Press release
Eagle Bancorp, Inc. Announces Net Income For Third Quarter 2023 Of $27.4 Million Or $0.91 Per Diluted Share
BETHESDA, Md., Oct. 25, 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., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the \"Company\") (NASDAQ: EGBN), the parent company of EagleBank (the \"Bank\"), today announced net income of $27.4 million for the third quarter 2023, compared to net income of $28.7 million for the second quarter 2023 (the \"prior quarter\") and $37.3 million for the third quarter 2022 (the \"year-ago quarter\"). Net income (basic and diluted) was $0.91 per share for the third quarter 2023, compared to $0.94 per share for the prior quarter, and $1.16 per share for the year-ago quarter. The $1.3 million decrease in earnings from the prior quarter was attributable to several items including lower noninterest income as the prior quarter included nonrecurring recognition of income from a Small Business Investment Company (\"SBIC\") investment, lower net interest income as the cost of interest bearing liabilities outpaced income on interest-earning assets, and a reversal of $1.6 million of interest income because of a loan entering nonperforming status in the quarter. Susan G. Riel, President and Chief Executive Officer of the Company commented, \"The Company's steady performance this quarter was the result of continued efforts of the EagleBank team to offer our customers the products and services they need to run their businesses. As a result, our earnings and margin, absent the reversal of interest income, continued to stabilize. Additionally, our funding mix improved with deposit inflows and paydowns of short-term debt, and our asset quality metrics and regulatory capital ratios remain strong. \"The EagleBank team is working diligently to position the Company's balance sheet to enable appropriate diversification of assets and loans, and is building capabilities to drive core deposit growth. These strategies will position the Company for future sustainable growth and an enhanced earnings profile. I am excited about the future of EagleBank and its ability to serve our communities and customers through the successful execution of these strategies. \"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.\" Third Quarter 2023 Highlights The funding mix continued to improve...