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The Bethesda, Md., bank Paul founded in 1998 has reported increased profits in 15 straight quarters, and it's showing no signs of slowing down. Paul's relentless pavement pounding has yielded lasting and profitable relationships.
November 28
Loans and refinancings propelled Eagle Bancorp (EGBN) in Bethesda, Md., to its 16th consecutive profitable quarter.
Earnings at the $3.4 billion-asset company rose 43% from a year earlier, to $10 million. Earnings per share of 43 cents topped the average analysts' estimate by 1 cent, according to Bloomberg.
Eagle's loan book grew 20% from a year earlier, to $2.4 billion. Net interest income rose 22.6% from a year earlier, to $34.7 million, as a result of loan growth and higher yields on assets. The net interest margin widened 18 basis points, to 4.31%, year over year.
Noninterest income rose 57% from a year earlier, to $6.1 million, because of gains on sales of residential mortgage loans and higher fees.
Noninterest expense increased 11% from the fourth quarter of 2011, to $20.3 million. The company's efficiency ratio improved to 49.82%, from 56.97%, year over year.
The company's provision for credit losses rose 46% year over year, to $4.1 million.
"We are very pleased to report another quarter of record earnings, highlighted by strong, balanced and consistent financial performance, substantially higher total revenue from net interest income and noninterest income, continued favorable asset quality trends and substantial capital growth," Ron Paul, Eagle's chief executive, said in a press release.
