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Eagle Bancorp Inc. (symbol: EGBN) is a prominent bank holding company that operates through its wholly-owned subsidiary, EagleBank. Positioned in the local community banking sector, EagleBank has established 21 offices across Maryland, Northern Virginia, and Washington, D.C. The bank is known for providing superior customer service and custom financial solutions tailored to meet the unique needs of the local business community.
At its core, EagleBank offers an extensive range of commercial banking services designed for business and professional clients. These services include:
- Commercial loans for various business purposes such as working capital, equipment purchases, and real estate lines of credit
- Government contract financing
- Asset-based lending and accounts receivable financing
- Construction and commercial real estate loans
- Business equipment financing
In addition to these, EagleBank provides a plethora of consumer banking services aimed at individuals. These include:
- Consumer home equity lines of credit
- Personal lines of credit and term loans
- Consumer loans and personal credit cards
- Residential mortgage loans
Eagle Bancorp Inc. has been recognized for its recent achievements, including raising nearly $6.0 million in total funds. The company's commitment to financial stability and growth is evident in its thorough reconciliation of non-GAAP financial measures to the nearest GAAP measures, ensuring transparency and reliability for its stakeholders.
With a focus on fostering local economic growth, EagleBank continues to form strategic partnerships and offer competitive personal banking products and services. The bank's dedication to excellence in customer service and innovative financial solutions makes it a cornerstone of the local business community.
Eagle Bancorp, Inc. (NASDAQ: EGBN) reported a net income of $24.2 million for Q1 2023, down 42.6% from $42.2 million in Q4 2022 and 47.0% from $45.7 million in Q1 2022. Earnings per share were $0.78, a decrease of 40.9% from the prior quarter. The decline in earnings was mainly due to reduced net interest income and a higher provision for credit losses. Net interest income fell to $75.0 million, reflecting increased interest expense from deposits and a shift in funding mix. Total loans grew to $7.7 billion, while total deposits decreased by 14.3% to $7.5 billion. The company repurchased 400,000 shares and declared a dividend of $0.45 per share.
Eagle Bancorp, Inc. (NASDAQ: EGBN) has announced a cash dividend of $0.45 per share for Q1 2023, payable on April 28, 2023 to shareholders of record as of April 6, 2023. The Company, headquartered in Bethesda, Maryland, operates through 16 branches across Suburban Maryland, Washington, D.C., and Northern Virginia. EagleBank focuses on building relationships with businesses and individuals in its marketplace. The announcement highlights the Company's commitment to returning value to shareholders amidst a backdrop of economic uncertainties and forward-looking statements regarding future operations.
EagleBank (NASDAQ: EGBN) announced a significant financing deal of $94 million to support the construction of Phase 1 of Strathmore Square in North Bethesda, Maryland.
The project, developed with Aimco and Fivesquares Development, will feature two LEED Gold, Class A apartment buildings comprising 220 units, alongside 8,900 square feet of retail space and a 1.2-acre public park.
Located by the Grosvenor-Strathmore Metrorail Station, Strathmore Square aims to create an inclusive, transit-oriented community emphasizing sustainability and the arts, ultimately expanding to over 2,100 housing units.
EagleBank has announced a $25 million construction financing deal for a 142-unit affordable housing project in Washington, D.C., collaborating with The Community Builders and Dantes Partners. The project, located at 610 Park Road NW, is part of a larger redevelopment plan to transform public housing into a mixed-income community. EagleBank is also investing $17.5 million in a Low-Income Housing Tax Credit project. The five-story apartment complex will feature various amenities, including solar panels and a parking garage. This initiative aims to enhance affordable housing options in the area.
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