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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eagle Bancorp Inc | NASDAQ:EGBN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.78 | 3.69% | 21.94 | 21.92 | 22.03 | 22.10 | 21.41 | 21.52 | 35,300 | 14:49:00 |
Maryland | 52-2061461 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
7815 Woodmont Avenue, Bethesda, Maryland |
20814
|
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer
o
|
Accelerated filer
x
|
Non-accelerated filer
o
|
Smaller Reporting Company
o
|
PART I.
|
FINANCIAL INFORMATION
|
||
Item 1.
|
Financial Statements (Unaudited)
|
3 | |
Consolidated Balance Sheets
|
3 | ||
Consolidated Statements of Operations
|
4 | ||
Consolidated Statements of Comprehensive Income | 5 | ||
Consolidated Statements of Changes in Shareholders’ Equity
|
6 | ||
Consolidated Statements of Cash Flows
|
7 | ||
Notes to Consolidated Financial Statements
|
8 | ||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
33 | |
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
58 | |
Item 4.
|
Controls and Procedures
|
58 | |
PART II.
|
OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
59 | |
Item 1A.
|
Risk Factors
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
59 | |
Item 3.
|
Defaults Upon Senior Securities
|
59 | |
Item 4.
|
Mine Safety Disclosures
|
59 | |
Item 5.
|
Other Information
|
59 | |
Item 6.
|
Exhibits
|
59 | |
Signatures
|
61 |
Assets
|
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
|||||||||
Cash and due from banks
|
$ | 7,123 | $ | 7,439 | $ | 5,838 | ||||||
Federal funds sold
|
5,811 | 7,852 | 18,990 | |||||||||
Interest bearing deposits with banks and other short-term investments
|
257,957 | 324,043 | 117,326 | |||||||||
Investment securities available for sale, at fair value
|
318,431 | 299,820 | 345,021 | |||||||||
Federal Reserve and Federal Home Loan Bank stock
|
11,154 | 10,694 | 11,374 | |||||||||
Loans held for sale
|
132,698 | 226,923 | 87,496 | |||||||||
Loans
|
2,548,024 | 2,493,095 | 2,186,940 | |||||||||
Less allowance for credit losses
|
(38,811 | ) | (37,492 | ) | (31,875 | ) | ||||||
Loans, net
|
2,509,213 | 2,455,603 | 2,155,065 | |||||||||
Premises and equipment, net
|
16,094 | 15,261 | 12,864 | |||||||||
Deferred income taxes
|
20,661 | 19,128 | 14,658 | |||||||||
Bank owned life insurance
|
14,229 | 14,135 | 13,839 | |||||||||
Intangible assets, net
|
3,659 | 3,785 | 4,066 | |||||||||
Other real estate owned
|
9,199 | 5,299 | 3,014 | |||||||||
Other assets
|
18,636 | 19,459 | 25,998 | |||||||||
Total Assets
|
$ | 3,324,865 | $ | 3,409,441 | $ | 2,815,549 | ||||||
Liabilities and Shareholders' Equity
|
||||||||||||
Liabilities
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest bearing demand
|
$ | 756,177 | $ | 881,390 | $ | 698,636 | ||||||
Interest bearing transaction
|
99,187 | 113,813 | 75,751 | |||||||||
Savings and money market
|
1,456,318 | 1,374,869 | 1,084,622 | |||||||||
Time, $100,000 or more
|
216,337 | 232,875 | 293,570 | |||||||||
Other time
|
284,911 | 294,275 | 215,656 | |||||||||
Total deposits
|
2,812,930 | 2,897,222 | 2,368,235 | |||||||||
Customer repurchase agreements
|
92,664 | 101,338 | 111,580 | |||||||||
Long-term borrowings
|
39,300 | 39,300 | 49,300 | |||||||||
Other liabilities
|
18,119 | 21,605 | 10,426 | |||||||||
Total Liabilities
|
2,963,013 | 3,059,465 | 2,539,541 | |||||||||
Shareholders' Equity
|
||||||||||||
Preferred stock, par value $.01 per share, shares authorized 1,000,000, Series B,
$1,000 per share liquidation preference, shares issued and outstanding 56,600
at March 31, 2013, December 31, 2012 and March 31, 2012.
|
56,600 | 56,600 | 56,600 | |||||||||
Common stock, par value $.01 per share; shares authorized 50,000,000, shares
issued and outstanding 23,389,238, 22,954,889 and 20,220,166, respectively
|
228 | 226 | 199 | |||||||||
Warrant
|
946 | 946 | 946 | |||||||||
Additional paid in capital
|
181,993 | 180,593 | 134,455 | |||||||||
Retained earnings
|
117,577 | 106,146 | 78,911 | |||||||||
Accumulated other comprehensive income
|
4,508 | 5,465 | 4,897 | |||||||||
Total Shareholders' Equity
|
361,852 | 349,976 | 276,008 | |||||||||
Total Liabilities and Shareholders' Equity
|
$ | 3,324,865 | $ | 3,409,441 | $ | 2,815,549 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Interest Income
|
||||||||
Interest and fees on loans
|
$ | 36,024 | $ | 30,723 | ||||
Interest and dividends on investment securities
|
1,696 | 1,694 | ||||||
Interest on balances with other banks and short-term investments
|
209 | 137 | ||||||
Interest on federal funds sold
|
4 | 14 | ||||||
Total interest income
|
37,933 | 32,568 | ||||||
Interest Expense
|
||||||||
Interest on deposits
|
2,940 | 3,468 | ||||||
Interest on customer repurchase agreements
|
69 | 96 | ||||||
Interest on long-term borrowings
|
415 | 534 | ||||||
Total interest expense
|
3,424 | 4,098 | ||||||
Net Interest Income
|
34,509 | 28,470 | ||||||
Provision for Credit Losses
|
3,365 | 3,970 | ||||||
Net Interest Income After Provision For Credit Losses
|
31,144 | 24,500 | ||||||
Noninterest Income
|
||||||||
Service charges on deposits
|
1,285 | 979 | ||||||
Gain on sale of loans
|
5,649 | 4,139 | ||||||
Gain on sale of investment securities
|
23 | 153 | ||||||
Increase in the cash surrender value of bank owned life insurance
|
94 | 97 | ||||||
Other income
|
1,060 | 644 | ||||||
Total noninterest income
|
8,111 | 6,012 | ||||||
Noninterest Expense
|
||||||||
Salaries and employee benefits
|
11,200 | 10,424 | ||||||
Premises and equipment expenses
|
2,800 | 2,510 | ||||||
Marketing and advertising
|
347 | 286 | ||||||
Data processing
|
1,539 | 1,256 | ||||||
Legal, accounting and professional fees
|
893 | 1,101 | ||||||
FDIC insurance
|
582 | 489 | ||||||
Other expenses
|
3,336 | 2,496 | ||||||
Total noninterest expense
|
20,697 | 18,562 | ||||||
Income Before Income Tax Expense
|
18,558 | 11,950 | ||||||
Income Tax Expense
|
6,986 | 4,317 | ||||||
Net Income
|
11,572 | 7,633 | ||||||
Preferred Stock Dividends
|
141 | 141 | ||||||
Net Income Available to Common Shareholders
|
$ | 11,431 | $ | 7,492 | ||||
Earnings Per Common Share
|
||||||||
Basic
|
$ | 0.49 | $ | 0.37 | ||||
Diluted
|
$ | 0.48 | $ | 0.36 |
Three Months Ended March, 31 | ||||||||
2013
|
2012
|
|||||||
Net Income
|
$ | 11,572 | $ | 7,633 | ||||
Other comprehensive income, net of tax:
|
||||||||
Net unrealized (loss) gain on securities available for sale
|
(944 | ) | 114 | |||||
Reclassification adjustment for net gains included in net income
|
(13 | ) | (92 | ) | ||||
Net change in unrealized (loss) gains on securities
|
(957 | ) | 22 | |||||
Comprehensive Income
|
$ | 10,615 | $ | 7,655 |
Preferred
Stock
|
Common
Stock
|
Warrant
|
Additional Paid
in Capital
|
Retained
Earnings
|
Accumulated
Other
|
Total
Shareholders'
|
||||||||||||||||||||||
Balance January 1, 2013
|
$ | 56,600 | $ | 226 | $ | 946 | $ | 180,593 | $ | 106,146 | $ | 5,465 | $ | 349,976 | ||||||||||||||
Net Income
|
- | - | - | - | 11,572 | - | 11,572 | |||||||||||||||||||||
Net change in other comprehensive income
|
- | - | - | - | - | (957 | ) | (957 | ) | |||||||||||||||||||
Stock-based compensation
|
- | - | - | 710 | - | - | 710 | |||||||||||||||||||||
Common stock issued 427,704 shares under
equity compensation plans
|
- | 2 | - | 467 | - | - | 469 | |||||||||||||||||||||
Tax benefit on non-qualified options exercised
|
- | - | - | 134 | - | - | 134 | |||||||||||||||||||||
Employee stock purchase plan 6,645 shares
|
- | - | - | 89 | - | - | 89 | |||||||||||||||||||||
Preferred stock:
|
||||||||||||||||||||||||||||
Preferred stock dividends
|
- | - | - | - | (141 | ) | - | (141 | ) | |||||||||||||||||||
Balance March 31, 2013
|
$ | 56,600 | $ | 228 | $ | 946 | $ | 181,993 | $ | 117,577 | $ | 4,508 | $ | 361,852 | ||||||||||||||
Balance January 1, 2012
|
$ | 56,600 | $ | 197 | $ | 946 | $ | 132,670 | $ | 71,423 | $ | 4,875 | $ | 266,711 | ||||||||||||||
Net Income
|
- | - | - | - | 7,633 | - | 7,633 | |||||||||||||||||||||
Net change in other comprehensive income
|
- | - | - | - | - | 22 | 22 | |||||||||||||||||||||
Stock-based compensation
|
- | - | - | 1,187 | (1 | ) | - | 1,186 | ||||||||||||||||||||
Common stock issued 284,748 shares under
equity compensation plans
|
- | 2 | - | 435 | (1 | ) | - | 436 | ||||||||||||||||||||
Tax benefit on non-qualified options exercised
|
- | - | - | 19 | (2 | ) | - | 17 | ||||||||||||||||||||
Employee stock purchase plan 9,516 shares
|
- | - | - | 144 | - | - | 144 | |||||||||||||||||||||
Preferred stock:
|
||||||||||||||||||||||||||||
Preferred stock dividends
|
- | - | - | - | (141 | ) | - | (141 | ) | |||||||||||||||||||
Balance March 31, 2012
|
$ | 56,600 | $ | 199 | $ | 946 | $ | 134,455 | $ | 78,911 | $ | 4,897 | $ | 276,008 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Net Income
|
$ | 11,572 | $ | 7,633 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||
Provision for credit losses
|
3,365 | 3,970 | ||||||
Depreciation and amortization
|
1,054 | 761 | ||||||
Gains on sale of loans
|
(5,649 | ) | (4,139 | ) | ||||
Securities premium amortization (discount accretion), net
|
1,011 | 1,288 | ||||||
Origination of loans held for sale
|
(387,351 | ) | (278,308 | ) | ||||
Proceeds from sale of loans held for sale
|
487,225 | 371,777 | ||||||
Net increase in cash surrender value of BOLI
|
(94 | ) | (97 | ) | ||||
Increase in deferred income taxes
|
(1,533 | ) | (15 | ) | ||||
Net loss on sale of other real estate owned
|
- | 61 | ||||||
Net gain on sale of investment securities
|
(23 | ) | (153 | ) | ||||
Stock-based compensation expense
|
710 | 1,186 | ||||||
Excess tax benefit from stock-based compensation
|
(134 | ) | (17 | ) | ||||
Decrease (increase) in other assets
|
823 | (2,743 | ) | |||||
Increase in other liabilities
|
(3,486 | ) | (9,362 | ) | ||||
Net cash provided by operating activities
|
107,490 | 91,842 | ||||||
Cash Flows From Investing Activities:
|
||||||||
Increase (decrease) in interest bearing deposits with
other banks and short-term investments
|
94 | (131 | ) | |||||
Purchases of available for sale investment securities
|
(54,783 | ) | (56,763 | ) | ||||
Proceeds from maturities of available for sale securities
|
12,079 | 10,520 | ||||||
Proceeds from sale/call of available for sale securities
|
22,148 | 13,920 | ||||||
Purchases of Federal Reserve and Federal Home Loan Bank stock
|
(613 | ) | (1,133 | ) | ||||
Proceeds from redemption of federal reserve and federal home loan bank stock
|
153 | - | ||||||
Net increase in loans
|
(60,707 | ) | (132,432 | ) | ||||
Proceeds from sale of other real estate owned
|
- | 338 | ||||||
Bank premises and equipment acquired
|
(1,792 | ) | (1,232 | ) | ||||
Net cash used in investing activities
|
(83,421 | ) | (166,913 | ) | ||||
Cash Flows From Financing Activities:
|
||||||||
Increase in deposits
|
(84,387 | ) | (23,860 | ) | ||||
(Decrease) increase in customer repurchase agreements
|
(8,674 | ) | 8,218 | |||||
Payment of dividends on preferred stock
|
(141 | ) | (141 | ) | ||||
Proceeds from exercise of stock options
|
467 | 436 | ||||||
Excess tax benefit from stock-based compensation
|
134 | 17 | ||||||
Proceeds from employee stock purchase plan
|
89 | 144 | ||||||
Net cash used in financing activities
|
(92,512 | ) | (15,186 | ) | ||||
Net Decrease In Cash and Cash Equivalents
|
(68,443 | ) | (90,257 | ) | ||||
Cash and Cash Equivalents at Beginning of Period
|
339,334 | 232,411 | ||||||
Cash and Cash Equivalents at End of Period
|
$ | 270,891 | $ | 142,154 | ||||
Supplemental Cash Flows Information:
|
||||||||
Interest paid
|
$ | 3,775 | $ | 4,622 | ||||
Income taxes paid
|
$ | 5,875 | $ | 5,950 | ||||
Non-Cash Investing Activities
|
||||||||
Transfers from loans to other real estate owned
|
$ | 3,900 | $ | 365 |
March 31, 2013
(dollars in thousands)
|
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Estimated
Fair
|
||||||||||||
U. S. Government agency securities
|
$ | 38,902 | $ | 1,229 | $ | 7 | $ | 40,124 | ||||||||
Residential mortgage backed securities
|
189,601 | 2,514 | 537 | 191,578 | ||||||||||||
Municipal bonds
|
82,007 | 4,687 | 314 | 86,380 | ||||||||||||
Other equity investments
|
407 | - | 58 | 349 | ||||||||||||
$ | 310,917 | $ | 8,430 | $ | 916 | $ | 318,431 |
December 31, 2012
(dollars in thousands)
|
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Estimated
Fair
|
||||||||||||
U. S. Government agency securities
|
$ | 47,606 | $ | 1,477 | $ | 1 | $ | 49,082 | ||||||||
Residential mortgage backed securities
|
170,649 | 2,730 | 296 | 173,083 | ||||||||||||
Municipal bonds
|
72,050 | 5,314 | 51 | 77,313 | ||||||||||||
Other equity investments
|
407 | - | 65 | 342 | ||||||||||||
$ | 290,712 | $ | 9,521 | $ | 413 | $ | 299,820 |
Less than
12 Months
|
12 Months
or Greater
|
Total
|
||||||||||||||||||||||
March 31, 2013
(dollars in thousands)
|
Estimated
Fair
|
Unrealized
Losses
|
Estimated
Fair
|
Unrealized
Losses
|
Estimated
Fair
|
Unrealized
Losses
|
||||||||||||||||||
U. S. Government agency securities
|
$ | 2,999 | $ | 7 | $ | - | $ | - | $ | 2,999 | $ | 7 | ||||||||||||
Residential mortgage backed securities
|
44,992 | 537 | 2,743 | - | 47,735 | 537 | ||||||||||||||||||
Municipal bonds
|
3,964 | 312 | - | 2 | 3,964 | 314 | ||||||||||||||||||
Other equity investments
|
- | - | 120 | 58 | 120 | 58 | ||||||||||||||||||
$ | 51,955 | $ | 856 | $ | 2,863 | $ | 60 | $ | 54,818 | $ | 916 |
Less than
12 Months
|
12 Months
or Greater
|
Total
|
||||||||||||||||||||||
December 31, 2012
(dollars in thousands)
|
Estimated
Fair
|
Unrealized
Losses
|
Estimated
Fair
|
Unrealized
Losses
|
Estimated
Fair
|
Unrealized
Losses
|
||||||||||||||||||
U. S. Government agency securities
|
$ | 2,999 | $ | 1 | $ | - | $ | - | $ | 2,999 | $ | 1 | ||||||||||||
Residential mortgage backed securities
|
44,992 | 263 | 2,743 | 33 | 47,735 | 296 | ||||||||||||||||||
Municipal bonds
|
3,964 | 51 | - | - | 3,964 | 51 | ||||||||||||||||||
Other equity investments
|
- | - | 112 | 65 | 112 | 65 | ||||||||||||||||||
$ | 51,955 | $ | 315 | $ | 2,855 | $ | 98 | $ | 54,810 | $ | 413 |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
Estimated
Fair Value
|
Amortized
Cost
|
Estimated
Fair Value
|
||||||||||||
U. S. Government agency securities maturing:
|
||||||||||||||||
One year or less
|
$ | 3,000 | $ | 2,993 | $ | 5,038 | $ | 5,053 | ||||||||
After one year through five years
|
35,902 | 37,131 | 42,568 | 44,029 | ||||||||||||
Residential mortgage backed securities
|
189,601 | 191,578 | 170,649 | 173,083 | ||||||||||||
Municipal bonds maturing:
|
||||||||||||||||
After one year through five years
|
11,219 | 11,678 | 11,469 | 11,978 | ||||||||||||
Five years through ten years
|
70,788 | 74,702 | 60,581 | 65,335 | ||||||||||||
Other equity investments
|
407 | 349 | 407 | 342 | ||||||||||||
$ | 310,917 | $ | 318,431 | $ | 290,712 | $ | 299,820 |
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
||||||||||||||||||
Commercial
|
$ | 579,618 | 23 | % | $ | 545,070 | 22 | % | $ | 492,824 | 23 | % | ||||||||||||
Investment - commercial real estate (1)
|
910,829 | 36 | % | 914,638 | 37 | % | 829,984 | 38 | % | |||||||||||||||
Owner occupied - commercial real estate
|
303,561 | 12 | % | 297,857 | 12 | % | 275,723 | 13 | % | |||||||||||||||
Real estate mortgage - residential
|
69,256 | 3 | % | 61,871 | 3 | % | 43,057 | 2 | % | |||||||||||||||
Construction - commercial and residential (1)
|
538,071 | 21 | % | 533,722 | 21 | % | 417,346 | 19 | % | |||||||||||||||
Construction - C&I (owner occupied) (1)
|
34,002 | 1 | % | 28,808 | 1 | % | 27,412 | 1 | % | |||||||||||||||
Home equity
|
108,570 | 4 | % | 106,844 | 4 | % | 95,437 | 4 | % | |||||||||||||||
Other consumer
|
4,117 | - | 4,285 | - | 5,157 | - | ||||||||||||||||||
Total loans
|
2,548,024 | 100 | % | 2,493,095 | 100 | % | 2,186,940 | 100 | % | |||||||||||||||
Less: Allowance for Credit Losses
|
(38,811 | ) | (37,492 | ) | (31,875 | ) | ||||||||||||||||||
Net loans
|
$ | 2,509,213 | $ | 2,455,603 | $ | 2,155,065 |
(dollars in thousands)
|
Commercial
|
Investment
Commercial
|
Owner occupied
Commercial
|
Real Estate
Mortgage
|
Construction
Commercial and
|
Home
Equity
|
Other
Consumer
|
Total
|
||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||
Balance at beginning of period
|
$ | 9,412 | $ | 9,148 | $ | 2,781 | $ | 659 | $ | 13,391 | $ | 1,730 | $ | 371 | $ | 37,492 | ||||||||||||||||
Loans charged-off
|
(1,184 | ) | (109 | ) | - | - | (719 | ) | (29 | ) | (42 | ) | (2,083 | ) | ||||||||||||||||||
Recoveries of loans previously charged-off
|
26 | - | - | - | 6 | - | 5 | 37 | ||||||||||||||||||||||||
Net loans charged-off
|
(1,158 | ) | (109 | ) | - | - | (713 | ) | (29 | ) | (37 | ) | (2,046 | ) | ||||||||||||||||||
Provision for credit losses
|
2,821 | (32 | ) | 23 | 218 | 267 | 51 | 17 | 3,365 | |||||||||||||||||||||||
Ending balance
|
$ | 11,075 | $ | 9,007 | $ | 2,804 | $ | 877 | $ | 12,945 | $ | 1,752 | $ | 351 | $ | 38,811 | ||||||||||||||||
For the Period Ended March 31, 2013
|
||||||||||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 2,360 | $ | 818 | $ | 704 | $ | - | $ | 3,358 | $ | 218 | $ | - | $ | 7,458 | ||||||||||||||||
Collectively evaluated for impairment
|
8,715 | 8,189 | 2,100 | 877 | 9,587 | 1,534 | 351 | 31,353 | ||||||||||||||||||||||||
Ending balance
|
$ | 11,075 | $ | 9,007 | $ | 2,804 | $ | 877 | $ | 12,945 | $ | 1,752 | $ | 351 | $ | 38,811 | ||||||||||||||||
March 31, 2012
|
||||||||||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||
Balance at beginning of period
|
$ | 9,609 | $ | 7,304 | $ | 1,898 | $ | 399 | $ | 8,546 | $ | 1,528 | $ | 369 | $ | 29,653 | ||||||||||||||||
Loans charged-off
|
(773 | ) | (291 | ) | - | (300 | ) | (240 | ) | (244 | ) | (5 | ) | (1,853 | ) | |||||||||||||||||
Recoveries of loans previously charged-off
|
7 | 2 | - | - | 94 | 1 | 1 | 105 | ||||||||||||||||||||||||
Net loans charged-off
|
(766 | ) | (289 | ) | - | (300 | ) | (146 | ) | (243 | ) | (4 | ) | (1,748 | ) | |||||||||||||||||
Provision for credit losses
|
(306 | ) | 1,130 | 248 | (99 | ) | 3,260 | 44 | (307 | ) | 3,970 | |||||||||||||||||||||
Ending balance
|
$ | 8,537 | $ | 8,145 | $ | 2,146 | $ | - | $ | 11,660 | $ | 1,329 | $ | 58 | $ | 31,875 | ||||||||||||||||
For the Period Ended March 31, 2012
|
||||||||||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 1,874 | $ | 829 | $ | 201 | $ | - | $ | 2,899 | $ | 138 | $ | 4 | $ | 5,945 | ||||||||||||||||
Collectively evaluated for impairment
|
6,663 | 7,316 | 1,945 | - | 8,761 | 1,191 | 54 | 25,930 | ||||||||||||||||||||||||
Ending balance
|
$ | 8,537 | $ | 8,145 | $ | 2,146 | $ | - | $ | 11,660 | $ | 1,329 | $ | 58 | $ | 31,875 |
(dollars in thousands)
|
Commercial
|
Investment
Commercial
|
Owner occupied
Commercial
|
Real Estate
Mortgage
|
Construction
Commercial and
|
Home
Equity
|
Other
Consumer
|
Total
|
||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||||||||||
Recorded investment in loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 14,395 | $ | 5,564 | $ | 6,449 | $ | - | $ | 30,972 | $ | 538 | $ | - | $ | 57,918 | ||||||||||||||||
Collectively evaluated for impairment
|
565,223 | 905,265 | 297,112 | 69,256 | 541,101 | 108,032 | 4,117 | 2,490,106 | ||||||||||||||||||||||||
Ending balance
|
$ | 579,618 | $ | 910,829 | $ | 303,561 | $ | 69,256 | $ | 572,073 | $ | 108,570 | $ | 4,117 | $ | 2,548,024 | ||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||||||||
Recorded investment in loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 15,177 | $ | 11,401 | $ | 8,723 | $ | - | $ | 36,502 | $ | 510 | $ | 43 | $ | 72,356 | ||||||||||||||||
Collectively evaluated for impairment
|
529,893 | 903,237 | 289,134 | 61,871 | 526,028 | 106,334 | 4,242 | 2,420,739 | ||||||||||||||||||||||||
Ending balance
|
$ | 545,070 | $ | 914,638 | $ | 297,857 | $ | 61,871 | $ | 562,530 | $ | 106,844 | $ | 4,285 | $ | 2,493,095 | ||||||||||||||||
March 31, 2012
|
||||||||||||||||||||||||||||||||
Recorded investment in loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 9,395 | $ | 9,880 | $ | 2,895 | $ | - | $ | 24,358 | $ | 512 | $ | 8 | $ | 47,048 | ||||||||||||||||
Collectively evaluated for impairment
|
483,429 | 820,104 | 272,828 | 43,057 | 420,400 | 94,925 | 5,149 | 2,139,892 | ||||||||||||||||||||||||
Ending balance
|
$ | 492,824 | $ | 829,984 | $ | 275,723 | $ | 43,057 | $ | 444,758 | $ | 95,437 | $ | 5,157 | $ | 2,186,940 |
Pass:
|
Loans in all classes that comprise the commercial and consumer portfolio segments that are not adversely rated, are contractually current as to principal and interest, and are otherwise in compliance with the contractual terms of the loan agreement. Management believes that there is a low likelihood of loss related to those loans that are considered pass.
|
Watch:
|
Loan paying as agreed with generally acceptable asset quality; however Borrower’s performance has not met expectations. Balance sheet and/or income statement has shown deterioration to the point that the company could not sustain any further setbacks. Credit is expected to be strengthened through improved company performance and/or additional collateral within a reasonable period of time.
|
Special Mention:
|
Loans in the classes that comprise the commercial portfolio segment that have potential weaknesses that deserve management's close attention. If not addressed, these potential weaknesses may result in deterioration of the repayment prospects for the loan. The special mention credit quality indicator is not used for classes of loans that comprise the consumer portfolio segment. Management believes that there is a moderate likelihood of some loss related to those loans that are considered special mention.
|
Classified:
|
Classified (a) Substandard
- Loans inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual loans classified substandard.
|
Classified (b) Doubtful
- Loans that have all the weaknesses inherent in a loan classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work to the advantage and strengthening of the assets, its classification as an estimated loss is deferred until its more exact status may be determined.
|
(dollars in thousands)
|
Pass
|
Watch and
Special Mention
|
Substandard
|
Doubtful
|
Total
Loans
|
|||||||||||||||
March 31, 2013
|
||||||||||||||||||||
Commercial
|
$ | 532,391 | $ | 32,832 | $ | 14,395 | $ | - | $ | 579,618 | ||||||||||
Investment - commercial real estate
|
886,172 | 19,093 | 5,564 | - | 910,829 | |||||||||||||||
Owner occupied - commercial real estate
|
281,632 | 15,480 | 6,449 | - | 303,561 | |||||||||||||||
Real estate mortgage – residential
|
68,521 | 735 | - | - | 69,256 | |||||||||||||||
Construction - commercial and residential
|
523,535 | 17,566 | 30,972 | - | 572,073 | |||||||||||||||
Home equity
|
105,857 | 2,175 | 538 | - | 108,570 | |||||||||||||||
Other consumer
|
4,106 | 11 | - | - | 4,117 | |||||||||||||||
Total
|
$ | 2,402,214 | $ | 87,892 | $ | 57,918 | $ | - | $ | 2,548,024 | ||||||||||
December 31, 2012
|
||||||||||||||||||||
Commercial
|
$ | 495,072 | $ | 34,821 | $ | 15,170 | $ | 7 | $ | 545,070 | ||||||||||
Investment - commercial real estate
|
892,569 | 10,668 | 11,401 | - | 914,638 | |||||||||||||||
Owner occupied - commercial real estate
|
275,864 | 13,270 | 8,723 | - | 297,857 | |||||||||||||||
Real estate mortgage – residential
|
61,134 | 737 | - | - | 61,871 | |||||||||||||||
Construction - commercial and residential
|
508,166 | 17,862 | 36,502 | - | 562,530 | |||||||||||||||
Home equity
|
104,302 | 2,032 | 510 | - | 106,844 | |||||||||||||||
Other consumer
|
4,230 | 12 | 43 | - | 4,285 | |||||||||||||||
Total
|
$ | 2,341,337 | $ | 79,402 | $ | 72,349 | $ | 7 | $ | 2,493,095 | ||||||||||
March 31, 2012
|
||||||||||||||||||||
Commercial
|
$ | 454,373 | $ | 29,019 | $ | 9,395 | $ | 37 | $ | 492,824 | ||||||||||
Investment - commercial real estate
|
815,951 | 4,902 | 9,131 | - | 829,984 | |||||||||||||||
Owner occupied - commercial real estate
|
254,405 | 18,423 | 2,895 | - | 275,723 | |||||||||||||||
Real estate mortgage – residential
|
42,308 | - | 749 | - | 43,057 | |||||||||||||||
Construction - commercial and residential
|
387,770 | 32,631 | 24,357 | - | 444,758 | |||||||||||||||
Home equity
|
94,925 | - | 512 | - | 95,437 | |||||||||||||||
Other consumer
|
5,149 | - | 8 | - | 5,157 | |||||||||||||||
Total
|
$ | 2,054,881 | $ | 84,975 | $ | 47,047 | $ | 37 | $ | 2,186,940 |
(dollars in thousands)
|
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
|||||||||
Commercial
|
$ | 4,039 | $ | 4,799 | $ | 3,565 | ||||||
Investment - commercial real estate
|
3,269 | 3,458 | 7,013 | |||||||||
Owner occupied - commercial real estate
|
2,368 | 2,578 | 277 | |||||||||
Real estate mortgage - residential
|
691 | 699 | 731 | |||||||||
Construction - commercial and residential
|
17,318 | 18,594 | 24,591 | |||||||||
Home equity
|
481 | 513 | 530 | |||||||||
Other consumer
|
- | 43 | 8 | |||||||||
Total nonaccrual loans (1)(2)
|
$ | 28,166 | $ | 30,684 | $ | 36,715 |
(dollars in thousands)
|
Loans
30-59 Days
|
Loans
60-89 Days
|
Loans
90 Days or
|
Total Past
Due Loans
|
Current
Loans
|
Total Recorded
Investment in
|
||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||
Commercial
|
$ | 3,826 | $ | 3,358 | $ | 4,039 | $ | 11,223 | $ | 568,395 | $ | 579,618 | ||||||||||||
Investment - commercial real estate
|
2,635 | 820 | 3,269 | 6,724 | 904,105 | 910,829 | ||||||||||||||||||
Owner occupied - commercial real estate
|
367 | 4,081 | 2,368 | 6,816 | 296,745 | 303,561 | ||||||||||||||||||
Real estate mortgage – residential
|
- | 107 | 691 | 798 | 68,458 | 69,256 | ||||||||||||||||||
Construction - commercial and residential
|
10,642 | - | 17,318 | 27,960 | 544,113 | 572,073 | ||||||||||||||||||
Home equity
|
1,344 | 795 | 481 | 2,620 | 105,950 | 108,570 | ||||||||||||||||||
Other consumer
|
- | 15 | - | 15 | 4,102 | 4,117 | ||||||||||||||||||
Total
|
$ | 18,814 | $ | 9,176 | $ | 28,166 | $ | 56,156 | $ | 2,491,868 | $ | 2,548,024 |
(dollars in thousands)
|
Unpaid
Contractual
|
Recorded
Investment
|
Recorded
Investment
|
Total
Recorded
|
Related
Allowance
|
Average
Recorded
|
Interest
Income
|
|||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||||||
Commercial
|
$ | 8,493 | $ | 4,821 | $ | 3,172 | $ | 7,993 | $ | 2,360 | $ | 8,621 | $ | 42 | ||||||||||||||
Investment - commercial real estate
|
5,407 | 3,821 | 1,586 | 5,407 | 818 | 5,504 | 37 | |||||||||||||||||||||
Owner occupied - commercial
|
6,449 | 5,538 | 911 | 6,449 | 704 | 6,554 | 56 | |||||||||||||||||||||
Real estate mortgage – residential
|
691 | 691 | - | 691 | - | 695 | - | |||||||||||||||||||||
Construction - commercial and residential
|
21,959 | 13,611 | 8,348 | 21,959 | 3,358 | 22,597 | 42 | |||||||||||||||||||||
Home equity
|
481 | 132 | 349 | 481 | 218 | 497 | - | |||||||||||||||||||||
Other consumer
|
- | - | - | - | - | 22 | - | |||||||||||||||||||||
Total
|
$ | 43,480 | $ | 28,614 | $ | 14,366 | $ | 42,980 | $ | 7,458 | $ | 44,490 | $ | 177 | ||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||||
Commercial
|
$ | 9,461 | $ | 5,767 | $ | 3,481 | $ | 9,248 | $ | 2,158 | $ | 7,772 | $ | 245 | ||||||||||||||
Investment - commercial real estate
|
5,600 | 3,830 | 1,770 | 5,600 | 1,201 | 6,609 | 152 | |||||||||||||||||||||
Owner occupied - commercial
|
6,659 | 5,602 | 1,057 | 6,659 | 753 | 2,746 | 252 | |||||||||||||||||||||
Real estate mortgage – residential
|
699 | 699 | - | 699 | - | 714 | - | |||||||||||||||||||||
Construction - commercial and residential
|
25,347 | 14,727 | 8,508 | 23,235 | 3,718 | 26,430 | 202 | |||||||||||||||||||||
Home equity
|
513 | 134 | 379 | 513 | 243 | 534 | 9 | |||||||||||||||||||||
Other consumer
|
43 | 1 | 42 | 43 | 41 | 17 | 2 | |||||||||||||||||||||
Total
|
$ | 48,322 | $ | 30,760 | $ | 15,237 | $ | 45,997 | $ | 8,114 | $ | 44,822 | $ | 862 | ||||||||||||||
March 31, 2012
|
||||||||||||||||||||||||||||
Commercial
|
$ | 8,382 | $ | 5,226 | $ | 1,891 | $ | 7,117 | $ | 1,265 | $ | 9,539 | $ | 43 | ||||||||||||||
Investment - commercial real estate
|
9,155 | 6,277 | 2,157 | 8,434 | 821 | 10,330 | 39 | |||||||||||||||||||||
Owner occupied - commercial
|
277 | - | 207 | 207 | 70 | 280 | - | |||||||||||||||||||||
Real estate mortgage – residential
|
731 | 731 | - | 731 | - | 886 | - | |||||||||||||||||||||
Construction - commercial and residential
|
29,013 | 20,299 | 5,914 | 26,213 | 2,800 | 26,372 | 42 | |||||||||||||||||||||
Home equity
|
530 | 307 | 85 | 392 | 138 | 577 | - | |||||||||||||||||||||
Other consumer
|
8 | - | 4 | 4 | 4 | 8 | - | |||||||||||||||||||||
Total
|
$ | 48,096 | $ | 32,840 | $ | 10,258 | $ | 43,098 | $ | 5,098 | $ | 47,992 | $ | 124 |
(dollars in thousands)
|
Number of
Contracts
|
TDRs Performing
to Modified Terms
|
TDRs Not Performing
to Modified Terms
|
Total
TDRs
|
||||||||||||
March 31, 2013
|
||||||||||||||||
Commercial
|
3 | $ | 3,954 | $ | 495 | $ | 4,449 | |||||||||
Investment - commercial real estate
|
2 | 2,138 | 217 | 2,355 | ||||||||||||
Owner occupied - commercial real estate
|
1 | 4,081 | - | 4,081 | ||||||||||||
Construction - commercial and residential
|
2 | 4,641 | 961 | 5,602 | ||||||||||||
Total
|
8 | $ | 14,814 | $ | 1,673 | $ | 16,487 | |||||||||
December 31, 2012
|
||||||||||||||||
Commercial
|
3 | $ | 4,449 | $ | - | $ | 4,449 | |||||||||
Investment - commercial real estate
|
2 | 2,142 | 217 | 2,359 | ||||||||||||
Owner occupied - commercial real estate
|
1 | 4,081 | - | 4,081 | ||||||||||||
Construction - commercial and residential
|
2 | 4,641 | 966 | 5,607 | ||||||||||||
Total
|
8 | $ | 15,313 | $ | 1,183 | $ | 16,496 |
Three Months Ended
March 31,
|
||||||||
(dollars and shares in thousands, except per share data)
|
2013
|
2012
|
||||||
Basic:
|
||||||||
Net income available to common shareholders
|
$ | 11,431 | $ | 7,492 | ||||
Average common shares outstanding
|
23,199 | 20,111 | ||||||
Basic net income per common share
|
$ | 0.49 | $ | 0.37 | ||||
Diluted:
|
||||||||
Net income available to common shareholders
|
$ | 11,431 | $ | 7,492 | ||||
Average common shares outstanding
|
23,199 | 20,111 | ||||||
Adjustment for common share equivalents
|
639 | 513 | ||||||
Average common shares outstanding-diluted
|
23,838 | 20,624 | ||||||
Diluted net income per common share
|
$ | 0.48 | $ | 0.36 | ||||
Anti-dilutive shares
|
87,756 | 116,683 |
Three Months Ended March 31,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Shares
|
Weighted-
Average
Exercise Price
|
Shares
|
Weighted-
Average E
xercise Price
|
|||||||||||||
Beginning Balance
|
652,064 | $ | 11.12 | 831,393 | $ | 11.19 | ||||||||||
Issued
|
3,000 | 22.03 | - | - | ||||||||||||
Exercised
|
(47,717 | ) | 9.80 | (31,465 | ) | 13.72 | ||||||||||
Forfeited
|
(300 | ) | 6.34 | - | - | |||||||||||
Expired
|
(14,550 | ) | 11.87 | (26,655 | ) | 15.32 | ||||||||||
Ending Balance
|
592,497 | $ | 11.26 | 773,273 | $ | 10.94 |
Weighted-Average
|
|||||||||||||||||
Outstanding:
|
Stock Options
|
Weighted-Average
|
Remaining
|
||||||||||||||
Range of Exercise Prices
|
Outstanding
|
Exercise Price
|
Contractual Life
|
||||||||||||||
$ | 6.34 | - | $ 7.45 | 238,008 | $ | 6.38 | 5.54 | ||||||||||
$ | 7.46 | - | $ 10.63 | 115,151 | 9.53 | 0.82 | |||||||||||
$ | 10.64 | - | $ 13.87 | 118,582 | 11.40 | 3.29 | |||||||||||
$ | 13.88 | - | $ 26.86 | 120,756 | 22.39 | 3.13 | |||||||||||
592,497 | $ | 11.26 | 3.68 |
Exercisable:
|
Stock Options
|
Weighted-Average
|
|||||||||||||||
Range of Exercise Prices
|
Exercisable
|
Exercise Price
|
|||||||||||||||
$ | 6.34 | - | $ 7.45 | 146,791 | $ | 6.41 | |||||||||||
$ | 7.46 | - | $ 10.63 | 113,901 | 9.53 | ||||||||||||
$ | 10.64 | - | $ 13.87 | 92,567 | 11.23 | ||||||||||||
$ | 13.88 | - | $ 26.86 | 112,756 | 22.64 | ||||||||||||
466,015 | $ | 12.06 |
Three Months Ended
|
Years Ended December 31,
|
|||||||||||||
March 31, 2013
|
2012
|
2011
|
||||||||||||
Expected Volatility
|
34.12 | % | 36.64 | % | 33.61 % | - | 36.64% | |||||||
Weighted-Average Volatility
|
34.12 | % | 36.64 | % | 35.60% | |||||||||
Expected Dividends
|
0.0 | % | 0.0 | % | 0.0% | |||||||||
Expected Term (In years)
|
7.5 | 7.5 | 6.0 | - | 7.5 | |||||||||
Risk-Free Rate
|
1.31 | % | 1.13 | % | 1.82% | |||||||||
Weighted-Average Fair Value (Grant date)
|
$ | 8.61 | $ | 6.99 | $ | 5.07 |
Three Months Ended March 31,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Shares
|
Weighted-
Average Grant
Date Fair Value
|
Shares
|
Weighted-
Average Grant
Date Fair Value
|
|||||||||||||
Unvested at Beginning
|
316,686 | $ | 15.17 | 202,555 | $ | 11.67 | ||||||||||
Issued
|
383,142 | 22.70 | 243,767 | 16.83 | ||||||||||||
Forfeited
|
- | - | (8,073 | ) | 10.35 | |||||||||||
Vested
|
(140,636 | ) | 14.37 | (107,677 | ) | 13.20 | ||||||||||
Unvested at End
|
559,192 | $ | 20.53 | 330,572 | $ | 15.01 |
(dollars in thousands)
|
Before Tax
|
Tax Effect
|
Net of Tax
|
|||||||||
Three Months Ended March 31, 2013
|
||||||||||||
Net unrealized loss on securities available-for-sale:
|
||||||||||||
Net unrealized loss on securities available-for-sale
|
$ | (1,579 | ) | $ | (635 | ) | $ | (944 | ) | |||
Less: Reclassification adjustment for net gains included in net income
|
(23 | ) | (10 | ) | (13 | ) | ||||||
Other Comprehensive Income (Loss)
|
$ | (1,602 | ) | $ | (645 | ) | $ | (957 | ) | |||
Three Months Ended March 31, 2012
|
||||||||||||
Net unrealized gain on securities available-for-sale:
|
||||||||||||
Net unrealized gain on securities available-for-sale
|
$ | 179 | $ | 65 | $ | 114 | ||||||
Less: Reclassification adjustment for net gains included in net income
|
(153 | ) | (61 | ) | (92 | ) | ||||||
Other Comprehensive Income Gain
|
$ | 26 | $ | 4 | $ | 22 |
(dollars in thousands)
|
Securities
Available For Sale
|
Accumulated Other
Comprehensive Income
|
||||||
Balance January 1, 2013
|
$ | 5,465 | $ | 5,465 | ||||
Other comprehensive income (loss) before reclassifications
|
(944 | ) | (944 | ) | ||||
Amounts reclassified from accumulated other comprehensive income
|
(13 | ) | (13 | ) | ||||
Net other comprehensive income (loss) during period
|
(957 | ) | (957 | ) | ||||
Balance March 31, 2013
|
$ | 4,508 | $ | 4,508 |
(dollars in thousands)
|
Securities
Available For Sale
|
Accumulated Other
Comprehensive Income
|
||||||
Balance January 1, 2012
|
$ | 4,875 | $ | 4,875 | ||||
Other comprehensive income (loss) before reclassifications
|
114 | 114 | ||||||
Amounts reclassified from accumulated other comprehensive income
|
(92 | ) | (92 | ) | ||||
Net other comprehensive income (loss) during period
|
22 | 22 | ||||||
Balance March 31, 2012
|
$ | 4,897 | $ | 4,897 |
Details about Accumulated Other
Comprehensive Income Components (dollars in thousands)
|
Amount Reclassified from
Accumulated Other
|
Affected Line Item in
the Statement Where
|
|||
Realized gain on sale of investment securities
|
$ | (23 | ) |
Gain on sale of investment securities
|
|
(10 | ) |
Tax Expense
|
|||
Total Reclassifications for the Period Ended March 31, 2013
|
$ | (13 | ) |
Net of Tax
|
|
Realized gain on sale of investment securities
|
$ | (153 | ) |
Gain on sale of investment securities
|
|
(61 | ) |
Tax Expense
|
|||
Total Reclassifications for the Period Ended March 31, 2012
|
$ | (92 | ) |
Net of Tax
|
|
Level 1
|
Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets.
|
|
Level 2
|
Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale.
|
|
Level 3
|
Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitizations, and certain collateralized debt obligations.
|
(dollars in thousands)
|
Quoted Prices
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant Other
Unobservable Inputs
(Level 3)
|
Total
(Fair Value)
|
||||||||||||
March 31, 2013
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U. S. Government agency securities
|
$ | - | $ | 40,124 | $ | - | $ | 40,124 | ||||||||
Residential mortgage backed securities
|
- | 191,578 | - | 191,578 | ||||||||||||
Municipal bonds
|
- | 86,380 | - | 86,380 | ||||||||||||
Other equity investments
|
120 | - | 229 | 349 | ||||||||||||
Residential mortgage loans held for sale
|
- | 132,698 | - | 132,698 | ||||||||||||
Total assets measured at fair value on
a recurring basis as of March 31, 2013
|
$ | 120 | $ | 450,780 | $ | 229 | $ | 451,129 |
(dollars in thousands)
|
Quoted Prices
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant Other
Unobservable
Inputs (Level 3)
|
Total
(Fair Value)
|
||||||||||||
December 31, 2012
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U. S. Government agency securities
|
$ | - | $ | 49,082 | $ | - | $ | 49,082 | ||||||||
Residential mortgage backed securities
|
- | 173,083 | - | 173,083 | ||||||||||||
Municipal bonds
|
- | 77,313 | - | 77,313 | ||||||||||||
Other equity investments
|
112 | - | 230 | 342 | ||||||||||||
Residential mortgage loans held for sale
|
- | 226,923 | - | 226,923 | ||||||||||||
Total assets measured at fair value on
a recurring basis as of December 31, 2012
|
$ | 112 | $ | 526,401 | $ | 230 | $ | 526,743 |
Other Equity Investments
|
||||||||
(dollars in thousands)
|
March 31, 2013
|
December 31, 2012
|
||||||
Balance, beginning of period
|
$ | 226 | $ | 226 | ||||
Total realized and unrealized gains and losses:
|
||||||||
Included in other comprehensive income
|
3 | 4 | ||||||
Purchases
|
- | - | ||||||
Principal redemption
|
- | - | ||||||
Balance, end of period
|
$ | 229 | $ | 230 |
(dollars in thousands)
|
Quoted Prices
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant Other
Unobservable
Inputs (Level 3)
|
Total
(Fair Value)
|
||||||||||||
March 31, 2013
|
||||||||||||||||
Impaired loans:
|
||||||||||||||||
Commercial
|
$ | - | $ | 4,553 | $ | 3,440 | $ | 7,993 | ||||||||
Investment - commercial real estate
|
- | 3,459 | 1,948 | 5,407 | ||||||||||||
Owner occupied - commercial real estate
|
- | 6,449 | - | 6,449 | ||||||||||||
Real estate mortgage - residential
|
- | - | 691 | 691 | ||||||||||||
Construction - commercial and residential
|
- | 11,995 | 9,964 | 21,959 | ||||||||||||
Home equity
|
- | 481 | - | 481 | ||||||||||||
Other consumer
|
- | - | - | - | ||||||||||||
Other real estate owned
|
- | 5,449 | 3,750 | 9,199 | ||||||||||||
Total assets measured at fair value on
a nonrecurring basis as of
March 31, 2013
|
$ | - | $ | 32,386 | $ | 19,793 | $ | 52,179 |
(dollars in thousands)
|
Quoted Prices
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant Other
Unobservable
Inputs (Level 3)
|
Total
(Fair Value)
|
||||||||||||
December 31, 2012
|
||||||||||||||||
Impaired loans:
|
||||||||||||||||
Commercial
|
$ | - | $ | 5,198 | $ | 4,050 | $ | 9,248 | ||||||||
Investment - commercial real estate
|
- | 3,924 | 1,676 | 5,600 | ||||||||||||
Owner occupied - commercial real estate
|
- | 6,452 | 207 | 6,659 | ||||||||||||
Real estate mortgage - residential
|
- | - | 699 | 699 | ||||||||||||
Construction - commercial and residential
|
- | 12,937 | 10,298 | 23,235 | ||||||||||||
Home equity
|
- | 510 | 3 | 513 | ||||||||||||
Other consumer
|
- | - | 43 | 43 | ||||||||||||
Other real estate owned
|
- | 4,969 | 330 | 5,299 | ||||||||||||
Total assets measured at fair value on
a nonrecurring basis as of
December 31, 2012
|
$ | - | $ | 33,990 | $ | 17,306 | $ | 51,296 |
Fair Value Measurements
|
||||||||||||||||||||
Quoted Prices in
Active Markets for
Identical Assets or Liabilities
|
Significant Other Observable Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||||||
(dollars in thousands)
|
Carrying Value
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||||
March 31, 2013
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$ | 7,123 | $ | 7,123 | $ | - | $ | 7,123 | $ | - | ||||||||||
Federal funds sold
|
5,811 | 5,811 | - | 5,811 | - | |||||||||||||||
Interest bearing deposits with other banks
|
257,957 | 257,957 | - | 257,957 | - | |||||||||||||||
Investment securities
|
318,431 | 318,431 | 120 | 318,082 | 229 | |||||||||||||||
Federal Reserve and Federal Home Loan Bank stock
|
11,154 | 11,154 | - | 11,154 | - | |||||||||||||||
Loans held for sale
|
132,698 | 132,698 | - | 132,698 | - | |||||||||||||||
Loans
|
2,548,024 | 2,589,295 | - | 26,937 | 2,562,358 | |||||||||||||||
Other earning assets
|
14,229 | 14,229 | - | 14,229 | - | |||||||||||||||
Liabilities
|
||||||||||||||||||||
Noninterest bearing deposits
|
756,177 | 756,177 | - | 756,177 | - | |||||||||||||||
Interest bearing deposits
|
2,056,753 | 2,057,317 | - | 2,057,317 | - | |||||||||||||||
Borrowings
|
131,964 | 133,909 | - | 133,909 | - | |||||||||||||||
December 31, 2012
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$ | 7,439 | $ | 7,439 | $ | - | $ | 7,439 | $ | - | ||||||||||
Federal funds sold
|
7,852 | 7,852 | - | 7,852 | - | |||||||||||||||
Interest bearing deposits with other banks
|
324,043 | 324,043 | - | 324,043 | - | |||||||||||||||
Investment securities
|
299,820 | 299,820 | 112 | 299,478 | 230 | |||||||||||||||
Federal Reserve and Federal Home Loan Bank stock
|
10,694 | 10,694 | - | 10,694 | - | |||||||||||||||
Loans held for sale
|
226,923 | 226,923 | - | 226,923 | - | |||||||||||||||
Loans
|
2,493,095 | 2,515,409 | - | 29,021 | 2,486,388 | |||||||||||||||
Other earning assets
|
14,135 | 14,135 | - | 14,135 | - | |||||||||||||||
Liabilities
|
||||||||||||||||||||
Noninterest bearing deposits
|
881,390 | 881,390 | - | 881,390 | - | |||||||||||||||
Interest bearing deposits
|
2,015,832 | 2,017,623 | - | 2,017,623 | - | |||||||||||||||
Borrowings
|
140,638 | 142,765 | - | 142,765 | - |
(1)
|
Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $1.9 million and $1.2 million
for the three months ended March 31, 2013 and 2012, respectively.
|
(2)
|
Interest and fees on loans and investments exclude tax equivalent adjustments.
|
Three Months Ended
March 31,
|
||||||||
(dollars in thousands)
|
2013
|
2012
|
||||||
Balance at beginning of year
|
$ | 37,492 | $ | 29,653 | ||||
Charge-offs:
|
||||||||
Commercial
|
1,184 | 773 | ||||||
Investment - commercial real estate
|
109 | 291 | ||||||
Owner occupied - commercial real estate
|
- | - | ||||||
Real estate mortgage - residential
|
- | 300 | ||||||
Construction - commercial and residential
|
719 | 240 | ||||||
Construction - C&I (owner occupied)
|
- | - | ||||||
Home equity
|
29 | 244 | ||||||
Other consumer
|
42 | 5 | ||||||
Total charge-offs
|
2,083 | 1,853 | ||||||
Recoveries:
|
||||||||
Commercial
|
26 | 7 | ||||||
Investment - commercial real estate
|
- | 2 | ||||||
Owner occupied - commercial real estate
|
- | - | ||||||
Real estate mortgage - residential
|
- | - | ||||||
Construction - commercial and residential
|
6 | 94 | ||||||
Construction - C&I (owner occupied)
|
- | - | ||||||
Home equity
|
- | 1 | ||||||
Other consumer
|
5 | 1 | ||||||
Total recoveries
|
37 | 105 | ||||||
Net charge-offs
|
2,046 | 1,748 | ||||||
Additions charged to operations
|
3,365 | 3,970 | ||||||
Balance at end of period
|
$ | 38,811 | $ | 31,875 | ||||
Annualized ratio of net charge-offs during the period to average loans outstanding during the period
|
0.33 | % | 0.34 | % |
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
%(1) |
Amount
|
%(1) |
Amount
|
%(1) | ||||||||||||||||||
Commercial
|
$ | 11,075 | 23 | % | $ | 9,412 | 22 | % | $ | 8,537 | 23 | % | ||||||||||||
Investment - commercial real estate
|
9,007 | 36 | % | 9,148 | 37 | % | 8,145 | 38 | % | |||||||||||||||
Owner occupied - commercial real estate
|
2,804 | 12 | % | 2,781 | 12 | % | 2,146 | 13 | % | |||||||||||||||
Real estate mortgage - residential
|
877 | 3 | % | 659 | 3 | % | - | 2 | % | |||||||||||||||
Construction - commercial and residential
|
12,176 | 21 | % | 12,671 | 21 | % | 10,941 | 19 | % | |||||||||||||||
Construction - C&I (owner occupied)
|
769 | 1 | % | 720 | 1 | % | 719 | 1 | % | |||||||||||||||
Home equity
|
1,752 | 4 | % | 1,730 | 4 | % | 1,329 | 4 | % | |||||||||||||||
Other consumer
|
351 | - | 371 | - | 58 | - | ||||||||||||||||||
Unallocated
|
- | - | - | - | - | - | ||||||||||||||||||
Total loans
|
$ | 38,811 | 100 | % | $ | 37,492 | 100 | % | $ | 31,875 | 100 | % |
March 31,
|
December 31, 2012
|
|||||||||||
(dollars in thousands)
|
2013
|
2012
|
2012
|
|||||||||
Nonaccrual Loans:
|
||||||||||||
Commercial
|
$ | 4,039 | $ | 3,565 | $ | 4,799 | ||||||
Investment - commercial real estate
|
3,269 | 7,013 | 3,458 | |||||||||
Owner occupied - commercial real estate
|
2,368 | 277 | 2,578 | |||||||||
Real estate mortgage - residential
|
691 | 731 | 699 | |||||||||
Construction - commercial and residential
|
17,318 | 24,591 | 18,594 | |||||||||
Construction - C&I (owner occupied)
|
- | - | - | |||||||||
Home equity
|
481 | 530 | 513 | |||||||||
Other consumer
|
- | 8 | 43 | |||||||||
Accrual loans-past due 90 days:
|
||||||||||||
Commercial
|
- | - | - | |||||||||
Investment - commercial real estate
|
- | - | - | |||||||||
Other consumer
|
- | - | - | |||||||||
Total nonperforming loans (1)
|
28,166 | 36,715 | 30,684 | |||||||||
Other real estate owned
|
9,199 | 3,014 | 5,299 | |||||||||
Total nonperforming assets
|
$ | 37,365 | $ | 39,729 | $ | 35,983 | ||||||
Coverage ratio, allowance for credit losses to total nonperforming loans
|
137.80 | % | 86.82 | % | 122.19 | % | ||||||
Ratio of nonperforming loans to total loans
|
1.11 | % | 1.68 | % | 1.23 | % | ||||||
Ratio of nonperforming assets to total assets
|
1.12 | % | 1.41 | % | 1.06 | % |
(1)
|
Excludes performing TDRs totaling $14.8 million at March 31, 2013, $15.3 million at December 31, 2012 and $11.4 million at March 31, 2012. |
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
||||||||||||||||||
Commercial
|
$ | 579,618 | 23 | % | $ | 545,070 | 22 | % | $ | 492,824 | 23 | % | ||||||||||||
Investment - commercial real estate (1)
|
910,829 | 36 | % | 914,638 | 37 | % | 829,984 | 38 | % | |||||||||||||||
Owner occupied - commercial real estate
|
303,561 | 12 | % | 297,857 | 12 | % | 275,723 | 13 | % | |||||||||||||||
Real estate mortgage - residential
|
69,256 | 3 | % | 61,871 | 3 | % | 43,057 | 2 | % | |||||||||||||||
Construction - commercial and residential (1)
|
538,071 | 21 | % | 533,722 | 21 | % | 417,346 | 19 | % | |||||||||||||||
Construction - C&I (owner occupied) (1)
|
34,002 | 1 | % | 28,808 | 1 | % | 27,412 | 1 | % | |||||||||||||||
Home equity
|
108,570 | 4 | % | 106,844 | 4 | % | 95,437 | 4 | % | |||||||||||||||
Other consumer
|
4,117 | - | 4,285 | - | 5,157 | - | ||||||||||||||||||
Total loans
|
2,548,024 | 100 | % | 2,493,095 | 100 | % | 2,186,940 | 100 | % | |||||||||||||||
Less: Allowance for Credit Losses
|
(38,811 | ) | (37,492 | ) | (31,875 | ) | ||||||||||||||||||
Net loans
|
$ | 2,509,213 | $ | 2,455,603 | $ | 2,155,065 |
(dollars in thousands)
|
||||
Unfunded loan commitments
|
$ | 805,533 | ||
Unfunded lines of credit
|
78,373 | |||
Letters of credit
|
58,906 | |||
Total
|
$ | 942,812 |
Change in interest
rates (basis points)
|
Percentage change in
net interest income
|
Percentage change in
net income
|
Percentage change in
market value of
portfolio equity
|
|||||||||||
+400 | +8.5% | +4.7% | -9.4% | |||||||||||
+300 | +4.8% | -0.7% | -8.0% | |||||||||||
+200 | +1.1% | -5.8% | -6.3% | |||||||||||
+100 | -0.8% | -7.8% | -3.8% | |||||||||||
0 | - | - | - | |||||||||||
-100 | -2.8% | -5.2% | -6.8% | |||||||||||
-200 | -4.0% | -7.4% | -6.4% |
For Capital
|
To Be Well
|
|||||||||||||||||||||||
Company
|
Bank
|
Adequacy
|
Capitalized Under
|
|||||||||||||||||||||
Actual
|
Actual
|
Purposes
|
Prompt Corrective Action
|
|||||||||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Ratio
|
Provision Ratio *
|
||||||||||||||||||
As of March 31, 2013
|
||||||||||||||||||||||||
Total capital (to risk weighted assets)
|
$ | 394,746 | 12.50% | $ | 363,309 | 11.56% | 8.0% | 10.0% | ||||||||||||||||
Tier 1 capital (to risk weighted assets)
|
350,132 | 11.08% | 324,424 | 10.32% | 4.0% | 6.0% | ||||||||||||||||||
Tier 1 capital (to average assets)
|
350,132 | 10.39% | 324,424 | 9.66% | 3.0% | 5.0% | ||||||||||||||||||
As of December 31, 2012
|
||||||||||||||||||||||||
Total capital (to risk weighted assets)
|
$ | 381,808 | 12.20% | $ | 350,609 | 11.25% | 8.0% | 10.0% | ||||||||||||||||
Tier 1 capital (to risk weighted assets)
|
338,138 | 10.80% | 312,974 | 10.05% | 4.0% | 6.0% | ||||||||||||||||||
Tier 1 capital (to average assets)
|
338,138 | 10.44% | 312,974 | 9.70% | 3.0% | 5.0% | ||||||||||||||||||
As of March 31, 2012
|
||||||||||||||||||||||||
Total capital (to risk weighted assets)
|
$ | 302,785 | 11.59% | $ | 283,814 | 10.92% | 8.0% | 10.0% | ||||||||||||||||
Tier 1 capital (to risk weighted assets)
|
263,337 | 10.08% | 251,888 | 9.69% | 4.0% | 6.0% | ||||||||||||||||||
Tier 1 capital (to average assets)
|
263,337 | 9.33% | 251,888 | 8.96% | 3.0% | 5.0% |
GAAP Reconciliation (Unaudited)
|
||||||||||||
(dollars in thousands except per share data)
|
||||||||||||
Three Months Ended
March 31, 2013
|
Twelve Months Ended
December 31, 2012
|
Three Months Ended
March 31, 2012
|
||||||||||
Common shareholders' equity
|
$ | 305,252 | $ | 293,376 | $ | 219,408 | ||||||
Less: Intangible assets
|
(3,659 | ) | (3,785 | ) | (4,066 | ) | ||||||
Tangible common equity
|
$ | 301,593 | $ | 289,591 | $ | 215,342 | ||||||
Book value per common share
|
$ | 13.05 | $ | 12.78 | $ | 10.85 | ||||||
Less: Intangible book value per common share
|
(0.16 | ) | (0.16 | ) | (0.20 | ) | ||||||
Tangible book value per common share
|
$ | 12.89 | $ | 12.62 | $ | 10.65 | ||||||
Total assets
|
$ | 3,324,865 | $ | 3,409,441 | $ | 2,815,549 | ||||||
Less: Intangible assets
|
(3,659 | ) | (3,785 | ) | (4,066 | ) | ||||||
Tangible assets
|
$ | 3,321,206 | $ | 3,405,656 | $ | 2,811,483 | ||||||
Tangible common equity ratio
|
9.08 | % | 8.50 | % | 7.66 | % |
Exhibit No. | Description of Exhibit |
3.1 | Certificate of Incorporation of the Company, as amended (1) |
3.2 | Articles Supplementary to the Articles of Incorporation for the Series B Preferred Stock (2) |
3.3 | Bylaws of the Company (3) |
4.1 | Warrant to Purchase Common Stock (4) |
4.2 |
Form of Subordinated Note due 2016(5)
|
10.1 | 1998 Stock Option Plan (6) |
10.2 | Employment Agreement, dated September 1, 2011, between James H. Langmead and the Bank (7) |
10.3 | Employment Agreement, dated September 1, 2011, between Thomas D. Murphy and the Bank (8) |
10.4 | Amended and Restated Employment Agreement between Ronald D. Paul and the Company (9) |
10.5 |
Employment Agreement, dated September 1, 2011, between Susan G. Riel and the Bank (10)
|
10.6 | Fee Agreement between Robert P. Pincus and the Company (11) |
10.7 | 2006 Stock Plan (12) |
10.8 | Employment Agreement, dated September 1, 2011, among Michael T. Flynn the Company and the Bank (13) |
10.9 | Employment Agreement, dated September 1, 2011, between Laurence E. Bensignor and the Bank (14) |
10.10 | Employment Agreement, dated September 1, 2011, between the Bank and Janice Williams (15) |
10.11 | 2013 Senior Executive Incentive Plan (16) |
10.12 | Eagle Bancorp, Inc. 2011 Employee Stock Purchase Plan (17) |
10.13 | Employment Agreement dated as of February 23, 2012, between the Bank and Antonio F. Marquez (18) |
10.14 | Employment Agreement dated as of April 24, 2013, between the Bank and Virginia Heine |
10.15 | First Amendment to Employment Agreement of Laurence E. Bensignor |
10.16 | First Amendment to Employment Agreement of Michael T. Flynn |
10.17 | First Amendment to Employment Agreement of James H. Langmead |
10.18 |
First Amendment to Employment Agreement of Antonio F. Marquez
|
10.19
|
First Amendment to Employment Agreement of Thomas D. Murphy
|
10.20
|
First Amendment to Employment Agreement of Susan G. Riel
|
10.21
|
First Amendment to Employment Agreement of Janice Williams
|
11 | Statement Regarding Computation of Per Share Income |
See Note 5 of the Notes to Consolidated Financial Statements | |
21 | Subsidiaries of the Registrant |
31.1
|
Certification of Ronald D. Paul |
31.2 | Certification of James H. Langmead |
32.1 | Certification of Ronald D. Paul |
32.2 | Certification of James H. Langmead |
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T:
|
|
(i)
|
the Consolidated Statement of Financial Position at March 31, 2013, December 31, 2012 and March 31, 2012
|
|
(ii)
|
the Consolidated Statement of Earnings for three month periods ended March 31, 2013 and 2012
|
|
(iii)
|
the Consolidated Statement of Comprehensive Income for three month periods ended March 31, 2013 and 2012
|
|
(iv)
|
the Consolidated Statement of Changes in Shareholders’ Equity for the three month periods ended March 31, 2013 and 2012
|
|
(v)
|
the Consolidated Statement of Cash Flows for the three months ended March 31, 2013 and 2012
|
|
(vi)
|
the Notes to the Consolidated Financial Statements
|
(1)
|
Incorporated by reference to the exhibit of the same number to the Company’s Current Report on Form 8-K filed on July 16, 2008.
|
(2)
|
Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on July 15, 2011.
|
(3)
|
Incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on October 30, 2007.
|
(4) |
Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on December 8, 2008.
|
(5) |
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 1, 2010.
|
(6) |
Incorporated by reference to Exhibit 10.1 to the Company’s Annual Report on Form 10-KSB for the year ended December 31, 1998.
|
(7)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 23, 2011.
|
(8)
|
Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 23, 2011.
|
(9)
|
Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K/A filed on December 22, 2008.
|
(10)
|
Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on December 23, 2011.
|
(11)
|
Incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form S-4 (Registration No. 333-150763)
|
(12)
|
Incorporated by reference to Exhibit 4 to the Company’s Registration Statement on Form S-8 (No. 333-135072)
|
(13)
|
Incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on December 23, 2011
|
(14)
|
Incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on December 23, 2011.
|
(15) |
Incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on December 23, 2011.
|
(16) |
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 15, 2013.
|
(17) |
Incorporated by reference to Exhibit 4 to the Company’s Registration Statement on Form S-8 (Registration No. 333-175966).
|
(18) |
Incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q for the Quarter ended March 31, 2012.
|
EAGLE BANCORP, INC.
|
|||
Date: May 8, 2013
|
By:
|
/s/ Ronald D. Paul | |
Ronald D. Paul, Chairman, President and Chief Executive
Officer of the Company
|
|||
Date: May 8, 2013
|
By: | / s/ James H. Langmead | |
James H. Langmead, Executive Vice President and Chief
Financial Officer of the Company
|
1 Year Eagle Bancorp Chart |
1 Month Eagle Bancorp Chart |
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