Ea­gle Ban­corp an­nounce record earn­ings

The Pak Banker - - Front Page -

BETHESDA, MD

Ea­gle Ban­corp Inc, the par­ent com­pany of Ea­gleBank, to­day an­nounced record quar­terly net in­come of $9.7 mil­lion for the quar­ter ended Septem­ber 30, 2012, a 49% in­crease over the $6.5 mil­lion net in­come for the quar­ter ended Septem­ber 30, 2011.

Net in­come avail­able to com­mon share­hold­ers in­creased 51% to $9.5 mil­lion ($0.45 per ba­sic com­mon share and $0.44 per di­luted com­mon share), as com­pared to $6.3 mil­lion ($0.32 per ba­sic com­mon share and $0.31 per di­luted com­mon share) for the same three month pe­riod in 2011. These quar­terly earn­ings rep­re­sent the fif­teenth con­sec­u­tive quar­ter of in­creas­ing net in­come.

For the nine months ended Septem­ber 30, 2012, the Com­pany's net in­come was $25.1 mil­lion, a 44% in­crease over the $17.4 mil­lion for the nine months ended Septem­ber 30, 2011.

Net in­come avail­able to com­mon share­hold­ers in­creased 54% to $24.7 mil­lion ($1.20 per ba­sic com­mon share and $1.17 per di­luted com­mon share), as com­pared to $16.0 mil­lion ($0.81 per ba­sic com­mon share and $0.79 per di­luted com­mon share) for the same nine month pe­riod in 2011.

"We are very pleased to re­port an­other quar­ter of record earn­ings, high­lighted by strong and con­sis­tent fi­nan­cial per­for­mance, sub­stan­tially higher to­tal rev­enue from both net in­ter­est in­come and non­in­ter­est in­come, sta­ble and fa­vor­able as­set qual­ity trends and sub­stan­tial cap­i­tal growth" noted Ron­ald D. Paul, Chair­man and Chief Ex­ec­u­tive Of­fi­cer of Ea­gle Ban­corp, Inc. Mr. Paul added "for the third quar­ter of 2012, the Com­pany con­tin­ued its trend of pro­duc­ing bal­anced growth in its av­er­age loans and de­posits, ex­pand­ing an al­ready strong net in­ter­est mar­gin, and pro­duced en­hanced lev­els of non­in­ter­est rev­enue from higher lev­els of res­i­den­tial mort­gage re­fi­nanc­ing ac­tiv­ity.

The Com­pany also con­tin­ued its trend of im­prov­ing per­for­mance for the Ef­fi­ciency Ra­tio, Re­turn on Av­er­age As­sets and Re­turn on Av­er­age Eq­uity. For the third quar­ter of 2012, av­er­age loan balances grew 4% as com­pared to the sec­ond quar­ter of 2012, while av­er­age de­posit balances were 5% higher.

The net in­ter­est mar­gin ex­panded to 4.44% for the third quar­ter of 2012, up 5 ba­sis points from the sec­ond quar­ter of 2012, due pri­mar­ily to lower fund­ing costs. To­tal rev­enue was $38.2 mil­lion for the quar­ter, 8% higher than the sec­ond quar­ter of 2012 and 32% higher than the same quar­ter one year ago."

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