Bethesda-based Eagle Bancorp Inc. posted strong fourth quarter earnings Thursday.
Fourth quarter net income at Eagle Bancorp (NASDAQ: EGBN), the holding company for EagleBank, was up 78 percent from a year earlier to $2.95 million. After subtracting preferred stock dividends and discount accretion, net income available for common shareholders increased 62 percent from a year earlier to $2.4 million, or 12 cents per diluted share, compared with $1.48 million, or 12 cents per share the previous year. The per share figures didn’t increase in part because Eagle issued 6.7 million shares of common stock in September, which raised about $51.8 million but diluted its existing shareholders.
For all of 2009, net income was up 40 percent to $10.4 million. After preferred stock dividends and discount accretion, net income available to common shareholders was up 12 percent to $8.1 million.
Net interest income for the quarter was up 26 percent to $16.7 million.
Loan loss provisions, which is money set aside to cover troubled loans that may have to be written off, were up 74 percent to $2.5 million.
Net loans were $1.38 billion, up $81.5 million from Sept. 30 and up $131 million from year end 2008.
Total assets were $1.8 billion, up 21 percent from a year earlier.
“Following a year that involved significant stress in all financial and business sectors, we are extremely pleased to report our financial results for the fourth quarter and full year of 2009,” noted Ron Paul, chairman, president and CEO, in a statement. “Our results reflect the organization’s ability and desire to continue lending in its marketplace, as evidenced by a $134 million, or 11 percent increase in loans in 2009; our ability to continue building new and existing client relationships, as evidenced by a 29 percent increase in deposits in 2009; and our ability to successfully manage credit default matters with the fourth quarter of 2009 being the third successive quarter of declining non-performing assets.”
Washington Business Journal - by Bryant Ruiz Switzky Staff Reporter