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EAGLE BANCORP ANNOUNCES RECORD THIRD QUARTER EARNINGS AND REGULAR QUARTERLY DIVIDEND

 CHARLESTON, W.Va., Oct. 19 /PRNewswire/ -- Eagle Bancorp, Inc. (NASDAQ-NMS: EBCI), the parent company of First Empire Federal Savings and Loan Association, today reported record earnings for the third quarter of 1993 and declared a regular quarterly dividend of $.12 per share.
 The company also announced the opening of a new loan origination office in Martinsburg, W.Va.
 Net earnings for the third quarter of 1993 were $1,606,000 or $.59 per share, increasing more than 41 percent over third quarter 1992 net income of $1,135,000 or $.43 per share. Net income for the first nine months of 1993 was a record $4,579,000 or $1.69 per share, increasing nearly 47 percent from $3,119,000 or $1.19 per share for the same period in 1992.
 The board of directors declared today a $.12 per share quarterly dividend, payable on Nov. 12, to stockholders of record on Oct. 29.
 Third quarter 1993 residential real estate loan originations were $40.0 million, increasing nearly 100 percent from $20.3 million for the third quarter 1992. Year to date 1993 residential real estate loan originations were a record $105.7 million, increasing nearly 43 percent from $74.0 million in residential real estate loan originations for the same period in 1992. During the third quarter, the company sold over $16 million in newly originated loans in the secondary market, resulting in gains of $368,000. Year to date gains on sales of loans were $609,000. Secondary market activity is part of the company's interest-rate risk management strategy and provides funding for future originations.
 Stockholders' equity increased to $41.4 million at Sept. 30, from $38.1 million at Dec. 31, 1992. Regular and special dividends of $.32 and $.25 per share, respectively, were paid during the first nine months of 1993. Common and common equivalent shares outstanding were 2,716,830 and 2,650,592 at Sept. 30, 1993 and Dec. 31, 1992, respectively.
 The average interest rate spread increased to 4.23 percent for third quarter 1993 from 4.06 percent for the third quarter of 1992. The average net interest margin improved to 4.85 percent for 1993's third quarter, compared to 4.70 percent for last year's third quarter.
 J. Christopher Thomas, president and chief operating officer, stated: "We are very pleased with our third quarter and year to date results. Strong loan demand has allowed steady revenue growth, while our secondary market sales have bolstered quarterly and year to date earnings. The opening of our Martinsburg office, with its proximity to the Baltimore and Washington metro areas, provides a dynamic market for our single-family lending operation. We look forward to the opportunities offered by this growing area of West Virginia."
 First Empire Federal Savings and Loan Association operates 11 branch offices and four 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) Sept. 30, Dec. 31,
 (In thousands, except per share data) 1993 1992
 Assets
 Cash $ 3,991 $ 4,358
 Interest-bearing deposits 11,174 7,328
 Marketable equity securities -- 1,520
 Investment securities 3,508 3,067
 Mortgage-backed securities 6,625 8,048
 Loans receivable, net 273,582 248,313
 Other real estate 908 1,209
 Premises and equipment 3,808 3,402
 Other assets 2,987 2,128
 Total assets $306,583 $279,373
 Liabilities and Stockholders' Equity
 Liabilities:
 Deposits
 Noninterest-bearing $ 8,288 $ 6,418
 Interest-bearing 251,633 230,124
 Total deposits 259,921 236,542
 Advances by borrowers for taxes
 and insurance 650 1,279
 Advances from the Federal Home Loan
 Bank of Pittsburgh 254 231
 Employee Stock Ownership Plan
 (ESOP) obligation 365 393
 Other liabilities 4,001 2,857
 Total liabilities 265,191 241,302
 Stockholders' equity:
 Preferred stock, $.10 par value;
 2,500,000 shares authorized; none issued -- --
 Common stock, $.10 par value;
 5,000,000 shares authorized;
 2,708,468 issued and outstanding at
 Sept. 30, 1993; 1,340,734 issued and
 outstanding at Dec. 31, 1992 271 134
 Additional paid-in capital 11,729 11,620
 Retained earnings 29,757 26,710
 ESOP shares purchased with debt (365) (393)
 Total stockholders' equity 41,392 38,071
 Total liabilities and
 stockholders' equity $306,583 $279,373
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Nine Months Three Months
 Ended Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 (Unaudited)
 (In thousands, except per
 share data)(A)
 Total interest and
 dividend income $18,060 $17,049 $6,053 $5,763
 Total interest expense 7,415 8,405 2,530 2,693
 Net interest and
 dividend income 10,645 8,644 3,523 3,070
 Provision for loan losses 393 421 123 150
 Net interest and dividend
 income after provision
 for loan losses 10,252 8,223 3,400 2,920
 Other income:
 Loan servicing charges
 and late fees 152 158 63 48
 Service charges on
 deposit accounts 213 190 77 68
 Gains on sales of
 loans, net 609 13 368 3
 Other 220 209 77 69
 Total other income 1,194 570 585 188
 Other expenses:
 Compensation 2,202 1,854 758 651
 Data processing 535 463 175 162
 Occupancy 399 379 140 129
 Federal insurance premiums 383 361 132 129
 Equipment 236 234 93 75
 Other 978 808 366 276
 Total other expenses 4,733 4,099 1,664 1,422
 Income before income taxes 6,713 4,694 2,321 1,686
 Income tax expense 2,134 1,575 715 551
 Net income $4,579 $3,119 $1,606 $1,135
 Net income per common and
 common equivalent share $1.69 $1.19 $.59 $.43
 Common and common equivalent
 shares (000) 2,717 2,640 2,717 2,661
 (A) Average share and per share data restated for May 1993 stock-split.
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 (In thousands, except Sept. 30,
 per share data)(A) 1993 1992
 At Quarter End:
 Total assets $306,583 $276,341
 Total deposits 259,921 234,788
 Total loans, net 273,582 234,481
 Stockholders' equity 41,392 35,649
 Equity per share 15.28 14.06
 For the Quarter:
 Net interest income $ 3,523 $ 3,070
 Net income 1,606 1,135
 Per share .59 .43
 Dividends paid .12 .08
 For the Nine Months:
 Net interest income $ 10,645 $ 8,644
 Net income 4,579 3,119
 Per share 1.69 1.19
 Dividends paid .57(B) .32(B)
 Key Financial Ratios (Percent):
 Return on average assets 2.07 1.58
 Return on average equity 15.41 12.07
 Average equity to average assets 13.43 13.11
 Market Information:
 Price range during last three
 months
 High bid $ 25.00 $ 14.00
 Low bid 17.00 9.75
 Average outstanding year to date:
 Shares 2,688,524 2,536,468
 Common Stock Equivalents 28,576 103,686
 (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- 10/19/93
 /CONTACT: J. Christopher Thomas, president and chief operating officer, or A. Lawrence Crimmins Jr., chief financial officer and treasurer, of Eagle Bancorp, 304-340-4632/
 (EBCI)


CO: Eagle Bancorp, Inc. ST: West Virginia IN: FIN SU: ERN DIV

MM-CM -- CH006 -- 4084 10/19/93 14:56 EDT
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Date:Oct 19, 1993
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