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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), based in Bethesda, Maryland, has announced a cash dividend of $0.45 per share for Q3 2022. This dividend will be payable on October 31, 2022, to shareholders who are recorded by October 10, 2022. This reflects the company’s commitment to returning value to its shareholders while navigating current economic uncertainties.
Eagle Bancorp, based in Bethesda, Maryland, has received final approval from the SEC and Federal Reserve Board for the settlement of charges concerning the identification and disclosure of related party transactions. This resolution allows the bank to move forward, focusing on its operations without the burden of legacy issues. CEO Susan Riel expressed satisfaction with the outcome, emphasizing the bank's commitment to serving its clients and community, and highlighted its status as one of the most profitable community banks in the Washington, D.C. area.
Eagle Bancorp, Inc. (NASDAQ: EGBN) reported a net income of $25.2 million for Q2 2022, a 44.9% decrease from the prior quarter's $45.7 million and a 47.5% drop from $48.0 million year-over-year. Earnings per diluted share fell to $0.78 from $1.42 in Q1 2022. The decline was attributed to a $13.4 million expense related to resolving an SEC investigation. Despite these challenges, loans increased by $40.9 million, marking the third consecutive quarterly rise, while a quarterly dividend of $0.45 per share was declared, a 12.5% increase from the previous quarter.
EagleBank has announced financing for the construction of Residences at The Six, a 316-unit, 7-story apartment complex in Hyattsville, MD, developed by Perseus TDC, Transwestern Development, and Griffin Capital. Project completion is expected by late summer 2024. The complex will feature ground-floor retail, a parking garage, and various amenities.
Located near the University of Maryland and accessible transit, this project aims for NGBS Gold certification and is set in an Opportunity Zone, aligning with regional housing goals.
Eagle Bancorp, Inc. (NASDAQ: EGBN) has declared a cash dividend of $0.45 per share for the second quarter of 2022, reflecting a $0.05 increase from the previous quarter. The dividend will be payable on July 29, 2022, to shareholders of record as of July 11, 2022. This announcement underscores the company's commitment to enhancing shareholder value amid ongoing economic uncertainties.
EagleBank has provided $48.45 million in acquisition financing to the Montgomery County Housing Opportunities Commission (HOC) for three multifamily properties in downtown Bethesda, MD. The properties, comprising 212 apartment units, are classified as naturally affordable housing with all rents below 70% of the area median income. HOC plans to implement affordability restrictions, ensuring 10% of the units are reserved for households earning 70%% or less of the area median, and 20%% for those earning 50%% or less. The acquisition aims to preserve housing stock and prevent displacement amid future redevelopment.
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