Eagle Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 26, 2018 at 09:41 pm
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Eagle Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, total interest income was $86,526,000 against $75,795,000 a year ago. Net interest income was $75,359,000 against $67,024,000 a year ago. Income before income tax expense was $50,965,000 against $42,146,000 a year ago. Net income was $15,569,000 against $25,717,000 a year ago. Earnings per diluted weighted average common share were $0.45 against $0.75 a year ago. Return on average assets was 0.82% against 1.46% a year ago. Return on average common equity was 6.49% against 12.26% a year ago. Non GAAP net income was $30,157,000 or $0.88 per basic and diluted share.
For the year, total interest income was $324,034,000 against $285,805,000 a year ago. Net interest income was $283,887,000 against $258,165,000 a year ago. Income before income tax expense was $185,737,000 against $159,102,000 a year ago. Net income was $100,232,000 against $97,707,000 a year ago. Earnings per diluted weighted average common share were $2.92 against $2.86 a year ago. Book value per common share as at December 31, 2017 was $27.80 against $24.77 a year ago. Return on average assets was 1.41% against 1.52% a year ago. Return on average common equity was 11.06% against 12.27% a year ago. Non GAAP net income was $114,820,000 or $3.35 per diluted share.
For the quarter, the company reported net charge-offs of $2.3 million represented an annualized 0.15% of average loans, excluding loans held for sale, as compared to a net recovery of $97,000, or an annualized 0.01% of average loans, excluding loans held for sale, in the fourth quarter of 2016. Net charge-offs in the fourth quarter of 2017 were attributable primarily to net charge-offs in construction - commercial and residential of $2.1 million.
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, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017