Looking Back. Looking Forward.
The year 2012 was another watershed year for EagleBank. To our customers, shareholders, employees, vendors and the community at large: thank you for contributing to our success.
Both Main Street and Wall Street showed their confidence in us. We are now a $3.4 billion dollar bank, making us one of metropolitan Washington’s largest community banks by asset size. The FDIC recognized EagleBank in 2012 as having more deposits than any other community bank in the Washington region.
Our deposits increased 20% compared to 2011. Loans were also up 20% compared to a year ago. Unlike other banks that have hunkered down, we continue to be a “go to” financing source for businesses and real estate. Many a construction project or acquisition was financed through EagleBank; you’ll see our signs everywhere. And numerous restaurants, retailers, contractors, consultants and other operating businesses have been powered by EagleBank.
Net earnings achieved record levels during each quarter and for the whole year. For 2012, our net income before the preferred dividend to the Small Business Lending Fund was over $35 million. That represents a 44% increase over 2011’s already strong performance. We have now had 16 consecutive quarters of rising, record earnings. EagleBank continues to have strong asset quality. We’re prudent in our loan underwriting and proactive if a loan does not turn out as planned.
In 2012, we raised $45 million of additional capital, as EagleBank continues to be well above “well capitalized.” We welcome additional investors to our ranks and are proud of the “vote of confidence” their stock purchases represent. And our longtime shareholders saw the benefit of 2012’s performance. EGBN shares increased 37% in value during 2012.
All of our successes could not have happened without you. As you know, at EagleBank, it’s Relationships F·I·R·S·T. That’s not just some tagline. It’s our pledge to you. And an explanation for the basis of much of what we accomplished in 2012.
And so, EagleBank enters 2013—our 15th year—filled with much promise, for ourselves and for you. We’re opening our eighteenth branch shortly, in Old Town Alexandria. Come visit us, in a branch, online or with a phone call. For if you grow, we grow.
2013, here we come.