Ladies and gentlemen, thank you for standing by. Welcome to the Eagle Bancorp Fourth Quarter and Year-end 2019 Earnings Conference Call. [Operator Instructions]
I would now like to introduce Charles Levingston, Chief Financial Officer. You may begin, sir.
Charles D. Levingston
Thank you, Kevin. Good morning. This is Charles Levingston Chief Financial Officer of Eagle Bancorp.
Before we begin the presentation, I would like to remind everyone that some of the comments made during this call may be considered forward-looking statements. Our Form 10-K for the 2018 fiscal year, our quarterly reports on Form 10-Q and current reports on Form 8-K identify certain factors that could cause the Company's actual results to differ materially from those projected in any forward-looking statements made this morning. The Company does not undertake to update any forward-looking statements as a result of new information or future events or developments. Our periodic reports are available from the Company or online on the Company's website or the SEC website.
I would like to remind you that while we think that our prospects for continued growth and performance are good, it's our policy not to establish with the markets any earnings, margin or balance sheet guidance. Now I would like to introduce Susan Riel, the President and CEO of Eagle Bancorp.
Susan G. Riel
Thank you, Charles.
I'd like to welcome all of you to our earnings call for the fourth quarter and full year of 2019. We appreciate your calling in this morning and your continued interest in EagleBank. As usual, Jan Williams, our Chief Credit Officer, is also with us this morning. Jan and Charles will be available later for questions.
I am pleased to discuss our financial and business results, which again showed strong profitability with net income of $35.5 million for the fourth quarter and $142.9 million for the entire year of 2019. The earnings for the quarter and for the full year are less than the same respective periods in 2018, but still reflects the high quality of our earnings, which continue to result in returns on assets and tangible equity above peer group averages for community banks.
The earnings per share were $1.06 on a diluted basis for the fourth quarter of 2019 as compared to $1.17 in the fourth quarter of 2018 and down slightly from $1.07 in the third quarter of 2019. For the full year of 2019, the earnings per fully diluted share were $4.18 as compared to $4.42 for the year 2018.
The return on average assets for the fourth quarter was 1.49% and was 1.61% for the year 2019. The return on average tangible common equity was 12.91% for the fourth quarter and 13.40% for the full year 2019, levels indicative of continued solid performance.
While our profitability continues to be very good, part of our culture at EagleBank is to strive for strong results across all of the performance indicators for community banks. In reviewing the fourth quarter, we recognize that there were three major factors which somewhat dampened our earnings during
Charles D. Levingston
Executive Vice President & Chief Financial Officer
Susan G. Riel
President & Chief Executive Officer
Janice L. Williams
Executive Vice President and Chief Credit Officer of EagleBank
Casey Orr Whitman
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