Eagle Bancorp posts Q1 2024 net loss of $338K on $20.7M provision spike

EAGLE BANCORP INC

2024-Q1 EPS reported -$0.01

Net loss of $338K ($0.01 diluted EPS) vs net income of $20.2M ($0.67) in Q4 2023.
Pre-provision net revenue stable at $38.3M; provision for credit losses surged to $35.2M.
Provision driven by updated valuation on an office CRE loan relationship partially charged off.
Deposits grew $1.0B and loans $245M year-over-year; common equity ratio above 10%.
Management highlights proactive office portfolio management and stable core operations.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

EAGLE BANCORP INC reported first quarter 2024 results: net income net loss of $338 thousand, EPS Net loss was $(0.01) per share (diluted).

Period: first quarter 2024
Net income: net loss of $338 thousand
EPS: Net loss was $(0.01) per share (diluted)
Result: reported results

Exact text from the filing

today announced a net loss of $338 thousand for the first quarter 2024, compared to net income of $20.2 million for the fourth quarter 2023 (the "prior quarter"). Net loss was $(0.01) per share (diluted) for the first quarter 2024, compared to net income of $0.67 per share (diluted) for the prior quarter.

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Source: SEC EDGAR

accession 0001050441-24-000067

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