Free Writing Prospectus
Second Step Conversion and Offering 
March 2010
Issuer Free Writing Prospectus
Dated March 22, 2010
Filed Pursuant to Rule 433
Registration Statement No. 333-163790

Offering Summary
Stifel, Nicolaus & Company, Incorporated
Bookrunner:
D.A. Davidson & Co.
Co-Manager:
Early April 2010
Expected Close / Pricing:
$250,000 / $500,000
Maximum Purchase Limitations:
(Individual / Group)
$33.8 million -
$45.7 million
Pro Forma Market Value:
Yet to be announced
Subscription & Community Results:
$20.4 million -
$27.6 million(2)
Gross Proceeds:
2,040,000 –
2,760,000(2)
Shares Offered:
$10.00
Price Per Share:
Nasdaq
Global Market / “EBMT”(1)
Listing / Ticker:
Eagle Bancorp Montana, Inc.
Issuer:
(1)
For the first twenty trading days, shares will trade under the symbol “EBMTD”
(2)
Based
on
the
range
from
the
minimum
to
the
maximum
of
the
independent
valuation
appraisal
2

Forward-Looking Statements
This
presentation
contains
forward-looking
statements, which can be identified by the use of words such as
“estimate,”
“project,”
“believe,”
“intend,”
“anticipate,”
“plan,”
“seek,”
“expect”
and words of similar meaning. These forward-looking statements include, but are not limited to:
statements of our goals, intentions and expectations;
statements regarding our business plans, prospects, growth and operating strategies;
statements regarding the asset quality of our loan and investment portfolios; and
estimates of our risks and future costs and benefits.
These
forward-looking
statements
are
based
on
current
beliefs
and
expectations
of
our
management
and
are
inherently
subject
to
significant
business,
economic
and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to
assumptions with respect to future business strategies and decisions that are subject to change.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-
looking statements:
changes
in
laws
or
government
regulations
or
policies
affecting
financial
institutions,
including
changes
in
regulatory
fees
and
capital
requirements;
general
economic
conditions,
either
nationally
or
in
our
market
areas,
that
are
worse
than
expected;
competition among depository and other financial institutions;
inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
adverse changes in the securities markets;
our
ability
to
enter
new
markets
successfully
and
capitalize
on
growth
opportunities;
our ability to successfully integrate acquired entities, if any;
changes in consumer spending, borrowing and savings habits;
changes in our organization, compensation and benefit plans;
our ability to continue to increase and manage our commercial and residential real estate, multi-family, and commercial and industrial loans;
possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises;
the level of future deposit premium assessments;
the
impact
of
the
current
recession
on
our
loan
portfolio
(including
cash
flow
and
collateral
values),
investment
portfolio,
customers
and
capital
market activities;
the impact of the current governmental effort to restructure the U.S. financial and regulatory system;
changes in the financial performance and/or condition of our borrowers; and
the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange
Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. 
Please
see
“Risk
Factors”
beginning
on
page
14
of
the
prospectus.
3

4
This presentation is for informational purposes only and does not constitute an offer to sell nor a
solicitation of an offer to buy shares of common stock of Eagle Bancorp Montana, Inc.  The offer is
made only by the prospectus, as supplemented. 
Please refer to the prospectus dated February 16, 2010.
The shares of common stock of Eagle Bancorp Montana, Inc. are not deposits or savings accounts
and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
Eagle
Bancorp
Montana,
Inc.
has
filed
a
registration
statement
(including
a
prospectus)
with
the
SEC
for
the
offering
to
which
this
communication
relates.
Before
you
invest,
you
should
read
the
prospectus in that registration statement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or
any dealer participating in the offering will arrange to send you the prospectus if you request it by
calling toll-free 1-866.699.6332.

Summary Mechanics of a Second Step Conversion
Eagle
Financial
MHC
(own 60.4% of common stock)
Public
Stockholders
(own 39.6% of common stock)
Eagle Bancorp
American Federal
Savings Bank
Current Structure
Public
Stockholders
(own
100%
of
common
stock)
Eagle Bancorp
Montana, Inc.
American Federal
Savings Bank
Structure Following the
Conversion and Offering
5

Rationale for the Conversion and Offering
To support continued organic growth in the
communities that we serve
To bolster our capital position
To pursue potential acquisition opportunities
To create more liquidity in our common stock
6

Investment Highlights
Opportunity to invest in a profitable, growing franchise that has
been a long-time operator in a stable market area
Consistently strong asset quality profile
Experienced management team with a demonstrated ability to
generate shareholder value
Attractive footprint in stable, growing communities
•
Unemployment rate lower than national average
•
Stable employment sectors
•
Favorable growth trends in key markets
Attractive dividend yield
•
Our quarterly cash dividend upon completion of the offering and
reorganization will provide a 2.8% yield at the midpoint
7

Corporate Overview

Corporate Overview
American Federal Savings Bank is a federally-chartered savings
bank headquartered in Helena, Montana
We currently conduct business through seven branches located
in Lewis and Clark, Silver Bow, Gallatin and Broadwater counties
in Montana
•
Branches in Helena, Butte, Bozeman and Townsend, Montana
Core lines of business include:
•
Retail lending
•
Commercial lending
•
Deposit products and services
•
Mortgage servicing
Eagle Bancorp had assets of $306.1 million, net loans of $171.3
million, deposits of $202.2 million and shareholders’
equity of
$30.3 million as of December 31, 2009
9

Branch Map
10
Corporate & Main Office
1400 Prospect Avenue
Helena, MT 59601
Branch Offices
Helena Downtown
28 Neill Avenue
Helena Skyway
2090 Cromwell Dixon Lane
Townsend
416 Broadway Street
Bozeman
606 North Seventh Avenue
1455 West Oak Street
Butte
3401 Harrison Avenue

Bank
failure
information
available
since
October
1,
2000
per
the
FDIC
Market Area Overview
Headquartered in Helena, Montana’s capital
Healthy economic climate
•
6.8% unemployment rate in Montana versus 9.7% for the nation
•
There have been no bank failures in the state of Montana in recent years
Stable employment sectors
•
State and Federal government
•
Medical / healthcare services
•
Financial and professional services
•
Trade center activities
Favorable growth characteristics in some of our markets
•
Projected population growth in Helena and Bozeman MSAs
expected to exceed projected growth
rates of both the state of Montana and the United States
11
55%
25%
20%
Helena
Butte-Silver Bow
Bozeman
Source:  SNL Financial, FDIC
Unemployment data as of January 2010,  seasonally adjusted
Deposit
Composition
by MSA as of
December 31, 2009

Business Strategy
12
Continue to diversify our loan portfolio into commercial real
estate
Attract and retain lower-cost core deposits
Expand our franchise through selective acquisitions and branch
additions
Maintain high asset quality levels
Continue to operate as a community-oriented financial
institution

Experienced Board & Management
13
Name
Age
Positions Held in
Eagle Bancorp
Director
Since
Don O. Campbell
76
Vice Chairman
1994
Lynn E. Dickey
63
Director
2005
Larry A. Dreyer
64
Chairman
1990
Rick F. Hays
57
Director
2007
Peter J. Johnson
52
Director
2007
James A. Maierle
62
Director
1997
Thomas J. McCarvel
60
Director
1998
Board of Directors
Years at
Executive Management
Age
Title
Eagle
Peter J. Johnson
52
President and Chief Executive Officer
28
Clinton J. Morrison
39
SVP and Chief Financial Officer
8
Michael C. Mundt
55
SVP and Chief Lending Officer
21
Robert M. Evans
61
SVP and Chief Information Officer
24
Rachel R. Amdahl
41
SVP/Operations
22

Financial Highlights

Balance Sheet Growth
15
Consistent balance sheet growth over the past several years
$206,414
$226,178
$244,686
$279,907
$289,709
$306,108
$174,342
$172,497
$179,647
$178,851
$187,199
$202,223
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
6/30/2005
6/30/2006
6/30/2007
6/30/2008
6/30/2009
12/31/2009
Assets
Deposits
Dollars in thousands

Loan Composition
16
Recent emphasis on higher-yielding commercial products
•
This initiative has been a key component in driving our margin expansion over
the past several years
•
Margin expanded from 3.06% for the year ended June 30, 2007 to 3.55% for the six
months ended December 31, 2009
Loan
Portfolio
Composition
–
12/31/2009
Loan Portfolio Composition Over Time
53%
54%
52%
51%
47%
45%
19%
19%
20%
21%
26%
28%
10%
20%
30%
40%
50%
60%
6/30/05
6/30/06
6/30/07
6/30/08
6/30/09
12/31/09
1-4 Family
Commercial
Commercial RE &
Land, 23%
Home Equity,
17%
Commercial
Business, 5%
Consumer, 6%
1-4 Family, 45%
RE Construction,
5%
Commercial loans comprised of  Commercial RE & Land and Commercial Business loans

Deposit Composition
17
Deposit Composition –
12/31/2009
Attractive funding base with checking, savings and NOW accounts
representing approximately 42% of total deposits
•
For the quarter ended December 31, 2009 the combined average cost of deposits
was 1.18%
NOW & Int.
Bearing
Checking, 19%
Money Market,
13%
Certificates of
Deposit, 46%
Noninterest
Checking, 9%
Statement
Savings, 14%

Disciplined Credit Culture
18
Non-Performing Assets / Total Assets
0.24%
0.20%
0.09%
0.01%
0.43%
0.75%
0.40%
0.30%
0.49%
0.58%
1.11%
1.46%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
6/30/2005
6/30/2006
6/30/2007
6/30/2008
6/30/2009
12/31/2009
EBMT
High Performance Peer Median
Credit Quality Trends
December 31,
2005
2006
2007
2008
2009
2009
NPLs / Net Loans
0.47%
0.33%
0.13%
0.02%
0.75%
1.25%
NPAs / Assets
0.24%
0.20%
0.09%
0.01%
0.43%
0.75%
Allowance / Net Loans
0.54%
0.38%
0.33%
0.18%
0.31%
0.41%
Charge-Offs / Average Loans, net
-0.05%
-0.02%
-0.01%
-0.03%
-0.02%
0.08%
At June 30,
High performance peer group includes institutions located in the West (excluding California) and Mid-West with assets between $200 million and $1.0 billion and NPAs/assets less than 2.0%
Information for December 31, 2009 represents data for the 6 months ended December 31, 2009, annualized where appropriate
Source:  SNL Financial, where data was available

Consistent Profitability
19
ROAA
ROAE
Net Interest Margin
Efficiency Ratio
EBMT
High Performance Peer Median
Source:  SNL Financial, where data was available
Represents data for the 6 months ended December 31, 2009, annualized where appropriate
0.75%
0.84%
1.00%
0.96%
0.91%
0.72%
0.83%
0.94%
0.83%
0.86%
0.84%
0.77%
0.70%
0.75%
0.80%
0.85%
0.90%
0.95%
1.00%
1.05%
6/30/05
6/30/06
6/30/07
6/30/08
6/30/09
12/31/09
10.13%
9.78%
8.74%
7.40%
8.94%
7.41%
7.48%
8.25%
9.62%
7.88%
9.09%
7.24%
6.00%
7.00%
8.00%
9.00%
10.00%
11.00%
6/30/05
6/30/06
6/30/07
6/30/08
6/30/09
12/31/09
3.84%
3.92%
3.41%
3.55%
3.15%
3.51%
3.06%
3.52%
3.77%
3.70%
3.66%
3.95%
2.75%
3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
6/30/05
6/30/06
6/30/07
6/30/08
6/30/09
12/31/09
68.1%
72.8%
57.2%
71.8%
72.4%
73.9%
71.5%
68.4%
67.3%
66.7%
66.4%
67.4%
50.00%
60.00%
70.00%
80.00%
90.00%
6/30/05
6/30/06
6/30/07
6/30/08
6/30/09
12/31/09

Stock Performance and Per Share Information

Stock Price Performance Since IPO
21
Since our IPO in 2000, we have outperformed both the Nasdaq
Bank Index as well as the S&P 500
•
Investors who purchased shares of common stock at $8.00 in our IPO
have enjoyed a 343% price appreciation in the stock price as well as
received $7.00 per share in dividends
Source:  SNL Financial as of March 18, 2010
0.00
1.00
2.00
3.00
4.00
5.00
6.00
EBMT
NASDAQ Bank
S&P 500

Strong Track Record of Generating Shareholder Value
22
Tangible Book Value Per Share
Earnings & Dividends Per Share
$16.37
$17.96
$19.42
$19.82
$20.17
$20.65
$22.21
$23.82
$25.85
$28.18
$10.00
$14.00
$18.00
$22.00
$26.00
$30.00
06/30/01
06/30/02
06/30/03
06/30/04
06/30/05
06/30/06
06/30/07
06/30/08
06/30/09
12/31/09
$1.03
$1.65
$1.57
$1.74
$1.45
$1.48
$1.47
$1.74
$1.96
$1.14
$0.52
$1.02
$0.96
$0.88
$0.80
$0.72
$0.64
$0.52
$0.40
$0.28
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
06/30/01
06/30/02
06/30/03
06/30/04
06/30/05
06/30/06
06/30/07
06/30/08
06/30/09
6 Mos.
Ended
12/31/09
Earnings Per Share
Dividends Per Share

Use of Proceeds and Capital Management
23
To support organic growth in the communities and markets we
serve
To consider, as opportunities arise, acquisitions of other banking
institutions in contiguous markets
•
Montana currently has over 50 banking institutions with assets less than
$200 million
To consider repurchasing shares of our outstanding common
stock
To maintain a strong balance sheet and capital position
We intend to use the proceeds received in the offering for the
following:
Source:  SNL Financial

Offering Information

Pro Forma Overview
25
2,040,000
2,400,000
2,760,000
3,174,000
Shares
Shares
Shares
Shares
Gross Proceeds of Stock Offering
$20,400
$24,000
$27,600
$31,740
Market Value of Shares Issued in the Exchange
$13,401
$15,766
$18,131
$20,851
Pro Forma Market Capitalization
$33,801
$39,766
$45,731
$52,591
Estimated Net Proceeds
$18,754
$22,198
$25,643
$29,604
Pro Forma Net Income
$812
$807
$800
$795
Pro Forma Net Income Per Share
$0.26
$0.22
$0.19
$0.17
Pro Forma Stockholders' Equity
$46,743
$49,755
$52,768
$56,232
Less: Intangible Assets
0
0
0
0
Pro Forma Tangible Stockholders' Equity
$46,743
$49,755
$52,768
$56,232
Pro Forma Stockholders' Equity Per Share
$13.83
$12.51
$11.54
$10.69
Pro Forma Tangible Stockholders' Equity Per Share
$13.83
$12.51
$11.54
$10.69
Offering Price to Pro Forma Net Income Per Share
10.0x
11.9x
13.9x
15.6x
Offering Price / Pro Forma Stockholders' Equity Per Share
72.31%
79.93%
86.66%
93.55%
Offering Price / Pro Forma Tangible Stockholders' Equity Per Share
72.31%
79.93%
86.66%
93.55%
Pro Forma Tangible Equity / Tangible Assets
14.75%
15.55%
16.34%
17.22%
Exchange Ratio
3.1458
3.7009
4.2560
4.8944
Equivalent Per Share Current Market Price
(1)
$31.45
$37.00
$42.56
$48.94
At or for the Three Months Ended September 30, 2009  
Based Upon the Sale at $10.00 Per Share of  
(Dollars in Thousands, except per share amounts)  
(1) Represents the value of shares of Eagle Montana common stock received in the conversion by a holder of  
      one share of Eagle Bancorp at the exchange ratio, assuming the market price of $10.00 per share.

Attractive Relative Valuation
26
The following information is based on the independent appraisal
by Feldman Financial Advisors, Inc.
Source:  SNL Financial as of March 18, 2010
Price/
Core
Book
Tangible Book
Earnings
Value
Value
Minimum
9.8x
72.31%
72.31%
Midpoint
11.6x
79.94%
79.94%
Maximum
13.5x
86.66%
86.66%
Maximum, as Adjusted
15.6x
93.55%
93.55%
Feldman Financial
Peer Average
25.6x
89.51%
91.61%
Peer Group
Peer Median
16.0x
93.22%
93.72%
High Performance
Peer Average
16.0x
89.46%
106.79%
Peer Group
Peer Median
11.3x
99.85%
102.87%