Eagle Bancorp Inc - EGBN STOCK NEWS

Eagle Bancorp reported a quarterly net income of $38.9 million for Q4 2020, a 10% increase from Q4 2019. The full year net income was $132.2 million, down from $142.9 million in 2019. Assets reached $11.1 billion, reflecting a 24% increase year-over-year. The company also reported a net interest margin of 2.98% and an efficiency ratio of 38.34%. Despite challenges from the COVID-19 pandemic, the bank maintained strong capital ratios and a healthy allowance for credit losses of 1.41% of total loans.

Eagle Bancorp, Inc. (NASDAQ: EGBN) announced a cash dividend of $0.22 per share for Q4 2020, payable on February 1, 2021, to shareholders on record as of January 8, 2021. Additionally, a new share repurchase program was approved, allowing the buyback of 1,588,848 shares, approximately 5% of outstanding shares, starting January 1, 2021, and set to expire on December 31, 2021. This follows the repurchase of 458,069 shares at an average price of $37.72 earlier in Q3 2020. Management maintains discretion over the timing and execution of the buybacks based on market conditions.

Eagle Bancorp (NASDAQ: EGBN) announced the appointment of Ernie Jarvis and Steve Freidkin to its Board of Directors, effective January 1, 2021. This expansion will bring both boards to 10 directors, with eight being independent. Jarvis, founder of Jarvis Commercial Real Estate, adds extensive commercial real estate experience, while Freidkin, CEO of Ntiva Inc., contributes strong technology expertise. Their skills are expected to support EagleBank's growth and improve operational efficiency, enhancing the overall client experience.

EagleBank has appointed David Danielson as SVP, Director of Investor Relations & Strategy, effective immediately. In this role, he will work closely with the executive management team to enhance investor relations and shareholder communications. Danielson, who has over 26 years of financial services experience, will manage all aspects of investor relations and ensure timely communications with investors. Previously, he served as Managing Director at Janney Montgomery Scott and has extensive experience in advising community banks on mergers and acquisitions.

Eagle Bancorp, Inc. (NASDAQ: EGBN) reported a record net income of $41.3 million for Q3 2020, marking a 13.2% increase year-over-year from $36.5 million. The company's assets grew to $10.1 billion, up 12.2% from Q3 2019. Key metrics included a net interest margin of 3.08% and nonperforming assets at 0.62%. Despite challenges from COVID-19, noninterest income surged 182.6% to $17.8 million. However, net interest income fell to $79 million, reflecting lower interest rates and increased credit loss provisions of $6.6 million.

Eagle Bancorp, Inc. (NASDAQ: EGBN) has declared a cash dividend of $0.22 per share for the third quarter of 2020. The dividend approval is scheduled for payment on October 31, 2020, with the record date for shareholders set for October 15, 2020. The company, headquartered in Bethesda, Maryland, operates twenty branches in Suburban Maryland, Washington, D.C., and Northern Virginia, focusing on relationship building with businesses and individuals. The release highlights the company's operational context amidst uncertainties due to the COVID-19 pandemic.

EagleBank has committed $5 million to the Washington Housing Initiative (WHI) Impact Pool, aimed at preserving and creating affordable workforce housing in the DC region. This initiative, launched in 2018, has raised over $120 million from local developers and financial institutions. EagleBank supports multiple programs for local civil servants, including down payment assistance for first responders and affordable mortgage options for government employees. The WHI's Impact Pool is an investment vehicle targeting both financial returns and positive social impact.