Eagle Bancorp Inc - EGBN STOCK NEWS

EagleBank has announced financing for a luxury apartment complex in Northwest Washington, D.C., providing support for the construction of 158 unique multifamily units. The project, led by Perseus TDC and Allstate Insurance Company, includes a five-story building with an underground parking garage. The strategic location near metro stations and amenities targets young professionals. The complex will feature a variety of layouts and high-end amenities, including a rooftop pool and fitness center.

Eagle Bancorp, Inc. (NASDAQ: EGBN) reported record net income of $48.0 million for Q2 2021, a 66% increase from Q2 2020's $28.9 million. Key factors included $4.7 million from accelerated interest income due to the sale of PPP loans and a $4.6 million reversal of credit loss allowance. Total revenue reached $95.2 million, up 2.2% year-over-year. The company also increased dividends to $0.35 per share, a 40% hike. Asset quality improved with nonperforming assets at 0.50% of total assets. Total risk-based capital ratio stood strong at 17.98%.

EagleBank announces the promotion of Joseph Clarke to Executive Vice President and Chief Operating Officer. With over 27 years in banking, including significant contributions at EagleBank since 2008, Clarke aims to enhance client's experiences and drive growth across various sectors including Digital Banking and Residential Lending. His appointment reflects a commitment to strengthen relationships within the community. Clarke also represents EagleBank on the Maryland Bankers Association Board and is active in local initiatives.

Eagle Bancorp, Inc. (NASDAQ: EGBN) announced a cash dividend of $0.35 per share for the second quarter of 2021, marking a $0.10 increase from the previous quarter's $0.25. This dividend will be payable on August 2, 2021, to shareholders on record by July 22, 2021. The company continues to focus on building relationships within its marketplace while operating 19 branches across Suburban Maryland, Washington, D.C., and Northern Virginia.

Felice Development Group and Fields-Grade Development have acquired 2.9 acres along the Anacostia Riverfront in Washington, D.C., with plans to create a mixed-use project of 900 multifamily units and 45,000 square feet of retail space. The project is set to enhance the Capitol Riverfront area, featuring outdoor amenities and green space. EagleBank provides acquisition financing, reflecting its commitment to local growth. Construction is expected to commence in Q4 2022, promising a vibrant addition to the neighborhood.

EagleBank has granted $81.2 million in fixed-rate acquisition financing for an affordable housing project in downtown Bethesda, MD, managed by Bradley Crossing LLC and the Housing Opportunities Commission of Montgomery County (HOC). The loan supports the acquisition and renovation of approximately 401 multifamily units across five land parcels. HOC aims to convert 30% of these units to 80% local area median income (AMI) and an additional 20% to 50% AMI over the next two to three years. This initiative is vital amid the current housing affordability crisis.

EagleBank has provided $26 million in funding for the redevelopment of Mazza Gallerie in Friendship Heights, a prime retail area in Washington, D.C. The loan will enable Tishman Speyer to construct approximately 350 multifamily units and 26,000 square feet of ground-floor retail. This project highlights EagleBank’s commitment to community investment and its expertise in commercial real estate lending. Mazza Gallerie benefits from a strategic location adjacent to the Friendship Heights metro, reinforcing its potential for growth and demand.

Eagle Bancorp, Inc. (NASDAQ: EGBN) reported a record net income of $43.5 million for Q1 2021, an 88% increase from $23.1 million in Q1 2020. Earnings per share rose to $1.36, a 94% increase. Key highlights include a total revenue of $93.2 million (up 9.4% year-over-year) and a return on average assets (ROAA) of 1.53%. The bank's total assets were $11.1 billion. A dividend increase to $0.25 per share was announced, which is the first increase since mid-2019. Although loan demand remains challenged due to the pandemic, the outlook is optimistic for future growth.