April 14, 2014

Just Published: 2013 Annual Report

We just issued Eagle Bancorp’s Annual Report for 2013.  In our Letter to Shareholders, Vice Chair Bob Pincus and I write:

It’s hard to believe that Eagle Bancorp, Inc. and EagleBank have been serving metropolitan Washington for over 15 years, with a goal of returning personalized, community banking to our region.

EagleBank is metropolitan Washington’s premier community bank.  We lead the area community banks in loan growth; you’ll see our signs throughout the region.  We hold more deposits than any other community bank in the area.  We are recognized as a go-to bank—for deposits, for loans and for safety and soundness.  EagleBank is large enough to meet customer needs while remaining small enough and nimble enough to satisfy customer needs.

2013 was, in many ways, one of milestone achievements and record performance for Eagle Bancorp, Inc.:

  • Our assets ended 2013 at over $3.7 Billion
  • Our net income reached $47 Million, reflecting 20 consecutive quarters of record earnings
  • Our loans increased by 18%, to $2.9 Billion
  • Our deposits were up 11%, to $3.2 Billion
  • Our asset quality remains solid, with a coverage ratio of Reserves to Non-Performing Loans of 166%
  • Our common stock price increased by 69%, and we issued a 10% stock dividend
  • We opened our 18th branch in Old Town Alexandria, VA, as we celebrated our 15th Anniversary

Our differentiator: This is our hometown.  Our decision makers are right here; headquarters is not in some far away city.  Metropolitan Washington is our only market.  And we know it inside and out.

2013 marked our fifteenth anniversary, a milestone. From our initial three branches in one county, we now serve metropolitan Washington through 18 branches and three regional offices. We are excited about all that we have accomplished and what we will continue to do as the premier community bank in metropolitan Washington. In fact, we believe the best is yet to come.

 I invite you to read our entire Annual Report, including our Letter to Shareholders.