EXHIBIT 99
[Eagle Bancorp, Inc. Logo Omitted]
PRESS RELEASE EAGLE BANCORP, INC.
FOR IMMEDIATE RELEASE CONTACT:
Ronald D. Paul
May 3, 2004 301.986.1800
EAGLE BANCORP, INC.
SUPPLEMENTS ITS PRESS RELEASE OF APRIL 15, 2004
BETHESDA, MD. Eagle Bancorp, Inc. (Nasdaq: EGBN), the parent company of
EagleBank, announced net income of $1.18 million for the quarter ended March 31,
2004. The results for the first quarter of 2004 represented a 20% increase over
the $983 thousand of net income for the same period in 2003 and a 45% increase
over the $815 thousand net income for the fourth quarter of 2003.
On a per share basis, the Company earned $0.22 per basic share and $0.21 per
diluted share in the first quarter of 2004, as compared to $0.15 per basic and
diluted shares for the fourth quarter of 2003 and $0.34 per basic share and
$0.32 per diluted share for the first quarter of 2003. Earnings per share were
significantly impacted in the first quarter of 2004 and fourth quarter of 2003
by the 85% increase in the number of outstanding shares following the completion
of the Company's offering of approximately 2.4 million shares in August 2003.
The additional shares are expected to have an adverse impact on earnings per
share for a number of quarters until the capital can be further leveraged and
deployed in loans and other income producing assets other than low yielding, but
highly liquid short term investment securities.
The Company reported total assets at March 31, 2004 of $469 million compared to
$443 million at December 31, 2003 and $350 million at March 31, 2003. At March
31, 2004 deposits of approximately $386 million represented a 15% increase over
deposits of $336 million at December 31, 2003, and a 38% increase over deposits
of $279 million at March 31, 2003. At March 31, 2004, loans (including loans
held for sale) increased 4% to $335 million from $321 million at December 31,
2003, and 38% from $243 million at March 31, 2003.
The management of Eagle Bancorp, Inc. is releasing the following Summary of
Financial Information on the Company to provide interested stockholders and
other parties a more comprehensive overview of the Company's performance for the
first quarter of 2004. Persons wishing additional information should refer to
the Company's 10Q report to be filed with the Securities and Exchange Commission
on or before May 15, 2004.
EAGLE BANCORP, INC.
SUMMARY OF FINANCIAL INFORMATION
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND
MARCH 31, 2003 AND YEAR ENDED DECEMBER 31, 2003
(dollars in thousands) MARCH 31, MARCH 31, DECEMBER 31,
2004 2003 2003
UNAUDITED UNAUDITED AUDITED
--------- --------- ------------
ASSETS
Cash and due from banks $ 29,659 $ 16,419 $ 25,103
Interest bearing deposits with other banks 4,981 5,825 4,332
Federal funds sold and cash equivalents 17,026 10,100 --
Investment securities available for sale 70,459 67,040 82,581
Loans held for sale 4,341 3,597 3,649
Loans 330,253 239,551 317,533
Less: Allowance for credit losses (3,750) (2,861) (3,680)
Loans, net 326,503 236,690 313,853
Other assets 16,493 10,699 13,479
TOTAL ASSETS $ 469,462 $ 350,370 $ 442,997
LIABILITIES AND STOCKHOLDERS EQUITY
Noninterest bearing deposits $ 93,805 $ 65,289 $ 90,468
Interest bearing deposits 291,835 213,620 245,046
Total deposits 385,640 278,909 335,514
Federal funds purchased and securities sold
under repurchase agreements 13,958 24,949 38,454
Other borrowings 13,551 24,258 14,588
Other liabilities 1,657 1,388 1,429
Total liabilities 414,806 329,504 389,985
Stockholders equity 54,656 20,866 53,012
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 469,462 $ 350,370 $ 442,997
RESULTS OF OPERATIONS:
Total interest income $ 5,376 $ 4,466 $ 18,404
Total interest expense 969 1,075 3,953
Net interest income 4,407 3,391 14,451
Provision for credit losses 154 224 1,175
Noninterest income 1,082 873 2,936
Noninterest expense 3,493 2,465 11,094
Income before incomes taxes 1,842 1,575 5,118
Income tax expense 663 592 1,903
Net income $ 1,179 $ 983 $ 3,215
PER SHARE DATA:
Earnings per share, basic $ 0.22 $ 0.34 $ 0.82
Earnings per share, diluted $ 0.21 $ 0.32 $ 0.77
Shares outstanding at period end 5,401,767 2,900,474 5,359,303
Weighted average shares outstanding, basic 5,392,438 2,898,714 3,932,004
Weighted average shares outstanding, diluted 5,650,461 3,105,975 4,166,128
Book value at period end $ 10.12 $ 7.19 $ 9.89
PERFORMANCE RATIOS (ANNUALIZED):
Return on average assets 1.08% 1.16% 0.86%
Return on average equity 8.80% 19.14% 9.45%
Net interest margin 4.33% 4.35% 4.14%
Efficiency ratio 63.64% 57.81% 63.34%
OTHER RATIOS:
Allowance for credit losses to total loans 1.14% 1.20% 1.16%
Non performing loans to total loans 0.17% 0.32% 0.21%
Net charge-offs (annualized) to average loans 0.10% 0.20% 0.10%
Equity to average assets 12.28% 6.08% 9.05%
Tier 1 capital ratio 14.25% 8.10% 15.30%
Total capital ratio 15.23% 9.20% 16.40%
AVERAGE BALANCES:
Assets $ 438,634 $ 337,723 $ 375,802
Earning assets $ 409,068 $ 314,843 $ 349,157
Loans $ 324,942 $ 241,805 $ 266,811
Deposits $ 301,993 $ 253,595 $ 263,448
Stockholders equity $ 53,877 $ 20,542 $ 34,028
NON-GAAP PRESENTATIONS. This press release refers to the efficiency ratio which
is computed by dividing noninterest expense by the sum of net interest income on
a tax equivalent basis and noninterest income. This is a non-GAAP financial
measure that we believe provides investors with important information regarding
our operational efficiency. Comparison of our efficiency ratio with those of
other companie may not be possible because other companies may calculate the
efficiency ratio differently. The Company, in referring to its net income, is
referring to income under accounting principles generally accepted in the United
States, or "GAAP".
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.
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