Bethesda, Md.-based Eagle Bancorp, Inc. (NASDAQ:EGBN) has completed the sale of assets it acquired during its purchase of Virginia Heritage Bank late last year. The parent of Eagle Bank found the Indirect Consumer Loan portfolio of Virginia Heritage Bank to be non-strategic.
MainStreet Bank (OTCQB:MNSB) bought the Indirect Consumer Loan portfolio from Eagle Bank for $80 million on July 24, 2015. Eagle said it will channel those funds into its commercial loan division, improve its yield on earning assets and reduce operating expenses.
Bethesda-based Eagle Bancorp, Inc. (NASDAQ:EGBN) reported solid growth across the board and easily beat analyst estimates as well.
The parent of Eagle Bank posted net income of $20.9 million in the second quarter or $0.62 cents per diluted share, a substantial increase of 62 percent. The company closed on its purchase of Virginia Heritage Bank last year which helped add to net income.
Analysts expected $0.58 cents per diluted share and revenues of $57.1 million, instead Eagle Bancorp posted total revenues of $63.8 million.
A new player is about to enter the Washington, D.C. banking market and has selected Bethesda for its first branch location in the area. Pending approval from Maryland regulators, Carroll Community Bank could be open for business by the end of the year.
The bank’s parent, Carroll Bancorp (OTC: CROL), is a Syskesville-based company that has two branches in Carroll County, just northwest of Baltimore but it’s making a big jump over areas like Columbia or Towson to open its third branch in Bethesda.
Olney, Md-based Sandy Spring Bancorp, (Nasdaq:SASR) has started off 2015 with some large gains in profit, beating last years earnings. The parent company of Sandy Spring Bank posted $21.6 million in net income for the first-six months of 2015 nearly 4 million dollars more than what the company made during that time last year.
Sandy Spring reported net income of $10.3 Million in the second quarter of 2015 versus $7 million last year.
Baltimore-based asset manager Legg Mason, Inc (NYSE: LM)Chairman, President and Chief Executive Officer made the following stock transactions on April 20, 2012.
Mark R. Fetting acquired of 4.03 units under a Deferred Compensation/Phantom Stock Plan also known as stock appreciation rights. A Phantom Stock Plan allows an employer to award units to an employee that are related in value to the company's common stock, but without actual issuance of common stock that would create additional shareholder voting rights.
Bethesda-based commercial real estate finance company Walker & Dunlop, Inc (NYSE: WD) Executive Vice President, Chief Financial Officer and treasurer made the following stock transactions on April 20, 2012.
Deborah A. Wilson disposed of 2,500 common stock shares at an average price of $13.00, totaling $32,500 under general transaction code S (Open market or private sale of non-derivative or derivative security). 114,386beneficially and directly owned shares remained after the transaction.
Baltimore-based financial asset manager, T. Rowe Price Group, Inc. (NASDAQ: TROW)reported increases in revenue and net income but not enough to meet analysts' expectations.
Revenues increased to $728.7 million for the first quarter of 2012 ended March 31, 2012 versus $682.4 million in the same period of 2011. The growth was led by investment advisory fees which boosted revenues by $34.2 million.
McLean-based Capital One Financial Corporation (NYSE: COF) completed acquisition of ING direct propelled its earnings to $2.72 per diluted common share or $1.4 billion on revenues of $4.9 billion.
Excluding the impact of ING Direct, earnings would have been $809 million or $1.56 per diluted common share. Last year net income was $407 million or $0.88 cents per diluted common share in fourth quarter and earnings of $1.0 billion or $2.21 per diluted common share in the first quarter 2011.
Rockville-based Catalyst Health Solutions (NASDAQ:CHSI), the fast growing prescription drug benefits provider, is in talks with Lisle, Illinois-based SXC Health Solutions (TSE:SXC) for a merger agreement valued at an estimated $4.4 Billion.
Silver Spring-based media giant -- Discovery Communications (NASDAQ:DISCA) --Chief Financial Officer Andrew Warren made the following stock transactions on April 12, 2012.
Andrew Warren acquired 19,720 Series A Common Stock shares under general transaction code A (Grant, award or other acquisition pursuant to Rule 16b-3(d)). 19,720 beneficially and directly owned shares remained after the transaction.
Bethesda-based Walker & Dunlop, Inc. (NYSE: WD), through its subsidiary Walker & Dunlop, LLC, reported that it completed a financing deal for the Hunt Valley Towne Centre in north central Baltimore County.
The $90 million arrangement was made possible through a loan from American International Group, Inc (AIG). Terms of the loan include 8-years interest-only payments.
CapitalSource Inc. (NYSE:CSE), made significant changes earlier in the year with its Executive Chairman, John K. Delaney taking an immediate leave from that role to pursue a political career in the United States House of Representatives.
Bethesda-based exchange traded fund Company is expanding its line of ETF's with the commencement of ProShares UltraPro Short 20+ Year Treasury (NYSE: TTT). The ProShares UltraPro Short 20+ Year Treasury is a way for investors to bet against positive returns in federal government treasury bonds.
ProShares claims TTT will seek out (before fees and expenses) -3x the daily performance of the Barclays Capital U.S. 20+ Index. The new ProShare ETF will be listed on NYSE Arca today
Baltimore-based money manager T. Rowe Price (NYSE:TROW)Chairman of the board (COB), Chief Information Officer (CIO) and Vice President, Brian C. Rogers made the following stock transactions on March 23, 2012.
Brian C. Rogers acquired 116,800 Common Stock shares at an average price of $30.775, totaling $3,594,520 under code M (Exercise or conversion of derivative security exempted pursuant to Rule 16b-3). 2,287,242 beneficially owned shares remained March 23, 2012.
After publishing our previous article on the preparedness of Maryland's Securities Division last week, we were finally contacted by the department and was able to get some answers about how the State was handling the upcoming rules change. We spoke with Melanie Senter Lubin, Securities Commissioner in the Securities Division at Maryland's Office of the Attorney General for our Q&A session.
Approximately five weeks before March 30thdeadline for mid-size Investment Advisory firms to deregister with the SEC and register with their principal states. Both DC and VA encouraged their Investment adviser registrants to begin their process early; in order to avoid the rush, and address any issues that may arise. Our initial plan was to bring you news from all three areas; DC, VA and MD. However, several attempts to contact Maryland Securities Division were unsuccessful in landing an interview with either Deputy Commissioner, Dale Cantone or Melanie Sente
Coventry Health Care, Inc. (NYSE: CVH) reported higher revenues but lower profits for the fourth quarter 2011 even with the positive impact of Medicare Advantage Private Fee-for-Service (MA-PFFS) product which added $0.02 to earnings per share.
Approximately 55 days left, before the March 30thdeadline for mid-size Investment Advisory firms to deregister with the SEC and register with their principal states. In Part I, of our article, we spoke with the Associate Commissioner for Washington D.C’s Department of Insurance, Securities, and Banking (DISB).
March 30, 2012 marks a significant deadline for Investment Advisory (IA) firms throughout the nation. Due to proposed regulations, which was derived, from Dodd-Frank (Wall Street Regulatory Reform and Consumer Protections Act), SEC has mandated that all mid-size IA firms deregister with the SEC and register with their principal states.
Money asset manager, Legg Mason, Inc. (NYSE: LM) released its third fiscal quarter 2012 financial results today that continued the company's trend of keeping its head above red.
Legg Mason reported revenues of $627 million versus $669.9 million in the second fiscal quarter 2012 which ended September 2011. Revenues were also much lower than the $721.9 million reported in the third fiscal quarter 2011 which ended December 2010.
Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) reported mixed financial results for the fourth quarter and all of 2011. The money manager posted increased revenues but a profit slightly lower than the fourth quarter of 2010.
Sandy Spring Bancorp, Inc., (Nasdaq:SASR), parent of Sandy Spring Bank, reported lower earnings for the fourth quarter of 2011 missing analyst estimates.
The Olney, Md-based bank said fourth quarter 2011 net income totaled $7.3 million or $0.30 cents per diluted share versus net income of $8.3 million or $0.34 cents per diluted share in 2010 and $11.3 million or $0.47 cents per diluted share in the third quarter of 2011.
Analysts had predicted fourth quarter earnings of $0.34 cents per share; the average estimate of 8 analysts.
Mclean-based Capital One Financial Corporation (NYSE: COF) released fourth quarter 2011 and full-year financial results after markets closed Thursday but disappointed investors with net income nearly cut in half compared to the third quarter of 2011.
Arlington-based Virginia Commerce Bank (NASDAQ:VCBI) is enhancing its customer service and banking experience for its clients with the addition of a new call center.
The facility is located in the Manassas area of Prince William County, Va., and will be officially known as the VCB Customer Care. Instead of an automated response, customers will be greeted and attended to by live operators. The center is said to be staffed with professionals with banking expertise.
Bethesda-Based Eagle Bancorp, Inc (Nasdaq:EGBN) says it will now focus on an organic growth strategy after the announcement that the planned purchase of Chantilly, Va-based Alliance Bankshares Corporation (Nasdaq:ABVA) and its branches is no longer in process.
Back on July 27, 2011, Eagle Bancorp announced the merger agreement and was seen as a way to accelerate growth in the northern Virginia market. Back then Alliance had approximately $536 million in assets and $412 million in deposits.
Lockheed Martin (NYSE: LMT) is an American global aerospace, defense, security, and advanced technology company, headquartered in Bethesda, Maryland. With annual revenues of over $45 Billion, Lockheed Martin is the largest publicly traded company in the D.C. area.
Lockheed’s dividend yield is 5.27, its payout ratio is 36.64 and its ex-dividend date is November 29, 2011.
Chevy Chase-based GEICO, one the largest insurance companies in the nation and with primary offices across the Maryland/D.C. border in Montgomery County is set to appear in front of the Montgomery County Planning Board on November 17, 2011 but for reasons not to the liking of either side.
The Planning Board is set to vote on the validity of an extension request for plans to redevelop GEICO's headquarters, and depending on which way the board votes could be a lose-lose situation for both parties.
McLean-based Freddie Mac (OTC: FMCC) a key player in what led to a national housing crisis, reversed course as economist and general sentiment hoped for a recovery in the housing market.
The quasi-government agency in Tysons Corner, Va, posted a net loss of $4.4 billion. The company said the net interest income of $4.6 billion was more than offset by derivative losses of $4.8 billion and provision for credit losses of $3.6 billion.
Corporate Executive Board Company (NYSE: EXBD), the Arlington-based company that provides services to executives reported double the net income for the third quarter ended September 30, 2011. Net income increased $7 million to $14 million or $0.41 cents per diluted share. The earnings beat the average analyst estimate of $0.39 cents and matched the high estimate of $0.41 cents.
Rockville-based Catalyst Health Solutions, Inc. (NASDAQ: CHSI) saw revenues jump an astounding 55 percent in the third quarter ended September 30, 2011. The nation's fastest growing pharmacy benefit manager announced revenues growth of $504.3 million to $1.43 billion versus $925.1 million in the third quarter of 2010.
The huge revenue growth comes after the acquisition of Walgreens Health Initiatives (WHI) by Catalyst in the spring of 2010. Revenues were slightly below the average estimate of 16 analysts which came to $1.45 billion.
Arlington-based FBR & Co. (Nasdaq:FBRC),an investment bank serving the middle market reported an increased net loss, posting a sharp 75% drop from the net loss in third quarter of 2010 that was $6.6 million. The net loss for the third quarter ended September 30, 2011 was $26.1 million or $-0.43 cents per share, almost double the $-0.23 cents forecast from analysts.
Bethesda-based Coventry Health Care, Inc. (NYSE: CVH), has agreed to purchase the Medicaid health plan business of Children's Mercy's Family Health Partners.
Kansas City-based Children's Mercy's Family Health Partners is managed by Children's Mercy Hospital. The group has an estimated 210,000 Medicaid total members with 155,000 members in the State of Kansas and the remaining members in the State of Missouri. The company brings in annual revenues of $450 million.
Reston-based Access National Corporation (NASDAQ: ANCX) which is the parent to Access National Bank reported year-over-year increase of 27.8 percent in the third quarter ended September 30, 2011 net income, which amounted to $3.1 million in third quarter 2011 or $0.30 cents per diluted shareversus $2.4 million or $0.23 cents per diluted share. The nationally chartered bank posted a decline in total assets, amounting to $765.5 million compared to $831.8 million at the end of December 31, 2010.
Common Shareholders will get less per diluted common share as Arlington-based Virginia Commerce Bancorp (Nasdaq: VCBI) posted a slightly lower net income in its third quarter 2011 financial results compared to the same period a year ago.
The parent company of Virginia Commerce Bank reported a net income of $5.2 million in the third quarter ended September 30, 2011 or $0.17 cents per diluted common share compared to a net income of $5.7 million or $0.20 cents per diluted common share in the third quarter 2010.
Bethesda-based commercial real estate and financial firm Walker & Dunlop, Inc. (NYSE: WD), announced that it has provided a loan to a primarily luxury residential apartment development in D.C. through its subsidiary Walker & Dunlop, LLC.
Vaughan Place at McLean Gardens was refinanced through a $93 Million Life Company Refinance Loan which closed on August 12, 2011. Terms of the loan include a 10-year tenure with 1-year interest only and 30-year amortization.
Corporate Executive Board (NYSE: EXBD), the company that helps senior management at other companies improve performance, announced a stock repurchase program of $50 Million.
The new program was authorized by Corporate Executive Board, Board of Directors with a time frame lasting through Dec 31, 2012. The company also noted that in the third quarter of 2011, it employed what was left from its previous stock repurchase program, which amounted to approximately $18.3 Million at the end of June 30, 2011.
Bowie-based Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of the Old Line Bank reported an exceptional second quarter.
In the second quarter ended June 30, 2011, the Prince George's County bank posted $1.18 Million in net income or $0.17 per diluted share to common shareholders. The amount far exceeded the $530,097 made in the same quarter of the prior year—it was a $652,848 increase.
CapitalSource Inc of Chevy Chase, Md, posted a net income of $16.594 Million. Deposits totaled $4.8 Billion for the CapitalSource Banking unit located in California. The company has a market capitalization of approximately $2 Billion. A portion of the press release follows.
Effective Monday, August 1, 2011, Arlington, Va., based FBR & Co. (Nasdaq:FBCM) will change its ticker symbol to FBRC. Trading of shares will not be disrupted during the change FBR said in a news release. The reason for the ticker symbol change was the company's name change from FBR Capital Markets Corporation to FBR & Co.
Access National Bank (NASDAQ: ANCX) whose parent company is Access National Corporation reported its 44th consecutive quarterly net income. The bank with headquarters in Reston, Va posted a $2.7 Million profit for the second quarter 2011 versus $1.7 Million income in the same time last year.
Deposits decreased to $507.9 Million as of the quarter ended June 30, 2011, down $119.9 Million from December 31, 2010 where there was a total of $627.8 Million in deposits.
One of the largest venture capital firm in the nation will expand into New York. Chevy Chase, Maryland firm, New Enterprise Associates, Inc expects to make its presence known using the experience it's gained doing business Maryland. The new office will be located at 44 West 28th Street in the Chelsea area in lower Manhattan. NEA also has an office in the Timonium area of the Baltimore metro.
Baltimore based Legg Mason, Inc (NYSE:LM) reported $662.5 Billion under management for June 2011, an increase of almost 10% from the $645.4 Billion in June 2010 but slightly lower than the $670.9 Billion reported May 2011.
Legg Mason is a global asset management firm with a market capitalization of approximately $4.81 Billion.