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

                                   FORM 10-QSB
(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, 2002

                                       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:  1,796,691 of common stock,
par value $0.01 per share, were outstanding as of May 1, 2002.

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


<PAGE>


                  FIRST BANCORP OF INDIANA, INC. AND SUBSIDIARY

                                   FORM 10-QSB

                      FOR THE QUARTER ENDED MARCH 31, 2002

                                      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                                                  13
Item 2.   Changes in Securities                                              13
Item 3.   Defaults Upon Senior Securities                                    13
Item 4.   Submission of Matters to a Vote of Security Holders                13
Item 5.   Other Information                                                  13
Item 6.   Exhibits and Reports on Form 8-K                                   14


<PAGE>


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

                                          Consolidated Statements of Income

                                                                     For the                        For the
                                                               Three Months Ended                 Year To Date
                                                                    March 31,                       March 31,
                                                               -------------------           ----------------------
                                                               2002           2001           2002            2001
-------------------------------------------------------------------------------------------------------------------
                                                                   (Unaudited)                 (Unaudited)
<S>                                                         <C>            <C>            <C>            <C>
Interest Income
   Loans receivable                                         $2,197,371     $1,985,582     $6,539,629     $5,015,849
   Investment securities                                       536,962        901,810      2,080,150      2,553,033
   Deposits with financial institutions                         41,354        206,161        203,472        553,040
   Federal funds sold                                            2,107          9,753         14,373         32,450
   Other interest and dividend income                           18,533         14,543         60,901         45,693
                                                            ----------     ----------     ----------     ----------
       Total interest income                                 2,796,327      3,117,849      8,898,525      8,200,065
                                                            ----------     ----------     ----------     ----------

Interest Expense
   Deposits                                                  1,000,722      1,660,332      3,624,998      4,194,423
   Borrowings                                                  335,813        128,546        988,823        293,764
   Other                                                        22,074         19,291         64,809         53,818
                                                            ----------     ----------     ----------     ----------
       Total interest expense                                1,358,609      1,808,169      4,678,630      4,542,005
                                                            ----------     ----------     ----------     ----------

Net Interest Income                                          1,437,718      1,309,680      4,219,895      3,658,060

   Provision for Loan Losses                                   129,000         59,000        289,000        338,000
                                                            ----------     ----------     ----------     ----------

Net Interest Income after Provision                          1,308,718      1,250,680      3,930,895      3,320,060

Noninterest Income
   Increase in cash surrender values
      of life insurance                                         27,601         30,262         84,657         76,210
   Net gains on loan sales                                     119,099         72,629        565,172        340,634
   Service charges on deposit accounts                          87,326         82,788        303,947        154,069
   Gain on sale of land                                              0              0              0        388,924
   Other Income                                                115,382         89,474        270,402        214,038
                                                            ----------     ----------     ----------     ----------
       Total noninterest income                                349,408        275,153      1,224,178      1,173,875
                                                            ----------     ----------     ----------     ----------

Noninterest Expense
   Salaries and employee benefits                              817,463        743,596      2,409,774      1,988,440
   Net occupancy expense                                        65,972         79,023        204,757        172,329
   Equipment expense                                            65,836         79,465        215,089        224,012
   Deposit insurance expense                                     5,816          4,453         17,845         14,228
   Data processing fees                                         61,814         59,137        168,561        144,245
   Other expense                                               362,734        344,764        944,541        858,224
                                                            ----------     ----------     ----------     ----------
       Total noninterest expense                             1,379,635      1,310,438      3,960,567      3,401,478
                                                            ----------     ----------     ----------     ----------

Income Before Income Tax                                       278,491        215,395      1,194,506      1,092,457
   Income tax expense                                           70,025         58,030        335,203        342,006
                                                            ----------     ----------     ----------     ----------

Net Income                                                  $  208,466     $  157,365     $  859,303     $  750,451
                                                            ==========     ==========     ==========     ==========

   Basic earnings per share                                 $     0.13     $     0.08     $     0.53     $     0.40
   Diluted earnings per share                               $     0.12     $     0.08     $     0.51     $     0.39
   Weighted average number shares outstanding - Basic        1,624,613      1,895,359      1,621,972      1,898,043
   Weighted average number shares outstanding - Diluted      1,690,851      1,962,769      1,683,549      1,945,356

</TABLE>


See notes to unaudited condensed consolidated financial statements


                                       1


<PAGE>


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


                                                         March 31, 2002     June 30, 2001
-----------------------------------------------------------------------------------------
                                                          (Unaudited)
<S>                                                      <C>                <C>
Assets
   Cash and due from banks                               $   4,132,894      $   5,105,758
   Interest-bearing demand deposits                          7,089,391          4,906,112
   Federal funds sold                                        1,350,000            475,000
                                                         -------------      -------------
       Total cash and cash equivalents                      12,572,285         10,486,870
   Interest-bearing deposits                                   198,000            297,000
   Investment securities
     Available for sale                                      3,365,563          6,922,693
     Held to maturity                                       36,051,914         40,050,086
                                                         -------------      -------------
       Total investment securities                          39,417,477         46,972,779
   Loans                                                   117,612,860        107,479,605
   Allowance for loan losses                                  (770,474)          (661,146)
                                                         -------------      -------------
       Net loans                                           116,842,386        106,818,459
   Premises and equipment                                    3,048,711          3,150,100
   Goodwill and core deposit intangibles                     2,236,111          2,359,579
   Federal Home Loan Bank stock                              1,250,000            884,700
   Other assets                                              4,377,168          4,642,176
                                                         -------------      -------------

       Total assets                                      $ 179,942,138      $ 175,611,663
                                                         =============      =============

Liabilities
   Deposits
    Non-interest bearing                                 $   4,694,264      $   4,406,278
    Interest bearing                                       116,813,261        122,390,548
                                                         -------------      -------------
       Total deposits                                      121,507,525        126,796,826
   Borrowings                                               25,000,000         15,000,000
   Advances by borrowers for
     taxes and insurance                                       736,449            578,800
   Other liabilities                                         1,225,107          1,816,299
                                                         -------------      -------------
       Total liabilities                                   148,469,081        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 and outstanding - 2,272,400 shares                 22,724             22,724
   Additional paid-in capital                               21,938,309         21,868,686
   Retained earnings                                        17,656,114         17,272,524
   Accumulated other comprehensive income                      103,411            130,220
                                                         -------------      -------------
                                                            39,720,558         39,294,154

   Less:
   Unallocated employee stock ownership plan
   shares - 132,556 and 143,926 shares                      (1,353,152)        (1,469,218)
   Treasury stock - 484,764 and 438,644 shares              (6,395,095)        (5,784,502)
   Unallocated MRP shares - 53,094 and 66,009 shares          (499,254)          (620,696)

                                                         -------------      -------------
   Total stockholders' equity                               31,473,057         31,419,738
                                                         -------------      -------------

       Total liabilities and stockholders' equity        $ 179,942,138      $ 175,611,663
                                                         =============      =============

</TABLE>


   See notes to unaudited condensed consolidated financial statements


                                       2


<PAGE>


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

                                        Consolidated Statements of Changes in Equity Capital

                                                 Common Stock
                                           ----------------------     Additional                                           Other
                                              Shares                    Paid-in       Comprehensive     Retained       Comprehensive
                                           Outstanding     Amount       Capital          Income         Earnings          Income
------------------------------------------------------------------------------------------------------------------------------------
                                            -------------------------------------                      -----------------------------
<S>                                         <C>          <C>         <C>              <C>              <C>             <C>
Balances, June 30, 2001                     2,272,400    $ 22,724    $ 21,868,686                      $ 17,272,524    $    130,220
                                            =====================================                      =============================
   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
   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
                                            =====================================                      =============================
   Net income                                                                         $    365,958          365,958
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                                                 (43,223)                         (43,223)
                                                                                      ------------
   Comprehensive income (unaudited)                                                   $    322,735
   Employee Stock Ownership Plan                                                      ============
    shares allocated                                                        9,522
   MRP shares allocated                                                    (1,198)
   Treasury shares purchased
   Options exercised                                                      (16,257)
                                            -------------------------------------                      -----------------------------
Balances, Dec. 31, 2001 (unaudited)         2,272,400    $ 22,724    $ 21,926,903                      $ 17,709,830    $    109,794
                                            =====================================                      =============================
   Net income                                                                         $    208,466          208,466
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                                                  (6,383)                          (6,383)
                                                                                      ------------
   Comprehensive income (unaudited)                                                   $    202,083
   Cash dividends paid ($0.15 per share)                                              ============         (262,182)
   Employee Stock Ownership Plan
    shares allocated                                                       12,603
   MRP shares allocated                                                    (1,197)
   Treasury shares purchased
                                            -------------------------------------                      -----------------------------
Balances, March 31, 2002 (unaudited)        2,272,400    $ 22,724    $ 21,938,309                      $ 17,656,114     $    103,411
                                            =====================================                      =============================

<CAPTION>

                                              Accumulated
                                              Unallocated     Unallocated
                                                 ESOP             MRP             Treasury
                                                Shares           Shares             Shares              Total
----------------------------------------------------------------------------------------------------------------
                                             -------------------------------------------------------------------
<S>                                          <C>              <C>                <C>                <C>
Balances, June 30, 2001                      ($ 1,469,218)    ($   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 ($0.12 per share)                                                                (213,531)
   Employee Stock Ownership Plan
    shares allocated                               38,648                                                 49,176
   MRP shares allocated                                             40,481                                39,283
   Treasury shares purchased                                                         (511,575)          (511,575)
   Tax benefit of employee
    benefit plans                                                                                         56,820
                                             -------------------------------------------------------------------
Balances, Sept. 30, 2001 (unaudited)         ($ 1,430,570)    ($   580,215)      ($ 6,296,077)      $ 31,147,587
                                             ===================================================================
   Net income                                                                                            365,958
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                                                               (43,223)

   Comprehensive income (unaudited)
   Employee Stock Ownership Plan
    shares allocated                               38,648                                                 48,170
   MRP shares allocated                                             40,480                                39,282
   Treasury shares purchased                                                          (31,625)           (31,625)
   Options exercised                                                                   52,757             36,500
                                             -------------------------------------------------------------------
Balances, Dec. 31, 2001 (unaudited)          ($ 1,391,922)    ($   539,735)      ($ 6,274,945)      $ 31,562,649
                                             ===================================================================
   Net income                                                                                            208,466
    Other comprehensive income,
    net of tax--Unrealized losses on
    securities (unaudited)                                                                                (6,383)

   Comprehensive income (unaudited)
   Cash dividends paid ($0.15 per share)                                                                (262,182)
   Employee Stock Ownership Plan
    shares allocated                               38,770                                                 51,373
   MRP shares allocated                                             40,481                                39,284
   Treasury shares purchased                                                         (120,150)          (120,150)
                                             -------------------------------------------------------------------
Balances, March 31, 2002 (unaudited)         ($ 1,353,152)    ($   499,254)      ($ 6,395,095)      $ 31,473,057
                                             ===================================================================


</TABLE>


See notes to unaudited condensed consolidated financial statements.


                                       3


<PAGE>


                            FIRST BANCORP OF INDIANA
                                 AND SUBSIDIARY

                 Condensed Consolidated Statements of Cash Flows

<TABLE>
<CAPTION>
                                                                         Year to Date
                                                                           March 31,
                                                                 ------------------------------
                                                                     2002               2001
                                                                 ------------      ------------
                                                                          (Unaudited)

<S>                                                              <C>               <C>
Net Cash Provided by Operating Activities                        $  1,511,054      $  2,038,746

Investing Activities
   Net change in interest-bearing deposits                             99,000           495,000
   Proceeds from maturities of securities available for sale        3,496,902         1,056,477
   Purchases of securities held to maturity                       (19,067,725)      (33,549,599)
   Proceeds from maturities of securities held to maturity         22,985,615        24,294,984
   Purchase FHLB stock                                               (365,300)          (22,600)
   Net change in loans                                            (10,254,711)      (31,650,280)
   Net purchases of premises and equipment                            (85,205)       (1,732,035)
   Acquisition of deposits (net of cash acquired)                           0        (2,460,011)

     Net cash used by investing activities                         (3,191,424)      (43,568,064)

Financing Activities
   Net change in
     Non-interest bearing, interest-bearing demand
      and savings deposits                                          2,867,462        16,781,214
     Certificates of deposit                                       (8,156,763)       29,534,637
     Advances by borrowers for taxes and insurance                    157,649           370,172
   Increase in long-term debt                                      10,000,000        10,000,000
   Purchase treasury shares                                          (663,350)         (471,666)
   Dividends paid                                                    (475,713)         (359,062)
   Options exercised                                                   36,500                 0

      Net cash provided by financing activities                     3,765,785        55,855,295

Net Change in Cash and Cash Equivalents                             2,085,415        14,325,977

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

Cash and Cash Equivalents, End of Period                         $ 12,572,285      $ 20,719,471

Additional Cash Flow Information
   Interest paid                                                 $  4,201,113      $  3,737,322
   Income tax paid                                                    460,618           503,100

</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  to fairly
present the  financial  position,  results of  operations,  and cash flow of the
Company. The condensed  consolidated balance sheet of the Company as of June 30,
2001,  has been  derived  from the  audited  consolidated  balance  sheet of the
Company as of that date. The results of operations for the three and nine months
ended  March 31,  2002,  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 any changes in the Company's borrowings since the
fiscal year ended 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.

                                                      March 31,       June 30,
                                                        2002            2001
                                                        ----            ----
                                                     (unaudited)

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%
                                                     ===========    ===========

NOTE 3 - MORTGAGE LOAN SERVICING RIGHTS

     Management  has  determined  to continue  selling a large  portion of newly
originated  mortgage  loans  in  order  to build  the  mortgage  loan  servicing
portfolio to provide a reliable source of fee and ancillary income.  Because the
size of the portfolio and the volume of sales have become material,  the Company
has begun  capitalizing  the  mortgage-servicing  rights in accordance with SFAS
122.  As of March 31,  2002,  the  servicing  asset,  which is included in other
assets,  totaled $186,000 on $17.6 million of loans serviced for others compared
to $8.7 million nine months earlier.


                                        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 MARCH 31, 2002, AND JUNE 30, 2001

     Total consolidated assets of the Company increased $4.3 million from $175.6
million at June 30, 2001,  to $179.9  million at March 31, 2002.  This growth in
assets occurred  primarily in consumer and mortgage loans,  and funds on deposit
at other  financial  institutions.  On the  liability  side,  advances  from the
Federal  Home Loan Bank of  Indianapolis  increased  $10  million  and  deposits
contracted $5.3 million.

     Cash and cash  equivalents,  which consist mainly of demand deposits at the
Federal  Home Loan Bank of  Indianapolis  (FHLB),  grew $2.1  million from $10.5
million at June 30, 2001, to $12.6 million at March 31, 2002.  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,  decreased from $47.3 million at June 30, 2001, to $39.6
million at March 31, 2002.  This  reduction  resulted  primarily  from  maturing
agency   securities   and   substantial   principal   repayments   on   existing
mortgage-related  investments.  These  activities more than offset a $10 million
mortgage pool security purchased as part of a strategy to leverage the Company's
high capital level.


                                        6


<PAGE>


     Net loans grew from $106.8  million at June 30, 2001, to $116.8  million at
March 31, 2002.  This growth was due in large part to  management's  decision to
retain  a  greater  proportion  of  its  indirect  automobile  loan  production.
Consequently,  consumer  loans  increased  27.2% from $26.8  million at June 30,
2001, to $34.1 million at March 31, 2002.  Despite  mortgage loan sales totaling
$10.5  million or 40.9% of  originations  during the first nine months of fiscal
2002,  the mortgage  portfolio grew 4.7% from $72.6 million at June 30, 2001, to
$76.0  million at March 31, 2002.  Management  intends to continue  building the
mortgage loan servicing  portfolio  through the  origination  and sale of loans.
First Federal also sold 45.5% of the $33.9 million of consumer loans  originated
during the first nine months of fiscal 2002. Going forward,  management plans on
retaining a greater share of consumer loans in portfolio in order to absorb some
of the excess liquidity.

     The allowance for loan losses  increased from $661,000 at June 30, 2001, to
$770,000 at March 31, 2002.  The change was  composed of $289,000 in  provisions
for losses and $180,000 in net  charge-offs.  The  Company's  allowance for loan
losses  represented  0.66% of total loans at March 31, 2002,  a slight  increase
from the 0.62% at June 30, 2001. Relative to nonperforming loans, the allowances
for loan  losses were 235.5% and 452.7% at March 31,  2002,  and June 30,  2001,
respectively.

     As  the  table  below  illustrates,   the  Company's  nonperforming  assets
increased  during the first  three  quarters  of the fiscal year ending June 30,
2002. The March 31, 2002, balance was composed chiefly of nonaccrual  automobile
loans and repossessed  vehicles.  Given current economic conditions,  management
intends to closely monitor the  nonperforming  asset trend and take  appropriate
action as necessary.

                                                           March 31,   June 30,
                                                             2002        2001
                                                             ----        ----
                                                         (unaudited)

Loans accounted for on a nonaccrual basis                  $327,000    $146,000
Accruing loans past due 90 days or more                          --          --
                                                           --------    --------
Nonperforming loans                                        $327,000    $146,000
Real estate owned (net)                                          --          --
Other repossessed assets                                   $ 34,000    $ 14,000
                                                           --------    --------
     Total nonperforming assets                            $361,000    $160,000
                                                           ========    ========

Restructured loans                                               --          --

Total loans delinquent 90 days or more to net loans            0.28%       0.14%
Total loans delinquent 90 days or more to total assets         0.18%       0.08%
Total nonperforming assets to total assets                     0.20%       0.09%

     The Company's  holdings of FHLB stock  increased  $365,000  during the nine
months ended March 31, 2002, to $1.3 million.  The additional stock was mandated
by the FHLB as a condition  for the $10 million  advance  obtained  early in the
period.

     Total deposits decreased $5.3 million from $126.8 million at June 30, 2001,
to  $121.5  million  at  March  31,  2002.  Because  of the  low  interest  rate
environment,  many  depositors  have withdrawn  their maturing  certificates  of
deposit  or placed  them in more  liquid  money  market  accounts.  As a result,
certificates of deposit decreased $8.2 million while non-maturity  accounts grew
$2.9 million. Borrowings increased $10 million to $25 million as an FHLB advance
was used to fund the purchase of a mortgage pool security. Despite the increased
borrowings,   First  Federal's  excess  borrowing  capacity  under  its  blanket
collateral agreement with the FHLB remains substantial.


                                        7


<PAGE>


     Total stockholders' equity increased $53,000 from $31.4 million at June 30,
2001, to $31.5 million at March 31, 2002.  Those items having a positive  impact
on equity included $859,000 of net income, a $267,000 allocation of ESOP and MRP
shares, a $57,000 tax benefit from employee benefit plans, and $36,000 of option
shares  exercised.  These  were  partially  offset by  $476,000  of  shareholder
dividends,  $663,000 of First Bancorp stock repurchases,  and a $27,000 decrease
in accumulated  other  comprehensive  income related to net unrealized  gains on
securities available for sale.

COMPARISON OF OPERATING  RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2002,  AND
2001

     GENERAL.  Net  income  for the  quarter  ended  March 31,  2002,  increased
$51,000,  or 32.5%,  to $208,000  from  $157,000 for the quarter ended March 31,
2001. The  improvement  resulted from higher net interest income and noninterest
revenue.  These  were  partially  offset  by  higher  noninterest  expenses  and
increased provisions for loan losses.

     The  Company's  average  interest  rate  spread  improved  to 3.05% for the
quarter ended March 31, 2002,  from 2.51% one year  earlier.  Returns on average
assets and equity  improved  from 0.35% and 1.79%  respectively  for the quarter
ended March 31, 2001, to 0.46% and 2.64% for the same quarter this year.

     NET INTEREST  INCOME.  The Company  recognized $1.4 million of net interest
income for the quarter ended March 31, 2002,  an increase of $128,000,  or 9.8%,
from $1.3 million during the quarter ended March 31, 2001.  The change  resulted
from a 24.9% reduction in total interest  expenses  partially  offset by a 10.3%
decline in total interest income.

     Total  interest  income  decreased  from $3.1 million for the quarter ended
March 31, 2001, to $2.8 million for the same quarter in 2002.  Whereas  interest
income  from  loans   increased   $212,000,   interest  income  from  investment
securities,  fed funds sold,  and  deposits  with other  financial  institutions
declined. Average loans outstanding increased from $94.6 million with an average
yield of 8.40% for the quarter ended March 31, 2001,  to $114.6  million with an
average  yield of 7.67% for the same  period this year.  Similarly,  the average
yield from investment  securities and financial  institution  deposits fell from
6.75% and 5.84%,  respectively,  for the quarter  ended March 31, 2001, to 5.10%
and 2.01% for the same  period this year.  The lower  average  yields  primarily
resulted  from steep  declines  in market  interest  rates over the past  twelve
months.

     The lower  interest  income was offset by a $450,000  reduction in interest
expense to $1.4  million  during the  quarter  ended March 31,  2002,  from $1.8
million for the quarter  ended March 31,  2001.  This  decrease  was chiefly the
product of average deposits decreasing from $131.8 million for the quarter ended
March 31, 2001, to $122.4 million for the quarter ended March 31, 2002, combined
with the  average  cost of those  deposits  falling  from 5.04% to 3.27% for the
respective periods. In addition,  interest expense on FHLB advances was $336,000
on an average balance of $25.0 million in the most recent quarter as compared to
$129,000 on an average balance of $8.7 million for the same period one year ago.

     PROVISION  FOR LOAN LOSSES.  The  provision  for loan losses is intended to
maintain 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 $129,000,  the provision for loan losses
for the quarter  ended March 31,  2002,  was $70,000  above the same  quarter in
2001.  The need for  additional  provisions  was based  primarily on the growing
proportion of  nonmortgage  loans,  particularly  consumer  loans,  added to the
Company's  portfolio 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  $349,000 for the quarter
ended March 31,  2002,  compared to $275,000  for the same period the  preceding
year, an increase of 26.9%. Net gains on loan sales,  which increased $46,000 to
$119,000 for the quarter ended March 31, 2002, accounted for the majority of the
increase.  In addition,  the most recent quarter included $20,000 of fee revenue
for ATM usage that had been netted against ATM expenses in prior quarters.

     NONINTEREST  EXPENSE.  Total noninterest  expense increased $69,000 or 5.3%
from $1.3 million for the quarter  ended March 31, 2001, to $1.4 million for the
most recent quarter. Relative to average assets,  noninterest expenses increased
slightly from an annualized 2.93% to 3.04%.

     Salaries and employee  benefits  totaled  $817,000 during the quarter ended
March 31, 2002,  compared to $744,000  during the same period in 2001.  The 9.8%
increase was attributed  primarily to compensation,  pension plan contributions,
and medical insurance  premiums.  Other noninterest  expense increased 5.2% from
$345,000 for the quarter  ended March 31, 2001,  to $363,000 for the same period
in  2002.  The  increase  was due,  in part,  to the  aforementioned  change  in
accounting for ATM fee revenue.

     INCOME  TAXES.  Total income tax expense was $70,000 for the quarter  ended
March 31, 2002,  compared to $58,000 for the same period in 2001.  Effective tax
rates for the  quarters  ended  March 31, 2002 and 2001  approximated  25.1% and
26.9%, respectively.


COMPARISON  OF OPERATING  RESULTS FOR THE NINE MONTHS ENDED MARCH 31, 2002,  AND
2001

     GENERAL. At $859,000,  net income for the nine months ended March 31, 2002,
was $109,000 or 14.5% more than the $750,000 for the nine months ended March 31,
2001. This change was primarily  attributable to increased net interest  income.
The  Company's  average  interest  rate spread  increased  to 2.88% for the nine
months  ended March 31,  2002,  from 2.50% for the nine  months  ended March 31,
2001.  As a result of its  acquisitions  and  branch  growth  that  occurred  in
November 2000,  the Company also had a larger level of average  interest-earning
assets in fiscal 2002  compared to last year.  The return on average  assets was
0.62% for the nine months ended March 31,  2002,  compared to 0.65% for the same
period  during in fiscal  year 2001.  The return on average  equity  improved to
3.66% for the nine months ended March 31,  2002,  compared to 2.86% for the same
period the preceding year.

     NET INTEREST  INCOME.  Net interest  income for the nine months ended March
31,  2002,  increased  $562,000 to $4.2  million  from $3.7 million for the same
period ended March 31, 2001.

     The increase in net interest income was due to a $698,000 increase in total
interest  income from $8.2 million for the nine months ended March 31, 2001,  to
$8.9 million for the same period this year. Interest income from loans increased
$1.5 million while interest income from investment  securities and deposits from
other  financial  institutions  decreased  $822,000.  Average loans  outstanding
increased  from $79.7 million with an average yield of 8.39% for the nine months
ended March 31, 2001,  to $109.5  million with an average yield of 7.96% for the
same period this year. The reduced earnings from investment  securities were due
primarily  to  lower   returns  on   reinvestments   of  maturing   instruments.
Consequently,  the average yield on investment  securities  decreased from 6.89%
for the nine months ended March 31, 2001, to 5.89% for the same period in fiscal
year 2002.  Similarly,  the yield on deposits with financial  institutions  fell
from 6.34% to 2.62% for the comparative periods.


                                        9


<PAGE>


     The increase in interest income was partially offset by a $137,000 increase
in interest  expense  from $4.5  million  during the nine months ended March 31,
2001,  to $4.7 million for the nine months ended March 31, 2002.  This  increase
was partly the result of average deposits increasing from $109.8 million for the
nine months  ended March 31, 2001,  to $125.5  million for the nine months ended
March 31, 2002. The average cost of those deposits  declined from 5.09% to 3.85%
for the same respective  periods.  In addition,  interest  expense on borrowings
from the Federal Home Loan Bank was $989,000 through the first three quarters of
fiscal 2002  compared  to  $294,000  for the same period one year ago on average
borrowings of $24.1 million and $6.2 million, respectively.

     PROVISION  FOR LOAN LOSSES.  The  provision  for loan losses is intended to
maintain 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 $289,000,  the provision for loan losses
for the nine months ended March 31, 2002,  was $49,000 below the same period the
preceding year. The need for further provisions  reflects the growing proportion
of  nonmortgage  loans,  particularly  consumer  loans,  added to the  Company's
portfolio  coupled with the present  volatile  economic  climate.  These factors
contributed to net charge-offs  increasing  from an annualized  0.14% of average
loans for the three  quarters ended March 31, 2001, to 0.22% for the same period
in fiscal  2002.  The  level of  provisions  needed  is based on a  consistently
applied  methodology  that considers  historical  loss  experience,  delinquency
trends, and present economic conditions. 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.

     NONINTEREST  INCOME. At $1.2 million,  noninterest income increased $50,000
for the nine  months  ended  March 31,  2002,  compared  to the same  period the
preceding year.  However,  the prior year total included a one-time pre-tax gain
of  $389,000  on the sale of  property  that had been held for  possible  future
branch  expansion.  Construction  of a new branch was no longer  needed upon the
purchase of an Old  National  Bank branch in close  proximity  to the site.  The
Company  also  recognized  gains on  sales of  mortgage  and  nonmortgage  loans
totaling $565,000 for the nine months ended March 31, 2002, compared to $341,000
for the same period in fiscal 2001.  During these same periods,  service charges
on deposit  accounts  grew to $304,000 from  $154,000.  Much of this increase is
associated with the substantial  number of demand accounts added from the branch
acquisitions  in November  2000.  Other  noninterest  income  increased  $56,000
between the  comparative  nine-month  periods due primarily to  delinquency  and
service fees on loans.

     NONINTEREST EXPENSE.  Total noninterest expense increased from $3.4 million
for the nine months ended March 31, 2001, to $4.0 million for the same period in
fiscal 2002,  an increase of $559,000.  Salaries and employee  benefits  totaled
$2.4 million  during the nine months  ended March 31,  2002,  which was $421,000
higher than the $2.0 million recorded during the same period a year earlier. The
rise is due  principally  to  increased  staffing  levels  associated  with  the
commencement of commercial lending and the operation of three new branches,  all
added in November 2000.

     Data processing  expenses increased $25,000 to $169,000 for the nine months
ended March 31,  2002,  compared to $144,000 for the same period in fiscal 2001.
This  change was due  largely to costs  related to new  customers  and  accounts
gained from the  aforementioned  branch  expansion.  Net occupancy and equipment
expenses  grew an aggregate  $24,000  between the  comparative  periods as First
Federal  operated only four  locations for much of the  nine-month  period ended
March 31, 2001,  compared to the seven full-service  branch offices in operation
throughout fiscal 2002.

     Other  noninterest  expense  increased  $87,000 to $945,000 during the nine
months  ended March 31,  2002,  compared  to $858,000  during the same period in
fiscal 2001. The most notable change was the $123,000 amortization of intangible
assets for nine months ended March 31,  2002,  as opposed to $57,000 a year ago.
The prior year amount represented only four months of amortization. In addition,
item processing  expenses rose $15,000 due to the number and  characteristics of
the accounts  acquired in the branch  purchases.  Conversely,  professional fees
were $30,000  lower during the first three  quarters of fiscal 2002  compared to
the same period in fiscal 2001.


                                       10


<PAGE>


     INCOME  TAXES.  Total  income tax expense was  $335,000 for the nine months
ended March 31,  2002,  compared to $342,000 for the same period in fiscal 2001.
The effective tax rates for the nine-month periods ended March 31, 2002 and 2001
were 28.1% and 31.3%, 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 March 31,
2002, cash and cash equivalents  totaled $12.6 million, or 7.0% of total assets.
Also, $3.0 million of investment securities mature within 12 months. At the same
time,  First Federal had commitments to fund loans,  including loans in process,
of $2.3 million.

     Certificates  of deposit  scheduled  to mature in one year or less  totaled
$45.6  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.

     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 March 31, 2002.

     Office of Thrift Supervision  regulations require First Federal to maintain
specific  amounts of capital.  As of March 31, 2002,  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 March 31, 2002 (unaudited)
   Total capital (to risk weighted assets)     $24,243    22.31%      $8,693       8.00%       $10,866      10.00%
   Tier I capital (to risk weighted assets)     23,469    21.60        4,346       4.00          6,519       6.00
   Tier I capital (to adjusted total assets)    23,469    13.33        7,043       4.00          8,803       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>


                                       11


<PAGE>


     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. To this
end,  First  Federal paid a $2.1 million  cash  dividend to the Company.  As the
table above demonstrates,  First Federal's capital ratios, even after payment of
the  dividend,  far exceeded the  standards  for  well-capitalized  institutions
pursuant to 12 CFR Part 565.  Furthermore,  First Federal's  liquidity  position
remains strong.


                                       12


                           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.

None.

ITEM 5.
OTHER INFORMATION.

None.

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

a.   Exhibits
     None

b.   Forms 8-K
     None


                                       13


                                   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 13, 2002               By:  /s/ Harold Duncan
                                  ----------------------------------------------
                                  Harold Duncan
                                  Chief Executive Officer and
                                  Chairman of the Board
                                  (principal executive officer)

Dated: May 13, 2002               By:  /s/ George J. Smith
                                  ----------------------------------------------
                                  George J. Smith
                                  Treasurer
                                  (principal financial and accounting officer)


                                       14