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Eagle Bancorp, Inc. Announces Record Earnings For The Fourth Quarter Of 2012, With Full Year 2012 Earnings Up 44%

At December 31, 2012, total assets were $3.41 billion, compared to $2.83 billion at December 31, 2011, a 20% increase. As compared to September 30, 2012, total assets at December 31, 2012 increased by $433 million, a 15% increase. Total loans (excluding loans held for sale) were $2.49 billion at December 31, 2012 compared to $2.06 billion at December 31, 2011, a 21% increase. As compared to September 30, 2012, total loans at December 31, 2012 increased by $95 million, a 4% increase. Total deposits were $2.90 billion at December 31, 2012, compared to deposits of $2.39 billion at December 31, 2011, a 21% increase. As compared to September 30, 2012, total deposits at December 31, 2012 increased by $382 million, a 15% increase, which included $127 million in broker deposits. Loans held for sale amounted to $226.9 million at December 31, 2012 as compared to $176.8 million at December 31, 2011, a 28% increase. As compared to September 30, 2012 loans held for sale increased by $56 million, a 33% increase. The investment portfolio totaled $299.8 million at December 31, 2012, a 5% decrease from the $313.8 million balance at December 31, 2011. As compared to September 30, 2012, the investment portfolio at December 31, 2012 increased by $3.5 million, a 1% increase. Total borrowed funds (excluding customer repurchase agreements) were $39.3 million at December 31, 2012 compared to $49.3 million at December 31, 2011, a 20% decrease. As compared to September 30, 2012, total borrowed funds at December 31, 2012 decreased by $10 million, a 20% decrease due to the early payoff of Federal Home Loan Bank ("FHLB") advances.

Total shareholders' equity increased to $350.0 million at December 31, 2012, compared to $266.7 million and $324.4 million at December 31, 2011 and September 30, 2012, respectively. In late October 2012, the Company announced completion of a $35 million At the Market Stock Offering (which commenced May 1, 2012), as well as completion of an additional $10 million Underwritten Offering. In total, the Company sold an aggregate of 2,604,086 shares of common stock at an average weighted price of $17.31 per share, for aggregate net proceeds of $43.6 million.

Stock quotes in this article: EGBN 

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