Eagle Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs in the Fourth Quarter of 2015
January 20, 2016 at 04:15 pm
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Eagle Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the full year, the company reported net interest income of $233,942,000 compared to $178,478,000 a year ago. Net interest income after provision for credit losses was $219,304,000 compared to $167,599,000 a year ago. Income before income tax expense was $135,216,000 compared to $86,216,000 a year ago. Net income was $84,167,000 compared to $54,258,000 a year ago. Net income available to common shareholders was $83,566,000 compared to $53,644,000 a year ago. Diluted earnings per share were $2.50 compared to $1.95 a year ago. Return on average assets was 1.49% compared to 1.31% a year ago. Return on average common equity was 12.32% compared to 13.50% a year ago. Tangible book value per common share was $18.83 compared to $14.56 a year ago.
For the quarter, the company reported net interest income of $62,576,000 compared to $51,816,000 a year ago. Net interest income after provision for credit losses was $57,981,000 compared to $48,116,000 a year ago. Income before income tax expense was $35,833,000 compared to $24,074,000 a year ago. Net income was $22,348,000 compared to $14,727,000 a year ago. Net income available to common shareholders was $22,286,000 compared to $14,547,000 a year ago. Diluted earnings per share were $0.65 compared to $0.49 a year ago. Return on average assets was 1.50% compared to 1.21% a year ago. Return on average common equity was 12.08% compared to 11.67% a year ago.
Net charge-offs in the fourth quarter of 2015 were attributable primarily to land development and construction loans $1.9 million, and home equity and other consumer loans $499,000.
Eagle Bancorp, Inc. is a bank holding company for EagleBank (the Bank). The Bank is a chartered commercial bank. The Company, through the Bank, conducts a full-service community banking business in Northern Virginia, Suburban Maryland and Washington, D.C. The primary financial services offered by the Bank include real estate, commercial and consumer lending, as well as traditional deposit and repurchase agreement products. The Bank offers a range of commercial banking services to its business and professional clients, as well as consumer banking services to individuals living and/or working primarily in the Bankâs market area. The Bankâs loan portfolio consists of traditional business and real estate secured loans. It operates 13 branch offices: six in Suburban Maryland, four located in the District of Columbia, and three in Northern Virginia. It also has four lending centers and utilizes various digital capabilities, including remote deposit services and mobile banking services.
Eagle Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs in the Fourth Quarter of 2015