Profile: Eagle Bancorp Inc (EGBN.OQ)
29 Jul 2016
Eagle Bancorp, Inc., incorporated on October 28, 1997, is a bank holding company for EagleBank (the Bank). The Bank is the Company's principal operating subsidiary. The Bank is a chartered commercial bank, which operates over 20 banking offices in Montgomery County, Maryland; District of Columbia, and Northern Virginia. The Bank offers a range of commercial banking services to its business and professional clients, as well as consumer banking services to individuals living or working in the service area. The Bank also provides commercial banking services to proprietorships, businesses, partnerships, corporations, non-profit organizations and associations, and investors living and working in and near the Bank's primary service area. The Bank offers a range of retail banking services to accommodate the individual needs of both corporate customers, as well as the community the Bank serves. The Bank also offers online banking, mobile banking and remote deposit services. It has a non-banking subsidiary, Eagle Commercial Ventures, LLC (ECV), which provides subordinated financing for the acquisition, development and construction of real estate projects. The Bank's subsidiaries also include Bethesda Leasing, LLC and Eagle Insurance Services, LLC.
The Bank's loan portfolio includes traditional business and real estate secured loans. The Bank's consumer loans portfolio includes over two loan types, such as home equity lines of credit that are structured with an interest only draw period followed either by a balloon maturity or a fully amortized repayment schedule, and first lien residential mortgage loans. The Bank is also a traditional commercial lender providing loans for a range of purposes, including cash flow, equipment and account receivable financing. Its loan portfolio also includes home equity loans and lines of credit, and other consumer loans. Its loan portfolio also consists of residential home mortgage loans. These credits represent first liens on residential property loans originated by the Bank. The Company's loan portfolio also includes acquisition, development and construction (ADC) real estate loans, including both investment and owner occupied projects. The Company's loans amount to approximately $4,998.37 million.
The Company maintains a portfolio of short term investments and investment securities consisting primarily of the United States Government agency bonds and government sponsored enterprise mortgage backed securities, municipal bonds and corporate bonds. The Bank also owns equity investments related to membership in the Federal Reserve System and the Federal Home Loan Bank of Atlanta (FHLB). The Bank's securities portfolio also consists of equity investments in the form of common stock of over two local banking companies. The Company's investment portfolio amounts to approximately $487.9 million.
Sources of Funds
The Bank's principal sources of funds are core deposits. The Bank's deposit services include business and personal checking accounts, negotiable order of withdrawal (NOW) accounts, tiered savings and money market account and time deposits with varying maturity structures and customer options. Additionally, the Bank obtains certificates of deposits from the local market areas surrounding the Bank's offices. The deposit base includes transaction accounts, time and savings accounts and accounts that the customers use for cash management and that provide the Bank with a source of cross-marketing opportunities. The Bank also participates in the Promontory Interfinancial Network, LLC Certificate of Deposit Account Registry Service (CDARS) and its Insured Cash Sweep program (ICS), both of which networks function to assure Federal Deposit Insurance Corporation (FDIC) insurance for participating Bank customers. Its total deposits are approximately $5,158.44 million.
Eagle Bancorp Inc
7830 Old Georgetown Rd Fl 3
BETHESDA MD 20814-2432