EXHIBIT 99.1

Eagle Bancorp, Inc. Announces Record Quarterly Earnings, With Annual Net Income Up 33%, and Loan Growth of 18%

BETHESDA, Md., Jan. 22, 2014 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent company of EagleBank, today announced record quarterly net income of $12.0 million for the quarter ended December 31, 2013, an 18% increase over the $10.2 million net income for the quarter ended December 31, 2012. Net income available to common shareholders for the quarter ended December 31, 2013 increased 18% to $11.9 million ($0.46 per basic common share and $0.45 per diluted common share), as compared to $10.1 million ($0.40 per basic common share and $0.39 per diluted common share) for the same period in 2012.

For the year ended December 31, 2013, the Company's net income was $47.0 million, a 33% increase over the $35.3 million for the year ended December 31, 2012. Net income available to common shareholders was $46.4 million ($1.81 per basic common share and $1.76 per diluted common share), as compared to $34.7 million ($1.50 per basic common share and $1.46 per diluted common share) for the year ended December 31, 2012, a 34% increase. Per share amounts for all prior periods have been adjusted to reflect the 10% stock dividend distributed on June 14, 2013.

"We are extremely pleased to report another quarter of record earnings and continued strong and balanced financial performance" noted Ronald D. Paul, Chairman and Chief Executive Officer of Eagle Bancorp, Inc. "The Company's earnings have now increased in each quarter since the fourth quarter of 2008." Mr. Paul added "for the fourth quarter of 2013, the Company's performance was highlighted by growth in total loans and total deposits, an expanded net interest margin from an already favorable level, very strong asset quality trends in all respects and a continuation of the Company's strong cost management. The strong quarterly earnings added to an already solid capital base."

For the fourth quarter of 2013, total loans grew 5.3% and were 18.1% higher at December 31, 2013 than December 31, 2012. For the fourth quarter of 2013, total deposits grew 8.1% and were 11.3% higher at December 31, 2013 than December 31, 2012. The net interest margin was 4.40% for the fourth quarter, 9 basis points higher than both the third quarter of 2013 and the fourth quarter of 2012. Mr. Paul added, "The continuing emphasis on disciplined pricing for both new loans and funding sources has resulted in a more favorable net interest margin position at December 31, 2013."

The Company was able to grow its net interest income for the fourth quarter of 2013 at a substantial rate of 5% as compared to the third quarter in 2013 ($38.7 million versus $36.7 million) and effectively absorbed lower total noninterest earnings attributable primarily to lower levels of residential mortgage originations and sales.

Total revenue (net interest income plus noninterest income) for the fourth quarter of 2013 was $43.0 million or 3% above the third quarter 2013 amount ($41.9 million) and was 5% above the $40.8 million of total revenue earned for the fourth quarter of 2012. For the full year 2013, total revenue was $169.5 million as compared to $148.9 million in 2012, a 14% increase.

For the fourth quarter of 2013, revenue from residential mortgage banking net interest income and fees was 2.4% of total revenue versus 9.4% of total revenue for the fourth quarter of 2012. For the year of 2013, the Company produced 7.2% of total revenue from its residential mortgage division net interest income and fees, as compared to 8.8% of total revenue for the same period in 2012. The Company assesses its residential mortgage loan area on an ongoing basis in light of changes in market conditions, and adjusts the scope of the division accordingly. The Company continues to focus its activities on generating spread income, while also looking to residential mortgage banking as a component of the Company's ongoing growth.

Mr. Paul emphasized "that all asset quality measures showed improvement at year end 2013, as compared to both September 30, 2013 and December 31, 2012. The combination of lower levels of nonperforming loans and OREO, lower net charge-offs and consistent loan loss provisioning resulted in the allowance for loan losses ending December 31, 2013 at 1.39% of total loans and 166% of nonperforming loans."

Lastly, Mr. Paul noted that for the fourth quarter of 2013, the Company's operating cost management remained strong. The efficiency ratio was 50%, which reflects management's determined, continuous efforts to control costs while not inhibiting growth or our ability to service our customers. Mr. Paul further noted the favorable level of noninterest expenses to average assets of 2.39%. "We will continue to have strict oversight of costs, while maintaining an infrastructure that maximizes our ability to not just remain competitive, but to grow."

At December 31, 2013, total assets were $3.77 billion, compared to $3.41 billion at December 31, 2012, an 11% increase. As compared to September 30, 2013, total assets at December 31, 2013 increased by $266.6 million, or 8%. Total loans (excluding loans held for sale) were $2.95 billion at December 31, 2013 compared to $2.49 billion at December 31, 2012, an 18% increase. As compared to September 30, 2013, total loans at December 31, 2013 increased by $148.3 million, a 5% increase. Total deposits were $3.23 billion at December 31, 2013, compared to deposits of $2.90 billion at December 31, 2012, an 11% increase. As compared to September 30, 2013, total deposits at December 31, 2013 increased by $241.3 million, an 8% increase. The level of deposit gains in 2013 was impacted by a loss of $130.0 million of trustee deposits in March 2013 (earlier reported) related to the expiration of the TAG program. Loans held for sale amounted to $42.0 million at December 31, 2013 as compared to $226.9 million at December 31, 2012, an 82% decrease. As compared to September 30, 2013 loans held for sale increased by $3.0 million, a 7% increase.

The investment portfolio totaled $378.1 million at December 31, 2013, a 26% increase from the $299.8 million balance at December 31, 2012. As compared to September 30, 2013, the investment portfolio at December 31, 2013 increased by $22.3 million, a 6% increase. Total borrowed funds (excluding customer repurchase agreements) were $39.3 million at December 31, 2013, December 31, 2012 and September 30, 2013, respectively. Total shareholders' equity increased to $393.9 million at December 31, 2013, compared to $350.0 million and $382.1 million at December 31, 2012 and September 30, 2013, respectively, reflecting growth in retained earnings. The Company's capital position remains substantially in excess of regulatory requirements for well capitalized status, with a total risk based capital ratio of 13.02% at December 31, 2013, as compared to a total risk based capital ratio of 12.20% at December 31, 2012. In addition, the tangible common equity ratio (tangible common equity to tangible assets) increased to 8.86% at December 31, 2013, from 8.50% at December 31, 2012.

At December 31, 2013, the Company's nonperforming assets amounted to $33.9 million, representing 0.90% of total assets, compared to $38.8 million of nonperforming assets, or 1.11% of total assets at September 30, 2013 and $36.0 million of nonperforming assets, or 1.06% of total assets at December 31, 2012. Management continues to remain attentive to early signs of deterioration in borrowers' financial conditions and is proactive in taking the appropriate steps to mitigate risk. Furthermore, the Company is diligent in placing loans on nonaccrual status and believes, based on its loan portfolio risk analysis, that its allowance for loan losses, at 1.39% of total loans (excluding loans held for sale) at December 31, 2013, is adequate to absorb potential credit losses within the loan portfolio at that date. The allowance for credit losses represented 166% of nonperforming loans at December 31, 2013, as compared to 144% at September 30, 2013 and 122% at December 31, 2012. The decrease in the allowance for credit losses as a percentage of total loans at December 31, 2013, as compared to September 30, 2013, from 1.42% to 1.39%, is due to increased loan growth, and overall improved credit quality in the loan portfolio at December 31, 2013.

Analysis of the three months ended December 31, 2013 compared to December 31, 2012

For the three months ended December 31, 2013, the Company reported an annualized return on average assets ("ROAA") of 1.33% as compared to 1.25% for the three months ended December 31, 2012. The annualized return on average common equity ("ROAE") for the quarter ended December 31, 2013 was 14.07%, as compared to 13.95% for the quarter ended December 31, 2012. The higher ROAA and ROAE ratios for fourth quarter of 2013 as compared to 2012 was due primarily to a combination of higher net interest margin, improved credit quality resulting in lower provision expense, and strong cost management.

Net interest income increased 11.4% for the three months ended December 31, 2013 over the same period in 2012, resulting from both growth in average earning assets of 8.8% and an expanded net interest margin for the three months ended December 31, 2013. The net interest margin was 4.40% as compared to 4.31% for the three months ended December 31, 2012. The Company believes its net interest margin remains favorable compared to peer banking companies and that its disciplined approach to managing its loan portfolio yield to 5.40% for the fourth quarter of 2013 has been a significant factor in its overall profitability.

The efficiency ratio, which measures the ratio of noninterest expense to total revenue, remained favorable at 50.03% for the fourth quarter of 2013, as compared to 49.82% for the fourth quarter of 2012. As a percentage of average assets, total noninterest expense improved to 2.39% for the fourth quarter of 2013 as compared to 2.49% for the same period in 2012. Noninterest expenses totaled $21.5 million for the three months ended December 31, 2013, as compared to $20.3 million for the three months ended December 31, 2012, a 6% increase. Cost increases for salaries and benefits were $595 thousand, due to staffing increases primarily as a result of growth since December 31, 2012 in commercial lending and branch personnel and merit and benefit cost increases. Premises and equipment expenses were $297 thousand higher, due to the cost of a new branch office and increases in leasing costs. Data processing expenses increased by $305 thousand due to system enhancements and increased customer transaction volume.

The provision for credit losses was $2.5 million for the three months ended December 31, 2013 as compared to $4.1 million for the three months ended December 31, 2012. Net charge-offs of $1.3 million in the fourth quarter of 2013 represented 0.18% of average loans, excluding loans held for sale, as compared to $2.2 million or 0.37% of average loans, excluding loans held for sale, in the fourth quarter of 2012, a 43% dollar decline. Net charge-offs in the fourth quarter of 2013 were attributable primarily to commercial and industrial loans ($831 thousand), and commercial real estate loans ($375 thousand). The lower provisioning in the fourth quarter of 2013, as compared to the fourth quarter of 2012, is due to a combination of lower net charge-offs, and overall improved asset quality in the loan portfolio.

Noninterest income for the three months ended December 31, 2013 decreased to $4.3 million from $6.1 million for the three months ended December 31, 2012, a 29% decrease. This decrease was primarily due to lower gains on the sale of residential mortgage loans of $3.0 million, offset by a combination of an increase in service charges income of $221 thousand, higher income from Bank Owned Life Insurance of $202 thousand, higher loan fees and insurance income of $405 thousand, and higher income from sales of SBA loans of $148 thousand. There were $4 thousand of investment securities losses recorded for the fourth quarter of 2013, as compared to investment securities losses of $75 thousand for the fourth quarter of 2012. Excluding investment securities losses, total noninterest income was $4.3 million for the fourth quarter of 2013, as compared to $6.1 million for the fourth quarter of 2012, a decrease of 30%.

Analysis of the twelve months ended December 31, 2013 compared to December 31, 2012

For the twelve months ended December 31, 2013, the Company reported an ROAA of 1.37% as compared to 1.18% for the twelve months of 2012, while the ROAE was 14.60% in 2013, as compared to 14.14% for the same twelve month period in 2012. The higher ROAA and ROAE ratios for the twelve months of 2013 as compared to 2012 was primarily due to improved credit quality, lower provision expense, higher noninterest income, and strong cost management. Contributing to the growth in ROAA and ROAE was solid growth in net interest income and a favorable net interest margin.

For the year of 2013, net interest income increased 13.5% over the year of 2012. Average earning assets increased 14.1%, while the net interest margin was 4.30% for the year of 2013, as compared to 4.32% for the year of 2012. For the year of 2013, the Company was able to maintain a strong net interest margin due to disciplined loan pricing practices, and has been able to reduce its cost of funds, while maintaining a favorable deposit mix, largely resulting from ongoing efforts to increase and expand client relationships.

The efficiency ratio improved to 49.90% for the year of 2013 from 51.40% for 2012. As a percentage of average assets, total noninterest expenses improved to 2.46% for the year of 2013 from 2.55% for the year 2012. Total noninterest expenses increased 11% for the year 2013 to $84.6 million as compared to $76.5 million for 2012. Cost increases for salaries and benefits were $3.8 million, primarily due to merit increases, incentive compensation and benefits increases, and staffing increases resulting primarily from additional lending personnel. Premises and equipment expenses were $1.7 million higher due primarily to the cost of new branch offices and normal increases in leasing costs. Data processing costs increased by $1.5 million due to system enhancements and increased customer transaction expenses. Decreases in legal and professional fees of $804 thousand were due primarily to declines in costs related to problem loans. FDIC insurance premiums were $174 thousand higher due to growth in total assets. Other expenses increased for the first twelve months of 2013 versus 2012 by $1.8 million, due primarily to a nonrecurring expense and increased OREO related costs.

The provision for credit losses was $9.6 million for the year of 2013 as compared to $16.2 million in 2012. The lower provisioning is due to a combination of lower net charge-offs, a lower level of nonperforming loans and overall improvement in asset quality. For the year of 2013, net charge-offs totaled $6.2 million (0.23% of average loans) compared to $8.4 million (0.37% of average loans) for the year of 2012, a dollar decline of 26%. Net charge-offs in the year of 2013 were attributable to charge-offs of commercial and industrial loans ($3.5 million), construction loans ($1.3 million), the unguaranteed portion of SBA loans ($659 thousand), commercial real estate loans ($602 thousand) and home equity and consumer loans ($135 thousand).

Noninterest income for the year of 2013 was $24.7 million compared to $21.4 million in 2012, an increase of 15.7%. This increase was due primarily to a $1.7 million increase in gains realized on the sale of SBA loans, offset by a $1.0 million decrease in gains realized on the sale of residential loans, a $670 thousand increase on service charges on deposit accounts and a $1.9 million increase in other noninterest income due primarily to increased loan related fees and annuity income. Additionally, bank owned life insurance income increased $328 thousand due to new investments. Net investment gains were $19 thousand in 2013 and $690 thousand in 2012. A $529 thousand loss on the early extinguishment of debt was recorded in September of 2012 due to the restructuring of a Federal Home Loan Bank advance. Excluding investment securities gains and the loss on the early extinguishment of debt, total noninterest income was $24.7 million for the year of 2013, as compared to $21.2 million for 2012, a 17% increase, which represented 15% of total revenue for the year of 2013 as compared to 14% for the year of 2012.

The financial information which follows provides more detail on the Company's financial performance for the twelve and three months ended December 31, 2013 as compared to the twelve and three months ended December 31, 2012, as well as providing eight quarters of trend data. Persons wishing additional information should refer to the Company's Form 10-K for the year ended December 31, 2012 and other reports filed with the Securities and Exchange Commission (the "SEC").

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through eighteen full service branch offices, located in Montgomery County, Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace.

Conference Call: Eagle Bancorp will host a conference call to discuss the fourth quarter 2013 financial results on Thursday, January 23, 2014 at 10:00 a.m. eastern daylight time. The public is invited to listen to this conference call by dialing 1.877.303.6220, conference ID Code is 30586191, or by accessing the call on the Company's website, www.eaglebankcorp.com. A replay of the conference call will be available on the Company's website through February 6, 2014.

Forward-looking Statements: This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "anticipates," "believes," "expects," "plans," "estimates," "potential," "continue," "should," and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company's market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and in other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company's past results are not necessarily indicative of future performance.

Eagle Bancorp, Inc.
Consolidated Financial Highlights (Unaudited)
(dollars in thousands, except per share data) Twelve Months Ended Three Months Ended
  December 31, December 31,
  2013 2012 2013 2012
Income Statements:        
Total interest income  $ 157,294  $ 141,943  $ 41,652  $ 38,164
Total interest expense  12,504  14,414  2,938  3,427
Net interest income  144,790  127,529  38,714  34,737
Provision for credit losses  9,602  16,190  2,508  4,139
Net interest income after provision for credit losses  135,188  111,339  36,206  30,598
 Noninterest income (before investment gains & extinguisment of debt)  24,697  21,203  4,308  6,135
 Gain on sale of investment securities  19  690  (4)  (75)
 Loss on early extinguishment of debt  --   (529)  --   -- 
Total noninterest income  24,716  21,364  4,304  6,060
Total noninterest expense  84,579  76,531  21,524  20,325
Income before income tax expense  75,325  56,172  18,986  16,333
Income tax expense  28,318  20,883  6,983  6,135
Net income  47,007  35,289  12,003  10,198
Preferred stock dividends and discount accretion  566  566  141  141
Net income available to common shareholders  $ 46,441  $ 34,723  $ 11,862  $ 10,057
         
Per Share Data (1):        
Earnings per weighted average common share, basic  $ 1.81  $ 1.50  $ 0.46  $ 0.40
Earnings per weighted average common share, diluted  $ 1.76  $ 1.46  $ 0.45  $ 0.39
Weighted average common shares outstanding, basic   25,726,062  23,135,886  25,835,054  24,915,837
Weighted average common shares outstanding, diluted   26,358,611  23,743,815  26,495,545  25,601,623
Actual shares outstanding  25,885,863  25,250,378  25,885,863  25,250,378
Book value per common share at period end   $ 13.03  $ 11.62  $ 13.03  $ 11.62
Tangible book value per common share at period end (2)  $ 12.89  $ 11.47  $ 12.89  $ 11.47
         
Performance Ratios (annualized):        
Return on average assets 1.37% 1.18% 1.33% 1.25%
Return on average common equity 14.60% 14.14% 14.07% 13.95%
Net interest margin 4.30% 4.32% 4.40% 4.31%
Efficiency ratio (3) 49.90% 51.40% 50.03% 49.82%
         
Other Ratios:        
Allowance for credit losses to total loans 1.39% 1.50% 1.39% 1.50%
Allowance for credit losses to total nonperforming loans 165.66% 122.19% 165.66% 122.19%
Nonperforming loans to total loans  0.84% 1.23% 0.84% 1.23%
Nonperforming assets to total assets 0.90% 1.06% 0.90% 1.06%
Net charge-offs (annualized) to average loans 0.23% 0.37% 0.18% 0.37%
Common equity to total assets 8.94% 8.60% 8.94% 8.60%
Tier 1 leverage ratio 10.93% 10.44% 10.93% 10.44%
Tier 1 risk based capital ratio 11.53% 10.80% 11.53% 10.80%
Total risk based capital ratio 13.02% 12.20% 13.02% 12.20%
Tangible common equity to tangible assets (2) 8.86% 8.50% 8.86% 8.50%
         
Loan Balances - Period End (in thousands):        
Commercial and Industrial  $ 694,350  $ 545,070  $ 694,350  $ 545,070
Commercial real estate - owner occupied   $ 317,491  $ 297,857  $ 317,491  $ 297,857
Commercial real estate - income producing   $ 1,119,799  $ 914,638  $ 1,119,799  $ 914,638
1-4 Family mortgage  $ 90,418  $ 61,871  $ 90,418  $ 61,871
Construction - commercial and residential  $ 574,167  $ 533,722  $ 574,167  $ 533,722
Construction - C&I (owner occupied)  $ 34,660  $ 28,808  $ 34,660  $ 28,808
Home equity  $ 110,242  $ 106,844  $ 110,242  $ 106,844
Other consumer   $ 4,031  $ 4,285  $ 4,031  $ 4,285
         
Average Balances (in thousands):        
Total assets  $ 3,439,103  $ 2,997,994  $ 3,576,715  $ 3,247,498
Total earning assets  $ 3,370,466  $ 2,953,417  $ 3,485,546  $ 3,203,462
Total loans held for sale  $ 90,161  $ 140,167  $ 27,767  $ 186,122
Total loans  $ 2,644,892  $ 2,281,027  $ 2,867,955  $ 2,442,418
Total deposits  $ 2,913,795  $ 2,541,151  $ 3,038,949  $ 2,748,567
Total borrowings  $ 133,896  $ 143,542  $ 126,409  $ 137,525
Total shareholders' equity  $ 374,703  $ 302,234  $ 391,036  $ 343,401
         
(1) Per share amounts and the number of outstanding shares have been adjusted to give effect to the 10% common stock dividend distributed on June 14, 2013.
 
(2) The Company considers the following non-GAAP measurements useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions. The table below provides a reconciliation of these non-GAAP financial measures with financial measures defined by GAAP.
 
Tangible common equity to tangible assets (the "tangible common equity ratio") and tangible book value per common share are non-GAAP financial measures derived from GAAP-based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders' equity and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders' equity by common shares outstanding. The Company considers this information important to shareholders' as tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios.
 
 
GAAP Reconciliation (Unaudited)
(dollars in thousands except per share data)
     
  December 31, 2013 December 31, 2012
Common shareholders' equity  $ 337,263  $ 293,376
Less: Intangible assets  (3,510)  (3,785)
Tangible common equity  $ 333,753  $ 289,591
     
Book value per common share  $ 13.03  $ 11.62
Less: Intangible book value per common share  (0.14)  (0.15)
Tangible book value per common share  $ 12.89  $ 11.47
     
Total assets  $ 3,771,503  $ 3,409,441
Less: Intangible assets  (3,510)  (3,785)
Tangible assets  $ 3,767,993  $ 3,405,656
Tangible common equity ratio 8.86% 8.50%
   
(3)   Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
 
 
Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(dollars in thousands, except per share data)
       
Assets December 31, 2013 September 30, 2013 December 31, 2012
Cash and due from banks  $ 9,577  $ 8,013  $ 7,439
Federal funds sold  5,695  3,844  7,852
Interest bearing deposits with banks and other short-term investments  291,688  208,522  324,043
Investment securities available for sale, at fair value  378,133  355,830  299,820
Federal Reserve and Federal Home Loan Bank stock  11,272  11,246  10,694
Loans held for sale  42,030  39,206  226,923
Loans   2,945,158  2,796,840  2,493,095
Less allowance for credit losses  (40,921)  (39,687)  (37,492)
Loans, net  2,904,237  2,757,153  2,455,603
Premises and equipment, net  16,737  16,319  15,261
Deferred income taxes  28,949  25,982  19,128
Bank owned life insurance  39,738  29,555  14,135
Intangible assets, net  3,510  3,597  3,785
Other real estate owned  9,225  11,285  5,299
Other assets  30,712  34,376  19,459
 Total Assets  $ 3,771,503  $ 3,504,928  $ 3,409,441
       
Liabilities and Shareholders' Equity      
Deposits:      
Noninterest bearing demand  $ 849,409  $ 898,831  $ 881,390
Interest bearing transaction  118,580  104,004  113,813
Savings and money market  1,811,088  1,538,630  1,374,869
Time, $100,000 or more  203,706  193,000  232,875
Other time  242,631  249,594  294,275
Total deposits  3,225,414  2,984,059  2,897,222
Customer repurchase agreements  80,471  82,266  101,338
Long-term borrowings  39,300  39,300  39,300
Other liabilities  32,455  17,203  21,605
Total liabilities  3,377,640  3,122,828  3,059,465
       
Shareholders' Equity      
Preferred stock, par value $.01 per share, shares authorized 1,000,000, Series B, $1,000 per share liquidation preference, shares issued and outstanding 56,600 at December 31, 2013, September 30, 2013 and December 31, 2012   56,600  56,600  56,600
Common stock, par value $.01 per share; shares authorized 50,000,000, shares issued and outstanding 25,885,863, 25,799,220 and 22,954,889 respectively   253  252  226
Warrant  946  946  946
Additional paid in capital  242,990  241,131  180,593
Retained earnings   96,393  84,534  106,146
Accumulated other comprehensive (loss) income   (3,319)  (1,363)  5,465
Total Shareholders' Equity  393,863  382,100  349,976
Total Liabilities and Shareholders' Equity  $ 3,771,503  $ 3,504,928  $ 3,409,441
       
 
Eagle Bancorp, Inc.
Consolidated Statements of Operations (Unaudited)
(dollars in thousands, except per share data)
  Twelve Months Ended  Three Months Ended 
  December 31, December 31,
Interest Income 2013 2012 2013 2012
Interest and fees on loans  $ 148,801  $ 134,600  $ 39,322  $ 36,439
Interest and dividends on investment securities  7,792  6,824  2,203  1,545
Interest on balances with other banks and short-term investments  689  475  125  177
Interest on federal funds sold   12  44  2  3
Total interest income  157,294  141,943  41,652  38,164
Interest Expense        
Interest on deposits  10,614  12,057  2,492  2,927
Interest on customer repurchase agreements   254  325  57  75
Interest on short-term borrowings  --   3  --   1
Interest on long-term borrowings  1,636  2,029  389  424
Total interest expense  12,504  14,414  2,938  3,427
Net Interest Income   144,790  127,529  38,714  34,737
Provision for Credit Losses  9,602  16,190  2,508  4,139
Net Interest Income After Provision For Credit Losses  135,188  111,339  36,206  30,598
         
Noninterest Income        
Service charges on deposits  4,607  3,937  1,256  1,035
Gain on sale of loans  14,578  13,942  1,223  4,075
Gain on sale of investment securities  19  690  (4)  (75)
Loss on early extinguishment of debt  --   (529)  --   -- 
Increase in the cash surrender value of bank owned life insurance   720  392  300  98
Other income  4,792  2,932  1,529  927
Total noninterest income  24,716  21,364  4,304  6,060
Noninterest Expense        
Salaries and employee benefits  47,481  43,684  12,759  12,164
Premises and equipment expenses  11,923  10,218  2,974  2,677
Marketing and advertising  1,686  1,759  519  419
Data processing  5,903  4,415  1,447  1,142
Legal, accounting and professional fees  3,449  4,253  863  938
FDIC insurance  2,263  2,089  483  536
Other expenses  11,874  10,113  2,479  2,449
Total noninterest expense 84,579 76,531 21,524 20,325
Income Before Income Tax Expense  75,325  56,172  18,986  16,333
Income Tax Expense  28,318  20,883  6,983  6,135
Net Income   47,007  35,289  12,003  10,198
Preferred Stock Dividends   566  566  141  141
Net Income Available to Common Shareholders  $ 46,441  $ 34,723  $ 11,862  $ 10,057
         
Earnings Per Common Share (1)        
Basic  $ 1.81  $ 1.50  $ 0.46  $ 0.40
Diluted  $ 1.76  $ 1.46  $ 0.45  $ 0.39
(1) Per share amounts have been adjusted to give effect to the 10% common stock dividend paid on June 14, 2013.
 
 
Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates (Unaudited)
(dollars in thousands)
             
  Three Months Ended December 31,
  2013 2012
  Average   Average Average   Average
  Balance Interest Yield/Rate Balance Interest Yield/Rate
ASSETS            
Interest earning assets:            
Interest bearing deposits with other banks and other short-term investments  $ 204,320  $ 125 0.24%  $ 258,577  $ 177 0.27%
Loans held for sale (1)  27,767  282 4.06%  186,122  1,600 3.44%
Loans (1) (2)   2,867,955  39,039 5.40%  2,442,418  34,839 5.67%
Investment securities available for sale (2)  380,562  2,202 2.30%  310,851  1,545 1.98%
Federal funds sold   4,942  2 0.16%  5,494  3 0.22%
 Total interest earning assets  3,485,546  41,650 4.74%  3,203,462  38,164 4.74%
             
Total noninterest earning assets  131,249      80,580    
Less: allowance for credit losses  40,080      36,544    
 Total noninterest earning assets  91,169      44,036    
 TOTAL ASSETS  $ 3,576,715      $ 3,247,498    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Interest bearing liabilities:            
Interest bearing transaction  $ 104,466  $ 71 0.27%  $ 110,688  $ 93 0.33%
Savings and money market   1,621,712  1,471 0.36%  1,312,792  1,528 0.46%
Time deposits   448,838  950 0.84%  471,591  1,306 1.10%
 Total interest bearing deposits  2,175,016  2,492 0.45%  1,895,071  2,927 0.61%
Customer repurchase agreements  87,084  57 0.26%  97,622  75 0.31%
Other short-term borrowings  25  --   --   603  1  -- 
Long-term borrowings  39,300  388 3.86%  39,300  424 4.22%
 Total interest bearing liabilities  2,301,425  2,937 0.51%  2,032,596  3,427 0.67%
             
Noninterest bearing liabilities:            
Noninterest bearing demand   863,933      853,496    
Other liabilities  20,321      18,005    
 Total noninterest bearing liabilities  884,254      871,501    
             
Shareholders' equity  391,036      343,401    
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $ 3,576,715      $ 3,247,498    
             
Net interest income    $ 38,713      $ 34,737  
Net interest spread     4.23%     4.07%
Net interest margin     4.40%     4.31%
             
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $2.3 million and $1.7 million for the three months ended December 31, 2013 and 2012, respectively.
(2) Interest and fees on loans and investments exclude tax equivalent adjustments. 
 
 
Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields and Rates (Unaudited)
(dollars in thousands)
             
  Twelve Months Ended December 31,
  2013 2012
  Average   Average Average   Average
  Balance Interest Yield/Rate Balance Interest Yield/Rate
ASSETS            
Interest earning assets:            
Interest bearing deposits with other banks and other short-term investments  $ 280,399  $ 689 0.25%  $ 186,157  $ 475 0.26%
Loans held for sale (1)  90,161  3,140 4.64%  140,167  4,945 3.53%
Loans (1) (2)   2,644,892  145,660 5.51%  2,281,027  129,655 5.68%
Investment securities available for sale (2)  348,143  7,792 2.24%  330,670  6,824 2.06%
Federal funds sold   6,871  12 0.17%  15,396  44 0.29%
 Total interest earning assets  3,370,466  157,293 4.67%  2,953,417  141,943 4.81%
             
Total noninterest earning assets  107,844      77,827    
Less: allowance for credit losses  39,207      33,250    
 Total noninterest earning assets  68,637      44,577    
 TOTAL ASSETS  $ 3,439,103      $ 2,997,994    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Interest bearing liabilities:            
Interest bearing transaction  $ 103,763  $ 298 0.29%  $ 94,848  $ 289 0.30%
Savings and money market   1,516,699  5,765 0.38%  1,183,402  5,946 0.50%
Time deposits   481,576  4,551 0.95%  481,661  5,822 1.21%
 Total interest bearing deposits  2,102,038  10,614 0.50%  1,759,911  12,057 0.69%
Customer repurchase agreements  94,566  254 0.27%  96,141  325 0.34%
Other short-term borrowings  30  --   --   697  3  -- 
Long-term borrowings  39,300  1,636 4.11%  46,704  2,029 4.27%
 Total interest bearing liabilities  2,235,934  12,504 0.56%  1,903,453  14,414 0.76%
             
Noninterest bearing liabilities:            
Noninterest bearing demand   811,757      781,240    
Other liabilities  16,709      11,067    
 Total noninterest bearing liabilities  828,466      792,307    
             
Shareholders' equity  374,703      302,234    
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $ 3,439,103      $ 2,997,994    
             
Net interest income    $ 144,789      $ 127,529  
Net interest spread     4.11%     4.05%
Net interest margin     4.30%     4.32%
             
(1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $7.9 million and $5.4 million for the twelve months ended December 31, 2013 and 2012, respectively.
(2) Interest and fees on loans and investments exclude tax equivalent adjustments. 
 
 
Eagle Bancorp, Inc.
Statements of Income and Highlights Quarterly Trends (Unaudited)
(dollars in thousands, except per share data)
  Three Months Ended 
  December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31,
Income Statements: 2013 2013 2013 2013 2012 2012 2012 2012
Total interest income  $ 41,652  $ 39,724  $ 37,985  $ 37,933  $ 38,164  $ 36,636  $ 34,575  $ 32,568
Total interest expense  2,938  3,021  3,121  3,424  3,427  3,328  3,561  4,098
Net interest income  38,714  36,703  34,864  34,509  34,737  33,308  31,014  28,470
Provision for credit losses  2,508  1,372  2,357  3,365  4,139  3,638  4,443  3,970
Net interest income after provision for credit losses  36,206  35,331  32,507  31,144  30,598  29,670  26,571  24,500
Noninterest income (before investment gains/losses & extinguishment of debt)  4,308  5,236  7,065  8,088  6,135  4,916  4,293  5,859
 Gain/(loss) on sale of investment securities  (4)  --   --   23  (75)  464  148  153
 Loss on early extinguishment of debt  --   --   --   --   --   (529)  --   -- 
Total noninterest income  4,304  5,236  7,065  8,111  6,060  4,851  4,441  6,012
 Salaries and employee benefits  12,759  12,187  11,335  11,200  12,164  10,807  10,289  10,424
 Premises and equipment   2,974  3,222  2,927  2,800  2,677  2,562  2,469  2,510
 Marketing and advertising  519  426  394  347  419  497  557  286
 Other expenses  5,272  5,838  6,029  6,350  5,065  5,241  5,222  5,342
Total noninterest expense  21,524  21,673  20,685  20,697  20,325  19,107  18,537  18,562
Income before income tax expense  18,986  18,894  18,887  18,558  16,333  15,414  12,475  11,950
Income tax expense  6,983  7,137  7,212  6,986  6,135  5,739  4,692  4,317
Net income  12,003  11,757  11,675  11,572  10,198  9,675  7,783  7,633
Preferred stock dividends and discount accretion  141  142  142  141  141  142  142  141
Net income available to common shareholders  $ 11,862  $ 11,615  $ 11,533  $ 11,431  $ 10,057  $ 9,533  $ 7,641  $ 7,492
                 
                 
Per Share Data (1):                
Earnings per weighted average common share, basic  $ 0.46  $ 0.45  $ 0.45  $ 0.45  $ 0.40  $ 0.41  $ 0.34  $ 0.34
Earnings per weighted average common share, diluted   $ 0.45  $ 0.44  $ 0.44  $ 0.44  $ 0.39  $ 0.40  $ 0.33  $ 0.33
Weighted average common shares outstanding, basic   25,835,054  25,784,287  25,742,185  25,518,523  24,915,837  23,158,050  22,327,796  22,122,043
Weighted average common shares outstanding, diluted   26,495,545  26,426,093  26,334,355  26,222,041  25,601,623  23,766,606  22,888,151  22,686,049
Actual shares outstanding  25,885,863  25,799,220  25,764,542  25,728,162  25,250,378  24,244,007  22,650,356  22,242,183
Book value per common share at period end   $ 13.03  $ 12.62  $ 12.14  $ 11.86  $ 11.62  $ 11.05  $ 10.32  $ 9.86
                 
Performance Ratios (annualized):                
Return on average assets 1.33% 1.35% 1.41% 1.39% 1.25% 1.27% 1.08% 1.08%
Return on average common equity 14.07% 14.37% 14.75% 15.29% 13.95% 15.20% 13.52% 13.80%
Net interest margin 4.40% 4.31% 4.27% 4.20% 4.31% 4.44% 4.39% 4.11%
Efficiency ratio (2) 50.03% 51.68% 49.33% 48.56% 49.82% 50.07% 52.28% 53.83%
                 
Other Ratios:                
Allowance for credit losses to total loans (3) 1.39% 1.42% 1.47% 1.52% 1.50% 1.48% 1.47% 1.46%
Nonperforming loans to total loans (3) 0.84% 0.98% 0.87% 1.11% 1.23% 1.35% 1.42% 1.68%
Nonperforming assets to total assets 0.90% 1.11% 1.05% 1.12% 1.06% 1.25% 1.26% 1.41%
Net charge-offs (annualized) to average loans (3) 0.18% 0.20% 0.24% 0.33% 0.37% 0.36% 0.40% 0.34%
Tier 1 leverage ratio 10.93% 10.89% 10.81% 10.39% 10.44% 10.36% 9.63% 9.33%
Tier 1 risk based capital ratio 11.53% 11.61% 11.12% 11.08% 10.80% 10.76% 10.02% 10.08%
Total risk based capital ratio 13.02% 13.12% 12.53% 12.50% 12.20% 12.24% 11.53% 11.59%
                 
Average Balances (in thousands):                
Total assets  $ 3,576,715  $ 3,467,193  $ 3,331,677  $ 3,378,362  $ 3,247,498  $ 3,022,584  $ 2,888,188  $ 2,830,693
Total earning assets  $ 3,485,546  $ 3,383,547  $ 3,279,034  $ 3,331,930  $ 3,203,462  $ 2,977,950  $ 2,844,491  $ 2,784,747
Total loans held for sale  $ 27,767  $ 63,579  $ 91,781  $ 179,476  $ 186,122  $ 158,011  $ 95,734  $ 120,098
Total loans  $ 2,867,955  $ 2,668,429  $ 2,557,811  $ 2,480,862  $ 2,442,418  $ 2,346,046  $ 2,246,644  $ 2,086,511
Total deposits  $ 3,038,949  $ 2,939,705  $ 2,810,033  $ 2,864,305  $ 2,748,567  $ 2,572,022  $ 2,447,985  $ 2,393,413
Total borrowings  $ 126,409  $ 136,590  $ 137,337  $ 135,315  $ 137,525  $ 132,955  $ 150,644  $ 153,227
Total stockholders' equity  $ 391,036  $ 377,246  $ 370,302  $ 359,859  $ 343,401  $ 306,072  $ 284,040  $ 274,923
                 
(1) Per share amounts and the number of outstanding shares have been adjusted to give effect to the 10% common stock dividend paid on June 14, 2013.
(2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
(3) Excludes loans held for sale.
CONTACT: EAGLE BANCORP, INC.
         Michael T. Flynn
         301.986.1800

The following information was filed by Eagle Bancorp Inc (EGBN) on Wednesday, January 22, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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