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Jun 30, 2024
Eagle Bancorp Q2 2024 Earnings Report
Announced second quarter 2024 results, with a net loss due to a goodwill impairment, but operating results improved from the first quarter due to a normalization of charge-offs.
Key Takeaways
Eagle Bancorp, Inc. reported a net loss of $83.8 million, or $2.78 per share, for Q2 2024, which included a $104.2 million goodwill impairment. Excluding the impairment, operating net income was $20.4 million, or $0.67 per diluted share. The company's Tier 1 capital leverage ratio increased to 10.6%.
The ACL as a percentage of total held for investment loans was 1.33% at quarter-end, up from 1.25% at the prior quarter-end.
Nonperforming assets increased to 0.88% of total assets as of June 30, 2024, compared to 0.79% as of March 31, 2024.
Net charge-offs for the second quarter were 0.11% compared to 1.07% for the first quarter 2024.
The net interest margin (NIM) declined slightly to 2.40% for the second quarter 2024, compared to 2.43% for the prior quarter.
Eagle Bancorp
Eagle Bancorp
Eagle Bancorp Revenue by Segment
Revenue by Segment
Interest and fees on loans Revenue
CapyFin.comInterest and dividends on investment securities Revenue
CapyFin.comInterest on balances with other banks and short-term investments Revenue
CapyFin.comInterest on federal funds sold Revenue
CapyFin.comService charges on deposits Revenue
CapyFin.comNet gain on sale of investment securities Revenue
CapyFin.comIncrease in cash surrender value of bank-owned life insurance Revenue
CapyFin.comOther income Revenue
CapyFin.com Forward Guidance
The press release does not contain any forward guidance.