Eagle Bancorp(EGBN) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $15.3 million, or $0.50 per diluted share, down from $21.8 million, or $0.72 per diluted share in Q3 2024[2] - Basic earnings per share for the quarter were $0.51, down from $0.72 in the previous quarter, representing a decline of 29.2%[21] - Net income for Q4 2024 was $15.290 million, a decrease from $21.815 million in Q3 2024[31] - Return on average assets for Q4 2024 was 0.48%, down from 0.70% in Q3 2024[31] - Return on average common equity decreased to 4.94% in Q4 2024 from 7.22% in Q3 2024[31] Revenue and Income - Pre-provision net revenue (PPNR) decreased to $30.3 million in Q4 2024 from $35.2 million in the prior quarter[2] - Total interest income for the three months ended December 31, 2024, was $168,417 thousand, a decrease of 3.4% from $173,813 thousand in the previous quarter[21] - Net interest income after provision for credit losses was $60,260 thousand, down from $63,342 thousand in the prior quarter, reflecting a decrease of 4.3%[21] - Noninterest income totaled $4,067 thousand, significantly lower than $6,951 thousand in the previous quarter, representing a decline of 41.5%[21] - Total noninterest expense increased to $44.532 million in Q4 2024 from $43.614 million in Q3 2024[31] Asset and Loan Management - Total loans were $7.9 billion at December 31, 2024, a decrease of 0.4% from the prior quarter-end[9] - Total loans at the end of December 2024 were $7,934,888 thousand, a slight decrease of 0.45% from $7,970,269 thousand in the previous quarter[25] - Nonperforming loans increased to $208,707 thousand from $134,387 thousand in the previous quarter, indicating a rise of 55.1%[25] - Net charge-offs for the quarter were $9,535 thousand, up from $5,303 thousand in the previous quarter, reflecting an increase of 79.5%[25] - The allowance for credit losses was 1.44% of total loans, up from 1.40% in the prior quarter[12] Deposits and Equity - Total deposits rose by $590.2 million, or 6.9%, to $9.1 billion at quarter-end[12] - Total deposits rose to $9,131,078 thousand, an increase of 6.9% from $8,540,850 thousand in the previous quarter[23] - Total deposits increased to $10,056,463 thousand, up from $9,344,414 thousand, representing a growth of about 7.6%[1] - Total shareholders' equity rose to $1,230,573 thousand compared to $1,201,477 thousand, marking an increase of approximately 2.4%[1] Capital and Ratios - Common equity tier one capital ratio increased to 14.6% at quarter-end[6] - The tangible common equity ratio improved to 11.02% from 10.86% in the previous quarter[4] - The efficiency ratio for Q4 2024 was 59.50%, up from 55.40% in Q3 2024[31] - The efficiency ratio increased to 59.49% from 55.35%, indicating a rise in operational overhead relative to revenue[4] Interest and Yield - The net interest margin (NIM) decreased to 2.29% in Q4 2024 from 2.37% in the prior quarter[8] - Total interest-earning assets rose to $12,303,940 thousand, with an average yield of 5.45%, down from 5.73% in the previous quarter[26] - The average yield on loans decreased to 6.63% in December 2024 from 6.77% in December 2023, indicating a downward trend in loan yields[28] - Net loan fees and late charges included in interest income on loans totaled $4.3 million for the three months ended December 31, 2024, compared to $4.7 million for the same period in 2023[28]