Eagle Bancorp Inc - EGBN STOCK NEWS

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.

EagleBank announced a financing agreement of up to $55 million through Series 2022 District of Columbia Tax-Exempt Revenue Bonds to support Mundo Verde Bilingual Public Charter School in Washington, DC. The funds will finance the acquisition of the Calle Ocho campus and its system upgrades, construction of additional facilities, and refinance existing debt of the J.F. Cook campus. Mundo Verde is noted for its focus on Education for Sustainability and dual-language immersion. This partnership aims to enhance educational opportunities for diverse student populations, contributing significantly to community growth.

EagleBank (NASDAQ: EGBN) has provided a $44 million loan to Triangle Development Associates for its Park Triangle property in Columbia Heights, Washington, D.C. This Class-A apartment building features 117 market rate apartments and 19,000 square feet of retail space. Located near the Columbia Heights Metro station, the project plays a crucial role in the neighborhood's revitalization. EagleBank emphasizes its long-standing commitment to supporting commercial real estate in D.C., particularly during challenging financial climates. The loan is expected to enhance the area's diversity and community spirit.

Eagle Bancorp, Inc. (NASDAQ: EGBN) reported a fourth-quarter 2022 net income of $42.2 million, a 13.1% increase from the previous quarter, translating to $1.32 per share. For the full year, net income stood at $140.9 million or $4.40 per share, down from $5.52 in 2021 after adjustments. Loan growth continued with $7.6 billion in loans, marking a 4.5% increase from the prior quarter. The loan-to-deposit ratio improved to 88%. Noninterest expenses rose, leading to an efficiency ratio of 42.8%. The company declared a quarterly dividend of $0.45 per share and repurchased 738,300 shares at an average price of $44.82.

EagleBank, a leading community bank in the Washington, DC area, appointed Jay Namputhiripad as Chief Risk Officer, succeeding Jeff Curry. With 23 years of experience, Namputhiripad will manage EagleBank's risk and compliance processes. Previously, he served as Managing Director at The Bancorp, where he enhanced regulatory compliance and contributed to business growth. EagleBank emphasizes strong community relationships and operates 16 offices across Maryland, D.C., and Northern Virginia.

Eagle Bancorp, Inc. (NASDAQ: EGBN) announced a cash dividend of $0.45 per share for Q4 2022, payable on January 31, 2023, to shareholders of record on January 5, 2023.

Additionally, the company introduced a new share repurchase program, authorizing the buyback of 1,600,000 shares (approximately 5% of outstanding shares), effective from January 1, 2023 to December 31, 2023.

EagleBank has announced a financing deal of $50.4 million for the acquisition and renovation of Haven Reston, a 259-unit affordable rental property in Reston, VA. This multifamily property, formerly Colvin Woods Apartments, includes seven buildings and various amenities, with 70% of the units currently affordable to families earning 60% of the median income in the area. The financing aims to preserve and enhance affordable housing in a well-established community, fulfilling EagleBank's commitment to expanding housing access.

Eagle Bancorp reported a net income of $37.3 million for Q3 2022, up from $15.7 million in Q2 2022 but down from $43.6 million in Q3 2021. Earnings per diluted share were $1.16, compared to $0.49 for the prior quarter and $1.36 a year ago. Loans increased by $149.8 million (2.1%) from the previous quarter, while deposits fell by $408.3 million (4.5%). The provision for credit losses rose to $3.0 million. The company declared a dividend of $0.45 per share. Overall, shareholders' equity decreased due to unrealized losses in securities.