UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(MARK ONE)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1999
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
-------------- ----------------
Commission File Number 0-25923
EAGLE BANCORP, INC
(Exact name of registrant as specified in its charter)
Maryland 52-2061461
(State of 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)
(301) 986-1800
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes x No
--- ---
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date.
As of September 30, 1999, the registrant had 1,650,000 shares of Common
Stock outstanding.
<PAGE>
EAGLE BANCORP, INC.
BALANCE SHEETS
September 30, 1999 AND DECEMBER 31, 1998
ASSETS
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
----------------- -----------------
<S> <C> <C>
Cash and due from banks $ 5,373,027 $ 1,292,006
Federal funds sold 1,114,498 5,429,047
Investment securities available for sale 24,254,934 22,569,699
Loans(net of allowance for credit losses of
$481,037 and $163,800) 56,251,658 19,984,124
Premises and equipment, net 2,715,864 2,396,075
Other assets 641,026 368,232
---------------- ----------------
TOTAL ASSETS $ 90,351,007 $ 52,039,183
---------------- ----------------
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits:
Noninterest-bearing demand $ 15,113,619 $ 4,096,392
Interest-bearing transaction accounts 9,890,985 3,664,012
Savings and money market 20,536,242 17,061,269
Time, $100,000 or more 11,499,563 5,621,543
Other time 8,920,980 4,187,677
---------------- ----------------
Total deposits 65,961,389 34,630,893
Customer repurchase agreements 8,668,143 2,304,694
Other borrowings 1,700,000 --
Other liabilities 238,984 154,101
---------------- ----------------
Total liabilities 76,568,516 37,089,688
---------------- ----------------
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value; 5,000,000
authorized, 1,650,000 issued and outstanding 16,500 16,500
Surplus 16,483,500 16,483,500
Accumulated deficit (2,393,554) (1,561,660)
Accumulated other comprehensive income (loss) (323,955) 11,155
---------------- ----------------
Total stockholders' equity 13,982,491 14,949,495
---------------- ----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 90,351,007 $ 52,039,183
---------------- ----------------
</TABLE>
See notes to consolidated financial statements
2
<PAGE>
EAGLE BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
<TABLE>
<CAPTION>
Nine Months Ended Nine Months Ended Three Months Ended Three Months Ended
September 30, 1999 September 30, 1998 September 30, 1999 September 30, 1998
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $ 2,149,326 $ 17,271 978,295 17,271
Taxable interest and dividends on investment securities 1,073,555 391,877 341,998 187,816
Interest on federal funds and securities purchased under
agreement to resell 174,714 37,133 30,090 37,133
----------- ----------- ----------- -----------
Total interest income 3,397,595 446,281 1,350,383 242,220
----------- ----------- ----------- -----------
INTEREST EXPENSE:
Interest on deposits 1,132,319 42,535 409,524 42,535
Interest on customer repurchase agreements 170,226 2,134 69,338 2,134
Interest on short-term borrowings 23,663 15,699 19,933 --
----------- ----------- ----------- -----------
Total interest expense 1,326,208 60,368 498,795 44,669
----------- ----------- ----------- -----------
NET INTEREST INCOME 2,071,387 385,913 851,588 197,551
PROVISION FOR CREDIT LOSSES 325,700 29,300 139,000 29,300
----------- ----------- ----------- -----------
NET INTEREST INCOME AFTER PROVISION FOR
CREDIT LOSSES 1,745,687 356,613 712,588 168,251
----------- ----------- ----------- -----------
NONINTEREST INCOME:
Service charges on deposit accounts 91,584 4,858 34,359 4,858
Other income 47,015 -- 22,142 --
----------- ----------- ----------- -----------
Total noninterest income 138,599 4,858 56,501 4,858
----------- ----------- ----------- -----------
NONINTEREST EXPENSES:
Salaries and employee benefits 1,452,961 617,833 500,937 397,779
Premises and equipment expenses 538,273 94,829 192,715 94,829
Stationary and printing 46,358 32,344 15,145 32,344
Professional fees 60,400 70,583 16,215 6,021
Outside data processing 106,988 43,026 44,725 43,026
Other expenses 506,711 271,143 166,402 123,463
----------- ----------- ----------- -----------
Loss on sale of available for sale securities 4,489 -- 4,489 --
----------- ----------- ----------- -----------
Total noninterest expenses 2,716,180 1,129,758 940,628 697,462
----------- ----------- ----------- -----------
NET LOSS BEFORE INCOME TAX BENEFIT (831,894) (768,287) (171,539) (524,353)
INCOME TAX BENEFIT -- -- -- --
----------- ----------- ----------- -----------
NET LOSS $ (832,894) (768,287) (171,539) (524,353)
----------- ----------- ----------- -----------
LOSS PER SHARE:
Basic $ (0.50) (1.26) (0.10) (0.32)
Diluted $ (0.50) (1.26) (0.10) (0.32)
</TABLE>
See notes to consolidated financial statements
3
<PAGE>
EAGLE BANCORP, INC.
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 and 1998
<TABLE>
<CAPTION>
September 30, 1999 September 30, 1999
------------------ -------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (831,894) (768,287)
Adjustments to reconcile net loss to net cash used by
Operating activities:
Provision for credit losses 325,700 29,300
Depreciation and amortization 210,437 9,364
Loss on sale of investment securities 4,489 --
Increase in accrued interest and other assets (272,794) (295,524)
Increase in accrued expenses and other liabilities 84,883 39,404
------------ ------------
Net cash (used) by operating activities (479,179) (985,743)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available for sale investment securities (41,643,226) (54,095,098)
Proceeds from maturities of available for sale securities 39,618,392 35,257,092
Decrease (increase) in federal funds sold 4,314,549 (4,231,812)
Net increase in loans (36,593,234) (2,922,134)
Bank premises and equipment acquired (530,226) (1,526,605)
------------ ------------
Net cash used by investing activities (34,833,745) (27,518,557)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits 31,330,496 11,938,899
Increase in customer repurchase agreements 6,363,449 682,761
Increase in other borrowings 1,700,000 --
Decrease in payable to organizers -- (130,000)
Increase in common stock subscriptions -- 16,500,000
------------ ------------
Net cash provided by financing activities 39,393,945 28,991,660
------------ ------------
NET INCREASE IN CASH 4,081,021 487,360
CASH AND DUE FROM BANKS AT BEGINNING OF
PERIOD 1,292,006 7,214
------------ ------------
CASH AND DUE FROM BANKS AT END OF PERIOD $ 5,373,027 $ 494,574
------------ ------------
</TABLE>
See notes to consolidated financial statements
4
<PAGE>
EAGLE BANCORP, INC
Consolidated Statements Of Changes In Stockholders' Equity For The Nine Months
Ending September 30, 1999
<TABLE>
<CAPTION>
Accumulated
Other Total
Common Accumulated Comprehensive Stockholders'
Stock Surplus Deficit Income Equity
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balances at December 31, 1998 $ 16,500 $ 16,483,500 $(1,561,660) $ 11,155 $ 14,949,495
Net Loss (831,894) (831,894)
Other comprehensive income-
Unrealized gain on investment
securities available for sale (335,110) (335,110)
------------
Total other comprehensive loss (1,167,004)
------------
Balances at September 30, 1999 $ 16,500 $ 16,483,500 $(2,393,554) $(323,955) $13,782,491
-----------------------------------------------------------------------
</TABLE>
See notes to consolidated financial statements
5
<PAGE>
EAGLE BANCORP, INC.
NOTES TO FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
General - The financial statements of Eagle Bancorp, Inc. (the "Company")
included herein are unaudited; however, they reflect all adjustments
consisting only of normal recurring accruals that, in the opinion of
Management, are necessary to present fairly the results for the periods
presented. Certain information and note disclosures normally included in
financial statements prepared in accordance with Generally Accepted
Accounting Principles have been condensed or omitted pursuant to the rules
and regulations of the Securities and Exchange Commission. The Company
believes that the disclosures are adequate to make the information
presented not misleading. The results of operation for the three and nine
months ended September 30, 1999, are not necessarily indicative of the
results of operations to be expected for the remainder of the year.
2. NATURE OF BUSINESS
The Company, through its bank subsidiary, provides domestic financial
services primarily in Montgomery County, Maryland. The primary financial
services include real estate, commercial and consumer lending, as well as
traditional demand deposits and savings products. From October 28, 1997
until July 20, 1998, when the Bank received regulatory approval, the
Company was considered a development stage enterprise.
3. INCOME TAXES
The Company uses the liability method of accounting for income taxes as
required by SFAS No. 109, "Accounting for Income Taxes." Under the
liability method, deferred-tax assets and liabilities are determined based
on differences between the financial statement carrying amounts and the tax
basis of existing assets and liabilities (i.e., temporary differences) and
are measured at the enacted rates that will be in effect when these
differences reverse. Deferred income taxes will be recognized when it is
deemed more likely than not that the benefits of such deferred income taxes
will be realized; accordingly, no deferred income taxes or income tax
benefits have been recorded by the Company.
4. EARNINGS
Earnings per common share is computed by dividing net income (loss) by the
weighted average number of common shares outstanding during the period.
Diluted net income (loss) per common share is computed by dividing net
income (loss) by the weighted average number of common shares outstanding
during the period, including any potential dilutive common shares
outstanding, such as options and warrants.
The calculation of net income per common share for the nine months ended
September 30, 1998 was based on an effective stock date of June 22, 1998.
Basic and diluted earnings per share are the same for the nine months and
three months ended September 30, 1999 and September 30, 1998 because the
inclusion of any stock equivalents would have been antidilutive.
6
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
This discussion and analysis provides an overview of the financial
condition and results of operations of Eagle Bancorp, Inc. ("Company") and
EagleBank ("Bank") for the nine and three months ended September 30, 1999.
In general, comparative discussion of the results of operations for the
three and nine months ended September 30, 1999 and September 30, 1998 is
not provided, as the Company had limited operations and organizational
activity in the first and second quarters of 1998, and only two months of
operations in the third quarter and as such, comparisons do not provide
accurate or meaningful information regarding the Company's financial
position or results of operations.
Forward Looking Statements. This discussion contains forward looking
statements within the meaning of the Securities 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. These statements are based upon
current and anticipated economic conditions, nationally and in the
Company's market, interest rates and interest rate policy, the year 2000
issue, 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 statement. The Company does not undertake to
update any forward looking statement to reflect occurrences or events which
may not have been anticipated as of the date of such statements.
GENERAL
Eagle Bancorp, Inc. was incorporated under the general corporation laws of
the State of Maryland, on October 28, 1997, and is headquartered in
Bethesda, Maryland. The Company was formed to be the registered bank
holding company for EagleBank, its Maryland chartered commercial bank
subsidiary.
On July 20, 1998, having received the required approvals from the State of
Maryland and Federal Reserve System and been accepted for deposit insurance
by the FDIC, EagleBank opened its first office in Rockville, Maryland and
the Company became a bank holding company. The Company initially
capitalized the Bank with $7.75 million. Since its opening, the Bank has
established a branch in Silver Spring and its main office in Bethesda. A
third branch office was approved and opened in September 1999. The new
branch, is located at 850 Sligo Avenue, Silver Spring, and is the Bank's
second office in Silver Spring.
At September 30, 1999, the Company had made total capital contributions to
the Bank of $11.75 million. The Company monitors the Bank's growth and
plans to make additional contributions to the Bank's capital at such times
as it deems necessary in order to maintain the Bank's capital at
appropriate levels. These contributions are from proceeds of the Company's
original offering which have been retained at the Company. In view of
strong growth at the Bank, discussed in this analysis, the Company made a
capital contribution in September sufficient to allow the Bank to maintain
adequate capital levels and to accommodate reasonable levels of anticipated
further growth.
FINANCIAL CONDITION
As of September 30, 1999, assets were $90.3 million and deposits and
customer repurchase agreements were $74.6 million, an increase from year
end 1998 of 73.6% and 100.2% respectively. Management is pleased with the
growth experienced during the nine months and the fact it represents core
growth from a cross section of businesses targeted by the Bank.
Loans increased $36.5 million for the nine months as compared to year end
1998, with $18 million of the increase coming in the third quarter. This
represents an increase of 47% in the third quarter. Management is
particularly pleased with the strong third quarter loan growth following
two quarters of moderate growth.
7
<PAGE>
At September 30, 1999, the Company had borrowings of $1.7 million. These
borrowings were of a short term nature and were for the purpose of funding
loans originated by the Bank but which exceeded the Bank's legal lending
limit. The Company anticipates the use of short term borrowing for funds
management purposes as it assists the Bank with its growth plans.
RESULTS OF OPERATIONS
On a consolidated basis the Company recorded a net loss of $831,894 for the
nine months ended September 30, 1999, and a loss of $171,539 for the three
months ended September 30, 1999. The loss for the third quarter compares to
a loss of $361,619 for the first quarter and a loss of $298,736 for the
second quarter. These losses were expected and are consistent with
anticipated results. The Bank reported a loss of $1.077 million for the
nine month period, while the Company realized net earnings on capital not
invested in the Bank of $245 thousand. On a per share basis, the Company
has a net lost $0.50 for the nine months ended September 30, 1999, as
compared to a net loss of $1.26 per share for the nine months ended
September 30, 1998. The loss for the 1998 period reflects the fact that the
Company had shares outstanding for only 101 days during the first nine
months of 1998, resulting in a significantly lower average weighted number
of shares outstanding. These losses are expected to be reduced in the
future as the Bank increases its deposit base and generates additional loan
volume.
As noted above, the Bank ended the nine months with deposits and customer
repurchase agreements at $74.6 million and has increased lending activity
resulting in a net increase in loans, from year end, of $36.5 million.
While deposit and customer repurchase agreement growth has exceeded
projections, the competitive market caused lending activity to lag behind
expectations. The loan growth in the third quarter was gratifying as it
brought outstanding loans in line with expectations. The Bank has been
committed to maintaining a high quality portfolio which returns a
reasonable market rate and is, therefore, being selective in the loans it
is approving. Although, there maybe a small sacrifice in current income,
the Company believes the Bank will benefit from this practice in the long
term.
The Company and Bank plan to maintain the allowance for credit losses at an
adequate level and ended the quarter with an allowance of .96% of its
outstanding loans adjusted for cash secured loans and $4.7 million of
participation loans considered of minimal risk due to an underlying
guarantee. The Bank is in the process of adopting a loan allowance analysis
process which may dictate an allowance at a level different than the
present percentage of outstandings. This process is expected to be in place
by year end and may result in an allowance that differs on a percentage
basis from the amount maintained at September 30, 1999.
It was expected that the Bank would sustain losses during its start up
period and not show an operating profit for any month for at least eighteen
months after opening for business. Establishment of additional branches
could extend that period for several months. Earnings from investments by
the Company of capital not invested in the Bank partially offsets losses of
the Bank and, on a consolidated basis, the Company may show a monthly
profit earlier, although there can be no assurance of this.
NET INTEREST INCOME
Net interest income is the difference between income on assets and the cost
of funds supporting those assets. Earning assets are composed primarily of
loans and investments; interest bearing deposits and customer repurchase
agreements and other borrowings make up the cost of funds. Noninterest
bearing deposits and capital are other components representing funding
sources. Changes in the volume and mix of assets and funding sources along
with the changes in yields earned and rates paid, determine changes in net
interest income.
The net interest income for the nine months ended September 30, 1999, was
$2,071,387, and $851,588 for the three months ended September 30, 1999.
Continued growth of the loan portfolio will result in it contributing a
greater portion of interest income both because of volume and yield. The
yield on loans is 3% to 5% higher than on investment portfolio holdings.
During the nine and three months ended September 30, 1999, the average
yield on loans remained at 8.64% for each period, as compared to average
yields of 5.22% and 5.34% on the Bank's investment portfolio.
8
<PAGE>
Total interest expense of $1,326,208 for the nine months ended September
30, 1999 and $498,795 for the three months ended September 30, 1999, has
remained stable as relating to rate but increased because of increased
deposit volume. Rates paid are a function of the market and the Bank has
offered competitive rates while building relationships and does not have
any reliance on brokered funds. Total deposits and repurchase agreements
increased by approximately $37.6 million at September 30, 1999 over
December 31, 1998, with $12.0 million of that increase coming in the third
quarter. The average rate on deposits and customer repurchase agreements
was 3.68% for the nine months ended September 30, 1999.
ALLOWANCE AND PROVISION FOR CREDIT LOSSES
The provision for credit losses represents the expense recognized to fund
the allowance for credit losses. This amount is based on many factors which
reflect management's assessment of the risk in its loan portfolio. Those
factors include economic conditions and trends, the value and adequacy of
collateral, volume and mix of the portfolio, performance of the portfolio,
internal loan processes and capital adequacy of the Company and Bank.
At September 30, 1999, management elected to maintain an allowance of .96%
of outstanding loans. Based principally on current economic conditions,
perceived asset quality and the Company's capital position, the allowance
is believed to be adequate. At September 30, there were no commercial or
real estate loans past due more than thirty days and only one consumer loan
over thirty days in the amount of $3,000. For the nine months ended
September 30, 1999, the Company made a provision for possible credit losses
of $325,700, including a provision of $139,000 for the three months ended
September 30, 1999.
During the quarter the Bank experienced its first loan loss in the amount
of $8,463 following the disposition of collateral securing the loan.
Collection efforts are continuing for further recovery.
NONINTEREST INCOME
Noninterest income primarily represents deposit account service charges and
fees and noninterest loan fees and amounted to $138,599 for the nine months
and $56,501 for the quarter. This source of income is expected to increase
as the Bank's deposit account base and loan volume increase. Management is
continually seeking sources of noninterest income and during the second
quarter entered into an agreement with an off premise ATM service provider
which will result in commission income to the Bank. Other sources are being
considered and will be pursued if management believes they are viable.
NONINTEREST EXPENSE
Noninterest expense was $2,716,180 for the nine month period and $940,628
for the third quarter with more than 50% representing salaries and employee
benefit costs. Management has made a concentrated effort to budget and
monitor noninterest expenses and believes it has established practices to
control these expenses while meeting the requirements of an aggressively
growing bank.
YEAR 2000
The year 2000 ("Y2K") issue is the result of computer programs using two
digits to define the year, rather than four. Therefore, any computer
programs that have time-sensitive software may recognize a date using "00"
as the year 1900 rather than the year 2000. This could result in a system
failure or miscalculations causing disruptions of operations, including
among other things, a temporary inability to process transactions, send
invoices, or engage in similar normal business activities. Timely and
accurate data processing is essential to the operations of the Company.
The Company enjoys certain advantages as it addresses year 2000 issues. It
is not encumbered with embedded systems and programs purchased years ago,
but has, and is installing, new monitored applications. The Bank's data
processing is outsourced and the Bank is carefully reviewing its service
provider to assure that it is meeting its schedule for full compliance.
During the months of March and April the Bank has and will be testing the
servicer's compliance with year 2000. The tests conducted in March went
well and all systems seemed to be compliant.
9
<PAGE>
Year 2000 was a major issue in the selection of the Bank's data processing
provider and was foremost in its consideration of other acquisitions of
systems and applications. At the same time the Bank is actively testing its
systems and requiring its vendors to show evidence of readiness for Y2K. As
a result of the base from which the Company commenced its operations, the
Company believes that incremental costs related to Y2K compliance are not
expected to be material to the financial performance of the Company.
Because all systems and services are new and were purchased Y2K compliant,
the estimated cost of testing and reviewing is not expected to exceed
$25,000.
The Bank is also working with customers to increase awareness in their
businesses of the need for and importance of Y2K attention.
The Board of Directors of the Bank is active in its oversight of Y2K
preparedness and regularly receives reports from management. The failure of
the Company, its principal data processing provider, its customers, or of
other service providers, including utilities, and government agencies, to
be year 2000 compliant in a timely manner could have a negative impact on
the Company's business, including but not limited to an inability to
provide accurate and timely processing of customer transactions, and delays
in loan collection practices. The Company's belief that it, and its primary
suppliers of data processing services, will be Y2K compliant, are based on
a number of assumptions and on statements made by third parties, involve
events and actions which may be beyond the control of the Company, and are
subject to uncertainty. The Company also is not able to predict the effect,
if any, on the Company, financial markets or society in general of the
public's reaction to Y2K.
10
<PAGE>
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
(11) Statement Re: Computation of Per Share Earnings
(21) Subsidiaries of the Registrant
The only subsidiary of the registrant is EagleBank, a
Maryland chartered commercial banking company.
(27) Financial Data Schedule
(b) Reports on Form 8-K
None.
11
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
(11) Statement Re; Computation of Per Share Earnings
(21) Subsidiaries of the Registrant
The only subsidiary of the registrant is EagleBank, a
Maryland chartered commercial banking company.
(27) Financial Data Schedule
12
<PAGE>
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 thereunto duly authorized.
EAGLE BANCORP, INC.
Date: November 10, 1999 By: /s/ Ronald D. Paul
--------------------------------------------
Ronald D. Paul, President
Date: November 10, 1999 By: /s/ Wilmer L. Tinley
--------------------------------------------
Wilmer L. Tinley, Senior Vice President, CFO
13
Exhibit 11
Statement of Computation of Per Share Earnings
Set forth below are the bases for the computation of earnings per share
for the periods shown. The Company had no shares outstanding prior to June 22,
1998.
Nine Months Ended September 30,
-------------------------------
Earnings (loss) Per Common Share 1999 1998
Basic $(0.50) (1.26)
Average Shares Outstanding 1,650,000 610,440
Diluted $(0.50) (1.26)
Average Shares Outstanding 1,650,000 610,440
14
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Form
10-QSB and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0001050441
<NAME> Eagle Bancorp, Inc.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 5,373
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 1,114
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 24,280
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 56,733
<ALLOWANCE> 481
<TOTAL-ASSETS> 90,376
<DEPOSITS> 65,961
<SHORT-TERM> 10,368
<LIABILITIES-OTHER> 239
<LONG-TERM> 0
<COMMON> 17
0
0
<OTHER-SE> 13,791
<TOTAL-LIABILITIES-AND-EQUITY> 90,376
<INTEREST-LOAN> 2,149
<INTEREST-INVEST> 1,073
<INTEREST-OTHER> 174
<INTEREST-TOTAL> 3,397
<INTEREST-DEPOSIT> 1,132
<INTEREST-EXPENSE> 1,326
<INTEREST-INCOME-NET> 2,071
<LOAN-LOSSES> 326
<SECURITIES-GAINS> (4)
<EXPENSE-OTHER> 507
<INCOME-PRETAX> (832)
<INCOME-PRE-EXTRAORDINARY> (832)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (832)
<EPS-BASIC> (0.50)
<EPS-DILUTED> (0.50)
<YIELD-ACTUAL> 6.87
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 164
<CHARGE-OFFS> 11
<RECOVERIES> 2
<ALLOWANCE-CLOSE> 481
<ALLOWANCE-DOMESTIC> 481
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 481
</TABLE>
