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EAGLE BANCORP, INC. ANNOUNCES RECORD EARNINGS

 CHARLESTON, W.Va., Feb. 8 /PRNewswire/ -- Eagle Bancorp, Inc. (NASDAQ-NMS: EBCI), the parent company of First Empire Federal Savings and Loan Association, today reported record net income of $4,426,000 for 1992, a 76 percent increase over 1991 net income of $2,511,000. Fourth quarter 1992 earnings were $1,307,000, compared to $754,000 for the same period in 1991, an increase of 73 percent. Earnings per share for the fourth quarter and the year 1992 amounted to $.97 and $3.34 per share, respectively, compared to $.58 and $1.95 for the same periods in 1991.
 Total assets at year end were $279.4 million, up over 15.8 percent from $241.4 million at year end 1991. Return on average assets improved to 1.66 percent for 1992 from 1.21 percent for 1991.
 Stockholders' equity increased to $38.1 million at December 31, 1992 from $33.4 million at December 31, 1991. Return on average equity grew to 12.60 percent for 1992 from 7.79 percent for 1991. As previously announced, on January 19, 1993 the Board of Directors declared a special dividend of $.50 per share, and increased the regular quarterly dividend over 17 percent to $.20 per share. Dividends of $.82 per share were paid during 1992, including the Company's 1992 special dividend of $.20 per share.
 Fueled by declining interest rates, loan originations for 1992 were a stunning $107.6 million, more than doubling the previous originations record of $46.9 million set in 1991. Fourth quarter loan volume was $32.7 million in 1992, an increase of 157 percent over $12.7 million for 1991's fourth quarter.
 Average interest rate spread improved to 4.02 percent for the year ended December 31, 1992 compared to 3.34 percent for the year ended December 31, 1991, while the average net interest margin climbed to 4.70 percent compared to 4.31 percent for the previous year.
 J. Christopher Thomas, President and Chief Operating Officer, stated: "Eagle Bancorp, Inc. enjoyed a truly remarkable year in 1992. The Company achieved record earnings, significant deposit growth, and loan production unparalleled in our Company's history. This strong performance has permitted healthy increases in dividends paid and nearly doubled the trading range for our common stock. It was a year of building strength, and we are confident that our strength will allow us flexibility and opportunity in 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)
 (In thousands, except per share data)
 December 31,
 1992 1991
 Assets
 Cash $4,358 $3,166
 Interest-bearing deposits 7,328 15,518
 Marketable equity securities 1,520 --
 Investment securities 3,067 2,970
 Mortgage-backed securities 8,048 7,906
 Loans receivable, net 248,313 205,189
 Other real estate 1,209 1,414
 Premises and equipment 3,402 3,351
 Other assets 2,128 1,850
 Total assets $279,373 $241,364
 Liabilities and Stockholders' Equity
 Liabilities:
 Deposits
 Noninterest-bearing $6,418 $5,338
 Interest-bearing 230,124 197,686
 Total deposits 236,542 203,024
 Advances by borrowers for taxes and
 insurance 1,279 1,055
 Advances from the Federal Home Loan Bank
 of Pittsburgh 231 88
 Employee Stock Ownership Plan obligation (ESOP) 393 604
 Federal income taxes payable 41 193
 Other liabilities 2,816 3,046
 Total liabilities 241,302 208,010
 Stockholders' equity:
 Preferred stock, $.10 par value; 2,500,000
 shares authorized; none issued --- ---
 Common stock, $.10 par value; 5,000,000 shares
 authorized; 1,340,734 issued and outstanding
 at December 31, 1992; 1,268,234 issued and
 1,268,234 outstanding at December 31, 1991 134 127
 Additional paid-in capital 11,620 10,502
 Retained earnings 26,710 23,329
 ESOP shares purchased with debt (393) (604)
 Total stockholders' equity 38,071 33,354
 Total liabilities and stockholders' equity $279,373 $241,364
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Eagle Bancorp, Inc. and Subsidiary
 (Unaudited)
 (In thousands, except per share data)
 December 31,
 1992 1991
 Total interest and dividend income $22,927 $19,183
 Total interest expense 10,922 10,671
 Net interest and dividend income 12,005 8,512
 Provision for loan losses 566 268
 Net interest and dividend income
 after provision for loan losses 11,439 8,244
 Other income:
 Loan servicing charges and late fees 201 253
 Service charges on deposit accounts 265 218
 Gains on sales of loans, net 22 30
 Other 278 340
 Total other income 766 841
 Other expense:
 Compensation and employee benefits 2,538 2,287
 Premises and occupancy 503 475
 Data processing 639 530
 Federal insurance premium 490 387
 Equipment 315 340
 Other 1,150 1,236
 Total other expenses 5,635 5,255
 Income before income taxes 6,570 3,830
 Income tax expense 2,144 1,319
 Net income $4,426 $2,511
 Net income per common and common
 equivalent share $3.34 $1.95
 Common and common equivalent shares (000) 1,325 1,286
 FINANCIAL HIGHLIGHTS
 Eagle Bancorp, Inc. and Subsidiary
 (Unaudited)
 (In thousands, except per share data)
 December 31,
 1992 1991
 At Quarter End:
 Total assets $279,373 $241,364
 Total deposits 236,542 203,024
 Total loans, net 248,313 205,189
 Stockholders' equity 38,071 33,354
 Equity per share 28.40 26.30
 For the Quarter:
 Net interest income $3,361 $2,453
 Net income 1,307 754
 Per share .97 .58
 Dividends paid .17 .13
 For the Twelve Months:
 Net interest income $12,005 $8,512
 Net income 4,426 2,511
 Per share 3.34 1.95
 Dividends paid .82(a) .66(a)
 Key Financial Ratios (percent):
 Return on average assets 1.66pct 1.21pct
 Return on average equity 12.60 7.79
 Average equity to average assets 13.17 15.48
 Market Information:
 Price range during last three months
 High bid $30.00 $17.75
 Low bid 26.00 14.00
 Average outstanding:
 Shares 1,274,844 1,268,234
 Common Stock Equivalents 50,452 38,510
 (a) Includes $.20 special dividend paid in February 1992 and 1991.
 -0- 2/8/93
 /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

DF-SB -- CH011 -- 4181 02/08/93 14:46 EST
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Date:Feb 8, 1993
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