Eagle Bancorp Announces Quarterly Earnings and Declares Quarterly Cash Dividend

HELENA, Mont., Oct. 22, 2009 (GLOBE NEWSWIRE) -- Eagle Bancorp ("Eagle") (OTCBB:EBMT), the stock holding company of American Federal Savings Bank (the "Bank"), reported a first quarter net income of $844,000, or $.79 per share ($.69 per share diluted), for the three months ended September 30, 2009, and declared a cash dividend of $0.26 per share. Earnings for the quarter increased $944,000 from the $100,000 loss for the quarter ended September 30, 2008. The change in net income for the first quarter was mainly attributable to the adjustment of $84,000 to reflect the increase in fair value of those securities pursuant to SFAS 159, the Fair Value Option for Financial Assets and Liabilities. Under SFAS 159, the Company, in the first quarter of 2008, recognized a loss of $1.24 million on Freddie Mac and Fannie Mae preferred... [read full story]                    

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