Eagle Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total interest income of $41,652,000 against $38,164,000 for the same period last year. Net interest income was $38,714,000 against $34,737,000 for the same period last year. Net interest income after provision for credit losses was $36,206,000 against $30,598,000 for the same period last year. Income before income tax expense was $18,986,000 against $16,333,000 for the same period last year. Net income available to common shareholders was $11,862,000 or $0.45 per diluted common share against $10,057,000 or $0.39 per diluted common share for the same period last year. Book value was $13.03 per common share as on December 31, 2013 compared to $11.62 per share a year ago. Tangible book value was $12.89 per common share as on December 31, 2013 compared to $11.47 per share a year ago. Return on average assets was 1.33% compared to 1.25% a year ago. Return on average common equity was 14.07% compared to 13.95% a year ago.

For the year, the company reported total interest income of $157,294,000 against $141,943,000 for the same period last year. Net interest income was $144,790,000 against $127,529,000 for the same period last year. Net interest income after provision for credit losses was $135,188,000 against $111,339,000 for the same period last year. Income before income tax expense was $75,325,000 against $56,172,000 for the same period last year. Net income to common shareholders was $46,441,000 or $1.76 per diluted common share against $34,723,000 or $1.46 per diluted common share for the same period last year. Book value was $13.03 per common share as on December 31, 2013 compared to $11.62 per share a year ago. Return on average assets was 1.37% compared to 1.18% a year ago. Return on average common equity was 14.60% compared to 14.14% a year ago. The higher ROAA and ROAE ratios for the twelve months of 2013 as compared to 2012 was primarily due to improved credit quality, lower provision expense, higher noninterest income, and strong cost management. Contributing to the growth in ROAA and ROAE was solid growth in net interest income and a favorable net interest margin. Premises and equipment expenses were $1.7 million higher due primarily to the cost of new branch offices and normal increases in leasing costs.

For the quarter, the company reported net charge-offs of $1.3 million, represented 0.18% of average loans, excluding loans held for sale, as compared to $2.2 million or 0.37% of average loans, excluding loans held for sale, in the fourth quarter of 2012, a 43% dollar decline. Net charge-offs were attributable primarily to commercial and industrial loans, and commercial real estate loans. The lower provisioning in the fourth quarter of 2013, as compared to the fourth quarter of 2012, is due to a combination of lower net charge-offs, and overall improved asset quality in the loan portfolio.