Eagle Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 22, 2014 at 09:15 pm
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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.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013