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EGBN — Eagle Bancorp News Story

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Brief: Eagle Bancorp Q2 Net Interest Income USD 67.776 Million

Overview

Eagle Bancorp reports Q2 net loss of $69.8 mln due to higher provision expenses

Net interest income rises slightly, noninterest income decline

Co announces $0.165 per share dividend, maintains strong capital position

Outlook

Company expects remediation activity to continue over coming quarters

Eagle Bancorp focuses on long-term value creation for shareholders

Company highlights strong capital position with CET1 at 14.0%

Result Drivers

CREDIT RISK STRATEGY - Co increased provision expenses by $111.9 mln to address credit risk in loan portfolio, particularly office-related reserves

NET INTEREST MARGIN - Expansion of net interest margin driven by lower funding costs and reduced borrowings

CORE PROFITABILITY - Growth in pre-provision net revenue reflects disciplined execution of strategic plan, per CEO Susan G. Riel

Key Details

MetricBeat/MissActualConsensus Estimate
Q2 Net Interest Income$67.78 mln
Q2 Dividend$0.165
Q2 Net Interest Margin2.4%
Analyst Coverage The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell" The average consensus recommendation for the banks peer group is "buy" Wall Street's median 12-month price target for Eagle Bancorp Inc is $21.50, about 0.7% above its July 22 closing price of $21.35 The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago Press Release: ID:nGNX3svFJ4 (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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