U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Amendment No. 1
to
FORM 10-K
[X]Annual report under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the fiscal year ended December 31, 2003
[ ]Transition report under 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
(State or other jurisdiction 52-2061461
of incorporation or organization) (I.R.S. Employer Identification No.)
7815 Woodmont Avenue, Bethesda, Maryland 20814
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code: (301) 986-1800
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock $.01
par value
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.
[X]Yes [ ]No
Indicate by check mark if disclosure of delinquent filers in pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
Indicate by check mark whether this registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2).
[ ]Yes [X]No
The aggregate market value of the outstanding Common Stock held by nonaffiliates
as of June 30, 2003 was approximately $38,873,970.
As of March 26, 2004, the number of outstanding shares of the Common Stock, $.01
par value, of Eagle Bancorp, Inc. was 5,401,267.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company's definitive Proxy Statement for the Annual Meeting
of Shareholders, to be held on May 17, 2004 are incorporated
by reference in part III hereof.
This Amendment No. 1 to Eagle Bancorp, Inc.'s Annual Report on Form 10-K is
filed solely for the purpose of correcting an inadvertent error in the average
balance of "Other time deposits" for 2003 in the Average Balances, Interest
Yields and Rates and Net Interest Margin table appearing at page 8 of the
initial filing.
Year Ended December 31,
-----------------------------------------------------------------------------
2003 2002
------------------------------------ ------------------------------------
(dollars in thousands) Average Interest Average Average Interest Average
Balance Yield/Rate Balance Yield/Rate
------------ ----------- ----------- ----------- ----------- -----------
ASSETS:
Interest earning assets:
Interest bearing deposits with other banks $ 7,843 180 2.29% $ 2,868 $ 77 2.67%
Loans 266,811 16,355 6.13 210,303 14,379 6.84
Investment securities 69,086 1,807 2.62 57,983 2,124 3.68
Federal funds sold 5,417 62 1.15 5,166 81 1.56
------------ ----------- ----------- -----------
Total interest earning assets $ 349,157 18,404 5.27% $ 276,320 $ 16,661 6.03%
------------ ----------- ----------- -----------
Total noninterest earning assets 29,687 19,057
Less: allowance for credit losses 3,042 2,456
------------ -----------
Total noninterest earning assets 26,645 16,601
------------ -----------
TOTAL ASSETS $ 375,802 $ $292,921
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
NOW accounts $ 38,820 79 0.20% $ 30,886 $ 96 0.31%
Savings and money market accounts 100,226 1,161 1.16 81,509 1,598 1.96
Certificates of deposit $100,000 or more 46,381 953 2.05 41,683 1,337 3.21
Other time deposits 35,407 906 2.56 36,902 1,301 3.70
Federal funds purchased and securities sold
under
agreement to repurchase 22,146 108 0.49 19,535 230 1.18
Short-term borrowings 7,979 266 3.33 4,670 177 3.79
Long-term borrowings 12,489 480 3.84 11,159 431 3.86
------------ ----------- ----------- -----------
Total interest bearing liabilities $ 263,448 $ 3,953 1.50% $ 226,344 $ 5,170 2.28%
------------ ----------- ----------- -----------
Noninterest bearing liabilities:
Noninterest bearing demand deposits 72,119 46,930
Other liabilities 6,207 1,266
------------ -----------
Total noninterest bearing liabilities 78,326 48,196
Stockholders' equity 34,028 18,381
------------ -----------
TOTAL LIABILITIES AND $ 375,802 $ 292,921
STOCKHOLDERS' EQUITY ============ ===========
Net interest income $ 14,451 $ 11,491
=========== ===========
Net interest spread 3.77% 3.75%
Net interest margin 4.14% 4.16%
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
March 30, 2004 By: /s/ Ronald D. Paul
Ronald D. Paul, President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
NAME POSITION DATE
/s/ Leonard L. Abel Chairman of the Board of Directors March 30, 2004
Leonard L. Abel
/s/ Leslie M. Alperstein Director March 30, 2004
Leslie M. Alperstein
/s/ Dudley C. Dworken Director March 30, 2004
Dudley C. Dworken
/s/ Michael T. Flynn Executive Vice President and Director March 30, 2004
Michael T. Flynn of the Company, President of the Bank
/s/ Eugene F. Ford, Sr. Director March 30, 2004
Eugene F. Ford, Sr.
/s/ Philip N. Margolius Director March 30, 2004
Philip N. Margolius
/s/ Ronald D. Paul President and Director March 30, 2004
Ronald D. Paul Principal Executive Officer
/s/ Wilmer L. Tinley Executive Vice President of the Bank, March 30, 2004
Wilmer L. Tinley Chief Financial Officer of the Company
Principal Financial and Accounting Officer