UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the quarterly period ended September 30, 2001

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
     ACT

         For the transition period from _____________ to _____________.


Commission file number 0-29687


                                  Eagle Bancorp
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

         United States                                      81-0531318
-------------------------------                        -------------------
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                        Identification No.)

                     1400 Prospect Avenue, Helena, MT 59601
                    ----------------------------------------
                    (Address of principal executive offices)

                                 (406) 442-3080
                           ---------------------------
                           (Issuer's telephone number)


                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a court.  Yes [ ]  No[ ]


                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

Common stock, par value $0.01 per share             1,203,572 shares outstanding
--------------------------------------------------------------------------------
                             As of October 31, 2001

Transitional Small Business Disclosure Format (Check one):  Yes [ ]  No [X]

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY

                                TABLE OF CONTENTS


                                                                            Page
                                                                            ----
PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

            Consolidated Statements of Financial Condition (As of
            September 30, 2001 (unaudited) and June 30, 2001) .........  1 and 2

            Consolidated Statements of Income (For the three months
            ended September 30, 2001 and 2000 (unaudited)) ............  3 and 4

            Consolidated Statements of Stockholders' Equity (For the
            three months ended September 30, 2001 (unaudited)) ........        5

            Consolidated Statements of Cash Flows (For the three
            months ended  September 30, 2001 and 2000 (unaudited)) ....  6 and 7

            Notes to Consolidated Financial Statements ................  8 to 12

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations ......................... 13 to 18


PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings ...........................................       19
Item 2.   Changes in Securities .......................................       19
Item 3.   Defaults Upon Senior Securities .............................       19
Item 4.   Submission of Matters to a Vote of Security-Holders .........       19
Item 5.   Other Information ...........................................       19
Item 6.   Exhibits and Reports on Form 8-K ............................       19

Signatures

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                  September 30, 2001  June 30, 2001
                                                  ------------------  -------------
                                                      (Unaudited)       (Audited)
<S>                                                  <C>              <C>
ASSETS
  Cash and due from banks ........................   $  3,072,714     $  3,427,038
  Interest-bearing deposits with banks ...........      4,688,163        4,925,000
  Investment securities available for sale,
    at market value ..............................     23,518,358       21,603,520
  Investment securities held-to-maturity .........      6,068,018        6,570,794
  Federal Home Loan Bank stock, at cost ..........      1,513,500        1,487,300
  Mortgage loans held-for-sale ...................      4,663,042        3,033,244
  Loans receivable, net of deferred loan fees
    and allowance for loan losses ................    117,723,169      114,977,895
  Accrued interest and dividends receivable ......      1,024,632          941,117
  Mortgage servicing rights ......................      1,258,128        1,315,819
  Property and equipment, net ....................      6,399,567        6,505,627
  Cash surrender value of life insurance .........      2,166,380        2,140,524
  Real estate acquired in settlement of loans,
    net of allowance for losses ..................             --               --
  Other assets ...................................        289,865          195,034
                                                     ------------     ------------
      Total assets ...............................   $172,385,536     $167,122,912
                                                     ============     ============
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -1-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                   (Continued)


<TABLE>
<CAPTION>
                                                  September 30, 2001  June 30, 2001
                                                  ------------------  -------------
                                                      (Unaudited)       (Audited)
<S>                                                  <C>              <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
  Deposit accounts:
    Noninterest bearing ..........................   $  7,115,177     $  6,486,306
    Interest bearing .............................    131,156,322      127,564,024
  Advances from Federal Home Loan Bank ...........     11,418,889       11,443,889
  Accrued expenses and other liabilities .........      2,541,096        1,926,450
                                                     ------------     ------------
      Total liabilities ..........................    152,231,484      147,420,669
                                                     ------------     ------------

Stockholders' Equity:
  Preferred stock (no par value, 1,000,000 shares
    authorized, none issued or outstanding) ......
  Common stock (par value $0.01 per share;
    10,000,000 shares authorized; 1,223,572
    shares issued and 1,203,572 outstanding
    at Sept. 30, 2001) ...........................         12,236           12,236
  Additional paid-in capital .....................      3,853,445        3,845,908
  Unallocated common stock held by employee
    stock ownership plan ("ESOP") ................       (303,648)        (312,848)
  Treasury stock, at cost (20,000 shares) ........       (235,000)        (235,000)
  Retained earnings ..............................     16,511,967       16,220,812
  Accumulated other comprehensive loss ...........        315,052          171,135
                                                     ------------     ------------
      Total stockholders' equity .................     20,154,052       19,702,243
                                                     ------------     ------------
      Total liabilities and stockholders' equity .   $172,385,536     $167,122,912
                                                     ============     ============
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -2-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                         QUARTERLY STATEMENTS OF INCOME


                                                          Three Months Ended
                                                             September 30,
                                                       ------------------------
                                                          2001          2000
                                                       ----------    ----------
                                                              (unaudited)
Interest and dividend income:
  Interest and fees on loans .......................   $2,376,020    $2,253,185
  Interest on deposits with banks ..................       66,848         5,145
  Securites held to maturity .......................       90,831       162,123
  Securities available for sale ....................      303,136       287,239
  FHLB stock dividends .............................       28,147        22,760
                                                       ----------    ----------
      Total interest and dividend income ...........    2,864,982     2,730,452
                                                       ----------    ----------

Interest expense:
  Deposits .........................................    1,224,689     1,232,617
  FHLB advances ....................................      178,809       144,934
                                                       ----------    ----------
      Total interest expense .......................    1,403,498     1,377,551
                                                       ----------    ----------

  Net interest income ..............................    1,461,484     1,352,901
  Loan loss provision ..............................           --            --
                                                       ----------    ----------
      Net interest income after loan loss provision     1,461,484     1,352,901
                                                       ----------    ----------

Noninterest income:
  Net gain on sale of loans ........................      171,118        42,599
  Demand deposit service charges ...................      125,563       134,679
  Mortgage loan servicing fees .....................       15,332        72,594
  Other ............................................       92,209        93,431
                                                       ----------    ----------
      Total noninterest income .....................      404,222       343,303
                                                       ----------    ----------



See accompanying notes to consolidated financial statements.

                                       -3-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                         QUARTERLY STATEMENTS OF INCOME
                                   (Continued)


                                                          Three Months Ended
                                                             September 30,
                                                       ------------------------
                                                          2001          2000
                                                       ----------    ----------
                                                              (unaudited)
Noninterest expense:
  Salaries and employee benefits ...................   $  733,467    $  668,560
  Occupancy expenses ...............................      113,749       114,051
  Furniture and equipment depreciation .............       68,144        81,816
  In-house computer expense ........................       49,499        41,779
  Advertising expense ..............................       31,526        43,935
  Amortization of mortgage servicing fees ..........       68,709        31,007
  Federal insurance premiums .......................        6,126         7,072
  Postage ..........................................       29,753        21,667
  Legal,accounting, and examination fees ...........       22,992        47,688
  Consulting fees ..................................        7,356         9,447
  ATM processing ...................................       10,561        14,296
  Other ............................................      181,920       167,055
                                                       ----------    ----------
      Total noninterest expense ....................    1,323,802     1,248,373
                                                       ----------    ----------

Income before provision for income taxes ...........      541,904       447,831

Provision for income taxes .........................      195,242       144,280
                                                       ----------    ----------

Net income .........................................   $  346,662    $  303,551
                                                       ==========    ==========

Basic earnings per share ...........................   $     0.30    $     0.26
                                                       ==========    ==========

Diluted earnings per share .........................   $     0.29    $     0.26
                                                       ==========    ==========

Weighted average shares outstanding (basic) ........    1,164,857     1,180,258
                                                       ==========    ==========

Weighted average shares outstanding (diluted) ......    1,184,857     1,180,258
                                                       ==========    ==========



See accompanying notes to consolidated financial statements.

                                       -4-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY


<TABLE>
<CAPTION>
                                                                                                           ACCUMULATED
                                                            ADDITIONAL UNALLOCATED                            OTHER
                                          PREFERRED  COMMON   PAID-IN      ESOP     TREASURY    RETAINED  COMPREHENSIVE
                                            STOCK    STOCK    CAPITAL     SHARES      STOCK     EARNINGS      INCOME       TOTAL
                                          --------- ------- ---------- ----------- ---------- ----------- ------------- -----------
<S>                                        <C>      <C>     <C>         <C>        <C>        <C>           <C>         <C>
Balance, June 30, 2001 ..................  $    --  $12,236 $3,845,908  $(312,848) $(235,000) $16,220,812   $ 171,135   $19,702,243

  Net income ............................       --       --         --         --         --      346,662          --       346,662
  Other comprehensive income ............       --       --         --         --         --           --     143,917       143,917
                                                                                                                        -----------
      Total comprehensive income ........       --       --         --         --         --           --          --       490,579

  Dividends paid ($.10 per share) .......       --       --         --         --         --      (55,507)         --       (55,507)

  ESOP shares allocated or committed
    to be released for allocation
    (1,150 shares) ......................       --       --      7,537      9,200         --           --          --        16,737
                                           -------  ------- ----------  ---------  ---------  -----------   ---------   -----------
Balance, September 30, 2001 .............  $    --  $12,236 $3,853,445  $(303,648) $(235,000) $16,511,967   $ 315,052   $20,154,052
                                           =======  ======= ==========  =========  =========  ===========   =========   ===========
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -5-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                                       September 30,
                                                                --------------------------
                                                                    2001           2000
                                                                -----------    -----------
                                                                        (unaudited)
<S>                                                             <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income .................................................  $   346,662    $   303,551
  Adjustments to reconcile net income to
    net cash from operating activities
      Provision for loan losses ..............................           --             --
      Provision for mortgage servicing rights valuation losses       58,433             --
      Depreciation ...........................................      132,172        139,400
      Deferred Loan Fees .....................................           --         20,328
      Amortization of capitalized mortgage servicing rights ..       66,044         31,007
      Gain on sale of loans ..................................     (171,118)       (42,599)
      FHLB dividends reinvested ..............................      (26,200)       (22,700)
      Increase in cash surrender value of life insurance .....      (25,856)       (23,924)
  Change in assets and liabilities:
    (Increase) decrease in assets:
      Accrued interest and dividends receivable ..............      (83,515)      (111,059)
      Loans held-for-sale ....................................   (1,430,918)    (1,140,308)
      Other assets ...........................................      (94,831)       (17,322)
  Increase (decrease) in liabilities:
    Accrued expenses and other liabilities ...................      589,954        129,870
    Deferred compensation payable ............................        6,242          6,340
    Deferred income taxes payable ............................      (54,735)       147,231
                                                                -----------    -----------
          Net cash used in operating activities ..............     (687,666)      (580,185)
                                                                -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of securities:
    Investment securities held-to-maturity ...................           --       (326,150)
    Investment securities available-for-sale .................   (3,882,047)            --
  Proceeds from maturities, calls and principal payments:
    Investment securities held-to-maturity ...................      500,112        492,334
    Investment securities available-for-sale .................    2,160,335        311,227
  Increase in interest bearing deposits held at banks ........      236,837             --
  Net (increase) decrease in loan receivable, excludes
    transfers to real estate acquired in settlement of loans .   (2,812,060)    (4,349,163)
  Proceeds from the sale of real estate acquired in the
    settlement of loans ......................................           --             --
  Purchase of property and equipment .........................      (10,496)       (21,069)
                                                                -----------    -----------
          Net cash used in investing activities ..............   (3,807,319)    (3,892,821)
                                                                -----------    -----------
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -6-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Continued)


<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                                       September 30,
                                                                --------------------------
                                                                    2001           2000
                                                                -----------    -----------
                                                                        (unaudited)
<S>                                                             <C>            <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in checking and savings accounts ..............  $ 4,221,168    $   567,054
  Net increase in advances to borrowers for
    taxes and insurance ......................................           --        274,160
  Net increase (decrease) in FHLB advances ...................           --      3,083,333
  Payment on FHLB advances ...................................      (25,000)            --
  Purchase of Treasury Stock .................................           --             --
  Dividends paid .............................................      (55,507)       (40,256)
                                                                -----------    -----------
          Net cash provided by financing activities ..........    4,140,661      3,884,291
                                                                -----------    -----------

Net decrease in cash .........................................     (354,324)      (588,715)

CASH AND CASH EQUIVALENTS, beginning of period ...............    3,427,038      3,477,650
                                                                -----------    -----------

CASH AND CASH EQUIVALENTS, end of period .....................  $ 3,072,714    $ 2,888,935
                                                                ===========    ===========

SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid during the period for interest ...................  $ 1,348,980    $ 1,339,866
                                                                ===========    ===========
  Cash paid during the period for income taxes ...............  $    76,088    $        --
                                                                ===========    ===========

NON-CASH INVESTING ACTIVITIES:
(Increase) decrease in market value of securities
  available-for-sale .........................................  $  (206,079)   $   109,773
                                                                ===========    ===========
Mortgage servicing rights capitalized ........................  $    66,786    $     6,317
                                                                ===========    ===========
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -7-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH
              PERIODS ENDED SEPTEMBER 30, 2001 AND 2000 (UNAUDITED)


NOTE 1.  BASIS OF PRESENTATION
------------------------------

The accompanying  unaudited consolidated financial statements have been prepared
in  accordance  with  instructions  for Form  10-QSB.  Accordingly,  they do not
include all of the  information  and  footnotes  required by generally  accepted
accounting   principles  for  complete  financial   statements.   However,  such
information   reflects  all   adjustments   (consisting   of  normal   recurring
adjustments)  which are,  in the  opinion of  management,  necessary  for a fair
presentation of results for the unaudited interim periods.

The results of operations for the three months ended  September 30, 2001 are not
necessarily  indicative of the results to be expected for the fiscal year ending
June  30,  2002  or any  other  period.  The  unaudited  consolidated  financial
statements and notes  presented  herein should be read in  conjunction  with the
audited consolidated  financial statements and related notes thereto included in
Eagle's Form 10-KSB dated June 30, 2001.



                                      -8-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


NOTE 2.  INVESTMENT SECURITIES
------------------------------

Investment securities are summarized as follows:

<TABLE>
<CAPTION>
                                           September 30, 2001                          June 30, 2001
                                 --------------------------------------   --------------------------------------
                                                  GROSS                                    GROSS
                                  AMORTIZED    UNREALIZED       FAIR       AMORTIZED    UNREALIZED       FAIR
                                     COST       (LOSSES)       VALUE          COST       (LOSSES)       VALUE
                                 -----------   ----------   -----------   -----------   ----------   -----------
<S>                              <C>           <C>          <C>           <C>           <C>          <C>
Available-for-sale:
  U.S. government and agency
    obligations ..............   $ 3,505,375   $  54,915    $ 3,560,290   $ 4,566,644   $  42,694    $ 4,609,338
  Municipal obligations ......     4,303,022      (7,900)     4,295,122     4,303,574     (58,672)     4,244,902
  Corporate obligations ......     8,169,923     299,926      8,469,849     7,114,917     190,667      7,305,584
  Mortgage-backed securities .     5,622,502      81,705      5,704,207     4,029,519      73,726      4,103,245
  Collateralized mortgage
    obligations ..............     1,113,178      17,212      1,130,390     1,190,586      (4,304)     1,186,282
  Corporate preferred stock ..       350,000       8,500        358,500       150,000       4,169        154,169
                                 -----------   ---------    -----------   -----------   ---------    -----------
      Total ..................   $23,064,000   $ 454,358    $23,518,358   $21,355,240   $ 248,280    $21,603,520
                                 ===========   =========    ===========   ===========   =========    ===========

Held-to-maturity:
  U.S. government and agency
    obligations ..............   $ 1,396,881   $  17,643    $ 1,414,524   $ 1,395,905   $  19,267    $ 1,415,172
  Municipal obligations ......     1,078,066      26,927      1,104,993     1,078,681      13,070      1,091,751
  Mortgage-backed securities .     3,593,071     102,175      3,695,246     4,096,208      54,241      4,150,449
                                 -----------   ---------    -----------   -----------   ---------    -----------
      Total ..................   $ 6,068,018   $ 146,745    $ 6,214,763   $ 6,570,794   $  86,578    $ 6,657,372
                                 ===========   =========    ===========   ===========   =========    ===========
</TABLE>



                                      -9-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


NOTE 3.  LOANS RECEIVABLE
-------------------------

Loans receivable consist of the following:

                                                  September 30,      June 30,
                                                       2001            2001
                                                  -------------    ------------
     First mortgage loans:
       Residential mortgage (1-4 family) .....    $ 76,722,679     $ 75,961,742
       Commercial real estate ................      10,495,848        9,062,769
       Real estate construction ..............       1,605,512        1,981,968

     Other loans:
       Home equity ...........................      15,780,861       15,698,367
       Consumer ..............................      11,251,030       10,362,135
       Commercial ............................       2,677,024        2,720,740
                                                  ------------     ------------
         Total ...............................     118,532,954      115,787,721

     Less:
       Allowance for loan losses .............        (684,583)        (688,282)
       Deferred loan fees ....................        (125,202)        (121,544)
                                                  ------------     ------------
         Total ...............................    $117,723,169     $114,977,895
                                                  ============     ============

Loans net of related  allowance for loan losses on which the accrual of interest
has been  discontinued were $442,000 and $407,000 at September 30, 2001 and June
30, 2001, respectively.  Classified assets, including real estate owned, totaled
$1.33  million  and $1.50  million  at  September  30,  2001 and June 30,  2001,
respectively.

The following is a summary of changes in the allowance for loan losses:

                                                3 Months Ended   12 Months Ended
                                                 September 30,       June 30,
                                                      2001             2001
                                                --------------   ---------------
     Balance, beginning of period ............     $688,282         $712,165
       Reclassification to REO reserve .......           --          (13,725)
       Provision charged to operations .......           --               --
       Charge-offs ...........................       (3,699)         (29,037)
       Recoveries ............................           --           18,879
                                                   --------         --------
         Balance, end of period ..............     $684,583         $688,282
                                                   ========         ========



                                      -10-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)



NOTE 4.  MORTGAGE SERVICING RIGHTS
----------------------------------

The Bank allocates its total cost in mortgage loans between  mortgage  servicing
rights  and  loans,  based  upon  their  relative  fair  values,  when loans are
subsequently  sold or  securitized,  with the servicing  rights  retained.  Fair
values are generally  obtained from an  independent  third party.  Impairment of
mortgage  servicing  rights is measured  based upon the  characteristics  of the
individual  loans,  including note rate, term,  underlying  collateral,  current
market conditions,  and estimates of net servicing income. If the carrying value
of the mortgage  servicing  rights  exceeds the estimated  fair market value,  a
valuation  allowance  is  established  for any  decline,  which is  viewed to be
temporary. Charges to the valuation allowance are charged against or credited to
mortgage  servicing income. An independent  valuation of the mortgage  servicing
rights at  September  30,  2001  showed a  temporary  decline in the fair value,
resulting  in a provision of $58,433.  There was no valuation  allowance at June
30, 2001. The following  schedules  show the activity in the mortgage  servicing
rights and the valuation allowance.

                                                  Three Months     Twelve Months
                                                     Ended             Ended
                                                  September 30,       June 30,
                                                      2001              2001
                                                  -------------    -------------
     Mortgage Servicing Rights
       Beginning balance .......................   $1,315,819       $1,338,271
       Servicing rights capitalized ............       66,786          150,029
       Servicing rights amortized ..............      (66,044)        (172,481)
                                                   ----------       ----------
         Ending balance ........................    1,316,561        1,315,819
                                                   ----------       ----------

     Valuation Allowance
       Beginning balance .......................           --               --
       Provision ...............................       58,433               --
       Adjustments .............................           --               --
                                                   ----------       ----------
         Ending balance ........................       58,433               --
                                                   ----------       ----------

     Net Mortgage Servicing Rights .............   $1,258,128       $1,315,819
                                                   ==========       ==========


                                      -11-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)



NOTE 5.  DEPOSITS
-----------------

Deposits are summarized as follows:

                                                  September 30,      June 30,
                                                       2001            2001
                                                  -------------    ------------
     Noninterest checking ....................    $  7,115,177     $  6,486,306
     Interest-bearing checking ...............      22,912,956       22,535,586
     Passbook ................................      20,670,553       20,688,121
     Money market ............................      20,950,268       17,399,325
     Time certificates of deposit ............      66,622,545       66,940,992
                                                  ------------     ------------
         Total ...............................    $138,271,499     $134,050,330
                                                  ============     ============


NOTE 6.  EARNINGS PER SHARE
---------------------------

Earnings per share for the three months ended  September 30, 2001 are calculated
using 1,164,857 weighted average shares outstanding.  Diluted earnings per share
is  computed  by  adjusting  the  number of  shares  outstanding  by the  shares
purchased  to fund the  Company's  restricted  stock  plan,  for which stock was
awarded in January  2001,  as  determined  by the  treasury  stock  method.  The
weighted   average  shares   outstanding  for  the  diluted  earning  per  share
calculations  are  1,184,857  for the three  months  ended  September  30, 2001.
Earnings per share for the three months ended September 30, 2000 were calculated
using 1,180,258 weighted average shares outstanding.


NOTE 7.  DIVIDENDS AND STOCK REPURCHASE PROGRAM
-----------------------------------------------

Eagle paid a dividend of $0.10 per share on August 24, 2001. A dividend of $0.10
per share was  declared  on October  18,  2001,  payable  November  16,  2001 to
stockholders of record on November 2, 2001.  Eagle Financial MHC, Eagle's mutual
holding company, has waived the receipt of dividends on its 648,493 shares.

A stock  repurchase  program was announced on December 21, 2000,  covering 4% of
the Company's  outstanding common stock. Through October 18, 2001, 20,000 shares
had been repurchased.  At the annual meeting held October 19, 2000, shareholders
approved  stock  option and  restricted  stock  plans for the  Company  covering
aggregate grants of up to 80,511 and 23,003,  respectively.  The repurchase plan
announced  in December is  intended  to meet the needs of the  restricted  stock
plan.


                                      -12-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


Note Regarding Forward-Looking Statements

This  report  contains  certain  "forward-looking   statements."  Eagle  Bancorp
("Eagle"  or the  "Company")  desires  to take  advantage  of the "safe  harbor"
provisions  of the  Private  Securities  Litigation  Reform  Act of 1995  and is
including  this  statement  for the express  purpose of  availing  itself of the
protections  of  the  safe  harbor  with  respect  to all  such  forward-looking
statements. These forward-looking statements, which are included in Management's
Discussion and Analysis, describe future plans or strategies and include Eagle's
expectations  of  future  financial  results.  The  words  "believe,"  "expect,"
"anticipate,"   "estimate,"   "project,"   and  similar   expressions   identify
forward-looking statements.  Eagle's ability to predict results or the effect of
future plans or  strategies  or  qualitative  or  quantitative  changes based on
market risk is inherently  uncertain.  Factors which could affect actual results
but are not limited to include (i) change in general market interest rates, (ii)
general   economic   conditions,   (iii)   local   economic   conditions,   (iv)
legislative/regulatory  changes,  (v) monetary  and fiscal  policies of the U.S.
Treasury  and Federal  Reserve,  (vi) changes in the quality or  composition  of
Eagle's loan and investment portfolios,  (vii) demand for loan products,  (viii)
deposit  flows,  (ix)  competition,  and (x) demand for  financial  services  in
Eagle's   markets.   These  factors  should  be  considered  in  evaluating  the
forward-looking  statements.  You are cautioned  not to place undue  reliance on
these forward-looking statements which speak only as of their dates.


Financial Condition

Comparisons  of  quarterly  results in this section are between the three months
ended September 30, 2001 and June 30, 2001.

Total  assets  increased  by $5.27  million,  or 3.15%,  to  $172.39  million at
September 30, 2001,  from $167.12  million at June 30, 2001.  Total  liabilities
increased  by $4.81  million to $152.23  million at  September  30,  2001,  from
$147.42  million at June 30,  2001.  Total equity  increased  $450,000 to $20.15
million at September 30, 2001 from $19.70 million at June 30, 2001.

Growth in the loan portfolio of $2.74 million  accounted for the majority of the
growth in total  assets.  The loan  categories  with the largest  increase  were
commercial real estate loans,  which increased $1.44 million and consumer loans,
which increased $890,000.  These represented increases over the balances at June
30, 2001 of 15.89% and 8.59%, respectively.  Total loan originations were $28.33
million for the three  months  ended  September  30,  2001,  with single  family
mortgages  accounting  for $19.93  million of the total.  Consumer loan and home
equity loan originations totaled $2.67 million and $2.15 million,  respectively,
for the same period.  Loans held for sale  increased  from $3.03 million at June
30, 2001 to $4.66 million at September 30, 2001.


                                      -13-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


Financial Condition (continued)

Growth in deposits  funded asset growth.  Deposits have grown $4.22 million,  or
3.15%, to $138.27 million at September 30, 2001 from $134.05 million at June 30,
2001.  Growth in money market accounts  contributed to the increase in deposits.
Other  liabilities  increased to $2.54  million at September 30, 2001 from $1.93
million at June 30, 2001, primarily due to increases in the balances of deferred
income taxes and escrow balances for borrowers' tax and insurance payments.

The growth in total  stockholders'  equity was the  result of  earnings  for the
three months of $347,000 and an increase in the  unrealized  gain on  securities
available for sale of $144,000.  This was  partially  offset by the payment of a
$0.10 per share regular cash dividend.


Results of Operations for the Three Months Ending September 30, 2001 and 2000

Net Income

Eagle's  net  income  was  $347,000  and  $304,000  for the three  months  ended
September 30, 2001, and 2000, respectively.  The increase of $43,000, or 14.14%,
was  primarily  due  to  increases  in  net  interest  income  of  $109,000  and
noninterest  income of $61,000,  partially  offset by an increase in noninterest
expense of $75,000.  Basic earnings per share were $0.30 for the current period,
compared to $0.26 for the previous year's period.

Net Interest Income

Net interest  income  increased to $1.46 million for the quarter ended September
30, 2001 from $1.35  million for the quarter  ended  September  30,  2000.  This
increase of $109,000  was the result of an  increase  in interest  and  dividend
income of  $135,000,  partially  offset by an increase  in  interest  expense of
$26,000.

Interest and Dividend Income

Total  interest  and  dividend  income was $2.86  million for the quarter  ended
September 30, 2001,  compared to $2.73  million for the quarter ended  September
30, 2000,  representing an increase of $135,000,  or 4.95%. Interest and fees on
loans  increased to $2.38 million for the three months ended  September 30, 2001
from $2.25 million for the same period ended  September 30, 2000.  This increase
of $130,000,  or 5.78%, was due primarily to an increase in the average balances
of loans  receivable for the quarter ended September 30, 2001.  Average balances
for loans receivable, net, for the quarter ended September 30, 2001 were $119.94
million,  compared to $110.79  million for the previous year. This represents an
increase of $9.15  million,  or 8.26%.  All loan  categories  except real estate
construction  and commercial  loans have shown increases from the previous year.
The average  interest  rate  earned on loans  receivable  decreased  by 21 basis
points,  from  8.13% at  September  30,  2000 to 7.92% at  September  30,  2001.
Interest  and  dividends  on  investment  securities   available-for-sale  (AFS)
increased from $287,000 for the


                                      -14-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


Results of Operations for the Three Months Ending September 30, 2001 and 2000
(continued)

Interest and Dividend Income (continued)

quarter  ended  September  30, 2000 to $303,000 for the current  quarter,  while
interest  on  securities  held to  maturity  (HTM)  decreased  from  $162,000 to
$91,000. Interest earned from deposits held at other banks increased from $5,000
for the quarter  ended  September  30,  2000 to $67,000  for the  quarter  ended
September 30, 2001.

Interest Expense

Total  interest  expense  increased  to  $1.40  million  for the  quarter  ended
September 30, 2001, from $1.37 million for the quarter ended September 30, 2000,
an increase of  $26,000,or  1.90%,  due to an increase in interest  paid on FHLB
advances.  Interest on deposits decreased to $1.22 million for the quarter ended
September 30, 2001, from $1.23 million for the quarter ended September 30, 2000.
This decrease of $8,000, or 0.65%, was the result of a decrease in average rates
paid on deposit  accounts,  even though balances  increased  significantly.  All
deposit  accounts showed  decreases in average rates paid and also had increases
in average  balances in the  current  quarter  compared to last year's  quarter.
Certificates of deposit and money market  accounts saw the largest  increases in
balances.  The average rate paid on  liabilities  decreased 33 basis points from
the quarter ended  September  30, 2000 to the quarter ended  September 30, 2001.
Interest  paid on  borrowings  increased  from  $145,000  for the quarter  ended
September  30, 2000 to $179,000 for the quarter ended  September  30, 2001.  The
increase in  borrowing  costs was due to an  increase in the average  balance of
Federal Home Loan Bank advances. The cost of deposits is expected to continue to
decline in the coming  quarter,  as  certificate of deposit  accounts  opened in
previous quarters are renewed at lower rates.

Provision for Loan Losses

Provisions  for loan  losses  are  charged to  earnings  to  maintain  the total
allowance for loan losses at a level considered  adequate by Eagle's subsidiary,
American  Federal  Savings  Bank,  to provide for probable  loan losses based on
prior loss experience, volume and type of lending conducted by American Federal,
available peer group  information,  and past due loans in portfolio.  The Bank's
policies  require the review of assets on a quarterly basis. The Bank classifies
loans as well as other assets if warranted.  While the Bank believes it uses the
best information available to make a determination with respect to the allowance
for loan losses,  it recognizes  that future  adjustments  may be necessary.  No
provision  was made for loan losses for either the quarter  ended  September 30,
2001 or the quarter  ended  September  30,  2000.  This is a  reflection  of the
continued  strong  asset  quality  of  American  Federal's  loan  portfolio,  as
non-performing loan ratios continue to be below peer averages.  Total classified
assets  declined  from  $1.50  million  at June  30,  2001 to $1.33  million  at
September 30, 2001. The Bank currently has no foreclosed real estate.


                                      -15-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


Results of Operations for the Three Months Ending September 30, 2001 and 2000
(continued)

Noninterest Income

Total  noninterest  income increased to $404,000 for the quarter ended September
30, 2001, from $343,000 for the quarter ended September 30, 2000, an increase of
$61,000 or 17.78%.  This was the  result of an  increase  in net gain on sale of
loans  of  $128,000.   Increased  loan  originations  compared  to  a  year  ago
contributed  to the  increase  in  income  from  sale of  loans.  Mortgage  loan
servicing fees declined to $15,000 for the current  quarter from $73,000 for the
previous  year's  quarter.  An  independent  valuation  of the  Bank's  mortgage
servicing  portfolio indicated a temporary decline in the value of the servicing
rights in the amount of $58,000.  A provision was made to a valuation  allowance
in that amount. Changes to the valuation allowance for mortgage servicing rights
are charged  against  mortgage  loan  servicing  fees.  The other  categories of
noninterest income registered small decreases.

Noninterest Expense

Noninterest  expense  increased  by  $75,000 or 6.00% to $1.32  million  for the
quarter  ended  September  30, 2001,  from $1.25  million for the quarter  ended
September  30, 2000.  This increase was primarily due to an increase in salaries
and  benefits  of $65,000 and in  amortization  of  mortgage  servicing  fees of
$38,000.  The increase in salaries was due to merit raises and expenses  related
to the stock  benefit  plan,  while the  increase  in  amortization  of mortgage
servicing fees was related to increased  prepayment  activity on mortgage loans.
Legal and accounting fees decreased $25,000 due to lower costs for annual report
preparation.  Furniture and equipment depreciation expense decreased $14,000 due
to computer  equipment and ATMs becoming  fully  depreciated  during the current
quarter.

Income Tax Expense

Eagle's  income tax expense was $195,000  for the quarter  ended  September  30,
2001,  compared to $144,000  for the  quarter  ended  September  30,  2000.  The
effective tax rate for the quarter  ended  September 30, 2001 was 36.03% and was
32.22% for the quarter  ended  September  30, 2000.  The  effective  tax rate is
higher in the  current  quarter due to taxes paid for the  previous  fiscal year
ended  June  30,  2001.  Management  expects  Eagle's  effective  tax rate to be
approximately 35%.


                                      -16-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


Liquidity, Interest Rate Sensitivity and Capital Resources

The Company's subsidiary,  American Federal Savings Bank (the Bank), is required
to maintain  minimum  levels of liquid assets as defined by the Office of Thrift
Supervision  (OTS)  regulations.  The  OTS  recently  eliminated  the  statutory
requirement based upon a percentage of deposits and short-term  borrowings.  The
OTS states that the liquidity  requirement  is retained for safety and soundness
purposes, and that appropriate levels of liquidity will depend upon the types of
activities in which the company engages.  For internal reporting  purposes,  the
Bank uses the previous regulatory definitions of liquidity. The Bank's liquidity
increased  to $21.96  million due to an  increase  in deposit  balances of $4.22
million for the three months ended  September  30,  2001.  Liquidity  was $19.24
million at June 30, 2001.

The  Bank's  primary  sources  of funds  are  deposits,  repayment  of loans and
mortgage-backed  securities,  maturities  of  investments,  funds  provided from
operations,  and advances from the Federal Home Loan Bank of Seattle.  Scheduled
repayments of loans and mortgage-backed  securities and maturities of investment
securities are generally  predictable.  However, other sources of funds, such as
deposit  flows and loan  prepayments,  can be greatly  influenced by the general
level of interest  rates,  economic  conditions and  competition.  The Bank uses
liquidity resources principally to fund existing and future loan commitments. It
also  uses  them  to fund  maturing  certificates  of  deposit,  demand  deposit
withdrawals and to invest in other loans and  investments,  maintain  liquidity,
and meet operating expenses.

Liquidity  may be adversely  affected by  unexpected  deposit  outflows,  higher
interest rates paid by competitors,  and similar  matters.  Management  monitors
projected  liquidity needs and determines the level desirable,  based in part on
commitments to make loans and  management's  assessment of the bank's ability to
generate funds.

At June 30,  2001 (the most  recent  report  available),  the Bank's  measure of
sensitivity  to  interest  rate  movements,  as  measured  by the OTS,  worsened
slightly from the previous quarter.  The Bank's capital ratio as measured by the
OTS increased during the same period,  offsetting  increased interest rate risk.
The Bank is well within the  guidelines  set forth by the Board of Directors for
interest rate risk sensitivity.

As of September  30, 2001,  the Bank's  regulatory  capital was in excess of all
applicable regulatory requirements.  At September 30, 2001, the Bank's tangible,
core, and  risk-based  capital ratios  amounted to 10.88%,  10.88%,  and 18.65%,
respectively,  compared to  regulatory  requirements  of 1.5%,  3.0%,  and 8.0%,
respectively. See the following table (amounts in thousands):


                                      -17-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


Liquidity, Interest Rate Sensitivity and Capital Resources (continued)

                                                       September 30, 2001
                                                      -------------------
                                                                   % of
                                                       Amount     Assets
                                                      -------     ------
     Tangible capital:
       Capital level ..............................   $18,599     10.88%
       Requirement ................................     2,564      1.50
                                                      -------     -----
       Excess .....................................    16,035      9.38%
                                                      =======     =====
     Core capital:
       Capital level ..............................   $18,599     10.88%
       Requirement ................................     5,127      3.00
                                                      -------     -----
       Excess .....................................   $13,472      7.88%
                                                      =======     =====
     Risk-based capital:
       Capital level ..............................   $19,253     18.65%
       Requirement ................................     8,260      8.00
                                                      -------     -----
       Excess .....................................   $10,993     10.65%
                                                      =======     =====

Impact of Inflation and Changing Prices

Our  financial  statements  and the  accompanying  notes have been  prepared  in
accordance  with generally  accepted  accounting  principles,  which require the
measurement of financial  position and operating  results in terms of historical
dollars without considering the change in the relative purchasing power of money
over time and due to  inflation.  The impact of  inflation  is  reflected in the
increased  cost of our  operations.  Interest rates have a greater impact on our
performance  than do the  general  levels of  inflation.  Interest  rates do not
necessarily  move in the same  direction  or to the same extent as the prices of
goods and services.


                                      -18-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY

                           Part II - OTHER INFORMATION


Item 1.  Legal Proceedings.

         Neither the  Company  nor the Bank is  involved  in any  pending  legal
         proceedings other than non-material legal proceedings  occurring in the
         ordinary course of business.


Item 2.  Changes in Securities and Use of Proceeds

         Not applicable.


Item 3.  Defaults Upon Senior Securities

         Not applicable.


Item 4.  Submission of Matters to a Vote of Security Holders

         The proxy statement for the  Annual Meeting of Stockholders  was mailed
         on  September 17, 2001.  The  following  matters were  voted on  at the
         meeting held on October 18, 2001:

         1.  Election of directors for three-year terms expiring in 2004:

                                                      For:         Abstain:
                                                    ---------      --------
                  Robert L. Pennington              1,119,392       1,575
                  Don O. Campbell                   1,118,392       2,575
                  Charles G. Jacoby                 1,119,367       1,600

         2.  Ratification of  appointment of  Anderson ZurMuehlen & Co., P.C. as
             auditors for the fiscal year ended June 30, 2002:

                                             For:         Against:      Abstain:
                                           ---------      --------      --------
                                           1,116,322        250          4,395


Item 5.  Other Information.

         None.


Item 6.  Exhibits and Reports on Form 8-K
         None


SIGNATURES
----------

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                        EAGLE BANCORP

     Date:  November 9, 2001            By: /s/ Larry A. Dreyer
                                            -----------------------
                                            Larry A. Dreyer
                                            President/CEO


     Date:  November 9, 2001            By: /s/ Peter J. Johnson
                                            -----------------------
                                            Peter J. Johnson
                                            Sr. VP/Treasurer


                                      -19-