Eagle Bancorp, Inc. Announces Cash Dividend and New Repurchase Program
December 17 2020 - 4:30PM
Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent
company for EagleBank, today announced a cash dividend for the
fourth quarter of 2020, in the amount of $0.22 per share. The cash
dividend will be payable on February 1, 2021 to shareholders of
record on January 8, 2021.
Additionally, the Board of Directors adopted a
new share repurchase program to take effect starting January 1,
2021, after the expiration of the current repurchase program on
December 31, 2020. The Board of Directors authorized the repurchase
of 1,588,848 shares of common stock, or approximately 5% of the
Company’s outstanding shares of common stock, under the new
repurchase program, which will expire on December 31, 2021, subject
to earlier termination of the program by the Board of Directors.
After lifting the suspension on the 2020 share repurchase program
in the third quarter of 2020 and the repurchase of the remaining
authorized 458,069 shares at a weighted average price of $37.72,
the Company had 31,780,197 shares outstanding as of December 16,
2020.
Repurchases may be made in open market
purchases, block trades or in privately negotiated transactions.
Repurchases, if any, under the program will be made at the
discretion of management, and will depend upon market pricing and
conditions, business, legal, accounting and other considerations.
Open market purchases will be conducted in accordance with the
limitation of Rule 10b-18 of the Securities and Exchange Commission
(the “SEC”). Repurchases may be made pursuant to any trading plan
that may be adopted in accordance with SEC Rule 10b5-1, which would
permit common stock to be repurchased when the Company might
otherwise be precluded from doing so under insider trading laws.
Under applicable law, repurchased shares will be cancelled and
revert to the status of authorized but unissued shares.
The repurchase program may be modified,
suspended or terminated at any time without notice, in the
Company’s discretion, based upon a number of factors, including
market conditions, the cost of repurchasing shares, the
availability of alternative investment opportunities, liquidity,
the need for capital in the Company’s operations and other factors
deemed appropriate. These factors may also affect the timing and
amount of share repurchases. The repurchase program does not
obligate the Company to repurchase any shares.
About Eagle Bancorp: The
Company is the holding company for EagleBank, which commenced
operations in 1998. The Bank is headquartered in Bethesda,
Maryland, and operates through twenty branch offices, located in
Suburban Maryland, Washington, D.C. and Northern Virginia. The
Company focuses on building relationships with businesses,
professionals and individuals in its marketplace.
Caution About Forward-Looking
Statements This press release contains forward-looking
statements within the meaning of the Securities Exchange Act of
1934, as amended, including statements of goals, intentions, and
expectations as to future trends, plans, events or results of
Company operations and policies and regarding general economic
conditions. These forward-looking statements are based on current
expectations that involve risks, uncertainties and assumptions,
including the impacts of the novel coronavirus pandemic and the
volatility and uncertainty in global markets and economies. Because
of these uncertainties and the assumptions on which the
forward-looking statements are based, actual future operations and
results in the future may differ materially from those indicated
herein. Readers are cautioned against placing undue reliance on any
such forward-looking statements. For details on factors that could
affect these expectations, see the risk factors and other
cautionary language included in the Company’s Annual Report on Form
10-K for the year ended December 31, 2019, the Company’s Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2020, June
30, 2020 and September 30, 2020, and other filings with the SEC.
Except as required by law, the Company does not undertake to update
forward-looking statements contained in this release.
EagleBank ContactDave Danielson301.986.1800
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