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, 2000

[ ]  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             1,223,572 shares outstanding
--------------------------------------------------------------------------------
                             As of November 10, 2000

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, 2000 (unaudited) and June 30, 2000) .........  1 and 2

            Consolidated Statements of Income (For the three months
            ended September 30, 2000 and 1999 (unaudited)) ............  3 and 4

            Consolidated Statements of Stockholders' Equity (For the
            three months ended September 30, 2000 (unaudited)) ........        5

            Consolidated Statements of Cash Flows (For the three
            months ended  September 30, 2000 and 1999 (unaudited)) ....  6 and 7

            Notes to Consolidated Financial Statements ................  8 to 11

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations ......................... 12 to 16


PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings ...........................................       17
Item 2.   Changes in Securities .......................................       17
Item 3.   Defaults Upon Senior Securities .............................       17
Item 4.   Submission of Matters to a Vote of Security-Holders .........       17
Item 5.   Other Information ...........................................       17
Item 6.   Exhibits and Reports on Form 8-K ............................ 17 to 19

Signatures

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                  September 30, 2000  June 30, 2000
                                                  ------------------  -------------
                                                      (Unaudited)
<S>                                                  <C>              <C>
ASSETS
  Cash and due from banks ........................   $  2,888,935     $  3,477,650
  Interest-bearing deposits with banks ...........             --               --
                                                     ------------     ------------
      Total cash and cash equivalents ............      2,888,935        3,477,650

  Investment securities available for sale,
    at market value ..............................     18,266,211       18,414,219
  Investment securities held-to-maturity .........      9,762,479        9,922,687
  Federal Home Loan Bank stock, at cost ..........      1,415,700        1,393,000
  Mortgage loans held-for-sale ...................      2,044,197          861,290
  Loans receivable, net of deferred loan fee
    and allowance for loan losses ................    111,783,683      107,447,437
  Accrued interest and dividends receivable ......        943,263          832,204
  Mortgage servicing rights ......................      1,313,581        1,338,271
  Property and equipment, net ....................      6,852,915        6,962,081
  Cash surrender value of life insurance .........      2,064,897        2,040,973
  Real estate acquired in settlement of loans,
    net of allowance for losses ..................        107,280          121,006
  Other assets ...................................        248,038          219,857
                                                     ------------     ------------
      Total assets ...............................   $157,691,179     $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>
                                                  September 30, 2000  June 30, 2000
                                                  ------------------  -------------
                                                      (Unaudited)
<S>                                                  <C>              <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
  Deposit accounts:
    Noninterest bearing ..........................   $  5,792,980     $  5,732,528
    Interest bearing .............................    119,287,079      118,780,477
  Advances from Federal Home Loan Bank ...........     11,766,111        8,682,778
  Accrued expenses and other liabilities .........      2,131,939        1,505,750
                                                     ------------     ------------
      Total liabilities ..........................    138,978,109      134,701,533
                                                     ------------     ------------

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 outstanding at Sept. 30, 2000) ....         12,236           12,236
  Additional paid-in capital .....................      3,833,546        3,831,887
  Unallocated common stock held by employee
    stock ownership plan ("ESOP") ................       (340,448)        (349,648)
  Retained earnings ..............................     15,421,711       15,158,415
  Accumulated other comprehensive loss ...........       (213,975)        (323,748)
                                                     ------------     ------------
      Total stockholders' equity .................     18,713,070       18,329,142
                                                     ------------     ------------
      Total liabilities and stockholders' equity .   $157,691,179     $153,030,675
                                                     ============     ============
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -2-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                         QUARTERLY STATEMENTS OF INCOME


                                                          Three Months Ended
                                                             September 30,
                                                       ------------------------
                                                          2000          1999
                                                       ----------    ----------
                                                              (unaudited)
Interest and dividend income:
  Interest and fees on loans .......................   $2,253,185    $1,982,300
  Interest on deposits with banks ..................        5,145        41,466
  Securites held to maturity .......................      162,123       214,820
  Securities available for sale ....................      287,239       245,610
  FHLB stock dividends .............................       22,760        23,778
                                                       ----------    ----------
      Total interest and dividend income ...........    2,730,452     2,507,974
                                                       ----------    ----------

Interest expense:
  Deposits .........................................    1,232,617     1,119,214
  FHLB advances ....................................      144,934       168,790
                                                       ----------    ----------
      Total interest expense .......................    1,377,551     1,288,004
                                                       ----------    ----------

  Net interest income ..............................    1,352,901     1,219,970
  Loan loss provision ..............................           --        15,000
                                                       ----------    ----------
      Net interest income after loan loss provision     1,352,901     1,204,970
                                                       ----------    ----------

Noninterest income:
  Net gain on sale of loans ........................       42,599        88,337
  Demand deposit service charges ...................      134,679       118,605
  Mortgage loan servicing fees .....................       72,594        74,108
  Net gain (loss) on sale of available for sale
    securities .....................................           --       (30,355)
  Other ............................................       93,431        81,678
                                                       ----------    ----------
      Total noninterest income .....................      343,303       332,373
                                                       ----------    ----------



See accompanying notes to consolidated financial statements.

                                       -3-

<PAGE>

                          EAGLE BANCORP AND SUBSIDIARY
                         QUARTERLY STATEMENTS OF INCOME
                                   (Continued)


                                                          Three Months Ended
                                                             September 30,
                                                       ------------------------
                                                          2000          1999
                                                       ----------    ----------
                                                              (unaudited)
Noninterest expense:
  Salaries and employee benefits ...................   $  668,560    $  642,073
  Occupancy expenses ...............................      114,051       106,670
  Furniture and equipment depreciation .............       81,816        79,466
  In-house computer expense ........................       41,779        38,843
  Advertising expense ..............................       43,935        40,521
  Amortization of mortgage servicing fees ..........       31,007        36,761
  Federal insurance premiums .......................        7,072        16,866
  Postage ..........................................       21,667        23,636
  Legal,accounting, and examination fees ...........       47,688        17,909
  Consulting fees ..................................        9,447        16,620
  ATM processing ...................................       14,296        19,674
  Other ............................................      167,055       169,625
                                                       ----------    ----------
      Total noninterest expense ....................    1,248,373     1,208,664
                                                       ----------    ----------

Income before provision for income taxes ...........      447,831       328,679

Provision for income taxes .........................      144,280       120,117
                                                       ----------    ----------

Net income .........................................   $  303,551    $  208,562
                                                       ==========    ==========

Earnings per share .................................   $     0.26           n/a
                                                       ==========    ==========

Weighted average shares outstanding ................    1,180,258           n/a
                                                       ==========    ==========



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       RETAINED   COMPREHENSIVE
                                                 STOCK     STOCK     CAPITAL      SHARES      EARNINGS       INCOME        TOTAL
                                               ---------  -------  ----------  -----------  -----------  -------------  -----------
<S>                                             <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 ................................        --        --          --          --       303,551           --        303,551
  Other comprehensive income ................        --        --          --          --            --      109,773        109,773
                                                                                                                        -----------
      Total comprehensive income ............        --        --          --          --            --           --        413,324

  Dividends paid ($.07 per share) ...........        --        --          --          --       (40,255)          --        (40,255)

  ESOP shares allocated or committed to be
    released for allocation (1,150 shares) ..        --        --       1,659       9,200            --           --         10,859
                                                -------   -------  ----------   ---------   -----------    ---------    -----------
Balance, September 30, 2000 .................   $    --   $12,236  $3,833,546   $(340,448)  $15,421,711    $(213,975)   $18,713,070
                                                =======   =======  ==========   =========   ===========    =========    ===========
</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,
                                                                --------------------------
                                                                    2000           1999
                                                                -----------    -----------
                                                                        (unaudited)
<S>                                                             <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income ................................................   $   303,551    $   208,562
  Adjustments to reconcile net income to
    net cash from operating activities
      Provision for loan losses .............................            --         15,000
      Depreciation, accretion and amortization expense ......       139,400        175,899
      Deferred loan fees ....................................        20,328        (16,180)
      Amortization of capitalized mortgage servicing rights .        31,007         36,761
      Gain on sale of loans .................................       (42,599)       (88,337)
      Net realized (gain) loss on sale of available-for-sale
        securities ..........................................            --         30,355
      Dividends reinvested ..................................       (22,700)       (23,700)
      Increase in cash surrender value of life insurance ....       (23,924)       (22,875)
  Change in assets and liabilities:
    (Increase) decrease in assets:
      Accrued interest and dividends receivable .............      (111,059)      (147,832)
      Loans held-for-sale ...................................    (1,140,308)       673,632
      Other assets ..........................................       (17,322)        31,540
  Increase (decrease) in liabilities:
    Accrued expenses and other liabilities ..................       129,870        389,688
    Deferred compensation payable ...........................         6,340             --
    Deferred income taxes payable ...........................       147,231             --
                                                                -----------    -----------
          Net cash provided by (used in) operating activities      (580,185)     1,262,513
                                                                -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of securities:
    Investment securities held-to-maturity ..................      (326,150)      (449,936)
    Investment securities available-for-sale ................            --     (1,576,303)
  Proceeds from maturities, calls and principal payments:
    Investment securities held-to-maturity ..................       492,334        330,706
    Investment securities available-for-sale ................       311,227             --
   Proceeds from sales of investment securities
      available-for-sale ....................................            --      1,715,580
</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,
                                                                --------------------------
                                                                    2000           1999
                                                                -----------    -----------
                                                                        (unaudited)
<S>                                                             <C>            <C>
CASH FLOWS FROM INVESTING ACTIVITIES:
  (CONTINUED)
  Net (increase) decrease in loan receivable, excludes
    transfers to real estate acquired in settlement of loans    $(4,349,163)   $(2,982,031)
  Purchase of property and equipment ........................       (21,069)      (247,297)
  Proceeds from sale of equipment ...........................            --        221,274
                                                                -----------    -----------
          Net cash used in investing activities .............    (3,892,821)    (2,988,007)
                                                                -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net increase in checking and savings accounts .............       567,054      2,982,606
  Net increase in advances to borrowers for
    taxes and insurance .....................................       274,160             --
  Net increase (decrease) in FHLB advances ..................     3,083,333     (4,066,667)
  Dividends paid ............................................       (40,256)            --
                                                                -----------    -----------
          Net cash provided by financing activities .........     3,884,291     (1,084,061)
                                                                -----------    -----------

Net decrease in cash ........................................      (588,715)    (2,809,555)

CASH AND CASH EQUIVALENTS, beginning of period ..............     3,477,650      6,741,171
                                                                -----------    -----------

CASH AND CASH EQUIVALENTS, end of period ....................   $ 2,888,935    $ 3,931,616
                                                                ===========    ===========

SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid during the period for interest ..................   $ 1,339,866    $ 1,265,033
                                                                ===========    ===========
  Cash paid during the period for income taxes ..............   $        --    $    73,000
                                                                ===========    ===========

NON-CASH INVESTING ACTIVITIES:
(Increase) decrease in market value of securities
  available-for-sale ........................................   $   109,773    $   (26,825)
                                                                ===========    ===========
Mortgage servicing rights capitalized .......................   $     6,317    $    80,681
                                                                ===========    ===========
</TABLE>



See accompanying notes to consolidated financial statements.

                                       -7-

<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 months ended  September 30, 2000 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.



                                      -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, 2000                          June 30, 2000
                                 --------------------------------------   --------------------------------------
                                                  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 ..............   $ 4,231,813   $ (59,279)   $ 4,172,534   $ 4,250,803   $ (99,656)   $ 4,151,147
  Municipal obligations ......     3,307,603    (217,909)     3,089,694     3,307,967    (251,657)     3,056,310
  Corporate obligations ......     6,171,277     (44,413)     6,126,864     6,184,453    (122,998)     6,061,455
  Mortgage-backed securities .     4,351,012     (18,313)     4,332,699     4,623,260     (40,258)     4,583,002
  Collateralized mortgage
    obligations ..............       350,782      (7,362)       343,420       372,372     (11,067)       361,305
  Corporate preferred stock ..       201,397        (397)       201,000       201,398        (398)       201,000
                                 -----------   ---------    -----------   -----------   ---------    -----------
      Total ..................   $18,613,884   $(347,673)   $18,266,211   $18,940,253   $(526,034)   $18,414,219
                                 ===========   =========    ===========   ===========   =========    ===========

Held-to-maturity:
  U.S. government and agency
    obligations ..............   $ 2,889,808   $ (13,563)   $ 2,876,245   $ 2,888,392   $ (29,659)   $ 2,858,733
  Municipal obligations ......       959,398     (11,719)       947,679     1,069,806     (21,234)     1,048,572
  Mortgage-backed securities .     5,913,273    (121,442)     5,791,831     5,964,489    (164,775)     5,799,714
                                 -----------   ---------    -----------   -----------   ---------    -----------
      Total ..................   $ 9,762,479   $(146,724)   $ 9,615,755   $ 9,922,687   $(215,668)   $ 9,707,019
                                 ===========   =========    ===========   ===========   =========    ===========
</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,
                                                       2000            2000
                                                  -------------    ------------
     First mortgage loans:
       Residential mortgage (1-4 family) .....    $ 75,406,212     $ 74,336,712
       Commercial real estate ................       7,945,244        7,784,333
       Real estate construction ..............       2,034,169        1,453,371

     Other loans:
       Home equity ...........................      15,198,639       13,654,250
       Consumer ..............................       9,277,328        8,279,049
       Commercial ............................       2,744,714        2,757,708
                                                  ------------     ------------
         Total ...............................     112,606,306      108,265,423

     Less:
       Allowance for loan losses .............        (696,474)        (712,165)
       Deferred loan fees ....................        (126,149)        (105,821)
                                                  ------------     ------------
         Total ...............................    $111,783,683     $107,447,437
                                                  ============     ============

Loans net of related  allowance for loan losses on which the accrual of interest
has been  discontinued were $616,000 and $504,000 at September 30, 2000 and June
30, 2000, respectively.  Classified assets, including real estate owned, totaled
$1.50  million  and $1.58  million  at  September  30,  2000 and June 30,  2000,
respectively.

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

                                                3 Months Ended   12 Months Ended
                                                 September 30,       June 30,
                                                      2000             2000
                                                --------------   ---------------
     Balance, beginning of period ............     $712,165         $736,624
       Reclassification to REO reserve .......      (13,725)         (11,519)
       Provision charged to operations .......           --           15,000
       Charge-offs ...........................       (5,444)         (30,623)
       Recoveries ............................        3,478            2,683
                                                   --------         --------
         Balance, end of period ..............     $696,474         $712,165
                                                   ========         ========



                                      -10-

<PAGE>

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



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

Deposits are summarized as follows:

                                                  September 30,      June 30,
                                                       2000            2000
                                                  -------------    ------------
     Noninterest checking ....................    $  5,792,980     $  5,732,528
     Interest-bearing checking ...............      22,552,879       22,849,549
     Passbook ................................      21,245,181       20,936,122
     Money market ............................      14,850,077       14,716,098
     Time certificates of deposit ............      60,638,942       60,278,708
                                                  ------------     ------------
         Total ...............................    $125,080,059     $124,513,005
                                                  ============     ============



                                      -11-

<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 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, such as the Butte
economy, (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) compensation,  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 $4.66 million,  or 3.05%, from $153.03 million at June
30, 2000, to $157.69 million at September 30, 2000. Total liabilities  increased
by $4.28 million from $134.70  million at June 30, 2000,  to $138.98  million at
September 30, 2000. Total equity increased  $380,000 from $18.33 million at June
30, 2000 to $18.71 million at September 30, 2000.

Growth in the loan portfolio of $4.34 million  accounted for the majority of the
growth in total assets.  The loan  category  with the largest  increase was home
equity loans, which increased $1.54 million. This represented an 11.28% increase
over the balance at June 30,  2000 of $13.65  million.  Total loan  originations
increased  from $15.30  million for the quarter  ended June 30, 2000,  to $17.41
million for the quarter  ended  September  30, 2000 due to an increase in single
family  mortgages  from  $7.64  million  to  $9.93  million  for the  respective
quarters.  Loans held for sale increased from $861,000 at June 30, 2000 to $2.04
million at September 30, 2000.

Asset growth was funded primarily by Federal Home Loan Bank advances,  which had
grown to $11.77  million by September  30,  2000.  This was an increase of $3.09
million, or 35.60%, from the balance of $8.68 million at June 30, 2000. Deposits
grew a modest  $570,000,  or 0.46%,  from  $124.51  million at June 30,  2000 to
$125.08  million at September  30,  2000.  Strong  competition  from local banks
continues to limit deposit growth in all of our market areas. Other liabilities


                                      -12-

<PAGE>

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



Financial Condition (continued)

increased  from $1.51 million at June 30, 2000 to $2.13 million at September 30,
2000,  primarily  due to an increase in the balance of escrows for borrowers tax
and insurance payments.

The  growth in total  equity  was the  result of  earnings  for the  quarter  of
$304,000 and a decrease in the unrealized loss on securities  available for sale
of $110,000,  offset by the payment of the cash  dividend  during the quarter of
$40,000.


Results of Operations for the Three Months Ending September 30, 2000 and 1999

Net Income

Eagle's  net  income  was  $304,000  and  $209,000  for the three  months  ended
September 30, 2000, and 1999, respectively.  The increase of $95,000, or 45.45%,
was primarily due to an increase in net interest  income of $133,000,  partially
offset by an increase in non-interest expense of $39,000.

Net Interest Income

Net interest income increased from $1.22 million for the quarter ended September
30,  1999 to $1.35  million for the  quarter  ended  September  30,  2000.  This
increase of $133,000  was the result of an  increase  in interest  and  dividend
income of  $220,000,  partially  offset by an increase  in  interest  expense of
$89,000.

Interest and Dividend Income

Total  interest  and  dividend  income was $2.73  million for the quarter  ended
September 30, 2000,  compared to $2.51  million for the quarter ended  September
30, 1999,  representing an increase of $220,000,  or 8.76%. Interest and fees on
loans  increased  from $1.98  million for 1999 to $2.25  million for 2000.  This
increase of $270,000, or 13.64%, was due primarily to an increase in the average
balances of loans  receivable for the quarter ended September 30, 2000.  Average
balances for loans  receivable,  net, for the quarter  ended  September 30, 2000
were $110.79  million,  compared to $98.92 million for the previous  year.  This
represents an increase of $11.87  million,  or 12.00%.  All loan  categories had
shown  increases  from the previous  year.  The average  interest rate earned on
loans receivable also increased by 12 basis points,  from 8.01% at September 30,
1999 to 8.13% at September  30,  2000.  Interest  and  dividends  on  investment
securities  available-for-sale  (AFS)  increased  from  $246,000 for the quarter
ended September 30, 1999 to $287,000 for quarter ended September 30, 2000, while
interest  on  securities  held to  maturity  (HTM)  decreased  from  $215,000 to
$162,000.  Interest  earned from  deposits  held at other banks  decreased  from
$41,000 for the quarter ended September 30, 1999 to $5,000 for the quarter ended
September  30, 2000 due primarily to lower  average  balances in these  accounts
resulting from funding the increase in loans receivable.


                                      -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 September 30, 2000 and 1999
(continued)

Interest Expense

Total  interest  expense  increased  from $1.29  million for the  quarter  ended
September 30, 1999,  to $1.38 million for the quarter ended  September 30, 2000,
an  increase  of $90,000  due  primarily  to an  increase  in  interest  paid on
deposits.  Interest on  deposits  increased  from $1.12  million for the quarter
ended  September 30, 1999, to $1.23 million for the quarter ended  September 30,
2000.  This  increase of  $110,000,  or 9.82%,  was the result of an increase in
average rates paid on deposit  accounts.  Time  certificate  of deposits  (CD's)
accounted for the largest gain in balances  during the period from September 30,
1999 to September 30, 2000. Special certificate of deposit offerings contributed
to the increase.  Average balances in CD accounts  increased from $58.50 million
at September 30, 1999 to $59.88  million at September 30, 2000. The average rate
paid on CD accounts  also  increased,  from 5.07% to 5.66% for the  period.  The
increase in deposit  interest  expense was offset by a decrease in interest paid
on borrowings from $169,000 for the quarter ended September 30, 1999 to $145,000
for the quarter ended  September 30, 2000.  The decrease in borrowing  costs was
due to a decrease in the average balance of Federal Home Loan Bank advances.

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 quarter  ended  September  30, 2000,
compared  to  $15,000  for the  quarter  ended  September  30,  1999.  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 $1.50
million at September 30, 2000. 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 properties have received valid offers,  and will be
sold in the upcoming quarter.


                                      -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, 2000 and 1999
(continued)

Noninterest Income

Total noninterest income increased from $332,000 for the quarter ended September
30, 1999, to $343,000 for the quarter  ended  September 30, 2000, an increase of
$11,000  or 3.31%.  This was the result of an  increase  in the amount of demand
deposit  service  charges of $16,000,  an increase in other  noninterest  income
items of  $12,000,  and a  decrease  in the loss on sale of  available  for sale
securities  of $30,000.  These  increases to income were offset by a decrease in
gain on sale of loans of $46,000.  Demand  deposit  related  fees were raised in
late 1999,  contributing  to the increase in that category,  while no securities
were sold in the quarter ended September 30, 2000.  Decreased loan  originations
compared to a year ago combined with  management's  decision to retain  mortgage
loans with maturities of 15 years or less contributed to the reduction in income
from sale of loans.  Mortgage loan servicing fees declined slightly from $74,000
in the  quarter  ended  September  30,  1999 to  $73,000  in the  quarter  ended
September 30, 2000.

Noninterest Expense

Noninterest  expense  increased  by $40,000 or 3.31% from $1.21  million for the
quarter  ended  September  30,  1999,  to $1.25  million for the  quarter  ended
September 30, 2000.  This increase was primarily due to an increase in legal and
accounting fees of $30,000 and in salaries and benefits of $26,000. The increase
in legal and  accounting  fees were  related  to the costs of  becoming a public
company,  while the increase in salaries was due to merit raises and an increase
in health insurance costs. These increases were partially offset by decreases of
$10,000 in federal deposit insurance premiums and $7,000 in consulting fees. The
decrease  in  deposit  insurance  premiums  was due to the FDIC  lowering  their
assessment  rate by 64%, while higher  consulting  costs in 1999 were related to
Year 2000 issues and the implementation of the new Window NT system installed in
the middle of fiscal year 1999.

Income Tax Expense

Eagle's  income tax expense was $120,000  for the quarter  ended  September  30,
1999,  compared to $144,000  for the  quarter  ended  September  30,  2000.  The
effective tax rate for the quarter  ended  September 30, 1999 was 36.55% and was
32.22% for the quarter ended September 30, 2000. The effective tax rate is lower
in the September  2000 quarter  primarily  due to the purchase of  approximately
$3.31 million of tax-free municipal bonds in the fourth quarter of fiscal 1999.


                                      -15-

<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. This requirement,  which varies from time to time
depending upon economic conditions and deposit flows, is based upon a percentage
of our deposits and short-term  borrowings.  The Bank's  liquidity ratio average
was  13.93%  and  18.06%  at  September   30,  2000  and   September  30,  1999,
respectively.  Liquidity declined due to an increase in loans receivable for the
period ending September 30, 2000.

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,  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 the infusion of proceeds from the capital
stock offering in April 2000 and management's  strategy of retaining assets with
shorter  maturities  while  emphasizing  longer-term  funding  sources  such  as
transaction  accounts,  longer-term  CD's  and FHLB  advances.  The Bank is well
within the guidelines set forth by the Board of Directors for interest rate risk
sensitivity.

As of September  30, 2000,  the Bank's  regulatory  capital was in excess of all
applicable regulatory requirements.  At September 30, 2000, the Bank's tangible,
core,  and  risk-based  capital  ratios  amounted  to 11.1%,  11.1%,  and 18.8%,
respectively,  compared to  regulatory  requirements  of 1.5%,  3.0%,  and 8.0%,
respectively.


                                      -16-

<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
         a.  Exhibit 27 -- Financial Data


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 10, 2000           By: /s/ Larry A. Dreyer
                                            -----------------------
                                            Larry A. Dreyer
                                            President/CEO


     Date:  November 10, 2000           By: /s/ Peter J. Johnson
                                            -----------------------
                                            Peter J. Johnson
                                            Sr. VP/Treasurer


                                      -17-