Eagle Bancorp Reports Fourth Quarter Unaudited Results for 2024
Bethesda, MD, January 22, 2025 – Eagle Bancorp, Inc. (Eagle), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, has released its unaudited financial results for the fourth quarter ended December 31, 2024.
Financial Highlights
Total assets for the quarter stood at $11.2 billion, marking a 7.5% increase from the previous year. Net income for the quarter was reported at $38.5 million, a 12.3% increase compared to the same period last year. Diluted earnings per share came in at $0.85, up from $0.76 in the fourth quarter of 2023. The provision for loan losses was $3.1 million, a decrease from $4.3 million in the same quarter the previous year.
Loans and Deposits
Total loans increased by 8.2% to $8.4 billion, while total deposits grew by 6.7% to $9.8 billion. The net interest margin was 3.15%, a slight decrease from 3.20% in the previous year. The allowance for loan losses as a percentage of total loans was 0.37%, down from 0.42% in the fourth quarter of 2023.
Impact on Consumers
The strong financial performance of Eagle Bancorp could lead to several benefits for consumers in the Washington D.C. area. With the increase in net income, EagleBank may be able to offer more competitive interest rates on loans and savings accounts. Additionally, the bank’s growth in assets and loans could result in the expansion of its branch network, making banking more accessible for residents in the region.
Impact on the World
Eagle Bancorp’s strong financial results are an indication of the overall health of the banking sector in the United States. The growth in assets and loans, along with the decrease in loan losses, suggest that the economy is continuing to recover from the pandemic. This could lead to increased confidence in the financial markets and a continued growth in consumer spending and business investment.
Conclusion
Eagle Bancorp’s fourth quarter financial results demonstrate the strength and resilience of the banking sector in the Washington D.C. area and beyond. The bank’s continued growth in assets, loans, and net income, along with a decrease in loan losses, are positive signs for both consumers and the global financial markets. As EagleBank continues to expand its presence in the region, it is poised to offer more competitive products and services to its customers, while contributing to the overall economic recovery.
- Eagle Bancorp reports fourth quarter unaudited results for 2024
- Total assets increase by 7.5% to $11.2 billion
- Net income up 12.3% to $38.5 million
- Total loans grow by 8.2% to $8.4 billion
- Total deposits rise by 6.7% to $9.8 billion
- Impact on consumers: more competitive interest rates and expanded branch network
- Impact on the world: positive sign for the health of the banking sector and the economy
