Eagle Bancorp
Annual Report 2007

Plain-text annual report

07  007 A N N UA L R E P O R T V I S I O N E X P A N D I N G . E V O L V I N G . E V E R Y D A Y  STOCK PERFORMANCE COMPARISON Stock Price Performance. The following table compares the cumulative total return on a hypothetical investment of $100 in the Company’s common stock on December 31, 1998 through December 31, 2007, with the hypothetical cumulative total return on the NASDAQ Composite Index (U.S. Companies) and the NASDAQ Bank Index for the comparable period, including reinvestment of dividends. 550% 500% 450% 400% 350% 300% 250% 200% 150% 100% 50% 12/31/98 12/31/99 12/29/00 12/31/01 12/31/02 12/31/03 12/31/04 12/30/05 12/29/06 12/31/07 Eagle Bancorp, Inc. NASDAQ Bank Index NASDAQ Composite Index - US Companies 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Eagle Bancorp, Inc. NASDAQ Composite Index NASDAQ Bank Index 100 100 100 102 186 94 102 113 111 172 90 124 232 62 133 300 93 176 348 101 200 517 103 196 512 114 223 362 126 179 Assuming $100 was invested on December 31, 1998 To Our Shareholders The year 2007 was a challenging one for the American economy, and in particular the banking and financial services industry, as falling interest rates led to decreased margins and impacted profit levels. However, it was fallout from the sub-prime mortgage situation that caused the greatest concern and adversely impacted the market values of most bank stocks. We are pleased to report that EagleBank has never been involved in any aspect of the sub-prime mortgage business. The Bank has never participated in this area either through originations or its investment portfolio. However, the general economic and interest rate environment did lead to a slight decline in profits, at $7.7 million, as compared to the previous year of $8.0 million. We are pleased that on a comparative basis we performed better than many of our peers on both a local and national level. While in part due to our limited exposure to the mortgage markets, we continue our strong performance in many key areas. Our asset quality remains high with non-performing assets at only .63% of total assets. We have maintained a superior net interest margin of 4.37%. This represents a decrease of only 44 basis points despite successive drops in interest rates, totaling 1.00% initiated by the Federal Reserve during the year. We continued our pattern of growth in our loan portfolio while maintaining underwriting standards. The Bank enjoyed a healthy 21% growth rate in the commercial loan portfolio during the year, and while the demand for real estate loans has softened, the turmoil in both primary and secondary markets has created opportunities for improved margins in that area. Non-interest income increased 35% over the prior year. We are pleased to note that a major transaction in our subordinated lending area contributed $1.2 million to that increase. This was from a multi-year transaction which was successfully concluded in 2007. Your directors and management team continue their total Financial Corporation. We are extremely pleased to have commitment to superior service and first rate financial the opportunity to join with such a quality organization, with products. We combine that with the use of state of the art the merger expected to be effective in mid-year of 2008. technology, both for the convenience of our customers and The transaction is expected to increase our size to over to improve the efficiency of our internal processes. As an $1.2 billion in total assets. It will also substantially increase example, EagleBank has over 250 customers using our our branch network, including entry into the active Northern Remote Deposit service, which was introduced in mid-2006. Virginia market. Therefore, we expect the merger to provide Our strategy and delivery of dedicated service have helped us some efficiencies and revenue growth opportunities. Perhaps exceed $840 million in assets and over $80 million in capital. more importantly, we will gain much expertise and talent from As we prepare to celebrate our tenth anniversary, we are Fidelity’s dynamic management and officer team. proud of our success in both growth and profitability. We are While many aspects of the economic outlook for 2008 equally proud of the recognition EagleBank has received for are still unclear, we are upbeat about the prospects for its outstanding customer relations and community service. EagleBank. The greater Washington, DC metropolitan area We were recently named as one of only two banks to receive still has among the strongest demographics of any market in a 100% rating for “overall performance” by Washington the US. The region continues to foster growth in employment Consumer Checkbook magazine. Through the proceeds of which drives the general economy. We are strengthening its annual golf tournament, the EagleBank Foundation, in only our lending capabilities, our array of products and services its third year, distributed over $100 thousand to four local and our branch network. At the same time we foster those hospitals for breast cancer treatment and awareness. The characteristics which make us unique and successful, Bank and our employees contribute both funds and countless including our strong Board and our community focus. hours to various community organizations, including Habitat This is demonstrated by our local decision making process for Humanity, The Columbia Lighthouse for the Blind, and The and providing access to senior management to all of our Special Olympics, just to name a few. customers. To complement our existing franchise, in December we We thank you for your continued support. Eagle Bancorp, Inc. announced the proposed merger with Fidelity & Trust is entering the year 2008 stronger and more confident than ever. Leonard L. Abel Chairman, Eagle Bancorp, Inc. On a personal note, this will be my last message to you as Chairman of the Board, a position I have held, thanks to all of you, since the inception of the Company. I hope to continue to serve as a Director. The welfare of our stockholders will continue to be my utmost concern. I am deeply grateful for your past support. Ronald D. Paul President and CEO, Eagle Bancorp, Inc. Chairman and CEO, EagleBank  5-Year Compound Growth Rate 19% 32% 25% 18% 22% 33% 26% 22% 28% 36% 24% 14% 24% 20% 24% 23% 22% 24% SIX-YEAR SUMMARY OF SELECTED FINANCIAL DATA The following table shows selected historical consolidated financial data for Eagle Bancorp (“the Company”). It should be read in conjunction with the Company’s audited consolidated financial statements appearing elsewhere in this report. (dollars in thousands except per-share data) 2007 2006 2005 2004 2003 2002 YEAR ENDED DECEMBER 31, Selected Balances - Period End Total assets Total stockholders’ equity Total loans Total deposits $846,400 81,166 716,677 630,936 $773,451 72,916 625,773 628,515 $672,252 64,964 549,212 568,893 $553,453 58,534 415,509 462,287 $442,997 53,012 317,533 335,514 $347,829 20,028 236,860 278,434 Selected Balances - Averages Total assets Total stockholders’ equity Total loans Total deposits $800,437 76,760 659,204 634,332 $712,297 68,973 575,854 585,621 $610,245 61,563 479,311 512,416 $487,853 55,507 353,537 397,788 $375,802 34,028 266,811 292,953 $292,921 18,381 210,303 237,910 Results of Operations Interest income Interest expense Net interest income Provision for credit losses Net interest income after provision for credit losses Noninterest income Noninterest expense Income before taxes Income tax expense Net income Dividends declared Per Share Data (1) Net income, basic Net income, diluted Book value Dividends declared per share Dividend payout ratio (2) Financial Ratios Return on average assets Return on average equity Average equity to average assets Net interest margin Efficiency ratio (3) Non-performing assets to total assets Net charge-offs to average loans $57,077 23,729 33,348 1,643 $50,318 17,880 32,438 1,745 $36,726 8,008 28,718 1,843 $24,195 4,328 19,867 675 $18,403 3,953 14,450 1,175 $16,661 5,170 11,491 843 31,705 5,186 24,921 11,970 4,269 7,701 2,302 $0.80 0.78 8.35 0.24 29.89% 0.96% 10.03% 9.59% 4.37% 64.67% 30,693 3,846 21,824 12,715 4,690 8,025 2,147 $0.85 0.81 7.69 0.23 27.06% 1.13% 11.63% 9.68% 4.81% 60.15% 26,875 3,998 18,960 11,913 4,369 7,544 1,994 $0.82 0.77 6.95 0.22 26.83% 1.24% 12.25% 10.09% 4.99% 57.95% 19,192 3,753 14,952 7,993 2,906 5,087 13,275 2,850 11,007 5,118 1,903 3,215 10,648 2,107 8,530 4,225 1,558 2,667 - - - - $0.56 0.53 6.38 - - $0.49 0.46 5.85 - - $0.54 0.51 4.09 - - 8% 9% 15% - - 1.04% 9.16% 11.38% 4.35% 63.30% 0.86% 9.45% 9.05% 4.14% 63.62% 0.91% 14.51% 6.28% 4.16% 62.73% 0.63% 0.26% 0.07% 0.03% 0.15% 0.28% 0.15% 0.06% 0.02% 0.03% 0.10% 0.09% (1) Presented giving retroactive effect to stock splits in the form of 30% stock dividends paid on July 5, 2006 and February 28, 2005 (2) Computed by dividing dividends declared per share by net income per share (3) Computed by dividing noninterest expense by the sum of net interest income and noninterest income 0 “ E X P E R I E N C E A W E E K I N E A G L E B A N K ’ S W O R L D ” Expanding our Vision in the Year 2007 The bold vision that inspired the founding of EagleBank in 1998 is very much alive today. It has evolved and expanded. However, even as we develop and change, it is still the same vision of superior service, local accessibility, and corporate citizenship that is critical to our success. We have grown to become the area’s leading community bank with the ability to compete with larger, national institutions in terms of our expertise, products, and services. As we evolve every day, we dedicate our entrepreneurial spirit, focus, and flexibility to creating custom solutions to meet our customers’ banking needs. In 2007, EagleBank’s vision saw a continued trend lengthened the time for wire transfers in order to of long-term growth. Solid financial results include facilitate same day settlement needs. In just over total assets of $846 million, an increase of 9% one year, since we introduced our Remote Deposit over 2006. Total loans grew 15%, while equity service, more than 250 EagleBank customers now increased 11%. Our asset quality, coupled with a net interest margin that outperformed our competitors, reflects EagleBank’s financial strength during enjoy the convenience of banking from their office. While we remain committed to being a business bank, we also developed a special package of retail services, such as preferred rates on money market accounts, to offer to our shareholders and challenging economic times and a difficult interest business owners. rate environment. Our vision of community banking expanded in 2007 to allow us to grow with our customers, but even as we add products, people, and services, we never lose sight of the importance of building relationships as we build value. Whether we are finding new ways to serve our customers or enhancing our existing products and services, every day presents an opportunity for EagleBank to expand our vision and strengthen our focus. Experience a week in EagleBank’s world and see that even as we grow, change, and To make our nine branches in the Washington area improve, our focus is where it was and always will even more convenient for our customers, in 2007 be . . . on our customers, shareholders, and we extended our branch banking hours. We also community. 0 M O N D A Y “ Coffee in hand, EagleBank employees begin By 8:30 AM, tellers are cashing checks, taking deposits, and smiling as they welcome new and old friends. Focusing on customers’ needs as we grow, in 2007, EagleBank offers extended branch banking hours from 8:30 AM until 4 PM, Monday through Thursday. As always, branches are open from 8:30 AM until the week with focus 5 PM on Friday. For added convenience, the Silver Spring Office now has a drive-in and dedication. ” window, open weekdays. While the branches are bustling, emails alert customers about an attractive Certificate of Deposit rate. In 2007, EagleBank launches email marketing to inform customers of special rate promotions, new products and services, and important educational topics, such as protecting against identity theft. Even on a holiday, EagleBank works for the community. On Columbus Day, Monday, October 8, 2007, the third annual EagleBank Foundation Fight Breast Cancer Golf Classic is held at Woodmont Country Club in Rockville. EagleBank joins forces with over twenty community sponsors to again raise over $100,000 to benefit local facilities’ efforts to fight breast cancer. The EagleBank Foundation positions us as a leader among our peers in our focus on corporate citizenship. 0 T U E S D A Y EagleBank’s Tech Road Operations data, account numbers, or other It is the second Tuesday of the month, Center in Silver Spring is thoroughly sensitive information. and EagleBank’s Management engaged in processing a busy Monday’s transactions. Every day, our behind-the- scenes teams use the latest technology to turn custom solutions into working financial products and services. To ensure absolute security for our customers, in 2007, a new state-of-the- art MailSafe system is implemented to safeguard emails containing financial Today is the day that EagleBank’s Senior Staff meets weekly to review bank performance and discuss new initiatives. Collectively, they represent in excess of 125 years of banking and financial experience. Their enthusiasm, energy, and passion are the driving force behind EagleBank’s expanding vision of community banking. Advisory Committee (MAC) holds their own meeting to review and resolve issues that impact employees and improve the Bank’s efficiency. Composed of middle management from every key department, MAC advises senior bank officials and keeps the lines of communication open within the Bank. 0 W E D N E S D A Y “ We use the latest technology to turn custom solutions into working financial products and services. ” In the middle of the week, and every day, more customers in 2007 benefit from EagleBank’s Remote Deposit service where they use a desktop scanner to make deposits from their office. Deposits go to the bank instantly and can be made weekdays until 6 PM. As the area’s leading community bank, this service extends our reach and helps us serve more customers. As we grow and expand, it is more important than ever to focus on customer service. This commitment is reflected in today’s training session that is part of a bank-wide effort to reinforce EagleBank’s written Standards of Customer Service. These service standards are based on feedback received from employees at all levels, and, of course, our customers. It is a Wednesday evening in January, and EagleBank officers are meeting with the Bank’s Healthcare Advisory Board. This group of physicians, dentists, and companies who support the medical community, meet with bank officials to discuss industry trends and to advise us on the products and services they need to make their banking easier. Our goal is to enable them to focus on what they do best – improve the quality of life of their patients. 0 T H U R S D A Y As our vision evolves, EagleBank competes with much larger banks in terms of expertise, resources, and market knowledge. Today, an experienced commercial real estate lender meets with two developers to creatively structure financing to achieve their company’s long-term goals. EagleBank remains committed to making commercial real estate loans. It is New Employee Orientation Day at the Bank, where we welcome employees and educate them on our history, organization, and values. EagleBank’s Chairman, Ron Paul, always joins the new employees for lunch, answers their questions, and shares the Bank’s philosophy of caring, responsive, customer service. Product development is an ongoing focus at EagleBank. This Thursday, we are refining the Golden Eagle Relationship Account, the first retail package of services being marketed to customers who are business owners and top management. It will also be offered to shareholders and includes such benefits as preferred rates on Certificates of Deposit and money market accounts, and specially priced lines of credit. 0 F R I D A Y “ Local decision- makers provide quick, workable solutions to our clients’ business banking needs. ” Friday, we expedite a Commercial Term Loan and Line of Credit for a software company executive. At EagleBank, our commercial loan demand remains robust, in no small part due to the guarantee of access to local decision-makers who provide quick, workable solutions to their clients’ business banking needs. To support businesses in our region, EagleBank is the main sponsor for the Start Right! Business Competition for Women Entrepreneurs, coordinated by Rockville Economic Development, Inc. (REDI). For the second year in a row, EagleBank donates the top prize of $10,000 in an award ceremony on Friday, March 16, 2007. The recipient, a woman owner of a medical device company, subsequently becomes a Bank customer. At 5 PM today, a settlement company takes advantage of EagleBank’s extended hours to make an end-of-the week wire transfer. The customer can call our Wire Department directly, using a secure PIN for identification. For even greater convenience, ExecuBank, our online banking system, allows complete independence in the transfer of wired funds. 10 S A T U R D A Y It is Saturday morning, and an Two of EagleBank’s branch locations Bank employees work for Habitat EagleBank Business Development offer the convenience of Saturday for Humanity to assist a needy Officer makes a special appointment to banking hours. The Chevy Chase Montgomery County family with their meet a retail client that afternoon at his branch lobby serves customers from home building efforts. In 2007, and place of business. The retailer, owner of 9 AM until Noon. Early-risers can take every year, EagleBank supports the two upscale bath and kitchen hardware advantage of the Drive-Up at Shady worthwhile causes of organizations such stores, appreciates and shares Grove, which is open from 8:30 AM as Community Ministries of Montgomery EagleBank’s focus on personal service. until Noon. At EagleBank, we go the extra mile for our customers, including arranging our schedule to meet their needs. EagleBank employees often devote time during weekends for community activities. On Saturday, March 3rd, County, Cystic Fibrosis, and The Children’s Inn of NIH, to name a few. 11 S U N D A Y “ At EagleBank, we go the extra mile for our customers, including arranging our schedule to meet their needs. ” Sunday, and every day, EagleBank customers use our website to access their accounts for online banking and to learn more about our products and services. EagleBank’s online banking is available 24/7. Customers can also pick up their phone anytime to use our convenient Telebank service for account information, current rates, and branch locations, hours, and telephone numbers. Leaving on a trip today, a customer uses her EagleBank ATM card at one of the 1,000 Allpoint Network ATM’s in the Washington, DC area. When she’s traveling, she can also use her card at over 32,000 Allpoint ATM’s nationwide. The Allpoint Network gives EagleBank customers access to their funds no matter where they are or where they go. Sunday is the perfect time for EagleBank customers to relax and read about their Bank in the Fall 2007/Winter 2008 Washington Consumers’ CHECKBOOK magazine. They are pleased to read what they already know — EagleBank is rated one of the area’s top banks for customer service, receiving a 100% rating for “Overall Performance.” 12 In 2008, EagleBank’s vision will be even more expansive. We will celebrate the tenth anniversary of serving our customers, shareholders, and community. We will also offer a shared vision of financial strength and local accessibility, as well as service in Northern Virginia, with the pending merger of Fidelity & Trust Bank into EagleBank. By joining two of the fastest growing community banks in the Washington, DC region, EagleBank has the ability to offer more products, locations, and people to provide personalized financial solutions. We move forward into our next decade of service with confidence and increased capabilities. The newly renovated Bethesda Theater in the heart of downtown Bethesda is the backdrop for this year’s photo of the EagleBank Board of Directors. 1 BOARD OF DIRECTORS Leonard L. Abel * Chairman of Eagle Bancorp, Inc. Bruce H. Lee President of Lee Development Group; General Manager of Until retiring in 1993, Mr. Abel was partner-in-charge of the Acorn Self-Storage; General Partner of Montgomery 1936 certified public accounting firm of Kershenbaum, Abel, Kernus Land Company, LLC; and Principal Broker of Montgomery Land and Wychulis, Rockville, Maryland. Company, LLC. Ronald D. Paul * Philip N. Margolius * President and CEO, Eagle Bancorp, Inc. Partner in the Margolius Law Firm, and managing member Chairman and CEO, EagleBank of The Margolius Firm, LLC, a consulting firm. President of Ronald D. Paul Companies and RDP Management. Chairman of Bethesda Investments, Inc., a private venture Thomas D. Murphy capital fund. President, EagleBank – Montgomery County Leslie M. Alperstein, Ph.D. ** President of Washington Analysis Corporation, a leading governmental policy institutional investment research brokerage firm. Arthur H. Blitz Kim Natovitz President of The Natovitz Group, Inc., an independent life and health insurance agency. Don R. Rogers * Partner in the law firm of Shulman, Rogers, Gandal, Pordy Principal in the Bethesda law firm of Paley, Rothman, Goldstein, & Ecker, P.A. Rosenberg, Eig & Cooper, Chartered. Dudley C. Dworken * Owner of Curtis Chevrolet, an automobile dealer in Washington, DC; Chairman of the Washington Area Better Business Bureau; Managing Partner, JDJ Investments. Steven L. Fanaroff Vice President and Chief Financial Officer of Magruder Holdings, James A. Soltesz, P.E. President and Chief Executive Officer of Loiederman Soltesz Associates, Inc., a professional services firm specializing in civil engineering, land planning, surveying and environmental services. Benjamin M. Soto, Esq. President and CEO of Paramount Title & Escrow, LLC, a high- volume, full service title company licensed in Washington, D.C., Inc., a regional supermarket chain. Michael T. Flynn * President, EagleBank – Washington Executive Vice President and COO, Eagle Bancorp, Inc. Harvey M. Goodman * President of Goodman-Gable-Gould/Adjusters International, a Maryland-based public insurance adjusting firm. Neal R. Gross Maryland and Virginia. Worthington H. Talcott, Jr. Partner in the law firm of Shulman, Rogers, Gandal, Pordy & Ecker, P.A. Leland M. Weinstein * President of Syscom Services, Inc., a technology consulting firm that specializes in providing federal and state agencies as well as Fortune 1000 businesses with technology products and services that help streamline communications and operations. Chairman and Chief Executive Officer of Neal R. Gross & Company, Inc., a Washington, DC-based court reporting service. Eric H. West Benson Klein Founding principal of West, Lane & Schlager Realty Advisors, LLC, specializing in tenant representation and strategic real estate Principal of Maryland-based law firm Ward & Klein, Chartered. consulting. * Director of EagleBank and Eagle Bancorp, Inc. ** Director Eagle Bancorp, Inc. only 1 EAGLEBANK MISSION STATEMENT EagleBank is committed to providing quality financial services and successful solutions that consistently achieve a high degree of customer satisfaction. We will distinguish our company from other institutions in our ability to provide superior service while creating stockholder value, building our community, and encouraging the growth and well-being of our people. We are dedicated to being the leading community bank in our market, recognized and respected for our banking knowledge, customer service, business ethics, and corporate citizenship. EXECUTIvE OFFICERS Ronald D. Paul Chairman/CEO Martha Foulon-Tonat EVP/Chief Lending Officer Michael T. Flynn President/EagleBank – Washington James H. Langmead EVP/Chief Financial Officer Thomas D. Murphy President/EagleBank – Susan G. Riel EVP/Chief Operating Officer Montgomery County DC ADvISORY BOARD Kim Natovitz, Chair The Natovitz Group, Inc. Jeffrey Pargament, Esq. Pargament & Hallowell, PLLC Chris Busky Jill Cornish Sabine Curto Joseph Kapp Larry La Heart Rhythm Society Preston Sacks, M.D. Columbia Fertility Associates Association Trends Earl Segal, Esq. Newmark Knight Frank Cole, Raywid & Braverman, LLP Howard Slavit, Esq. Saul Ewing, LLP Lincoln Financial Advisors Yeni Wong Riverdale International, Inc. Meiwah Restaurant HEALTHCARE ADvISORY BOARD Benson Klein, Chair Ward & Klein, Chartered Alan Levine, D.D.S. Private Dental Practice Mark Birns, M.D. Birns, Gloger & Witten, MD P.C. Sharon Ann Peters, CPA Peters, Kearney & Associates, P.A. Bruce Bortnick, M.D. Shady Grove Radiological David Pinsky, D.D.S. State of the Art Dental Group Consultants Larry Walker The Walker Group Daniel Esposito, M.D. Internal Medicine Center, P.A. Michael Weber, D.D.S. Endodontic Associates of Greater Joanne Genevish, RN, MBA Montgomery General Hospital Washington Jay Greenstein Sport and Spine Rehab Jeffrey Weintraub, CPA Goodman & Company 1 OFFICERS Richard D. Corrigan President/Eagle Commercial Ventures, LLC John A. Beck, Jr. SVP/SBA Team Leader Lawrence J. Bolton SVP/Business Development Officer, Silver Spring Deborah L. Colliton SVP/Business Development Officer, Bethesda Robert R. Hoffmann SVP/Senior Commercial Lender Deborah C. Kahley SVP/Senior Marketing and Customer Service Officer Susan O. Kooker SVP/Director of Internal Audit Linda M. Lacy SVP/Information Technology Manager R. Frederick Marsden SVP/Senior Consumer Lender Stephen I. Greene VP/Residential Lending Manager Joanie M. Heavey VP/Human Resources Director Timothy D. Hamilton VP/Commercial Lender Kai M. Hills VP/Business Development Officer, Bethesda Michael G. Himmel VP/Commercial Lender Stephanie W. Ho VP/SBA Lender Malcolm S. Karl, CAE VP/Non-Profit Specialist Deborah J. Keller VP/Business Development Officer, Silver Spring Susan M. Lewis VP/Branch Administration Manager Matthew B. Leydig VP/Commercial Real Estate Lender Thomas A. Mee SVP/Senior Real Estate Lender Ivy Lim-Jui VP/Controller Joan Y. S. Pawloski SVP/Loan Administration Manager Ludwell L. Miller III VP/Compliance Director Janice L. Williams SVP/Chief Credit Officer Sean K. Mitchell VP/Commercial Lender, D.C. Allan L. Acree VP/Commercial Real Estate Lender James R. Newman VP/Credit Department Manager Ernest T. Argleben, Jr. VP/SBA Lender John A. Bettini VP/Commercial Lender Nicholas J. Pittas VP/Commercial Lender Rob D. Powell VP/Commercial Lender, D.C. Paul C. Boudrye VP/Business Development Officer Ryan A. Riel VP/Commercial Real Estate Lender Andrew S. Bridge VP/Business Development Officer, Rockville Judy L. Callaway VP/Deposit Operations Manager Linda A. Dawkins VP/Business Development Officer, Shady Grove Michael L. Devito VP/SBA Lender P. Lucas Flynn VP/Credit Analyst Kenneth S. Scales VP/Commercial Lender Frederick L. Schultz VP/SBA Lender Janette S. Shaw VP/Marketing and Advertising Manager Jenny A. Shtipelman VP/Business Development Officer, K Street Deborah C. Shumaker VP/Business Development Sales Manager Garry K. Tyran VP/Business Development Officer, Chevy Chase James R. Walker VP/Commercial Real Estate Lender Robert C. Cortez Residential Mortgage Officer Shari Craig Senior Portfolio Management Officer Yeshiwatshay M. Eldridge Check Exceptions Supervisor/ Officer Jane N. Willis VP/Credit Analyst Christine Andrukitis AVP/Consumer Loan Officer Michele Capone AVP/Workout, Liquidation and Recovery Manager Terry L. Clarke AVP/Project Manager Sharon A. Gray AVP/Loan Operations Manager Earl Franklin Branch Manager/Officer, McPherson Square Olga Jean-Claude Assistant Branch Manager/Officer, Silver Spring Glenn M. Johnson Electronic Applications Manager/ Officer vernon L. Kelley Business Development Officer, McPherson Square Yulissa Guerra-Reyes AVP/Branch Manager, Bethesda Patrick McCalley Senior Residential Mortgage Officer Chia-Shan Ho AVP/Credit Analyst Linda S. Licata AVP/Branch Manager, Dupont Circle Courtney W. Michel AVP/Human Resources Officer Barbara I. Millard AVP/Branch Manager, Silver Spring Mardi S. Novik AVP/Branch Manager, Shady Grove Alexis Santin AVP/Branch Manager, K Street Dana M. Thomas AVP/Training Officer Marlyn Newton Asst. Corporate Secretary Zandra D. Nichols Corporate Secretary/Officer Stephen J. Reyda Audit Officer Ann-Marie Z. Robinson Branch Manager/Officer, Rockville Lynne K. Shaer Assistant Controller/Officer Starla T. Shambourger Construction Loan Administration Officer Harvey L. Spicer III Residential Mortgage Officer Christie Washington AVP/Senior Portfolio Management Officer Marshelle R. Taylor Compliance Officer Teresa v. Trinh Portfolio Monitoring Specialist/ Officer David I. viertels Residential Mortgage Officer David W. Wilhelm Residential Mortgage Officer Carolyn Arndt Branch Manager/Officer, Rockville Pike Michael S. Betton Audit Officer Carole v. Bousum Audit Officer Nancy N. Bravo, AAP Deposit Operations Supervisor/ Officer 1 CORPORATE INFORMATION Annual Meeting Annual Meeting Bethesda Marriott 5151 Pooks Hill Road Bethesda, MD 20814 Thursday, May 22, 2008, at 10:00 a.m. Corporate Headquarters 7815 Woodmont Avenue Bethesda, MD 20814 301-986-1800 Investor Relations James H. Langmead Form 10-K SVP and Chief Financial Officer The Company’s Form 10-K Eagle Bancorp, Inc. may be obtained, free of charge, 7815 Woodmont Avenue by contacting: Zandra D. Nichols Corporate Secretary EagleBank 7815 Woodmont Avenue Bethesda, MD 20814 240-497-2041 znichols@eaglebankmd.com www.eaglebankmd.com Bethesda, MD 20814 240-497-1678 jlangmead@eaglebankmd.com www.eaglebankmd.com Member Federal Deposit Insurance Corporation Equal Housing Lender Member Federal Reserve System Affirmative Action/Equal Opportunity Stock Exchange Listing Employer ©2008 Eagle Bancorp, Inc. Common shares of Eagle Bancorp are traded on the NASDAQ Capital Market under the symbol EGBN. Transfer Agent and Registrar Computershare Trust Company, N.A. P.O. Box 43078 Providence, RI 02940-3078 www.computershare.com BOARD OF DIRECTORS 1 Worthington H. Talcott, Jr. 2 Arthur H. Blitz 3 Leland M. Weinstein 4 Eric H. West 5 Harvey M. Goodman 6 Philip N. Margolius 7 Steven L. Fanaroff 8 Bruce H. Lee 9 Thomas D. Murphy 10 Ronald D. Paul 11 Leonard L. Abel 12 Don R. Rogers 13 James A. Soltesz, P.E. 14 Leslie M. Alperstein, Ph.D. 15 Dudley C. Dworken 16 Zandra D. Nichols, Corporate Secretary 17 Benjamin M. Soto, Esq. 18 Neal R. Gross 19 Benson Klein Not pictured: Michael T. Flynn, Kim Natovitz 3 2 4 6 5 7 8 10 9 1 13 12 14 16 15 17 19 18 11 . l d n a y r a M , a d s e h t e B . c n I , p u o r G n g s e D a i l l e m o C i : n g s e D BETHESDA 7815 Woodmont Avenue Bethesda, MD 20814 T: 301-986-1800 F: 301-986-8529 CHEVY CHASE 15 Wisconsin Circle Chevy Chase, MD 20815 T: 301-280-6800 F: 301-280-6810 K STREET 2001 K Street, N.W. Washington, DC 20006 T: 202-296-6886 F: 202-296-0212 McPHERSON SQUARE  1425 K Street, N.W. Washington, DC 20005 T: 202-408-8411 F: 202-408-8644 DUPONT CIRCLE  ROCKVILLE  1228 Connecticut Avenue, N.W. 110 North Washington Street Washington, DC 20036 T: 202-466-3161 F: 202-466-4931 Rockville, MD 20850 T: 301-738-9600 F: 301-738-1210 www.eaglebankmd.com ROCKVILLE PIKE  11921 Rockville Pike Rockville, MD 20852 T: 301-230-9260 F: 301-230-9164 SHADY GROVE  9600 Blackwell Road Rockville, MD 20850 T: 301-762-3076 F: 301-762-2234 SILVER SPRING  8665-B Georgia Avenue Silver Spring, MD 20910 T: 301-588-6700 F: 301-589-5064 002CS61586 

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