February 9, 2012

2011 a Banner Year for EagleBank

Eagle Bancorp, Inc., the holding company for EagleBank, recently issued our financial statement for fiscal year 2011.  Keep in mind that 2010 had been a record year for us.  (In fact, we’ve had increasing income each year of our 13 year history.)

So how did we follow up 2010’s record year?  By increasing profits by 47% in 2011.

Our income for the year was $24.6 million, up from $16.7 million the year before.  That resulted in net income available to common shareholders of $1.14 per diluted share, a 50% increase.

What’s the basis for our success?  Our customers.

Last year, we continued to build new relationships and deepened and expanded relationships with existing customers.  More and more businesses and individuals are coming to EagleBank for an array of financial services, including treasury and merchant services, insurance and home loans, with convenient online banking available 24/7.

We are now a $2.8 billion bank.  Total loans were up 23% in 2011.  Deposits rose by 39%.  We opened three branches last year, in Gallery Place in the District, and in Ballston and Rosslyn in Arlington County, VA.  Our newest branch will open this month, on Sunset Hills Road in Reston, VA (just west of Reston Parkway).  Next up: the Mosaic District in Merrifield, VA in the Fall.

While other banks continue to hunker down based on the economy and their own problems, we continue to make loans and pay attractive rates on deposits.  Let us know how we can help you be more successful.