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 18, 2018 at 08:34 am IST
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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, the company reported net interest income of $75,359,000 compared to $67,024,000 a year ago. Net interest income after provision for credit losses was $71,272,000 compared to $64,912,000 a year ago. Income before income tax expense was $50,965,000 compared to $42,146,000 a year ago. Net income was $15,569,000 compared to $25,717,000 a year ago. Diluted earnings per share were $0.45 compared to $0.75 per share a year ago. Return on average assets was 0.82% compared to 1.46% a year ago. Return on average common equity was 6.49% compared to 12.26% a year ago. Pre-tax, pre-provision income was $55.1 million for the fourth quarter of 2017 a 24% increase over $44.3 million for the fourth quarter of 2016 and a 12% increase over the $49.2 million for the third quarter of 2017. On non GAAP basis, the net income was $30,157,000. Diluted earnings were $0.88 per share. Return on average assets was 1.60%. Return on average common equity was 12.57%.
For the full year, the company reported net interest income of $283,887,000 compared to $258,165,000 a year ago. Net interest income after provision for credit losses was $274,916,000 compared to $246,834,000 a year ago. Income before income tax expense was $185,737,000 compared to $159,102,000 a year ago. Net income was $100,232,000 compared to $97,707,000 a year ago. Diluted earnings per share were $2.92 compared to $2.86 per share a year ago. Return on average assets was 1.41% compared to 1.52% a year ago. Return on average common equity was 11.06% compared to 12.27% a year ago. Tangible book value per common share was $24.67 compared to $21.61 a year ago. Book value per share was $27.80 compared to $24.77 per share a year ago. Pre-tax, pre-provision income was $194.7 million for the full year 2017 as compared to $170.4 million for the full year 2016, a 14% increase. On non GAAP basis, the net income was $114,820,000. Diluted earnings were $3.35 per share. Return on average assets was 1.62%. Return on average common equity was 12.67%.
For the fourth quarter of 2017, the company's 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 $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