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.
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.