Eagle Bancorp Q3 net income more than doubled on lower credit loss provision
EGBN•Eagle Bancorp reported Q3 net income of $24.25 million, more than double the prior quarter and above the $11.80 million analyst consensus. Net interest margin rose to 2.60% from 2.52%.
1. Quarterly results
Eagle Bancorp's Q3 net income was $24.25 million, beating the $11.80 million consensus estimate from six analysts. The lower provision for credit losses drove the increase as reserves reflected efforts to resolve problem loan assets.
2. Income and expenses
Net interest income was $61.31 million. Noninterest income declined, mainly because of the absence of loan sale gains, while noninterest expense increased from the prior quarter due to higher salaries and benefits, including non-recurring stock awards and incentives, and increased headcount. The company provided no specific financial guidance for the current quarter or full year.
