U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

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

                                  FORM 10-QSB


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

                For the quarterly period ended September 30, 1997

      [ ]       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 0-26510

                             NCF FINANCIAL CORPORATION
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its Charter)


         Delaware                                        61-1285330
-------------------------------             ------------------------------------
(State or other jurisdiction of             (IRS Employer Identification Number)
incorporation or organization)


 106A West John Rowan Boulevard,  Bardstown, Kentucky        40004
-----------------------------------------------------      ----------
       (Address of principal executive offices)            (Zip Code)

Registrant's telephone number, including area code: (502) 348-9278
                                                    --------------

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the  Securities  Exchange Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                        X  Yes          No
                                       ---          ---

            Class                      Outstanding
            -----                      -----------


     As of October  31,  1997,  there were  792,609  shares of the  Registrant's
common stock,  par value $0.10 per share,  outstanding.  The  Registrant  has no
other classes of common equity outstanding.


<PAGE>

                            NCF FINANCIAL CORPORATION
                                 AND SUBSIDIARY

                              Bardstown, Kentucky

                                     Index


PART I.
-------

FINANCIAL INFORMATION                                                  Page(s)
                                                                       -------

Item I.
Financial Statements

Consolidated Balance Sheets - (Unaudited) as of June 30, 1997
 and September 30, 1997 ..............................................     3

Consolidated Statements of Income - (Unaudited) for the three
 month periods ended September 30, 1996 and 1997 .....................     4

Consolidated Statements of Stockholders' Equity (Unaudited) ..........     5

Consolidated Statements of Cash Flows - (Unaudited) for the
 three months ended September 30, 1996 and 1997 ......................     6

Notes to Consolidated Financial Statements (Unaudited) ...............   7-9

Item 2.
Management's Discussion and Analysis of Financial Condition
 and Results of Operations ........................................... 10-11

PART II.
--------

OTHER INFORMATION

Item 1.  Legal Proceedings ...........................................    12

Item 2.  Changes in Securities .......................................    12

Item 3.  Defaults Upon Senior Securities .............................    12

Item 4.  Submission of Matters to a Vote of Security Holders .........    12

Item 5.  Other Information ...........................................    12

Item 6.  Exhibits and Reports on Form 8-K ............................    12

Signatures ...........................................................    13


                                        2
<PAGE>

                            NCF FINANCIAL CORPORATION
                                 AND SUBSIDIARY

                           Consolidated Balance Sheets
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>
                                                          June 30,   September 30,
                                                            1997         1997
                                                          -------       -------
       Assets
       ------
<S>                                                       <C>           <C>    
Cash and due from banks                                   $   200       $   224
Interest-earning deposits                                   4,995         5,311
Loans receivable, net                                      27,047        28,069
Mortgage-backed securities
 (market value - $153 and $132)                               132           112
Real estate owned                                             724           161
Premises and equipment, net                                   519           569
Federal Home Loan Bank stock                                  442           450
Interest receivable                                           245           219
Deferred tax asset                                             58            70
Other                                                          41            44
                                                          -------       -------

      Total assets                                        $34,403       $35,229
                                                          =======       =======

   Liabilities and Stockholders' Equity
   ------------------------------------

Deposits                                                  $21,970       $22,501
Accrued expenses and other liabilities                        380           385
Income taxes payable                                            3            98

      Total liabilities                                    22,353        22,984

Preferred stock ($.01 par value, 100,000 shares
 authorized; none issued and outstanding)                    -             -
Common stock ($.10 par value, 1,400,000 shares
 authorized; 792,609 shares issued and outstanding)            79            79
Additional paid-in capital                                  7,581         7,587
Retained earnings, substantially restricted                 5,018         5,180
Less unearned compensation:
  Employee stock ownership plan                              (413)         (400)
  Stock compensation plan                                    (215)         (201)
                                                          -------       -------

      Total stockholders' equity                           12,050        12,245
                                                          -------       -------

      Total liabilities and stockholders' equity          $34,403       $35,229
                                                          =======       =======
</TABLE>
The accompanying notes are an integral part of
these consolidated financial statements.

                                        3
<PAGE>

                            NCF FINANCIAL CORPORATION
                                 AND SUBSIDIARY

                       Consolidated Statements of Income
                                   (Unaudited)
                                 (in thousands)


                                                           Three Months Ended
                                                              September 30,
                                                           ------------------
                                                           1996          1997
                                                           ----          ----

Interest income:
  Loans                                                    $575          $638
  Investment securities                                      26            -
  Mortgage-backed securities                                  4             4
  Interest-earning deposits                                  48            78
                                                           ----          ----

      Total interest income                                 653           720

Interest expense:
  Deposits                                                  269           263
                                                           ----          ----

      Total interest expense                                269           263
                                                           ----          ----

      Net interest income                                   384           457

Provision for loan losses                                     4             4
                                                           ----          ----

      Net interest income after provision
       for loan losses                                      380           453

Non-interest income:
  Loan fees and service charges                               6             6

Non-interest expenses:
  Compensation and employee benefits                        125           137
  Net occupancy expense                                       7            15
  Deposit insurance premiums                                167             5
  Data processing                                            11            14
  State franchise and other taxes                            15            11
  Professional fees                                          19            15
  Other                                                      18            30
                                                           ----          ----

      Total non-interest expenses                           362           227
                                                           ----          ----

      Income before income taxes                             24           232

Income tax expense                                           -             70
                                                           ----          ----

      Net income                                           $ 24          $162
                                                           ====          ====

Net income per share                                       $.03          $.20
                                                           ====          ====

Cash dividend per share                                    $.00          $.00
                                                           ====          ====

The accompanying notes are an integral part
of these consolidated financial statements.

                                        4
<PAGE>

                            NCF FINANCIAL CORPORATION
                                 AND SUBSIDIARY
                Consolidated Statements of Stockholders' Equity
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>
                                           Additional
                                   Common   Paid-in     Retained    Unearned
                                   Stock    Capital     Earnings  Compensation    Total
                                   -----    -------     --------  ------------    -----

<S>                                 <C>      <C>         <C>         <C>         <C>    
Balance, June 30, 1996              $77      $7,270      $4,918      $(462)      $11,803

Net income                           -         -            328         -            328

Issuance of shares for
 stock compensation plan              2         298        -          (300)         -

Compensation expense under
 stock compensation plan             -           (7)       -            85            78

Fair value of shares committed
 to be released from ESOP plan       -           20        -            49            69

Cash dividends paid                  -         -           (228)        -           (228)
                                    ---      ------      ------      -----       -------

Balance, June 30, 1997               79       7,581       5,018       (628)       12,050

Net income three months ended
 September 30, 1997                  -         -            162         -            162

Compensation expense under
 stock compensation plan             -            1         -           14            15

Fair value of shares committed
 to be released from ESOP plan       -            5         -           13            18
                                    ---      ------      ------      -----       -------

Balance, September 30, 1997         $79      $7,587      $5,180      $(601)      $12,245
                                    ===      ======      ======      =====       =======


</TABLE>
The accompanying notes are an integral part of
these consolidated financial statements.

                                        5

<PAGE>

                            NCF FINANCIAL CORPORATION
                                 AND SUBSIDIARY
                     Consolidated Statements of Cash Flows
                                   (Unaudited)
                                 (in thousands)


                                                            Three Months Ended
                                                               September 30,
                                                           --------------------
                                                             1996       1997
                                                           --------   --------
Operating Activities:
  Net income                                               $    24    $   162
  Adjustments to reconcile net income to
   net cash provided by operating activities:
    Depreciation                                                 4          7
    Provision for loan losses                                    4          4
    Deferred income taxes (benefit)                            (64)       (13)
    FHLB dividends received in stock                            (7)        (8)
    Amortization of deferred loan origination fees, net       -            (7)
    Accretion of discounts on mortgage-backed securities      -          -
    Increase (decrease) in allowance for uncollectible
     interest                                                   14        (44)
    (Increase) decrease in interest receivable                 (62)        70
    Decrease (increase) in other assets                          8         (3)
    Increase in accrued expenses and other liabilities         204          5
    (Decrease) increase in current income taxes payable        (49)        95
    ESOP plan expense                                           25         33
                                                           -------    -------

Net Cash Provided By Operating Activities                      101        301

Investing Activities:
  Principal payments on mortgage-backed securities               4         20
  Purchase of investment securities held-to-maturity        (2,921)      -
  Net decrease (increase) in loans originated                  398     (1,018)
  Acquisition of premises and equipment                       -           (57)
  Sale of real estate owned                                   -           563
                                                           -------    -------

Net Cash Used In Investing Activities                       (2,519)      (492)

Financing Activities:
  Net (decrease) increase in deposits                         (157)       531
                                                           -------    -------

Net Cash (Used In) Provided By Financing Activities           (157)       531
                                                           -------    -------

(Decrease) Increase In Cash and Cash Equivalents            (2,575)       340

Cash and Cash Equivalents, beginning of period               5,163      5,195
                                                           -------    -------

Cash and Cash Equivalents, end of period                   $ 2,588    $ 5,535
                                                           =======    =======

Supplemental Disclosures:
  Noncash investing and financing activities:
   Cash paid during the period for:
    Interest                                               $   311    $   242
                                                           =======    =======

    Income taxes                                           $  -       $  -
                                                           =======    =======


The accompanying notes are an integral part of
these consolidated financial statements.

                                        6
<PAGE>

                            NCF FINANCIAL CORPORATION
                                 AND SUBSIDIARY

                   Notes to Consolidated Financial Statements
                                   (Unaudited)








1.   NCF Financial Corporation
     -------------------------

     NCF Financial  Corporation (the "Company") was incorporated  under the laws
     of the State of Delaware for the purpose of becoming the holding company of
     NCF Bank and Trust Co. ("the Bank"), formerly Nelson County Federal Savings
     Bank in  connection  with the  conversion  from a mutual  to stock  form of
     ownership.  The  Company  commenced  on August  24,  1995,  a  Subscription
     Offering of its shares in connection with the conversion of the Association
     (the  "Conversion").  At October 12, 1995,  the  Conversion  was  complete.
     Effective  April 2, 1997, the Bank was approved as a commercial  state bank
     and changed its name to NCF Bank and Trust Co. The financial  statements of
     the Bank are presented on a consolidated basis with those of the Company.

     The consolidated  financial statements included herein are for the Company,
     the  Bank  and  the  Bank's  wholly  owned   subsidiary,   Nelson   Service
     Corporation.  The  impact  of  Nelson  Service  Corporation  (NSC)  on  the
     consolidated  financial  statements is insignificant.  NSC has no operating
     activity other than to own stock in the third-party service bureau.


2.   Basis of Preparation
     --------------------

     The accompanying  unaudited consolidated financial statements were prepared
     in  accordance  with  instructions  for Form 10-QSB and  therefore,  do not
     include  all  disclosures  necessary  for a  complete  presentation  of the
     consolidated statements of financial condition,  consolidated statements of
     income,  consolidated  statements of stockholders' equity, and consolidated
     statements of cash flows in conformity with generally  accepted  accounting
     principles.   However,  all  adjustments  which  are,  in  the  opinion  of
     management,  necessary for the fair  presentation of the interim  financial
     statements have been included.  The statement of income for the three month
     period  ended  September  30,  1997 is not  necessarily  indicative  of the
     results which may be expected for the entire year.

3.   Earnings Per Share
     ------------------

     Earnings per share  amounts for the three month period ended  September 30,
     1996  and 1997  are  based on the  average  number  of  shares  outstanding
     throughout  the  period.  Unallocated  ESOP  shares are not  considered  as
     outstanding for this calculation.


                                        7
<PAGE>


                            NCF FINANCIAL CORPORATION
                                 AND SUBSIDIARY

                   Notes to Consolidated Financial Statements
                                   (Unaudited)


4.   New Accounting Standards
     ------------------------

     In October, 1995, the Financial Accounting Standards Board issued Statement
     of Financial  Accounting  Standards No. 123,  "Accounting  for  Stock-Based
     Compensation"  (SFAS 123).  This statement must be adopted on a prospective
     basis by July 1,  1996.  SFAS 123  encourages,  but does not  require,  the
     adoption of a fair value  method of  accounting  for  employee  stock-based
     compensation  transactions.  Companies  are also  permitted  to continue to
     account  for such  transactions  under  Accounting  Principles  Board (APB)
     Opinion No. 25,  "Accounting  for Stock Issued to Employees,"  but would be
     required to disclose in a note to the  financial  statements  proforma  net
     income and earnings per share as if the new method of  accounting  had been
     applied.  Management  has  elected  to  continue  to account  for  employee
     stock-based  compensation  transactions  under APB  Opinion No. 25 and will
     disclose the proforma data required by SFAS 123.  Management has determined
     that SFAS 123 will not have a material effect on the consolidated financial
     statements.

     In November, 1995, the FASB's Emerging Issues Task Force (EITF) issued EITF
     D-47  concerning the  accounting for special  assessments of FDIC insurance
     premiums for SAIF member institutions. This opinion requires recognition of
     an accrual for the FDIC special  assessment in the period when  legislation
     was enacted to provide for such assessment. This opinion does not allow the
     charge to earnings to be  recorded as an  extraordinary  item and should be
     recorded as a component of  operating  income.  This opinion also  requires
     deferred tax  accounting if the timing of payment of the assessment is in a
     period different than that of the accrual. See further discussion in Note 5
     as to the impact on these financial statements.

5.   Impact of New Legislation
 
     The Small Business Job  Protection  Act passed by Congress in August,  1996
     included a provision  that repealed the  percentage  of taxable  income bad
     debt deduction for federal  income tax purposes.  The Bank used this method
     to  determine  its bad  debt  deduction  when  computing  federal  taxes in
     applicable years. This legislation also requires recapture of the excess of
     bad debt  reserves over the base year  reserves  (December  31, 1987).  For
     years subsequent to the base year, deferred taxes have been recorded by the
     Bank for an amount  equal to the excess of the bad debt  reserves  over the
     base year  reserves;  thus no  additional  tax  provision  is required as a
     result of this  legislation.  Under the  legislation,  the Bank may use the
     experience  method to calculate the bad debt  deduction for federal  income
     tax purposes.  The  legislation is effective for tax years  beginning after
     December 31, 1995.


                                        8


<PAGE>

                            NCF FINANCIAL CORPORATION
                                 AND SUBSIDIARY

                   Notes to Consolidated Financial Statements
                                   (Unaudited)

5.   Impact of New Legislation - (Continued)
     ---------------------------------------

     The Deposit  Insurance  Funds Act of 1996 was passed by Congress and signed
     into law by the President on September 30, 1996. This legislation  includes
     provisions  designed to recapitalize  SAIF and required all insured savings
     institutions  to pay a special  assessment  of 65.7  cents  for every  $100
     (0.657%) of applicable  deposits held as of March 31, 1995. Under FASB EITF
     D-47,  the Bank took a charge in the quarter  ended  September  30, 1996 of
     $101,000 net of taxes, or $.13 per share, as required by this  legislation.
     As a result of the  recapitalization,  the FDIC lowered  SAIF  premiums for
     most  institutions  from $0.23 per $100 of insured  deposits  to $0.064 per
     $100 of insured  deposits,  thereby  lowering  the Bank's  federal  deposit
     insurance rates by 72%, effective January 1, 1997.



                                       9
<PAGE>

Item 2.


         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                              RESULTS OF OPERATIONS




General

The following discussion and analysis is intended to assist in understanding the
financial condition and the results of operations of the Company.  References to
the "Company"  include NCF Financial  Corporation  and/or Nelson County  Federal
Savings Bank, as appropriate.

Comparison of Financial Condition at June 30, 1997 and September 30, 1997

Total  consolidated  assets of the Company at  September  30, 1997  increased by
approximately  $826,000  since June 30,  1997.  Total  consolidated  assets were
approximately $35.2 million and $34.4 million at September 30, 1997 and June 30,
1997, respectively.

The primary  change in the balance sheet is the result of the Company's  efforts
to offer new consumer loan products to its customers resulting in an increase of
approximately  $1 million in Loans  Receivable.  This loan  growth was funded by
both the sale of real estate owned of approximately  $563,000 and an increase in
deposits of  $531,000.  Total  deposits  were  $21,970,000  at June 30, 1997 and
$22,501,000  at September 30, 1997.  This  increase is a result of  management's
effort of expanding customer account services to provide future deposit growth.

Comparison  of Results of  Operations  for the Three Months Ended  September 30,
1996 and 1997

Net Income.  Net income increased  $138,000 for the three months ended September
30, 1997, when compared to the same period for September 30, 1996. However, this
increase is primarily  attributed to the accrual for the FDIC special assessment
of  approximately  $101,000 (net of tax) that occurred in the three months ended
September 30, 1996.  Without this special assessment  accrual,  net income would
have increased by  approximately  $37,000 or 29.6% for the three month period as
compared  to last  year.  Net  income of  $162,000  for the three  months  ended
September 30, 1997 resulted in earnings per share of .20 cents.

Net Interest Income.  Net interest income increased $73,000 or 19% from $384,000
for the three months ended  September  30, 1996 to $457,000 for the three months
ended   September  30,  1997.   Approximately   $50,000  of  this  increase  was
attributable  to the recovery of previously  reserved  interest  income from the
sale of real estate owned. The remaining increase was a result of an increase in
the interest  rate spread from 2.85% for the three months  ended  September  30,
1996 to 3.21% for the three months ended  September 30, 1997. One of the factors
contributing  to the  increase in the  interest  rate spread is the new consumer
lending   efforts  of  the  Company  which  carry  higher  interest  rates  than
traditional mortgage lending.

                                       10

<PAGE>

Interest Income.  Total interest income increased  $67,000 from $653,000 for the
three  months  ended  September  30, 1996 to $720,000 for the three months ended
September  30,  1997.  Interest on loans  increased  $63,000  largely due to the
recovery of $50,000 of previously reserved interest income from the sale of real
estate owned. The remaining  increase of $13,000 was due to the average yield on
the loan portfolio increasing from 8.03% during the three months ended September
30, 1996 to 8.45% during the three months ended September 30, 1997.

Interest income on mortgage-backed  securities and other interest-earning assets
remained consistent with the prior period.

Interest Expense.  Interest expense decreased $6,000 from $269,000 for the three
months ended September 30, 1996 to $263,000 for the three months ended September
30, 1997.  Between the three months  ended  September  30, 1996 and three months
ended September 30, 1997, the average balance of deposits  decreased by $68,000,
and  average  rates  decreased  from  4.78%  to  4.73%.  Both of  these  factors
attributed to the decrease in interest expense.

Provision  for Loan Losses.  The  provision for loan losses for the three months
ended  September  30, 1996 was $4,000  compared  to $4,000 for the three  months
ended September 30, 1997. Historically,  management has emphasized the Company's
loss experience  over other factors in establishing  provisions for loan losses.
However,  management  has reviewed the  allowance for loan losses in relation to
the Company's  composition of its loan portfolio and observations of the general
economic climate and loan loss expectations.

Non-Interest  Income.  Fee  income and other  service  charges of $6,000 for the
three months ended September 30, 1996 remained stable when compared to the three
months ended September 30, 1997.

Non-Interest  Expense.  Non-interest expense decreased by $135,000 from $362,000
for the three  months  ending  September  30,  1996 to $227,000  for 1997.  This
decrease is the direct result of the special one-time FDIC assessment accrual of
$153,000 in  September,  1996 offset by minor  overall  increases  in  operating
expenses of $18,000 or 8.6%.

Income Taxes.  The effective tax rate for the three months ending  September 30,
1997 was approximately 30% which approximates the federal statutory rate of 34%.
For the three  month  period  ending  September  30,  1996,  current  income tax
provisions  of $52,000 were offset by the recording of a deferred tax benefit of
$52,000 as a result of the timing of payment of the FDIC special assessment.

Liquidity  and Capital  Resources.  The Company's  primary  sources of funds are
deposits  and  proceeds  from  principal  and  interest  payments  on loans  and
investment securities.  While maturities and scheduled amortization of loans and
investment  securities  are a  predictable  source of funds,  deposit  flows and
mortgage prepayments are greatly influenced by general interest rates,  economic
conditions and competition.  The Company's  primary  investing  activity is loan
originations.  The  Company  maintains  liquidity  levels  adequate to fund loan
commitments,  investment opportunities,  deposit withdrawals and other financial
commitments.  Management has no knowledge of any trends, events or uncertainties
that  will  have or are  reasonably  likely  to  have  material  effects  on the
liquidity,  capital resources or operations of the Company. Further,  management
is not aware of any current recommendations by the regulatory authorities which,
if implemented, would have such an effect.

                                       11
<PAGE>


Part II
                                OTHER INFORMATION



Item 1.   Legal Proceedings
          -----------------

          From time to time, the Company and any  subsidiaries may be a party to
          various  legal  proceedings  incident  to its or  their  business.  At
          September  30,  1997,  there  were no legal  proceedings  to which the
          Company  or any  subsidiary  was a party,  or to which of any of their
          property was subject, which were expected by management to result in a
          material loss.


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:  Exhibit 27 (financial data schedule)

                                       12
<PAGE>
                                   SIGNATURES





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


                                              NCF FINANCIAL CORPORATION


Date:   November 11, 1997                     By /s/ Dan R. Biggs
        -----------------                     ----------------------------------
                                                 Dan R. Biggs
                                                 (Vice President and Principal
                                                  Financial Officer and duly
                                                  authorized representative)



                                       13