Eagle Bancorp slides as higher bad loan provisions hit profit

Regional lender Eagle Bancorp's EGBN.O shares slide 10.9% to $18.89

EGBN late on Wednesday reported Q1 profit well below Wall Street expectations, after beating estimates for the past three quarters

Profit took a hit as the bank set aside more funds for bad loans due to weakness in its office portfolio

Valuation risk in our office portfolio remains a concern and was the primary driver of the provision for credit losses, Chief Financial Officer Eric Newell says

Piper Sandler says while the results didn't show the improvement it was hoping for, it thinks investors concerns around credit are reflected in the stock

All three brokerages covering the stock rate it "hold"; median PT $25 - data compiled by LSEG

As of last close, EGBN shares down 18.6% YTD