Eagle Bancorp, Inc. (NASDAQ:EGBN) Q1 2024 Earnings Conference Call April 25, 2024 10:00 AM ET

Company Participants

Eric Newell - Chief Financial Officer
Susan Riel - President and Chief Executive Officer
Jan Williams - Chief Credit Officer

Conference Call Participants

Casey Whitman - Piper Sandler
Catherine Mealor - KBW
Christopher Marinac - Janney Montgomery Scott

Operator

Good day and thank you for standing by. Welcome to the Eagle Bancorp, Inc. First Quarter 2024 Earnings Conference Call. [Operator Instructions] 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.

Eric Newell

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 caution 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 risk 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 today. Eagle Bancorp does not undertake to update any forward-looking statements as a result of new information or future events or developments unless required by law.

This morning’s commentary will include non-GAAP financial information. The earnings release, which is posted in the Investor Relations section of our website and filed with the SEC, contains reconciliations of this information to the most directly comparable GAAP information. Our periodic reports are available from the company online at our website or on the SEC’s website.

With me today is our President and CEO, Susan Riel; our Chief Credit Officer, Jan Williams; and our Bank Chief Financial Officer, Charles Levingston.

I would now like to turn it over to Susan.

Susan Riel

Thank you, Eric. Good morning, everyone. The management team and I have worked through the first quarter to continue executing on our strategies that I discussed on our last earnings call in January. I will update you on these in a moment. But first, while our first quarter results reflect continued stability in pre-provision net revenue from the fourth quarter, net income was impacted by a loss recognized in our office portfolio. As Eric and Jan will review in more detail, the quarter’s net income was impacted by a charge-off on the Central Business District office relationship.