A Record Quarter
How do you follow your most successful quarter in Bank history? By doing it again.
Our net income in the First Quarter of 2011 was $5.1 million. That’s a record for us. And the ninth consecutive quarter Eagle Bancorp has experienced increased earnings. It equates to $.15 per diluted share of common stock. That’s 51% better than the First Quarter of 2010, which itself was a record quarter. (The Bank’s press release has all the details.)
How did we do it?
We continue to make good loans to good borrowers. Total loans increased $360 million from a year ago, to $1.79 billion. That’s up 25%. Similarly, we again increased our deposit base. Total deposits increased $350 million from a year ago, up 24%. We also experienced increased noninterest income from our expanded residential mortgage lending division.
While our income has been growing, our costs have been controlled. The ratio of costs to revenue, commonly known as the “efficiency ratio,” was 58.57%.
We’ll continue to build on what we do best. As a $2.2 billion bank, we have the financial resources of a large bank. But we still conduct ourselves as we did when we opened our doors, as a true community bank.
More than anything, our success is based on our building and expanding relationships. We haven’t forgotten that service is what distinguishes us from our competitors. And we always remember that at the heart of a banking relationship…is a relationship.