Press release
Eagle Bancorp, Inc. Announces Second Quarter 2024 Results
Eagle grows Common Equity Tier 1 Capital and Tier 1 Capital leverage ratio to 13.9% and 10.6%, respectively BETHESDA, Md., July 24, 2024 (GLOBE NEWSWIRE) --
About this update from Eagle Bancorp, Inc.
[{"type":"text","content":"Eagle grows Common Equity Tier 1 Capital and Tier 1 Capital leverage ratio to 13.9% and 10.6%, respectively\nBETHESDA, Md., July 24, 2024 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (NASDAQ: EGBN), (\"Eagle\", \"the Company\", \"we\", \"us\", \"our\"), the Bethesda-based parent company of EagleBank (the \"Bank\"), reported its unaudited results for the second quarter ended June 30, 2024. Eagle recorded a $104.2 million impairment in the value of goodwill and a resulting net loss of $83.8 million or $2.78 per share for the second quarter 2024. The goodwill impairment does not impact our cash, liquidity ratios, core operating performance, or regulatory capital ratios. Operating net income1, adjusted to exclude the impairment charge on goodwill, was $20.4 million or $0.67 per diluted share. We increased the Tier 1 capital leverage ratio to 10.6% and continue to grow the number of core deposit relationships. \"The Company's operating results materially improved from the first quarter due to a normalization of charge-offs from our loan portfolio. We continue to execute on our strategic plan as evidenced by initiatives such as the addition of the Expatriate Banking Services Division and the continued success of our digital banking channel driving our objective of further diversification of deposits and reducing the use of wholesale funding sources\" said Susan G. Riel, President and Chief Executive Officer of the Company. Ms. Riel continued, \"I'm encouraged by our team's continued resilience, consistently upholding our brand and community role while serving as trusted partners to our customers. I am excited about EagleBank’s future prospects and its capacity to support our communities and customers for years ahead.\" Eric R. Newell, Chief Financial Officer of the Company said, \"While the Company experienced a net loss on a GAAP basis due to the impairment charge on goodwill, operating performance significantly improved from last quarter evidenced by operating net income1 increasing $20.7 million to $20.4 million in the second quarter. We continued to build our reserve for credit losses, with coverage to total held for investment loans at 1.33% increasing 8 basis points from last quarter. Common equity tier one capital increased to 13.9% and our tangible common equity1 ratio exceeds 10%. Our efforts remain laser focused on the continued ...