UNITED
        STATES
 SECURITIES
        AND EXCHANGE COMMISSION
 WASHINGTON,
        D.C. 20549
 
 FORM
        10-QSB
 
 x
                QUARTERLY
                    REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                    EXCHANGE
                        ACT OF
                        1934
 For
        the
        quarterly period ended September 30, 2005
  o
                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.
                      Employerincorporation
                      or organization)
                  
                  Identification
                      No.)1400
                      Prospect Avenue, Helena, MT 59601(Address
                      of principal executive offices)
  (406)
                      442-3080(Issuer’s
                      telephone number)Website
                      address: www.americanfederalsavingsbank.com
   **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 o No o
 
 **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:
 
 (a) Common
        stock, par value $0.01 per share  1,096,372 shares
        outstanding
 As
        of
        November 3, 2005
 
 Transitional
        Small Business Disclosure Format (Check one): Yes o No x
  
  EAGLE
          BANCORP AND SUBSIDIARY
  TABLE
          OF
          CONTENTS
 PAGEPART
                  I.
                FINANCIAL
                    INFORMATIONItem
                    1.
                Financial
                    StatementsConsolidated
                    Statements of Financial Condition as ofSeptember
                    30, 2005 (unaudited) and June 30, 2005
                1
                    and 2Consolidated
                    Statements of Income for the threemonths
                    ended September 30, 2005 and 2004 (unaudited)
                3
                    and 4Consolidated
                    Statements of Changes in Stockholders’ Equityfor
                    the three months ended September 30, 2005 (unaudited)
                5Consolidated
                    Statements of Cash Flows for the threemonths
                    ended September 30, 2005 and 2004 (unaudited)
                6
                    and 7Notes
                    to Consolidated Financial Statements
                8
                    to 12Item
                    2.
                Management’s
                    Discussion and Analysis of FinancialCondition
                    and Results of Operations
                13
                    to 19Item
                    3.
                Controls
                    and Procedures
                20PART
                    II.
                OTHER
                    INFORMATIONItem
                    1.
                Legal
                    Proceedings
                21Item
                    2.
                Unregistered
                    Sales of Equity Securities and Use of Proceeds
                21Item
                    3.
                Defaults
                    Upon Senior Securities
                21Item
                    4.
                Submission
                    of Matters to a Vote of Security-Holders
                22Item
                    5.
                Other
                    Information
                22Item
                    6.
                Exhibits
                22Signatures
                
                23Exhibit
                    31.1
                
                24
                    and 25Exhibit
                    31.2
                
                26
                    and 27Exhibit
                    32.1
                
                28
  
 
 
 EAGLE
          BANCORP AND SUBSIDIARY
 CONSOLIDATED
          STATEMENTS OF FINANCIAL CONDITION
 (Dollars
          in Thousands, Except for Per Share Data)
 
 September
                    30,
                
                June
                    30,2005
                
                2005(Unaudited)
                
                (Audited)ASSETSCash
                    and due from banks
                
                $
                4,475
                
                $
                3,122Interest-bearing
                    deposits with banks
                
                
                7,012
                
                
                1,844Total
                    cash and cash equivalents
                
                
                11,487
                
                
                4,966Investment
                    securities available-for-sale,at
                    market value
                
                
                69,170
                
                
                75,227Investment
                    securities held-to-maturity,at
                    amortized cost
                
                
                1,155
                
                
                1,201Investment
                    in nonconsolidated subsidiary
                
                
                155
                
                
                -Federal
                    Home Loan Bank stock, at cost
                
                
                1,315
                
                
                1,315Mortgage
                    loans held-for-sale
                
                
                1,671
                
                
                2,148Loans
                    receivable, net of deferred loan feesand
                    allowance for loan losses
                
                
                115,863
                
                
                106,839Accrued
                    interest and dividends receivable
                
                
                1,140
                
                
                1,102Mortgage
                    servicing rights, net
                
                
                1,859
                
                
                1,857Property
                    and equipment, net
                
                
                6,179
                
                
                6,242Cash
                    surrender value of life insurance
                
                
                5,094
                
                
                5,049Real
                    estate acquired in settlement of loans,net
                    of allowance for losses
                
                
                75
                
                
                -Other
                    assets
                
                
                350
                
                
                468Total
                    assets
                
                $
                215,513
                
                $
                206,414
  See
        accompanying notes to consolidated financial statements.
 -
            1
            -
  EAGLE
        BANCORP AND SUBSIDIARY  CONSOLIDATED
          STATEMENTS OF FINANCIAL CONDITION (CONTINUED)
 (Dollars
          in Thousands, Except for Per Share Data)
 
 September
                    30,
                
                June
                    30,2005
                
                2005(Unaudited)
                
                (Audited)LIABILITIES
                    AND STOCKHOLDERS' EQUITYLiabilities:Deposit
                    accounts:Noninterest
                    bearing
                
                $
                13,584
                
                $
                11,660Interest
                    bearing
                
                
                162,631
                
                
                160,837Advances
                    from Federal Home Loan Bank
                
                
                9,593
                
                
                9,885Long-term
                    subordinated debentures
                
                
                5,155
                
                
                -Accrued
                    expenses and other liabilities
                
                
                2,172
                
                
                1,767Total
                    liabilities
                
                
                193,135
                
                
                184,149Stockholders'
                    Equity:Preferred
                    stock (no par value, 1,000,000 sharesauthorized,
                    none issued or outstanding)
                
                
                -
                
                
                -Common
                    stock (par value $0.01 per share;9,000,000
                    shares authorized; 1,223,572 sharesissued;
                    1,099,272 and 1,103,972 outstanding atSeptember
                    30, 2005 and June 30, 2005, respectively)
                
                
                12
                
                
                12Additional
                    paid-in capital
                
                
                4,216
                
                
                4,188Unallocated
                    common stock held by employeestock
                    ownership plan ("ESOP")
                
                
                (156
                )
                
                (165
                )Treasury
                    stock, at cost (124,300 and 119,600 shares atSeptember
                    30, 2005 and June 30, 2005, respectively)
                
                
                (4,198
                )
                
                (4,048
                )Retained
                    earnings
                
                
                23,039
                
                
                22,630Accumulated
                    other comprehensive income (loss)
                
                
                (535
                )
                
                (352
                )Total
                    stockholders' equity
                
                
                22,378
                
                
                22,265Total
                    liabilities and stockholders' equity
                
                $
                215,513
                
                $
                206,414
  See
        accompanying notes to consolidated financial statements.
 
  -
            2
            -
  EAGLE
        BANCORP AND SUBSIDIARY  QUARTERLY
          CONSOLIDATED STATEMENTS OF INCOME
 (Dollars
          in Thousands, Except for Per Share Data)
 
 Three
                    Months EndedSeptember
                    30,2005
                
                2004(Unaudited)Interest
                    and Dividend Income:Interest
                    and fees on loans
                
                $
                1,790
                
                $
                1,464Interest
                    on deposits with banks
                
                
                11
                
                
                15FHLB
                    Stock dividends
                
                
                -
                
                
                14Securities
                    available-for-sale
                
                
                623
                
                
                696Securities
                    held-to-maturity
                
                
                14
                
                
                18Total
                    interest and dividend income
                
                
                2,438
                
                
                2,207Interest
                    Expense:Deposits
                
                
                666
                
                
                579FHLB
                    advances and subordinated debentures
                
                
                102
                
                
                60Total
                    interest expense
                
                
                768
                
                
                639Net
                    interest income
                
                
                1,670
                
                
                1,568Loan
                    loss provision
                
                
                -
                
                
                -Net
                    interest income after loan loss provision
                
                
                1,670
                
                
                1,568Noninterest
                    income:Net
                    gain on sale of loans
                
                
                173
                
                
                115Demand
                    deposit service charges
                
                
                143
                
                
                139Mortgage
                    loan servicing fees
                
                
                191
                
                
                84Net
                    gain on sale of available-for-sale securities
                
                
                1
                
                
                -Other
                
                
                135
                
                
                94Total
                    noninterest income
                
                
                643
                
                
                432
 
 See
        accompanying notes to consolidated financial statements.
 
  -
            3
            -
  EAGLE
        BANCORP AND SUBSIDIARY  QUARTERLY
          CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)
 (Dollars
          in Thousands, Except for Per Share Data)
 Three
                    Months EndedSeptember
                    30,2005
                
                2004(Unaudited)Noninterest
                    expense:Salaries
                    and employee benefits
                
                
                832
                
                
                809Occupancy
                    expenses
                
                
                125
                
                
                125Furniture
                    and equipment depreciation
                
                
                79
                
                
                78In-house
                    computer expense
                
                
                67
                
                
                62Advertising
                    expense
                
                
                70
                
                
                40Amortization
                    of mtg servicing fees
                
                
                106
                
                
                96Federal
                    insurance premiums
                
                
                6
                
                
                6Postage
                
                
                23
                
                
                25Legal,
                    accounting, and examination fees
                
                
                34
                
                
                35Consulting
                    fees
                
                
                18
                
                
                11ATM
                    processing
                
                
                12
                
                
                12Other
                
                
                220
                
                
                200Total
                    noninterest expense
                
                
                1,592
                
                
                1,499Income
                    before provision for income taxes
                
                
                721
                
                
                501Provision
                    for income taxes
                
                
                222
                
                
                143Net
                    income
                
                $
                499
                
                $
                358Basic
                    earnings per share
                
                $
                0.46
                
                $
                0.31Diluted
                    earnings per share
                
                $
                0.41
                
                $
                0.30Weighted
                    average shares outstanding (basic eps)
                
                
                1,080,604
                
                
                1,172,153Weighted
                    average shares outstanding (diluted eps)
                
                
                1,203,258
                
                
                1,198,658
  See
        accompanying notes to consolidated financial statements.
   -
            4
            -
  EAGLE
        BANCORP AND SUBSIDIARY  CONSOLIDATED
          STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
 For
          the
          Three Months Ended September 30, 2005
 (Dollars
          in Thousands, Except for Per Share Data)
 ACCUMULATEDADDITIONAL
                
                UNALLOCATED
                
                
                
                
                
                OTHERPREFERRED
                
                COMMON
                
                PAID-IN
                
                ESOP
                
                TREASURY
                
                RETAINED
                
                COMPREHENSIVESTOCK
                
                STOCK
                
                CAPITAL
                
                SHARES
                
                STOCK
                
                EARNINGS
                
                INCOME
                
                TOTALBalance,
                    June 30, 2005
                
                $
                -
                
                $
                12
                
                $
                4,188
                
                $
                (165
                )
                $
                (4,048
                )
                $
                22,630
                
                $
                (352
                )
                $
                22,265Net
                    income (unaudited)
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                499
                
                
                -
                
                
                499Other
                    comprehensive income (unaudited)
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                (183
                )
                
                (183
                )Total
                    comprehensive income (unaudited)
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                
                316Dividends
                    paid ($.20 per share) (unaudited)
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                (90
                )
                
                -
                
                
                (90
                )Treasury
                    stock purchased (2,500 shares @$31.75;
                    1,200 shares @ $32.20; 1,000shares
                    @ $32.50) (unaudited)
                
                
                -
                
                
                -
                
                
                -
                
                
                -
                
                
                (150
                )
                
                -
                
                
                -
                
                
                (150
                )ESOP
                    shares allocated or committed to bereleased
                    for allocation (1,150 shares)(unaudited)
                
                
                -
                
                
                -
                
                
                28
                
                
                9
                
                
                -
                
                
                -
                
                
                -
                
                
                37Balance,
                    September 30, 2005 (unaudited)
                
                $
                -
                
                $
                12
                
                $
                4,216
                
                $
                (156
                )
                $
                (4,198
                )
                $
                23,039
                
                $
                (535
                )
                $
                22,378
   See
        accompanying notes to consolidated financial statements.
 -
            5
            -
  EAGLE
        BANCORP AND SUBSIDIARY  CONSOLIDATED
          STATEMENTS OF CASH FLOWS
 (Dollars
          in Thousands)
 Three
                    Months EndedSeptember
                    30,2005
                
                2004(Unaudited)CASH
                    FLOWS FROM OPERATING ACTIVITIES:Net
                    income
                
                $
                499
                
                $
                358Adjustments
                    to reconcile net income to net cashfrom
                    operating activities:Provision
                    (adjustment) for mortgage servicing rights valuation
                
                
                (46
                )
                
                58Depreciation
                
                
                128
                
                
                127Net
                    amortization of marketable securities premiumand
                    discounts
                
                
                300
                
                
                396Amortization
                    of capitalized mortgage servicing rights
                
                
                106
                
                
                95Gain
                    on sale of loans
                
                
                (173
                )
                
                (114
                )Gain
                    on sale of real estate owned
                
                
                -
                
                
                -Net
                    realized (gain) loss on sale of available-for-sale
                    securities
                
                
                (1
                )
                
                -FHLB
                    & other dividends reinvested
                
                
                -
                
                
                (14
                )Increase
                    in cash surrender value of life insurance
                
                
                (45
                )
                
                (20
                )Change
                    in assets and liabilities:(Increase)
                    decrease in assets:Accrued
                    interest and dividends receivable
                
                
                (38
                )
                
                (4
                )Loans
                    held-for-sale
                
                
                647
                
                
                654Other
                    assets
                
                
                69
                
                
                103Increase
                    (decrease) in liabilities:Accrued
                    expenses and other liabilities
                
                
                606
                
                
                437Deferred
                    income taxes payable
                
                
                -
                
                
                -Net
                    cash provided by operating activities
                
                
                2,052
                
                
                2,076CASH
                    FLOWS FROM INVESTING ACTIVITIES:Purchase
                    of securities:Investment
                    securities available-for-sale
                
                
                (526
                )
                
                (3,939
                )Proceeds
                    from maturities, calls and principal payments:Investment
                    securities held-to-maturity
                
                
                46
                
                
                166Investment
                    securities available-for-sale
                
                
                5,488
                
                
                5,911Proceeds
                    from sales of investment securities available-for-sale
                
                
                505
                
                
                2,041Proceeds
                    from the sale of real estate acquired settlement of loans
                
                
                -
                
                
                -
 
 See
        accompanying notes to consolidated financial statements.
 
 -
            6
            -
 EAGLE
        BANCORP AND SUBSIDIARY  CONSOLIDATED
          STATEMENTS OF CASH FLOWS (CONTINUED)
 (Dollars
          in Thousands)
  September
                    30,2005
                
                2004(Unaudited)CASH
                    FLOWS FROM INVESTING ACTIVITIES (CONTINUED):Net
                    (increase) decrease in loan receivable, excludes transfersto
                    real estate acquired in settlement of loans
                
                
                (9,165
                )
                
                (1,504
                )Purchase
                    of stock in non-consolidated subsidiary
                
                
                (155
                )
                
                -FHLB
                    stock redeemed
                
                
                -
                
                
                96Purchase
                    of property and equipment
                
                
                (65
                )
                
                (105
                )Net
                    cash provided by (used in) investing activities
                
                
                (3,872
                )
                
                2,666CASH
                    FLOWS FROM FINANCING ACTIVITIES:Net
                    increase in checking and savings accounts
                
                
                3,719
                
                
                2,965Net
                    increase (decrease) in overnight FHLB advances
                
                
                -
                
                
                (1,450
                )FHLB
                    advances
                
                
                -
                
                
                -Issue
                    of subordinated debentures
                
                
                5,155
                
                
                -Payments
                    on FHLB advances
                
                
                (292
                )
                
                (240
                )Sale
                    (purchase) of treasury stock
                
                
                (151
                )
                
                (716
                )Dividends
                    paid
                
                
                (90
                )
                
                (98
                )Net
                    cash provided by financing activities
                
                
                8,341
                
                
                461Net
                    increase in cash and cash equivalents
                
                
                6,521
                
                
                5,203CASH
                    AND CASH EQUIVALENTS, beginning of period
                
                
                4,966
                
                
                4,347CASH
                    AND CASH EQUIVALENTS, end of period
                
                $
                11,487
                
                $
                9,550SUPPLEMENTAL
                    CASH FLOW INFORMATION:Cash
                    paid during the period for interest
                
                $
                774
                
                $
                633Cash
                    paid during the period for income taxes
                
                $
                -
                
                $
                -NON-CASH
                    INVESTING ACTIVITIES:(Increase)
                    decrease in market value of securities available-for-sale
                
                $
                291
                
                $
                (1,401
                )
 
 See
        accompanying notes to consolidated financial statements.
  -
            7
            -
  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 footnotes required by accounting principles generally
        accepted in the United States of America 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 month period ended September 30, 2005
        are
        not necessarily indicative of the results to be expected for the fiscal year
        ending June 30, 2006 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, 2005.
 
  -
            8
            -
  EAGLE
        BANCORP AND SUBSIDIARY  NOTES
          TO
          CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 (Dollars
          in Thousands)
  NOTE
        2.    INVESTMENT
        SECURITIES




Investment
        securities are summarized as follows:
 September
                    30, 2005 (Unaudited)
                
                June
                    30, 2005 (Audited)GROSS
                
                
                
                
                
                GROSSAMORTIZED
                
                UNREALIZED
                
                FAIR
                
                AMORTIZED
                
                UNREALIZED
                
                FAIRCOST
                
                GAINS/(LOSSES)
                
                VALUE
                
                COST
                
                GAINS/(LOSSES)
                
                VALUE**Available-for-sale:**U.S.
                    government andagency
                    obligations
                
                $
                7,928
                
                $
                (73
                )
                $
                7,855
                
                $
                8,012
                
                $
                (41
                )
                $
                7,971Municipal
                    obligations
                
                
                13,252
                
                
                132
                
                
                13,384
                
                
                13,239
                
                
                188
                
                
                13,427Corporate
                    obligations
                
                
                16,906
                
                
                (291
                )
                
                16,615
                
                
                17,020
                
                
                (231
                )
                
                16,789Mortgage-backedsecurities
                
                
                9,550
                
                
                (115
                )
                
                9,435
                
                
                11,164
                
                
                (110
                )
                
                11,054Collateralizedmortgage
                    obligations
                
                
                20,617
                
                
                (287
                )
                
                20,330
                
                
                24,583
                
                
                (213
                )
                
                24,370Corporate
                    preferredstock
                
                
                1,800
                
                
                (249
                )
                
                1,551
                
                
                1,800
                
                
                (184
                )
                
                1,616Total
                
                $
                70,053
                
                $
                (883
                )
                $
                69,170
                
                $
                75,818
                
                $
                (591
                )
                $
                75,227**Held-to-maturity:**Municipal
                    obligations
                
                $
                829
                
                $
                31
                
                $
                860
                
                $
                829
                
                $
                37
                
                $
                866Mortgage-backedsecurities
                
                
                326
                
                
                8
                
                
                334
                
                
                372
                
                
                11
                
                
                383Total
                
                $
                1,155
                
                $
                39
                
                $
                1,194
                
                $
                1,201
                
                $
                48
                
                $
                1,249
   -
            9
            -
 EAGLE
          BANCORP AND SUBSIDIARY
 NOTES
          TO
          FINANCIAL STATEMENTS (UNAUDITED)
 
  **NOTE
        3.****LOANS
        RECEIVABLE**
 
 Loans
        receivable consist of the following:
  September
                    30,
                
                June
                    30,2005
                
                2005*(Dollars
                  in Thousands)*
                
                (Unaudited)
                
                (Audited)First
                    mortgage loans:Residential
                    mortgage (1-4 family)
                
                $
                61,064
                
                $
                56,533Commercial
                    real estate
                
                
                15,574
                
                
                14,779Real
                    estate construction
                
                
                4,357
                
                
                2,723Other
                    loans:Home
                    equity
                
                
                18,062
                
                
                16,801Consumer
                
                
                12,365
                
                
                10,909Commercial
                
                
                4,933
                
                
                5,58Total
                
                
                116,355
                
                
                107,313Less:
                    Allowance for loan losses
                
                
                (544
                )
                
                (573
                )Deferred loan fees
                
                
                52
                
                
                99Total
                
                $
                115,863
                
                $
                106,539
   Loans
        net
        of related allowance for loan losses on which the accrual of interest has
        been
        discontinued were $290 and $434 at September 30, 2005 and June 30, 2005,
        respectively. Classified assets, including real estate owned, totaled $668
        and
        $760 at September 30, 2005 and June 30, 2005 respectively.
 
 The
        following is a summary of changes in the allowance for loan losses:
  Three
                    Months Ended
                
                Year
                    endedSeptember
                    30,
                
                June
                    30,2005
                
                2005(Unaudited)
                
                (Audited)*(Dollars
                  in Thousands)*Balance,
                    beginning of period
                
                $
                573
                
                $
                628Reclassification
                    to repossessedproperty
                    reserve
                
                
                (15
                )
                
                (15
                )Provision
                    charged to operations
                
                
                -
                
                
                -Charge-offs
                
                
                (18
                )
                
                (50
                )Recoveries
                
                
                4
                
                
                10Balance,
                    end of period
                
                $
                544
                
                $
                573
 -
            10
            -
 EAGLE
          BANCORP AND SUBSIDIARY
 NOTES
          TO
          FINANCIAL STATEMENTS (UNAUDITED)
 
 **NOTE
        4.****DEPOSITS**
 
 Deposits
        are summarized as follows:
  September
                    30,
                
                June
                    30,2005
                
                2005(Unaudited)
                
                (Audited)*(Dollars
                    in Thousands)*Noninterest
                    checking
                
                $
                13,584
                
                $
                11,660Interest-bearing
                    checking
                
                
                31,524
                
                
                30,865Passbook
                
                
                24,886
                
                
                25,239Money
                    market
                
                
                29,465
                
                
                26,749Time
                    certificates of deposit
                
                
                79,756
                
                
                77,984Total
                
                $
                176,215
                
                $
                172,497
 
 **NOTE
          5.****EARNINGS PER
          SHARE**
 
 Basic
        earnings per share for the three months ended September 30, 2005 is computed
        using 1,080,604 weighted average shares outstanding. Basic earnings per share
        for the three months ended September 30, 2004 is computed using 1,172,153
        weighted average shares outstanding. Diluted earnings per share is computed
        using the treasury stock method by adjusting the number of shares outstanding
        by
        the shares purchased. The weighted average shares outstanding for the diluted
        earnings per share calculations are 1,203,258 for the three months ended
        September 30, 2005 and 1,198,658 for the three months ended September 30,
        2004.
 
 
 **NOTE
        6.****DIVIDENDS AND STOCK REPURCHASE
        PROGRAM**
 
 This
        fiscal year Eagle has paid a dividend of $0.20 per share on August 26, 2005.
        A
        dividend of $0.20 per share was declared on October 20, 2005, payable November
        18, 2005 to stockholders of record on November 4, 2005. Eagle Financial MHC,
        Eagle’s mutual holding company, has waived the receipt of dividends on its
        648,493 shares.
 
 At
        their
        regular meeting of July 21, 2005, the Company’s Board of Directors announced a
        stock repurchase program for up to 28,750 shares. This represents approximately
        6% of the outstanding common stock held by the public. The repurchased shares
        will be held as treasury stock and will be held for general corporate purposes
        and/or issuance pursuant to Eagle’s benefit plans. As of November 3, 2005 8,600
        shares have been purchased under this program.
   -
            11
            -
  EAGLE
          BANCORP AND SUBSIDIARY
 NOTES
          TO
          FINANCIAL STATEMENTS (UNAUDITED)
 
 **NOTE
        7.****MORTGAGE SERVICING
        RIGHTS**
 
 The
        Bank
        allocates its total cost in mortgage loans between mortgage servicing rights
        and
        loans, based upon their relative fair values, when loans are subsequently
        sold
        or securitized, with the servicing rights retained. Fair values are generally
        obtained from an independent third party. Impairment of mortgage servicing
        rights is measured based upon the characteristics of the individual loans,
        including note rate, term, underlying collateral, current market conditions,
        and
        estimates of net servicing income. If the carrying value of the mortgage
        servicing rights exceeds the estimated fair market value, a valuation allowance
        is established for any decline, which is viewed to be temporary. Charges
        to the
        valuation allowance are charged against or credited to mortgage servicing
        income. Periodic independent valuations of the mortgage servicing rights
        are
        performed. As a result of the most recent valuation, no temporary decline
        in the
        fair value was determined to have occurred, and no valuation allowance has
        been
        established. The following schedules show the activity in the mortgage servicing
        rights and the valuation allowance.
  Three
                    months
                
                Twelve
                    monthsended
                
                endedSeptember
                    30,
                
                June
                    30,2005
                
                2005(Unaudited)
                
                (Audited)*(Dollars
                    in Thousands)*Mortgage
                    Servicing RightsBeginning
                    balance
                
                $
                1,903
                
                $
                2,064Servicing
                    rights capitalized
                
                
                62
                
                
                219Servicing
                    rights amortized
                
                
                (106
                )
                
                (380
                )Ending
                    balance
                
                
                1,859
                
                
                1,903Valuation
                    AllowanceBeginning
                    balance
                
                
                46
                
                
                60Provision
                
                
                (46
                )
                
                (14
                )Adjustments
                
                
                -
                
                
                -Ending
                    balance
                
                
                -
                
                
                46Net
                    Mortgage Servicing Rights
                
                $
                1,859
                
                $
                1,857
   -
            12
            -
 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.
 
 **Overview**
 
 The
        Company’s primary activity is its ownership of its wholly owned subsidiary,
        American Federal Savings Bank (the “Bank”). The Bank is a federally chartered
        savings bank, engaging in typical banking activities: acquiring deposits
        from
        local markets and investing in loans and investment securities. The Bank’s
        primary component of earnings is its net interest margin (also called spread
        or
        margin), the difference between interest income and interest expense. The
        net
        interest margin is managed by management (through the pricing of its products
        and by the types of products offered and kept in portfolio), and is affected
        by
        moves in interest rates. Noninterest income in the form of fee income and
        gain
        on sale of loans adds to the Bank’s income.
 
 The
        Bank
        has a strong mortgage lending emphasis, with the majority of its loans in
        single-family residential mortgages. This has led to successfully marketing
        home
        equity loans to its customers, as well as a wide range of shorter term consumer
        loans for various personal needs (automobiles, recreational vehicles, etc.).
        In
        recent years the Bank has begun adding commercial loans to its portfolio,
        both
        real estate and non-real estate. The purpose of this diversification is to
        mitigate the Bank’s dependence on the mortgage market, as well as to improve its
        ability to manage its spread. The Bank’s management recognizes the need for
        sources of fee income to complement its margin, and the Bank now maintains
        a
        significant loan serviced portfolio, which provides a steady source of fee
        income. The gain on sale of loans also provides significant fee income in
        periods of high mortgage loan origination volumes. Fee income is also
        supplemented with fees generated from the Bank’s deposit accounts. The Bank has
        a high percentage of non-maturity deposits, such as checking accounts and
        savings accounts, which allows management flexibility in managing its spread.
        Non-maturity deposits do not automatically reprice as interest rates rise,
        as do
        certificates of deposit.
  -
            13
            -
 EAGLE
          BANCORP AND SUBSIDIARY
 MANAGEMENT’S
          DISCUSSION AND ANALYSIS OF FINANCIAL
 CONDITION
          AND RESULTS OF OPERATIONS
 
 **Overview
        (continued)**
 
 For
        the
        past year, management’s focus has been on improving the Bank’s core earnings.
        Core earnings can be described as income before taxes, with the exclusion
        of
        gain on sale of loans and adjustments to the market value of the Bank’s loan
        serviced portfolio. In the fiscal years ended June 30, 2003 and June 30,
        2004,
        the Bank experienced very strong mortgage loan origination volume due to
        low
        interest rates and large refinancing activity. The fiscal year ended June
        30,
        2005 saw a decline in mortgage loan originations, as mortgage rates rose
        slightly and refinancing volume declined. For the quarter ended September
        30,
        2005, loan origination volume increased compared to the previous year’s quarter,
        however origination volumes are not expected to reach the levels of 2004.
        Management believes that the Bank will need to continue to focus on increasing
        net interest margin, other areas of fee income, and control operating expenses
        to achieve earnings growth going forward. Management’s strategy of growing the
        bank’s loan portfolio and deposit base is expected to help achieve these goals:
        loans typically earn higher rates of return than investments; a larger deposit
        base will yield higher fee income; increasing the asset base will reduce
        the
        relative impact of fixed operating costs.
 
 The
        level
        and movement of interest rates also impacts the Bank’s earnings. The yield curve
        continues to flatten, i.e. short-term interest rates have risen much more
        than
        long-term interest rates, with some long-term rates actually declining in
        the
        past year. This can have a negative impact on the Bank’s net interest margin as
        its deposits are typically priced relative to short-term rates, while the
        majority of its loan products are priced relative to long-term rates. The
        Bank
        has been able to partially offset this effect by reinvesting investment proceeds
        in the loan portfolio, because as noted earlier, loans typically earn higher
        rates of return than investments.
 
 Another
        factor which has impacted recent earnings has been the volatility in the
        value
        of the Bank’s mortgage servicing rights. The value of servicing rights declined
        significantly in fiscal year 2003, only to recover almost the entire amount
        in
        fiscal year 2004. Fiscal year 2005 saw only a slight change in the value
        of the
        mortgage servicing rights, and the first quarter of the new fiscal year has
        seen
        the value increase to the point where no valuation allowance is needed at
        the
        present time. If long-term interest rates hold at their current level or
        even
        rise during the year, the value of the servicing rights should remain relatively
        stable. A decline in long-term interest rates, however, could lead to a need
        for
        a valuation allowance.
 
 **Financial
        Condition**
 
 Comparisons
        in this section are for the three month period ended September 30,
        2005.
 
 Total
        assets increased by $9.10 million, or 4.41%, to $215.51 million at September
        30,
        2005, from $206.41 million at June 30, 2005. Total liabilities increased
        by
        $8.99 million to $193.14 million at September 30, 2005, from $184.15 million
        at
        June 30, 2005. Total equity increased $113,000 to $22.38 million at September
        30, 2005 from $22.27 million at June 30, 2005.
  -
            14
            -
 EAGLE
          BANCORP AND SUBSIDIARY
 MANAGEMENT’S
          DISCUSSION AND ANALYSIS OF FINANCIAL
 CONDITION
          AND RESULTS OF OPERATIONS
 
  **Financial
        Condition (continued)**
 
 Interest-bearing
        deposits with banks increased $5.17 million to $7.01 million at September
        30,
        2005. Loans receivable increased $9.02 million, or 8.44%, to $115.86 million
        at
        September 30, 2005 from $106.84 million at June 30, 2005. Single-family mortgage
        loans were the loan category with the largest increase, $4.53 million, and
        most
        other loan categories showed some increase. Total loan originations were
        $36.76
        million for the three months ended September 30, 2005, with single family
        mortgages accounting for $19.83 million of the total. Construction loan and
        home
        equity loan originations totaled $6.62 million and $4.18 million, respectively,
        for the same period. Consumer loan originations totaled $2.93 million. Loans
        held-for-sale decreased to $1.67 million at September 30, 2005 from $2.15
        million at June 30, 2005.
 
 During
        the quarter, Eagle formed a special purpose subsidiary, Eagle Bancorp Statutory
        Trust I (the “Trust”), for the purpose of issuing trust preferred securities in
        the amount of $5 million. The Company has issued subordinated debentures
        to the
        Trust, and the coupon on the debentures matches the dividend payment on the
        trust preferred securities. For regulatory purposes, the securities qualify
        as
        Tier 1 Capital, while for accounting purposes they are recorded as long term
        debt. The proceeds of the trust preferred securities and growth in deposits
        funded asset growth. Deposits grew $3.72 million, or 2.16%, to $176.22 million
        at September 30, 2005 from $172.50 million at June 30, 2005. Growth in
        non-interest checking and money market accounts contributed to the increase
        in
        deposits. Interest bearing checking showed a modest increase, while certificates
        of deposit and passbook savings accounts declined slightly. The Bank began
        offering a new high balance, high interest rate money market account during
        the
        quarter and it has been a successful addition to the deposit product
        line.
 
 The
        growth in total equity was the result of earnings for the three months of
        $499,000, offset by the payment of a $0.20 per share regular cash dividend,
        stock repurchases, and an increase in the net unrealized loss on securities
        available-for-sale.
 
 **Results
        of Operations for the Three Months Ending September 30, 2005 and
        2004**
 
 *Net
        Income.* Eagle’s net income was $499,000 and $358,000 for the three months
        ended September 30, 2005, and 2004, respectively. The increase of $141,000,
        or
        39.39%, was due to increases in noninterest income of $211,000 and net interest
        income of $102,000, partially offset by increases in noninterest expense
        of
        $93,000 and income tax expense of $79,000. Basic earnings per share were
        $0.46
        for the current period, compared to $0.31 for the previous year’s period.
 
 *Net
        Interest Income.* Net interest income increased to $1.67 million for the
        quarter ended September 30, 2005 from $1.57 million for the quarter ended
        September 30, 2004. This increase of $102,000 was the result of an increase
        in
        interest and dividend income of $231,000, partially offset by the increase
        in
        interest expense of $129,000.
 
  -
            15
            -
 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, 2005 and 2004
        (continued)**
  *Interest
        and Dividend Income.* Total interest and dividend income was $2.44 million
        for the quarter ended September 30, 2005, compared to $2.21 million for the
        quarter ended September 30, 2004, representing an increase of $231,000, or
        10.45%. Interest and fees on loans increased to $1.79 million for the three
        months ended September 30, 2005 from $1.46 million for the same period ended
        September 30, 2004. This increase of $326,000, or 22.33%, was due primarily
        to
        the increase in the average balances of loans receivable for the quarter
        ended
        September 30, 2005. Average balances for loans receivable, net, for the quarter
        ended September 30, 2005 were $113.75 million, compared to $93.45 million
        for
        the previous year. This represents an increase of $20.30 million, or 21.72%.
        All
        loan categories have shown increases from the previous year. The average
        interest rate earned on loans receivable increased by 2 basis points, from
        6.27%
        at September 30, 2004 to 6.29% at September 30, 2005. Interest and dividends
        on
        investment securities available-for-sale (AFS) decreased to $623,000 for
        the
        quarter ended September 30, 2005 from $696,000 for the same quarter last
        year.
        Average balances on investments decreased to $73.84 million for the quarter
        ended September 30, 2005, compared to $88.04 million for the quarter ended
        September 30, 2004. The average interest rate earned on investments increased
        to
        3.45% from 3.24%. Interest on securities held to maturity (HTM) decreased
        from
        $18,000 to $14,000 as new purchases are placed in the AFS portfolio. Dividends
        on Federal Home Loan Bank (FHLB) stock have been suspended by the FHLB of
        Seattle as part of the capital plan adopted by the FHLB.
 
 *Interest
        Expense.* Total interest expense increased to $768,000 for the quarter ended
        September 30, 2005, from $639,000 for the quarter ended September 30, 2004,
        an
        increase of $129,000, or 20.19%. Interest on deposits increased to $666,000
        for
        the quarter ended September 30, 2005, from $579,000 for the quarter ended
        September 30, 2004. This increase of $87,000, or 15.03%, was the result of
        an
        increase in average rates paid on deposit accounts. Certificates of deposit
        and
        money market accounts showed increases in average rates paid while passbook
        savings and checking accounts had no change. Average balances in
        interest-bearing deposit accounts decreased to $160.62 million for the quarter
        ended September 30, 2005, compared to $161.33 million for the same quarter
        in
        the previous year. The average rate paid on liabilities increased 27 basis
        points from the quarter ended September 30, 2004 to the quarter ended September
        30, 2005. This is the result of the repricing of deposits as short term interest
        rates have increased. An increase in the average balance of borrowings from
        the
        FHLB resulted in an increase in interest paid on borrowings to $102,000 in
        the
        current quarter compared to $60,000 in the previous year’s 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 (the Bank), to provide for
        probable loan losses based on prior loss experience, volume and type of lending
        conducted by the Bank, available peer group information, and past due loans
        in
        portfolio. The Bank’s policies require the review of assets on a quarterly
        basis. The Bank classifies loans as well as other assets if warranted. While
        the
        Bank believes it uses the best information available to make a determination
        with respect to the allowance for loan losses, it recognizes that future
        adjustments may be necessary. No provision was made for loan losses for either
        the quarter ended September 30, 2005 or the quarter ended September 30, 2004.
        This is a reflection of the continued strong asset quality of the Bank’s loan
        portfolio.
  -
            16
            -
 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, 2005 and 2004
        (continued)**
 
 Total
        classified assets declined slightly from $760,000 at June 30, 2005 to $668,000
        at September 30, 2005 and total less than 1% of the total loan portfolio.
        At
        quarter end, the Bank had one foreclosed commercial real estate property,
        which
        was sold for a small loss in October 2005.
 
 *Noninterest
        Income.*Total noninterest income increased to $643,000 for the quarter
        ended September 30, 2005, from $432,000 for the quarter ended September 30,
        2004, an increase of $211,000. This was the result of an increase in net
        gain on
        sale of loans and to the higher valuation of the Bank’s mortgage servicing
        rights, which increased $46,000. This increase is reflected in mortgage loan
        servicing fees. Mortgage loan servicing fees increased to $191,000 for the
        current quarter from $84,000 for the previous year’s quarter. Fees for the
        comparable period in 2004 included a decrease in the Bank’s mortgage servicing
        rights of $59,000. Income from sale of loans increased to $173,000 from
        $115,000. Other noninterest income increased to $135,000 for the quarter
        ended
        September 30, 2005 from $94,000 for the quarter ended September 30, 2004.
        This
        was primarily due to increased income on bank owned life insurance.
 
 *Noninterest
        Expense.* Noninterest expense increased by $93,000 or 6.20% to $1.59 million
        for the quarter ended September 30, 2005, from $1.50 million for the quarter
        ended September 30, 2004. This increase was primarily due to increases in
        advertising expense of $30,000, salaries and benefits of $23,000 and “other”
        noninterest expense of $20,000. Advertising expenses was higher due to increased
        promotion of deposit products. Salaries and benefits were higher due to merit
        raises. “Other” noninterest expense was higher due to increased loan expense.
        Other expense categories showed minor changes.
  *Income
        Tax Expense.* Eagle’s income tax expense was $222,000 for the quarter ended
        September 30, 2005, compared to $143,000 for the quarter ended September
        30,
        2004. The effective tax rate for the quarter ended September 30, 2005 was
        30.79%
        and was 28.54% for the quarter ended September 30, 2004. Management expects
        Eagle’s effective tax rate to be approximately 31%.
  **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 has eliminated the statutory requirement
        based upon a percentage of deposits and short-term borrowings. The OTS states
        that the liquidity requirement is retained for safety and soundness purposes,
        and that appropriate levels of liquidity will depend upon the types of
        activities in which the company engages. For internal reporting purposes,
        the
        Bank uses the previous regulatory definitions of liquidity. The Bank’s average
        liquidity ratio was 17.96% and 18.46% at September 30, 2005 and September
        30,
        2004, respectively. Liquidity decreased slightly due to the decreased investment
        balances.
  -
            17
            -
 EAGLE
          BANCORP AND SUBSIDIARY
 MANAGEMENT’S
          DISCUSSION AND ANALYSIS OF FINANCIAL
 CONDITION
          AND RESULTS OF OPERATIONS
 
  **Liquidity,
        Interest Rate Sensitivity and Capital Resources
        (continued)**
  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, 2005 (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. The Bank’s capital ratio as measured by the OTS decreased slightly from
        the previous quarter, but improved from one year ago. The Bank’s strong capital
        position mitigates its interest rate risk exposure. The Bank is well within
        the
        guidelines set forth by the Board of Directors for interest rate risk
        sensitivity.
  As
        of
        September 30, 2005, the Bank’s regulatory capital was in excess of all
        applicable regulatory requirements. At September 30, 2005, the Bank’s tangible,
        core, and risk-based capital ratios amounted to 11.57%, 11.57, and 17.32%,
        respectively, compared to regulatory requirements of 1.5%, 3.0%, and 8.0%,
        respectively. See the following table (amounts in thousands):
  (Unaudited)
                  At
                    September 30, 2005For
                    CapitalAdequacyDollar
                
                PurposesAmount
                
                %
                    of AssetsTangible
                    capital:Capital
                    level
                
                $
                24,983
                
                
                11.57
                %Requirement
                
                
                3,240
                
                
                1.50Excess
                
                $
                13,710
                
                
                10.07
                %Core
                    capital:Capital
                    level
                
                $
                24,983
                
                
                11.57
                %Requirement
                
                
                6,479
                
                
                3.00Excess
                
                $
                18,504
                
                
                8.57
                %Risk-based
                    capital:Capital
                    level
                
                $
                25,474
                
                
                17.32
                %Requirement
                
                
                11,764
                
                
                8.00Excess
                
                $
                13,710
                
                
                9.32
                %
  -
            18
            -
 EAGLE
        BANCORP AND SUBSIDIARY  MANAGEMENT’S
          DISCUSSION AND ANALYSIS OF FINANCIAL
 CONDITION
          AND RESULTS OF OPERATIONS
  
 **Impact
        of Inflation and Changing Prices**
 
 Our
        financial statements and the accompanying notes have been prepared in accordance
        with generally accepted accounting principles, which require the measurement
        of
        financial position and operating results in terms of historical dollars without
        considering the change in the relative purchasing power of money over time
        and
        due to inflation. The impact of inflation is reflected in the increased cost
        of
        our operations. Interest rates have a greater impact on our performance than
        do
        the general levels of inflation. Interest rates do not necessarily move in
        the
        same direction or to the same extent as the prices of goods and
        services.
 
  -
            19
            -
  EAGLE
          BANCORP AND SUBSIDIARY
 CONTROLS
          AND PROCEDURES
  
 Based
        on
        their evaluation, the company’s Chief Executive Officer, Larry A. Dreyer, and
        Chief Financial Officer, Peter J. Johnson, have concluded the company’s
        disclosure controls and procedures are effective as of September 30, 2005
        to
        ensure that information required to be disclosed in the reports that the
        company
        files or submits under the Securities Exchange Act of 1934 is recorded,
        processed, summarized and reported within the time periods specified in the
        Securities and Exchange Commission’s rules and forms. During the last fiscal
        quarter, there have been no significant changes in the company’s internal
        control over financial reporting that have materially affected, or are
        reasonably likely to materially affect, the company’s internal control over
        financial reporting.
 
  -
            20
            -
  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. Unregistered
        Sales of
        Equity Securities Use of Proceeds.
  c.) Small
        Business Issuer Purchases of Equity Securities.
 Total
                    Number
                
                Maximumof
                    Shares
                
                Number
                    ofPurchased
                
                Shares
                    thatTotal
                
                
                
                as
                    Part of
                
                May
                    Yet BeNumber
                    of
                
                Average
                
                Publicly
                
                PurchasedShares
                
                Price
                    Paid
                
                Announced
                    Plans
                
                Under
                    the PlansPeriod
                
                Purchased*
                
                Per
                    Share
                
                or
                    Programs
                
                or
                    ProgramsJuly
                    2005
                
                
                2,500
                
                $
                31.75
                
                
                2,500
                
                
                26,2507-1-05
                    to7-31-05August
                    2005
                
                
                2,200
                
                $
                32.34
                
                
                2,200
                
                
                24,0508-1-05
                    to8-31-05September
                    2005
                
                
                None
                
                
                N/A
                
                
                N/A
                
                
                N/A9-1-05
                    to9-30-05Total
                
                
                4,700
                
                $
                32.03
                
                
                4,700
                
                
                N/A
   *The
        Company publicly announced a stock repurchase program on July 21, 2005. The
        Company is authorized to acquire up to 28,750 shares of common stock with
        the
        price subject to market conditions. No expiration date was set for the
        repurchase program. As of November 3, 2005, 8,600 shares had been
        repurchased
  Item
        3. Defaults Upon
        Senior
        Securities.
 Not
        applicable.
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            21
            -
 EAGLE
          BANCORP AND SUBSIDIARY
  **Part
        II - OTHER INFORMATION (CONTINUED)**
 
 Item
        4. Submission of
        Matters
        to a Vote of Security Holders.
 The
        proxy
        statement for the Annual Meeting of Stockholders was mailed on September
        19,
        2005. The following matters were voted on at the meeting held on October
        20,
        2005: Election of directors for three-year terms expiring in 2008:
 
 1. Election
        of directors for three-year terms expiring in 2008:
 For:
                
                Against:Larry
                    A. Dreyer
                
                
                1,018,854
                
                
                2,235Lynn
                    E. Dickey
                
                
                1,018,354
                
                
                2,735
  2. Ratification
        of appointment of Anderson ZurMuehlen & Co., P.C. as auditors for the fiscal
        year ended June 30, 2006:
 For:
                
                Against:
                
                Abstain:1,127,479
                
                885
                
                200
  Item
        5. Other
        Information.
 None.
 
 Item
        6. Exhibits.
 31.1
        Certification by Larry A. Dreyer, Chief Executive Officer, pursuant to Rule
        13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant
        to
        Section 302 (a) of the Sarbanes-Oxley Act of 2002.
  31.2
        Certification by Peter J. Johnson, Chief Financial Officer, pursuant to Rule
        13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant
        to
        Section 302 (a) of the Sarbanes-Oxley Act of 2002.
  32.1
            Certification by Larry A. Dreyer, Chief Executive Officer, and Peter
            J. Johnson,
            Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted
            pursuant
            to Section 906 of the Sarbanes-Oxley Act of 2002.
  a.)
              Reports
                  on Form 8-K
 On
        July
        21, 2005, the registrant furnished under Item 2.02 of Form 8-K a press release
        announcing its earnings for the fourth quarter of the 2005 fiscal year, and
        under Item 8.01 an announcement of a stock buyback program of 28,750 shares.
 
 -
            22
            -
  EAGLE
          BANCORP AND SUBSIDIARY
 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
                  BANCORPDate:
                  November 10, 2005
                By:
                /s/ Larry
                  A. DreyerLarry
                  A. DreyerPresident/CEO
 Date:
                  November 10, 2005
                By:
                /s/ Peter
                  J. JohnsonPeter
                  J. JohnsonExec.
                  VP/CFO
  -
            23
            -