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

 EAGLE BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS
 AND INCREASE IN QUARTERLY DIVIDEND
 CHARLESTON, W.Va., July 21 /PRNewswire/ -- Eagle Bancorp, Inc. (NASDAQ-NMS: EBCI), the parent company of First Empire Federal Savings and Loan Association, today reported record operational earnings for the second quarter of 1992 and declared a quarterly dividend of $.17 per share.
 Net earnings for the second quarter of 1992 were $1,077,000 or $.82 per share, a 102 percent increase over second quarter 1991 net income of $533,000 or $.42 per share and a 19 percent increase over first quarter 1992 earnings of $907,000 or $.69 per share. Net income for the first six months of 1992 was a record $1,984,000, or $1.51 per share, increasing over 98 percent from $999,000 or $.79 per share for the same period in 1991.
 The Board of Directors declared today a $.17 per share quarterly dividend, an increase of 13 percent over the previous quarterly dividend of $.15 per share. The dividend is payable on Aug. 14, 1992 to stockholders of record on July 31, 1992.
 Stockholders' equity increased to $34.7 million at June 30, 1992 from $33.4 million at Dec. 31, 1991. Regular and special dividends of $.28 and $.20 per share, respectively, were paid during the first six months of 1992. Common and common equivalent shares outstanding were 1,314,881 and 1,285,600 at June 30, 1992 and Dec. 31, 1991, respectively.
 Second quarter loan originations set another record at $31.0 million, increasing 32 percent over the record first quarter 1992 volume of $23.5
million. Second quarter 1991 loan origination volume was $12.4 million. The record-breaking origination volume of 1992 reflects the impact of the lowest long-term interest rates in nearly two decades. The provision for loan losses for the quarter was $170,000 as compared to $71,000 for last year's second quarter.
 Average interest rate spread increased to 3.92 percent for second quarter 1992 from 3.45 percent for the second quarter of 1991. Average net interest margin improved to 4.64 percent for 1992's second quarter, compared to 4.51 percent for last year's second quarter.
 J. Christopher Thomas, President and Chief Operating Officer, stated, "Our second quarter and year to date results for 1992 are extremely gratifying. The current rate environment characterized by substantial reduction in our cost of funds has permitted significant improvement in our interest rate spread and net interest margin. Existing economic conditions, coupled with our entrance into new West Virginia markets as a result of our third quarter 1991 acquisition of First Federal Savings and Loan Association of Morgantown, has enabled us to produce record lending volume, with production for the first six months of 1992 far exceeding any previous year's production. Although interest rates are at historically favorable levels as a result of extensive discount rate cuts made by the Federal Reserve, we are monitoring the current rate scenario carefully, in order to capitalize on opportunities presented and to prudently prepare for the future."
 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) June 30, December 31,
 (In thousands, 1992 1991
 except per share data)
 Assets
 Cash $ 3,084 $ 3,166
 Interest-bearing deposits 16,735 15,518
 Investment securities 3,072 2,970
 Mortgage-backed securities 8,841 7,906
 Loans receivable, net 228,521 205,189
 Accrued interest receivable 1,377 1,227
 Other real estate 1,287 1,414
 Premises and equipment 3,251 3,351
 Other assets 793 623
 Total assets $266,961 $241,364
 Liabilities and Stockholders' Equity
 Liabilities:
 Deposits
 Noninterest-bearing $ 5,706 $ 5,338
 Interest-bearing 220,095 197,686
 Total deposits 225,801 203,024
 Advances by borrowers for taxes
 and insurance 1,971 1,055
 Advances from the Federal Home
 Loan Bank of Pittsburgh 149 88
 Employee Stock Ownership Plan
 obligation 604 604
 Federal income taxes 223 193
 Other liabilities 3,484 3,046
 Total liabilities 232,232 208,010
 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 24,704 23,329
 ESOP shares purchased with debt (604) (604)
 Total stockholders' equity 34,729 33,354
 Total liabilities and
 stockholders' equity $266,961 $241,364
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited) Six Three
 (In thousands, Months Ended Months Ended
 except per share data) June 30, June 30,
 1992 1991 1992 1991
 Total interest and dividend
 income $11,285 $8,693 $5,772 $4,404
 Total interest expense 5,712 4,872 2,824 2,399
 Net interest and dividend
 income 5,573 3,821 2,948 2,005
 Provision for loan losses 271 128 170 71
 Net interest and dividend
 income after provision for
 loan losses 5,302 3,693 2,778 1,934
 Other income:
 Loan servicing charges and
 late fees 110 120 52 54
 Service charges on deposit
 accounts 123 97 65 51
 Gains on sales of loans, net 9 7 4 5
 Other 140 32 74 16
 Total other income 382 256 195 126
 Other expense:
 Compensation and employee
 benefits 1,203 1,101 570 542
 Premises and occupancy 250 220 123 109
 Data processing 302 221 156 108
 Equipment 159 160 81 84
 Other 762 709 405 399
 Total other expenses 2,676 2,411 1,335 1,242
 Income before income taxes 3,008 1,538 1,638 818
 Federal and state income
 taxes 1,024 539 561 285
 Net income $1,984 $ 999 $1,077 $ 533
 Net income per common
 and common equivalent share $ 1.51 $ 0.79 $ 0.82 $ 0.42
 Common and common
 equivalent shares (000) 1,315 1,271 1,318 1,272
 FINANCIAL HIGHLIGHTS
 (Unaudited) June 30,
 (In thousands, except 1992 1991
 per share data)
 At Quarter End:
 Total assets $266,961 $187,142
 Total deposits 225,801 151,439
 Total loans, net 228,521 167,027
 Stockholders' equity 34,729 31,973
 Equity per share 27.38 25.89
 For the Quarter:
 Net interest income $ 2,948 $ 2,005
 Net income 1,077 533
 Per share .82 .42
 Dividends paid .15 .11
 For the Six Months:
 Net interest income $ 5,573 $ 3,821
 Net income 1,984 999
 Per share 1.51 .79
 Dividends paid .48(A) .42(A)
 Key Financial Ratios (Pct):
 Return on average assets 1.54 1.07
 Return on average equity 11.66 6.31
 Average equity to average
 assets 13.20 16.99
 Market Information:
 Price range during last
 three months
 High $ 21.50 $ 18.00
 Low 19.00 14.00
 Average outstanding:
 Shares 1,268,234 1,234,900
 Common Stock Equivalents 50,080 36,774
 (A) Includes $.20 special dividend paid in February 1992 and 1991.
 -0- 7/21/92
 /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


CM-JZ -- CH005 -- 1572 07/21/92 17:36 EDT
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