Eagle Bancorp Inc - EGBN STOCK NEWS

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.

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.