Eagle Bancorp Inc - EGBN STOCK NEWS

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.

EagleBank has appointed Ryan Riel as Executive Vice President and Chief Real Estate Lending Officer, recognizing his extensive contributions and leadership within the organization. Riel, who has been with the bank since 2001, previously oversaw the Commercial Real Estate Division and played a key role in originating billions in real estate transactions. As Chief Real Estate Lending Officer, he will supervise over 50 lending professionals and manage a portfolio exceeding $5 billion in commercial real estate loans, aiming to maintain EagleBank's status as a leading community bank in the Washington D.C. area.

Eagle Bancorp, Inc. (NASDAQ: EGBN) reported a net income of $28.9 million for Q2 2020, a 23% drop from $37.2 million in Q2 2019. For the first half of 2020, net income decreased by 27%, totaling $52.0 million. Despite challenges from COVID-19, the company achieved a return on average assets of 1.12% and growth in average loans (10%) and deposits (23%). Noninterest income surged by 96%. The bank managed to maintain a solid efficiency ratio of 37.18%. Total assets grew 13% year-over-year, reaching $9.8 billion. However, net charge-offs rose significantly due to COVID-19 impacts.

Eagle Bancorp, Inc. (NASDAQ: EGBN) announced a cash dividend of $0.22 per share for Q2 2020, payable on July 31, 2020, to shareholders recorded by July 15, 2020. CEO Susan G. Riel highlighted the company's strong capital position, allowing for continued returns to shareholders. Established in 1998, EagleBank operates through twenty branches in the Washington, D.C. area, focusing on relationships with local businesses and individuals. The press release includes forward-looking statements about potential risks and uncertainties due to the global economic situation.

EagleBank has appointed Sam Pepper as Chief Operating Officer and Jeff Curry as Chief Risk Officer, effective June 15, 2020. Their addition aims to enhance the bank's operational and strategic management. Pepper will oversee operations, ensuring efficiency and profitability, while Curry will manage risk identification and compliance. Both executives bring extensive experience in banking and risk management, with Pepper previously leading UFS Bancorp and Curry at Deloitte's Banking and Capital Markets Group. Susan Riel, President and CEO, highlighted their skills as a great fit for EagleBank's strategy.

EagleBank announced it has provided significant financial relief during the COVID-19 crisis, approving over 1,330 applications worth over $491 million in Paycheck Protection Program (PPP) loans by May 10, 2020. The bank mobilized more than 70 staff members to assist in the process, aiming to support clients in saving around 41,000 jobs in the tri-state area. Additionally, EagleBank allocated $50,000 to George Mason University for student aid and contributed $100,000 to local organizations for emergency relief efforts, emphasizing its commitment to community support during the pandemic.

EagleBank Foundation has donated $100,000 to local hospitals and organizations combating COVID-19, addressing the economic strain on communities. The funding is designated for securing PPE, hospital technology, and meals for families. Recipients include major healthcare facilities like Medstar Washington Hospital Center and food assistance organizations such as World Central Kitchen. Additionally, they previously provided $50,000 in emergency aid to students affected by the crisis. This initiative highlights EagleBank's commitment to supporting healthcare workers and local communities in need.