Eagle Bancorp reports Q1 EPS 6c, consensus 53c

Reports Q1 revenue $73.86M, consensus $71.93M. The $13.6M decrease in net income from the prior quarter is primarily due to a $14.1M increase in provision expense, a $5.1M decline in net interest income, and a $0.9M increase in noninterest expenses. These factors were partially offset by a $4.1M increase in noninterest income. “In the first quarter, we began to see tangible results from our strategic focus,” said Susan Riel, chair, president, and CEO of the company. “We achieved solid period-end growth in our C&I portfolio, which increased by $109 million, or 4.3%, and total deposits grew by $146.2 million, or 1.6%. Both increases reflect the continued emphasis we’ve placed on these core areas of our business. We are encouraged by this early progress, and we remain focused on executing our strategy and positioning the Company to return to sustained profitability as we navigate this environment.”