Thank You, on Our 13th Anniversary
This summer marks 13 years from when EagleBank opened its doors. From that standing start, we’ve grown to become a $2.3 billion bank, with 13 branches. Three more locations are expected to open this year.
Earnings have been strong. We earned $16.7 million last year, quite an accomplishment in these “interesting” times. And we recently released our earnings report for the second quarter of this year. Income is up 67% from the same quarter last year, itself an impressive period. For the second quarter of 2011, we made $5.8 million. That’s a record for EagleBank. In fact, it’s the tenth quarter in a row we exceeded the previous quarter’s earnings, each time a record. For the first six months of the year, we’ve already made $10.9 million.
Capital ratios were already strong, and are now they’re even stronger, as a result of our participation last month in the Small Business Lending Fund. We are certainly “well capitalized.”
Deposits stand at nearly $1.95 billion and continue to grow. They’re the fuel for our making loans. Our loan growth has been particularly strong, and we’re proud to say most of our loans are made right here in our backyard, the metro Washington, DC area. We’ve funded restaurants and manufacturing concerns, apartment buildings and hotels. It is with much pride that we see our customers do well, for as they succeed, we succeed.
Our commitment to the community has always been, and always will be, a major focus. We participate in numerous activities. We financially support many organizations, large and small. The Seventh Annual Fight Breast Cancer Golf Classic is on October 10th. Learn more at www.eaglebankfoundation.com. This annual event has netted over $915,000 in donations to local hospitals in support of cancer research and treatment.
And so I take a minute to say “thank you.” To our customers, shareholders, directors, employees and the communities in which we live and work, I can’t express enough my appreciation for supporting us and helping us grow to where we are. And we believe the best is yet to come.