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Eagle Bancorp, Inc. Announces 36% Increase in Earnings for the Third Quarter of 2011, the Eleventh Consecutive Quarter of Record Earnings
Eagle Bancorp, Inc. (Nasdaq:EGBN), the parent company of EagleBank, announced net income of $6.5 million for the quarter ended September 30, 2011, a 36% increase over the $4.8 million net income for the quarter ended September 30, 2010, constituting another record quarter. Net income available to common shareholders increased 43% to $6.3 million ($0.32 per basic common share and $0.31 per diluted common share), as compared to $4.4 million ($0.22 per basic and diluted common share) for the same three month period in 2010. The higher growth in net income available to common shareholders is due to lower aggregate dividends on preferred stock issued under the Small Business Lending Fund ("SBLF"), which has a dividend rate of 1.00% compared to a 5.00% rate applicable to the TARP preferred stock. The Company is eligible for the lowest dividend rate available in the SBLF program due to its growth of SBLF qualified loans during the initial and supplemental reporting periods.
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