Eagle Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011
January 25, 2012 at 04:20 pm
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Eagle Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net income of $7.2 million, a 42% increase over the $5.1 million net income for the quarter ended December 31, 2010. Net income available to common shareholders increased 49% to $7.0 million or $0.35 per diluted common share, as compared to $4.7 million or $0.23 per diluted common share for the same three month period in 2010. Net interest income was $28.3 million compared with $21.3 million a year ago. Net interest income increased 33% for the quarter over the same period in 2010, resulting from strong balance sheet growth, as average earning assets increased by 52% (32% excluding the effect of the settlement deposit). Income before income tax expense was $11.1 million compared with $7.9 million a year ago. Return on average assets was 0.91% compared with 0.96% a year ago. Return on average common equity was 13.40% compared with 10.21% a year ago. Adjusted net income was $6.9 million compared with $5.1 million a year ago.
For the year, the company's net income was $24.6 million, a 47% increase over the $16.7 million for the year ended December 31, 2010. Net income available to common shareholders was $23.0 million or $1.14 per diluted common share, as compared to $15.4 million or $0.77 per diluted common share for the year ended December 31, 2010, a 50% increase. Net interest income was $99.0 million compared with $76.8 million a year ago. Income before income tax expense was $38.3 million compared with $25.8 million a year ago. As on December 31, 2011, the company's book value per common share was $10.53. Return on average assets was 0.97% compared with 0.86% a year ago. Return on average common equity was 11.71% compared with 8.74% a year ago. Adjusted net income was $24.2 million compared with $16.7 million a year ago.
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.