Eagle Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2018; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2018
January 16, 2019 at 04:15 pm EST
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Eagle Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported total interest income of $105,581,000 compared to $86,526,000 a year ago. Net interest income was $81,712,000 compared to $75,359,000 a year ago. Net interest income after provision for credit losses was $79,112,000 compared to $71,272,000 a year ago. Income before income tax expense was $53,514,000 compared to $50,965,000 a year ago. Net income was $40,317,000 compared to $15,569,000 a year ago. Earnings per weighted average common share, basic was $1.17 compared to $0.46 a year ago.
For the year, the company reported total interest income of $393,286,000 compared to $324,034,000 a year ago. Net interest income was $316,993,000 compared to $283,887,000 a year ago. Net interest income after provision for credit losses was $308,333,000 compared to $274,916,000 a year ago. Income before income tax expense was $204,208,000 compared to $185,736,000 a year ago. Net income was $152,276,000 compared to $100,232,000 a year ago. Earnings per weighted average common share, basic was $4.44 compared to $2.94 a year ago.
Net charge-offs of $844,000 in the fourth quarter of 2018 represented an annualized 0.05% of average loans, excluding loans held for sale, as compared to net charge-offs of $2.3 million, or an annualized 0.15% of average loans, excluding loans held for sale, in the fourth quarter of 2017.
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, 2018; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2018