Profile: Eagle Bancorp Inc (EGBN.OQ)
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. As of December 31, 2016, the Bank operated 21 banking offices: seven in Montgomery County, Maryland; five located in the District of Columbia, and nine in 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.
The Bank provides a range of commercial and consumer lending products to small, medium and large-sized businesses and to individuals for various business and personal purposes, including commercial loans for a range of business purposes, such as for working capital, equipment purchases, real estate lines of credit, and government contract financing; asset-based lending and accounts receivable financing; construction and commercial real estate loans; business equipment financing; consumer home equity lines of credit, personal lines of credit and term loans; consumer installment loans, such as auto and personal loans; personal credit cards offered through an outside vendor, and residential mortgage loans. The Bank's loan portfolio includes traditional business and real estate secured loans. The Bank's consumer loans portfolio includes 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. The Company's loan portfolio also includes acquisition, development and construction (ADC) real estate loans, including both investment and owner occupied projects. As of December 31, 2016, the Company's loans amounted to approximately $5.67 billion.
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. As of December 31, 2016, the Company's investment portfolio amounted to $538.1 million.
Sources of Funds
The Bank's principal sources of funds are core deposits. The Bank's deposit services include demand deposits, money market accounts, negotiable order of withdrawal (NOW) accounts, and savings accounts. 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, which customers use for cash management. As of December 31, 2016, the Company's total deposits were $5.71 billion.
The Company has a direct non-banking subsidiary, Eagle Commercial Ventures, LLC (ECV), which provides subordinated financing for the acquisition, development and construction of real estate projects. The Bank has two subsidiaries: Bethesda Leasing, LLC and Eagle Insurance Services, LLC. Bethesda Leasing, LLC holds title to and operates real estate owned and acquired through foreclosure. Eagle Insurance Services, LLC facilitates the placement of commercial and retail insurance products.
Eagle Bancorp Inc
7830 Old Georgetown Rd Fl 3
BETHESDA MD 20814-2432