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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.
For the nine months ended September 30, 2011, the Company’s net income was $17.4 million, a 50% increase over the $11.6 million for the nine months ended September 30, 2010. Net income available to common shareholders was $16.0 million ($0.81 per basic common share and $0.79 per diluted common share), as compared to $10.6 million ($0.54 per basic common share and $0.53 per diluted common share) for the same nine month period in 2010, a 51% increase.
For the three months ended September 30, 2011, the Company reported an annualized return on average assets (ROAA) of 1.00% (1.04% excluding the effect of the settlement deposit) as compared to 0.96% for the three months ended September 30, 2010. The annualized return on average common equity (ROAE) for the most recent quarter was 12.55%, as compared to 9.89% for the three months ended September 30, 2010. The higher ROAA ratio (as adjusted) and the higher ROAE ratio for the third quarter of 2011 as compared to 2010, are due to a 33% increase in average earning assets, a higher net interest margin excluding the settlement transaction noted above (4.15% versus 4.10%), lower levels of credit losses and improved operating efficiency and in case of ROAE, additional balance sheet leverage.
For the third quarter of 2011, the Company recognized investment gains amounting to $854 thousand, and also recorded in noninterest expenses one-time charges relating to merger and system conversion costs, which had a pretax cost to the Company of $479 thousand. Taken together, these items positively impacted third quarter earnings by $225 thousand after tax ($0.01 per share).
Eagle Bancorp is the holding company for EagleBank which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through fifteen offices, located in Montgomery County, Maryland, Washington, D.C., Arlington County, Virginia, and Fairfax County, Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace.
More about EGBN at www.eaglebankcorp.com.
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LodgeNet Interactive Corporation (Nasdaq:LNET) will present at Houlihan Lokey’s Technology, Media, Telecom & Gaming Conference on Thursday, October 27, 2011, at the Grand Hyatt New York. The 2011 conference will focus on opportunities in a dynamic marketplace. During his presentation, LodgeNet Chairman and CEO Scott C. Petersen will discuss the Company’s growing business initiatives and revenue diversification efforts. A copy of the presentation slides will be available in the investor section of the LodgeNet’s website Company Presentations at: http://www.lodgenet.com/AboutUs/InvestorCenter.
LodgeNet Interactive Corporation provides interactive media and connectivity solutions for the hospitality industry in the United States, Canada, and Mexico.
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Market Leader, Inc. (NASDAQ:LEDR) announced it will host a conference call and live Webcast to discuss third quarter results on Tuesday, November 8, 2011 at 4:30 p.m. Eastern time. To listen to the live conference call, please dial (719) 325-4766. A live Webcast of the call will be available from the Investor Relations section of the company’s Web site at www.investor.marketleader.com.
Market Leader, Inc. provides real estate professionals with marketing and technology solutions. The company offers real estate agents, agent teams, and brokerage companies with subscription software and advertising products, as well as the tools and training.
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Crown Equity Holdings Inc. (CRWE)
Crown Equity Holdings Inc. offers internet media-driven advertising services, which covers and connects a range of marketing specialties, as well as search engine optimization for clients interested in online media awareness.
Crown Equity Holdings Inc., together with its digital network, currently provides electronic media services specializing in online publishing, which brings together targeted audiences and advertisers.
Crown Equity Holdings Inc. (CRWE) recently announced that it has entered into a joint venture to deploy VoIP (Voice over Internet Protocol) technology delivering voice, video and data services to residential and commercial customers. The joint venture company is Crown Tele Services Inc. which was a wholly-owned subsidiary of Crown Equity Holdings Inc. Crown Equity Holdings Inc. will own fifty percent (50%) interest in the joint venture.
Commenting on the joint venture, Kenneth Bosket, President of Crown Equity Holdings Inc., said: “We are excited to deliver VoIP communications solutions specifically designed to meet the business and residential market needs in this fast-growing global market.”
The advantages of VOIP (Voice over Internet Protocol) are typically related to cost because it doesn’t cost any more to transmit this data across the street as it does across the country. Hence, many VOIP providers are able to offer long-distance service across the US and Canada for a flat fee making them very competitive with the offerings from traditional phone providers.
For more information, please visit their website: http://www.crownequityholdings.com
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Energy Recovery Inc (NASDAQ:ERII) announced that has been selected as a California Clean Technology “Game Changer” for 2011 in the category of Innovation in Energy and Water by Grow-California for its leadership, innovation and impact on California’s clean tech industry and economy. The company will receive its “Game Changer” award at the conclusion of the Clean Tech Innovation Conference at the Kaiser Center, in downtown Oakland, to be held on November 2nd and 3rd.
Energy Recovery, Inc. engages in the development, manufacture, and sale of energy recovery devices and pumps primarily for use in seawater and brackish water desalination worldwide.
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Keywords: , crown equity, crwe, Eagle, Lodgenet, Market, Nasdaq:EGBN, NASDAQ:ERII, NASDAQ:LEDR, NASDAQ:LNET














