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Eagle Bancorp, Inc. reports news as the holding company for EagleBank, a Bethesda, Maryland-based community bank serving businesses, professionals and individuals in the Washington, D.C. area. Recurring updates cover quarterly operating results, cash dividends, net interest income, provision expense, credit costs, capital levels and asset quality trends within the loan portfolio.
Company announcements also address EagleBank’s commercial banking activity, including commercial real estate, construction, working capital, equipment, government contract, asset-based and consumer lending. Governance and corporate updates include board nominations, director appointments, leadership succession and community initiatives through the EagleBank Foundation.
Eagle Bancorp, Inc. (NASDAQ: EGBN) announced a cash dividend of $0.45 per share for Q4 2022, payable on January 31, 2023, to shareholders of record on January 5, 2023.
Additionally, the company introduced a new share repurchase program, authorizing the buyback of 1,600,000 shares (approximately 5% of outstanding shares), effective from January 1, 2023 to December 31, 2023.
EagleBank has announced a financing deal of $50.4 million for the acquisition and renovation of Haven Reston, a 259-unit affordable rental property in Reston, VA. This multifamily property, formerly Colvin Woods Apartments, includes seven buildings and various amenities, with 70% of the units currently affordable to families earning 60% of the median income in the area. The financing aims to preserve and enhance affordable housing in a well-established community, fulfilling EagleBank's commitment to expanding housing access.
Eagle Bancorp reported a net income of $37.3 million for Q3 2022, up from $15.7 million in Q2 2022 but down from $43.6 million in Q3 2021. Earnings per diluted share were $1.16, compared to $0.49 for the prior quarter and $1.36 a year ago. Loans increased by $149.8 million (2.1%) from the previous quarter, while deposits fell by $408.3 million (4.5%). The provision for credit losses rose to $3.0 million. The company declared a dividend of $0.45 per share. Overall, shareholders' equity decreased due to unrealized losses in securities.
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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.
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