Eagle Bancorp Inc - EGBN STOCK NEWS

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.

EagleBank's Mehdi Pirzadeh has been recognized as a Top Originator for 2021, ranking #222 nationally in mortgage loan volume based on 2020 performance. This marks his 20th consecutive year on the Scotsman Guide list, with a total loan volume of $232,316,995. Other EagleBank bankers also made the rankings, including Paul Harsanyi (#556) and Andrew Lunenfeld (#1,446), with loan volumes of $159,067,344 and $107,348,842 respectively. The Scotsman Guide expanded its ranking criteria to include originators closing at least $40M in loans, highlighting the performance of EagleBank's entire residential lending team.

Eagle Bancorp, Inc. (NASDAQ: EGBN) has declared a cash dividend of $0.25 per share for the first quarter of 2021. This dividend will be payable on May 3, 2021, to shareholders of record as of April 21, 2021. Established in 1998 and headquartered in Bethesda, Maryland, EagleBank operates through 20 branch offices across Suburban Maryland, Washington, D.C., and Northern Virginia, focusing on building strong relationships with its clientele.

EagleBank announced the relocation of its Gallery Place and Bethesda branches. The new Gallery Place location at 700 K Street, NW opened on February 22, 2021, after the previous location closed on February 19. The Bethesda branch at 7735 Old Georgetown Road will open on March 1, 2021, following the closure of the current branch on February 26. Both locations will continue to offer services including ATMs and night depositories. EagleBank aims to provide the same level of service that customers expect in the Metro D.C. area.

Eagle Bancorp reported a quarterly net income of $38.9 million for Q4 2020, a 10% increase from Q4 2019. The full year net income was $132.2 million, down from $142.9 million in 2019. Assets reached $11.1 billion, reflecting a 24% increase year-over-year. The company also reported a net interest margin of 2.98% and an efficiency ratio of 38.34%. Despite challenges from the COVID-19 pandemic, the bank maintained strong capital ratios and a healthy allowance for credit losses of 1.41% of total loans.

Eagle Bancorp, Inc. (NASDAQ: EGBN) announced a cash dividend of $0.22 per share for Q4 2020, payable on February 1, 2021, to shareholders on record as of January 8, 2021. Additionally, a new share repurchase program was approved, allowing the buyback of 1,588,848 shares, approximately 5% of outstanding shares, starting January 1, 2021, and set to expire on December 31, 2021. This follows the repurchase of 458,069 shares at an average price of $37.72 earlier in Q3 2020. Management maintains discretion over the timing and execution of the buybacks based on market conditions.

Eagle Bancorp (NASDAQ: EGBN) announced the appointment of Ernie Jarvis and Steve Freidkin to its Board of Directors, effective January 1, 2021. This expansion will bring both boards to 10 directors, with eight being independent. Jarvis, founder of Jarvis Commercial Real Estate, adds extensive commercial real estate experience, while Freidkin, CEO of Ntiva Inc., contributes strong technology expertise. Their skills are expected to support EagleBank's growth and improve operational efficiency, enhancing the overall client experience.