EXHIBIT 99.1

Eagle Bancorp, Inc. Announces Record Earnings With Third Quarter 2012 Net Income Up 49%

BETHESDA, Md., Oct. 22, 2012 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent company of EagleBank, today announced record quarterly net income of $9.7 million for the quarter ended September 30, 2012, a 49% increase over the $6.5 million net income for the quarter ended September 30, 2011. Net income available to common shareholders increased 51% to $9.5 million ($0.45 per basic common share and $0.44 per diluted common share), as compared to $6.3 million ($0.32 per basic common share and $0.31 per diluted common share) for the same three month period in 2011. These quarterly earnings represent the fifteenth consecutive quarter of increasing net income.

For the nine months ended September 30, 2012, the Company's net income was $25.1 million, a 44% increase over the $17.4 million for the nine months ended September 30, 2011. Net income available to common shareholders increased 54% to $24.7 million ($1.20 per basic common share and $1.17 per diluted common share), as compared to $16.0 million ($0.81 per basic common share and $0.79 per diluted common share) for the same nine month period in 2011.

"We are very pleased to report another quarter of record earnings, highlighted by strong and consistent financial performance, substantially higher total revenue from both net interest income and noninterest income, stable and favorable asset quality trends and substantial capital growth" noted Ronald D. Paul, Chairman and Chief Executive Officer of Eagle Bancorp, Inc. Mr. Paul added "for the third quarter of 2012, the Company continued its trend of producing balanced growth in its average loans and deposits, expanding an already strong net interest margin, and produced enhanced levels of noninterest revenue from higher levels of residential mortgage refinancing activity. The Company also continued its trend of improving performance for the Efficiency Ratio, Return on Average Assets and Return on Average Equity. For the third quarter of 2012, average loan balances grew 4% as compared to the second quarter of 2012, while average deposit balances were 5% higher. The net interest margin expanded to 4.44% for the third quarter of 2012, up 5 basis points from the second quarter of 2012, due primarily to lower funding costs. Total revenue was $38.2 million for the quarter, 8% higher than the second quarter of 2012 and 32% higher than the same quarter one year ago."

Mr. Paul added "sales of common stock under the "at the market" offering (commenced in May 2012) were substantial during the third quarter and together with favorable earnings, have provided good growth in our capital position. Through September 30, 2012, net proceeds from the sale of common stock in the Company's offering amounted to $28.8 million. The shares were sold at a weighted average price of $16.88 per share. Additionally, operating expenses continued to be well managed in the quarter, contributing to a lower efficiency ratio of 50.07%. Annualized net credit losses for the third quarter of 2012 were 0.36% of average loans, and nonperforming assets were stable at 1.25% of total assets at September 30, 2012. We believe our financial results continue to demonstrate a balanced approach to the Company's performance. Finally, we are proud to see that the recently published FDIC annual deposit survey (based on June 30, 2012 deposits), placed EagleBank as having the largest market share of any locally based community bank in the Washington, D.C. metropolitan area."

As reported one year ago, in mid September 2011, EagleBank became the escrow depository for approximately $620 million of noninterest bearing deposits resulting from a very large class action lawsuit settlement (the "settlement deposit"). While the impact of these funds was substantial in the third quarter of 2011, we do not believe their impact was material in the third quarter of 2012. For this reason, and to allow for appropriate comparisons, we make various parenthetical comments in this earnings press release, in order to compute the relevant non-GAAP ratios on a basis which excludes this large and unusual short-term transaction.

At September 30, 2012, total assets were $2.98 billion, compared to $2.83 billion at December 31, 2011, a 5% increase. As compared to September 30, 2011, total assets at September 30, 2012 decreased by $244 million, an 8% decrease. Excluding the effect of the settlement deposit, total assets increased $376 million, a 14% increase. Total loans (excluding loans held for sale) were $2.40 billion at September 30, 2012 compared to $2.06 billion at December 31, 2011, a 17% increase. As compared to September 30, 2011, total loans at September 30, 2012 increased by $368 million, an 18% increase. Total deposits were $2.51 billion at September 30, 2012, compared to deposits of $2.39 billion at December 31, 2011, a 5% increase. As compared to September 30, 2011, total deposits at September 30, 2012 decreased by $232 million, a 9% decrease. Excluding the effect of the settlement deposit, total deposits increased $388 million, an 18% increase. Loans held for sale amounted to $171.2 million at September 30, 2012 as compared to $176.8 million at December 31, 2011 and $107.9 million at September 30, 2011. The investment portfolio totaled $296.4 million at September 30, 2012, a 6% decrease from the $313.8 million balance at December 31, 2011. As compared to September 30, 2011, the investment portfolio at September 30, 2012 increased by $4.0 million, a 1% increase. Total borrowed funds (excluding customer repurchase agreements) were stable at $49.3 million at September 30, 2012, December 31, 2011 and September 30, 2011.

Total shareholders' equity increased to $324.4 million at September 30, 2012, compared to $266.7 million and $258.5 million at December 31, 2011 and September 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 12.21% at September 30, 2012, as compared to a total risk based capital ratio of 12.11% at September 30, 2011. Strong earnings over the twelve months ended September 30, 2012, together with progress to date on the "at the market" capital raise and issuances upon the exercise of options and rights 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 8.88% at September 30, 2012, from 7.29% at December 31, 2011 and 6.15% (7.62% excluding the effect of the settlement deposit) at September 30, 2011.

At September 30, 2012, the Company's nonperforming assets amounted to $37.3 million, representing 1.25% of total assets, compared to $36.0 million of nonperforming assets, or 1.27% of total assets at December 31, 2011 and $34.4 million of nonperforming assets, or 1.07% (1.32% excluding the effect of the settlement deposit) of total assets at September 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 1.48% of total loans (excluding loans held for sale) at September 30, 2012, is adequate to absorb potential credit losses within the loan portfolio at that date. Included in nonperforming assets at September 30, 2012 were $4.9 million of other real estate owned ("OREO") as compared to $3.2 million at December 31, 2011 and $2.9 million at September 30, 2011.

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

For the three months ended September 30, 2012, the Company reported an annualized return on average assets ("ROAA") of 1.27% as compared to 1.00% (1.04% excluding the effect of the settlement deposit) for the three months ended September 30, 2011. The annualized return on average common equity ("ROAE") for the quarter ended September 30, 2012 was 15.20%, as compared to 12.55% for the quarter ended September 30, 2011. The higher ROAA and ROAE ratios for the third quarter of 2012 as compared to 2011 are due to an expanded net interest margin and higher noninterest income.

Net interest income increased 31% for the three months ended September 30, 2012 over the same period in 2011, resulting from a combination of strong average balance sheet growth and net interest margin expansion, as the mix of earning assets shifted to higher yield assets and the cost of funds for the third quarter of 2012, as compared to the same quarter in 2011, declined more than the yield on earning assets. As compared to the third quarter of 2011, average earning assets increased by 18% for the third quarter of 2012. For the three months ended September 30, 2012, the net interest margin was 4.44% as compared to 4.39% for the three months ended June 30, 2012 and 3.98% (4.15% excluding the effect of the settlement deposit) for the three months ended September 30, 2011. The Company's net interest margin remains very favorable compared to peers.

The provision for credit losses was $3.6 million for the three months ended September 30, 2012 as compared to $2.9 million for the three months ended September 30, 2011. At September 30, 2012 the allowance for credit losses represented 1.48% of loans outstanding, as compared to 1.44% and 1.41% at December 31, 2011 and September 30, 2011, respectively. The allowance for credit losses represented 110% of nonperforming loans at September 30, 2012, as compared to 90% at December 31, 2011 and 91% at September 30, 2011. The higher provisioning in the third quarter of 2012, as compared to the third quarter of 2011, is due to a higher allowance allocation for selected loan categories and higher net charge-offs. Net charge-offs of $2.1 million in the third quarter of 2012 represented 0.36% of average loans, excluding loans held for sale, as compared to $1.8 million or 0.36% of average loans, excluding loans held for sale, in the third quarter of 2011. Net charge-offs in the third quarter of 2012 were primarily attributable to charge-offs of construction loans ($1.5 million), owner occupied real estate ($350 thousand), home equity and consumer loans ($208 thousand), and the unguaranteed portion of SBA loans ($46 thousand).

Noninterest income for the three months ended September 30, 2012 increased to $4.9 million from $3.5 million for the three months ended September 30, 2011, a 38% increase. This increase was due primarily to an increase of $2.0 million in gains on sales of residential mortgage loans in the third quarter of 2012 as compared to the third quarter of 2011, due to substantially higher volumes of residential mortgage refinancing activity. Additionally, service charges on deposit accounts increased $108 thousand in the third quarter of 2012 as compared to the third quarter of 2011, a 12% increase due substantially to growth in the number of accounts. Investment securities gains were $464 thousand for the third quarter of 2012, as compared to investment gains of $854 thousand for the third quarter of 2011. Effectively offsetting investment gains in the third quarter of 2012 was a $529 thousand loss on the early extinguishment of debt due to restructuring of Federal Home Loan Bank advances. Excluding investment securities gains or losses and the loss on the early extinguishment of debt, total noninterest income was $4.9 million for the third quarter of 2012, as compared to $2.7 million for the third quarter of 2011, an increase of 85%.

The efficiency ratio, which measures the ratio of noninterest expense to total revenue, was 50.07% for the third quarter of 2012, as compared to 54.43% for the third quarter of 2011. Noninterest expenses were $19.1 million for the three months ended September 30, 2012, as compared to $15.7 million for the three months ended September 30, 2011, a 22% increase. Cost increases for salaries and benefits were $1.5 million, primarily due to merit and benefit cost increases, increases in incentive pay, and staffing increases primarily as a result of growth in residential lending, as well as additional commercial lending and branch personnel. Premises and equipment expenses were $623 thousand higher, due primarily to the cost of a new branch office, a new commercial lending office, two new residential lending offices and normal increases in leasing costs. Legal, accounting and professional fees increased by $342 thousand for the quarter ended September 30, 2012 compared to the same period in 2011. Other expenses increased by $222 thousand for the quarter ended September 30, 2012 compared to the same period in 2011.

Analysis of the nine months ended September 30, 2012 compared to September 30, 2011

For the nine months ended September 30, 2012, the Company reported an ROAA of 1.15% as compared to 1.00% (1.01% excluding the effect of the settlement deposit) for the nine months of 2011, while the ROAE was 14.21% in 2012, as compared to 11.10% for the same nine month period in 2011. The increase in these ratios was due to an expanded net interest margin, higher noninterest income and improved operating efficiency.

A lower dividend rate on preferred stock accounted for a significant amount of the increase in earnings available to common shareholders for the nine months ended September 30, 2012 as compared to the same period in 2011.

For the first nine months of 2012, net interest income increased 31% over the same period for 2011. This increase was attributed to both an increase in average earning assets of 26% and an increase in the net interest margin to 4.32% for the nine months of 2012, as compared to 4.15% (4.21% excluding the effect of the settlement deposit) for the nine 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, has had a sharp increase in the mix of average loans held for sale which has benefited earning asset yields and has seen a reduction in its funding costs while maintaining a favorable deposit mix.

The provision for credit losses was $12.1 million for the first nine months of 2012 as compared to $8.2 million in 2011. The higher provisioning in 2012 as compared to 2011 is attributable to higher allowance allocations for selected loan categories and higher net charge-offs in the first nine months of 2012 compared to 2011. For the nine months ended September 30, 2012, net charge-offs totaled $6.1 million (0.37% of average loans) compared to $4.4 million (0.32% of average loans) for the nine months ended September 30, 2011. Net charge-offs in the nine months ended September 30, 2012 were primarily attributable to charge-offs of construction loans ($2.1 million), commercial and industrial loans ($1.6 million), commercial real estate loans ($1.2 million), home equity and consumer loans ($775 thousand), owner occupied real estate ($350 thousand) and the unguaranteed portion of SBA loans ($137 thousand).

Noninterest income for the first nine months of 2012 was $15.3 million compared to $9.6 million in 2011, an increase of 59%. This increase was due primarily to a $6.1 million increase in gains realized on the sale of residential loans. Service charges on deposit accounts increased $601 thousand in 2012 as compared to 2011, a 26% increase. Other noninterest income increased by $287 thousand primarily due to other loan income and ATM fees. Investment securities gains were $765 thousand for the first nine months in 2012 as compared to $1.4 million for the same period in 2011. A $529 thousand loss on the early extinguishment of debt was recorded due to 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 $15.1 million for the nine months of 2012 as compared to $8.2 million for 2011, an 84% increase.

Noninterest expenses were $56.2 million for the first nine months of 2012, as compared to $45.0 million for 2011, a 25% increase. Cost increases for salaries and benefits were $7.2 million primarily due to merit increases, incentive compensation and benefits increases, and to staffing increases primarily as a result of growth in residential lending, commercial lending and branch personnel. Premises and equipment expenses were $1.6 million higher due primarily to the cost of a new branch office, a new commercial lending office, two new residential lending offices and normal increases in leasing costs. Data processing costs increased by $796 thousand due to system enhancements and expanded customer transaction costs. FDIC insurance premiums were $75 thousand lower due to FDIC premium rate declines which took effect on April 1, 2011. Other expenses increased for the first nine months of 2012 versus 2011 by $1.2 million. For the first nine months of 2012, the efficiency ratio improved to 52.00% as compared to 55.92% for the same period in 2011.

At September 30, 2012, the Company had a total risk based capital ratio of 12.21%, a Tier 1 risk based capital ratio of 10.73%, and a Tier 1 leverage ratio of 10.36%, 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 nine and three months ended September 30, 2012 as compared to the nine and three months ended September 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 seventeen 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 third quarter 2012 financial results on Tuesday October 23, 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 38239760, 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 November 6, 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.

Use of Non-GAAP Financial Measures

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.

(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. 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.

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

(3)   The reported GAAP figures below have been adjusted for the $620 million settlement deposit received in connection with a class action settlement September 13, 2011 and which was disbursed by year end 2011. In the interim, the deposit was invested in excess reserves at the Federal Reserve. As the magnitude of the deposit distorts the operational results of the Company, the GAAP reconciliation below and in the accompanying text certain performance ratios excluding the effect of this deposit. The settlement deposit resulted in approximately $72,000 of interest income and $30,000 of income, net of tax, during the three and nine months periods ended September 30, 2011. The Company considers this information important to enable shareholders and other interested parties to assess the core operational performance of the Company.

CONTACT: Michael T. Flynn
         301.986.1800