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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.
EagleBank has announced a financing deal of $54.25 million to support the construction of The Margaux, a 291-unit affordable housing project in New Carrollton, Maryland. This project, developed in partnership with Urban Atlantic Development, aims to provide housing for essential workers near a Metro station, addressing rising housing costs. Notably, it is the first project funded by Amazon’s Housing Equity Fund with $25.4 million in low-rate loans. Completion is expected in 2023, contributing to a larger mixed-use development.
Eagle Bancorp reported net income of $45.7 million for Q1 2022, up from $41.6 million in Q4 2021, driven by reduced non-interest expenses and an increase in loans by $48.2 million. Net income per diluted share improved to $1.42. However, noninterest income fell to $7.5 million, a 29.5% decline. Despite strong asset quality, shareholders’ equity decreased by 6.3% due to unrealized losses in investment securities. A dividend of $0.40 per share was declared, maintaining a 28% payout ratio based on earnings.
Eagle Bancorp, Inc. (NASDAQ: EGBN) announced a cash dividend of $0.40 per share for Q1 2022, payable on April 29, 2022 to shareholders of record as of April 11, 2022. The Company, headquartered in Bethesda, Maryland, has been operating since 1998 and focuses on fostering relationships with businesses and individuals across its market. The release also contains forward-looking statements related to risks and uncertainties affecting future operations, urging caution against placing undue reliance on these projections.
EagleBank has announced a financing deal of $52 million for the development of a new 5-acre middle school campus in Washington, D.C., supporting DC Preparatory Academy. The funding will cover Phase I development costs for the Anacostia Middle Campus Project, which includes essential structural updates and renovations. This partnership aims to empower educational access in D.C., reinforcing EagleBank’s commitment to community development. DC Prep, recognized as the highest-performing network of public charter schools, serves more than 2,000 students.
EagleBank announced a $51 million financing deal for the acquisition and renovation of Stanton Glenn Apartments, a 379-unit affordable housing complex in Southeast Washington, D.C. The project, spearheaded by Concord Communities, aims to address the urgent demand for affordable housing through comprehensive renovations, including energy conservation upgrades. EagleBank's Chief Real Estate Lending Officer emphasized the bank's commitment to supporting affordable housing initiatives in the D.C. area, reflecting a strategic partnership that enhances community development.
Eagle Bancorp, Inc. (EGBN) reported a net income of $41.6 million for Q4 2021, marking a 7.0% increase from Q4 2020. Earnings per share rose to $1.30 from $1.21. Yearly net income reached $176.7 million, up 33.6% from 2020. Key drivers included a $7.0 million release from reserves for credit losses and increased earning assets, despite lower net interest income. The bank's total assets grew to $11.8 billion. A cash dividend of $0.40 per share was announced, and a new share repurchase plan was approved for 2022.
Eagle Bancorp (NASDAQ: EGBN) announced a cash dividend of $0.40 per share for the fourth quarter of 2021. This dividend will be payable on January 31, 2022, to shareholders of record as of January 19, 2022. The bank, headquartered in Bethesda, Maryland, operates eighteen branches across Suburban Maryland, Washington, D.C., and Northern Virginia, focusing on fostering relationships with businesses and individuals.
EagleBank Foundation announced a successful 17th Annual Fight Against Breast Cancer Golf Classic, raising over $420,000 for local cancer research and outreach programs. Since its inception, the event has amassed nearly $5.0 million. The funds support various organizations, including Holy Cross Hospital Foundation and Washington Hospital Center Cancer Institute. The tournament, which sold out quickly, emphasizes community engagement and ongoing commitment to breast cancer initiatives. CEO Susan G. Riel expressed pride in the foundation's efforts and community resilience.
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