2012 Q3 Form 10-Q Financial Statement

#000115752312006007 Filed on November 13, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $3.225M $3.653M
YoY Change -11.72% -3.23%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $189.0K $193.0K
YoY Change -2.07% -57.11%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $566.0K $894.0K
YoY Change -36.69% -19.96%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $564.0K $615.0K
YoY Change -8.29% -50.6%
Income Tax $142.0K $187.0K
% Of Pretax Income 25.18% 30.41%
Net Earnings $422.0K $428.0K
YoY Change -1.4% -51.14%
Net Earnings / Revenue 13.09% 11.72%
Basic Earnings Per Share $0.11 $0.11
Diluted Earnings Per Share $0.11 $0.11
COMMON SHARES
Basic Shares Outstanding 3.725M shares 3.740M shares
Diluted Shares Outstanding 3.929M shares 3.912M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $11.74M $10.60M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $15.53M $16.00M
YoY Change -2.94% 1.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $155.0K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $320.0M $335.9M
YoY Change -4.72% 1.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $6.400M $4.900M
YoY Change 30.61% 11.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.400M $4.900M
YoY Change 30.61% 11.36%
LONG-TERM LIABILITIES
Long-Term Debt $5.200M $5.200M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.200M $5.200M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.400M $4.900M
Total Long-Term Liabilities $5.200M $5.200M
Total Liabilities $266.1M $282.5M
YoY Change -5.82% 2.13%
SHAREHOLDERS EQUITY
Retained Earnings $33.14M
YoY Change
Common Stock $22.15M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.210M
YoY Change
Treasury Stock Shares
Shareholders Equity $53.98M $53.40M
YoY Change
Total Liabilities & Shareholders Equity $320.0M $335.9M
YoY Change -4.72% 1.54%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $422.0K $428.0K
YoY Change -1.4% -51.14%
Depreciation, Depletion And Amortization $189.0K $193.0K
YoY Change -2.07% -57.11%
Cash From Operating Activities $2.791M $1.408M
YoY Change 98.22% -24.71%
INVESTING ACTIVITIES
Capital Expenditures $156.0K $60.00K
YoY Change 160.0% -185.71%
Acquisitions
YoY Change
Other Investing Activities -$2.290M -$2.210M
YoY Change 3.62% -48.48%
Cash From Investing Activities -$2.450M -$2.266M
YoY Change 8.12% -48.03%
FINANCING ACTIVITIES
Cash Dividend Paid $277.0K $278.0K
YoY Change -0.36%
Common Stock Issuance & Retirement, Net $185.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.415M 1.921M
YoY Change -538.05% 20.82%
NET CHANGE
Cash From Operating Activities 2.791M 1.408M
Cash From Investing Activities -2.450M -2.266M
Cash From Financing Activities -8.415M 1.921M
Net Change In Cash -8.074M 1.063M
YoY Change -859.55% -218.11%
FREE CASH FLOW
Cash From Operating Activities $2.791M $1.408M
Capital Expenditures $156.0K $60.00K
Free Cash Flow $2.635M $1.348M
YoY Change 95.47% -30.52%

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<div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> <font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 1.&#xA0;BASIS OF PRESENTATION</font></font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission.&#xA0;&#xA0;Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.&#xA0;&#xA0;However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of results for the unaudited interim periods.</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The results of operations for the three month period ended September 30, 2012 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2013 or any other period.&#xA0;&#xA0;The unaudited consolidated financial statements and notes presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in Eagle&#x2019;s Form 10-K for the fiscal year ended June 30, 2012.</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The Company evaluated subsequent events for potential recognition and/or disclosure through November 13, 2012 the date the consolidated financial statements were issued.</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> On April 5, 2010, the Company completed its second-step conversion from the partially-public mutual holding company structure to the fully publicly-owned stock holding company structure.&#xA0;&#xA0;As part of that transaction it also completed a related offering of its common stock.&#xA0;&#xA0;As a result of the conversion and offering, the Company became the stock holding company for American Federal Savings Bank, and Eagle Financial MHC and Eagle Bancorp ceased to exist.&#xA0;&#xA0;The Company sold a total of 2,464,274 shares of common stock at a purchase price of $10.00 per share in the offering for gross proceeds of $24.6 million.&#xA0;&#xA0;Concurrent with the completion of the offering, shares of Eagle Bancorp common stock owned by the public were exchanged.&#xA0;&#xA0;Stockholders of Eagle Bancorp received 3.800 shares of the Company's common stock for each share of Eagle Bancorp common stock that they owned immediately prior to completion of the transaction. Accordingly, as of April 5, 2010, the Company had 8,000,000 shares of common stock authorized and 4,083,127 issued and outstanding.</font></font></div> </div>
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CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
178000
CY2012Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2450000
CY2012Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
CY2012Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
3225000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
141000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2012Q3 us-gaap Allowance For Loan And Lease Losses Recoveries Of Bad Debts
AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts
4000
CY2012Q3 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
276000
CY2012Q3 us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
582000
CY2012Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
235000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
304000
CY2012Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
67000
CY2012Q3 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-17000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
142000
CY2012Q3 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
-5874000
CY2012Q3 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-111000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
422000
CY2012Q3 us-gaap Allowance For Loan And Lease Losses Provision For Loss Gross
AllowanceForLoanAndLeaseLossesProvisionForLossGross
235000
CY2012Q3 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2012-11-06
CY2012Q3 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
166000
CY2012Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
277000
CY2012Q3 us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-19000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
563000
CY2012Q3 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
CY2012Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
238000
CY2012Q3 us-gaap Noninterest Income
NoninterestIncome
1575000
CY2012Q3 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
4811000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2012Q3 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2012-11-27
CY2012Q3 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
147000
CY2012Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
2424000
CY2012Q3 us-gaap Advertising Expense
AdvertisingExpense
201000
CY2012Q3 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
912000
CY2012Q3 us-gaap Gain Loss On Fair Value Hedges Recognized In Earnings
GainLossOnFairValueHedgesRecognizedInEarnings
37000
CY2012Q3 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
243000
CY2012Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
156000
CY2012Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
2659000
CY2012Q3 us-gaap Occupancy Net
OccupancyNet
342000
CY2012Q3 us-gaap Noninterest Expense
NoninterestExpense
3435000
CY2012Q3 us-gaap Postage Expense
PostageExpense
26000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3928945 shares
CY2012Q3 us-gaap Professional Fees
ProfessionalFees
91000
CY2012Q3 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
14153000
CY2012Q3 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
510000
CY2012Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Net Income Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeBeforeTax
-192000
CY2012Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8415000
CY2012Q3 us-gaap Depreciation
Depreciation
189000
CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07125
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
564000
CY2012Q3 us-gaap Dividends Cash
DividendsCash
277000
CY2012Q3 us-gaap Proceeds From Sale Of Federal Reserve Stock
ProceedsFromSaleOfFederalReserveStock
18000
CY2012Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeBeforeTax
-52000
CY2012Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1441000
CY2012Q3 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
64000
CY2012Q3 us-gaap Interest Expense
InterestExpense
566000
CY2012Q3 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
5000
CY2012Q3 us-gaap Provision For Other Losses
ProvisionForOtherLosses
68000
CY2012Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
CY2012Q3 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
105000
CY2012Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
477000
CY2012Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2791000
CY2012Q3 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
9050000
CY2012Q3 us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
-2251000
CY2012Q3 ebmt Employee Stock Ownership Plan Esop Number Of Committed To Be Released Value
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedValue
43000
CY2012Q3 ebmt Supplemental Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
SupplementalUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-252000
CY2012Q3 ebmt Mortgage Servicing Rights Capitalized
MortgageServicingRightsCapitalized
319000
CY2012Q3 ebmt Interest Expense Federal Home Loan Bank Advance And Other Borrowings
InterestExpenseFederalHomeLoanBankAdvanceAndOtherBorrowings
294000
CY2012Q3 ebmt Consulting Fees
ConsultingFees
26000
CY2012Q3 ebmt Employee Stock Ownership Plan Esop Number Of Shares Committed To Be Released
EmployeeStockOwnershipPlanESOPNumberOfSharesCommittedToBeReleased
4154 shares
CY2012Q3 ebmt Fixed Rate Loan Hedged Original Maturity Term
FixedRateLoanHedgedOriginalMaturityTerm
P20Y
CY2012Q3 ebmt Employee Stock Ownership Plan Esop Value Of Shares Released
EmployeeStockOwnershipPlanESOPValueOfSharesReleased
43000

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