Press release
Eagle Bancorp, Inc. Announces Net Income For Second Quarter 2020 of $28.9 Million and Total Assets of $9.8 Billion
BETHESDA, Md., July 22, 2020 (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., July 22, 2020 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent company of EagleBank (the “Bank”), today announced quarterly net income of $28.9 million for the three months ended June 30, 2020, a 23% decrease, as compared to $37.2 million net income for the three months ended June 30, 2019. Net income per basic and diluted common share for the three months ended June 30, 2020 was $0.90 compared to $1.08 for the same period in 2019. For the six months ended June 30, 2020, the Company’s net income was $52.0 million, a 27% decrease from the $71.0 million of net income for the same period in 2019. Net income per basic common share for the six months ended June 30, 2020 was $1.60 compared to $2.06 for the same period in 2019. Net income per diluted common share for the six months ended June 30, 2020 was $1.60 compared to $2.05 for the same period in 2019.\n Summary Financial Analysis “While the country at large experienced a very challenging environment in the second quarter of 2020 due to the COVID-19 pandemic’s extensive negative impacts to businesses and the economy in general, the banking industry faced significant related credit and interest rate challenges. In spite of these second quarter headwinds, we believe our Company has managed well, both in terms of our employee base staying healthy as well as staying in close contact with our many business relationships. As a result, we are pleased to report another quarter of overall favorable earnings, highlighted by continued growth in average loans and deposits, favorable operating leverage, and improved noninterest income,” noted Susan G. Riel, President and Chief Executive Officer of Eagle Bancorp, Inc. Ms. Riel continued, “The Company’s assets ended the quarter at $9.8 billion, representing 13% growth over the second quarter of 2019. Second quarter 2020 earnings resulted in a return on average assets (“ROAA”) of 1.12%, return on average common equity (“ROACE”) of 9.84%, and a return on average tangible common equity (“ROATCE”) of 10.80%.” A reconciliation of GAAP to non-GAAP financial measures is provided in the tables that accompany this document. The Company’s performance in the second quarter of 2020 as compared to the second quarter of 2019 was highlighted by growth in average total loans of 10%, growth in average total deposi...