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EAGLE BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS AND INCREASE IN QUARTERLY DIVIDEND

 EAGLE BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS
 AND INCREASE IN QUARTERLY DIVIDEND
 CHARLESTON, W.Va., April 15 /PRNewswire/ -- Eagle Bancorp, Inc. (NASDAQ-NMS: EBCI), the parent company of First Empire Federal Savings and Loan Association, today reported earnings for the first quarter of 1992 and declared a quarterly dividend of $.15 per share.
 Net earnings for the first quarter of 1992 were $907,000 or $.69 per share, a 20 percent increase over fourth quarter 1991 net income of $754,000. First quarter 1991 earnings were $466,000 or $.37 per share.
 The Board of Directors declared today a $.15 per share quarterly dividend, an increase of 15 percent over the previous quarterly dividend of $.13 per share. The dividend is payable on May 8, 1992 to stockholders of record on April 27, 1992.
 Retained earnings increased to $33.8 million at March 31, 1992 from $33.4 million at Dec. 31, 1991. Regular and special dividends of $.13 and $.20 per share, respectively, were paid during the first quarter of 1992. Common and common share equivalent shares outstanding were 1,318,027 and 1,285,600 at March 31, 1992 and Dec. 31, 1991, respectively.
 First quarter loan originations were a record $23.5 million, nearly double fourth quarter 1991 origination volume of $12.7 million, reflecting the favorable rate environment and unprecedented loan demand. First quarter 1991 loan origination volume was $7.3 million. The provision for loan losses for the quarter was $101,000 as compared to $57,000 for last year's first quarter.
 Average interest rate spread increased to 3.62 percent for first quarter 1992 compared to 3.06 percent for the first quarter of 1991. Average net interest margin improved to 4.38 percent for 1992's first quarter, compared to 4.17 percent for last year's first quarter.
 J. Christopher Thomas, President and Chief Operating Officer, stated, "We are extremely pleased with our first quarter 1992 results. Net income for the quarter was very strong at $907,000 and the favorable rate environment enhanced our interest rate spread and net interest margin. At quarter end, our capital was 13.25 percent of assets. We experienced record loan demand during the quarter and our lending staff rose to the challenge, originating $23.5 million in loans. Our pending mortgage applications remain at record levels, indicating continued strong demand for the balance of 1992."
 First Empire Federal Savings and Loan Association operates eleven branch offices in West Virginia. Eagle Bancorp, Inc. is traded on the NASDAQ National Market System under the symbol EBCI.
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 Eagle Bancorp, Inc. and Subsidiary
 (Unaudited) March 31, Dec. 31,
 (In thousands, 1992 1991
 except per share data)
 Assets
 Cash $ 3,023 $ 3,166
 Interest-bearing deposits 23,302 15,518
 Investment securities 3,124 2,970
 Mortgage-backed securities 7,453 7,906
 Loans receivable, net 211,459 205,189
 Accrued interest receivable 1,280 1,227
 Other real estate 1,517 1,414
 Premises and equipment 3,295 3,351
 Other assets 900 623
 Total assets $255,353 $241,364
 Liabilities and Stockholders' Equity
 Liabilities:
 Deposits
 Noninterest-bearing $ 5,027 $ 5,338
 Interest-bearing 210,572 197,686
 Total deposits 215,599 203,024
 Advances by borrowers for taxes
 and insurance 1,498 1,055
 Advances from the Federal Home
 Loan Bank of Pittsburgh 129 88
 Employee Stock Ownership Plan
 obligation 604 604
 Federal income taxes 470 193
 Excess of assets acquired over
 liabilities assumed, net of
 accretion 1,097 1,117
 Other liabilities 2,113 1,929
 Total liabilities 221,510 208,010
 Stockholders' equity:
 Preferred stock, $.10 par value;
 2,500,000 shares authorized;
 none issued -- --
 Common stock, $.10 par value;
 5,000,000 shares authorized;
 1,268,234 issued and outstanding 127 127
 Additional paid-in capital 10,502 10,502
 Retained earnings 23,818 23,329
 ESOP shares purchased with debt (604) (604)
 Total stockholders' equity 33,843 33,354
 Total liabilities and
 stockholders' equity $255,353 $241,364
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited) Quarter Ended
 (In thousands, March 31,
 except per share data) 1992 1991
 Total interest and dividend
 income $ 5,514 $ 4,289
 Total interest expense 2,888 2,473
 Net interest and dividend
 income 2,626 1,816
 Provision for loan losses 101 57
 Net interest and dividend income
 after provision for loan losses 2,525 1,759
 Other income:
 Loan servicing chargesa?nd
 late fees 58 66
 Service charges on deposit
 accounts 58 47
 Gains on sales of loans, net 4 2
 Other 66 15
 Total other income 186 130
 Other expense:
 Compensation and employee
 benefits 633 559
 Premises and occupancy 127 111
 Data processing 146 113
 Equipment 78 76
 Other 357 310
 Total other expenses 1,341 1,169
 Income before income taxes 1,370 720
 Federal and state income taxes 463 254
 Net income $ 907 $ 466
 Net income per common and
 common equivalent share $ 0.69 $ 0.37
 Common and common equivalent
 shares (000) 1,318,027 1,269,956
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 (In thousands, March 31,
 except per share data) 1992 1991
 At Quarter End:
 Total assets $255,353 $188,092
 Total deposits 215,599 153,161
 Total loans, net 211,459 162,156
 Stockholders' equity 33,843 31,576
 Equity per share 26.69 25.57
 For the Quarter:
 Net interest income $ 2,626 $ 1,816
 Net income 907 466
 Per Share .69 .37
 Dividends .33(A) .31(A)
 Key Financial Ratios (Pct.):
 Return on average assets 1.45pct 1.01pct
 Return on average equity 10.78 5.91
 Average equity to average assets 13.42 17.08
 Market Information:
 Price range during last
 three months
 High $20.00 $16.50
 Low 15.00 14.50
 Average outstanding:
 Shares 1,268,234 1,234,900
 Common Stock Equivalents 49,793 35,056
 (A) Includes $.20 special dividend paid in February 1992 and 1991.
 -0- 4/15/92
 /CONTACT: J. Christopher Thomas, President and Chief Operating Officer, or A. Lawrence Crimmins, Jr., Chief Financial Officer and Treasurer, Eagle Bancorp, Inc., 304-340-4632/
 (EBCI) CO: Eagle Bancorp, Inc. ST: West Virginia IN: FIN SU: ERN


JZ-DF -- CH012 -- 8874 04/15/92 16:03 EDT
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