UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q
(Mark One)

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

                  For the quarterly period ended March 31, 2000

                                       or

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from __________________ to _________________

                         Commission File Number 0-29814

                         FIRST BANCORP OF INDIANA, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            Indiana                                      35-2061832
--------------------------------------------------------------------------------
 (State or other jurisdiction of                      (I.R.S. Employer
  incorporation or organization)                     Identification No.)

  2200 West Franklin Street, Evansville, Indiana            47712
--------------------------------------------------------------------------------
     (Address of principal executive offices)            (Zip Code)

                                 (812) 423-3196
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
--------------------------------------------------------------------------------
(Former  name,  former  address and former  fiscal year,  if changes  since last
report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.  Yes  [ X ]   No   [   ]


                      APPLICABLE ONLY TO CORPORATE ISSUERS:

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as of the latest  practicable date:  2,132,300 shares of common
stock, par value $0.01 per share, were outstanding as of April 30, 2000.
<PAGE>
                  FIRST BANCORP OF INDIANA, INC. AND SUBSIDIARY

                                    FORM 10-Q

                      FOR THE QUARTER ENDED MARCH 31, 2000

                                      INDEX

                                                                            Page
                                                                            ----
Part I    Financial Information
Item 1.   Consolidated Financial Statements                                   1
Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations                                           6
Item 3.   Quantitative and Qualitative Disclosures about Market Risk         11

Part II   Other Information
Item 1.   Legal Proceedings                                                  12
Item 2.   Changes in Securities and Use of Proceeds                          12
Item 3.   Defaults Upon Senior Securities                                    12
Item 4.   Submission of Matters to a Vote of Security Holders                12
Item 5.   Other Information                                                  12
Item 6.   Exhibits and Reports on Form 8-K                                   12

<PAGE>
<TABLE>
<CAPTION>
                              FIRST BANCORP OF INDIANA, INC.
                                      AND SUBSIDIARY
                                Consolidated Balance Sheet


                                                         March 31, 2000     June 30, 1999
                                                         -------------      -------------
                                                                    (Unaudited)
<S>                                                      <C>                <C>
Assets
    Cash and due from banks                              $   1,115,426      $   1,105,134
    Interest-bearing demand deposits                         5,122,955         15,567,989
    Federal funds sold                                       1,040,000             25,000
                                                         -------------      -------------
        Total cash and cash equivalents                      7,278,381         16,698,123
    Interest-bearing deposits                                1,386,000          2,079,000
    Investment securities
      Available for sale                                     1,440,040          2,972,581
      Held to maturity                                      47,750,609         40,003,256
                                                         -------------      -------------
        Total investment securities                         49,190,649         42,975,837
    Loans                                                   63,219,023         56,582,900
    Allowance for loan losses                                 (366,148)          (274,000)
                                                         -------------      -------------
        Net loans                                           62,852,875         56,308,900
    Premises and equipment                                   1,550,766          1,508,570
    Federal Home Loan Bank stock                               727,400            727,400
    Other assets                                             4,164,820          4,502,175
                                                         -------------      -------------
        Total assets                                     $ 127,150,891      $ 124,800,005
                                                         =============      =============
Liabilities
    Deposits
     Non-interest bearing                                $     491,943      $     419,865
     Interest bearing                                       84,506,723         86,302,246
                                                         -------------      -------------
        Total deposits                                      84,998,666         86,722,111
    Borrowings                                               5,000,000                  0
    Advances by borrowers for
      taxes and insurance                                      563,092            381,226
    Other liabilities                                        1,586,203          1,168,668
                                                         -------------      -------------
        Total liabilities                                   92,147,961         88,272,005
                                                         -------------      -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                      <C>                <C>
Stockholders' Equity
    Preferred stock, $.01 par value
       Authorized and unissued - 1,000,000 shares
    Common stock, $.01 par value
       Authorized - 9,000,000 shares
       Issued - 2,272,400 shares                                22,724             22,724
    Additional paid-in capital                              21,844,604         21,831,518
    Retained earnings                                       16,113,747         15,473,935
    Accumulated other comprehensive income                       1,701             25,263
                                                         -------------      -------------
                                                            37,982,776         37,353,440
    Less:
    Unallocated employee stock ownership plan shares        (1,662,457)          (825,440)
    Treasury stock                                          (1,317,389)                 0
                                                         -------------      -------------
    Total stockholders' equity                              35,002,930         36,528,000
                                                         -------------      -------------

        Total liabilities and stockholders' equity       $ 127,150,891      $ 124,800,005
                                                         =============      =============
</TABLE>
            See notes to unaudited consolidated financial statements

                                       2
<PAGE>
<TABLE>
<CAPTION>
                                            FIRST BANCORP OF INDIANA, INC.
                                                    AND SUBSIDIARY
                                           Consolidated Statement of Income
                                                                      For the                        For the
                                                                Three Months Ended              Nine Months Ended
                                                                      March 31,                      March 31,
                                                             -------------------------     -------------------------
                                                                2000            1999          2000            1999
                                                             ----------     ----------     ----------     ----------
                                                                  (Unaudited)                      (Unaudited)
<S>                                                          <C>            <C>            <C>            <C>
Interest Income
    Loans receivable                                         $1,263,324     $  833,976     $3,650,957     $2,376,934
    Investment securities                                       790,930        790,382      2,207,904      2,424,435
    Deposits with financial institutions                        122,895        155,924        368,310        597,372
    Federal funds sold                                            9,332          7,662         26,996         25,600
    Other interest and dividend income                           14,469         14,450         43,804         43,841
                                                             ----------     ----------     ----------     ----------
        Total interest income                                 2,200,950      1,802,394      6,297,971      5,468,182
                                                             ----------     ----------     ----------     ----------
Interest Expense
    Deposits                                                    987,880      1,069,327      2,952,073      3,306,073
    Borrowings                                                   75,425         44,120         75,425        148,040
    Interest on stock subscription escrow                             0         13,661              0         13,661
    Other                                                        17,280         14,425         46,114         38,210
                                                             ----------     ----------     ----------     ----------
        Total interest expense                                1,080,585      1,141,533      3,073,612      3,505,984
                                                             ----------     ----------     ----------     ----------
Net Interest Income                                           1,120,365        660,861      3,224,359      1,962,198
                                                             ----------     ----------     ----------     ----------
    Provision for Loan Losses                                    45,000         11,000        139,342         11,000
                                                             ----------     ----------     ----------     ----------
Net Interest Income after Provision                           1,075,365        649,861      3,085,017      1,951,198
Noninterest Income
    Increase in cash surrrender values
       of life insurance                                         23,690         26,600         71,786         73,268
    Other Income                                                158,371         50,294        555,657        159,612
                                                             ----------     ----------     ----------     ----------
        Total noninterest income                                182,061         76,894        627,443        232,880
                                                             ----------     ----------     ----------     ----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                          <C>            <C>            <C>            <C>
Noninterest Expense
    Salaries and employee benefits                              468,493        327,705      1,404,586        969,043
    Net occupancy expense                                        40,438         48,814        134,507        135,424
    Equipment expense                                            50,875         44,328        148,181        101,395
    Deposit insurance expense                                     4,537         13,927         33,597         41,563
    Data processing fees                                         43,048         30,030         95,182         82,831
    Other expense                                               215,549        143,331        721,032        373,940
                                                             ----------     ----------     ----------     ----------
        Total noninterest expense                               822,940        608,135      2,537,085      1,704,196
                                                             ----------     ----------     ----------     ----------
Income Before Income Tax                                        434,486        118,620      1,175,375        479,882
    Income tax expense                                          147,698         21,821        388,159        117,032
                                                             ----------     ----------     ----------     ----------
Net Income                                                   $  286,788     $   96,799     $  787,216     $  362,850
                                                             ==========     ==========     ==========     ==========
    Basic earnings per share                                 $     0.14            N/A     $     0.38            N/A
    Diluted earnings per share                               $     0.14            N/A     $     0.38            N/A
    Weighted average number shares outstanding - Basic        2,014,882              0      2,083,044              0
    Weighted average number shares outstanding - Diluted      2,014,882              0      2,083,044              0

</TABLE>
            See notes to unaudited consolidated financial statements

                                       2
<PAGE>
<TABLE>
<CAPTION>
                                  FIRST BANCORP OF INDIANA, INC.
                                          AND SUBSIDIARY
                       Consolidated Statement of Changes in Equity Capital


                                                Common Stock
                                         -----------------------      Additional
                                             Shares                    Paid-in     Comprehensive
                                         Outstanding      Amount       Capital         Income
                                         -----------      ------       -------         ------
<S>                                        <C>           <C>         <C>              <C>
Balances, June 30, 1999                    2,272,400     $22,724     $21,831,518
   Net income                                                                         $289,724
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                                             (10,707)
                                                                                      --------
   Comprehensive income (unaudited)                                                   $279,017
                                                                                      ========
   Employee Stock Ownership Plan
    shares allocated                                                        (483)
   Purchase ESOP Shares
   Refunded Conversion Expenses                                           20,816
                                           -------------------------------------
Balances, Sept 30, 1999 (unaudited)        2,272,400    $22,724      $21,851,851
                                           =====================================
   Net income                                                                         $210,704
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                                              (6,968)
                                                                                      --------
   Comprehensive income (unaudited)                                                   $203,736
                                                                                      ========
   Employee Stock Ownership Plan
    shares allocated                                                      (3,607)
                                           -------------------------------------
Balances, Dec 31, 1999 (unaudited)         2,272,400    $22,724      $21,848,244
                                           =====================================
   Net income                                                                         $286,788
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                                              (5,887)
                                                                                      --------
   Comprehensive income (unaudited)                                                   $280,901
                                                                                      ========
   Employee Stock Ownership Plan
    shares allocated                                                      (3,640)
   Cash dividends paid ($0.07 per share)
   Treasury shares purchased
                                           -------------------------------------
Balances, March 31, 2000 (unaudited)       2,272,400    $22,724      $21,844,604
                                           =====================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                         Accumulated
                                                            Other        Unallocated
                                            Retained    Comprehensive       ESOP          Treasury
                                            Earnings        Income         Shares          Shares          Total
                                            --------        ------         ------          ------          -----
<S>                                        <C>             <C>           <C>             <C>           <C>
Balances, June 30, 1999                    $15,473,935     $25,263       ($825,440)                    $36,528,000
   Net income                                  289,724                                                     289,724
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                 (10,707)                                        (10,707)

   Comprehensive income (unaudited)

   Employee Stock Ownership Plan
    shares allocated                                                        50,724                          50,241
   Purchase ESOP Shares                                                   (980,411)                       (980,411)
   Refunded Conversion Expenses                                                                             20,816
                                           -----------------------------------------------------------------------
Balances, Sept 30, 1999 (unaudited)        $15,763,659     $14,556     ($1,755,127)                    $35,897,663
                                           =======================================================================
   Net income                                  210,704                                                     210,704
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                  (6,968)                                         (6,968)

   Comprehensive income (unaudited)
   Employee Stock Ownership Plan
    shares allocated                                                        54,022                          50,415
                                           -----------------------------------------------------------------------
Balances, Dec 31, 1999 (unaudited)         $15,974,363      $7,588     ($1,701,105)                    $36,151,814
                                           =======================================================================
   Net income                                  286,788                                                     286,788
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                  (5,887)                                         (5,887)
   Comprehensive income (unaudited)
   Employee Stock Ownership Plan
    shares allocated                                                        38,648                          35,008
   Cash dividends paid ($0.07 per share)      (147,404)                                                   (147,404)
   Treasury shares purchased                                                              (1,317,389)   (1,317,389)
                                           -----------------------------------------------------------------------
Balances, March 31, 2000 (unaudited)       $16,113,747      $1,701     ($1,662,457)      ($1,317,389)  $35,002,930
                                           =======================================================================

</TABLE>
            See notes to unaudited consolidated financial statements

                                       3
<PAGE>
<TABLE>
<CAPTION>
                                    FIRST BANCORP OF INDIANA
                                         AND SUBSIDIARY
                              Consolidated Statement of Cash Flows

                                                                      Nine Months Ended
                                                                           March 31,
                                                                 ------------------------------
                                                                    2000                1999
                                                                 ------------      ------------
                                                                          (Unaudited)
<S>                                                              <C>               <C>
Net Cash Provided (Used) by Operating Activities                 $  1,847,039      ($    95,880)
Investing Activities
   Net change in interest-bearing deposits                            693,000           298,000
   Proceeds from maturities of securities available for sale        1,495,610           999,253
   Purchases of securities held to maturity                       (27,259,587)      (25,422,328)
   Proceeds from maturities of securities held to maturity         19,473,581        33,294,915
   Net change in loans                                             (6,683,317)      (12,380,566)
   Net (Purchases) or Dispositions of premises and equipment          (20,101)         (106,215)
                                                                 ------------      ------------
     Net cash used by investing activities                        (12,300,814)       (3,316,941)
                                                                 ------------      ------------
Financing Activities
   Net change in
     Non-interest bearing, interest-bearing demand
       and savings deposits                                          (514,892)        7,354,673
     Certificates of deposit                                       (1,208,553)       (1,996,552)
     Advances by borrows for taxes and insurance                      181,866           256,569
     Stock subscription escrow                                              0        17,333,245
   Increase (repayment of) long-term debt                           5,000,000        (3,645,000)
   Refunded conversion expenses                                        20,816                 0
   Purchase of ESOP shares                                           (980,411)                0
   Purchase treasury shares                                        (1,317,389)                0
   Dividends paid                                                    (147,404)                0
                                                                 ------------      ------------
       Net cash provided (used) by financing activities             1,034,033        19,302,935
                                                                 ------------      ------------
Net Change in Cash and Cash Equivalents                            (9,419,742)       15,890,114
Cash and Cash Equivalents, Beginning of Period                     16,698,123        11,689,069
                                                                 ------------      ------------
Cash and Cash Equivalents, End of Period                         $  7,278,381      $ 27,579,183
                                                                 ============      ============
Additional Cash Flow Information
   Interest paid                                                    2,610,536         2,994,628
   Income tax paid                                                    557,319           105,000
</TABLE>

 See notes to unaudited consolidated financial statements

                                      4
<PAGE>
                  FIRST BANCORP OF INDIANA, INC. AND SUBSIDIARY
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.     BASIS OF PRESENTATION

     The  accompanying  consolidated  financial  statements  of First Bancorp of
Indiana, Inc. (the "Company") have been prepared in accordance with instructions
to Form  10-Q.  Accordingly,  they do not  include  all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.   However,  such  information  reflects  all  adjustments
(consisting solely of normal recurring adjustments) which are, in the opinion of
management,  necessary for a fair  statement of results for the interim  period.
The results of operations for the three and nine months ended March 31, 2000 are
not  necessarily  indicative  of the results to be expected  for the year ending
June 30, 2000. The consolidated financial statements and notes thereto should be
read in conjunction with the audited consolidated financial statements and notes
thereto for the year ended June 30,  1999,  contained  in the  Company's  annual
report to shareholders.

2.       CONVERSION TO STOCK FORM OF OWNERSHIP

     On September 16, 1998, the Board of Directors of First Federal Savings Bank
(the "Bank") adopted a Plan of Conversion to convert from a federally  chartered
mutual  savings bank to a federally  chartered  capital stock savings bank.  The
conversion  was  accomplished  through the  formation of the Company in November
1998,  the adoption of a federal  stock  charter,  the sale of all of the Bank's
stock to the Company on April 7, 1999 and the sale of the Company's stock to the
public on April 7, 1999.

     In connection with the conversion,  the Company issued  2,272,400 shares of
common stock for gross proceeds of $22.7 million.  The aggregate  purchase price
was determined by an independent appraisal.  The Bank issued all its outstanding
capital stock to the Company in exchange for one-half of the net proceeds of the
offering.  The  Company  accounted  for the  purchase  in a manner  similar to a
pooling of interests  whereby assets and  liabilities of the Bank maintain their
historical cost basis in the consolidated company.

3.     EMPLOYEE STOCK OWNERSHIP PLAN

     In connection with the conversion,  the Bank  established an Employee Stock
Ownership  Plan ("ESOP") for the benefit of its  employees.  The Company  issued
87,400  shares of common stock to the ESOP in exchange for a 12 year note in the
amount of approximately  $874,000.  During the quarter ended September 30, 1999,
the ESOP acquired an additional  94,392 shares of the Company's  common stock in
the open market. When combined with the shares previously  purchased by the ESOP
in the  Company's  initial  public  offering,  the ESOP owns 8% of the Company's
outstanding  shares.  The $980,411 for the ESOP  purchase was borrowed  from the
Company and added to the existing 12 year note. The Bank will make contributions
in the amount necessary,  when combined with any dividends earned by the ESOP on
unallocated  shares, to make quarterly payments of principal and interest on the
note.  As payments are made,  the Company will release  shares from  collateral.
Released shares will be allocated to participants over the term of the note.

                                        5

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

FORWARD-LOOKING STATEMENTS

     This report contains  forward-looking  statements within the meaning of the
federal securities laws. These statements are not historical facts,  rather they
are  statements  based  on the  Company's  current  expectations  regarding  its
business  strategies  and their  intended  results  and its future  performance.
Forward-looking  statements are preceded by terms such as "expects," "believes,"
"anticipates,"  "intends," and similar expressions.  Forward-looking  statements
are not guarantees of future performance. Numerous risks and uncertainties could
cause  or  contribute  to  the  Company's  actual  results,   performance,   and
achievements  to be materially  different from those expressed or implied by the
forward-looking  statements.  Factors  that  may  cause or  contribute  to these
differences include, without limitation, general economic conditions,  including
changes in market  interest rates and changes in monetary and fiscal policies of
the federal government;  legislative and regulatory  changes;  and other factors
disclosed periodically in the Company's filings with the Securities and Exchange
Commission.  Because of the risks and uncertainties  inherent in forward-looking
statements,  readers are cautioned not to place undue reliance on them,  whether
included in this report or made elsewhere from time to time by the Company or on
its behalf.  The Company  assumes no  obligation  to update any  forward-looking
statements.

GENERAL

     Management's  discussion and analysis of financial condition and results of
operations is intended to assist in  understanding  the financial  condition and
results of operations of the Company. The information  contained in this section
should  be  read  in  conjunction  with  the  unaudited  consolidated  financial
statements and accompanying notes thereto.

COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2000 AND JUNE 30, 1999

     Total consolidated assets of the Company increased $2.4 million from $124.8
million at June 30,  1999 to $127.2  million at March 31,  2000.  This growth in
assets occurred primarily in investment securities and loans offset by a decline
in  interest-bearing  demand deposits.  The growth in total assets was primarily
funded  with $5.0  million  in  borrowings  from the  Federal  Home Loan Bank of
Indianapolis  (FHLB)  offset by a decline in total  deposits and the purchase of
Company stock.

     Cash and cash equivalents, which are primarily comprised of demand deposits
at the FHLB,  decreased by $9.4  million from $16.7  million at June 30, 1999 to
$7.3  million at March 31,  2000.  This  decline  was the  result of  management
shifting funds to the investment securities and loan portfolios as well as using
a portion  of its most  liquid  assets to fund the slight  decline  in  customer
deposits.

     Investment securities increased $6.2 million from $43.0 million at June 30,
1999 to $49.2 million at March 31, 2000.  This increase was primarily the result
of  management's  effort to  increase  interest  income by  shifting  funds from
interest-bearing demand deposits to higher yielding investment securities.

     Net loans grew $6.6  million  from $56.3  million at June 30, 1999 to $62.9
million at March 31, 2000.  This  increase is primarily  attributable  to a $4.1
million  increase in consumer loans.  The Bank has always been a strong mortgage
lender  and  continues  to expand its  consumer  lending  operation.  During the
period, the Bank originated $33.7 million of indirect  automobile loans of which
it retained $8.3 million for its own  portfolio.  It is  management's  intent to
continue to sell 60%-80% of indirect  automobile  loan production and retain the
remainder in the Company's own portfolio.

                                        6
<PAGE>
   The  allowance  for loan losses  increased  from $274,000 at June 30, 1999 to
$366,000  at March 31,  2000.  The ratios of the  Company's  allowance  for loan
losses to total loans were 0.58% and 0.48% at March 31, 2000 and June 30,  1999,
respectively.  During that same  period,  the  Company's  non-performing  assets
increased from $6,000 to $96,000. The ratios of the Company's allowance for loan
losses to total nonperforming loans were 381.25% and 4,566.67% at March 31, 2000
and June 30, 1999, respectively.

     Total deposits declined $1.7 million from $86.7 million at June 30, 1999 to
$85.0 million at March 31, 2000. This slight decline was primarily the result of
unusually competitive pricing for deposits.

     Borrowings  increased  from zero at June 30, 1999 to $5.0  million at March
31, 2000 as the Bank took advantage of its borrowing  capacity as an alternative
to gathering deposits.

     Other liabilities  increased $418,000 from $1.2 million at June 30, 1999 to
$1.6 million at March 31, 2000.  This increase was primarily  attributable to an
increase in accrued  interest  payable on certificate  of deposit  accounts that
receive interest semi-annually.

     Total  stockholders'  equity  decreased  $1.5 million from $36.5 million at
June 30, 1999 to $35.0 million at March 31, 2000. This decline was  attributable
to the purchase of additional  shares of stock for the employee stock  ownership
plan (ESOP) totaling  $980,000,  less a $136,000  allocation of ESOP shares, the
purchase  of  Company  stock  totaling  $1.3  million,  a $147,000  dividend  to
shareholder's,  and a decrease of $24,000 in net unrealized  gains on securities
available for sale. Increasing  stockholders' equity were net income of $787,000
and an  increase  of $21,000 to  additional  paid-in  capital for a refund and a
reduction of conversion related expenses.


COMPARISON  OF  OPERATING  RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND
1999

     GENERAL. Net income for the quarter ended March 31, 2000 increased $190,000
or 195.9% from $97,000 for the quarter  ended March 31, 1999 to $287,000 for the
quarter ended March 31, 2000. This was primarily  attributable to an increase in
the  Company's  net interest  income as the  Company's  net interest rate spread
increased  from  2.04% for the  quarter  ended  March 31,  1999 to 2.54% for the
quarter  ended March 31, 2000.  As a result of its stock  offering,  the Company
also had a larger amount of  interest-earning  assets compared to last year. The
return on average assets was 0.90% for the quarter ended March 31, 2000 compared
to 0.34% for the same quarter  during 1999 and the return on average  equity was
3.20% for the  quarter  ended  March  31,  2000  compared  to 2.54% for the same
quarter during 1999.

     NET INTEREST  INCOME.  Net interest  income for the quarter ended March 31,
2000 increased $460,000 from $661,000 during the quarter ended March 31, 1999 to
$1.1 million for the quarter ended March 31, 2000.

     The increase in net interest income was  attributable in part to a $399,000
increase in total interest income, from $1.8 million for the quarter ended March
31, 1999 to $2.2 million for the same quarter during 2000, and was primarily the
result of a $429,000  increase in interest  income  from  loans.  Average  loans
outstanding  increased to $62.1  million with an average  yield of 8.13% for the
quarter  ended March 31, 2000 from $42.3  million with an average yield of 7.90%
for the same period in the prior  year.  This  increase  in interest  income was
partially

<PAGE>
offset  by a $33,000  decline  in  interest  income  from  deposits  with  other
financial institutions.  The decline in interest income from deposits with other
financial  institutions was primarily due to lower volume as the Bank held $17.3
million of stock subscription  escrows at March 31, 1999 in conjunction with the
Conversion.

     The  increase in net  interest  income was also  attributable  to a $61,000
decline in interest expense to $1.1 million for the quarter ended March 31, 2000
as  compared  to the same period  last year.  This was  primarily  the result of
average  deposits  declining  from $91.9 million for the quarter ended March 31,
1999 to $84.6 million for

                                        7
<PAGE>
the quarter ended March 31, 2000,  offset  slightly by the average cost of those
deposits  increasing from 4.65% to 4.67% for the same respective  periods.  Also
contributing  to the  reduction  in  interest  expense  was the  elimination  of
interest on stock subscription escrow accounts.  The decline in interest expense
was partially  offset by an increase in interest  expense on borrowings from the
FHLB.

     PROVISION  FOR LOAN LOSSES.  The  provision for loan losses for the quarter
ended March 31, 2000 was $45,000 compared to $11,000 for the same quarter in the
prior year. The provision reflects  management's  analysis of the Company's loan
portfolio based on information which is currently  available to it at such time.
In particular,  management  considers the level of non-performing loans (if any)
and potential  problem  loans.  The higher  provision  for the quarter  reflects
overall  growth  in the  Company's  loan  portfolio.  While  Company  management
believes that the allowance for loan losses is sufficient  based on  information
currently  available  to it,  no  assurances  can be made  that  future  events,
conditions, or regulatory directives will not result in increased provisions for
loan losses or additions to the  allowance  for loan losses which may  adversely
affect net income.  Net  charge-offs  for the quarter  ended March 31, 2000 were
$13,000 compared to zero for the same period last year.

     NONINTEREST  INCOME.  Noninterest  income totaled  $182,000 for the quarter
ended March 31, 2000  compared to $77,000 for the same period in the prior year,
an increase of $105,000.  The increase was primarily attributable to $110,000 in
fee income  generated  through  the sale of  consumer  loans into the  secondary
market and was offset  slightly  by reduced fee income from the sale of mortgage
loans.

     NONINTEREST  EXPENSE.  Total noninterest  expense increased to $823,000 for
the quarter  ended March 31, 2000 as compared to $608,000 for the same period in
1999, an increase of $215,000.  Salaries and employee  benefits totaled $468,000
during the quarter  ended March 31,  2000,  which was  $140,000  higher than the
$328,000 recorded during the same period in 1999.  Approximately  $35,000 of the
increase in salaries  and employee  benefits is  attributable  to the  Company's
ESOP, which was adopted in conjunction with its initial public offering in April
1999.  Compensation  expense is also approximately  $30,000 higher for the three
months ended March 31, 2000 as a result of the addition of the indirect  lending
department.  Staffing levels for indirect lending increased gradually throughout
the quarter to seven  employees at March 31, 1999.  There were ten  employees in
the indirect lending  department at March 31, 2000 as additional staff was added
for collections and servicing.  Additional branch administration and bookkeeping
personnel also added approximately $15,000 to salaries and employee benefits for
the period  ended  March 31,  2000 as  compared  to the same  period  last year.
Medical and  retirement  expenses are also higher by  approximately  $16,000 and
$6,000,  respectively,  for the quarter ended March 31, 2000. The balance of the
increase  in  salaries  and  employee  benefits  is mainly due to normal  salary
increases for employees other than those mentioned above.

     Other noninterest expense increased $73,000, to $216,000 during the quarter
ended March 31, 2000 as compared to $143,000 during the same period in 1999. The
increased  expense is  primarily  attributable  to  professional  fees and other
expenses  associated with being a public company,  which increased $40,000,  for
the  quarter  ended  March 31,  2000 as compared to zero for the same period one
year ago. The balance of the  increase is due to a $19,000  increase in expenses
associated with the new indirect lending  department,  a $4,000 loss on the sale
of repossessed assets, a $4,000 increase in advertising, and various other small
increases in several noninterest expense categories.
<PAGE>
     INCOME  TAXES.  Total income tax expense was $148,000 for the quarter ended
March 31, 2000, compared to $22,000 for the same period in 1999. The increase is
attributable  to  increased  taxable  income.  The  effective  tax rates for the
quarters ended March 31, 2000 and 1999 were 34.1% and 18.5%.

                                        8

<PAGE>
COMPARISON  OF  OPERATING  RESULTS FOR THE NINE MONTHS  ENDED MARCH 31, 2000 AND
1999

     GENERAL.  Net income for the nine months  ended  March 31,  2000  increased
$424,000 or 116.8%  from  $363,000  for the nine months  ended March 31, 1999 to
$787,000  for  the  nine  months  ended  March  31,  2000.  This  was  primarily
attributable  to an  increase  in  the  Company's  net  interest  income  as the
Company's  net  interest  rate spread  increased  from 1.99% for the nine months
ended  March 31, 1999 to 2.46% for the nine months  ended March 31,  2000.  As a
result  of  its  stock  offering,  the  Company  also  had a  larger  amount  of
interest-earning  assets compared to last year. The return on average assets was
0.84% for the nine months  ended  March 31, 2000  compared to 0.43% for the same
period  during  1999 and the  return on  average  equity  was 2.92% for the nine
months ended March 31, 2000 compared to 3.20% for the same period during 1999.

     NET INTEREST  INCOME.  Net interest  income for the nine months ended March
31, 2000  increased  $1.3 million to $3.2 million as compared to the same period
in 1999.

     The increase in net interest income was  attributable in part to a $830,000
increase in total  interest  income from $5.5  million for the nine months ended
March 31, 1999 to $6.3 million for the same period during 2000 and was primarily
the result of a $1.3 million increase in interest income from loans. The average
loans outstanding  increased to $60.2 million with an average yield of 8.09% for
the nine months ended March 31, 2000 from $39.0 million with an average yield of
8.12% for the same period in the prior year.  This  increase in interest  income
was partially  offset by a $217,000  decline in interest income from investments
and a $229,000  decline in interest  income from deposits  with other  financial
institutions.

     The increase in net  interest  income was also  attributable  to a $432,000
decline in interest expense from $3.5 million during the nine months ended March
31,  1999 to $3.1  million for the nine months  ended March 31,  2000.  This was
primarily the result of average  deposits  declining  from $91.1 million for the
nine  months  ended March 31,  1999 to $84.6  million for the nine months  ended
March 31, 2000, and the average cost of those  deposits  declining from 4.84% to
4.65%  for the  same  respective  periods.  In  addition,  interest  expense  on
borrowings declined $73,000, primarily due to lower average balance.

     PROVISION  FOR LOAN  LOSSES.  The  provision  for loan  losses for the nine
months ended March 31, 2000 was $139,000 compared to $11,000 for the same period
in the prior year. The provision reflects management's analysis of the Company's
loan portfolio based on information  which is currently  available to it at such
time. In particular,  management considers the level of non-performing loans (if
any) and potential  problem loans.  The higher provision for the period reflects
overall  growth  in the  Company's  loan  portfolio.  While  Company  management
believes that the allowance for loan losses is sufficient  based on  information
currently  available  to it,  no  assurances  can be made  that  future  events,
conditions, or regulatory directives will not result in increased provisions for
loan losses or additions to the  allowance  for loan losses which may  adversely
affect net income. Net charge-offs for the nine months ended March 31, 2000 were
$47,000 compared to zero for the same period last year.

     NONINTEREST INCOME. Noninterest income totaled $627,000 for the nine months
ended March 31, 2000 compared to $233,000 for the same period in the prior year,
an increase of $394,000.  The increase was primarily attributable to $413,000 in
fee income  generated  through  the sale of  consumer  loans into the  secondary
market and was offset by reduced fee income from the sale of mortgage loans.
<PAGE>
     NONINTEREST  EXPENSE.  Total noninterest expense increased $833,000 to $2.5
million for the nine months ended March 31, 2000 as compared to $1.7 million for
the same period in 1999.  Salaries  and employee  benefits  totaled $1.4 million
during the nine months ended March 31, 2000,  which was $436,000 higher than the
$969,000 recorded during the same period in 1999.  Approximately $204,000 of the
increase  in salaries  and  employee  benefits  expense is  attributable  to the
addition of a new indirect  lending  department  in January  1999.  Compensation
expense is also  approximately  $136,000  higher for the nine months ended March
31, 2000 as a result of the  Company's  ESOP,  which was adopted in  conjunction
with its initial public offering in April 1999.

                                        9
<PAGE>
Additional   branch   administration   and  bookkeeping   personnel  also  added
approximately  $20,000 to salaries  and  employee  benefits for the period ended
March 31, 2000 as compared to the same period last year.  Medical and retirement
expenses are also higher approximately $16,000 and $11,000, respectively for the
nine months  ended  March 31,  2000 as compared to the same period in 1999.  The
balance of the  increase  in  salaries  and  employee  benefits is mainly due to
incentive  compensation  bonuses and normal salary increases for employees other
than those previously noted.

     Other noninterest expense increased  $347,000,  to $721,000 during the nine
months  ended March 31,  2000 as compared to $374,000  during the same period in
1999.  Approximately  $89,000  of the  increase  was due to legal and other fees
incurred in settlement of a lawsuit in connection  with the  acquisition  of the
indirect  lending  department.  The increased  expense is also  attributable  to
professional  fees and other expenses  associated  with being a public  company,
which increased $150,000, a $70,000 increase in expenses associated with the new
indirect  lending  department,  a $10,000  increase in advertising,  and various
other small increases in several noninterest expense categories.

     INCOME  TAXES.  Total  income tax expense was  $388,000 for the nine months
ended March 31,  2000,  compared to  $117,000  for the same period in 1999.  The
increase is  attributable to increased  taxable income.  The effective tax rates
for the nine months ended March 31, 2000 and 1999 were 33.0% and 24.4%.

   LIQUIDITY AND CAPITAL RESOURCES

     Federal  regulations  require  First  Federal to maintain  levels of liquid
assets,  such as cash and  eligible  investments.  The required  percentage  has
varied from time to time based upon economic conditions and savings flows and is
currently  4% of the  average  daily  balance  of its net  withdrawable  savings
deposits and short-term borrowings. At March 31, 2000, First Federal's liquidity
ratio,  defined as liquid  assets as a percentage  of net  withdrawable  savings
deposits and short-term borrowings, was 14.5%.

     First  Federal must  maintain an adequate  level of liquidity to ensure the
availability  of  sufficient  funds  to  fund  loan   originations  and  deposit
withdrawals,  to satisfy other  financial  commitments  and to take advantage of
investment  opportunities.  First  Federal  invests  excess  funds in  overnight
deposits and other short-term  interest-bearing  assets to provide  liquidity to
meet these needs.  At March 31,  2000,  cash and cash  equivalents  totaled $7.3
million,  or 5.7% of  total  assets.  At  March  31,  2000,  First  Federal  had
commitments  to fund loans of $3.5 million.  At the same time,  certificates  of
deposit which are scheduled to mature in one year or less totaled $36.2 million.
Based upon historical  experience,  management believes the majority of maturing
certificates of deposit will remain with First Federal. In addition,  management
of First Federal  believes it can adjust the offering rates of  certificates  of
deposit  to  retain  deposits  in  changing  interest  rate  environments.  If a
significant  portion of these deposits are not retained by First Federal,  First
Federal would be able to utilize Federal Home Loan Bank advances to fund deposit
withdrawals, which would result in an increase in interest expense to the extent
that the average  rate paid on such  advances  exceeds the average  rate paid on
deposits of similar duration.

    Management  believes its ability to generate funds  internally  will satisfy
its liquidity  requirements.  If First Federal requires funds beyond its ability
to generate them internally, it has the ability to borrow funds from the Federal
Home Loan Bank. At March 31, 2000, First Federal had approximately $10.0 million
available to it under its borrowing arrangement with the Federal Home Loan Bank.

<PAGE>
At March 31, 2000, First Federal had $5.0 million in borrowings from the Federal
Home Loan Bank.

     Office of Thrift Supervision  ("OTS")  regulations require First Federal to
maintain  specific  amounts of  capital.  As of March 31,  2000,  First  Federal
exceeded its minimum capital requirements.

                                       10
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

     First  Bancorp  does  not  maintain  a  trading  account  for any  class of
financial  instrument  nor does it  engage in  hedging  activities  or  purchase
high-risk derivative instruments.  Furthermore,  First Bancorp is not subject to
foreign currency exchange rate risk or commodity price risk.

     First  Bancorp  uses  interest  rate  sensitivity  analysis  to measure its
interest rate risk by computing changes in net portfolio value of its cash flows
from assets,  liabilities and off-balance sheet items in the event of a range of
assumed  changes in market interest  rates.  Net portfolio value  represents the
market  value of  portfolio  equity and is equal to the  market  value of assets
minus the market value of  liabilities,  with  adjustments  made for off-balance
sheet items.  This analysis  assesses the risk of loss in market risk  sensitive
instruments  in the  event of a sudden  and  sustained  100 to 400  basis  point
increase or decrease in market  interest rates with no effect given to any steps
that management might take to counter the effect of that interest rate movement.
First  Bancorp  measures  interest  rate  risk by  modeling  the  change  in net
portfolio value over a variety of interest rate scenarios.

     Although First Bancorp has not yet completed its interest rate  sensitivity
analysis for March 31, 2000,  management  anticipates there has been no material
change  from  the  information  disclosed  in the  Company's  annual  report  to
shareholders'  at June 30,  1999.  The most  recent  interest  rate  sensitivity
analysis measures First Bancorp's interest rate risk at December 31, 1999. There
were no material  changes in information  in this analysis from the  information
disclosed in the Company's annual report to  shareholders'  measuring the Bank's
interest rate risk at June 30, 1999.

                                       11
<PAGE>

                           PART II. OTHER INFORMATION

ITEM 1.
LEGAL PROCEEDINGS.

     Periodically,  there have been various claims and lawsuits  involving First
Federal, such as claims to enforce liens, condemnation proceedings on properties
in which First Federal holds security interests, claims involving the making and
servicing of real property  loans and other issues  incident to First  Federal's
business. In the opinion of management,  after consultation with First Federal's
legal counsel,  no significant  loss is expected from any of such pending claims
or  lawsuits.  First  Federal  is not a  party  to any  material  pending  legal
proceedings.

ITEM 2.
CHANGES IN SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3.
DEFAULTS UPON SENIOR SECURITIES.

None.

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

None.

ITEM 5.
OTHER INFORMATION.

None.

ITEM 6.
EXHIBITS AND REPORTS ON FORM 8-K.

a.   Exhibits
     27 - Financial Data Schedule

b.  Forms 8-K
     A Form 8-K was filed  March 22,  2000  reporting  under Item 5 the death of
     director  Robert L. Clayton and the appointment of Michael Head to fill the
     vacancy.

                                       12


<PAGE>


                                   SIGNATURES

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


                                FIRST BANCORP OF INDIANA, INC.


Dated: May 10, 2000             By: /s/ Harold Duncan
                                    -------------------
                                    Harold Duncan
                                    President, Chief Executive Officer
                                    and Chairman of the Board
                                    (principal executive officer)

Dated: May 10, 2000             By: /s/ Christopher A. Bengert
                                    --------------------------
                                    Christopher A. Bengert
                                    Treasurer
                                    (principal financial and accounting officer)

                                       13