.95% 13.40%
Net interest margin (2) 4.32% 3.99% 4.31% 3.65%
Efficiency ratio (3) 51.40% 56.22% 49.82% 56.97%
         
Other Ratios:        
Allowance for credit losses to total loans 1.50% 1.44% 1.50% 1.44%
Allowance for credit losses to total nonperforming loans 122.19% 90.42% 122.19% 90.42%
Nonperforming loans to total loans 1.23% 1.59% 1.23% 1.59%
Nonperforming assets to total assets (2) 1.06% 1.27% 1.06% 1.27%
Net charge-offs (annualized) to average loans 0.37% 0.32% 0.37% 0.34%
Common equity to total assets (2) 8.60% 7.42% 8.60% 7.42%
Tier 1 leverage ratio 10.44% 8.21% 10.44% 8.21%
Tier 1 risk based capital ratio 10.80% 10.33% 10.80% 10.33%
Total risk based capital ratio 12.19% 11.84% 12.19% 11.84%
Tangible common equity to tangible assets (1) (2) 8.50% 7.29% 8.50% 7.29%
         
Loan Balances - Period End (in thousands):        
Commercial and Industrial  $ 545,070  $ 478,886  $ 545,070  $ 478,886
Commercial real estate - owner occupied  $ 297,857  $ 250,174  $ 297,857  $ 250,174
Commercial real estate - income producing  $ 914,636  $ 756,643  $ 914,636  $ 756,643
1-4 Family mortgage  $ 61,871  $ 39,552  $ 61,871  $ 39,552
Construction - commercial and residential  $ 533,722  $ 395,267  $ 533,722  $ 395,267
Construction - C&I (owner occupied)  $ 28,808  $ 34,402  $ 28,808  $ 34,402
Home equity  $ 106,844  $ 97,103  $ 106,844  $ 97,103
Other consumer  $ 4,285  $ 4,227  $ 4,285  $ 4,227
         
Average Balances (in thousands):        
Total assets (2)  $ 2,997,994  $ 2,523,592  $ 3,247,498  $ 3,111,952
Total earning assets (2)  $ 2,953,417  $ 2,482,625  $ 3,203,462  $ 3,071,903
Total loans held for sale  $ 140,167  $ 63,198  $ 186,122  $ 177,116
Total loans  $ 2,281,027  $ 1,895,268  $ 2,442,418  $ 2,030,986
Total deposits (2)  $ 2,541,151  $ 2,113,517  $ 2,748,567  $ 2,652,707
Total borrowings  $ 143,542  $ 165,689  $ 137,525  $ 183,632
Total shareholders' equity  $ 302,234  $ 235,342  $ 343,401  $ 264,833

Use of Non-GAAP Financial Measures

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