B737-700 First Officer reported an engine failure during climb. The flight crew completed the QRH procedure and was provided priority handling to the departure airport where a safe landing was completed.

Narrative

We were operating Flight XXX from ZZZ to ZZZ1 in a -700 series 737. We were cleared for departure on Runway XXL and given a right turn and climb to 5000 ft. The takeoff was a normal event and once we rolled out to our assigned heading around 1800 ft; we had a bang and the aircraft rolled to the right. I quickly gained corrective control of the aircraft and the Captain (PM) announced the engine failure. He [requested priority] and stopped the climb at 2000 ft. Once we established the aircraft heading and received vectors from ATC; we began the QRH and QRC for engine failure; fire; and separation. The Captain was in communication with the Cabin Crew and ATC during the event. Once the engine was shut down and secure we prepared for the visual approach back into XX. Airport fire was standing by and we taxied to the hot break section of the airport for a visual inspection of the brakes by the Fire Crews. Once we got the go-ahead from the Fire Department we communicated with Ground Ops and ATC to be towed back to the departure gate.