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EAGLE BANCORP, INC. ANNOUNCES RECORD FIRST-QUARTER EARNINGS, STOCK SPLIT AND REGULAR QUARTERLY DIVIDEND

 CHARLESTON, W.Va., April 21 /PRNewswire/ -- Eagle Bancorp, Inc. (NASDAQ-NMS: EBCI), the parent company of First Empire Federal Savings and Loan Association, today announced record first-quarter earnings, a 2-for-1 stock split and a regular quarterly dividend of 20 cents per share (10 cents per share post-split). The distribution date for the split and the dividend will be May 14, 1993 to stockholders of record on May 3, 1993.
 Net earnings for the first quarter of 1993 were $1,439,000, or $1.06 per share ($0.53 per share post-split), up over 58 percent from first-quarter 1992 earnings of $907,000, or $0.69 per share ($0.35 per share post-split) and up over 10 percent from fourth-quarter 1992 earnings of $1,307,000 or $0.97 per share ($0.49 per share post-split).
 The 2-for-1 stock split was approved by the board in order to provide wider distribution and increased marketability of the company's shares. In 1988, Eagle Bancorp, Inc. made an initial public offering of 1,250,000 shares (pre-split) at $9.20 per share. The company currently has 1,340,734 (pre-split) shares outstanding. Recently, the bid-asked range for the company's shares has been $32-$37 per share (pre-split) on the NASDAQ National Market System.
 Stockholders' equity increased to $38.6 million at March 31, 1993 from $38.1 million at Dec. 31, 1992. Regular and special dividends of $0.20 and $0.50 per share ($0.10 and $0.25 per share post-split), respectively, were paid during the first quarter of 1993. Common and common equivalent shares outstanding were 1,358,334 and 1,325,296 (2,716,668 and 2,650,592 post-split) at March 31, 1993 and Dec. 31, 1992, respectively.
 First-quarter loan originations were $18.7 million, compared to $23.5 million for the first quarter of 1992. The provision for loan losses for the quarter was $135,000, up from $101,000 for last year's first quarter.
 The average interest rate spread improved to 4.56 percent for first quarter 1993 compared to 3.62 percent for the first quarter of 1992. The average net interest margin improved to 5.14 percent for 1992's first quarter, compared to 4.38 percent for last year's first quarter.
 J. Christopher Thomas, president and chief operating officer, stated, "We are most pleased with the record earnings achieved in the first quarter of 1993. Our strong earning position, coupled with the 2-for-1 stock split announced today should provide further enhancement of stockholder value. While loan production declined for the quarter, our pending mortgage applications currently stand at approximately $35 million. We anticipate strong loan demand for the remainder of the year."
 First Empire 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.
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 Eagle Bancorp, Inc. and Subsidiary
 (Unaudited)
 (In thousands, except per shar data)
 March 31, Dec. 31,
 1993 1992
 Assets:
 Cash $ 4,420 $ 4,358
 Interest-bearing deposits 10,391 7,328
 Marketable equity securities 1,536 1,520
 Investment securities 3,512 3,067
 Mortgage-backed securities 7,537 8,048
 Loans receivable, net 254,139 248,313
 Other real estate 965 1,209
 Premises and equipment 3,711 3,402
 Other assets 2,918 2,128
 Total assets $289,129 $279,373
 Liabilities and Stockholders' Equity
 Liabilities:
 Deposits
 Noninterest-bearing $ 6,604 $ 6,418
 Interest-bearing 235,039 230,124
 Total deposits 241,643 236,542
 Advances by borrowers for
 taxes and insurance 1,881 1,279
 Advances from the Federal
 Home Loan Bank of Pittsburgh 2,229 231
 Employee Stock Ownership Plan
 obligation (ESOP) 393 393
 Other liabilities 4,412 2,857
 Total liabilities 250,558 241,302
 Stockholders' equity:
 Preferred stock, $.10 par
 value; 2,500,000 shares
 authorized; none issued -- --
 Common stock, $.10 par value;
 5,000,000 shares authorized;
 2,681,468 issued and
 outstanding at March 31, 1993;
 1,340,734 issued and
 outstanding at Dec. 31, 1992 268 134
 Additional paid-in capital 11,486 11,620
 Retained earnings 27,210 26,710
 ESOP shares purchased with
 debt (393) (393)
 Total stockholders' equity 38,571 38,071
 Total liabilities and
 stockholders' equity $289,129 $279,373
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Eagle Bancorp, Inc. and Subsidiary
 (Unaudited)
 (In thousands, except per share
 data, average share and per share
 data restated for stock split)
 Quarter Ended March 31,
 1993 1992
 Total interest and dividend
 income $ 5,968 $5,514
 Total interest expense 2,425 2,888
 Net inerest and dividend
 income 3,543 2,626
 Provision for loan losses 135 101
 Net interest and dividend
 income after provision for
 loan losses 3,408 2,525
 Other income:
 Loan servicing charges and
 late fees 46 58
 Service charges on deposit
 accounts 63 58
 Gains on sales of loans, net 67 4
 Other 71 66
 Total other income 247 186
 Other expense:
 Compensation and employee
 benefits 734 633
 Premises and occupancy 126 127
 Data processing 178 146
 Federal insurance premium 125 116
 Equipment 65 78
 Other 276 241
 Total other expenses 1,504 1,341
 Income before income taxes 2,151 1,370
 Federal and state income taxes 712 463
 Net income $ 1,439 $ 907
 Net income per common and
 common equivalent share:
 Pre-split $ 1.06 $ 0.69
 Post-split $ 0.53 $ 0.35
 Common and common equivalent
 shares (000):
 Pre-split 1,358 1,318
 Post-split 2,717 2,636
 FINANCIAL HIGHLIGHTS
 Eagle Bancorp, Inc. and Subsidiary
 (Unaudited)
 (In thousands, except per
 share data, average share
 and per share data
 restated for stock split)
 March 31,
 1993 1992
 At Quarter End:
 Total assets $289,129 $255,353
 Total deposits 241,643 215,599
 Total loans, net 254,139 211,459
 Stockholders' equity 38,571 33,843
 Equity per share:
 Pre-split 28.77 26.69
 Post-split 14.38 13.35
 For the Quarter:
 Net interest income $ 3,543 $ 2,626
 Net income 1,439 907
 Per share:
 Pre-split 1.06 0.69
 Post-split 0.53 0.35
 Dividends paid:
 Pre-split 0.70(A) 0.33(B)
 Post-split 0.35(A) 0.17(B)
 Key Financial Ratios (Pct.):
 Return on average assets 2.00pct. 1.45pct.
 Return on average equity 14.99 10.78
 Average equity to average
 assets 13.34 13.42
 Market Information:
 Price range during last three months
 (Pre-split):
 High bid $32.00 $20.00
 Low bid 29.00 15.00
 Average outstanding shares:
 Pre-split 1,340,734 1,268,234
 Post-split 2,681,468 2,536,468
 Common Stock Equivalents:
 Pre-split 17,600 49,793
 Post-split 35,200 99,586
 (A) Includes $.50 special dividend ($.25 post-split) paid in February 1993.
 (B) Includes $.20 special dividend ($.10 post-split) paid in February 1992.
 -0- 4/21/93
 /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. ST: West Virginia IN: FIN SU: ERN DIV

CM-DE -- CH009 -- 8746 04/21/93 12:32 EDT
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Date:Apr 21, 1993
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