Q2 2024 Eagle Bancorp Inc Earnings Call Transcript
Key Points
- Operating earnings in the second quarter significantly improved from the first quarter, driven by a lower provision for credit losses.
- The company has onboarded a team to lead its expatriate banking services division, contributing to deposit diversification.
- Average deposits have grown by $710.3 million from a year ago, with insured deposits totaling 73% of total deposits.
- Net charge-offs declined to a more normalized $2.3 million in the second quarter from $19.1 million in the first quarter.
- Tangible book value per share increased to $38.74, representing an annualized 5% growth rate from the prior quarter.
- The company reported a GAAP net loss for the quarter totaling $84 million, primarily due to a $104 million impairment in the value of goodwill.
- Operating pre-provision net revenue declined to $34.4 million from $38.3 million in the linked period.
- Net interest income before provision decreased to $71.4 million in the second quarter from $74.7 million in the first quarter.
- Non-performing loans increased to $98.2 million at June 30 from $91.5 million at March 31.
- Operating noninterest expense, excluding goodwill impairment, increased to $42.3 million from $40 million in the previous quarter.
Good day, and thank you for standing by, and welcome to Eagle Bancorp second quarter 2024 earnings conference call. (Operator Instructions) Again please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Eric Newell, Chief Financial Officer of Eagle Bancorp Inc. Please go ahead.
Good morning. This is Eric Newell, Chief Financial Officer of Eagle Bancorp.
Before we begin the presentation, I would like to remind everyone that some of the comments made during this call are forward-looking statements. We cannot make any promises about future performance and cautions you not to place undue reliance on these forward-looking statements. Our Form 10-K for the 2023 fiscal year and current reports on Form 8-K including the earnings presentation slides, identify risks factors that could cause the company's actual results to differ materially from those projected in any forward-looking statements made this morning, which speak only as of
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