Eagle Bancorp Inc - EGBN STOCK NEWS

EagleBank (NASDAQ: EGBN) has appointed Pete Mathews as an independent member of its Board of Directors, effective July 26, 2024. Mathews, a veteran Washington, DC banking executive and Maryland resident, brings four decades of experience in Commercial Real Estate (CRE) asset management to the role. He will serve on the Asset Quality Subcommittee of the Risk Committee, contributing to the bank's strategic growth initiatives.

Mathews is a retired Senior Vice President at M&T Bank, where he oversaw commercial and CRE credit officers during his 43-year tenure. His appointment expands EagleBank's Board to 10 directors, with eight being independent. The move is expected to strengthen EagleBank's position as a leader in the Washington, DC region's CRE industry.

Eagle Bancorp, Inc. (NASDAQ: EGBN) reported a net loss of $83.8 million or $2.78 per share for Q2 2024, primarily due to a $104.2 million goodwill impairment. However, operating net income, adjusted for the impairment, was $20.4 million or $0.67 per diluted share. The company improved its Tier 1 capital leverage ratio to 10.6% and Common Equity Tier 1 Capital to 13.9%. Key highlights include:

- Allowance for Credit Losses (ACL) increased to 1.33% of total loans
- Net interest margin slightly declined to 2.40%
- Loans grew 0.2% to $8.0 billion
- Deposits decreased 2.8% to $8.3 billion
- Net charge-offs reduced to 0.11% from 1.07% in Q1 2024

The company continues to focus on strategic initiatives, including the addition of Expatriate Banking Services and digital banking channel growth to diversify deposits and reduce wholesale funding reliance.

Eagle Bancorp (NASDAQ: EGBN), the parent company of EagleBank, announced it will host a teleconference call on July 25, 2024, at 10:00 a.m. (EDT) to discuss its second-quarter 2024 financial results. The results will be released after the close of business on July 24, 2024. The call will be led by CEO Susan Riel and CFO Eric Newell.

To participate, interested parties must register at the provided link. Upon registration, they will receive a dial-in phone number and unique PIN. The call will also be available via a live webcast on the company's website, with a replay accessible until August 8, 2024.

Registration Link: https://register.vevent.com/register/BId373c2f4d3af4a28a271e79bee6e0bca

Webcast Link: https://edge.media-server.com/mmc/p/psn698x6

Eagle Bancorp, parent company of EagleBank, announced a cash dividend of $0.45 per share for Q2 2024. This dividend will be payable on July 31, 2024, to shareholders recorded by July 20, 2024.

EagleBank (NASDAQ: EGBN) announced the formation of a new Expatriate Banking Services division, appointing Dan Bostwick and Bob Wallace as leaders.

This initiative aligns with EagleBank's growth strategy, including recent expansions in consumer business and digital banking.

Bostwick and Wallace bring over 20 years of experience in expatriate banking, focusing on building relationships with global corporations and relocation service providers.

The division aims to provide comprehensive financial services to corporate transferees in the U.S. This includes setting up bank accounts, granting access to credit, and other services to facilitate smooth transitions for expatriates.

EagleBank (NASDAQ: EGBN) announced it has provided a loan to Mamie D. Lee for refinancing the unwind of the New Markets Tax Credit (NMTC) structure used in renovating a former D.C. Public School building. Mamie D. Lee is co-owned by Briya and Bridges Public Charter Schools. This loan will enable the schools to redirect funds to educational programming. EagleBank's C&I team, led by Jonathan Beall, managed the transaction. Briya and Bridges PCS are long-standing educational institutions in Washington, DC, with Briya achieving Tier 1 status and Bridges being named an EmpowerK12 “Bold School” in 2022.

Eagle Bancorp, Inc. will be represented by Eric R. Newell, the CFO, at the 26th Annual D.A. Davidson Financial Institutions Conference. The event will take place from May 8-10, 2024, at the Broadmoor in Colorado. Investors can find more information on the company's Investor Relations website.

Eagle Bancorp, Inc. reported a net loss of $338 thousand for the first quarter of 2024, compared to a net income of $20.2 million in the prior quarter. Pre-provision net revenue was $38.3 million, slightly lower than the prior quarter. The decrease in earnings was due to an increase in provision for credit losses, primarily driven by a commercial real estate property valuation update. Despite the loss, the company's President and CEO highlighted the strong fundamentals, growing reserve for credit losses, and strategic objectives progress.

Eagle Bancorp, Inc. announced a teleconference call to discuss first-quarter 2024 financial results hosted by CEO Susan Riel and CFO Eric Newell. Interested parties can register for the call and access it via webcast on the company's website.