This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Eagle Bancorp, Inc. Announces Record Earnings For Both Fourth Quarter 2010 And Full Year 2010, Marking Eight Consecutive Quarters Of Increasing Profits

BETHESDA, Md., Jan. 26, 2011 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent company of EagleBank, today announced record net income of $16.7 million for the year ended December 31, 2010, a 60% increase over the $10.4 million for the year ended December 31, 2009. Net income available to common shareholders increased 89% to $15.4 million ($0.78 per basic common share and $0.77 per diluted common share) for the year ended December 31, 2010, compared to $8.1 million ($0.55 per basic and diluted common share) for the year ended December 31, 2009.
company logo

For the three months ended December 31, 2010, the Company's net income was $5.1 million, a 71% increase over the $3.0 million for the three months ended December 31, 2009. Net income available to common shareholders increased 96% to $4.7 million ($0.24 per basic common share and $0.23 per diluted common share), as compared to $2.4 million ($0.12 per basic and diluted common share) for the same three month period in 2009.

"We are extremely pleased to report continued strong financial performance for our Company for both the fourth quarter and full year 2010," noted Ronald D. Paul, Chairman, President and Chief Executive Officer of Eagle Bancorp, Inc. "Fourth quarter 2010 results represent the eighth consecutive quarter of increasing net income. Our financial performance results have been highlighted by substantial revenue growth from a combination of loan and core deposit growth, a favorable net interest margin and fee income from the sale of residential mortgages," added Mr. Paul. "Additionally, the Company has maintained solid asset quality performance during the difficult economic period of the past few years and we have improved our operating efficiency. As a growth-oriented Company, our financial results reflect the organization's ability and desire to continue lending in the Washington D.C. metropolitan area, as evidenced by a $276 million, or 20% increase in portfolio loans in 2010; our ability to continue building new and existing client relationships, as evidenced by an 18% increase in deposits in 2010; and by our ability to successfully manage credit risk in our lending and investment activities," noted Mr. Paul.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs