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EAGLE BANCORP, INC. ANNOUNCES RECORD SECOND QUARTER EARNINGS AND INCREASED QUARTERLY DIVIDEND

 CHARLESTON, W.Va., July 20 /PRNewswire/ -- Eagle Bancorp, Inc. (NASDAQ-NMS: EBCI), the parent company of First Empire Federal Savings and Loan Association, today reported record earnings for the second quarter of 1993 and declared an increased quarterly dividend of $.12 per share.
 Net earnings for the second quarter of 1993 were $1,534,000 or $.56 per share, increasing more than 42 percent over second quarter 1992 net income of $1,077,000 or $.41 per share. Net income for the first six months of 1993 was a record $2,973,000 or $1.09 per share, increasing nearly 50 percent from $.75 per share for the same period in 1992.
 The board of directors declared today a $.12 per share quarterly dividend, an increase of 20 percent over the previous quarterly dividend of $.10 per share. The dividend is payable on Aug. 13, 1993 to stockholders of record on July 30, 1993. The company distributed a two-for-one stock split in May 1993.
 Stockholders' equity increased to $39.9 million at June 30, 1993 from $38.1 million at Dec. 31, 1992. Regular and special dividends of $.20 and $.25 per share, respectively, were paid during the first six months of 1993. Common and common equivalent shares outstanding were 2,716,896 and 2,650,592 at June 30, 1993 and Dec. 31, 1992, respectively.
 Second quarter 1993 residential real estate loan originations were a record $46.9 million, compared to $31.0 million for the second quarter of 1992, far exceeding loan production for any previous quarter. Year to date 1993 residential real estate loan originations were $65.6 million, increasing 20 percent form $54.5 million in loan originations for the same period in 1992. During the second quarter, the company sold approximately $11 million in newly-originated loans in the secondary market, resulting in gains of $174,000. Secondary market activity is part of the company's interest-rate risk management strategy and provides funding for future originations. The provision for loan losses for the quarter was $135,000 as compared to $170,000 for 1992's second quarter.
 The average interest rate spread increased to 4.50 percent for second quarter 1993 from 3.92 percent for the second quarter of 1992. The average net interest margin improved to 5.09 percent for 1993's second quarter, compared to 4.64 percent for last year's second quarter.
 J. Christopher Thomas, president and chief operating officer, stated: "We are very encouraged by the company's second quarter and year to date results. The continued low interest rate environment has allowed us to produce record earnings and further improve our financial performance and strength. Loan demand for year to date 1993 has been extremely strong. We continue to focus on single-family lending. We believe this emphasis has resulted in operating efficiencies and better penetration in key markets."
 First Empire Federal Savings and Loan Association operates 11 branch offices and three lending offices in West Virginia. Eagle Bancorp, Inc. is traded on the NASDAQ National Market System under the symbol EBCI.
 EAGLE BANCORP, INC. AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 (Unaudited) June 30, Dec. 31,
 (In thousands, 1993 1992
 except per share data)
 Assets
 Cash $ 4,691 $ 4,358
 Interest-bearing deposits 8,102 7,328
 Marketable equity securities -- 1,520
 Investment securities 3,510 3,067
 Mortgage-backed securities 7,137 8,048
 Loans receivable, net 264,846 248,313
 Other real estate 947 1,209
 Premises and equipment 3,848 3,402
 Other assets 2,852 2,128
 Total assets $295,933 $279,373
 Liabilities and Stockholders' Equity
 Liabilities:
 Deposits
 Noninterest-bearing $ 7,037 $ 6,418
 Interest-bearing 241,760 230,124
 Total deposits 248,797 236,542
 Advances by borrowers for taxes
 and insurance 2,384 1,279
 Advances from the Federal Home
 Loan Bank of Pittsburgh 255 231
 Employee Stock Ownership Plan
 (ESOP) obligation 371 393
 Other liabilities 4,240 2,857
 Total liabilities 256,047 241,302
 Stockholders' equity:
 Preferred stock, $.10 par value;
 2,500,000 shares authorized;
 none issued -- --
 Common stock, $.10 par value;
 5,000,000 shares authorized;
 2,684,468 issued and outstanding
 at June 30, 1993; 1,340,734
 issued and outstanding at
 Dec. 31, 1992 268 134
 Additional paid-in capital 11,512 11,620
 Retained earnings 28,477 26,710
 ESOP shares purchased with debt (371) (393)
 Total stockholders' equity 39,886 38,071
 Total liabilities and
 stockholders' equity $295,933 $279,373
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited) Six Three
 (In thousands, except per Months Ended Months Ended
 share data)(A) June 30, June 30,
 1993 1992 1993 1992
 Total interest and
 dividend income $12,008 $11,285 $ 6,040 $ 5,772
 Total interest expense 4,885 5,712 2,460 2,824
 Net interest and dividend
 income 7,123 5,573 3,580 2,948
 Provision for loan losses 270 271 135 170
 Net interest and dividend
 income after provision
 for loan losses 6,853 5,302 3,445 2,778
 Other income:
 Loan servicing charges
 and late fees 90 110 44 52
 Service charges on
 deposit accounts 135 123 72 65
 Gains on sales of loans, net 241 9 174 4
 Other 143 140 72 74
 Total other income 609 382 362 195
 Other expenses:
 Compensation 1,444 1,203 710 570
 Data processing 360 302 182 156
 Occupancy 259 250 133 123
 Federal insurance premiums 251 232 126 116
 Equipment 144 159 79 81
 Other 612 530 336 289
 Total other expenses 3,070 2,676 1,566 1,335
 Income before income taxes 4,392 3,008 2,241 1,638
 Income tax expense 1,419 1,024 707 561
 Net income $2,973 $1,984 $1,534 $1,077
 Net income per common and
 common equivalent share $1.09 $0.75 $0.56 $0.41
 Common and common
 equivalent shares (000) 2,717 2,630 2,717 2,637
 (A) Average share and per share data restated for May 1993 stock-split.
 FINANCIAL HIGHLIGHTS

 (Unaudited) June 30,
 (In thousands, except
 per share data)(A) 1993 1992
 At Quarter End:
 Total assets $295,933 $266,961
 Total deposits 248,797 225,801
 Total loans, net 264,846 228,521
 Stockholders' equity 39,886 34,729
 Equity per share 14.86 13.69
 For the Quarter:
 Net interest income $3,580 $2,948
 Net income 1,534 1,077
 Per share .56 .41
 Dividends paid .10 .075
 For the Six Months:
 Net interest income $7,123 $5,573
 Net income 2,973 1,984
 Per share 1.09 .75
 Dividends paid .45(B) .24(B)
 Key Financial Ratios (Pct):
 Return on average assets 2.04 1.54
 Return on average equity 15.28 11.66
 Average equity to average assets 13.37 13.20
 Market Information:
 Price range during last three months
 High bid $17.00 $10.75
 Low bid 16.00 9.50
 Average outstanding:
 Shares 2,682,495 2,536,468
 Common Stock Equivalents 34,401 100,160
 (A) Average share and per share data restated for May 1993 stock-split.
 (B) Includes $.25 and $.10 special dividends paid in February 1993 and 1992.
 -0- 7/20/93
 /CONTACT: J. Christopher Thomas, President and Chief Operating Officer, or A. Lawrence Crimmins Jr., Chief Financial Officer-Treasurer, Eagle Bancorp, Inc., 304-340-4632/
 (EBCI)


CO: Eagle Bancorp, Inc.; First Empire Federal Savings and Loan
 Association ST: West Virginia IN: FIN SU: ERN


SB-CM -- CH007 -- 3446 07/20/93 14:17 EDT
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Date:Jul 20, 1993
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