Press release
Eagle Bancorp, Inc. Announces Net Income For Second Quarter 2023 Of $28.7 Million Or $0.94 Per Diluted Share
BETHESDA, Md., July 26, 2023 (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 26, 2023 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the \"Company\") (NASDAQ: EGBN), the parent company of EagleBank (the \"Bank\"), today announced net income of $28.7 million for the second quarter 2023, compared to net income of $24.2 million for the first quarter 2023 (the \"prior quarter\") and $15.7 million for the second quarter 2022 (the \"year-ago quarter\"). Net income (basic and diluted) was $0.94 per share for the second quarter 2023, compared to $0.78 per share for the prior quarter, and $0.49 per share for the year-ago quarter. Net income for the year-ago quarter included one-time costs related to the legal settlements associated with the previously disclosed government investigations. The $4.5 million increase in earnings from the prior quarter was attributable to several items including income from a Small Business Investment Company (\"SBIC\") investment, an increase in swap fee income, lower noninterest expenses, a lower provision for credit losses and a lower provision for unfunded commitments. These improvements were partially offset by lower net interest income as the cost of funding outpaced the increase in yield on earning assets. Second Quarter 2023 Highlights The Company declared a quarterly dividend of $0.45 per share.The Company repurchased 1,200,000 shares in the second quarter at an average price of $24.48 per share.Common equity and tangible common equity ratios at quarter-end were 11.05% and 10.21%1, respectively.Nonperforming assets as a percent of assets was 0.28%. Net charge-off for the quarter was $5.6 million, or 0.29%. The provision for credit losses was $5.2 million for the quarter, as compared to $6.2 million the prior quarter. The allowance for credit losses as a percent of total loans was 1.00% down from 1.01% a quarter ago.Loans at quarter-end were $7.8 billion, up $29 million from the prior quarter-end. This was the seventh consecutive quarterly increase.The funding mix changed as deposits at quarter-end were $7.7 billion, up $255 million from the prior quarter-end, and short-term borrowings were $1.8 billion, down $277 million from the prior quarter-end. The increase in deposits was primarily from growth in brokered time deposits and the decrease in borrowings was from repayment of Federal Home Loan Bank (\"FHLB\") borrowings.Total estimated uninsured deposits at June...