Overview
Eagle Bancorp Q3 net loss of $67.5 mln, missing analyst expectations
Net interest income rose slightly to $68.2 mln, driven by lower funding costs
Noninterest income fell due to $3.6 mln loan sale loss and $2 mln security sale loss
Outlook
Company did not provide specific guidance for future quarters or full year in press release
Result Drivers
PROVISION EXPENSE REDUCTION - $24.9 mln decrease in provision expense contributed to improved net loss
ASSET QUALITY ACTIONS - Co took steps to reduce valuation risk in office portfolio following internal analysis
NONPERFORMING ASSETS DECREASE - Nonperforming assets decreased by $95.5 mln, reflecting charge-offs and paydowns
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Income
Miss
-$67.51 mln
-$4.02 mln (4 Analysts)
Q3 Net Interest Income
$68.15 mln
Q3 Dividend
$0.01
Q3 Net Interest Margin
2.43%
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 $21.00, about 7.3% above its October 21 closing price of $19.46
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 13 three months ago
Press Release: ID:nGNX912wv0
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(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.)