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

                                  FORM 10-QSB/A
(Mark One)

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

                For the quarterly period ended September 30, 2001

                                       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 small business issuer as specified in its charter)

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

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

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

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

Check whether the issuer (1) 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: 1,795,136 shares of common
stock, par value $0.01 per share, were outstanding as of November 1, 2001.

    Transitional Small Business Disclosure Format (Check one): Yes  [  ] No [X]


<PAGE>

                  FIRST BANCORP OF INDIANA, INC. AND SUBSIDIARY

                                  FORM 10-QSB/A

                    FOR THE QUARTER ENDED SEPTEMBER 30, 2001

                                      INDEX

                                                                      Page
Part I    Financial Information
Item 1.   Consolidated Financial Statements                            1
Item 2.   Management's Discussion and Analysis or Plan of Operation    6

Part II   Other Information
Item 1.   Legal Proceedings                                           10
Item 2.   Changes in Securities                                       10
Item 3.   Defaults Upon Senior Securities                             10
Item 4.   Submission of Matters to a Vote of Security Holders         10
Item 5.   Other Information                                           10
Item 6.   Exhibits and Reports on Form 8-K                            10

<PAGE>

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

                                                         September 30, 2001     June 30, 2001
---------------------------------------------------------------------------------------------
                                                            (Unaudited)
<S>                                                        <C>                 <C>
Assets
    Cash and due from banks                                $   4,182,434       $   5,105,758
    Interest-bearing demand deposits                          13,115,493           4,906,112
    Federal funds sold                                            25,000             475,000
                                                           -------------       -------------
        Total cash and cash equivalents                       17,322,927          10,486,870
    Interest-bearing deposits                                  1,388,000             297,000
    Investment securities
      Available for sale                                       6,101,381           6,922,693
      Held to maturity                                        44,837,049          40,050,086
                                                           -------------       -------------
        Total investment securities                           50,938,430          46,972,779
    Loans                                                    106,842,179         107,479,605
    Allowance for loan losses                                   (688,992)           (661,146)
                                                           -------------       -------------
        Net loans                                            106,153,187         106,818,459
    Premises and equipment                                     3,088,283           3,150,100
    Goodwill and core deposit intangibles                      2,316,537           2,359,579
    Federal Home Loan Bank stock                               1,250,000             884,700
    Other assets                                               4,293,397           4,642,176

                                                           -------------       -------------
        Total assets                                       $ 186,750,761       $ 175,611,663
                                                           =============       =============

Liabilities
    Deposits
     Non-interest bearing                                  $   4,166,307       $   4,406,278
     Interest bearing                                        123,964,929         122,390,548
                                                           -------------       -------------
        Total deposits                                       128,131,236         126,796,826
    Borrowings                                                25,000,000          15,000,000
    Advances by borrowers for
      taxes and insurance                                        737,598             578,800
    Other liabilities                                          1,734,340           1,816,299
                                                           -------------       -------------
        Total liabilities                                    155,603,174         144,191,925
                                                           -------------       -------------
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                                21,934,836          21,868,686
    Retained earnings                                         17,343,872          17,272,524
    Accumulated other comprehensive income                       153,017             130,220
                                                           -------------       -------------
                                                              39,454,449          39,294,154

    Less:
    Unallocated employee stock ownership plan
    shares - 140,140 and 143,926 shares                       (1,430,570)         (1,469,218)
    Treasury stock - 477,264 and 438,644 shares               (6,296,077)         (5,784,502)
    Unallocated MRP shares - 61,704 and 66,009 shares           (580,215)           (620,696)

                                                           -------------       -------------
    Total stockholders' equity                                31,147,587          31,419,738

                                                           -------------       -------------
        Total liabilities and stockholders' equity         $ 186,750,761       $ 175,611,663
                                                           =============       =============
</TABLE>

    See notes to unaudited condensed consolidated financial statements

                                       1

<PAGE>

<TABLE>
<CAPTION>

                            FIRST BANCORP OF INDIANA, INC.
                                    AND SUBSIDIARY

                           Consolidated Statement of Income

                                                                      For the
                                                                    Year To Date
                                                                    September 30,
                                                            ----------------------------
                                                                 2001            2000
----------------------------------------------------------- ----------------------------
                                                                      (Unaudited)
<S>                                                           <C>             <C>
Interest Income
    Loans receivable                                          $2,186,268      $1,370,190
    Investment securities                                        808,401         795,483
    Deposits with financial institutions                          75,760         144,257
    Federal funds sold                                             7,396          12,135
    Other interest and dividend income                            21,064          15,575
                                                              ----------      ----------
        Total interest income                                  3,098,889       2,337,640
                                                              ----------      ----------

Interest Expense
    Deposits                                                   1,406,270       1,109,275
    Borrowings                                                   309,734          82,608
    Other                                                         21,368          17,264
                                                              ----------      ----------
        Total interest expense                                 1,737,372       1,209,147
                                                              ----------      ----------

Net Interest Income                                            1,361,517       1,128,493

    Provision for Loan Losses                                     65,000          45,000
                                                              ----------      ----------

Net Interest Income after Provision                            1,296,517       1,083,493

Noninterest Income
    Increase in cash surrender values
       of life insurance                                          28,528          22,974
    Net gains on loan sales                                      170,282         130,935
    Service charges on deposit accounts                          103,289          20,423
    Other Income                                                  83,069          58,794
                                                              ----------      ----------
        Total noninterest income                                 385,168         233,126
                                                              ----------      ----------

Noninterest Expense
    Salaries and employee benefits                               785,184         564,758
    Net occupancy expense                                         69,383          42,501
    Equipment expense                                             74,053          63,671
    Deposit insurance expense                                     12,029           4,397
    Data processing fees                                          52,623          34,971
    Other expense                                                287,959         240,350
                                                              ----------      ----------
        Total noninterest expense                              1,281,231         950,648
                                                              ----------      ----------

Income Before Income Tax                                         400,454         365,971
    Income tax expense                                           115,575         114,776
                                                              ----------      ----------

Net Income                                                    $  284,879      $  251,195
                                                              ==========      ==========

    Basic earnings per share                                  $     0.18      $     0.13
    Diluted earnings per share                                $     0.17      $     0.13
    Weighted average number shares outstanding - Basic         1,622,792       1,906,341
    Weighted average number shares outstanding - Diluted       1,683,666       1,940,279
</TABLE>


See notes to unaudited condensed consolidated financial statements

                                       2

<PAGE>

<TABLE>
<CAPTION>
                                                   FIRST BANCORP OF INDIANA, INC.
                                                         AND SUBSIDIARY

                                      Consolidated Statement of Changes in Equity Capital


                                          Common Stock                                                  Accumulated
                                     --------------------     Additional                                   Other       Unallocated
                                       Shares                  Paid-in     Comprehensive   Retained    Comprehensive      ESOP
                                     Outstanding   Amount      Capital         Income      Earnings        Income        Shares
                                     ----------------------------------------------------------------------------------------------
                                     ------------------------------------                ------------------------------------------
<S>                                   <C>         <C>        <C>              <C>         <C>             <C>         <C>
Balances, June 30, 2001               2,272,400   $22,724    $21,868,686                  $17,272,524     $130,220    ($1,469,218)
                                     ====================================                ==========================================

   Net income                                                                 $284,879        284,879
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                                      22,797                      22,797

                                                                           ------------
   Comprehensive income (unaudited)                                           $307,676
                                                                           ============
   Cash dividends paid ($0.12 per share)                                                     (213,531)
   Employee Stock Ownership Plan
    shares allocated                                              10,528                                                   38,648
   MRP shares allocated                                           (1,198)
   Treasury shares purchased
   Tax benefit of employee
    benefit plans                                                 56,820

                                     ------------------------------------                ------------------------------------------
Balances, Sept. 30, 2001 (unaudited)  2,272,400   $22,724    $21,934,836                  $17,343,872     $153,017    ($1,430,570)
                                     ====================================                ==========================================

<CAPTION>

                                       Unallocated
                                          MRP        Treasury
                                         Shares        Shares          Total
                                     --------------------------------------------
                                     --------------------------------------------
<S>                                    <C>           <C>            <C>
Balances, June 30, 2001                ($620,696)    ($5,784,502)   $31,419,738
                                     ============================================

   Net income                                                           284,879
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                               22,797


   Comprehensive income (unaudited)

   Cash dividends paid ($0.12 per shares)                              (213,531)
   Employee Stock Ownership Plan
    shares allocated                                                     49,176
   MRP shares allocated                   40,481                         39,283
   Treasury shares purchased                            (511,575)      (511,575)
   Tax benefit of employee
    benefit plans                                                        56,820

                                     --------------------------------------------
Balances, Sept. 30, 2001 (unaudited)   ($580,215)    ($6,296,077)   $31,147,587
                                     ============================================
</TABLE>

See notes to unaudited condensed consolidated financial statements.


                                       3

<PAGE>

<TABLE>
<CAPTION>

                              FIRST BANCORP OF INDIANA
                                   AND SUBSIDIARY

                   Condensed Consolidated Statement of Cash Flows

                                                                          Year to Date
                                                                           September 30,
                                                                  -------------------------------
                                                                      2001               2000
                                                                  ------------       ------------
                                                                             (Unaudited)
<S>                                                               <C>                <C>
Net Cash Provided by Operating Activities                         $    859,436       $    530,555

Investing Activities
   Net change in interest-bearing deposits                          (1,091,000)            99,000
   Proceeds from maturities of securities available for sale           844,546            201,047
   Purchases of securities held to maturity                        (13,011,058)        (4,057,420)
   Proceeds from maturities of securities held to maturity           8,200,625          5,168,884
   Purchase FHLB stock                                                (365,300)                 0
   Net change in loans                                                 630,707           (698,895)
   Net purchases of premises and equipment                                   0           (486,336)
                                                                  ------------       ------------
     Net cash provided (used) by investing activities               (4,791,480)           226,280
                                                                  ------------       ------------

Financing Activities
   Net change in
     Non-interest bearing, interest-bearing demand
       and savings deposits                                            784,781             32,577
     Certificates of deposit                                           549,629          4,552,800
     Advances by borrowers for taxes and insurance                     158,798            193,197
   Increase of long-term debt                                       10,000,000                  0
   Purchase treasury shares                                           (511,575)          (285,125)
   Dividends paid                                                     (213,531)          (154,049)
                                                                  ------------       ------------
       Net cash provided by financing activities                    10,768,102          4,339,400
                                                                  ------------       ------------

Net Change in Cash and Cash Equivalents                              6,836,057          5,096,235

Cash and Cash Equivalents, Beginning of Period                      10,486,870          6,393,494
                                                                  ------------       ------------

Cash and Cash Equivalents, End of Period                          $ 17,322,927       $ 11,489,729
                                                                  ============       ============

Additional Cash Flow Information
   Interest paid                                                  $  1,481,816       $    748,769
   Income tax paid                                                      18,500             40,500
</TABLE>


   See notes to unaudited condensed consolidated financial statements


                                       4

<PAGE>





                  FIRST BANCORP OF INDIANA, INC. AND SUBSIDIARY
         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements of First Bancorp of
Indiana, Inc. (the "Company") have been prepared in accordance with instructions
to Form 10-QSB. Accordingly, they do not include all of the information and
footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. However, such information
reflects all adjustments (consisting 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 months
ended September 30, 2001, are not necessarily indicative of the results to be
expected for the year ending June 30, 2002. The condensed 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,
2001, contained in the Company's annual report to shareholders.

NOTE 2 - LONG-TERM DEBT

The following summarizes the Company's borrowings at September 30, and June 30,
2001. Each advance is putable at the discretion of the Federal Home Loan Bank
contingent upon meeting prescribed strike rates and/or initial lockout periods.

<TABLE>
<CAPTION>

                                                September 30,          June 30,
                                                     2001                2001
                                                 (unaudited)
                                               ================     ==============
<S>                                                <C>                <C>
Federal Home Loan Bank advances
   Fixed rate of 6.465%, due in January 2005       $ 5,000,000        $ 5,000,000
   Fixed rate of 5.370%, due in February 2011       10,000,000         10,000,000
   Fixed rate of 4.830%, due in July 2011           10,000,000                 --
                                               ----------------     --------------

     Total Federal Home Loan Bank advances         $25,000,000        $15,000,000
                                               ================     ==============

     Weighted average rate                              5.373%             5.735%
                                               ================     ==============
</TABLE>


NOTE 3 - INTANGIBLE ASSETS

At the time it filed Form 10-K for the year ended June 30, 2001, the Company
believed that the unidentifiable intangible asset associated with the two
branches purchased in November 2000 would be accounted for using the guidance
set forth in SFAS 142. As such, the asset would no longer be amortized, but
would be subject to periodic impairment testing. The Financial Accounting
Standard Board's recently issued a Staff Announcement clarifying that, pending
further review, this unidentifiable intangible asset must continue to be
amortized pursuant to SFAS 72. For each quarter in fiscal 2002, the amortization
of this "goodwill" approximated $19,300, or $11,600 net of taxes. In addition,
amortization of the core deposit intangible totaled $23,800, or $14,300 net of
taxes.


                                        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 condensed consolidated
financial statements and accompanying notes thereto.

COMPARISON OF FINANCIAL CONDITION AT SEPTEMBER 30, 2001, AND JUNE 30, 2001

     Total consolidated assets of the Company increased $11.1 million from
$175.6 million at June 30, 2001, to $186.8 million at September 30, 2001. This
growth in assets occurred primarily in funds on deposit and investment
securities. Asset growth was funded with an advance from the Federal Home Loan
Bank of Indianapolis and a moderate increase in deposits.

     Cash and cash equivalents, which consist mainly of demand deposits at the
Federal Home Loan Bank of Indianapolis (FHLB), grew $6.8 million from $10.5
million at June 30, 2001, to $17.3 million at September 30, 2001. This increase
was the result of high prepayments on mortgage loans and mortgage-backed
investments during a period of declining market interest rates.

     Investment securities, including certificates of deposit from other
financial institutions, increased $5.0 million from $47.3 million at June 30,
2001, to $52.3 million at September 30, 2001. This increase resulted primarily
from a $10 million purchase of a mortgage pool security that more than offset
maturing corporate securities and substantial principal repayments on existing
mortgage-related investments. The purchase, which was funded with a $10 million
FHLB advance, was part of a strategy to leverage the Company's high capital
level.

     Net loans contracted slightly from $106.8 million at June 30, 2001, to
$106.2 million at September 30, 2001. This decline was attributed in part to
management's decision to sell a greater proportion of newly originated single
family residential mortgage loans. Such sales totaled $3.4 million during the
quarter ended September 30, 2001, or approximately 58% of permanent loan
production. For the foreseeable future, management intends to continue building
the mortgage loan servicing portfolio through the origination and sale of loans.
First Federal also sold 66% of the $11.2 million of consumer loans originated
during the quarter. Going forward, management plans on retaining a greater share
of consumer loans in portfolio in order to absorb some of the excess liquidity.

                                        6

     The allowance for loan losses increased from $661,000 at June 30, 2001, to
$689,000 at September 30, 2001. The change was composed of $65,000 in provisions
for losses and $37,000 in net charge-offs. The Company's allowance for loan
losses represented 0.64% of total loans at September 30, 2001, a slight increase
from the preceding quarter-end. Relative to nonperforming assets, the allowances
for loan losses were 407.7% and 452.7% at September 30, 2001, and June 30, 2001,
respectively.

     As the table below illustrates, the Company's nonperforming assets
increased marginally during the quarter ended September 30, 2001. The September
30, 2001, balance was composed chiefly of nonaccrual automobile loans and
repossessed vehicles. Given current economic conditions, management intends to
closely monitor the nonperforming asset trend.

<TABLE>
<CAPTION>

                                                        September 30,           June 30,
                                                            2001                 2001
                                                         (unaudited)
                                                       ================     ===============
<S>                                                           <C>                 <C>
Loans accounted for on a nonaccrual basis                     $169,000            $146,000
Accruing loans past due 90 days or more                             --                  --
                                                       ----------------     ---------------
Nonperforming loans                                           $169,000            $146,000
Real estate owned (net)                                             --                  --
Other repossessed assets                                       $53,000             $14,000
                                                       ----------------     ---------------
     Total nonperforming assets                               $222,000            $160,000
                                                       ================     ===============

Restructured loans                                                  --                  --

Total loans delinquent 90 days or more to net loans              0.16%               0.14%
Total loans delinquent 90 days or more to total assets           0.09%               0.08%
Total nonperforming assets to total assets                       0.12%               0.09%
</TABLE>


     The Company's holdings of FHLB stock increased $365,000 during the quarter
ended September 30, 2001, to $1.3 million. The additional stock was mandated by
the FHLB as a condition for the $10 million advance obtained during the period.

     Total deposits increased $1.3 million from $126.8 million at June 30, 2001,
to $128.1 million at September 30, 2001. This modest growth occurred primarily
in non-maturity deposit instruments. Borrowing increased $10 million to $25
million as an FHLB advance was used to fund the purchase of the mortgage pool
security. First Federal's excess borrowing capacity under its blanket collateral
agreement with the FHLB remains substantial.

     Total stockholders' equity decreased $272,000 from $31.4 million at June
30, 2001, to $31.1 million at September 30, 2001. The reduction was attributable
primarily to a $214,000 dividend to shareholders and $512,000 of First Bancorp
stock repurchases. These factors more than offset the effects of $285,000 of net
income, an increase of $23,000 in net unrealized gains on securities available
for sale, an $88,000 allocation of ESOP and MRP shares, and a $57,000 tax
benefit from employee benefit plans.


                                        7


COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001,
AND 2000

     GENERAL. Net income for the quarter ended September 30, 2001, increased
$34,000, or 13.5%, to $285,000 from $251,000 for the quarter ended September 30,
2000. The improvement resulted from significantly higher net interest and
noninterest income that more than offset higher noninterest expenses. In
general, the elevated income and expense items discussed below for the quarter
ended September 30, 2001, compared to the same period in 2000, were largely the
result of two Evansville branches acquired from Old National Bank in November
2000. These acquisitions added $22.7 of loans and $35.1 million of retail
deposits. Around the same time, a new branch in Newburgh, Indiana was opened and
a commercial loan department was created.

     The Company's net spread improved from 2.48% for the quarter ended
September 30, 2000, to 2.72% for the quarter ended September 30, 2001. Although
the return on average assets declined from 0.77% for the quarter ended September
30, 2000, to 0.62% for the same quarter this year, the return on average equity
improved to 3.66% from 2.88%.

     NET INTEREST INCOME. The Company recognized $1.4 million of net interest
income for the quarter ended September 30, 2001, an increase of $233,000, or
21.2%, from $1.1 million during the quarter ended September 30, 2000.

     The increase in net interest income was attributable in part to a $761,000
increase in total interest income from $2.3 million for the quarter ended
September 30, 2000, to $3.1 million for the same quarter in 2001. This increase
was primarily the result of an $816,000 increase in interest income from loans
that was partially offset by a $60,000 net decline in interest income from
investment securities, fed funds sold, and deposits with other financial
institutions. Average loans outstanding increased from $66.5 million with an
average yield of 8.24% for the quarter ended September 30, 2000, to $106.9
million with an average yield of 8.18% for the same period this year. The
decrease in interest income from deposits and investment securities was due to a
lower average yield of 5.89% for the quarter ended September 30, 2001, compared
to 6.87% for the same period in 2000. The lower average yields were a result of
steep declines in market interest rates over the past twelve months.

     The increase in interest income was partially offset by a $528,000 increase
in interest expense to $1.7 million during the quarter ended September 30, 2001,
from $1.2 million for the quarter ended September 30, 2000. This was the result
of average deposits increasing to $126.8 million for the quarter ended September
30, 2001, from $88.1 million for the quarter ended September 30, 2000, combined
with the average cost of those deposits falling to 4.44% from 5.03% for the
respective periods. In addition, interest expense on FHLB advances was $310,000
on an average balance of $22.4 million in the most recent quarter as compared to
$83,000 on an average balance of $5 million for the same period one year ago.

     PROVISION FOR LOAN LOSSES. The provision for loan losses is intended to
establish an allowance adequate to cover losses inherent in the loan portfolio
as of the balance sheet date based upon management's periodic analysis of
information available at that time. At $65,000, the provision for loan losses
for the quarter ended September 30, 2001, was $20,000 above the same quarter in
2000. The increased provisions were based primarily on the Company's higher
proportion of nonmortgage and commercial credit coupled with the present
volatile economic climate. While management believes the allowance for loan
losses to be sufficient given current information, future events, conditions, or
regulatory directives could necessitate additions to the allowance for loan
losses that may adversely affect net income.


                                        8


     NONINTEREST INCOME. Noninterest income totaled $385,000 for the quarter
ended September 30, 2001, compared to $233,000 for the same period the preceding
year. The increase was due primarily to an $83,000 increase in service charge
income on deposit accounts. In addition, gains on sales of loans and service
fees on loans increased $39,000 and $27,000, respectively.

     NONINTEREST EXPENSE. Total noninterest expense increased $331,000 from
$951,000 for the quarter ended September 30, 2000, to $1.28 million for the most
recent quarter. The higher noninterest expenses generally are related to three
new branches offices opened in November 2000. Consequently, noninterest
expenses, relative to average assets, declined from an annualized 2.9% to 2.8%.

     Salaries and employee benefits totaled $785,000 during the quarter ended
September 30, 2001, compared to $565,000 during the same period in 2000. The
38.9% increase was attributed primarily to the staffing the aforementioned new
branch offices. Similarly, net occupancy and equipment expenses increased
$27,000 and $10,000, respectively, between the two quarters.

     Data processing expenses increased 51.4% from $35,000 for the quarter ended
September 30, 2000, to $53,000 for the quarter ended September 30, 2001. This
change was due largely to costs related to new customers and accounts gained
from the aforementioned branch expansion.

     Other noninterest expense increased $48,000 to $288,000 for the quarter
ended September 30, 2001, as compared to $240,000 during the same period in
2000. The increase was largely attributed to the $43,000 amortization of
intangible assets associated with the branch purchases. Item processing and
other deposit servicing costs also rose significantly due to the number and
characteristics of the accounts acquired in the branch purchases. In particular,
item processing expenses increased $21,000 because of the large number of
transaction accounts acquired. Offsetting these increases were reductions in
professional fees and marketing costs.

     INCOME TAXES. Total income tax expense was $116,000 for the quarter ended
September 30, 2001, compared to $115,000 for the same period in 2000. Effective
tax rates for the quarters ended September 30, 2001 and 2000 approximated 28.9%
and 31.4%, respectively.

LIQUIDITY AND CAPITAL RESOURCES

     Federal regulations require First Federal to maintain liquidity
commensurate with safe and sound operations. Such liquidity may include both
existing assets and access to reliable funding sources. To this end, First
Federal maintains 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 September
30, 2001, cash and cash equivalents totaled $17.3 million, or 9.3% of total
assets. Also, $4.3 million of investment securities, including certificates of
deposit, mature within 12 months. At the same time, First Federal had
commitments to fund loans, including loans in process, of $3.2 million. In
addition, certificates of deposit scheduled to mature in one year or less
totaled $59.8 million. Based upon historical experience, management believes the
majority of maturing certificates of deposit will remain with First Federal.
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 FHLB advances to fund
deposit withdrawals. This could result in an increase in interest expense to the
extent that the average rate paid on such advances generally exceeds the average
rate paid on deposits of similar duration.


                                        9


     Management believes its ability to generate funds internally will satisfy
its liquidity needs. However, should First Federal require funds beyond its
ability to generate them internally, it has the ability to borrow funds from the
Federal Home Loan Bank. Based on eligible collateral, First Federal had
approximately $17.0 million remaining available to it under its borrowing
arrangement with the FHLB as of September 30, 2001.

     At June 30, 2000, the Company disclosed approximately $5 million of
investment securities with scheduled maturities of one year or less. At the date
the Company also held $8 million of callable federal agency securities with
scheduled maturities greater than one year. Of this balance, $6 million were
called during the fiscal year ended June 30, 2001. In addition, approximately
$20 million in short-term commercial paper and corporate notes purchased during
the year ended June 30, 2001, also matured during the same period.

     Office of Thrift Supervision regulations require First Federal to maintain
specific amounts of capital. As of September 30, 2001, First Federal exceeded
its minimum capital requirements as the following table illustrates.

<TABLE>
<CAPTION>

                                                                      Regulatory Minimum       Well Capitalized per
                                                    Actual             Required Capital          12 CFR Part 565
                                              -------------------- ------------------------- -------------------------
                                               Amount     Ratio      Amount        Ratio       Amount        Ratio
                                              --------- ---------- ------------ ------------ ------------ ------------
                                                                     (Dollars in Thousands)
<S>                                            <C>        <C>         <C>          <C>         <C>          <C>
As of September 30, 2001 (unaudited)
   Total capital (to risk weighted assets)     $25,440    24.83%      $8,195       8.00%       $10,244      10.00%
   Tier I capital (to risk weighted assets)     24,751    24.16        4,098       4.00          6,146       6.00
   Tier I capital (to adjusted total assets)    24,751    13.57        7,298       4.00          9,123       5.00

As of June 30, 2001
   Total capital (to risk weighted assets)     $24,960    24.01%      $8,315       8.00%        10,394      10.00%
   Tier I capital (to risk weighted assets)     24,299    23.38        4,157       4.00          6,236       6.00
   Tier I capital (to adjusted total assets)    24,299    14.07        6,907       4.00          8,634       5.00
</TABLE>

     On September 19, 2001, the Company announced a stock repurchase program to
acquire up to 179,514 or 10% of the Company's outstanding common stock. The
repurchase is being undertaken to enhance shareholder value and to provide
liquidity for the otherwise thinly traded shares. The repurchase program
generally will be conducted through open market purchases, although unsolicited
negotiated transactions or other types of repurchases may be considered.
Management does not believe the stock repurchase will impair First Federal's
strong liquidity or capital positions. As the table above demonstrates, First
Federal's capital ratios far exceeded the standards for well-capitalized
institutions pursuant to 12 CFR Part 565. The 10% stock repurchase, if funded
through dividends from First Federal, will not impair the Bank's
well-capitalized designation or its compliance with regulatory minimum capital
requirements.

                                       10

<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.

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
     None

b.   Forms 8-K
     The Company filed a Form 8-K on September 7, 2001, disclosing under Item 5
     the date of the Company's annual meeting of shareholders.


                                       11


<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: February 6, 2001        By:  /s/ Harold Duncan
                                    ----------------------------------------
                                    Harold Duncan
                                    Chief Executive Officer and
                                    Chairman of the Board
                                    (principal executive officer)

Dated: February 6, 2001        By:  /s/ George J. Smith
                                    -----------------------------------------
                                    George J. Smith
                                    Treasurer
                                    (principal financial and accounting officer)



                                       12