Press release
Eagle Bancorp, Inc. Announces Net Income For Fourth Quarter 2023 Of $20.2 Million Or $0.67 Per Diluted Share
BETHESDA, Md., Jan. 24, 2024 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (NASDAQ: EGBN), the parent company of EagleBank (the "Bank"), today
About this update from Eagle Bancorp, Inc.
[{"type":"text","content":"BETHESDA, Md., Jan. 24, 2024 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the \"Company\") (NASDAQ: EGBN), the parent company of EagleBank (the \"Bank\"), today announced net income of $20.2 million for the fourth quarter 2023, compared to net income of $27.4 million for the third quarter 2023 (the \"prior quarter\"). Net income was $0.68 per share (basic) and $0.67 per share (diluted) for the fourth quarter 2023, compared to $0.91 per share for the prior quarter (basic and diluted). The $7.2 million decrease in earnings from the prior quarter was attributable to a higher provision for credit losses and lower noninterest income. These reductions were partially offset by higher net interest income as interest income on loans and investments outpaced the increase in interest expense. Susan G. Riel, President and Chief Executive Officer of the Company, commented, \"EagleBank's franchise showed resiliency throughout 2023 by exhibiting continued strength with strong capital levels, strong operating efficiency, and commitment to our customers through a dynamic and uncertain operating environment. The Company's 2023 performance reflected a normalization of asset quality metrics and elevated funding costs from higher interest rates. The team's efforts positively impacted our momentum in the face of these challenges. Deposits ended higher than the comparable year-ago period for the first time in six quarters, and net interest income increased quarter over quarter for the first time in four quarters.\" \"The EagleBank team is committed to continuing its efforts to grow and improve the quality of our deposit portfolio, reduce the reliance on wholesale funding, and grow our commercial lending team,\" Ms. Riel said. \"I am confident the management team has identified strategies to be executed in 2024 to position the Company for future sustainable growth and an enhanced earnings profile. I am excited about the future and prospects of EagleBank and its ability to serve our communities and customers for years to come.\" \"We once again thank all of our employees for their commitment in serving the needs of our clients and communities. Additionally, we remain committed to a culture of respect, diversity and inclusion in both the workplace and the communities we serve.\" Fourth Quarter 2023 Highlights The funding mix continued to improve as deposits ...