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Eagle Bancorp, Inc. Announces Record Earnings With Third Quarter 2012 Net Income Up 49%

Stocks in this article: EGBN

BETHESDA, Md., Oct. 22, 2012 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent company of EagleBank, today announced record quarterly net income of $9.7 million for the quarter ended September 30, 2012, a 49% increase over the $6.5 million net income for the quarter ended September 30, 2011. Net income available to common shareholders increased 51% to $9.5 million ($0.45 per basic common share and $0.44 per diluted common share), as compared to $6.3 million ($0.32 per basic common share and $0.31 per diluted common share) for the same three month period in 2011. These quarterly earnings represent the fifteenth consecutive quarter of increasing net income.

For the nine months ended September 30, 2012, the Company's net income was $25.1 million, a 44% increase over the $17.4 million for the nine months ended September 30, 2011. Net income available to common shareholders increased 54% to $24.7 million ($1.20 per basic common share and $1.17 per diluted common share), as compared to $16.0 million ($0.81 per basic common share and $0.79 per diluted common share) for the same nine month period in 2011.

"We are very pleased to report another quarter of record earnings, highlighted by strong and consistent financial performance, substantially higher total revenue from both net interest income and noninterest income, stable and favorable asset quality trends and substantial capital growth" noted Ronald D. Paul, Chairman and Chief Executive Officer of Eagle Bancorp, Inc. Mr. Paul added "for the third quarter of 2012, the Company continued its trend of producing balanced growth in its average loans and deposits, expanding an already strong net interest margin, and produced enhanced levels of noninterest revenue from higher levels of residential mortgage refinancing activity. The Company also continued its trend of improving performance for the Efficiency Ratio, Return on Average Assets and Return on Average Equity. For the third quarter of 2012, average loan balances grew 4% as compared to the second quarter of 2012, while average deposit balances were 5% higher. The net interest margin expanded to 4.44% for the third quarter of 2012, up 5 basis points from the second quarter of 2012, due primarily to lower funding costs. Total revenue was $38.2 million for the quarter, 8% higher than the second quarter of 2012 and 32% higher than the same quarter one year ago."

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