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Mar 31, 2024
Eagle Bancorp Q1 2024 Earnings Report
Announced results of operations for first quarter 2024.
Key Takeaways
Eagle Bancorp, Inc. reported a net loss of $338 thousand for the first quarter 2024, compared to net income of $20.2 million for the fourth quarter 2023. Pre-provision net revenue 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.
Net loss was $338 thousand for the first quarter 2024, compared to net income of $20.2 million in the prior quarter, with PPNR of $38.3 million for the first quarter 2024, compared to $38.8 million for the prior quarter.
The ACL as a percentage of total loans was 1.25% at quarter-end; up from 1.08% at the prior quarter-end. Performing office coverage was 3.67% at quarter-end; as compared to 1.91% at the prior quarter-end.
The net interest margin remained steady at 2.43% for the first quarter 2024, compared to 2.45% for the prior quarter.
Loans at quarter-end were $8.0 billion, up $14.0 million, or 0.2%, from the prior quarter-end. Deposits at quarter-end were $8.5 billion, down $306.6 million, or 3.5%, from the prior quarter-end.
Forward Guidance
This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions.
Historical Earnings Impact
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