Eagle Bancorp reports Q4 EPS 50c consensus 49c

Reports $6.5M decrease in net income from the prior quarter is attributed to a decline in noninterest income of $2.9M associated with higher swap fees collected in the third quarter that did not reoccur in the fourth quarter; $2M increase in provision expense; $1M n decrease in net interest income, and a $0.9 M increase in noninterest expenses. “Last year was a transformative one for our Company, marked by significant changes and progress. We welcomed new members to senior management and strengthened our C&I team. We took steps to reduce uncertainties by replacing maturing subordinated debt, recalibrated our common stock dividend, and enhanced transparency around our commercial real estate portfolio,” said Susan G. Riel, President and Chief Executive Officer of the Company. “Despite these foundational efforts, challenges remain. Asset quality fell short of expectations and valuation risk in our office portfolio continues to be a key concern. While we are proud of the groundwork laid last year, we are eager to build on these efforts and drive meaningful improvements in our profitability,” added Ms. Riel.