Eagle Bancorp in Bethesda, Md., exceeded analysts' expectations for the second quarter.
The $5.7 billion-asset company said in a press release Wednesday that its profit rose 62% from a year earlier, to $20.9 million. Earnings per share of 61 cents beat the average estimate of analysts polled by Bloomberg by 3 cents. The year-over-year results in part reflected the benefits of the company's October purchase of Virginia Heritage Bank.
Net interest income rose 37%, to $57.6 million, though the net interest margin compressed by 15 basis points, to 4.33%.
Noninterest income nearly doubled, to $6.2 million, though much of the improvement was tied to a gain on the sale of mortgage loans.
Noninterest expense rose 20%, to $26.6 million, on higher costs tied to salaries, premises, data processing and marketing.