Eagle Bancorp (EGBN) Misses Q1 EPS by 1c

Eagle Bancorp (NASDAQ: EGBN) reported Q1 EPS of $1.11, $0.01 worse than the analyst estimate of $1.12. Revenue for the quarter came in at $87.3 million versus the consensus estimate of $81.83 million.

“We are pleased to report another quarter of favorable earnings, supported by continuing loan growth, an increase in the net interest margin over the fourth quarter of 2018, superior core operating leverage, and solid asset quality despite an uptick in net charge-offs and nonperforming loans as discussed below,” noted Susan G. Riel, Interim President and Chief Executive Officer of Eagle Bancorp, Inc. Ms. Riel continued, “The Company’s assets ended the quarter at $8.39 billion, representing 9% growth over the first quarter of 2018. First quarter 2019 earnings resulted in a return on average assets of 1.62% (1.85% excluding nonrecurring costs as defined above) and a return on average tangible common equity of 13.38% (15.26% excluding nonrecurring costs as defined above).”

Ms. Riel added, “Our Company has been truly saddened by the unexpected retirement of Ron Paul due to health reasons. Fortunately, his leadership in developing a strong executive team together with a well designed succession plan adopted by our Board of Directors has resulted in a smooth transition over the past four weeks. I have been with Eagle since the Company was founded in 1997. That, together with my prior banking experience, has prepared me well. Our management philosophy has always been team building. Our entire employee base is highly capable of moving forward and continuing a tradition of building business relationships, continuing our growth initiatives, managing risk, and providing best in class service and strong profitability.”

For earnings history and earnings-related data on Eagle Bancorp (EGBN) click here.

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