Eagle Bancorp, Inc. Announces First Quarter 2026 Results and Cash Dividend
BETHESDA, Md., April 22, 2026 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. ("Eagle" or the "Company") (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, reported its unaudited results for the first quarter ended March 31, 2026.
Eagle reported a net income of $14.7 million or $0.48 per share for the first quarter 2026, compared to a net loss of $2.4 million or $(0.08) per share for the fourth quarter of 2025. The $17.1 million improvement from the prior quarter is primarily due to a $14.7 million decrease in noninterest expense related to lower loan disposition expenses, a $10 million legal provision that did not reoccur in the first quarter, and a $2.1 million lower provision for credit losses. This benefit from a decline in noninterest expense and a lower provision was partially offset by a $4.6 million reduction in net interest income and a $3.9 million increase in the tax expense.
Pre-provision net revenue ("PPNR") 1 also improved in the first quarter to $27.7 million compared to $10.7 million for the prior quarter reflecting the noninterest expense and net interest income factors discussed above.
"We are pleased to begin the year with meaningful progress against our near-term strategic priorities, including asset quality improvement, capital accretion through earnings, and continued diversification of our balance sheet across both assets and funding sources." said Susan G. Riel, President, and Chief Executive Officer of the Company.
"Our first quarter results reflect the resiliency of our franchise and the deliberate work underway to reposition it. We delivered strong C&I growth, returned to profitability, expanded net interest margin, and meaningfully reduced our reliance on wholesale funding. Our CRE concentration declined below 300%, and criticized and classified balances continued their downward trajectory. At the same time, we recognize that our current level of profitability does not yet reflect the earnings power of this franchise, and we are focused on executing against a clear plan to expand pre-provision net revenue over the course of 2026." Ms. Riel added.
Additionally, the Company is announcing today a cash dividend in the amount of $0.01 per share. The cash dividend will be payable on May 15, 2026 to shareholders of record on May 4, 2026.
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1 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.
First Quarter of 2026 Key Elements
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1 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP 2 Reconciliation to Non-GAAP Financial Measures tables that accompany this document. Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total office loans.
Income Statement
Loans and Funding
Asset Quality
Capital
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3 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.
Additional financial information: The financial information that follows provides more detail on the Company's financial performance for the three months ended March 31, 2026 as compared to the three months ended December 31, 2025 and March 31, 2025, as well as eight quarters of trend data. Persons wishing additional information should refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other reports filed with the SEC.
About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through twelve banking offices and four lending offices located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, opportunity, belonging, and inclusion in both its workplace and the communities in which it operates.
Conference call: Eagle Bancorp will host a conference call to discuss its first quarter of 2026 financial results on Thursday, April 23, 2026 at 10:00 a.m. Eastern Time.
The listen-only webcast can be accessed at:
Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events, financial condition, asset quality or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "can," "anticipates," "believes," "expects," "plans," "strategy," "estimates," "potential," "continue," "should," "could," "strive," "feel" and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company's market (including reductions in the size of the federal government workforce; changes in government spending; the economic effects of an extended government shutdown; the proposal, announcement or imposition of tariffs; volatility in interest rates and interest rate, monetary and fiscal policy; inflation levels; competitive factors; our ability to access cost-effective funding) and other conditions (such as the impact of bank failures, credit losses or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks), which by their nature are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in other periodic and current reports filed with the SEC, including the Company's Quarterly Reports on Form 10-Q. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company's past results are not necessarily indicative of future performance. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.9 million and $3.9 million for the three months ended March 31, 2026 and December 31, 2025, respectively.
(2) Interest and fees on loans and investments exclude tax equivalent adjustments.
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.9 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively.
(2) Interest and fees on loans and investments exclude tax equivalent adjustments.
(1) A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
(3) Excludes loans held for sale.
Tangible common equity, tangible common equity to tangible assets (the "tangible common equity ratio"), tangible book value per common share, average tangible common equity, and the annualized return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders' equity, or tangible common equity, and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders' equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders' equity. The Company considers this information important to shareholders as tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios, and as such is useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions.
The efficiency ratio is calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank's overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities.
Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans.
For the March 31, 2026 Earnings Presentation, click 1Q2026 EGBN Earnings DECK 3-31-2026 FINAL
EAGLE BANCORP, INC.
CONTACT:
Eric R. Newell
240.497.1796