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Note 21 - Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 21 – Commitments and Contingent Liabilities

The Company has various financial obligations, including contractual obligations and commitments that may require future cash payments. Except for its loan commitments, as shown in Note 20 to the Consolidated Financial Statements, the following table shows details on these fixed and determinable obligations as of December 31, 2015 in the time period indicated.

		Within One				One to				Three to				Over Five
(dollars in thousands)		Year				Three Years				Five Years				Years				Total

Deposits without a stated maturity (1)		$	4,419,189			$	-			$	-			$	-			$	4,419,189
Time deposits (1)			446,956				272,551				19,748				-				739,255
Borrowed funds (2)			72,356				-				-				70,000				142,356
Operating lease obligations			8,061				13,942				12,402				11,398				45,803
Outside data processing (3)			2,369				4,526				2,158				-				9,053
George Mason sponsorship (4)			650				1,300				1,300				10,500				13,750
Total		$	4,949,581			$	292,319			$	35,608			$	91,898			$	5,369,406

(1)	Excludes accrued interest payable at December 31, 2015.

(2)	Borrowed funds include customer repurchase agreements, and other short-term and long-term borrowings.

(3)	The Bank has outstanding obligations under its current core data processing contract that expires in December 2019 and one other vendor arrangement that relates to data communications and data software that expires in December 2017.

(4)

The Bank has the option of terminating the George Mason agreement at the end of contract years 10 and 15 (that is, effective June 30, 2025 or June 30, 2030). Should the Bank elect to exercise its right to terminate the George Mason contract, contractual obligations would decrease $3.5 million and $3.6 million for the first option period (years 11-15) and the second option period (16-20), respectively.

Effective July 1, 2015, the Bank entered into a multi-faceted support agreement with George Mason University (“George Mason”), the Commonwealth of Virginia’s largest public research university. The agreement provides for significant educational support, and a strategic alliance including the Bank obtaining the naming rights to a multi-purpose sports and entertainment venue formerly known as the Patriot Center in Fairfax, VA for up to a 20 year term and now known as “EagleBank Arena”. Under the agreement, the Bank pays George Mason an annual fee to be used for scholarships, internships, overall educational and athletic support and beautification efforts. The Bank has the option to terminate the agreement at the end of contract years 10 and 15 (that is, effective June 30, 2025 or June 30, 2030). The payment schedule under the agreement is as follows:

Contract Year	Annual Fee
1-5	$ 650,000
6-10	$ 675,000
11-15	$ 700,000
16-20	$ 725,000

In the normal course of its business, the Company is involved in litigation arising from banking, financial, and other activities it conducts. Management, after consultation with legal counsel, does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the Company’s financial condition, operating results or liquidity.