Eagle Bancorp (EGBN +7.0%) announces Q2 net interest income of $81.36M, in line with estimates.
Revenue increased on the back of non-interest income, which increased 96% Y/Y to $12.5M.
Net income of $28.9M (-23% Y/Y), EPS of 90 cents beats consensus by 24 cents.
NIM was 3.26% vs. 3.91% in Q2 2019.
The company’s performance in Q2 compared to last year was highlighted by growth in average total loans of 10%, growth in average total deposits of 23%, and a 5% increase in non-interest expenses, further improving our operating leverage and resulting in an improved efficiency ratio of 37.18%
The provision for credit losses was $19.7M vs. $3.6M for last year.
