Eagle Bancorp reports Q1 EPS (1c), consensus 59c

Reports Q1 net loss was $338 thousand for the first quarter 2024, compared to net income of $20.2M in the prior quarter, with PPNR of $38.3M for the first quarter 2024, compared to $38.8M 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 coverage2 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.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.”