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(EDGAR Online via COMTEX) — Item 2 – Management’s Altercation and Assay of Cyberbanking Action and After-effects of Operations

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The afterward altercation provides advice about the after-effects of operations, and cyberbanking condition, liquidity, and basal assets of the Aggregation and its subsidiaries as of the dates and periods indicated. This altercation and assay should be apprehend in affiliation with the unaudited Consolidated Cyberbanking Statements and Addendum thereto, actualization abroad in this address and the Administration Altercation and Assay in the Company’s Annual Address on Form 10-K for the year concluded December 31, 2018.

This address contains advanced attractive statements aural the acceptation of the Balance Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to approaching trends, plans, contest or after-effects of Aggregation operations and behavior and apropos accepted bread-and-butter conditions. In some cases, forward- attractive statements can be articular by use of such words as “may,” “will,” “anticipate,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and agnate words or phrases. These statements are based aloft accepted and advancing bread-and-butter conditions, nationally and in the Company’s market, absorption ante and absorption amount policy, aggressive factors and added conditions, which by their attributes are not affected to authentic forecast, and are accountable to cogent uncertainty. For capacity on factors that could affect these expectations, see the accident factors and added cautionary accent included in the Company’s Annual Address on Form 10-K for the year concluded December 31, 2018 and in added alternate and accepted letters filed by the Aggregation with the Balance and Exchange Commission. Because of these uncertainties and the assumptions on which this altercation and the advanced statements are based, absolute approaching operations and after-effects in the approaching may alter materially from those adumbrated herein. Readers are cautioned adjoin agreement disproportionate assurance on any such advanced attractive statements.

GENERAL

The Aggregation is a growth-oriented, one-bank captivation aggregation headquartered in Bethesda, Maryland, which is currently adulatory twenty-one years of acknowledged operations. The Aggregation provides accepted bartering and chump cyberbanking casework through the Bank, its wholly endemic cyberbanking subsidiary, a Maryland accountant coffer which is a affiliate of the Federal Assets System. The Aggregation was organized in October 1997, to be the captivation aggregation for the Bank. The Coffer was organized in 1998 as an independent, association oriented, abounding account cyberbanking another to the cool bounded cyberbanking institutions, which boss the Company’s primary bazaar area. The Company’s aesthetics is to accommodate superior, alone account to its customers. The Aggregation focuses on accord banking, accouterment anniversary chump with a cardinal of casework and acceptable accustomed with and acclamation chump needs in a proactive, alone fashion. The Coffer currently has a absolute of twenty annex offices, including nine in Northern Virginia, six in Suburban Maryland, and bristles in Washington, D.C.

The Coffer offers a ample ambit of bartering cyberbanking casework to its business and able audience as able-bodied as abounding account chump cyberbanking casework to individuals alive and/or alive primarily in the Bank’s bazaar area. The Coffer emphasizes accouterment bartering cyberbanking casework to sole proprietors, baby and medium-sized businesses, non-profit organizations and associations, and investors alive and alive in and abreast the primary account area. These casework accommodate the accepted drop functions of bartering banks, including business and claimed blockage accounts, “NOW” accounts and money bazaar and accumulation accounts, business, construction, and bartering loans, residential mortgages and chump loans, and banknote administration services. The Coffer is additionally alive in the alpha and auction of residential mortgage loans and the alpha of SBA loans. The residential mortgage loans are originated for auction to third-party investors, about ample mortgage and cyberbanking companies, beneath best efforts and binding commitment commitments with the investors to acquirement the loans accountable to acquiescence with pre-established criteria. The Coffer about sells the affirmed allocation of the SBA loans in a transaction afar from the accommodation alpha breeding noninterest assets from the assets on sale, as able-bodied as application assets on the allocation participated. The Aggregation originates multifamily FHA loans through the Department of Housing and Urban Development’s Multifamily Accelerated Affairs (“MAP”). The Aggregation securitizes these loans through the Government National Mortgage Association (“Ginnie Mae”) MBS I affairs and sells the consistent balance in the accessible bazaar to accustomed dealers in the accustomed advance of business and periodically bundles and sells the application rights. Bethesda Leasing, LLC, a accessory of the Bank, holds appellation to and manages added absolute acreage endemic (“OREO”) assets. Eagle Allowance Services, LLC, a accessory of the Bank, offers admission to allowance articles and casework through a barometer affairs with a third affair allowance broker. Additionally, the Coffer offers advance advising casework through barometer programs with third parties. Landroval Municipal Finance, Inc., a accessory of the Bank, focuses on lending to municipalities by affairs debt on the accessible bazaar as able-bodied as absolute acquirement issuance.

CRITICAL ACCOUNTING POLICIES

The Company’s Consolidated Cyberbanking Statements are able in accordance with GAAP and chase accepted practices aural the cyberbanking industry. Application of these attempt requires administration to accomplish estimates, assumptions, and judgments that affect the amounts appear in the cyberbanking statements and accompanying notes. These estimates, assumptions and judgments are based on advice accessible as of the date of the Consolidated Cyberbanking Statements; accordingly, as this advice changes, the Consolidated Cyberbanking Statements could reflect altered estimates, assumptions, and judgments. Certain behavior inherently accept a greater assurance on the use of estimates, assumptions and judgments and, as such, accept a greater achievability of address after-effects that could be materially altered than originally reported. Estimates, assumptions, and judgments are all-important back assets and liabilities are appropriate to be recorded at fair value, back a abatement in the amount of an asset not agitated on the cyberbanking statements at fair amount warrants an crime write-down or a appraisal assets to be established, or back an asset or accountability needs to be recorded accidental aloft a approaching event. Carrying assets and liabilities at fair amount inherently after-effects in added cyberbanking account volatility. The Aggregation applies the accounting behavior independent in Note 1 to Consolidated Cyberbanking Statements included in the Company’s Annual address on Form 10-K for the year concluded December 31, 2018. There accept been no cogent changes to the Company’s Accounting Behavior as appear in the Company’s Annual Address on Form 10-K for the year concluded December 31, 2018 except as adumbrated in “Accounting Standards Adopted in 2019” in Note 1.

RESULTS OF OPERATIONS

Earnings Summary

Net assets for the three months concluded June 30, 2019 was $37.2 actor compared to $37.3 actor net assets for the three months concluded June 30, 2018. Net assets per basal accepted allotment for the three months concluded June 30, 2019 was $1.08 compared to $1.09 for the aforementioned aeon in 2018. Net assets per adulterated accepted allotment was $1.08 for both the three months concluded June 30, 2019 and June 30, 2018.

Net assets remained collapsed for the three months concluded June 30, 2019 about to the aforementioned aeon in 2018 due to college revenues (i.e. net absorption assets additional noninterest income) account by college costs in the 2019 period. The accouterment for assets taxes was $13.5 million, an access of $959 thousand or 8% compared to the aforementioned aeon in 2018. The best cogent allocation of acquirement is net absorption income, which added 4% for the three months concluded June 30, 2019 over the aforementioned aeon in 2018 ($81.3 actor against $78.2 million), consistent from advance in boilerplate earning assets of 10%.

For the three months concluded June 30, 2019, the Aggregation appear an annualized acknowledgment on boilerplate assets (“ROAA”) of 1.74% as compared to 1.92% for the three months concluded June 30, 2018. The annualized acknowledgment on boilerplate accepted disinterestedness (“ROACE”) for the three months concluded June 30, 2019 was 12.81% as compared to 14.93% for the three months concluded June 30, 2018. The annualized acknowledgment on boilerplate actual accepted disinterestedness (“ROATCE”) for the three months concluded June 30, 2019 was 14.08% as compared to 16.71% for the three months concluded June 30, 2018. The abatement in these ratios was primarily due to a abatement in the net absorption margin.

For the six months concluded June 30, 2019, the Company’s net assets was $71.0 million, a 3% abatement from the $73.0 actor of net assets for the aforementioned aeon in 2018. Net assets per basal accepted allotment for the six months concluded June 30, 2019 was $2.06 compared to $2.13 for the aforementioned aeon in 2018, a 3% decrease. Net assets per adulterated accepted allotment for the six months concluded June 30, 2019 was $2.05 compared to $2.12 for the aforementioned aeon in 2018, a 3% decrease.

The abatement in net assets for the six months concluded June 30, 2019 can be attributed primarily to $6.2 actor in nonrecurring accuse accustomed during the aboriginal division of 2019 accompanying to allotment based advantage awards and the retirement of our aloft Chairman and Chief Executive Officer, Mr. Ronald D. Paul. The accouterment for assets taxes was $25.4 million, an access of $575 thousand or 2% compared to the aforementioned aeon in 2018. The best cogent allocation of acquirement is net absorption income, which added 5% for the six months concluded June 30, 2019 over the aforementioned aeon in 2018 ($162.3 actor against $154.0 million), consistent from advance in boilerplate earning assets of 11%.

For the six months concluded June 30, 2019, the Aggregation appear an annualized ROAA of 1.68% as compared to 1.91% for the six months concluded June 30, 2018. The annualized ROACE for the six months concluded June 30, 2019 was 12.47% as compared to 14.96% for the six months concluded June 30, 2018. The annualized ROATCE for the six months concluded June 30, 2019 was 13.73% as compared to 16.78% for the six months concluded June 30, 2018. The abatement in these ratios was primarily due to a abatement in the net absorption margin.

The net absorption margin, which measures the aberration amid absorption assets and absorption amount (i.e. net absorption income) as a allotment of earning assets, was 3.91% for the three months concluded June 30, 2019 and 4.15% for the aforementioned aeon in 2018. Boilerplate earning asset yields added 10 base credibility to 5.21% for the three months concluded June 30, 2019, as compared to 5.11% for the aforementioned aeon in 2018. The boilerplate amount of absorption address liabilities added by 52 base credibility (to 2.06% from 1.54%) for the three months concluded June 30, 2019 as compared to the aforementioned aeon in 2018. Combining the change in the crop on earning assets and the costs of absorption address liabilities, the net absorption advance decreased by 42 base credibility for the three months concluded June 30, 2019 as compared to 2018 (3.15% against 3.57%).

The account of noninterest sources allotment earning assets added by 18 base credibility to 76 base credibility from 58 base credibility for the three months concluded June 30, 2019 against the aforementioned aeon in 2018. The aggregate of a 42 base point abatement in the net absorption advance and an 18 base point access in the amount of noninterest sources resulted in a 24 base point abatement in the net absorption allowance for the three months concluded June 30, 2019 as compared to the aforementioned aeon in 2018. The Aggregation considers the amount of its noninterest sources of funds as actual cogent to its business archetypal and its all-embracing profitability.

The net absorption allowance was 3.97% for the six months concluded June 30, 2019 and 4.16% for the aforementioned aeon in 2018. Boilerplate earning asset yields added 20 base credibility to 5.21% for the six months concluded June 30, 2019, as compared to 5.01% for the aforementioned aeon in 2018. The boilerplate amount of absorption address liabilities added by 64 base credibility (to 2.01% from 1.37%) for the six months concluded June 30, 2019 as compared to the aforementioned aeon in 2018. Combining the change in the crop on earning assets and the costs of absorption address liabilities, the net absorption advance decreased by 44 base credibility for the six months concluded June 30, 2019 as compared to 2018 (3.20% against 3.64%).

The account of noninterest sources allotment earning assets added by 25 base credibility to 77 base credibility from 52 base credibility for the six months concluded June 30, 2019 against the aforementioned aeon in 2018. The aggregate of a 44 base point abatement in the net absorption advance and a 25 base point access in the amount of noninterest sources resulted in a 19 base point abatement in the net absorption allowance for the six months concluded June 30, 2019 as compared to the aforementioned aeon in 2018.

The Aggregation believes it has finer managed its net absorption allowance and net absorption assets over the accomplished twelve months as bazaar absorption ante (on average) accept trended higher. This agency has been cogent to all-embracing balance achievement over the accomplished twelve months as net absorption assets represents 93% of the Company’s absolute acquirement for the three months concluded June 30, 2019.

For the aboriginal six months of 2019, absolute loans grew 6% over December 31, 2018, and boilerplate loans were 10% college in the aboriginal six months of 2019 as compared to the aboriginal six months of 2018. At June 30, 2019, absolute deposits were hardly lower than deposits at December 31, 2018, while boilerplate deposits were 13% college for the aboriginal six months of 2019 compared with the aboriginal six months of 2018.

In adjustment to armamentarium advance in boilerplate loans of 10% over the six months concluded June 30, 2019 as compared to the aforementioned aeon in 2018, as able-bodied as sustain cogent liquidity, the Aggregation has relied on allotment from absorption address accounts primarily as a aftereffect of finer architecture new and added applicant relationships, and a focus on time deposits to lock in added anchored amount deposits at agreement approximating 16 months.

In agreement of the boilerplate asset agreement or mix, loans, which about accept college yields than balance and added earning assets, represented 87% of boilerplate earning assets for both the aboriginal six months of 2019 and 2018. For the aboriginal six months of 2019, as compared to the aforementioned aeon in 2018, boilerplate loans, excluding loans captivated for sale, added $648.1 million, a 10% increase, due primarily to advance in assets address – bartering absolute estate, buyer active

The accouterment for acclaim losses was $3.6 actor for the three months concluded June 30, 2019 as compared to $1.7 actor for the three months concluded June 30, 2018. Net charge-offs of $1.5 actor in the additional division of 2019 represented an annualized 0.08% of boilerplate loans, excluding loans captivated for sale, as compared to $848 thousand, or an annualized 0.05% of boilerplate loans, excluding loans captivated for sale, in the additional division of 2018. Net charge-offs in the additional division of 2019 were attributable primarily to bartering absolute acreage loans ($1.5 million).

At June 30, 2019 the allowance for acclaim losses represented 0.98% of loans outstanding, as compared to 1.00% at December 31, 2018. The allowance for acclaim losses represented 193% of nonperforming loans at June 30, 2019, as compared to 430% at December 31, 2018. The lower arrangement was due to an access in nonperforming loans at June 30, 2019, essentially attributable to benevolence in the bazaar for high-end residential properties.

Total noninterest assets for the three months concluded June 30, 2019 added to $6.4 actor from $5.6 actor for the three months concluded June 30, 2018, a 15% increase, due essentially to $537 thousand college assets on the auction of advance balance and $362 thousand college assets on the auction of residential mortgage loans ($1.9 actor against $1.5 million) consistent from college aggregate as compared to 2018. Residential mortgage loans bankrupt were $152 actor for the additional division of 2019 against $126 actor for the additional division of 2018.

The ability ratio, which measures the arrangement of noninterest amount to absolute revenue, was 38.04% for the additional division of 2019, as compared to 38.55% for the additional division of 2018. Noninterest costs totaled $33.4 actor for the three months concluded June 30, 2019, as compared to $32.3 actor for the three months concluded June 30, 2018, a 3% increase. Data processing amount added by $199 thousand due primarily to the costs of software and basement investments. Legal, accounting and able fees added $561 thousand from $2.2 actor to $2.7 million, the affidavit of which are added discussed in the “Noninterest Expense” section. Added costs added $448 thousand, due primarily to $354 thousand college absolute acreage and account costs on appropriate assets.

The accouterment for acclaim losses was $7.0 actor for the six months concluded June 30, 2019 as compared to $3.6 actor for the six months concluded June 30, 2018. The college accessories for the six months concluded June 30, 2019, as compared to the aforementioned aeon in 2018, is due primarily to college net charge-offs. Net charge-offs of $4.8 actor for the six months concluded June 30, 2019 represented an annualized 0.13% of boilerplate loans, excluding loans captivated for sale, as compared to $1.8 million, or an annualized 0.05% of boilerplate loans, excluding loans captivated for sale, in the aboriginal six months of 2018. Net charge-offs in the aboriginal six months of 2019 were attributable primarily to bartering absolute acreage loans ($5.0 million) account by a accretion in bartering loans ($162 thousand).

Total noninterest assets for the six months concluded June 30, 2019 added to $12.7 actor from $10.9 actor for the six months concluded June 30, 2018, a 17% increase, due essentially to $1.4 actor college assets on the auction of advance balance primarily due to $829 thousand of noninterest assets accustomed during March 2019 on absorption amount bandy terminations, and $288 thousand college assets on the auction of residential mortgage loans ($3.2 actor against $2.9 million) consistent from college aggregate as compared to 2018. Residential mortgage loans bankrupt were $246 actor for the six months concluded June 30, 2019 against $226 actor for the aforementioned aeon in 2018.

The ability ratio, which measures the arrangement of noninterest amount to absolute revenue, was 40.95% for the aboriginal six months of 2019, as compared to 38.47% for the aforementioned aeon in 2018. Noninterest costs totaled $71.7 actor for the six months concluded June 30, 2019, as compared to $63.4 actor for the six months concluded June 30, 2018, a 13% increase. Amount increases for salaries and allowances for the six months concluded June 30, 2019 were $6.7 million, due primarily to $6.2 actor of nonrecurring accuse accompanying to allotment based advantage and the retirement of our aloft Chairman and Chief Executive Officer, Mr. Ronald D. Paul, and secondly to added all-embracing headcount. Marketing and announcement amount added by $188 thousand due primarily to added digital, radio and television announcement spend. Data processing amount added by $257 thousand due primarily to the costs of software and basement investments. Legal, accounting, and able fees decreased $703 thousand from $5.2 actor to $4.4 million, the affidavit of which are added discussed in the “Noninterest Expense” section. Added costs added $1.5 million, due primarily to agent fees ($554 thousand) and absolute acreage and account costs on appropriate assets ($369 thousand).

The arrangement of accepted disinterestedness to absolute assets added to 13.66% at June 30, 2019 from 13.22% at December 31, 2018, due primarily to retained earnings. As discussed after in “Capital Assets and Adequacy,” the authoritative basal ratios of the Coffer and Aggregation abide aloft able-bodied capitalized levels.

Net Absorption Assets and Net Absorption Allowance

Net absorption assets is the aberration amid absorption assets on earning assets and the amount of funds acknowledging those assets. Earning assets are composed primarily of loans and advance securities. The amount of funds represents absorption amount on deposits, chump repurchase agreements and added borrowings. Noninterest address deposits and basal are added apparatus apery allotment sources (refer to altercation aloft beneath After-effects of Operations). Changes in the aggregate and mix of assets and allotment sources, forth with the changes in yields becoming and ante paid, actuate changes in net absorption income.

For the three months concluded June 30, 2019, net absorption assets added 4% over the aforementioned aeon for 2018. Boilerplate loans added by $691.0 actor and boilerplate deposits added by $624.9 million. The net absorption allowance was 3.91% for the three months concluded June 30, 2019 and 4.15% for the aforementioned aeon in 2018.

For the six months concluded June 30, 2019, net absorption assets added 5% over the aforementioned aeon for 2018. Boilerplate loans added by $648.1 actor and boilerplate deposits added by $773.8 million. The net absorption allowance was 3.97% for the six months concluded June 30, 2019 and 4.16% for the aforementioned aeon in 2018. The Aggregation believes its accepted net absorption allowance charcoal favorable compared to associate cyberbanking companies.

The tables beneath present the boilerplate balances and ante of the above categories of the Company’s assets and liabilities for the three and six months concluded June 30, 2019 and 2018. Included in the table is a altitude of absorption amount advance and margin. Absorption amount advance is the aberration (expressed as a percentage) amid the absorption amount becoming on earning assets beneath the absorption amount paid on absorption address liabilities. While the absorption amount advance provides a quick allegory of balance ante against amount of funds, administration believes that allowance provides a bigger altitude of performance. The net absorption allowance (as compared to net absorption spread) includes the aftereffect of noninterest address sources in its calculation. Net absorption allowance is net absorption assets bidding as a allotment of boilerplate earning assets.

(1) Loans placed on nonaccrual cachet are included in boilerplate balances. Net accommodation fees and backward accuse included in absorption assets on loans totaled $4.7 actor and $5.2 actor for the three months concluded June 30, 2019 and 2018, respectively.

(2) Absorption and fees on loans and investments exclude tax agnate adjustments.

Aug 12, 2019

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