Eagle Bancorp, Inc. reported a net income of $1.675 million for the first quarter of 2025, a significant recovery from a net loss of $338,000 in the same period last year. This turnaround was primarily driven by a reduction in the provision for credit losses, which fell to $26.3 million from $35.2 million year-over-year, and a substantial increase in noninterest income, which rose 129% to $8.2 million, largely due to higher income from bank-owned life insurance. However, net interest income decreased to $65.6 million from $74.7 million, reflecting a decline in the net interest margin from 2.43% to 2.28%.
Total assets increased by 2% to $11.3 billion as of March 31, 2025, compared to $11.1 billion at the end of 2024. This growth was primarily attributed to an increase in bank-owned life insurance assets, which rose to $320.1 million from $115.8 million. The loan portfolio remained stable, with total loans held for investment at approximately $7.94 billion, a slight increase from $7.93 billion. The composition of the loan portfolio continues to evolve, with a notable increase in owner-occupied commercial real estate loans.
Eagle Bancorp's total deposits also saw a 2% increase, reaching $9.3 billion, driven by a $408.1 million rise in interest-bearing time deposits. However, there was a decrease in interest-bearing transaction accounts by $285.1 million. The bank's reliance on brokered deposits remained significant, accounting for 41% of total deposits as of March 31, 2025, down from 44% at the end of 2024. The company continues to monitor its capital ratios, which remain well above regulatory requirements, with a common equity tier one capital ratio of 14.61%.
Looking ahead, Eagle Bancorp is focused on maintaining its asset quality and managing its commercial real estate concentration, which represents a significant portion of its loan portfolio. The company is exploring strategies to optimize its balance sheet and mitigate risks associated with potential fluctuations in the commercial real estate market. Management remains cautious about the economic environment, particularly regarding government spending and its impact on the Washington, D.C. metropolitan area, where a substantial portion of its business is concentrated.
About EAGLE BANCORP INC
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