UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549

                                   FORM 10-Q

               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarterly Period ended December 31, 1997

Commission File Number 333-10639

                         DELPHOS CITIZENS BANCORP, INC.
                         ------------------------------
             (Exact name of registrant as specified in its charter)

Delaware                                              34-1840187
--------                                              ----------
(State or other jurisdiction of                       (IRS Employer
 incorporation or organization)                        Identification No.)

                    114 East 3rd Street, Delphos, Ohio 45833
                    ----------------------------------------
                    (Address of principal executive offices)

                                 (419) 692-2010
                                 --------------
              (Registrant's telephone number, including area code)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 12 months (or for
such shorter period that the issuer was required to file such reports) and (2)
has been subject to such filing requirements for the past 90 days.

Yes   X         No
     ---            ---

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

            Class:                          Outstanding at January 31, 1998
Common stock, $0.01 par value                   1,945,696 common shares

--------------------------------------------------------------------------------

<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.
                                   FORM 10-Q
                        Quarter ended December 31, 1997


                         Part I - Financial Information

<TABLE>
<CAPTION>
                                                                                         Page
                                                                                         ----
<S><C>
ITEM 1 - FINANCIAL STATEMENTS

         Consolidated Statements of Financial Condition as of December 31, 1997 and
         September 30, 1997                                                                3

         Consolidated Statements of Income for the three months ended
         December 31, 1997 and 1996                                                        4

         Condensed Consolidated Statements of Cash Flows for the three
         months ended December 31, 1997 and 1996                                           5

         Notes to Consolidated Financial Statements                                        6


ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
  FINANCIAL CONDITION AND RESULTS OF OPERATIONS                                           12



                          Part II - Other Information

OTHER INFORMATION                                                                         15

SIGNATURES                                                                                16
</TABLE>


--------------------------------------------------------------------------------

                                                                              2.
<PAGE>

                         PART I. FINANCIAL INFORMATION
                         DELPHOS CITIZENS BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                  (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                                December 31,       September 30,
                                                                   1997                1997
                                                                ------------       -------------
<S><C>
ASSETS
  Cash and due from banks                                      $  1,609,697       $  1,315,950
  Interest-bearing deposits in other banks                        6,240,126          3,084,500
                                                               ------------       ------------
           Cash and cash equivalents                              7,849,823          4,400,450
  Investment securities held to maturity                                             4,996,139
  Mortgage-backed securities available for sale                     733,141            739,366
  Mortgage-backed securities held to maturity                    10,870,461         11,367,191
  Loans receivable, net                                          86,375,675         84,285,038
  Federal Home Loan Bank stock                                      849,000            833,800
  Premises and equipment                                            648,191            660,703
  Accrued interest receivable                                       405,141            445,461
  Other assets                                                       15,810             67,808
                                                               ------------       ------------
                    Total assets                               $107,747,242       $107,795,956
                                                               ============       ============
LIABILITIES
  Deposits                                                     $ 77,944,975       $ 77,372,969
  Federal Home Loan Bank Advances                                                    1,000,000
  Escrow accounts                                                   392,836            236,090
  Accrued interest payable                                           36,045             33,193
  Accrued expenses and other liabilities                            513,617            437,327
                                                               ------------       ------------
           Total liabilities                                     78,887,473         79,079,579
                                                               ------------       ------------
SHAREHOLDERS' EQUITY
Preferred Stock, authorized 1,000,000 shares, no shares
  issued and outstanding
Common stock, $.01 par value, 4,000,000 shares
  authorized, 2,047,631 shares issued                                20,476             20,476
Additional paid-in capital                                       19,905,675         19,854,707
Retained earnings, substantially restricted                      13,252,205         12,969,205
Treasury stock (101,936 and 87,936 shares, respectively)         (1,729,315)        (1,479,065)
Obligation under employee stock ownership plan                   (1,439,091)        (1,463,076)
Unearned recognition and retention plan                          (1,154,477)        (1,186,019)
Unrealized gain (loss) on securities available for sale, net          4,296                149
                                                               ------------       ------------
  Total shareholders' equity                                     28,859,769         28,716,377
                                                               ------------       ------------
         Total liabilities and shareholders' equity            $107,747,242       $107,795,956
                                                               ============       ============
</TABLE>


--------------------------------------------------------------------------------

                See accompanying notes to financial statements.

                                                                              3.


<PAGE>



                         PART I. FINANCIAL INFORMATION
                         DELPHOS CITIZENS BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                  Three Months Ended
                                                                      December 31,
                                                                      ------------
                                                                 1997             1996
                                                                 ----             ----
<S><C>
Interest income
         First mortgage loans                                $1,674,398        $1,372,685
         Consumer and other loans                                33,612            24,391
         Mortgage-backed and investment securities              294,645           263,030
         FHLB stock dividends                                    15,237            13,684
         Interest bearing deposits in banks                      42,974            79,238
                                                             ----------        ----------
                  Total interest income                       2,060,866         1,753,028
                                                             ----------        ----------

Interest expense
         Deposits                                               987,808           993,673
                                                             ----------        ----------

Net interest income                                           1,073,058           759,355

Provision for loan losses                                         3,000             3,000
                                                             ----------        ----------

Net interest income after provision for loan losses           1,070,058           756,355
                                                             ----------        ----------

Non-interest income
         Service charges and fees                                75,206            34,444
         Other non-interest income                               14,147            12,579
                                                             ----------        ----------
                  Total non-interest income                      89,353            47,023
                                                             ----------        ----------

Non-interest expense
         Compensation and benefits                              252,574           285,346
         Occupancy and equipment                                 19,683            18,329
         Deposit insurance                                       12,372            45,488
         Franchise taxes                                         57,058            43,682
         Other non-interest expense                             144,577           134,590
                                                             ----------        ----------
                  Total non-interest expense                    486,264           527,435
                                                             ----------        ----------

Income before income tax                                        673,147           275,943

Income tax expense                                              273,405            78,450
                                                             ----------        ----------

Net income                                                   $  399,742        $  197,493
                                                             ==========        ==========
Earnings per share:
                  Basic                                      $      .22        $      .04
                                                             ==========        ==========
                  Diluted                                    $      .22        $      .04
                                                             ==========        ==========
</TABLE>

--------------------------------------------------------------------------------

                See accompanying notes to financial statements.

                                                                              4.

<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                           Three Months Ended
                                                                              December 31,
                                                                              ------------
                                                                         1997              1996
                                                                         ----              ----
<S><C>
Net cash (used) provided from operating activities                  $   665,192       $   (11,607)

Cash flows used in investing activities
         Mortgage-backed securities available for sale
                  Proceeds from principal payments on mortgage-
                    backed securities                                    12,525            23,741
         Investment and mortgage-backed securities held to
           maturity
                  Proceeds from calls, maturities and paydowns        5,501,969         1,052,107
         Loan originations net of principal payment on loans         (2,092,073)       (2,916,413)
         Purchases of premises and equipment                                  -            (1,768)
                                                                    -----------       -----------
                  Net cash used in investing activities               3,422,421        (1,842,333)
                                                                    -----------       -----------

Cash flows from financing activities
         Net change in deposits                                         572,006        (3,758,702)
         Net increase in mortgage escrow funds                          156,746           132,032
         Repayments of FHLB advances                                 (1,000,000)
         Cash dividends                                                (116,742)
         Purchase of treasury stock                                    (250,250)
         Net proceeds from sale of stock                                               18,177,452
                                                                    -----------       -----------
                  Net cash from financing activities                   (638,240)       14,550,782
                                                                    -----------       -----------

Net change in cash and cash equivalents                               3,449,373        12,696,842

Cash and cash equivalents at beginning of period                      4,400,450         4,695,277
                                                                    -----------       -----------

Cash and cash equivalents at end of period                          $ 7,849,823       $17,392,119
                                                                    ===========       ===========

Supplemental disclosures of cash flow information
         Cash paid during the period for:
                  Interest                                          $   984,956       $   997,515
                  Taxes                                                 160,000            20,000
</TABLE>

--------------------------------------------------------------------------------

                See accompanying notes to financial statements.

                                                                              5.

<PAGE>

                         DELPHOS CITIZENS BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
--------------------------------------------------------------------------------

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION: These interim financial statements are prepared without
audit and reflect all adjustments which, in the opinion of management, are
necessary to present fairly the financial position of Delphos Citizens Bancorp,
Inc. (Company) and its sole subsidiary, Citizens Bank of Delphos (Bank) at
December 31, 1997, and its results of operations and cash flows for the periods
presented. All such adjustments are normal and recurring in nature. The
accompanying financial statements do not purport to contain all the necessary
financial disclosures required by generally accepted accounting principles that
might otherwise be necessary in the circumstances. The annual report for the
Company for the year ended September 30, 1997, contains financial statements and
related notes which should be read in conjunction with the accompanying
unaudited consolidated financial statements.

Effective November 20, 1996, Citizens Federal Savings & Loan Association,
(Association) converted from a federally chartered mutual savings and loan
association to a federally chartered stock savings bank (Citizens Bank of
Delphos) with the concurrent formation of a holding company (Delphos Citizens
Bancorp, Inc.). The conversion was accomplished through an amendment of the
Association's articles of incorporation and the sale of the Company's common
stock in an amount equal to the pro forma market value of the Association after
giving effect to the conversion.

CONSOLIDATION POLICY:  The consolidated financial statements include the
accounts of the Company and the Bank. All significant intercompany transactions
and balances have been eliminated.

INDUSTRY SEGMENT INFORMATION: The Company is engaged in the business of banking
with operations conducted through its office located in Delphos, Ohio. The
Company originates and holds primarily residential and consumer loans to
customers throughout the Allen and Van Wert County area in Northwest Ohio. The
Company's primary deposit products are interest-bearing checking and
certificates of deposit. There are no branch operations.

USE OF ESTIMATES IN PREPARATION OF FINANCIAL STATEMENTS: In preparing financial
statements, management must make estimates and assumptions. These estimates and
assumptions affect the amounts reported for assets, liabilities, revenues and
expenses as well as affecting the disclosures provided. Future results could
differ from current estimates.

Areas involving the use of management's estimates and assumptions primarily
include the allowance for loan losses, the realization of deferred tax assets,
fair value of certain securities and the determination and carrying value of
impaired loans.

--------------------------------------------------------------------------------

                                  (Continued)

                                                                              6.

<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
--------------------------------------------------------------------------------

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

SECURITIES: The Company classifies securities as held to maturity, trading or
available for sale. Securities classified as held to maturity are those that
management has the positive intent and ability to hold to maturity. Securities
held to maturity are stated at cost, adjusted for amortization of premiums and
accretion of discounts.

Securities classified as available for sale are those that management intends to
sell or that could be sold for liquidity, investment management, or similar
reasons, even if there is not a present intention for such a sale. Securities
available for sale are carried at fair value with unrealized gains and losses
included as a separate component of shareholders' equity, net of tax. Gains or
losses on dispositions are based on net proceeds and the adjusted carrying
amount of securities sold, using the specific identification method.

LOANS RECEIVABLE: Loans receivable are stated at unpaid principal balances,
less the allowance for loan losses, and net deferred loan origination fees. The
allowance for loan losses is increased by charges to income and decreased by
charge-offs (net of recoveries). Management's periodic evaluation of the
adequacy of the allowance is based on the Company's past loan loss experience,
known and inherent risks in the portfolio, adverse situations that may affect
the collateral and current economic conditions.

Uncollectible interest on loans that are contractually past due is charged off,
or an allowance is established based on management's periodic evaluation. The
allowance is established by a charge to interest income equal to all interest
previously accrued and unpaid, and income is subsequently recognized only to the
extent that cash payments are received until, in management's judgment, the
borrower demonstrates the ability to make periodic interest payments in which
case the loan is returned to accrual status.

In accordance with SFAS No.114, certain loans considered to be impaired, as
identified according to internal loan review standards, are reduced to the
present value of expected future cash flows or to the fair value of collateral
by allocating a portion of the allowance for loan losses to such loans.
Allocations which require an increase in the allowance for loan losses are
reported as a provision for loan losses charged to operations.

Management analyzes loans on an individual basis and classifies a loan as
impaired when an analysis of the borrower's operating results and financial
condition indicates that underlying cash flows are not adequate to meet its debt
service requirements. Often this is associated with a delay or shortfall in
payments of 30 days or more. Smaller balance homogeneous loans are

--------------------------------------------------------------------------------

                                  (Continued)

                                                                              7.


<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
--------------------------------------------------------------------------------

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

evaluated for impairment in total. Such loans include residential first mortgage
loans secured by one to four family residences, residential construction loans,
home equity, and other consumer loans, with balances less than $200,000. Loans
are generally considered for non-accrual status when 90 days or more past due.
These loans may also be considered impaired.

Impaired loans, or portions thereof, are charged off when deemed uncollectible.
The nature of the disclosures for impaired loans is considered generally
comparable to prior nonaccrual loans and non-performing and past due asset
disclosures. The adoption of SFAS No. 114 had no impact on the comparability of
the December 31, 1997 or September 30, 1997 allowance for loan losses to prior
periods.

LOAN FEES AND COSTS: Loan fees and costs are deferred, and are recognized as an
adjustment to interest income using the interest method over the contractual
life of the loans, adjusted for estimated prepayments based on the Company's
historical prepayment experience.

OTHER REAL ESTATE: Other real estate owned is recorded at the lower of cost
or fair value, less estimated costs to sell. Any reduction in fair value is
reflected in a valuation allowance account established by a charge to income.
Costs incurred to carry the real estate are charged to expense.

PREMISES AND EQUIPMENT: Land is carried at cost. Buildings, furniture and
fixtures, and equipment are carried at cost, less accumulated depreciation.
Buildings, furniture and fixtures, and equipment are depreciated using
straight-line and accelerated methods over the estimated useful lives of the
respective assets, which range from five to forty years.

INCOME TAXES: The Company follows the liability method in accounting for income
taxes. The liability method provides that deferred tax assets and liabilities
are recorded based on the difference between the tax basis of assets and
liabilities and their carrying amounts for financial reporting purposes,
referred to as "temporary differences."

STATEMENT OF CASH FLOWS: For purposes of this statement, cash and cash
equivalents are defined to include the Company's cash on hand, due from banks
and interest-bearing deposits in other banks. The Company reports net cash flows
for customer loan transactions, deposit transactions and interest-bearing
deposits made with other financial institutions.

EARNINGS PER SHARE: On March 3, 1997, the Financial Accounting Standards Board
(FASB) issued SFAS No. 128, "Earnings Per Share," which is effective for
financial statements beginning with the quarter ended December 31, 1997. SFAS
No. 128 simplifies the calculation of earnings per share (EPS) by replacing
primary EPS with basic EPS. It also requires dual presentation of basic EPS and
diluted EPS for entities with complex capital structures. Basic EPS includes no
dilution and is computed by dividing income available to common shareholders by
the weighted-average common shares outstanding for the period. Diluted EPS will
reflect the

--------------------------------------------------------------------------------

                                  (Continued)

                                                                              8.


<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
--------------------------------------------------------------------------------

potential dilution of securities that could share in earnings, such as stock
options, warrants or other common stock equivalents. All prior period EPS data
has been restated to conform with the new presentation methods.

Basic earnings per common share for the three months ended December 31, 1997 was
based on earnings for the three months ended December 31, 1997, divided by the
weighted average number of common shares outstanding for the period. Diluted
earnings per common share represents the additional dilution related to the
stock options. The basic and diluted weighted average shares outstanding was
1,803,562 and 1,824,316, respectively for the three months ended December 31,
1997.

Basic earnings per common share for the three months ended December 31, 1996 was
computed based on earnings for the period November 20, 1996 (conversion date),
to December 31, 1996, divided by the weighted average number of common shares
outstanding for the period. Pro rata earnings based on number of days was
$78,253 and the basic and diluted weighted average shares outstanding was
1,875,856 for the three months ended December 31, 1996.

--------------------------------------------------------------------------------

                                  (Continued)

                                                                              9.


<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
--------------------------------------------------------------------------------

NOTE 2 - INVESTMENT AND MORTGAGE-BACKED SECURITIES

The carrying values and estimated fair values of investment and mortgage-backed
securities are summarized as follows:

<TABLE>
<CAPTION>
                                                          December 31, 1997
                                                          Gross       Gross        Estimated
                                         Amortized     Unrealized   Unrealized        Fair
                                           Cost           Gains        Loss          Value
                                           ----           -----        ----          -----
<S><C>
Mortgage-backed securities
 available for sale:
         GNMA Certificates             $   726,631      $  9,232     $ 2,722    $   733,141

Mortgage-backed securities
 held to maturity:
         GNMA Certificates              10,729,787       412,298       1,641     11,140,444
         FHLMC Certificates                140,674         6,378                    147,052
                                       -----------      --------     -------    -----------
                                        10,870,461       418,676       1,641     11,287,496
                                       -----------      --------     -------    -----------

         Total mortgage-backed
             securities                $11,597,092      $427,908     $ 4,363    $12,020,637
                                       ===========      ========     =======    ===========

<CAPTION>
                                                         September 30, 1997
                                                          Gross       Gross        Estimated
                                         Amortized     Unrealized   Unrealized        Fair
                                           Cost           Gains        Loss          Value
                                           ----           -----        ----          -----
<S><C>
Investment securities
 held to maturity:
U.S. Treasury security                 $ 4,996,139      $  2,861                $ 4,999,000

Mortgage-backed securities
 available for sale:
         GNMA Certificates                 739,141         7,081     $ 6,856        739,366

Mortgage-backed securities
 held to maturity:
         GNMA Certificates              11,218,082       420,972       5,565     11,633,489
         FHLMC Certificates                149,109         6,820                    155,929
                                       -----------      --------     -------    -----------
                                        11,367,191       427,792       5,565     11,789,418
                                       -----------      --------     -------    -----------

         Total investment and
           mortgage-backed securities  $17,102,471      $437,734     $12,421    $17,527,784
                                       ===========      ========     =======    ===========
</TABLE>

There were no sales of mortgage-backed securities during the three months ended
December 31, 1997 or 1996.

--------------------------------------------------------------------------------

                                  (Continued)

                                                                             10.

<PAGE>

                         DELPHOS CITIZENS BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
--------------------------------------------------------------------------------

NOTE 3 - LOANS RECEIVABLE

Loans receivable are summarized as follows:

<TABLE>
<CAPTION>
                                               December 31,      September 30,
                                                   1997               1997
                                                   ----               ----
<S><C>
Real estate loans
         One- to four-family                   $77,396,328        $73,716,294
         Multi-family                            1,224,082          1,288,236
         Commercial real estate                  4,611,821          6,272,532
         Construction and land                   3,307,028          3,780,811
                                               -----------        -----------
                                                86,539,259         85,057,873
Less:
         Mortgage loans in process              (2,484,676)        (3,162,366)
         Net deferred loan origination fees        (69,552)           (71,117)
                                               -----------        -----------
                                                83,985,031         81,824,390
                                               -----------        -----------

Consumer and other loans
         Manufactured homes                        109,270            111,657
         Home equity loans                       1,065,788          1,215,545
         Unsecured loans                           296,337            324,817
         Other consumer loans                    1,039,798            940,972
                                               -----------        -----------
                                                 2,511,193          2,592,991
Less:  Non-mortgage loans in process               (11,189)           (25,983)
                                               -----------        -----------
                                                 2,500,004          2,567,008
                                               -----------        -----------

Less:  Allowance for loan losses                  (109,360)          (106,360)
                                               -----------        -----------

                                               $86,375,675        $84,285,038
                                               ===========        ===========
</TABLE>

Activity in the allowance for loan losses is summarized as follows:

<TABLE>
<CAPTION>
                                                       Three months ended
                                                           December 31,
                                                     1997               1996
                                                     ----               ----
<S><C>
Balance at beginning of period                    $106,360            $94,360
Provision charged to income                          3,000              3,000
Charge-offs                                              -                  -
                                                  --------            -------
Balance at end of period                          $109,360            $97,360
                                                  ========            =======
</TABLE>

As of and for the periods ended December 31, 1997 and September 30, 1997, there
were no impaired loans.

--------------------------------------------------------------------------------

                                                                             11.


<PAGE>

                         DELPHOS CITIZENS BANCORP, INC.
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------

The following discussion compares the financial condition of Delphos Citizens
Bancorp, Inc. (Company) and its sole subsidiary Citizens Savings Bank (Bank) at
December 31, 1997 to September 30, 1997 and the results of operations for the
three months ended December 31, 1997 and 1996. This discussion should be read in
conjunction with the interim financial statements and footnotes included herein.

FINANCIAL CONDITION

Total assets as of December 31, 1997 were $107.75 million compared with $107.80
million at September 30, 1997. Cash and cash equivalents increased $3.45 million
to $7.85 million at December 31, 1997 compared to $4.40 million at September 30,
1997. Interest-bearing deposits in other banks increased $3.16 million from
$3.08 million at September 30, 1997 to $6.24 million at December 31, 1997. The
increase was primarily due to the funds received from the maturity of the $5
million investment held to maturity at September 30, 1997 during the quarter
ended December 31, 1997 which was used to fund the increase in interest-bearing
deposits in other banks and loans receivable.

During the quarter ended December 31, 1997, the investment security held to
maturity, which totaled $5.0 million at September 30, 1997, matured and
management did not purchase additional debt securities. At December 31, 1997,
the Company's mortgage-backed securities portfolio was comprised of FHLMC and
GNMA fixed and adjustable rate securities. The net unrealized gain on these
securities totaled $424,000 at December 31, 1997. Approximately 6% of the
mortgage-backed securities portfolio was classified as available for sale. The
remainder of the mortgage-backed securities portfolio was classified as held to
maturity as the Company does not anticipate the need to sell these securities
due to the Company's liquidity position and ability to obtain alternative
sources of funds through the use of Federal Home Loan Bank (FHLB) borrowing.
Management's strategy emphasizes investment in mortgage-backed securities
guaranteed by U.S. government agencies in order to minimize credit risk.

Loans receivable increased $2.09 million, or 2.5%, from $84.29 million at
September 30, 1997 to $86.38 million at December 31, 1997. The increase was
primarily due to the increase in one- to four-family real estate loans which
grew $3.68 million, or 5.0% during the period.

Deposits increased $572,000, or 0.7%, from $77.37 million at September 30, 1997
to $77.94 million at December 31, 1997. The FHLB advance totaling $1.0 million
at September 30, 1997 matured during the quarter and no additional FHLB
borrowings were obtained during the quarter ended December 31, 1997.

--------------------------------------------------------------------------------

                                  (Continued)

                                                                             12.


<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------

RESULTS OF OPERATIONS

Net income increased $202,000 from $197,000 for the quarter ended December 31,
1996 to $400,000 for the same period in 1997. The 1997 increase was primarily
due to the $314,000 increase in net interest income, the $42,000 increase in
non-interest income and the $41,000 decrease in non-interest expense and was
offset somewhat by the $195,000 increase in income tax expense.

Net interest income increased $314,000, or 41.3%, during the period ended
December 31, 1997 as compared to the same period in 1996. The net interest
margin increased from 3.1% for the three months ended December 31, 1996 to 4.1%
for the three months ended December 31, 1997. The increase in net interest
income and net interest margin was primarily due to the increase in interest
earning assets in excess of the increase in interest bearing liabilities. The
increase in average loans during the 1997 period as compared to the 1996 period,
represented the most significant contributor to the increase in interest earning
assets and to the increased net interest income and net interest margin. The
ratio of interest earning assets to interest bearing liabilities increased from
124.1% at December 31, 1996 to 135.8% at December 31, 1997. The increase in loan
income was partially offset by a reduction in income from interest earning
deposits due to the decrease in the average balance of interest earning deposits
during the 1997 period as compared to the 1996 period, as management was able to
move these funds into higher yielding loans. Interest expense decreased slightly
in the three months ended December 31, 1997 compared to the same period in 1996,
due to a slight decline in average deposits outstanding during the periods.

A provision for loan losses of $3,000 was recorded for both the quarters ended
December 31, 1997 and 1996, respectively, based on management's assessment of
risk factors affecting the allowance for loan losses. The allowance for loan
losses was approximately .13% of loans, net of deferred and unearned income, as
of December 31, 1997 and September 30, 1997. Management believes the allowance
for loan loss is adequate to absorb potential losses; however, future additions
to the allowance may be necessary based on changes in economic conditions.

Service charges and fee income increased $41,000 from $34,000 for the quarter
ended December 31, 1996 to $75,000 for the same period in 1997. Non-interest
expense decreased $41,000, or 7.8%, for the quarter ended December 31, 1997
compared to the same period in 1996, primarily due to decreases in compensation
and benefits expense and deposit insurance expense. Compensation and benefits
decreased $33,000 or 11.5% for the three months ended December 31, 1997 compared
to the same period in 1996 primarily due to ESOP expense. An expense of $115,000
was recorded during the quarter ended December 31, 1996 for the ESOP shares
released to participants in calendar 1996. During the quarter ended December 31,
1997, the ESOP expense which related to shares earned during the quarter totaled
$66,000. The other non-interest expense categories had modest increases and
decreases which substantially offset each other.

--------------------------------------------------------------------------------

                                  (Continued)

                                                                             13.

<PAGE>

                         DELPHOS CITIZENS BANCORP, INC.
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------

LIQUIDITY

Federally insured banks are required to maintain minimum levels of liquid
assets. The Bank is currently required to maintain an average daily balance of
liquid assets of at least 5% of the sum of its average daily balance of net
withdrawable deposit accounts and borrowings payable in one year or less. At
December 31, 1997, the Bank was in compliance with this requirement with a
liquidity ratio of 5.8%. Management considers this liquidity position adequate
to meet its expected needs for the foreseeable future.

CAPITAL RESOURCES

Savings institutions insured by the Federal Deposit Insurance Corporation are
required by federal law to meet three regulatory capital requirements. If a
requirement is not met, regulatory authorities may take legal or administrative
actions, including restrictions on growth or operations or, in extreme cases,
placing the institution in receivership or conservatorship.

The following table presents the Bank's compliance with its capital requirements
at December 31, 1997:

(Dollars in thousands)

           Tangible Capital         Core Capital      Risk Based Capital
           ----------------         ------------      ------------------
           Amount        %        Amount        %       Amount        %
           ------        -        ------        -       ------        -
Actual    $13,444      12.5%     $13,444      12.5%    $13,553      26.5%
Required    1,616       1.5        3,232       3.0       4,098       8.0
          -------      ----      -------      ----     -------      ----
Excess    $11,828      11.0%     $10,212       9.5%    $ 9,455      18.5%
          =======      ====      =======      ====     =======      ====

The Bank's tangible and core capital consists solely of shareholders' equity.
Risk based capital consists of core capital plus general loan loss allowances
less certain assets required to be deducted.

At December 31, 1997 the Bank was considered well capitalized under Prompt
Corrective Action Regulations.

--------------------------------------------------------------------------------

                                                                             14.


<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.
                                   FORM 10-Q
                        Quarter ended December 31, 1997
                          PART II - OTHER INFORMATION
--------------------------------------------------------------------------------

Items 1-5 are not applicable.

Item  6 - Exhibits and Reports on Form 8-K:
          (a) Exhibits

<TABLE>
<CAPTION>
         Exhibit
         Number     Description
         ------     -----------
<S><C>
          3.1     Certificate of Incorporation of Delphos Citizens Bancorp, Inc. (1)

          3.2     Bylaws of Delphos Citizens Bancorp, Inc. (1)

          4.0     Stock Certificate of Delphos Citizens Bancorp, Inc. (1)

           27     Financial Data Schedule (2)
</TABLE>

          (b) No current reports on Form 8-K were filed by the Company during
              the quarter ended December 31, 1997.


          (1) Incorporated herein by reference from the Exhibits to the
              Registration Statement on Form S-1, as amended, filed on August
              22, 1996, Registration No. 333-10639

          (2) Filed only in electronic format pursuant to Item 601(b)(27) of
              Regulation S-K.

--------------------------------------------------------------------------------

                                                                             15.

<PAGE>


                         DELPHOS CITIZENS BANCORP, INC.

                                   SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                    DELPHOS CITIZENS BANCORP INC.
                                    -----------------------------
                                    (Registrant)


Date:  February 12, 1998            /s/ Joseph R. Reinemeyer
       -----------------            ------------------------
                                    Joseph R. Reinemeyer
                                    President and Chief Executive Officer
                                    (Principal Executive and Accounting Officer)

--------------------------------------------------------------------------------

                                                                             16.