Press release
Eagle Bancorp, Inc. Announces Results of Operations for First Quarter 2024
BETHESDA, Md., April 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., April 24, 2024 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the \"Company\") (NASDAQ: EGBN), the parent company of EagleBank (the \"Bank\"), today announced a net loss of $338 thousand for the first quarter 2024, compared to net income of $20.2 million for the fourth quarter 2023 (the \"prior quarter\"). Net loss was $(0.01) per share (diluted) for the first quarter 2024, compared to net income of $0.67 per share (diluted) for the prior quarter. Pre-provision net revenue (\"PPNR\")1, a non-GAAP financial measure, was $38.3 million for the first quarter 2024, compared to $38.8 million for the prior quarter. The $20.6 million decrease from earnings in the prior quarter was attributable to a $20.7 million increase in provision for credit losses, due primarily to an updated valuation for a commercial real estate (\"CRE\") office property collateralizing a lending relationship that was partially charged-off in the first quarter 2024. The provision for credit losses was $35.2 million for the first quarter 2024, comprising the impact of the updated valuation and an increase in the office allowance for credit losses (\"ACL\") coverage ratio. Susan G. Riel, President and Chief Executive Officer of the Company, commented, \"Our results for the quarter showcased the strong fundamentals of our business, evidenced by the stability in our pre-provision net revenue, our growing reserve for credit losses, and our strong capital levels. The quarter showcased the progress we are making towards achieving our strategic objectives of enhancing the diversification of our deposits, growing the commercial lending team, and proactively managing our office portfolio.\" Ms. Riel continued, \"I am pleased that we are being proactive in addressing our challenges while always maintaining a trusted brand and franchise in our community. I am excited about the prospects of EagleBank and its ability to serve our communities and customers for years to come.\" Eric R. Newell, Chief Financial Officer of the Company said, \"Our operational performance remained stable over the last twelve months, and we are proud to have increased our deposits by over $1.0 billion and our loans by over $245.0 million over the last year. With these solid operating results, and our strong capital position evidenced by our common equity and tangible common equity1 ratios exce...