Eagle Bancorp
Annual Report 2008

Plain-text annual report

Annual Report 2008 S T R E N G T H to grow C O M M I T M E N T to serve C O N F I D E N C E to succeed  STRENGTHCOMMITMENTCONFIDENCEEagle Bancorp, Inc. NASDAQ Composite Index NASDAQ Bank Index 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, 1999 through December 31, 2008, 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. 600 500 400 300 200 100 0 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 EAGLE BANCORP, INC. NASDAQ BANK INDEX NASDAQ COMPOSITE INDEX 19 9 9 2 000 2 00 1 2 002 2 003 2 004 2 00 5 2 00 6 2 007 2 00 8 Eagle Bancorp, Inc. NASDAQ Composite Index NASDAQ Bank Index 100 100 100 100 61 115 169 48 126 228 33 132 295 49 171 342 53 190 508 54 182 502 59 202 395 65 157 188 39 120 Assuming $100 was invested on December 31, 1999 TO OUR SHAREHOLDERS As we write this letter to you, the American banking system and the global economy are undergoing major adjustments and reorganization. Two thousand eight was a year of awakening for many. Scores of industries, companies and individuals came to grips with the rapidly slowing and de-leveraging economy. The impact of this double-edged sword was caused, in larger part, by disruption in the global financial system due to a lack of liquidity in the credit markets and the devaluation of the housing market. We are pleased to report that despite the severe economic environment and the negative media attention, 2008 was a year of growth, change and success unparalleled in EagleBank’s history. It was a very significant year for us, not only because we continued to grow in the traditional ways banks are measured, but also because of the changes we made for the better. At the end of August, we completed the merger with Fidelity & Trust Financial Corporation that had been announced in December 2007. This merger increased the size of our customer and business base 50% overnight. Thousands of new customers were welcomed to the Bank and to our commitment to superior service. Not only did these new clients gain access to EagleBank, but with the merger, our existing customers obtained access to our services at six additional branch offices. A very exciting facet of the merger is the expansion of our branch presence into northern Virginia through the office in Tysons Corner. We also now provide added convenience to our customers with the Georgetown office. Additionally, we gained the services of many new and valuable employees, officers and directors who share our values and priorities and who have enhanced the EagleBank team. And finally, we added a new specialty banking unit, International Banking, which specializes in providing services to Embassies and related foreign entities that enrich the very unique Washington, DC market. To continue the growth of the Bank, it is imperative to have a strong capital base. After raising capital only twice before the 10-year anniversary of the Bank, we added capital twice in 2008. In August, the Company arranged the placement of $12.1 million of privately funded subordinated debt. The structure of the transaction is such that the funds are considered Tier 2 capital for all regulatory purposes. To ensure that the Company would have sufficient capital levels to support future growth, in December, we sold $38.2 million of Preferred Stock to the U.S. Treasury under the TARP Capital Purchase Program. Therefore, at year end, the Bank had a very strong capital position, and exceeded all standards for a well-capitalized institution.  Even though we felt the impact of the declining economic environment, the Bank achieved remarkable financial performance during 2008. Annual profits of $7.4 million were down only 4% from the $7.7 million earned in 2007, which was extremely favorable compared to almost every segment of the banking industry. We continue to find opportunities to make quality loans and enjoyed loan growth of 26% during the year, exclusive of the merger. Likewise, we generated 18% growth in deposits without the merger. At 4.05%, our net interest margin is higher than that of our peers. We have been able to maintain this margin despite a general environment which has caused the Federal Reserve to reduce short term rates over 400 basis points during the year. The Bank has always offered competitive rates on deposit products, but has seen an opportunity to improve yields on both commercial and industrial loans, as well as real estate loans, as the credit markets evolved during the year. Preserving asset quality is of primary importance during an economic downturn. We are carefully monitoring our loan portfolio and reacting swiftly to any potential problems. As recognition of the times, we have increased the allowance for credit losses at year-end to 1.45% of total loans, as compared to 1.12% at the end of 2007. The provision for credit losses represents the amount of expense charged to current earnings to fund the allowance for credit losses. The allowance for credit losses is 72% of non-performing loans, which we believe remains at a very manageable level. Net charge-offs as a percentage of total loans were only 0.12% for the year. These financial statistics reveal the success we achieved in many areas during the year, particularly in regard to the merger. We anticipate seeing the full financial impact of the merger in 2009. Our customer outreach and retention efforts have been successful and well received. We took advantage of the best technical capabilities of both companies to provide improved electronic banking functionality to all our customers. Another success for the Bank was the sponsorship of the Inaugural EagleBank Bowl. This event, which we committed to in September 2008, along with the EagleBank Foundation Golf Tournament, has demonstrated our continued support of our community, our local charities and our social commitment to corporate responsibility. EagleBank is well positioned for 2009. While aware of all the issues presented by the economic recession, we are excited by the opportunities presented in the Washington Metropolitan Area, one of the strongest demographic markets in our Nation. During these most difficult financial times, we especially want to thank all of the 235 members of the EagleBank family, and our fellow Directors, who, day in and day out, continue to provide the highest level of professionalism, reinforcing the vision and mission that EagleBank has stood for these past 10 years. We look forward to another successful year and as always thank you for your support! Sincerely, Ronald D. Paul Chairman & Chief Executive Officer Robert P. Pincus Vice Chairman 2 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. YEAR ENDED DECEMBER 31, (dollars in thousands except per-share data) 2 00 8 2 007 2 00 6 2 00 5 2 004 2 003 5-Year Compound Growth Rate Selected Balances - Period End Total assets Total stockholders’ equity Total loans Total deposits Selected Balances - Averages Total assets Total stockholders’ equity Total loans Total deposits 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 paid, common shareholders $1,496,827 142,371 1,265,640 1,129,380 $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 28% 22% 32% 27% $1,076,201 92,892 911,329 839,568 $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 $65,657 23,676 41,981 3,979 $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 38,002 4,366 30,817 11,551 4,123 7,428 1,178 31,705 5,186 24,921 11,970 4,269 7,701 2,302 30,693 3,846 21,824 12,715 4,690 8,025 2,147 26,875 3,998 18,960 11,913 4,369 7,544 1,994 19,192 3,753 14,952 7,993 2,906 5,087 13,275 2,850 11,007 5,118 1,903 3,215 - - - 23% 22% 28% 23% 29% 43% 24% 28% 23% 9% 23% 18% 17% 18% Per Share Data (1) Earnings per weighted average common share, basic (2) Earnings per weighted average common share, diluted (2) Book value per common share Dividends declared per common share Dividend payout ratio per common share (3) Financial Ratios Return on average assets Return on average common equity Average common equity to average assets Net Interest Margin Efficiency ratio (4) Nonperforming loans to total loans Net charge-offs to average loans $0.63 $0.73 $0.77 $0.74 $0.51 $0.44 0.62 8.19 0.11 0.71 7.59 0.22 0.74 6.99 0.21 0.70 6.32 0.20 15.86% 29.89% 27.06% 26.42% 0.48 5.80 - - 0.41 5.32 - - 7% 9% 9% 0.69% 8.05% 0.96% 10.03% 1.13% 11.63% 1.24% 12.25% 8.37% 4.05% 66.49% 2.01% 0.12% 9.59% 4.37% 64.67% 0.74% 0.15% 9.68% 4.81% 60.15% 0.32% 0.06% 10.09% 4.99% 57.95% 0.09% 0.02% 1.04% 9.16% 11.38% 4.35% 63.30% 0.04% 0.03% 0.86% 9.45% 9.05% 4.14% 63.62% 0.21% 0.10% (1) Presented giving retroactive effect to the 10% stock dividend paid on the common stock on October 1, 2008 and the stock splits in the form of 30% dividends on the common stock paid on July 5, 2006 and February 28, 2005. In July 2008, the Company discontinued the payment of its quarterly cash dividend. (2) Earnings per weighted average common share, basic and diluted, for the twelve months ended December 31, 2008 reflects the reduction to net income for the accrued dividends of $177 thousand on the preferred stock issued on December 5, 2008 pursuant to the Capital Purchase Program. (3) Computed by dividing dividends declared per common share by net income. (4) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.  STRENGTH. COMMIT MENT. CONFIDENCE.  STRENGTH. COMMIT MENT. CONFIDENCE. AT E A G l E B A N k , strength is a force that radiates from within. It is power that finds its source in relationships built on trust. It is respect for the goals of clients and the opinions of colleagues. And it is confidence to expand our reach while continuing our commitment to superior service. From a position of strength, EagleBank community banks resulted in an expanded convenient eStatements Service, International completed a merger with Fidelity & Trust Bank financial services organization with total assets Banking, and a Commercial Deposit Services in August 2008. More than a merger, it is a of approximately $1.5 billion, an increase of Division. We also began an exciting expansion meeting of the minds, a symbol of shared 77% over 2007. Total loans grew 77%, while of our corporate headquarters which will also confidence, and a commitment to the future total deposits increased 79%. add the convenience of drive-through banking in challenging times. It is also a commitment to the relationships that, after a decade of service, remain the focus and driving force of EagleBank. As one of the area’s largest and strongest community banks, the pledge we made to our customers, shareholders, employees, and community is renewed every day. It is a pledge that we will listen to their needs and respond. It is a drive to provide quality financial services and successful solutions. And it is a dedication to improve both our community’s economic health and its quality of life. Blending EagleBank’s considerable financial resources with those of Fidelity & Trust gave us a strong advantage over our competitors in terms of both asset quality and profitability. Building on our strength, EagleBank continued to thrive in a period of instability for many other banks. Our net interest margin remained high relative to our peers. We increased our market share while retaining our values of local accessibility and exceptional service. With the merger, we expanded our branch at our Bethesda Main branch. In a year of growth and success, we take pride in our increased focus on corporate responsibility and our support of charitable causes in the community we serve. As the title sponsor of the Inaugural EagleBank Bowl, a historic event supporting local charities as well as the District’s economy, we reaffirm our mission of service, both to area residents and businesses. It is from strength that we continue as leaders in corporate citizenship. And it is with confidence that we create shareholder network into Northern Virginia, gained two value and build relationships, while we serve In 2008, EagleBank continued the trend of strategic locations in the District of Columbia, as trusted advisors who share and nurture our long-term growth that reflects our leadership and continued to solidify our presence in customers’ passion and entrepreneurial spirit. and resilience in the financial marketplace. Maryland. To anticipate and fulfill more of The successful merger of two leading our customers’ banking needs, we added a  1 S T R E N G T H to grow  Business Development Officers discuss creative banking solutions prior to meeting a customer at Jaleo, a Bethesda restaurant and EagleBank client. B U I l D I N G on a firm foundation, EagleBank strengthened relationships and resources. With the acquisition of Fidelity & Trust Bank, we welcomed new customers and employees as we combined two strong management teams and merged the best practices of both institutions. With the combined entity, we enhanced our products and services to better compete with larger banks in the region, while still offering the distinct advantage of access to local decision-makers. EagleBank customers also benefited from our ability to make loans in a year when other banks could not, both in our capacity as commercial and real estate lenders and in meeting our customers’ personal needs. Dedicated to combining the best of both banks, in 2008, former Fidelity & Trust commercial banking experts joined with specialists at EagleBank to offer customers with significant deposits the benefits of a Commercial Deposit Services Division. Our Commercial Deposit Services officers are readily available every day to offer support, specialized products, and custom banking solutions. Recognizing the level of service required to make banking easier and more rewarding for all customers, we added a convenient eStatements Service to our online banking options. With this service, monthly deposit account statements can be viewed electronically. EagleBank also continued to expand usage of our remote deposit service, as more clients discover the benefits of making deposits from their office and having faster access to their funds. Not only do customers save time with EagleBank’s many online services, but increased use of “green” electronic banking conserves paper and the earth’s resources. Introduced in 2008, EagleBank’s International Banking Division reflects our desire to build new relationships and expand our customer base. Designed to meet the needs of embassies, their affiliates, and other international organizations, this division provides the personalized banking assistance that the international community expects, while also complying with the regulations that govern global banking in the United States. Meeting the banking requirements of all of our constituencies while we safeguard their financial resources is a constant goal. As industry leaders, in 2003, EagleBank was the first financial institution in Maryland to participate in the CDARS® * Program to give customers more insurance options. As CDARS® has grown, it uses a sophisticated computer network to place customer deposits with other FDIC-insured banks. This allows our clients to maximize their insurance coverage up to the established limit, while still managing all of their funds through EagleBank. Whatever segment of the business community we serve, from real estate, health care, retail, non-profits, and embassies to law, accounting, architecture, and consulting firms, we are committed to the thoughtful, steady growth that enables us to offer safety, convenience, and a full range of financial services. * Certificate of Deposit Account Registry Service® “ The combined entity enabled us to enhance our products and services to better compete with larger banks in the region, while still offering the distinct advantage of access to local decision-makers.”  Ron Paul, EagleBank Chairman and CEO, and Bob Pincus, EagleBank Vice Chairman, enjoy the Inaugural EagleBank Bowl with client and shareholder Ken Malm. “ Just as our customers count on EagleBank to help them achieve their goals, so can the community count on us to help make our area a better place to live...” C O N T R I B U T I N G to our community’s quality of life is paramount at EagleBank. Our commitment to serve the area’s growing businesses is mirrored by our dedication to serve the well-being of its citizens. We know that in building relationships in the community, we are also building confidence and trust. Just as our customers count on EagleBank to help them achieve their goals, so can the community count on us to help make our area a better place to live. In 2008, EagleBank became the title sponsor and official bank of the Inaugural EagleBank Bowl. Our leadership in this endeavor demonstrates our focus on corporate citizenship, our financial strength, and our desire to contribute to the vitality of the Nation’s Capital. Committed to honor those who serve our country, the event seeks to always include a team from the U.S. military academies against an opponent from the ACC*. Held at RFK Stadium on December 20, 2008, the EagleBank Bowl between the U.S. Naval Academy and Wake Forest University was attended by nearly 30,000 people. This historic event is the first time that the NCAA** participated in a post-season bowl game in Washington, D.C. The EagleBank Bowl supports the Wounded EOD Warrior Foundation as well as other local charities such as Positive Choices, a D.C. based non-profit organization that provides services to inner city youths. In addition to its charitable efforts, the EagleBank Bowl creates significant economic impact for local restaurants, hotels, retailers, and entertainment venues. EagleBank held the fourth EagleBank Foundation Fight Breast Cancer Golf Classic on Monday, October 13, 2008 at Woodmont County Club in Rockville, Maryland. With the support of more than 30 companies and six foundations, we exceeded our 2007 total and raised over $112,000 to benefit local health care facilities’ fight against breast cancer. The EagleBank Bowl and the EagleBank Foundation reflect our commitment to corporate citizenship as an integral part of community banking. So do the efforts of EagleBank employees and directors who regularly join customers, neighbors, and friends in endeavors like the National Kidney Foundation’s Annual Ronald D. Paul Kidney Walk. Initiated by EagleBank’s Chairman Ronald Paul in 2002 with approximately forty walkers, the event grew to 650 participants in 2008. EagleBank as well as Bank employees also devote time and resources to organiza- tions such as Boys & Girls Clubs of Greater Washington, Muscular Dystrophy Association, Cystic Fibrosis Foundation, Children’s National Medical Center, Society for Women’s Health Research, and Arts for the Aging. * Atlantic Coast Conference **National Collegiate Athletic Association 8 After a day of serving customers, Commercial Real Estate and Loan Officers depart EagleBank’s Bethesda headquarters for an evening of community service activities. 2 C O M M I T M E N T to serve  3 C O N F I D E N C E to succeed Commercial Deposit Services Officers arrive and work at the new EagleBank branch at 1725 Eye Street in Washington, D.C. These former Fidelity & Trust banking experts join EagleBank specialists to combine two strong management teams. 0 “ With confidence and commitment, we remain dedicated to the local accessibility, personalized service, and corporate citizenship that are the hallmarks of our success. ” C O N T I N U I N G to inspire confidence and build relationships is EagleBank’s greatest achievement. It is a goal that carries us into our next decade of service. It is also a promise that we fulfill every day at every branch, every office, in every meeting, and every time we answer the phone. In 2009, we look forward to new opportunities for growth as we increase market share and build shareholder value. With thirteen branches throughout the Washington, D.C. Metropolitan area, we seek to strengthen and expand our presence in key business districts. Increased use of technology enables us to enhance our service capabilities, as we streamline operations and encourage use of online banking products. As always, our support of local businesses is complemented by charitable efforts in our community. Even as we continue to grow our assets and expand our reach, we will never lose our personal, proactive approach. Our ability to anticipate and fulfill our customers’ needs reflects our proven financial acumen and our local market knowledge. Our accessibility to key decision-makers including our Chairman, Vice-Chairman, and directors, exemplifies our focus on full-service relationship banking. EagleBank’s dedication to our customers, shareholders, and community extends to our employees. We value their expertise, integrity, and loyalty, and we are devoted to their professional development and satisfaction. With strength and a firm foundation, EagleBank has grown large enough to meet all of our customers’ banking needs. With confidence and a continued commitment, we remain dedicated to the local accessibility, personalized service, and corporate citizenship that are the hallmarks of our success.  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. 2 BOARD OF DIRECTORS Ronald D. Paul * Chairman and CEO of Eagle Bancorp, Inc. Chairman and CEO of EagleBank President of Ronald D. Paul Companies Robert P. Pincus * Vice-Chairman of Eagle Bancorp, Inc. Vice-Chairman of EagleBank Chairman of Blackstreet Capital Management, LLC and Milestone Merchant Partners, LLC Leonard L. Abel * Former Chairman of Eagle Bancorp, Inc. Financial Consultant Retired Partner of Kershenbaum, Abel, Kernus and Wychulis Leslie M. Alperstein, Ph.D. ** Chief Executive Officer of Washington Analysis, LLC Arthur H. Blitz *** Principal of Paley, Rothman, Goldstein, Rosenberg, Eig & Cooper, Chartered, a Bethesda law firm Dudley C. Dworken * Managing Partner, JDJ Investments, LLC Steven L. Fanaroff *** Vice President and Chief Financial Officer of Magruder Holdings, Inc. Harvey M. Goodman * President of Goodman-Gable-Gould Company Neal R. Gross * Founder, Chairman and Chief Executive Officer of Neal R. Gross & Company Benson Klein *** Principal of Ward & Klein, Chartered, a Maryland-based law firm Susan Lacz *** Principal of Ridgewells Caterers Bruce H. Lee *** President of Lee Development Group Philip N. Margolius * Principal of the Margolius Law Firm Norman R. Pozez * Chairman of Uniwest Group, LLC Thomas W. Roberson *** Partner of Montouri & Roberson Donald R. Rogers * Principal of Shulman, Rogers, Gandal, Pordy & Ecker, P.A., a Maryland law firm James A. Soltesz, P.E. *** President and Chief Executive Officer of Loiederman Soltesz Associates, Inc. Benjamin M. Soto, Esquire *** Founder, President and Chief Executive Officer of Premium Title & Escrow, LLC Worthington H. Talcott, Jr. *** Principal of Shulman, Rogers, Gandal, Pordy & Ecker, P.A., a Maryland law firm Leland M. Weinstein * President of Syscom Services, Inc. Eric H. West *** Founding Principal of West, Lane & Schlager Realty Advisors, LLC * Director of EagleBank and Eagle Bancorp, Inc. ** Director of Eagle Bancorp, Inc. only *** Director of EagleBank only  EXECUTIVE OFFICERS Ronald D. Paul Chairman/Chief Executive Officer Thomas D. Murphy President/EagleBank – Maryland Barry C. Watkins President/EagleBank – Washington, DC and Virginia Michael T. Flynn EVP/Chief Operating Officer of Eagle Bancorp, Inc. Martha Foulon-Tonat EVP/Chief Lending Officer James H. Langmead EVP/Chief Financial Officer Susan G. Riel EVP/Chief Operating Officer of EagleBank Janice L. Williams EVP/Chief Credit Officer OFFICERS Richard D. Corrigan Joan Y. Pawloski Horacio Chacon President/Eagle Commercial Ventures, LLC SVP/Loan Administration Manager VP/Commercial Loan Officer II Diane M. Begg EVP/Controller Cynthia A. Pehl SVP/Chief Risk Officer Robert R. Hoffmann John B. Richardson EVP/Chief Administrative Lending Officer SVP/Commercial Lending Team Leader Kim Ray Susan J. Schumacher James R. Chittock VP/Market Manager Terry L. Clarke VP/Project Manager Linda A. Dawkins EVP/Senior Operating Officer SVP/Commercial Deposit Services Manager VP/Business Development Officer J. Mercedes Alvarez SVP/Director of Marketing Terrence D. Weber Michael L. Devito SVP/Financial Reporting & Control Manager VP/SBA Lender Lawrence J. Bolton Maria G. Acosta SVP/Business Development Officer VP/Business Development Officer Joseph L. Clarke Allan L. Acree SVP/Branch Administration Manager VP/Commercial Real Estate Loan Officer Elizabeth A. Ferrenz Jacqueline Ames Juanita Douglas VP/Market Manager P. Lucas Flynn VP/Credit Analyst II Joan M. Grant SVP/Director of Customer Service VP/Business Development Officer VP/Wire & Cash Room Manager Susan O. Kooker SVP/Director of Audit Linda M. Lacy John A. Bettini Sharon A. Gray VP/Commercial Loan Officer II VP/Loan Operations Manager Andrew S. Bridge Stephen I. Greene SVP/Information Technology Manager VP/Business Development Officer VP/Residential Mortgage Lending Manager R. Frederick Marsden Judy L. Callaway Timothy D. Hamilton SVP/Senior Consumer Loan Officer VP/Deposit Operations Manager VP/Commercial Loan Officer II Thomas A. Mee Michele Capone Kai M. Hills SVP/Senior Real Estate Loan Officer VP/Workout, Recovery & Liquidation Officer VP/Business Development Officer  Jackie Ho VP/Credit Analyst II Malcolm S. Karl, CAE VP/Non-Profit Specialist Deborah J. Keller VP/Branch Manager Scott S. Kinlaw VP/Commercial Loan Officer II Nancy N. Bravo Jane E. Cornett AVP/Deposit Operations Supervisor Officer/Corporate Secretary Michael A. Brooks Robert C. Cortez AVP/Credit Analyst & Portfolio Manager Residential Mortgage Loan Officer A. Lisa Bynum-Hinton AVP/Branch Manager Yulissa Guerra-Reyes AVP/Branch Manager II Shari Craig Officer/Portfolio Manager Yeshiwatshay M. Eldridge Officer/Check Exceptions Manager Susan M. Lewis David Helfgott Tsedenia Fikru VP/Branch Operations Manager AVP/Commercial Loan Officer Officer/Loan Operations Supervisor Matthew B. Leydig Glenn M. Johnson VP/Commercial Real Estate Loan Officer AVP/Electronic Application Manager Jodee Lichtenstein Linda S. Licata Susan W. Greulich Training Officer Robert B. Hill, III VP/Workout, Recovery & Liquidation Officer AVP/Branch Manager II Senior Residential Mortgage Loan Officer K. Russel Marsh VP/Commercial Loan Officer Ludwell L. Miller, III VP/Compliance Director Robin D. Powell VP/Commercial Loan Officer Christine M. Linford Olga Jean-Claude AVP/Employee Relations & Recruiting Manager Officer/Assistant Branch Manager Courtney W. Michel AVP/Human Resources Officer Barbara I. Millard AVP/Branch Manager II Rongbo Lu Audit Officer Patrick T. McCalley Senior Residential Mortgage Loan Officer Ryan A. Riel Shan Mohamed Marlyn M. Newton VP/Commercial Real Estate Loan Officer AVP/Business Development Officer Officer/Assistant Corporate Secretary Kenneth S. Scales VP/Commercial Loan Officer II Christopher D. Morgan AVP/Commercial Loan Officer Janette S. Shaw VP/Marketing & Advertising Manager Jenny A. Shtipelman VP/Business Development Officer Mardi S. Novik AVP/Branch Manager Claudia F. Oliver AVP/Branch Manager Stephen J. Reyda Audit Officer Ann-Marie Z. Robinson Officer/Branch Manager Lynne K. Shaer Officer/Assistant Controller Deborah C. Shumaker Alexis Santin Starla T. Shambourger VP/Business Development Sales Manager AVP/Cash Management Officer Construction Loan Management Officer Carisa D. Stanley Constance J. Singleton Brendon F. Shea VP/Commercial Real Estate Loan Officer AVP/Network & Applications Manager Commercial Loan Officer James R. Walker Christie Washington VP/Commercial Real Estate Loan Officer AVP/Senior Portfolio Management Officer Jane N. Willis VP/Credit Analyst II Rosalind S. Alexander AVP/Branch Manager Christine Andrukitis AVP/Consumer Loan Officer Rokas Beresniovas AVP/Business Development Officer Rita E. Watkins-Tillman AVP/Branch Manager Mehdi Baftechi Officer/IT Project Manager Michael S. Betton Audit Officer Carole V. Bousum Audit Officer Marshelle R. Taylor Compliance Officer Anthony Thomas, Jr. Business Development Officer Teresa V. Trinh Officer/Portfolio Monitoring Specialist David W. Wilhelm Senior Residential Mortgage Loan Officer Lisa Williams Officer/Deposit Operations Administrator  CORPORATE INFORMATION Annual Meeting Annual Meeting Bethesda Marriott 5151 Pooks Hill Road Bethesda, MD 20814 Investor Relations James H. Langmead EVP and Chief Financial Officer Eagle Bancorp, Inc. 7815 Woodmont Avenue Thursday, May 21, 2009, at 10:00 a.m. Bethesda, MD 20814 Form 10-K 240-497-1678 jlangmead@eaglebankcorp.com The Company’s Form 10-K www.eaglebankcorp.com may be obtained, free of charge, by contacting: Jane E. Cornett Corporate Secretary EagleBank 7815 Woodmont Avenue Bethesda, MD 20814 240-497-2041 jcornett@eaglebankcorp.com www.eaglebankcorp.com Stock Exchange Listing Common shares of Eagle Bancorp are traded on the NASDAQ Capital Market under the symbol EGBN. Transfer Agent and Registrar Counsel Kennedy & Baris, L.L.P. 4701 Sangamore Road Suite P-15 Bethesda, MD 20816 Independent Accounting Firm Stegman & Company 405 East Joppa Road Suite 100 Baltimore, MD 21286 Member Federal Deposit Insurance Corporation Equal Housing Lender Member Federal Reserve System Affirmative Action/Equal Opportunity Employer Computershare Trust Company, N.A. ©2009 Eagle Bancorp, Inc. P.O. Box 43078 Providence, RI 02940-3078 www.computershare.com Corporate Headquarters 7815 Woodmont Avenue Bethesda, MD 20814 240-497-2044   M A RY L A N D V I RG I N I A Bethesda 7815 Woodmont Avenue Bethesda, MD 20814 T: 240-497-2044 F: 301-986-8529 Chevy Chase 15 Wisconsin Circle Chevy Chase, MD 20815 T: 301-280-6800 F: 301-280-6810 Rockville 110 North Washington Street Rockville, MD 20850 T: 301-738-9600 F: 301-738-1210 Rollins Avenue 130 Rollins Avenue Rockville, MD 20852 T: 301-287-8500 F: 301-468-5601 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 Sligo Avenue 850 Sligo Avenue, Suite 100 Silver Spring, MD 20910 T: 301-960-0100 F: 301-587-2982 Tysons Corner 8601 Westwood Center Drive Vienna, VA 22182 T: 703-485-8011 F: 703-356-4951 WA S H I N G TO N , D C Dupont Circle 1228 Connecticut Avenue, NW Washington, DC 20036 T: 202-466-3161 F: 202-466-4931 Eye Street 1725 Eye Street, NW Washington, DC 20006 T: 202-292-1600 F: 202-292-1652 Georgetown 1044 Wisconsin Avenue, NW Washington, DC 20007 T: 202-481-7025 F: 202-298-6575 K Street 2001 K Street, NW Washington, DC 20006 T: 202-296-6886 F: 202-296-0212 McPherson Square 1425 K Street, NW Washington, DC 20005 T: 202-408-8411 F: 202-408-8644 Coming Fall 2009 Park Potomac Branch near Montrose Road and I-270 www.eaglebankcorp.com EGBN-2008 

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