Profits Down Slightly At Eagle Bancorp

Eagle Bancorp said profits declined 6.2 percent in the second quarter, even though its assets grew by 12.6 percent to to $915.8 million.

"At a time of substantial stress in our financial markets and instability in many banks, we are extremely pleased to report consistent net income and continued asset growth," chairman and CEO Ronald D. Paul said in a statement.

The Bethesda-based bank, which is acquiring Fidelity & Trust Bank, said it recorded $393,000 in charge-offs for bad loans during the quarter ended June 30, up from $11,000 a year ago. Thirty-eight percent of the total were consumer loans, 32 percent represented the un-guaranteed portion of Small Business Association loans, and 30 percent covered non-real estate related commercial business loans.

By Dan Beyers  |  July 18, 2008; 2:16 PM ET  | Category:  Eagle Bancorp
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