Eagle Bancorp Inc. in Bethesda, Md., reported record earnings Tuesday.
The $1.94 billion-asset company said its second-quarter profit rose 52%, to $3.1 million, or 15 cents a share, compared with earnings of $2.1 million, or 16 cents a share, a year earlier. Continuing growth in average loans and deposits and further expansion of the net interest margin were the key income and revenue drivers, the company said.
Total assets rose 22% from June 2009, and total loans rose by 15%, or $191 million, over the past 12 months. Total deposits increased 26%, to $1.58 billion.
Net interest income grew 30% from a year earlier, and the net interest margin increased 12 basis points, to 4.1%.
As of June 30, Eagle had a total risk-based capital ratio of 13%, a Tier 1 risk-based capital ratio of 11.32% and a tangible common equity ratio of 8.79%.