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Eagle Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $21.8 million for the quarter, compared to $27.4 million in the same quarter of the previous year. The decline in net income is attributed to an increase in provision for credit losses and noninterest expenses.
Total revenue for the quarter was $78.8 million, with net interest income contributing $71.8 million. This represents a slight increase from the previous year's quarter, driven by higher average loan balances and yields.
The net interest margin decreased to 2.37% from 2.43% in the previous year, as the yield on earning assets increased but was offset by a rise in the cost of funds.
Noninterest income for the quarter rose to $7.0 million, up from $6.3 million in the previous year, primarily due to gains on the sale of mortgage servicing rights and higher swap fee income.
Noninterest expense increased to $43.6 million from $37.6 million, driven by higher FDIC insurance fees. The efficiency ratio for the quarter was 55.4%, up from 48.8% in the prior year.
The provision for credit losses was $10.9 million, up from $5.6 million in the previous year, reflecting changes in qualitative factors and specific reserves on non-performing loans.
Total assets decreased to $11.3 billion from $11.7 billion at the end of 2023, primarily due to decreases in investment securities and interest-bearing deposits with other banks.
Total deposits were $8.5 billion, down from $8.8 billion at the end of 2023, with a notable decrease in noninterest-bearing demand deposits.
The allowance for credit losses on loans increased to $111.9 million, representing 1.40% of total loans, up from 1.08% at the end of 2023.
Nonperforming assets increased to $137.1 million, or 1.22% of total assets, compared to $66.6 million, or 0.57% of total assets, at the end of 2023.
Eagle Bancorp's capital ratios remain above regulatory requirements, with a total risk-based capital ratio of 15.51% and a common equity tier 1 capital ratio of 14.30%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eagle Bancorp Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.