Overview

* Eagle Bancorp ( EGBN ) Q3 net loss of $67.5 mln, missing analyst expectations

* Net interest income rose slightly to $68.2 mln, driven by lower funding costs

* Noninterest income fell due to $3.6 mln loan sale loss and $2 mln security sale loss

Outlook

* Company did not provide specific guidance for future quarters or full year in press release

Result Drivers

* PROVISION EXPENSE REDUCTION - $24.9 mln decrease in provision expense contributed to improved net loss

* ASSET QUALITY ACTIONS - Co took steps to reduce valuation risk in office portfolio following internal analysis

* NONPERFORMING ASSETS DECREASE - Nonperforming assets decreased by $95.5 mln, reflecting charge-offs and paydowns

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net Miss -$67.51 -$4.02

Income mln mln (4

Analysts

)

Q3 Net $68.15

Interest mln

Income

Q3 $0.01

Dividend

Q3 Net 2.43%

Interest

Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Eagle Bancorp Inc ( EGBN ) is $21.00, about 7.3% above its October 21 closing price of $19.46

* The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)