<PAGE>


                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

(Mark One)
[ X ]    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
         SECURITIES  EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD
         ENDED MARCH 31, 2003

[   ]    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
         _________ TO __________

                        COMMISSION FILE NUMBER - 0-21809
                         HOME CITY FINANCIAL CORPORATION
                         -------------------------------
        (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)

                  OHIO                                34-1839475
                  ----                                ----------
    (STATE OR OTHER JURISDICTION OF      (I.R.S. EMPLOYER IDENTIFICATION NO.)
     INCORPORATION OR ORGANIZATION)

          2454 North Limestone Street
               Springfield, Ohio                         45503
               -----------------                         -----
    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)           (ZIP CODE)

                                 (937) 390-0470
                           (ISSUER'S TELEPHONE NUMBER)

                                       N/A
                                       ---
                          (FORMER ADDRESS LAST REPORT)


As of April 30, 2003, 784,400 common shares of the Registrant were outstanding.
There were no preferred shares outstanding.

Transitional Small Business Format (Check one):   Yes       No  X
                                                      ---       -




<PAGE>


                         HOME CITY FINANCIAL CORPORATION
                                SPRINGFIELD, OHIO

                                   FORM 10-QSB
                                      INDEX

         ===============================================================

<TABLE>
<CAPTION>
                                                                                               Page Number

<S>              <C>                                                                           <C>
PART I   FINANCIAL INFORMATION

        ITEM
          1.     Financial Statements (Unaudited)

                 Consolidated balance sheets --                                                     3
                 March 31, 2003, and December 31, 2002

                 Consolidated statements of income --                                               4
                 March 31, 2003, and December 31, 2002

                 Consolidated statements of changes in                                              5
                 shareholders' equity --Three months ended March 31, 2003

                 Consolidated statements of cash flows --                                           6
                 Three months ended March 31, 2003 and 2002

                 Notes to consolidated financial statements                                         7
                 March 31, 2003, and December 31, 2002

          2.     Management's Discussion and Analysis of Financial Condition
                 and Results of Operations                                                         11

          3.     Controls and Procedures                                                           15

PART II  OTHER INFORMATION

        ITEM
          1.     Legal Proceedings                                                                 16

          2.     Changes in Securities and Use of Proceeds                                         16

          3.     Defaults upon Senior Securities                                                   16

          4.     Submission of Matters to a Vote of Security Holders                               16

          5.     Other Information                                                                 17

          6.     Exhibits and Reports on Form 8-K                                                  17

Signatures                                                                                         18

Certifications                                                                                19 & 20
</TABLE>


                                       2
<PAGE>


                         PART I - FINANCIAL INFORMATION
                          ITEM 1. FINANCIAL STATEMENTS
                         HOME CITY FINANCIAL CORPORATION
                                SPRINGFIELD, OHIO
                           CONSOLIDATED BALANCE SHEETS

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

<TABLE>
<CAPTION>
                                                                                         (Dollars in thousands)
                                                                                        (Unaudited)
                                                                                          At March          At December
                                                                                          31, 2003            31, 2002
                                                                                          --------            --------
<S>                                                                                     <C>                 <C>
ASSETS
Cash and cash equivalents
     Cash and due from banks                                                                $ 804             $ 1,158
     Interest-bearing demand deposits                                                       5,830               3,289
     Federal funds sold                                                                     1,192               1,614
                                                                                        ---------           ---------
         Cash and cash equivalents                                                          7,826               6,061

Interest bearing deposits                                                                      24                  24
Available-for-sale securities                                                               6,085               6,363
Loans, net of allowance for loan losses of $605 and $503
         At March 31, 2003 and December 31, 2002                                          127,909             127,415
Premises and equipment                                                                      3,877               3,935
Federal Home Loan Bank stock                                                                2,199               2,177
Interest receivable                                                                           564                 600
Cash surrender value of life insurance                                                      2,860               2,829
Other                                                                                         351                 331
                                                                                        ---------           ---------
               TOTAL ASSETS                                                              $151,695            $149,735
                                                                                        =========           =========

LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
       Demand                                                                              $7,018              $5,468
       Savings, NOW and money market                                                       39,778              29,626
       Time                                                                                51,363              64,025
                                                                                        ---------           ---------
               Total Deposits                                                              98,159              99,119
                                                                                        ---------           ---------

Federal Home Loan Bank advances                                                            41,102              38,199
Interest payable and other liabilities                                                        779                 858
                                                                                        ---------           ---------

               TOTAL LIABILITIES                                                          140,040             138,176

SHAREHOLDERS' EQUITY
Preferred shares, no par value: authorized 1,000,000 shares; none issued                        0                   0
Common shares, no par value: authorized 5,000,000 shares;
     shares issued 952,200                                                                      0                   0
Additional paid-in capital                                                                  6,013               6,013
Retained earnings                                                                           8,329               8,246
Unearned Recognition and Retention Plan (RRP) shares                                        (102)               (111)
Unearned Employee Stock Ownership Plan (ESOP) shares                                        (305)               (305)
Accumulated other comprehensive income (loss)                                                (14)                (18)
Treasury shares, at cost; 167,800 shares                                                  (2,266)             (2,266)
                                                                                        ---------           ---------
               TOTAL SHAREHOLDERS' EQUITY                                                  11,655              11,559
                                                                                        ---------           ---------
               TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                $151,695            $149,735
                                                                                        =========           =========
</TABLE>

See accompanying notes.



                                       3
<PAGE>


                         HOME CITY FINANCIAL CORPORATION
                                SPRINGFIELD, OHIO
                        CONSOLIDATED STATEMENTS OF INCOME
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                                  (Dollars in thousands)
                                                                                              (Unaudited)       (Unaudited)
                                                                                            3 Months Ended    3 Months Ended
                                                                                               March 31,         March 31,
                                                                                               ---------         ---------
                                                                                                  2003              2002
                                                                                                  ----              ----
<S>                                                                                               <C>              <C>
INTEREST INCOME
Loans                                                                                             $ 2,296          $  2,241
Securities                                                                                             28               196
Federal funds sold                                                                                      3                 4
Dividends on Federal Home Loan Bank stock                                                              21                23
Deposits with financial institutions                                                                    1                 1
                                                                                                   ------             -----

     TOTAL INTEREST INCOME                                                                          2,349             2,465

INTEREST EXPENSE
Deposits                                                                                              749             1,072
Borrowings                                                                                            500               498
                                                                                                   ------             -----

     TOTAL INTEREST EXPENSE                                                                         1,249             1,570
                                                                                                   ------             -----

     NET INTEREST INCOME                                                                            1,100               895
Provision for loan losses                                                                              90                13
                                                                                                   ------             -----

     NET INTEREST INCOME AFTER PROVISION
         FOR LOAN LOSSES                                                                            1,010               882

NONINTEREST INCOME
Service charges on deposits                                                                             9                10
Net realized gains on sales of available-for-sale securities                                            6                 2
Life insurance                                                                                         35                39
Other                                                                                                  39               118
                                                                                                   ------             -----

     TOTAL NONINTEREST INCOME                                                                          89               169

NONINTEREST EXPENSE
Salaries and employee benefits                                                                        405               497
Net occupancy expense                                                                                  84                90
Equipment expense                                                                                      56                69
Data processing fees                                                                                   59                62
Professional fees                                                                                      80                89
Franchise taxes                                                                                        38                36
Other                                                                                                 120               156
                                                                                                   ------             -----

     TOTAL NONINTEREST EXPENSE                                                                        842               999
                                                                                                   ------             -----

     NET INCOME BEFORE FEDERAL INCOME
         TAX EXPENSE                                                                                  257                52

Provision for income tax expense/(benefit)                                                             90              (13)
                                                                                                   ------             -----

     NET INCOME                                                                                    $  167             $  65
                                                                                                   ======             =====

Earnings per common share - basic                                                                   $0.22             $0.09
Earnings per common share - diluted                                                                 $0.22             $0.09
</TABLE>

See accompanying notes.


                                       4
<PAGE>


                         HOME CITY FINANCIAL CORPORATION
           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                                              Accumulated
                                         Additional                                Unearned      Other
                                            Paid-in     Retained      Unearned       ESOP    Comprehensive    Treasury
                                  Shares    Capital     Earnings    Compensation    Shares   Income (Loss)      Stock       Total
                               -----------------------------------------------------------------------------------------------------


<S>                            <C>          <C>        <C>           <C>           <C>         <C>             <C>        <C>
Balance, December 31,2001        952,200    $  6,023   $    8,134    $     (178)   $    (381)  $      112      $ (2,266)  $ 11,444


 Comprehensive income
    Net income                                                457                                                              457
    Change in unrealized
       gain (loss) on
       securities available
       for sale, net of
       reclassification
       adjustment and tax
       effect                                                                                        (130)                    (130)
                                                                                                                           -------
        Total comprehensive
           income                                                                                                              327
                                                                                                                           -------
 Dividends on common stock,
    $.44 per share                                           (345)                                                            (345)
 Amortization of unearned
    compensation expense                                                     67                                                 67
 ESOP shares earned                              (10)                                     76                                    66
                                 -------     --------   ---------     ---------     --------    ---------       -------    -------

 Balance, December 31, 2002      952,200    $  6,013   $    8,246    $     (111)   $    (305)  $      (18)     $ (2,266)   $11,559


 Comprehensive income
    Net income                                                167                                                              167
    Change in unrealized
       gain (loss) on
       securities available
       for sale, net of
       reclassification
       adjustment and tax
       effect                                                                                           4                        4
                                                                                                                           -------
        Total comprehensive
           income                                                                                                              171
                                                                                                                           -------
 Dividends on common stock,
    $.11 per share                                            (84)                                                             (84)
 Amortization of unearned
    compensation expense                                                      9                                                  9
                                 -------     -------    ---------     ---------     --------    ---------       -------    -------


Balance, March 31, 2003          952,200    $  6,013   $    8,329    $     (102)   $    (305)  $      (14)     $ (2,266)  $ 11,655
                                 =======     =======    =========     =========     ========    =========       =======    =======
</TABLE>



See accompanying notes.




                                       5
<PAGE>


                         HOME CITY FINANCIAL CORPORATION
                                SPRINGFIELD, OHIO
                      CONSOLIDATED STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>
                                                                                                    (Dollars in thousands)
                                                                                               (Unaudited)        (Unaudited)
                                                                                               -----------        -----------
                                                                                              3 Months ended     3 Months ended
                                                                                              --------------     --------------
                                                                                                 March 31,          March 31,
                                                                                                 ---------          ---------
                                                                                                   2003                 2002
                                                                                                   ----                 ----

<S>                                                                                             <C>               <C>
OPERATING ACTIVITIES
Net income                                                                                      $    167          $      65
     Items not requiring (providing) cash
             Depreciation and amortization                                                            59                 61
             Provision for loan losses                                                                90                 13
             Amortization of premiums and discounts on securities                                     31                 26
             Deferred income taxes                                                                    (9)              (214)
             Increase in cash surrender value of life insurance                                      (31)               (33)
             Employees Stock Ownership Plan compensation expense                                      21                 24
             Recognition and Retention Plan compensations expense                                      2                 23
             Net realized gains on available-for-sale securities                                      (6)                (2)
             FHLB stock dividends                                                                    (22)               (24)

         Changes in
                     Interest receivable                                                              36                (32)
                     Other assets                                                                    (20)                38
                     Interest payable and other liabilities                                          (11)               (59)
                                                                                                 --------           --------

                           NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                          307               (114)
                                                                                                 --------           --------

INVESTING ACTIVITIES
         Purchase of available-for-sale securities                                                (1,157)            (4,024)
         Proceeds from payments and  maturities of securities available-for-sale                     581                  0
         Proceeds from sales of available-for-sale securities                                        819              1,491
         Net change in loans                                                                        (584)            (1,023)
         Purchases of premises and equipment                                                          (1)                (7)
                                                                                                 --------           --------

                            NET CASH USED IN INVESTING ACTIVITIES                                   (342)            (3,563)
                                                                                                 --------           --------

FINANCING ACTIVITIES
        Net increase in demand deposits, money market, NOW and savings accounts                   11,702              3,340
        Net increase (decrease) in certificates of deposit                                       (12,662)            (3,229)
        Proceeds from Federal Home Loan Bank advances                                              3,000              1,500
        Repayment of Federal Home Loan Bank advances                                                 (97)               (96)
        Repayment of long-term debt                                                                    0                 (1)
        Dividends paid                                                                               (84)               (86)
        Net increase (decrease) in advances from borrowers for taxes and insurance                   (59)               (56)
                                                                                                 --------           --------

                            NET CASH PROVIDED IN FINANCING ACTIVITIES                              1,800              1,372
                                                                                                 --------           --------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                   1,765             (2,305)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                                     6,061              5,010
                                                                                                 --------           --------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                                         $ 7,826            $ 2,705
                                                                                                 ========           ========
</TABLE>


See accompanying notes.




                                       6
<PAGE>




                         HOME CITY FINANCIAL CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                      MARCH 31, 2003, AND DECEMBER 31, 2002

                                   (UNAUDITED)

================================================================================

NOTE 1.  BASIS OF PRESENTATION

In the opinion of Management, the accompanying unaudited consolidated financial
statements contain all adjustments necessary for a fair presentation of Home
City Financial Corporation's ("Company" or "HCFC") financial position as of
March 31, 2003, and December 31, 2002, and the consolidated results of
operations and the cash flows for the three months ended March 31, 2003 and
2002. Certain information and note disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
("GAAP") have been omitted pursuant to the rules and regulations of the
Securities and Exchange Commission. It is suggested that these consolidated
financial statements be read in conjunction with the consolidated financial
statements and notes thereto included in the Company's Annual Report on Form
10-KSB. The results of operations for the three months ended March 31, 2003, are
not necessarily indicative of the results which may be expected for the entire
fiscal year.

NOTE 2.  ALLOWANCE FOR LOAN LOSSES

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

<TABLE>
<CAPTION>
                                                           (Dollars in thousands)
                                                         Three                Three
                                                     Months Ended         Months Ended
                                                       March 31,            March 31,
                                                         2003                 2002
                                                         ----                 ----

<S>                                                     <C>                     <C>
Balance, beginning of period                            $  503                  $   517
Provision for loan losses                                   90                       13
Charge-offs                                                (3)                     (11)
Recoveries                                                  15                       13
                                                        ------                  -------

Balance, end of period                                  $  605                  $   532
                                                        ======                  =======
</TABLE>


NOTE 3.  ADVANCES FROM FEDERAL HOME LOAN BANK

Borrowings at March 31, 2003, consisted of six short-term advances totaling $7.0
million and nineteen long-term advances totaling $34.1 million from the Federal
Home Loan Bank of Cincinnati ("FHLB"). The advances are collateralized by all
shares of FHLB stock owned by the Home City Federal Savings Bank of Springfield
("Bank") and by the Bank's qualified mortgage loan portfolio.



                                       7
<PAGE>


Scheduled maturities of advances from the FHLB were as follows:

<TABLE>
<CAPTION>
                                                            (Dollars in thousands)
                                 At March 31, 2003                                        At December 31, 2002
                  ---------------------------------------------------     ----------------------------------------------------

                                    Range of             Weighted-                          Range of             Weighted-
                                    interest              average                           interest              average
                   Amount             rates            interest rate       Amount             rates            interest rate
                   ------             -----            -------------       ------             -----            -------------

<S>                <C>             <C>                  <C>            <C>              <C>                       <C>
Due within
 one year             $7,000          1.42%                1.42%         $   4,914        1.44% - 6.05%            1.46%

After one but
 within five
 Years                $4,111       6.35%-8.35%             6.73%         $   3,401         6.35%-8.35%             6.74%

After five
 years               $29,991       3.30%-6.84%             5.61%         $  29,884         3.30%-6.84%             5.61%
</TABLE>



NOTE 4.  REGULATORY CAPITAL

The following table illustrates the compliance by the Bank with currently
applicable regulatory capital requirements at March 31, 2003.






<TABLE>
<CAPTION>
                                                            (Dollars in thousands)
                                                                                                            To be
                                                                                                     Categorized as "Well
                                                                                                      Capitalized" Under
                                                                     For Capital                       Prompt Corrective
                                          Actual                        Adequacy Purposes              Action Provisions
                                          ------                        -----------------              -----------------
                                 Amount        Ratio              Amount         Ratio               Amount          Ratio
                                 ------        -----              ------         -----               ------          -----
<S>                             <C>                <C>         <C>                   <C>           <C>             <C>
Total Risk-Based Capital
  (To Risk-Weighted Assets)     $11,894              11.0%        $8,682                8.0%        $10,852          10.0%

Tier I Capital
  (To Risk-Weighted Assets)     $11,289              10.4%          N/A                  N/A        $ 6,511           6.0%

Tier I Capital
  (To Total Assets)             $11,289              7.4%         $6,066                4.0% *      $ 7,584           5.0%

Tangible Capital
  (To Total Assets)             $11,289              7.4%         $2,275                1.5%           N/A            N/A
</TABLE>

* Although the general required minimum is 4%, savings associations that meet
  certain requirements may be permitted to maintain minimum tier I capital to
  adjusted total assets of 3%.


                                       8
<PAGE>


NOTE 5.  EARNINGS PER SHARE

Earnings per share ("EPS") is computed in accordance with Statement of Financial
Accounting Standards ("SFAS") No. 128, "Earnings per Share." Common stock
equivalents include shares held by the Company's Employee Stock Ownership Plan
("ESOP") that are committed for release and not subject to a loan pledge
agreement, shares awarded but not released under the Company's Recognition and
Retention Plan ("RRP"), and stock options granted under the Stock Option Plan
("SOP"). Unearned ESOP shares and RRP shares which have not vested have been
excluded from the computation of average shares outstanding. Following is a
reconciliation of the numerators and denominators of the basic and diluted EPS
calculations.

<TABLE>
<CAPTION>
                                                                                                 For the Three Months Ended
                                                                                                 --------------------------
                                                                                                       March 31, 2003
                                                                                                       --------------

                                                                                                     Weighted-
                                                                                                      average             Per
                                                                                  Income              Shares             Share
                                                                               (Numerator)         (Denominator)         Amount
                                                                               -----------         -------------         ------

<S>                                                                            <C>                   <C>                  <C>
Basic EPS
    Income available to common shareholders                                       $167,009              752,251              $0.22

    Effective of dilutive securities
    Stock options                                                                        0                6,308
                                                                                ----------           ----------

Diluted EPS
    Income available to common shareholders +
    assumed conversions                                                           $167,009              758,559              $0.22
</TABLE>



<TABLE>
<CAPTION>
                                                                                               For the Three Months Ended
                                                                                               --------------------------
                                                                                                      March 31, 2002
                                                                                                      --------------

                                                                                                     Weighted-
                                                                                                      average             Per
                                                                                  Income              Shares             Share
                                                                               (Numerator)         (Denominator)         Amount
                                                                               -----------         -------------         ------

<S>                                                                             <C>                   <C>              <C>
Basic EPS
    Income available to common shareholders                                       $65,346               740,658          $0.09

    Effective of dilutive securities
    Stock options*                                                                      0                     0
                                                                                ----------           ----------

Diluted EPS
    Income available to common shareholders +
    assumed conversions                                                           $65,346               740,658          $0.09
</TABLE>


* Because the exercise prices of the options exceeded the fair market value at
  March 31, 2002, the shares subject to options are not included in calculating
  diluted earnings per share.



                                       9
<PAGE>


NOTE 6.  STOCK OPTIONS

The Company accounts for its stock option plan under the under the recognition
and measurement principles of APB Opinion No. 25, Accounting for Stock Issued to
Employees, and related Interpretations. No stock-based employee compensation
cost is reflected in net income, as all options granted under those plans had an
exercise price equal to the market value of the underlying common stock on the
grant date. The following table illustrates the effect on net income and
earnings per share if the company had applied the fair value provisions of FASB
Statement No. 123, Accounting for Stock-Based Compensation, to stock based
employee compensation.


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

<TABLE>
<CAPTION>
                                                                                                   (Dollars in thousands except
                                                                                                        per share amounts)
                                                                                               For the Three Months ended March 31
                                                                                               -----------------------------------
                                                                                                    2003                  2002
                                                                                                    ----                  ----

<S>                                                                                               <C>                    <C>
Net income, as reported                                                                           $   167                $  65
Less:  Total stock-based employee compensation
           cost determined under the fair value based
           Interest payable and other liabilities                                                    ( 0)                  (17)
                                                                                                    -----                -----

Pro forma net income                                                                              $   167               $   48
                                                                                                    =====                =====

Earnings per share:
          Basic - as reported                                                                     $   .22               $  .09
                                                                                                    =====                =====
          Basic - pro forma                                                                       $   .22               $  .06
                                                                                                    =====                =====
          Diluted - as reported                                                                   $   .22               $  .09
                                                                                                    =====                =====
          Diluted - pro forma                                                                     $   .22               $  .06
                                                                                                    =====                =====

</TABLE>


NOTE 7.  RECENT ACCOUNTING PRONOUNCEMENTS

On November 25, 2002, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 45, Guarantor's Accounting and Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of Others (FIN No. 45)
which expands on the accounting guidance of Statements No. 5, 57 and 107 and
incorporates without change the provisions of FASB Interpretation No. 34, which
is being superseded.

FIN No. 45, which is applicable to public and non-public entities, will
significantly change current practice in the accounting for, and disclosure of,
guarantees. Each guarantee meeting the characteristics described in FIN No. 45
is to be recognized and initially measured at fair value, which will be a change
from current practice for most entities. In addition, guarantors will be
required to make significant new disclosures, even if the likelihood of the
guarantor making payments under the guarantee is remote, which represents
another change from current general practice.

FIN No. 45's disclosure requirements are effective for financial statements of
interim or annual periods ending after December 15, 2002, while the initial
recognition and initial measurement provisions are applicable on a prospective
basis to guarantees issued or modified after December 31, 2002. The Company has
changed its method of accounting and financial reporting for standby letters of
credit by adopting the provisions of FIN No. 45 effective January 1, 2003. There
was no material impact of the adoption on the financial statements.



                                       10
<PAGE>


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

================================================================================

SAFE HARBOR CLAUSE

           This report contains certain "forward-looking statements." 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 protection of such 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 the Company's expectations of future
financial results. The words "believe," "expect," "anticipate," "estimate,"
"project," and similar expressions identify forward-looking statements. The
Company's ability to predict results or the effect of future plans or strategies
is inherently uncertain. Factors that could affect actual results include
interest rate trends, the general economic climate in the Company's market area
and the country as a whole, loan delinquency rates, and changes in federal and
state regulations. These factors should be considered in evaluating the
forward-looking statements, and undue reliance should not be placed on such
statements. See Exhibit 99.1 attached hereto, "Safe Harbor Under the Private
Securities Litigation Reform Act of 1995," which is incorporated by reference.

GENERAL

           In September 1996, the Board of Directors of Home City Federal
Savings Bank of Springfield ("Bank") adopted a Plan of Conversion ("Plan")
whereby the Bank would convert to the stock form of ownership, followed by the
issuance of all the Bank's outstanding stock to a newly formed holding company,
Home City Financial Corporation ("Company"). Pursuant to the Plan, the Company
offered common shares for sale to certain depositors of the Bank and members of
the community. The conversion was completed on December 30, 1996, and resulted
in the issuance of 952,200 common shares of the Company which, after
consideration of offering expenses totaling approximately $447,000 and $762,000
in shares purchased by the ESOP ("Employee Stock Ownership Plan"), resulted in
net capital proceeds of $8.3 million. Consolidated financial statements of the
Company are presented herein. Future references are made either to the Company
or the Bank as applicable.

           The Company is a unitary savings and loan holding company whose
activities are primarily limited to holding the stock of the Bank. The Bank
conducts a general banking business in west central Ohio which consists of
attracting deposits from the general public and applying those funds to the
origination of loans secured by single-family residences, consumer loans and
loans secured by non-residential real estate. The Bank also originates loans for
the construction of residential real estate loans secured by multifamily real
estate (over four units), and commercial loans. The Bank's profitability is
significantly dependent on net interest income, which is the difference between
interest income generated from interest-earning assets (i.e., loans and
investments) and the interest expense paid on interest-bearing liabilities
(i.e., customer deposits and borrowed funds). Net interest income is affected by
the relative amount of interest-earning assets and interest-bearing liabilities
and interest received or paid on these balances. The level of interest rates
paid or received by the Bank can be significantly influenced by a number of
environmental factors, such as governmental monetary policy, that are outside of
management control.

           The consolidated financial information presented herein has been
prepared in accordance with generally accepted accounting principles ("GAAP")
and general accounting practices within the financial services industry. In
preparing consolidated financial statements in accordance with GAAP, management
is required to make estimates and assumptions that affect the reported amounts
of assets and liabilities


                                       11
<PAGE>


and the disclosure of contingent assets and liabilities at the date of the
financial statements and revenues and expenses during the reporting period.
Actual results could differ from such estimates.

           The Bank is regulated by the Office of Thrift Supervision ("OTS") and
its deposits are insured up to applicable limits under the Savings Association
Insurance Fund ("SAIF") of the Federal Deposit Insurance Corporation ("FDIC").

           The Bank is a member of the FHLB, conducting its business through its
two offices located in Springfield, Ohio. The primary market area of the Bank is
Clark County, Ohio, and contiguous counties.

                         CHANGES IN FINANCIAL CONDITION

           At March 31, 2003, the consolidated assets of the Company totaled
$151.7 million, an increase of $2.0 million, or 1.31%, from $149.7 million at
December 31, 2002. The increase in total assets was primarily the result of a
$1.8 million increase in cash and cash equivalents and a $494,000 increase in
loans receivable, funded by a $2.9 million increase in FHLB advances and a $1.0
million decrease in deposits.

           Net loans receivable increased by $494,000, or 0.39%, to $127.9
million at March 31, 2003, compared to $127.4 million at December 31, 2002. The
increase was primarily in the non-residential real estate and commercial loan
portfolio.

           Total cash and cash equivalents increased by $1.8 million during the
first quarter of 2003. This represented a temporary influx of undeployed
liquidity. Interest bearing demand deposits totaled $5.8 million, an increase of
$2.5 million, or 77.26%, from $3.3 million at December 31, 2002. Federal funds
sold decreased by $422,000, or 26.15%, from $1.6 million at December 31, 2002.
Total cash and balances due from banks decreased by $354,000 from the December
31, 2002, balances.

           Available-for-sale securities decreased $278,000, or 4.37%, from $6.4
million at December 31, 2002, to $6.1 million at March 31, 2003, with very
little activity in the portfolio for the quarter.

           Deposit balances moved down slightly, decreasing $960,000, or 0.97%,
from $99.1 million at December 31, 2002, to $98.2 million at March 31, 2003.
While demand, savings, NOW and money market deposits increased by 33.3%, time
deposits decreased by 19.8% as management worked to decrease higher rate
brokered savings deposits.

           Advances from the FHLB increased $2.9 million, or 7.60%, from $38.2
million at December 31, 2002, to $41.1 million at March 31, 2003, meeting both
loan origination and liquidity needs.

           Total shareholders' equity increased $96,000, or 0.83%, from December
31, 2002, to March 31, 2003. This increase was primarily the result of the
$167,000 of first quarter 2003 income together with a $4,000 increase in
accumulated other comprehensive income and the $9,000 amortization of unearned
compensation expense, partially offset by the $84,000 cash dividend payment.

           The Bank's liquidity, primarily represented by cash and cash
equivalents, is a result of its operating, investing and financing activities.
Principal sources of funds are deposits, loan and mortgage-backed securities
repayments, maturities of securities and other funds provided by operations. The
Bank also has the ability to borrow from the FHLB and other local financial
institutions. While scheduled loan repayments and maturing investments are
relatively predictable, deposit flows and early loan and mortgage-backed
security prepayments are more influenced by interest rates, general economic
conditions and competition. The Bank maintains investments in liquid assets
based upon management's assessment of (i) the need for funds, (ii) expected
deposit flows, (iii) the yields available on short-term liquid assets and (iv)
the objectives of the asset/liability management program. In the ordinary course
of business, part of such liquid investment portfolio is composed of deposits at
correspondent banks.


                                       12
<PAGE>


Although the amount on deposit at such banks often exceeds the $100,000 limit
covered by FDIC insurance, the Bank monitors the capital of such institutions to
ensure that such deposits do not expose the Bank to undue risk of loss.

           OTS regulations presently require the Bank to maintain an average
daily balance of liquid assets, which may include, but are not limited to,
investments in United States Treasury, federal agency obligations and other
investments having maturities of five years or less, in an amount sufficient to
provide a source of relatively liquid funds upon which the Bank may rely if
necessary to fund deposit withdrawals or other short-term funding needs. The
liquidity ratio is the percentage that this average daily balance of liquid
assets bears to the sum of the Bank's average daily balance of net withdrawable
deposit accounts and borrowings payable in one year or less. At March 31, 2003,
the Bank's regulatory liquidity ratio was 6.82%. At such date, the Bank had
commitments to originate loans totaling $13.4 million and no commitments to
purchase or sell loans. The Bank considers its liquidity and capital reserves
sufficient to meet its outstanding short- and long-term needs. Adjustments to
liquidity and capital reserves may be necessary, however, if loan demand
increases more than expected or if deposits decrease substantially.

           The Bank is required by applicable law and regulation to meet certain
minimum capital standards. Such capital standards include a tangible capital
requirement, a core capital requirement or leverage ratio and a risk-based
capital requirement. See "Note 4 - Regulatory Capital." The Bank exceeded all of
its capital requirements at March 31, 2003.

           On February 24, 2003, the Board of Directors of the Company declared
a quarterly cash dividend in the amount of $.11 per share to each shareholder of
record on March 7, 2003, which was paid on March 17, 2003.


                              RESULTS OF OPERATIONS

COMPARISON OF THREE MONTHS ENDED MARCH 31, 2003 AND 2002

           GENERAL. Net income increased $102,000, or 156.92%, from $65,000 for
the three months ended March 31, 2002, to $167,000 for the three months ended
March 31, 2002. The increase was primarily attributed to $205,000 more in net
interest income and a decrease of $157,000 in noninterest expense, which was
partially offset by an increase of $77,000 in the provision for loan losses, an
$80,000 decrease in noninterest income and an increase of $103,000 in the
provision for federal income tax expense.

           INTEREST INCOME. The $3.4 million increase in average earning assets
offset by a decrease in yields resulted in a decrease in interest income of
$116,000, or 4.71%, for the three months ended March 31, 2003, compared to the
same period in 2002. The decrease in yields caused a decline of $179,000 in
interest income, which was partially offset to the extent of $63,000 due to an
increase in the amount of average interest-earning assets.

           INTEREST EXPENSE. Interest expense on deposit liabilities decreased
$323,000, or 30.13%, for the three months ended March 31, 2003, as compared to
the same period in 2002. Total average deposits decreased by $699,000 comparing
the quarters ended March 31, 2003 and 2002, and the average interest rate paid
on interest-bearing deposits decreased by 137 basis points from 4.64% for the
three months ended March 31, 2002, to 3.27% for the same period in 2003. The
average balance of FHLB advances increased from $36.1 million for the
three-month period ended March 31, 2002, to $38.7 million for the same period in
2003 and, coupled with a 36 basis point decrease in rates paid, resulted in an
increase in interest on FHLB advances of $2,000 for the three months ended March
31, 2003, compared to the same period in 2002.


                                       13
<PAGE>


           PROVISION FOR LOAN LOSSES. The provision for loan losses was $90,000,
and there were $12,000 in net recoveries during the three months ended March 31,
2003, compared to a $12,500 provision and $2,000 of net recoveries during the
three months ended March 31, 2002. The provision was increased based upon the
results of the ongoing loan reviews and the composition of the loan portfolio.

           NONINTEREST INCOME. Noninterest income decreased by $80,000 for the
three months ended March 31, 2003, compared to the same period in 2002. The
decrease was primarily the result of the reduction of income from the
discontinued operations of Home City Insurance Agency Inc. Additionally,
decreases of $1,000 in service charges and $4,000 in income from life insurance
contracts, which were partially offset by a $4,000 increase in net realized
gains on sales of available-for-sale securities, comprised the remainder of the
decrease.

           NONINTEREST EXPENSE. Noninterest expense decreased $157,000, or
15.72%, to $842,000 for the three months ended March 31, 2003, from $999,000 in
the comparable period in 2002. Of this decrease, $92,000 was attributable to a
decrease in salaries and employee benefits expense in 2003, reflecting staff
reductions and the discontinuation of operations of the insurance agency
subsidiary. Almost all the remaining categories of noninterest expense showed
reductions of cost related to the discontinued operations of the insurance
agency. The annualized ratio of noninterest expense to average total assets was
2.24% and 2.75% for the three months ended March 31, 2003 and 2002,
respectively.

           INCOME TAXES. The provision for income taxes increased $103,000 for
the three months ended March 31, 2003, compared with the prior year, primarily
as a result of the $205,000 increase in net income before federal income tax
expense and the composition of the taxable and non-taxable income for the
quarter.






                                       14
<PAGE>


                                     ITEM 3.

                             CONTROLS AND PROCEDURES

================================================================================

The Chief Executive Officer and the Chief Financial Officer have reviewed, as of
a date within 90 days of this filing, the disclosure controls and procedures
that ensure that information relating to the Company required to be disclosed by
the Company in the reports that it files or submits under the Securities
Exchange Act of 1934, as amended, is recorded, processed, summarized and
reported in a timely and proper manner. Based upon this review, the Company
believes that there are adequate controls and procedures in place. There are no
significant changes in the controls or other factors that could affect the
controls after the date of the evaluation.









                                       15
<PAGE>


                         HOME CITY FINANCIAL CORPORATION
                                SPRINGFIELD, OHIO
                           PART II - OTHER INFORMATION

================================================================================

ITEM 1 - LEGAL PROCEEDINGS

       None

ITEM 2 - CHANGES IN SECURITIES AND USE OF PROCEEDS

       At the 2003 Annual Meeting of Shareholders of Home City Financial
       Corporation, the shareholders adopted the Amended and Restated Code of
       Regulations of Home City Financial Corporation. The amendments are
       generally described in Item 4. None of such amendments materially
       affected the rights of the shareholders of Home City Financial
       Corporation. The substance and reasons for the amendments are set forth
       in the definitive proxy statement filed by Home City Financial
       Corporation with the Securities and Exchange Commission on March 25,
       2003.

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

       Not Applicable


ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

       On April 30, 2003, the Corporation held its Annual Meeting of
       Shareholders.

  a.   Each of the five directors nominated were elected to terms expiring in
       2004 by the following votes:

<TABLE>
<S>                         <C>                <C>                  <C>
       Glenn W. Collier      For: 661,040       Withheld:  7,200     Broker Non-votes   0
       John D. Conroy        For: 666,440       Withheld:  1,800     Broker Non-votes   0
       James Foreman         For: 665,415       Withheld:  2,825     Broker Non-votes   0
       Terry A. Hoppes       For: 666,440       Withheld:  1,800     Broker Non-votes   0
       Douglas L. Ulery      For: 649,318       Withheld: 18,922     Broker Non-votes   0
</TABLE>

  b.   To adopt the Amended and Restated Code of Regulations of Home City
       Financial Corporation (the "New Regulations"), attached to the Proxy
       Statement as Exhibit A, in its entirety:

       FOR  463,272   AGAINST  27,535    ABSTAIN  13,755   NON-VOTES   163,678
            -------            ------             ------               -------

  c.   To adopt the provisions in the New Regulations expanding the
       indemnification of directors and officers:

       FOR  458,612   AGAINST  36,420    ABSTAIN  9,530    NON-VOTES   163,678
            -------            ------             -----                -------

  d.   To adopt technical changes to the existing Code of Regulations and remove
       obsolete provisions:

       FOR  462,737   AGAINST  32,335    ABSTAIN  9,490    NON-VOTES   163,678
            -------            ------             -----                -------



                                       16
<PAGE>


  e.   Ratification of the selection of BKD, LLP, as the auditors of Home City
       Financial Corporation for the current fiscal year:

       FOR  657,979   AGAINST  2,621     ABSTAIN  7,540    NON-VOTES   0
            -------            -----              -----                -


ITEM 5 - OTHER INFORMATION

       Not Applicable


ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

       a.     Exhibit 99.1: Safe Harbor Under the Private Securities Litigation
              Reform Act of 1995.

       b.     Exhibit 99.2: A Form 8-K was filed for the event on March 27,
              2003, regarding the hiring of J. William Stapleton as Chief
              Executive Officer/Chief Operating Officer of both HCFC and the
              Bank.










                                       17
<PAGE>


SIGNATURES



       In accordance with the requirements of the Securities Exchange Act of
1933, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.





                                           HOME CITY FINANCIAL CORPORATION



Date:   May 9, 2003                        /s/J. William Stapleton
      ---------------------------------    -------------------------------------
                                           J. William Stapleton
                                           Chief Executive Officer and
                                           Chief Operating Officer



 Date:  May 9, 2003                        /s/Charles A. Mihal
      ---------------------------------    -------------------------------------
                                           Charles A. Mihal
                                           Treasurer and Chief Financial Officer







                                       18
<PAGE>


                                  CERTIFICATION


I, J. William Stapleton, Chief Executive Officer and Chief Operating Officer of
Home City Financial Corporation, certify, that:

1.   I have reviewed this quarterly report on Form 10-QSB of Home City Financial
     Corporation;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations, and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a.   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others with those
          entities, particularly during the period in which the quarterly report
          is being prepared;

     b.   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c.   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent functions):

     a.   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize, and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b.   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls.

6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

/s/J. William Stapleton
---------------------------------------
J. William Stapleton
Chief Executive Officer and Chief Operating Officer
May 9, 2003



                                       19
<PAGE>


                                  CERTIFICATION


I, Charles A. Mihal, Treasurer and Chief Financial Officer of Home City
Financial Corporation, certify, that:

1.   I have reviewed this quarterly report on Form 10-QSB of Home City Financial
     Corporation;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations, and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a.   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others with those
          entities, particularly during the period in which the quarterly report
          is being prepared;

     b.   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c.   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent functions):

     a.   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize, and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b.   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls.

6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

/s/Charles A. Mihal
-------------------------------
Charles A. Mihal
Treasurer and Chief Financial Officer
May 9, 2003



                                       20