Eagle Bancorp, Inc. Announces Record Earnings With Second Quarter 2012 Net Income Up 35%

Eagle Bancorp, Inc. Announces Record Earnings With Second Quarter 2012 Net
Income Up 35%

BETHESDA, Md., July 23, 2012 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the
"Company") (Nasdaq:EGBN), the parent company of EagleBank, today announced
record quarterly net income of $7.8 million for the quarter ended June 30,
2012, a 35% increase over the $5.8 million net income for the quarter ended
June 30, 2011. Net income available to common shareholders increased 57% to
$7.6 million ($0.38 per basic share and $0.37 per diluted common share), as
compared to $4.9 million ($0.25 per basic share and $0.24 per diluted common
share) for the same three month period in 2011.

company logo

For the six months ended June 30, 2012, the Company's net income was $15.4
million, a 42% increase over the $10.9 million for the six months ended June
30, 2011. Net income available to common shareholders was $15.1 million ($0.75
per basic common share and $0.73 per diluted common share), as compared to
$9.7 million ($0.49 per basic common share and $0.48 per diluted common share)
for the same six month period in 2011, a 56% increase.

A lower dividend rate on preferred stock accounted for a significant amount of
the higher percentage increase in earnings available to common shareholders
for both the three and six month periods.

"We are very pleased to report a fourteenth consecutive quarter of record net
income for our Company, highlighted by substantial growth in revenue from both
balance sheet growth and margin expansion and by increased noninterest
income," noted Ronald D. Paul, Chairman and Chief Executive Officer of Eagle
Bancorp, Inc. Mr. Paul also noted "the second quarter financials reflected
continued low levels of problem assets and credit losses and continued strong
increases in shareholders' equity, primarily from record earnings and the $5.6
million of net proceeds through June 30, 2012 from the sale of common stock in
the Company's offering. The shares were sold at a weighted average price of
$15.94 per share. Additionally, expenses were well managed in the quarter,
contributing to an even lower efficiency ratio of 52.28%. Total revenue
increased 31% in the second quarter 2012 over the same quarter in 2011. Higher
noninterest income from the origination and sale of residential mortgage loans
in the second quarter of 2012 contributed substantially to the increased
revenue in the second quarter of 2012 over 2011. Both total loans and total
deposits increased by 6% at June 30, 2012, as compared to March 31, 2012. The
net interest margin for the second quarter of 2012 was a very strong 4.39%, as
the cost of funds has been aggressively managed lower, based on market rate
changes. Net credit losses for the second quarter of 2012 were 0.40% of
average loans, and nonperforming assets were 1.26% of total loans at June 30,
2012. Importantly, we believe our financial results continue to demonstrate a
consistent and balanced approach to the Company's performance. We are
especially pleased that our number of customer relationships continues to
increase, as more and more businesses view EagleBank's capabilities and
services as highly attractive."

At June 30, 2012, total assets were $2.96 billion, compared to $2.83 billion
at December 31, 2011, a 5% increase. As compared to June 30, 2011, total
assets at June 30, 2012 increased by $609 million, a 26% increase. Total loans
(excluding loans held for sale) were $2.32 billion at June 30, 2012 compared
to $2.06 billion at December 31, 2011, a 13% increase. As compared to June 30,
2011, total loans at June 30, 2012 increased by $371 million, a 19% increase.
Total deposits were $2.51 billion at June 30, 2012, compared to deposits of
$2.39 billion at December 31, 2011, a 5% increase. As compared to June 30,
2011, total deposits at June 30, 2012 increased by $573 million, a 30%
increase. Loans held for sale amounted to $102.8 million at June 30, 2012 as
compared to $176.8 million at December 31, 2011 and $25.5 million at June 30,
2011. The investment portfolio totaled $338.9 million at June 30, 2012, an 8%
increase from the $313.8 million balance at December 31, 2011, as excess
liquidity was deployed into new investments. As compared to June 30, 2011, the
investment portfolio at June 30, 2012 increased by $89 million, a 36%
increase. Total borrowed funds (excluding customer repurchase agreements) were
stable at $49.3 million at June 30, 2012, December 31, 2011 and June 30, 2011.
Total shareholders' equity increased to $290.3 million at June 30, 2012,
compared to $266.7 million and $217.0 million at December 31, 2011 and June
30, 2011, respectively. The Company's capital position remains substantially
in excess of regulatory requirements for well capitalized status, with a total
risk based capital ratio of 11.60% at June 30, 2012, as compared to a total
risk based capital ratio of 11.33% at June 30, 2011. Strong earnings over the
twelve months ended June 30, 2012, together with progress to date on the "at
the market" capital raise commenced May 1, 2012, and issuances under our
employee stock plans, have enabled the Company to increase regulatory capital
ratios, while continuing substantial balance sheet growth. In addition, the
tangible common equity ratio (tangible common equity to tangible assets)
increased to 7.76% at June 30, 2012, from 7.29% at December 31, 2011.

At June 30, 2012, the Company's nonperforming assets amounted to $37.3
million, representing 1.26% of total assets, compared to $36.0 million of
nonperforming assets, or 1.27% of total assets at December 31, 2011 and $34.7
million of nonperforming assets, or 1.47% of total assets at June 30, 2011.
Management remains attentive to early signs of deterioration in borrowers'
financial conditions and to taking the appropriate action 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 1.47% of total loans (excluding loans held for sale) at June
30, 2012, is adequate to absorb potential credit losses within the loan
portfolio at that date. Included in nonperforming assets at June 30, 2012 were
$4.4 million of other real estate owned ("OREO") as compared to $3.2 million
at December 31, 2011 and $3.4 million at June 30, 2011.

Analysis of the three months ended June 30, 2012 compared to June 30, 2011

For the three months ended June 30, 2012, the Company reported an annualized
return on average assets (ROAA) of 1.08% as compared to 1.01% for the three
months ended June 30, 2011. The annualized return on average common equity
(ROAE) for the quarter ended June 30, 2012 was 13.52%, as compared to 10.16%
for the quarter ended June 30, 2011. The higher ROAA and ROAE ratios for the
second quarter of 2012 as compared to 2011 are due to an expanded net interest
margin, higher levels of noninterest income and improvement in expense
management.

Net interest income increased 30% for the three months ended June 30, 2012
over the same period in 2011, resulting from a combination of strong balance
sheet growth and net interest margin expansion, as the cost of funds for the
second quarter of 2012 as compared to the same quarter in 2011 declined more
than the decline in earning asset yields between the two periods. As compared
to the second quarter of 2011, average earning assets increased by 28% for the
second quarter of 2012. For the three months ended June 30, 2012, the net
interest margin was 4.39% as compared to 4.11% for the three months ended
March 31, 2012 and 4.32% for the three months ended June 30, 2011. Based on
peer comparisons, the Company's net interest margin remains very favorable.

The provision for credit losses was $4.4 million for the three months ended
June 30, 2012 as compared to $3.2 million for the three months ended June 30,
2011.At June 30, 2012 the allowance for credit losses represented 1.47% of
loans outstanding, as compared to 1.44% and 1.41% at December 31, 2011 and
June 30, 2011, respectively. The higher provisioning in the second quarter of
2012, as compared to the second quarter of 2011, is due to a higher allowance
allocation for selected loan categories and higher net charge-offs. Net
charge-offs of $2.2 million in the second quarter of 2012 represented 0.40% of
average loans, excluding loans held for sale, as compared to $1.3 million or
0.28% of average loans, excluding loans held for sale, in the second quarter
of 2011. Net charge-offs in the second quarter of 2012 were primarily
attributable to charge-offs of commercial real estate loans ($881 thousand),
commercial and industrial loans ($873 thousand), construction loans ($371
thousand), the unguaranteed portion of SBA loans ($93 thousand), and home
equity and consumer loans ($21 thousand).

At June 30, 2012, the allowance for credit losses represented 91% of
nonperforming assets as compared to 82% at December 31, 2011 and 79% at June
30, 2011. At June 30, 2012, the allowance for credit losses represented 104%
of nonperforming loans as compared to 90% at December 31, 2011 and 88% at June
30, 2011.

Noninterest income for the three months ended June 30, 2012 increased to $4.4
million from $3.2 million for the three months ended June 30, 2011, a 39%
increase. This increase was due primarily to an increase of $1.7 million in
gains on sales of residential mortgage loans in the second quarter of 2012 as
compared to the second quarter of 2011, due to substantially higher volumes of
residential mortgage loan refinancings. Additionally, service charges on
deposit accounts increased $263 thousand in the second quarter of 2012 as
compared to the second quarter of 2011, a 39% increase due substantially to
growth in the number of accounts. Investment securities gains were $148
thousand for the second quarter of 2012, as compared to $591 thousand for the
second quarter in 2011. Excluding investment securities gains, total
noninterest income was $4.3 million for the second quarter of 2012, as
compared to $2.6 million for the second quarter of 2011, an increase of 65%.

The efficiency ratio, which measures the ratio of noninterest expense to total
revenue, was 52.28% for the second quarter of 2012, as compared to 55.13% for
the second quarter of 2011. Noninterest expenses were $18.5 million for the
three months ended June 30, 2012, as compared to $14.9 million for the three
months ended June 30, 2011, a 24% increase. Cost increases for salaries and
benefits were $2.5 million, primarily due to merit and benefit cost increases,
increases in incentive pay, and staffing increases primarily as a result of
growth of the residential lending division, as well as additional lending and
branch personnel. At June 30, 2012, the Company had sixteen branch offices, as
compared to thirteen at June 30, 2011.Premises and equipment expenses were
$417 thousand higher, due primarily to the cost of three new branch offices
and normal increases in leasing costs. Other expenses increased by $692
thousand for the quarter ended June 30, 2012 compared to the same period in
2011.

Analysis of the six months ended June 30, 2012 compared to June 30, 2011

For the six months ended June 30, 2012, the Company reported an ROAA of 1.08%
as compared to 1.00% for the six months of 2011, while the ROAE was 13.66% in
2012, as compared to 10.32% for the same six month period in 2011. The
increase in these ratios was due to substantial increases in noninterest
income and improved operating efficiency.

For the first six months of 2012, net interest income increased 31% over the
same period for 2011. Average earning assets increased 31%. The net interest
margin was 4.25% for the six months of 2012, as compared to 4.27% for the six
months of 2011. The Company has been able to maintain its loan portfolio
yields in 2012 close to 2011 levels due to loan pricing practices, and has
been able to reduce its funding costs while maintaining a favorable deposit
mix; much of which has occurred from sales efforts to increase and deepen
client relationships.

The provision for credit losses was $8.4 million for the first six months of
2012 as compared to $5.3 million in 2011. The higher provisioning in 2012 as
compared to 2011 is attributable tohigher allowance allocations for selected
loan categories and higher net charge-offs in the first six months of 2012
compared to 2011. For the six months ended June 30, 2012, net charge-offs
totaled $4.0 million (0.37% of average loans) compared to $2.6 million (0.29%
of average loans) for the six months ended June 30, 2011. Net charge-offs in
the six months ended June 30, 2012 were primarily attributable to charge-offs
of commercial and industrial loans ($1.6 million), commercial real estate
loans ($1.2 million), home equity and consumer loans ($567 thousand),
construction loans ($516 thousand) and the unguaranteed portion of SBA loans
($92 thousand).

Noninterest income for the first six months of 2012 was $10.5 million compared
to $6.1 million in 2011, an increase of 71%. This increase was due primarily
to a $4.0 million increase in gains realized on the sale of residential loans
partially offset by a decrease of $118 thousand in gains realized on the sale
of SBA loans. Service charges on deposit accounts increased $493 thousand in
2012 as compared to 2011, a 35% increase. Other noninterest income increased
by $215 thousand primarily due to other loan income and ATM fees. Excluding
investment securities gains, total noninterest income was $10.2 million for
the six months of 2012 as compared to $5.5 million for 2011, an 83% increase.

Noninterest expenses were $37.1 million for the first six months of 2012, as
compared to $29.2 million for 2011, a 27% increase. Cost increases for
salaries and benefits were $5.6 million primarily due to salaries, incentive
compensation and benefits increases, including staffing increases primarily as
a result of growth in the residential lending division as well as additional
lending and branch personnel. Premises and equipment expenses were $936
thousand higher due primarily to the cost of three new branch offices and
normal increases in leasing costs. Data processing costs increased by $606
thousand due to system enhancements and expanded customer transaction costs.
FDIC insurance premiums were $275 thousand lower due to FDIC premium rate
declines which took effect on April 1, 2011. Other expenses increased for the
first six months of 2012 versus 2011 by $979 thousand.For the first six
months of 2012, the efficiency ratio improved to 53.05% as compared to 56.76%
for the same period in 2011.

At June 30, 2012, the Company had a total risk based capital ratio of 11.60%,
a Tier 1 risk based capital ratio of 10.09%, and a Tier 1 leverage ratio of
9.65%, all measures substantially above the regulatory requirements for well
capitalized status.

The financial information which follows provides more detail on the Company's
financial performance for the six and three months ended June 30, 2012 as
compared to the six and three months ended June 30, 2011, 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, 2011 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 sixteen full service branch offices, located in
Montgomery County, Maryland; Washington, D.C.; and Arlington and Fairfax
Counties, Virginia. The Company focuses on building relationships with
businesses, professionals and individuals in its marketplace.

The Eagle Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6101

Conference Call: Eagle Bancorp will host a conference call to discuss the
second quarter 2012 financial results on Tuesday July 24, 2012 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 96517007, 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
August 7, 2012.

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, 2011 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
(in thousands, except per  Six Months Ended         Three Months Ended
share data)
                          June 30,                  June 30,
                          2012         2011         2012         2011
Income Statements:         (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Total interest income      $67,143    $55,292    $34,575    $28,996
Total interest expense     7,659       9,892       3,561       5,102
Net interest income        59,484      45,400      31,014      23,894
Provision for credit       8,413       5,331       4,443       3,215
losses
Net interest income after
provision for credit       51,071      40,069      26,571      20,679
losses
Noninterest income (before 10,152      5,535       4,293       2,602
investment gains)
Investment gains           301         591         148         591
Total noninterest income   10,453      6,126       4,441       3,193
Total noninterest expense  37,099      29,246      18,537      14,933
Income before income tax   24,425      16,949      12,475      8,939
expense
Income tax expense         9,009       6,059       4,692       3,185
Net income                 15,416      10,890      7,783       5,754
Preferred stock dividends  283         1,203       142         883
and discount accretion
Net income available to    $15,133    $9,687     $7,641     $4,871
common shareholders
                                                              
Per Share Data:                                                
Earnings per weighted
average common share,      $0.75      $0.49      $0.38      $0.25
basic
Earnings per weighted
average common share,      $0.73      $0.48      $0.37      $0.24
diluted
Weighted average common    20,204,472  19,774,722  20,297,996  20,050,894
shares outstanding, basic
Weighted average common
shares outstanding,        20,713,904  20,243,112  20,807,410  20,495,291
diluted
Actual shares outstanding  20,591,233  19,849,042  20,591,233  19,849,042
Book value per common      $11.35     $9.76      $11.35     $9.76
share at period end
Tangible book value per
common share at period end $11.15     $9.56      $11.15     $9.56
(1)
                                                              
Performance Ratios                                             
(annualized):
Return on average assets   1.08%        1.00%        1.08%        1.01%
Return on average common   13.66%       10.32%       13.52%       10.16%
equity
Net interest margin       4.25%        4.27%        4.39%        4.32%
Efficiency ratio (2)       53.06%       56.76%       52.28%       55.13%
                                                              
Other Ratios:                                                  
Allowance for credit       1.47%        1.41%        1.47%        1.41%
losses to total loans
Allowance for credit
losses to total            103.66%      88.00%       103.66%      88.00%
nonperforming loans
Nonperforming loans to     1.42%        1.60%        1.42%        1.60%
total loans
Nonperforming assets to    1.26%        1.47%        1.26%        1.47%
total assets
Net charge-offs
(annualized) to average    0.37%        0.29%        0.40%        0.28%
loans
Common equity to total     7.89%        8.23%        7.89%        8.23%
assets
Tier 1 leverage ratio      9.65%        9.07%        9.65%        9.07%
Tier 1 risk based capital  10.09%       9.64%        10.09%       9.64%
ratio
Total risk based capital   11.60%       11.33%       11.60%       11.33%
ratio
Tangible common equity to  7.76%        8.07%        7.76%        8.07%
tangible assets (1)
                                                              
Loan Balances - Period End                                     
(in thousands):
Commercial and Industrial  $516,493   $482,680   $516,493   $482,680
Commercial real estate -   $307,410   $242,266   $307,410   $242,266
owner occupied
Commercial real estate -   $932,490   $719,450   $932,490   $719,450
income producing
1-4 Family mortgage        $48,842    $36,794    $48,842    $36,794
Construction - commercial  $400,805   $346,273   $400,805   $346,273
and residential
Construction - C&I (owner  $10,501    $24,315    $10,501    $24,315
occupied)
Home equity                $97,969    $90,827    $97,969    $90,827
Other consumer            $4,727     $5,871     $4,727     $5,871
                                                              
Average Balances (in                                           
thousands):
Total assets               $2,859,440 $2,200,962 $2,888,188 $2,278,329
Total earning assets       $2,814,618 $2,142,278 $2,844,491 $2,220,137
Total loans held for sale  $107,916   $19,466    $95,734    $19,419
Total loans                $2,166,578 $1,789,714 $2,246,644 $1,864,722
Total deposits             $2,420,699 $1,833,987 $2,447,985 $1,902,837
Total borrowings           $151,936   $146,816   $150,644   $153,108
Total shareholders' equity $279,482   $211,926   $284,040   $214,926

(1) 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. We calculate the tangible common
equity ratio by excluding the balance of intangible assets from common
shareholders' equity and dividing by tangible assets. We calculate tangible
book value per common share by dividing tangible common equity by common
shares outstanding, as compared to book value per common share, which we
calculate by dividing common shareholders' equity by common shares
outstanding. We believe that this information is 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.

(2) Computed by dividing noninterest expense by the sum of net interest income
and noninterest income.

GAAP Reconciliation
(dollars in thousands except per share data)
                        Six Months Ended Twelve Months     Six Months Ended
                                           Ended
                        June 30, 2012     December 31, 2011 June 30, 2011
                        (Unaudited)       (Unaudited)       (Unaudited)
Common shareholders'     $233,670        $210,111        $193,792
equity
Less: Intangible assets  (3,978)          (4,145)          (4,070)
Tangible common equity   $229,692        $205,966        $189,722
                                                          
Book value per common    $11.35          $10.53          $9.76
share
Less: Intangible book    (0.20)           (0.21)           (0.20)
value per common share
Tangible book value per  $11.15          $10.32          $9.56
common share
                                                          
Total assets             $2,962,897      $2,831,255      $2,353,716
Less: Intangible assets  (3,978)          (4,145)          (4,070)
Tangible assets          $2,958,919      $2,827,110      $2,349,646
Tangible common equity   7.76%             7.29%             8.07%
ratio


Eagle Bancorp, Inc.
Consolidated Balance Sheets
(dollars in thousands)
                                     June 30, 2012 December 31, June 30, 2011
                                                    2011
                                     (Unaudited)   (Audited)    (Unaudited)
Assets                                                         
Cash and due from banks               $6,998      $5,374     $33,950
Federal funds sold                    19,854       21,785      42,955
Interest bearing deposits with banks  122,639      205,252     10,202
and other short-term investments
Investment securities available for   338,933      313,811     250,019
sale, at fair value
Federal Reserve and Federal Home Loan 10,950       10,242      9,748
Bank stock
Loans held for sale                   102,767      176,826     25,489
Loans                                2,319,237    2,056,256   1,948,476
Less allowance for credit losses      (34,079)     (29,653)    (27,475)
Loans, net                            2,285,158    2,026,603   1,921,001
Premises and equipment, net           13,634       12,320      10,395
Deferred income taxes                 16,836       14,673      13,689
Bank owned life insurance             13,936       13,743      13,543
Intangible assets, net                3,978        4,145       4,070
Other real estate owned               4,438        3,225       3,434
Other assets                          22,776       23,256      15,221
Total Assets                          $2,962,897  $2,831,255 $2,353,716
                                                              
Liabilities and Shareholders' Equity                           
Liabilities                                                    
Deposits:                                                      
Noninterest bearing demand            $773,119    $688,506   $436,880
Interest bearing transaction          95,827       80,105      67,458
Savings and money market              1,197,974    1,068,370   819,004
Time, $100,000 or more                239,287      332,470     380,766
Other time                            207,804      222,644     236,726
Total deposits                        2,514,011    2,392,095   1,940,834
Customer repurchase agreements        97,704       103,362     136,897
Long-term borrowings                  49,300       49,300      49,300
Other liabilities                     11,612       19,787      9,658
Total liabilities                     2,672,627    2,564,544   2,136,689
                                                              
Shareholders' Equity                                           
Preferred stock, par value $.01 per
share, shares authorized 1,000,000,
Series A, $1,000 per share            --          --         23,235
liquidation preference, shares issued
and outstanding 23,235 at June 30,
2011
Preferred stock, par value $.01 per
share, shares authorized 1,000,000,
Series B, $1,000 per share            56,600       56,600      --
liquidation preference,shares issued
and outstanding 56,600 at June 30,
2012 and December 31, 2011
Common stock, par value $.01 per
share; shares authorized 50,000,000,
shares issued and outstanding         203          197         197
20,591,233, 19,952,844 and
19,849,042, respectively
Warrant                               946          946         946
Additional paid in capital            140,572      132,670     131,225
Retained earnings                    86,556       71,423      58,209
Accumulated other comprehensive       5,393        4,875       3,215
income
Total shareholders' equity            290,270      266,711     217,027
Total Liabilities and Shareholders'   $2,962,897  $2,831,255 $2,353,716
Equity


Eagle Bancorp, Inc.
Consolidated Statements of Operations
For the Six and Three Month Periods Ended June 30, 2012 and 2011 (Unaudited)
(dollars in thousands, except per share data)
                                      Six Months Ended   Three Months Ended
                                      June 30,            June 30,
Interest Income                        2012      2011      2012      2011
Interest and fees on loans             $63,356 $51,894 $32,633 $27,279
Interest and dividends on investment   3,544    3,285    1,850    1,665
securities
Interest on balances with other banks  215      36       78       17
and short-term investments
Interest on federal funds sold        28       77       14       35
Total interest income                  67,143   55,292   34,575   28,996
Interest Expense                                                  
Interest on deposits                   6,408    8,508    2,940    4,397
Interest on customer repurchase        182      321      86       171
agreements
Interest on long-term borrowings       1,069    1,063    535      534
Total interest expense                 7,659    9,892    3,561    5,102
Net Interest Income                   59,484   45,400   31,014   23,894
Provision for Credit Losses            8,413    5,331    4,443    3,215
Net Interest Income After Provision    51,071   40,069   26,571   20,679
For Credit Losses
                                                                 
Noninterest Income                                                
Service charges on deposits            1,914    1,421    935      672
Gain on sale of loans                  6,723    2,807    2,584    1,106
Gain on sale of investment securities  301      591      148      591
Increase in the cash surrender value   194      201      97       100
ofbank owned life insurance
Other income                           1,321    1,106    677      724
Total noninterest income               10,453   6,126    4,441    3,193
Noninterest Expense                                               
Salaries and employee benefits         20,713   15,072   10,289   7,761
Premises and equipment expenses        4,979    4,043    2,469    2,052
Marketing and advertising              843      981      557      747
Data processing                        2,207    1,601    951      912
Legal, accounting and professional     2,242    2,139    1,141    1,003
fees
FDIC insurance                         1,068    1,343    579      600
Other expenses                         5,047    4,067    2,551    1,858
Total noninterest expense              37,099    29,246    18,537    14,933
Income Before Income Tax Expense       24,425   16,949   12,475   8,939
Income Tax Expense                     9,009    6,059    4,692    3,185
Net Income                            15,416   10,890   7,783    5,754
Preferred Stock Dividends and Discount 283      1,203    142      883
Accretion
Net Income Available to Common         $15,133 $9,687  $7,641  $4,871
Shareholders
                                                                 
Earnings Per Common Share                                        
Basic                                  $0.75   $0.49   $0.38   $0.25
Diluted                                $0.73   $0.48   $0.37   $0.24


Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates (unaudited)
(dollars in thousands)
                                                                 
             Three Months Ended June 30,
             2012                              2011
             Average      Interest  Average    Average      Interest  Average
              Balance                Yield/Rate Balance                Yield/Rate
ASSETS                                                            
Interest
earning                                                           
assets:
Interest
bearing
deposits with
other banks   $129,537   $78     0.25%      $10,265    $17     0.66%
and other
short-term
investments
Loans held    95,734      872      3.64%      19,419      168      3.47%
for sale (1)
Loans (1)     2,246,644   31,761   5.69%      1,864,722   27,111   5.83%
(2)
Investment
securities    353,572     1,850    2.10%      252,096     1,665    2.65%
available for
sale (2)
Federal funds 19,004      14       0.30%      73,635      35       0.19%
sold
Total
interest      2,844,491   34,575   4.89%      2,220,137   28,996   5.24%
earning
assets
                                                                 
Total
noninterest   76,020                         84,387               
earning
assets
Less:
allowance for 32,323                         26,195               
credit losses
Total
noninterest   43,697                         58,192               
earning
assets
TOTAL ASSETS  $2,888,188                    $2,278,329          
                                                                 
LIABILITIES
AND                                                               
SHAREHOLDERS'
EQUITY
Interest
bearing                                                           
liabilities:
Interest
bearing       $78,321    $61     0.31%      $61,623    $48     0.31%
transaction
Savings and   1,130,642   1,361    0.48%      816,587     2,067    1.02%
money market
Time          489,386     1,518    1.25%      600,145     2,282    1.53%
deposits
Total
interest      1,698,349   2,940    0.70%      1,478,355   4,397    1.19%
bearing
deposits
Customer
repurchase    101,240     86       0.34%      103,720     171      0.66%
agreements
Other
short-term    104         --      --       88          --       --
borrowings
Long-term     49,300      535      4.29%      49,300      534      4.29%
borrowings
Total
interest      1,848,993   3,561    0.77%      1,631,463   5,102    1.25%
bearing
liabilities
                                                                 
Noninterest
bearing                                                           
liabilities:
Noninterest
bearing       749,636                        424,482              
demand
Other         5,519                          7,458                
liabilities
Total
noninterest   755,155                        431,940              
bearing
liabilities
                                                                 
Shareholders' 284,040                        214,926              
equity
TOTAL
LIABILITIES
AND           $2,888,188                    $2,278,329          
SHAREHOLDERS'
EQUITY
                                                                 
                                                                 
Net interest              $31,014                       $23,894 
income
Net interest                       4.12%                           3.99%
spread
Net interest                       4.39%                           4.32%
margin
                                                                 
(1) Loans placed on nonaccrual status are included in average balances. Net loan
fees and late charges included in interest income on loans totaled $1.1 million
and $1.3 million for the three months ended June 30, 2012 and 2011, 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)
                                                                 
             Six Months Ended June 30,
             2012                              2011
             Average      Interest  Average    Average      Interest  Average
              Balance                Yield/Rate Balance                Yield/Rate
ASSETS                                                            
Interest
earning                                                           
assets:
Interest
bearing
deposits with
other banks   $174,263   $215    0.25%      $10,329    $36     0.70%
and other
short-term
investments
Loans held    107,916     1,943    3.60%      19,466      373      3.86%
for sale (1)
Loans (1)     2,166,578   61,413   5.70%      1,789,714   51,521   5.81%
(2)
Investment
securities    346,798     3,544    2.06%      244,878     3,285    2.71%
available for
sale (2)
Federal funds 19,063      28       0.30%      77,891      77       0.20%
sold
Total
interest      2,814,618   67,143   4.80%      2,142,278   55,292   5.20%
earning
assets
                                                                 
Total
noninterest   75,978                         84,224               
earning
assets
Less:
allowance for 31,156                         25,540               
credit losses
Total
noninterest   44,822                         58,684               
earning
assets
TOTAL ASSETS  $2,859,440                    $2,200,962          
                                                                 
LIABILITIES
AND                                                               
SHAREHOLDERS'
EQUITY
Interest
bearing                                                           
liabilities:
Interest
bearing       $77,583    $131    0.34%      $61,551    $111    0.36%
transaction
Savings and   1,110,134   3,033    0.55%      785,814     3,976    1.02%
money market
Time          513,964     3,244    1.27%      575,213     4,421    1.55%
deposits
Total
interest      1,701,681   6,408    0.76%      1,422,578   8,508    1.21%
bearing
deposits
Customer
repurchase    102,584     182      0.36%      97,472      321      0.66%
agreements
Other
short-term    52          --      --       44          --       --
borrowings
Long-term     49,300      1,069    4.29%      49,300      1,063    4.29%
borrowings
Total
interest      1,853,617   7,659    0.83%      1,569,394   9,892    1.27%
bearing
liabilities
                                                                 
Noninterest
bearing                                                           
liabilities:
Noninterest
bearing       719,018                        411,409              
demand
Other         7,323                          8,233                
liabilities
Total
noninterest   726,341                        419,642              
bearing
liabilities
                                                                 
Shareholders' 279,482                        211,926              
equity
TOTAL
LIABILITIES
AND           $2,859,440                    $2,200,962          
SHAREHOLDERS'
EQUITY
                                                                 
                                                                 
Net interest              $59,484                       $45,400 
income
Net interest                       3.97%                           3.93%
spread
Net interest                       4.25%                           4.27%
margin
                                                                 
(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 $2.0 million for the six months ended June 30, 2012 and 2011, respectively.
(2) Interest and fees on loans and investments exclude tax equivalent
adjustments.


Eagle Bancorp, Inc.
Statements of Income and Highlights (Quarterly Trends)
(in thousands, except per share data) (Unaudited)
             Three Months Ended
             June 30,     March 31,    December 31, September    June 30,     March 31,    December 31, September
                                                     30,                                                 30,
Income        2012         2012         2011         2011         2011         2011         2010         2010
Statements:
Total
interest      $34,575    $32,568    $33,091    $30,741    $28,996    $26,296    $26,040    $24,421
income
Total
interest      3,561       4,098       4,820       5,365       5,102       4,790       4,753       4,722
expense
Net interest  31,014      28,470      28,271      25,376      23,894      21,506      21,287      19,699
income
Provision for 4,443       3,970       2,765       2,887       3,215       2,116       3,556       1,962
credit losses
Net interest
income after  26,571      24,500      25,506      22,489      20,679      19,390      17,731      17,737
provision for
credit losses
Noninterest
income
(before       4,293       5,859       3,864       2,657       2,602       2,933       3,180       2,073
investment
gains or
losses)
Investment
gains         148         153         --         854         591         --         497         260
(losses)
Total
noninterest   4,441       6,012       3,864       3,511       3,193       2,933       3,677       2,333
income
Salaries and
employee      10,289      10,424      10,183      9,263       7,761       7,311       7,318       6,549
benefits
Premises and  2,469       2,510       2,389       1,939       2,052       1,991       1,735       2,021
equipment
Marketing and 557         286         411         234         747         234         139         391
advertising
Other         5,222       5,342       5,324       4,287       4,373       4,777       4,283       3,968
expenses
Total
noninterest   18,537      18,562      18,307      15,723      14,933      14,313      13,475      12,929
expense
Income before
income tax    12,475      11,950      11,063      10,277      8,939       8,010       7,933       7,141
expense
Income tax    4,692       4,317       3,889       3,783       3,185       2,874       2,879       2,375
expense
Net income    7,783       7,633       7,174       6,494       5,754       5,136       5,054       4,766
Preferred
stock
dividends and 142         141         142         166         883         320         328         327
discount
accretion
Net income
available to  $7,641     $7,492     $7,032     $6,328     $4,871     $4,816     $4,726     $4,439
common
shareholders
                                                                                                 
                                                                                                 
Per Share                                                                                         
Data:
Earnings per
weighted
average       $0.38      $0.37      $0.35      $0.32      $0.25      $0.24      $0.24      $0.22
common share,
basic
Earnings per
weighted
average       $0.37      $0.36      $0.35      $0.31      $0.24      $0.24      $0.23      $0.22
common share,
diluted
Weighted
average
common shares 20,297,996  20,110,948  19,919,434  19,867,533  20,050,894  19,716,814  19,683,052  19,659,934
outstanding,
basic
Weighted
average
common shares 20,807,410  20,623,681  20,370,108  20,281,294  20,495,291  20,215,244  20,130,854  20,015,404
outstanding,
diluted
Actual shares 20,591,233  20,220,166  19,952,844  19,890,597  19,849,042  19,811,532  19,700,387  19,671,797
outstanding
Book value
per common    $11.35     $10.85     $10.53     $10.15     $9.76      $9.46      $9.25      $9.14
share at
period end
                                                                                                 
Performance
Ratios                                                                                            
(annualized):
Return on
average       1.08%        1.08%        0.91%        1.00%        1.01%        0.98%        0.96%        0.96%
assets
Return on
average       13.52%       13.80%       13.40%       12.55%       10.16%       10.49%       10.21%       9.89%
common equity
Net interest  4.39%        4.11%        3.65%        3.98%        4.32%        4.23%        4.18%        4.10%
margin
Efficiency    52.28%       53.83%       56.97%       54.43%       55.13%       58.57%       53.98%       58.68%
ratio (1)
                                                                                                 
Other Ratios:                                                                                     
Allowance for
credit losses 1.47%        1.46%        1.44%        1.41%        1.41%        1.43%        1.48%        1.45%
to total
loans (2)
Nonperforming
loans to      1.42%        1.68%        1.59%        1.55%        1.60%        1.85%        1.51%        1.61%
total loans
Nonperforming
assets to     1.26%        1.41%        1.27%        1.07%        1.47%        1.68%        1.53%        1.46%
total assets
Net
charge-offs
(annualized)  0.40%        0.34%        0.34%        0.36%        0.28%        0.30%        0.26%        0.39%
to average
loans
Tier 1
leverage      9.65%        9.33%        8.21%        9.61%        9.07%        9.44%        9.32%        9.66%
ratio
Tier 1 risk
based capital 10.09%       10.08%       10.33%       10.49%       9.64%        10.03%       9.91%        10.88%
ratio
Total risk
based capital 11.60%       11.59%       11.84%       12.11%       11.33%       11.75%       11.64%       12.66%
ratio
                                                                                                 
Average
Balances (in                                                                                      
thousands):
Total assets  $2,888,188 $2,830,693 $3,111,952 $2,569,970 $2,278,329 $2,122,677 $2,079,392 $1,964,827
Total earning $2,844,491 $2,784,747 $3,071,903 $2,531,768 $2,220,137 $2,063,557 $2,021,492 $1,907,900
assets
Total loans   $95,734    $120,098   $177,116   $35,320    $19,419    $19,532    $74,210    $46,360
held for sale
Total loans   $2,246,644 $2,086,511 $2,030,986 $1,967,214 $1,864,722 $1,713,854 $1,598,362 $1,506,894
Total         $2,447,985 $2,393,413 $2,652,707 $2,124,274 $1,902,837 $1,764,373 $1,710,088 $1,610,813
deposits
Total         $150,644   $153,227   $183,632   $184,874   $153,108   $140,456   $154,950   $146,711
borrowings
Total
stockholders' $284,040   $274,923   $264,833   $251,916   $214,926   $208,833   $206,191   $200,556
equity
                                                                                                 
(1) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
(2) Excludes loans held for sale.

CONTACT: EAGLE BANCORP, INC.
         Michael T. Flynn
         301.986.1800

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