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 March 31, 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
--------------------------------------------------------------------------------
                                 April 30, 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
            March 31, 2001 (unaudited) and June 30, 2000 ..............  1 and 2

            Consolidated Statements of Income for the three and
            nine months ended March 31, 2001 and 2000 (unaudited) .....        3

            Consolidated Statements of Stockholders' Equity for the
            nine months ended March 31, 2001 (unaudited) ..............        4

            Consolidated Statements of Cash Flows for the nine
            months ended March 31, 2001 and 2000 (unaudited) ..........  5 and 6

            Notes to Consolidated Financial Statements ................  7 to 10

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations ......................... 11 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>
                                                   March 31, 2001  June 30, 2000
                                                   --------------  -------------
                                                    (Unaudited)      (Audited)
<S>                                                 <C>            <C>
ASSETS
  Cash and due from banks ........................  $  2,543,932   $  3,477,650
  Interest-bearing deposits with banks ...........     3,850,000             --
                                                    ------------   ------------
      Total cash and cash equivalents ............     6,393,932      3,477,650

  Investment securities available for sale,
    at market value ..............................    20,949,809     18,414,219
  Investment securities held-to-maturity .........     7,978,180      9,922,687
  Federal Home Loan Bank stock, at cost ..........     1,461,800      1,393,000
  Mortgage loans held-for-sale ...................     2,586,831        861,290
  Loans receivable, net of deferred loan fee
    and allowance for loan losses ................   114,269,650    107,447,437
  Accrued interest and dividends receivable ......       989,365        832,204
  Mortgage servicing rights ......................     1,313,121      1,338,271
  Property and equipment, net ....................     6,623,767      6,962,081
  Cash surrender value of life insurance .........     2,114,883      2,040,973
  Real estate acquired in settlement of loans,
    net of allowance for losses ..................            --        121,006
  Other assets ...................................       213,354        219,857
                                                    ------------   ------------
      Total assets ...............................  $164,894,692   $153,030,675
                                                    ============   ============
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -1-

<PAGE>

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


<TABLE>
<CAPTION>
                                                  March 31, 2001  June 30, 2000
                                                  --------------  -------------
                                                   (Unaudited)      (Audited)
<S>                                                 <C>            <C>
LIABILITIES
  Deposit accounts:
    Noninterest bearing ..........................  $  5,532,226   $  5,732,528
    Interest bearing .............................   125,954,187    118,780,477
  Advances from Federal Home Loan Bank ...........    12,107,778      8,682,778
  Accrued expenses and other liabilities .........     1,984,443      1,505,750
                                                    ------------   ------------
      Total liabilities ..........................   145,578,634    134,701,533
                                                    ------------   ------------

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; 1,203,572 outstanding at March 31,
    2001, 1,223,572 outstanding at June 30, 2000)         12,236         12,236
  Additional paid-in capital .....................     3,840,986      3,831,887
  Unallocated common stock held by employee
    stock ownership plan ("ESOP") ................      (322,048)      (349,648)
  Treasury stock, at cost (20,000 shares) ........      (235,000)            --
  Retained earnings ..............................    15,885,901     15,158,415
  Accumulated other comprehensive loss ...........       133,983       (323,748)
                                                    ------------   ------------
      Total equity ...............................    19,316,058     18,329,142
                                                    ------------   ------------
      Total liabilities and equity ...............  $164,894,692   $153,030,675
                                                    ============   ============
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -2-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                                 Three Months Ended            Nine Months Ended
                                                                     March 31,                     March 31,
                                                                  2001          2000          2001          2000
                                                                  ----          ----          ----          ----
Interest and Dividend Income:                                        (unaudited)                  (unaudited)
<S>                                                          <C>           <C>           <C>           <C>
  Interest and fees on loans .............................   $ 2,294,079   $ 2,063,253   $ 6,848,557   $ 6,081,573
  Interest on deposits with banks ........................        46,859           579        74,458        58,298
  FHLB Stock dividends ...................................        23,060        21,803        68,951        69,792
  Securities available for sale ..........................       314,536       266,235       887,452       770,068
  Securities held to maturity ............................       126,495       182,456       433,539       592,243
                                                               ---------     ---------     ---------     ---------
    Total interest and dividend income ...................     2,805,029     2,534,326     8,312,957     7,571,974
                                                               ---------     ---------     ---------     ---------

Interest Expense:
  Deposits ...............................................     1,297,021     1,120,994     3,829,644     3,378,415
  FHLB Advances ..........................................       185,926       164,932       497,291       472,955
                                                               ---------     ---------     ---------     ---------
    Total interest expense ...............................     1,482,947     1,285,926     4,326,935     3,851,370
                                                               ---------     ---------     ---------     ---------

Net Interest Income ......................................     1,322,082     1,248,400     3,986,022     3,720,604
Loan loss provision ......................................          --            --            --          15,000
                                                               ---------     ---------     ---------     ---------
    Net interest income after loan loss provision ........     1,322,082     1,248,400     3,986,022     3,705,604

Noninterest income:
  Net gain on sale of loans ..............................        87,636        35,564       218,914       193,816
  Demand deposit service charges .........................       125,016       123,434       398,845       368,350
  Mortgage loan servicing fees ...........................        74,163        74,690       219,524       225,269
  Net gain (loss) on sale of available for sale securities         4,755          --           4,755       (30,355)
  Other ..................................................       108,350       104,809       302,563       271,410
                                                               ---------     ---------     ---------     ---------
    Total noninterest income .............................       399,920       338,497     1,144,601     1,028,490
                                                               ---------     ---------     ---------     ---------

Noninterest expense:
  Salaries and employee benefits .........................       741,461       696,621     2,103,716     2,000,984
  Occupancy expenses .....................................       118,062       113,291       359,767       327,898
  Furniture and equipment depreciation ...................        82,523        81,148       247,769       240,377
  In-house computer expense ..............................        44,461        34,903       133,370       112,740
  Advertising expense ....................................        31,664        21,981       119,259        96,287
  Amortization of mtg servicing fees .....................        33,704        25,479        89,806        87,255
  Federal insurance premiums .............................         6,077         7,279        18,471        41,856
  Postage ................................................        34,771        34,403        81,967        76,902
  Legal,accounting, and examination fees .................        36,048        25,251       134,964        59,369
  Consulting fees ........................................         7,482         7,645        23,958        27,070
  ATM processing .........................................        14,079        17,799        44,597        55,740
  Other ..................................................       150,037       149,309       507,852       501,983
                                                               ---------     ---------     ---------     ---------
    Total noninterest expense ............................     1,300,369     1,215,109     3,865,496     3,628,461
                                                               ---------     ---------     ---------     ---------

Income before provision for income taxes .................       421,633       371,788     1,265,127     1,105,633
                                                               ---------     ---------     ---------     ---------
Provision for income taxes ...............................       149,735       119,000       418,099       349,134
                                                               ---------     ---------     ---------     ---------
Net income ...............................................   $   271,898   $   252,788   $   847,028   $   756,499
                                                             ===========   ===========   ===========   ===========
Earnings per share - basic ...............................   $      0.23           n/a   $      0.72           n/a
                                                             ===========   ===========   ===========   ===========
Earnings per share - diluted .............................   $      0.23           n/a   $      0.72           n/a
                                                             ===========   ===========   ===========   ===========
</TABLE>
See accompanying notes to consolidated financial statements

                                      -3-
<PAGE>


                          EAGLE BANCORP AND SUBSIDIARY
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                    For the Nine Months Ended March 31, 2001
<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, 2000 .....................$--   $ 12,236  $3,831,887  $(349,648)  $    --     $15,158,415  $(323,748) $18,329,142

  Net income ............................... --       --          --         --          --         847,028       --        847,028
  Other comprehensive income ............... --       --          --         --          --            --      457,731      457,731

    Total comprehensive income ............. --       --          --         --          --            --         --      1,304,759

Dividends paid ($.21 per share) ............ --       --          --         --          --        (119,542)      --       (119,542)

Stock repurchased (20,000 shares
   @ $11.75/sh)                              --       --          --         --      (235,000)         --         --       (235,000)

ESOP shares allocated or committed to be
   released for allocation (3,450 shares) .. --       --         9,099     27,600        --            --         --         36,699
                                            ---   --------  ----------  ---------   ---------   -----------  ---------  -----------

Balance, March 31, 2001 ....................$--   $ 12,236  $3,840,986  $(322,048)  $(235,000)  $15,885,901  $ 133,983  $19,316,058
                                            ===   ========  ==========  =========   =========   ===========  =========  ===========
</TABLE>

See accompanying notes to consolidated financial statements

                                      -4-
<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                    Nine Months Ended
                                                                        March 31,
                                                                  2001            2000
                                                                  ----            ----
                                                               (Unaudited)    (Unaudited)
<S>                                                           <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income ..............................................   $   847,028    $   756,500
  Adjustments to reconcile net income to net cash
    from operating activities
      Provision for loan losses ...........................          --           15,000
     Depreciation, accretion and amortization expense .....       390,835        463,139
     Deferred loan fees ...................................        28,846        (35,291)
      Amortization of capitalized mortgage servicing rights        89,805         87,254
      Gain on sale of loans ...............................      (218,914)      (193,816)
      Gain on sale of real estate owned ...................        (8,951)          --
      Net realized (gain) loss on sale of available
        for-sale securities ...............................          --           30,355
      Dividends reinvested ................................       (68,800)       (69,700)
      Increase in cash surrender value of life insurance ..       (73,910)       (68,886)
  Change in assets and liabilities:
    (Increase) decrease in assets:
      Accrued interest and dividends receivable ...........      (157,161)      (115,577)
      Loans held-for-sale .................................    (1,506,627)       941,684
      Other assets ........................................        43,603       (210,712)
  Increase (decrease) in liabilities:
    Accrued expenses and other liabilities ................       (61,501)     4,134,522
    Deferred compensation payable .........................        17,305          9,647
    Deferred income taxes payable .........................        (7,108)       111,716
                                                                 --------      ---------
        Net cash provided by (used in) operating activities      (685,550)     5,855,835
                                                                 --------      ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of securities:
    Investment securities held-to-maturity ................      (641,150)      (949,936)
    Investment securities available-for-sale ..............    (3,904,060)    (3,562,621)
  Proceeds from maturities, calls and principal payments:
    Investment securities held-to-maturity ................     2,597,139      4,302,253
    Investment securities available-for-sale ..............     1,901,519        564,059
</TABLE>

See accompanying notes to consolidated financial statements

                                      -5-
<PAGE>
<TABLE>
<CAPTION>
                                                                      Nine Months Ended
                                                                          March 31,
                                                                     2001            2000
                                                                     ----            ----
                                                                 (Unaudited)     (Unaudited)
<S>                                                                 <C>           <C>
CASH FLOWS FROM INVESTING ACTIVITIES:
  (CONTINUED)
  Proceeds from sales of investment securities
    available-for-sale .....................................        201,396       1,715,580
  Net (increase) decrease in loan receivable, excludes
    transfers to real estate acquired in settlement of loans     (6,916,112)     (8,444,616)
  Proceeds from the sale of real estate aquired in the
    settlement of loans ....................................        129,957            --
  Purchase of property and equipment .......................        (54,717)       (338,872)
  Proceeds from sale of equipment ..........................           --           221,274
                                                                 ----------      ----------
      Net cash used in investing activities ................     (6,686,028)     (6,490,879)
                                                                 ----------      ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in checking and savings accounts ............      6,973,408         429,372
  Net increase (decrease) in advances to borrowers for .....        243,994          (3,662)
    taxes and insurance
  Net increase (decrease) in FHLB advances .................      3,625,000      (4,000,000)
  Payments on FHLB advances ................................       (200,000)       (200,000)
  Purchase of Treasury Stock ...............................       (235,000)
  Dividends paid ...........................................       (119,542)           --
                                                                 ----------      ----------
      Net cash provided by financing activities ............     10,287,860      (3,774,290)
                                                                 ----------      ----------

Net increase (decrease) in cash ............................      2,916,282      (4,409,334)

CASH AND CASH EQUIVALENTS, beginning of period .............      3,477,650       6,741,171
                                                                 ----------      ----------
CASH AND CASH EQUIVALENTS, end of period ...................   $  6,393,932    $  2,331,837
                                                               ============    ============
SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid during the period for interest .................   $  3,869,803    $  3,523,287
                                                               ============    ============
  Cash paid during the period for income taxes .............   $    429,500    $    144,000
                                                               ============    ============
NON-CASH INVESTING ACTIVITIES:
  (Increase) decrease in market value of securities
    available-for-sale .....................................   $   (457,731)   $    125,341
                                                               ============    ============
  Mortgage servicing rights capitalized ....................   $     64,655    $    154,836
                                                               ============    ============
</TABLE>

See accompanying notes to consolidated financial statements

                                      -6-
<PAGE>


                          EAGLE BANCORP AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (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  notes  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 and nine month periods ended March 31,
2001 are not necessarily indicative of the results to be expected for the fiscal
year  ending  June 30,  2001 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, 2000.

                                      -7-

<PAGE>

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


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

Investment securities are summarized as follows:
<TABLE>
<CAPTION>
                                 March 31, 2001 (Unaudited)                 June 30, 2000 (Audited)
                          ----------------------------------------   ----------------------------------------
                                              GROSS                                   GROSS
                            AMORTIZED      UNREALIZED      FAIR        AMORTIZED     UNREALIZED       FAIR
                              COST       GAINS (LOSSES)    VALUE          COST     GAINS (LOSSES)     VALUE
                              ----       --------------    -----          ----     --------------     -----
<S>                       <C>           <C>            <C>           <C>           <C>            <C>
Available-for-sale:
  U.S. government and
   agency obligations .   $ 5,097,990   $    40,441    $ 5,138,431   $ 4,250,803   $   (99,656)   $ 4,151,147
  Municipal obligations     3,634,125       (21,284)     3,612,841     3,307,967      (251,657)     3,056,310
  Corporate obligations     7,223,746       132,639      7,356,385     6,184,453      (122,998)     6,061,455
  Mortgage-backed
   securities .........     4,473,040        66,270      4,539,310     4,623,260       (40,258)     4,583,002
  Collateralized
   mortgage obligations       303,209          (367)       302,842       372,372       (11,067)       361,305
  Corporate preferred
   stock ..............          --            --             --         201,398          (398)       201,000
                          -----------   -----------    -----------   -----------   -----------    -----------
    Total .............   $20,732,110   $   217,699    $20,949,809   $18,940,253   $  (526,034)   $18,414,219
                          ===========   ===========    ===========   ===========   ===========    ===========

Held-to-maturity:
  U.S. government and
   agency obligations .   $ 2,395,051   $    19,955    $ 2,415,006   $ 2,888,392   $   (29,659)   $ 2,858,733
  Municipal obligations     1,079,297        17,735      1,097,032     1,069,806       (21,234)     1,048,572
  Mortgage-backed
   securities .........     4,503,832        32,479      4,536,311     5,964,489      (164,775)     5,799,714
                          -----------   -----------    -----------   -----------   -----------    -----------
    Total .............   $ 7,978,180   $    70,169    $ 8,048,349   $ 9,922,687   $  (215,668)   $ 9,707,019
                          ===========   ===========    ===========   ===========   ===========    ===========
</TABLE>

                                      -8-

<PAGE>

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



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

Loans receivable consist of the following:



                                                March 31,           June 30,
                                                  2001                2000
                                              (Unaudited)          (Audited)
                                             -------------       -------------
First mortgage loans:
  Residential mortgage (1-4 family) ......   $  75,816,800       $  74,336,712
  Commercial real estate .................       8,478,841           7,784,333
  Real estate construction ...............       2,192,683           1,453,371

Other loans:
  Home equity ............................      15,621,372          13,654,250
  Consumer ...............................      10,085,502           8,279,049
  Commercial .............................       2,900,424           2,757,708
                                             -------------       -------------

    Total ................................     115,095,622         108,265,423

Less:  Allowance for loan losses .........        (691,305)           (712,165)
          Deferred loan fees .............        (134,667)           (105,821)
                                             -------------       -------------

    Total ................................   $ 114,269,650       $ 107,447,437
                                             =============       =============


Loans net of related  allowance for loan losses on which the accrual of interest
has been  discontinued were $525,000 and $504,000 at March 31, 2001 and June 30,
2000,  respectively.  Classified  assets,  including real estate owned,  totaled
$1.46  million  and  $1.58  million  at  March  31,  2001  and  June  30,  2000,
respectively.

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

                                             Nine months         Twelve months
                                                ended                ended
                                            March 31, 2001      June 30, 2000
                                             (Unaudited)           (Audited)
                                           --------------       ---------------
Balance, beginning of period .............   $ 712,165             $ 736,624
  Reclassification to REO reserve ........     (13,725)              (11,519)
  Reclassification to repossessed property
   reserve ...............................      (1,137)
  Provision charged to operations ........        --                  15,000
  Charge-offs ............................     (12,168)              (30,623)
  Recoveries .............................       6,170                 2,683
                                             ---------             ---------
    Balance, end of period ...............   $ 691,305             $ 712,165
                                             =========             =========


                                      -9-
<PAGE>

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


NOTE 4.  DEPOSITS
-----------------

Deposits are summarized as follows:

                                                      March 31,       June 30,
                                                        2001            2000
                                                     (Unaudited)      (Audited)
                                                    ------------    ------------
     Noninterest checking .....................     $  5,532,226    $  5,732,528
     Interest-bearing checking ................       22,500,564      22,849,549
     Passbook .................................       20,724,111      20,936,122
     Money market .............................       15,927,858      14,716,098
     Time certificates of deposit .............       66,801,654      60,278,708
                                                    ------------    ------------
       Total ..................................     $131,486,413    $124,513,005
                                                    ============    ============

NOTE 5.  EARNINGS PER SHARE
---------------------------

Basic  earnings  per share for the three months ended March 31, 2001 is computed
using 1,169,701  weighted average shares  outstanding.  Basic earnings per share
for the nine months ended March 31, 2001 is computed  using  1,177,178  weighted
average shares outstanding.  Diluted earnings per share is computed by adjusting
the number of shares  outstanding  by the  weighted  average  number of dilutive
common  equivalent  shares.  The  common  equivalent  shares  are  shares in the
treasury  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  earnings  per  share
calculations  are  1,182,562  for the three  months  ended  March  31,  2001 and
1,181,411  for the nine months  ended  March 31,  2001.  No  earnings  per share
information is given for periods ending March 31, 2000 as shares of common stock
were not issued until April 4, 2000.


NOTE 6.  DIVIDENDS AND STOCK REPURCHASE PROGRAM
-----------------------------------------------

Eagle has paid three  dividends of $0.07 per share on August 25, 2000,  November
17, 2000,  and February  16,  2001.  Its fourth  dividend of $0.07 per share was
declared on April 19, 2001,  payable May 18, 2001 to  stockholders  of record on
May 4, 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 April 30, 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.


                                      -10-

<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

Total assets increased by $11.86 million, or 7.75%, from $153.03 million at June
30, 2000, to $164.89 million at March 31, 2001. Total  liabilities  increased by
$10.88  million from $134.70  million at June 30,  2000,  to $145.58  million at
March 31, 2001. Total equity increased  $990,000 from $18.33 million at June 30,
2000 to $19.32 million at March 31, 2001.

Growth in the loan portfolio of $6.82 million  accounted for the majority of the
growth in total assets.  The loan categories with the largest increase were home
equity loans,  which increased $1.97 million and consumer loans, which increased
$1.81 million. These represented increases over the balances at June 30, 2000 of
14.43% and 21.86%, respectively. Total loan originations were $51.56 million for
the nine months ended March 31, 2001,  with single family  mortgages  accounting
for $31.77 million of the total. Home equity loan and consumer loan originations
totaled  $6.40  million and $6.11  million,  respectively,  for the same period.
Loans held for sale increased from $861,000 at June 30, 2000 to $2.59 million at
March 31, 2001.


                                      -11-

<PAGE>

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


Financial Condition (continued)

Deposits  and  Federal  Home Loan Bank  (FHLB)  advances  funded  asset  growth.
Deposits have grown $6.98 million,  or 5.61%,  from $124.51  million at June 30,
2001 to $131.49  million at March 31, 2001.  Our  offerings of special  rates on
certificates of deposit (CD's) contributed to the increase in deposits. Advances
grew to $12.11  million by March 31,  2001,  an  increase of $3.43  million,  or
39.52%,  from the balance of $8.68 million at June 30, 2000.  Other  liabilities
increased  from  $1.51  million at June 30,  2000 to $1.98  million at March 31,
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  equity was the result of  earnings  for the nine  months of
$847,000 and an increase in the unrealized gain on securities available for sale
of  $458,000.  This was offset by the payment of three  $0.07 per share  regular
cash  dividends and the purchase of 20,000  shares of treasury  stock during the
period.


Results of Operations for the Three Months Ending March 31, 2001 and 2000

Net Income.  Eagle's net income was  $272,000  and $253,000 for the three months
ended March 31, 2001, and 2000, respectively. The increase of $19,000, or 7.51%,
was primarily due to increases in net interest income of $74,000 and noninterest
income of $61,000,  partially  offset by an increase in  noninterest  expense of
$85,000.  Earnings per share were $0.23 for the current period.  No earnings per
share are  available  for the period  ended  March 31,  2000 as shares of common
stock were not issued until April 4, 2000.

Net Interest  Income.  Net interest income  increased from $1.25 million for the
quarter  ended March 31, 2000 to $1.32  million for the quarter  ended March 31,
2001.  This  increase of $74,000  was the result of an increase in interest  and
dividend income of $271,000, partially offset by an increase in interest expense
of $197,000.

Interest  and Dividend  Income.  Total  interest  and dividend  income was $2.80
million for the quarter ended March 31, 2001,  compared to $2.53 million for the
quarter ended March 31, 2000,  representing an increase of $271,000,  or 10.71%.
Interest  and fees on  loans  increased  from  $2.06  million  for 2000 to $2.29
million for 2001. This increase of $230,000,  or 11.17%, was due primarily to an
increase in the average balances of loans receivable for the quarter ended March
31, 2001.  Average  balances for loans  receivable,  net, for the quarter  ended
March 31,  2001 were  $114.78  million,  compared  to  $104.07  million  for the
previous year.  This represents an increase of $10.71  million,  or 10.29%.  All
loan categories had shown increases from the previous year. The average interest
rate earned on loans receivable also increased by 6 basis points, from 7.93%


                                      -12-

<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 March 31, 2001 and 2000
(continued)

at March  31,  2000 to 7.99%  at March  31,  2001.  Interest  and  dividends  on
investment securities  available-for-sale  (AFS) increased from $266,000 for the
quarter ended March 31, 2000 to $315,000 for the current quarter, while interest
on  securities  held to maturity  (HTM)  decreased  from  $182,000 to  $126,000.
Interest  earned from deposits held at other banks increased from $1,000 for the
quarter ended March 31, 2000 to $47,000 for the quarter ended March 31, 2001.

Interest  Expense.  Total interest expense  increased from $1.28 million for the
quarter  ended March 31, 2000,  to $1.48 million for the quarter ended March 31,
2001,  an  increase  of  $197,000,or  15.39%,  due  primarily  to an increase in
interest paid on deposits. Interest on deposits increased from $1.12 million for
the quarter  ended March 31, 2000,  to $1.30 million for the quarter ended March
31, 2001. This increase of $176,000, or 15.71%, was the result of an increase in
average rates paid and higher balances on deposit accounts.  Time certificate of
deposits  (CD's)  accounted  for the largest gain in balances  during the period
from March 31, 2000 to March 31, 2001. Special  certificate of deposit offerings
contributed  to the increase.  Average  balances in CD accounts  increased  from
$57.89  million for the quarter  ended March 31, 2000 to $65.56  million for the
quarter  ended  March  31,  2001.  The  average  rate paid on CD  accounts  also
increased,  from  5.18% to 5.81% for the  period.  Interest  paid on  borrowings
increased from $165,000 for the quarter ended March 31, 2000 to $186,000 for the
quarter  ended March 31, 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 decline in the coming  quarter.  CD accounts  opened in
previous quarters will be renewed at lower rates, as market rates have fallen. A
small FHLB advance was prepaid in April,  which will reduce  borrowing costs for
the next quarter.

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 March 31, 2001 or the quarter ended March 31, 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 $1.58 million at June 30, 2000 to $1.46
million at March 31, 2001. The Bank currently has no foreclosed real estate.


                                      -13-

<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 March 31, 2001 and 2000
(continued)

Noninterest  Income.  Total  noninterest  income increased from $338,000 for the
quarter  ended March 31, 2000, to $400,000 for the quarter ended March 31, 2001,
an increase of $62,000 or 18.34%. This was the result of an increase in net gain
on sale of loans of $52,000.  Increased loan originations compared to a year ago
combined  with  management's  decision  to resume  selling  mortgage  loans with
maturities of 15 years or less  contributed  to the increase in income from sale
of loans. The other categories of noninterest income registered small increases.

Noninterest  Expense.  Noninterest  expense  increased  by $85,000 or 7.00% from
$1.21  million for the quarter  ended March 31, 2000,  to $1.30  million for the
quarter ended March 31, 2001.  This increase was primarily due to an increase in
salaries  and benefits of $44,000 and in legal and  accounting  fees of $11,000.
The  increase in salaries was due to merit  raises,  while the increase in legal
and  accounting  fees  were  related  to the  costs of  being a public  company.
Advertising expense increased $10,000 due to increased  advertising for internet
banking and lending  promotions.  In-house  computer expense  increased  $10,000
primarily due to internet banking costs.

Income Tax  Expense.  Eagle's  income tax expense was  $119,000  for the quarter
ended March 31, 2000, compared to $150,000 for the quarter ended March 31, 2001.
The  effective  tax rate for the quarter ended March 31, 2000 was 32.01% and was
35.51% for the quarter ended March 31, 2001. The effective tax rate is higher in
the current quarter due to an adjustment to bring the year-to-date effective tax
rate  up  to  33%.   Management   expects  Eagle's  effective  tax  rate  to  be
approximately 33%.


Results of Operations for the Nine Months Ending March 31, 2001 and 2000

Net Income.  Eagle's net income was  $847,000  and  $756,000 for the nine months
ended March 31, 2001 and 2000, respectively. The increase of $91,000, or 12.03%,
was primarily due to increases in net interest income (before provision for loan
losses) of $265,000 and noninterest  income of $116,000,  partially offset by an
increase in non-interest expense of $237,000.  Earnings per share for the period
ended March 31, 2001 were $0.72.  No earnings per share were  available  for the
period  ended  March 31,  2000 as shares of common  stock were not issued  until
April 4, 2000.


                                      -14-

<PAGE>

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


Results of Operations for the Nine Months Ending March 31, 2001 and 2000
(continued)

Net Interest  Income.  Net interest  income  (before  provision for loan losses)
increased  from $3.72  million for the nine months ended March 31, 2000 to $3.99
million for the nine months ended March 31, 2001.  This increase of $265,000 was
the result of an increase in interest and dividend income of $741,000, partially
offset by an increase in interest expense of $476,000.

Interest  and Dividend  Income.  Total  interest  and dividend  income was $8.31
million for the nine months ended March 31, 2001,  compared to $7.57 million for
the same period ended March 31, 2000,  representing an increase of $741,000,  or
9.79%. Interest and fees on loans increased from $6.08 million for 2000 to $6.85
million for 2001. This increase of $767,000,  or 12.62%, was due primarily to an
increase in the average  balances of loans  receivable for the nine months ended
March 31, 2001. Average balances for loans receivable, net, for this period were
$113.01  million,  compared to $101.44 million for the previous year. This is an
increase of $11.57 million,  or 11.41%.  All loan categories had shown increases
from the previous  year.  The average  interest rate earned on loans  receivable
also increased by 9 basis points, from 7.99% to 8.08%. Interest and dividends on
investment securities  available-for-sale  (AFS) increased from $770,000 for the
nine months ended March 31, 2000 to $887,000 for the same period ended March 31,
2001,  while  interest on  securities  held to  maturity  (HTM)  decreased  from
$592,000  to  $434,000.  Interest  earned  from  deposits  held at  other  banks
increased  from  $58,000 for the nine months ended March 31, 2000 to $74,000 for
the same period ended March 31, 2001 due primarily to higher average balances in
these accounts.

Interest  Expense.  Total interest expense  increased from $3.85 million for the
nine  months  ended March 31,  2000 to $4.33  million for the nine months  ended
March 31, 2001, an increase of $476,000,  or 12.36%,  due almost entirely to the
increase in interest paid on deposits. Interest on deposits increased from $3.38
million for the nine months  ended March 31, 2000 to $3.83  million for the nine
months  ended March 31, 2001.  This  increase of  $452,000,  or 13.37%,  was the
result of an increase in balances  and average  rates paid on deposit  accounts.
Time  certificate of deposits (CD's)  accounted for the largest gain in balances
during the period from March 31, 2000 to March 31, 2001. Special  certificate of
deposit offerings  contributed to the increase.  Average balances in CD accounts
increased  from $58.39  million at March 31, 2000 to $62.54 million at March 31,
2001. The average rate paid on CD accounts also increased,  from 5.11% to 5.81%.
Interest  paid on borrowings  increased  from $473,000 for the nine months ended
March 31,  2000 to  $497,000  for the same  period  ended  March 31,  2001.  The
increase in  borrowing  costs was due to an  increase in the average  balance of
Federal Home Loan Bank advances.


                                      -15-

<PAGE>

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


Results of Operations for the Nine Months Ending March 31, 2001 and 2000
(continued)

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 the nine
months ended March 31, 2001, compared to $15,000 for the same period ended March
31, 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 $1.58 million at June 30,
2000 to $1.46 million at March 31, 2001. During the current nine month period, a
transfer of $14,000 was made from the loan loss reserve to the real estate owned
(REO)  reserve.  The  transfer  was made to write down the  balances  of the two
foreclosed  properties in Butte, Montana to their net realizable value. Both REO
properties  were sold during the period with no additional  loss  incurred.  The
Bank currently has no foreclosed real estate.

Noninterest  Income.  Total noninterest  income increased from $1.03 million for
the nine months ended March 31, 2000, to $1.15 million for the nine months ended
March 31,  2001,  an increase  of $116,000 or 11.26%.  This was the result of an
increase in the gain on sale of available  for sale  securities  of $35,000,  an
increase in other  noninterest  income  items of $31,000,  an increase in demand
deposit service charges of $30,000, and an increase in net gain on sale of loans
of $25,000.  Two  securities  were sold for small  gains in the current  period,
compared to  securities  sold for losses of $30,000 in the  previous  nine month
period. Demand deposit service charges were higher as the increased fees were in
effect for the entire nine month  period  ended March 31,  2001,  whereas in the
previous  period the  increases  were only in effect for four months.  Increased
loan sales  contributed  to the increase in net gain on sale of loans.  Mortgage
loan  servicing  fees  declined  slightly from $225,000 in the nine month period
ended March 31, 2000 to $220,000 in the nine months ended March 31, 2001.


                                      -16-

<PAGE>

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


Results of Operations for the Nine Months Ending March 31, 2001 and 2000
(continued)

Noninterest  Expense.  Noninterest  expense  increased by $237,000 or 6.53% from
$3.63 million for the nine months ended March 31, 2000, to $3.87 million for the
nine months ended March 31, 2001.  This  increase was primarily due to increases
in salaries and benefits of $103,000,  legal and accounting fees of $76,000, and
occupancy expense of $32,000.  The increase in salaries was due to merit raises,
while the  increase in legal and  accounting  fees were  related to the costs of
being a public  company.  The  increase in  occupancy  expense was due to higher
property taxes and repairs.  These increases were partially  offset by decreases
of $23,000 in federal deposit  insurance  premiums and $11,000 in ATM processing
fees.  The decrease in deposit  insurance  premiums was due to the FDIC lowering
their  assessment  rate by 64%,  while lower costs passed on from the Bank's ATM
processor led to lower processing expense for ATMs and debit cards.

Income Tax Expense.  Eagle's income tax expense was $349,000 for the nine months
ended March 31,  2000,  compared to $418,000 for the nine months ended March 31,
2001. The effective tax rate for the nine months ended March 31, 2000 was 31.58%
and was 33.05% for the nine months ended March 31, 2001.


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.  The Bank's liquidity  increased due to
an increase in deposit balances for the period ending March 31, 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.


                                      -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)

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 December 31, 2000 (the most recent report  available),  the Bank's measure of
sensitivity to interest rate  movements,  as measured by the OTS,  improved from
the previous quarter.  This was due to management's strategy of retaining assets
with shorter  maturities while emphasizing  longer-term  funding sources such as
transaction  accounts and FHLB advances.  The Bank is well within the guidelines
set forth by the Board of Directors for interest rate risk sensitivity.

As of March  31,  2001,  the  Bank's  regulatory  capital  was in  excess of all
applicable  regulatory  requirements.  At March 31, 2001,  the Bank's  tangible,
core,  and  risk-based  capital  ratios  amounted  to 11.0%,  11.0%,  and 18.6%,
respectively,  compared to  regulatory  requirements  of 1.5%,  3.0%,  and 8.0%,
respectively. See the following table (amounts in thousands):

                                                         At March 31, 2001
                                                        -------------------
                                                                      % of
                                                         Amount      Assets
                                                        -------      ------
     Tangible capital:
       Capital level ................................   $17,952      10.96%
       Requirement ..................................     2,457       1.50
                                                        -------      -----
       Excess .......................................   $15,495       9.46%
                                                        =======      =====
     Core capital:
       Capital level ................................   $17,952      10.96%
       Requirement ..................................     4,913       3.00
                                                        -------      -----
       Excess .......................................   $13,039       7.96%
                                                        =======      =====
     Risk-based capital:
       Capital level ................................   $18,619      18.63%
       Requirement ..................................     7,995       8.00
                                                        -------      -----
       Excess .......................................   $10,624      10.63%
                                                        =======      =====


                                      -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
         Not applicable.


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

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


                                      -19-