MainStreet Bank acquires $80M portfolio from EagleBank MainStreet Bank announced the acquisition of an $80M portfolio of indirect consumer loans from EagleBank effective July 24. EagleBank acquired the indirect consumer loan portfolio in a merger with Virginia Heritage Bank during the Q4 of FY14. During the transition, the team that originated the indirect consumer loan portfolio at Virginia Heritage Bank joined with MainStreet Bank.
Eagle Bancorp completes sale of portfolio to MainStreet Bank Eagle Bancorp announced that it has completed the sale of its Indirect Consumer Loan portfolio to MainStreet Bank. The transaction amounted to approximately $80M at July 24. This portfolio was acquired in the merger with Virginia Heritage Bank completed in the Q4 of FY14. The sale of this non-strategic loan class will allow the Company to deploy the funds into commercial loans, its core competency, improve its yield on earning assets and reduce operating expenses. Additional information may be obtained in Eagle Bancorp's quarterly earnings release dated July 22.
Eagle Bancorp reports Q2 EPS 61c, consensus 58c The net interest margin was 4.33% for the second quarter of 2015, as compared to 4.48% for the second quarter of 2014 and 4.41% for the first quarter of 2015. Ronald D. Paul CEO said, "The margin compression experienced in the second quarter of 2015 was due to higher balance sheet liquidity which will be deployed over time into loans. The Company continues its emphasis on disciplined pricing for both new loans and funding sources. Both loan yields and costs of funds were improved in the second quarter of 2015 as compared to the first quarter of 2015."