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

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

For the transition period from __________________ to __________________



**CBCT BANCSHARES, INC.**

---

|Maryland(State or other jurisdiction of incorporationor organization) |  | 74-2957339(I.R.S. Employer Identification or number)
|--------------------------------------------------------------------- |  | ----------------------------------------------------

|312 Main Street, Smithville, Texas 78957-2035(Address of principal executive offices)
|-------------------------------------------------------------------------------------

|(512) 237-2482(issuer's telephone number)
|-----------------------------------------

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

Transitional Small Business Format (check one):

As of November 2, 2001, there were 281,031 shares of the Registrant's common stock outstanding.

CBCT BANCSHARES, INC

INDEX

|**PART I.**  | **FINANCIAL INFORMATION**                                                                                          | **PAGE NO.**
|------------ | ------------------------------------------------------------------------------------------------------------------ | ------------
|Item 1.      | Consolidated Financial Statements                                                                                  |             
|             | Consolidated Balance Sheets as ofSeptember 30, 2001 and December 31, 2000                                          | 1           
|             | Consolidated Statements of Income for theThree Months and Nine Months Ended September 30, 2000 and 2001            | 2           
|             | Consolidated Statements of Changes in Equity
For the Three Months and Nine Months EndedSeptember 30, 2000 and 2001 | 3           
|             | Consolidated Statements of Cash Flows for
The Nine Months Ended September 30,2000 and 2001                         | 4           
|             | Notes to Unaudited Consolidated FinancialStatements                                                                | 5           
|Item 2.      | Management's Discussion and Analysis ofFinancial Condition and Results of Operations                               | 8           
|**PART II.** | **OTHER INFORMATION**                                                                                              | 12          
|             | Signature Page                                                                                                     | 13          

**CBCT Bancshares, Inc.**
Consolidated Balance Sheets
  (Unaudited)
  (dollars in thousands)

|                                                | At            | At          
|----------------------------------------------- | ------------- | ------------
|                                                | September 30, | December 31,
|                                                | 2001          | 2000        
|**ASSETS**                                     
|Cash                                            | $   273       | $   213     
|Interest bearing due from banks                 | 2,205         | 2,146       
|Total cash and cash equivalents                 | 2,478         | 2,359       
|Investment securities to be held to maturity    | 3,605         | 5,647       
|Investment securities available for sale        | 8,872         | 6,087       
|Federal Home Loan Bank stock                    | 509           | 513         
|Loans held for sale                             | -             | 121         
|Loans - net of allowance for loan losses        | 19,892        | 22,180      
|Bank premises and equipment - net               | 1,298         | 1,271       
|Accrued interest receivable                     | 258           | 291         
|Prepaid expenses and other assets               | 2             | 329         
|                                                | $36,914       | $38,798     
|**LIABILITIES AND STOCKHOLDERS' EQUITY**       
|Deposits:                                       |               |             
|Noninterest bearing                             | $   831       | $   707     
|Interest bearing                                | 26,032        | 26,878      
|Total deposits                                  | 26,863        | 27,585      
|Advances from borrowers for taxes and insurance | 263           | 57          
|Advances from Federal Home Loan Bank            | 3,688         | 5,438       
|Accrued interest payable and other liabilities  | 450           | 359         
|Total liabilites                                | 31,264        | 33,439      
|Stockholders' Equity:                          
|Preferred Stock, par value $0.01 per share;    
|1,000,000 shares authorized; none issued       
|and outstanding                                 | -             | -           
|Common Stock, par value $0.01 per share;       
|4,000,000 shares authorized; 281,031           
|shares issued and outstanding                   | 3             | 3           
|Surplus                                         | 2,383         | 2,383       
|Retained earnings                               | 3,131         | 2,868       
|Unallocated ESOP shares                         | (199)         | (199)       
|Accumulated other comprehensive income (loss)   | 332           | 304         
|Total equity                                    | 5,650         | 5,359       
|                                                | $36,914       | $38,798     

See Notes to Unaudited Consolidated Financial Statements.

**CBCT Bancshares, Inc.**
Consolidated Statements of Income
  (Unaudited)
  (dollars in thousands, except per share data)

|                                       | Three months endedSeptember 30, | Nine months endedSeptember 30,
|-------------------------------------- | ------------------------------- | ------------------------------
|                                       | 2001                            | 2000                          
|Interest and dividend income:          |                                 |                               
|Loans                                  | $   454                         | $   509                       
|Debt securities                        | 182                             | 172                           
|Deposits in banks                      | 25                              | 38                            
|Dividends                              | 5                               | 9                             
|Total interest and dividend income     | 666                             | 728                           
|Interest expense:                     
|Deposits                               | 279                             | 320                           
|Federal Home Loan Bank advances        | 50                              | 75                            
|Total interest expense                 | 329                             | 395                           
|Net interest income                    | 337                             | 333                           
|Provision for loan losses              | 9                               | 9                             
|Net interest income after loan losses  | 328                             | 324                           
|Other operating income (losses):      
|Service charges and fees               | 48                              | 58                            
|Net securities gains (losses)          | 42                              | (2)                           
|Net gains on sales of loans            | -                               | 9                             
|Total other operating income (loss)    | 90                              | 65                            
|Operating expenses:                   
|Compensation and benefits              | 142                             | 140                           
|Occupancy and equipment expense        | 42                              | 29                            
|Other operating expenses               | 97                              | 106                           
|Total other operating expenses         | 281                             | 275                           
|Income (loss) before income taxes      | 137                             | 114                           
|Income tax expense (benefit)           | 45                              | 36                            
|Net income (loss)                      | $      92                       | $   78                        
|Basic earnings (loss) per share        | $    0.35                       | $  0.30                       
|Weighted average shares outstanding(1) | 261,123                         | 258,549                       

______________________

|(1) | CBCT Bancshares' initial public offering closed on September 25, 2000.  For purposes of earnings per share calculations, shares issued on September 25, 2000 have been assumed to be outstanding as of January 1, 2000.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

See Notes to Unaudited Consolidated Financial Statements.

**CBCT Bancshares, Inc.**
Consolidated Statements of Changes in Equitys
  (Unaudited)
  (dollars in thousands)

|                                                                                                                            |        |            |          | Unallocated | Accumulated  
|--------------------------------------------------------------------------------------------------------------------------- | ------ | ---------- | -------- | ----------- | -------------
|                                                                                                                            | Common |            | Retained | ESOP        | Other Comp.  
|                                                                                                                            | Stock  | Surplus    | Earnings | Shares      | Income (Loss)
|**Nine Months Ended September 30, 2001**                                                                                   
|Balance, beginning of period                                                                                                | $3     | $2,383     | $2,868   | $(199)      | $304         
|Comprehensive income:                                                                                                      
|Net income                                                                                                                  | -      | -          | 263      | -           | -            
|Change in net unrealized loss on securities
  available for sale, net of reclassification  adjustment and tax effect        | -      | -          | -        | -           | 28           
|                                                                                                                            |        |            |          |             |              
|Total comprehensive income                                                                                                  | -      | -          | -        | -           | -            
|Balance, end of period                                                                                                      | $3     | $2,383     | $3,131   | $(199)      | $332         
|**Nine Months Ended September 30, 2000**                                                                                   
|Balance, beginning of period                                                                                                | $-     | $        - | $3,214   | $     -     | $(215)       
|Comprehensive income:                                                                                                       | 3      | 2,381      | -        | (225)       | -            
|Net income (loss)                                                                                                           | -      | -          | (374)    | -           | -            
|Change in net unrealized loss on securities
     available for sale, net of reclassification
     adjustment and tax effect | -      | -          | -        | -           | 395          
|                                                                                                                            |        |            |          |             |              
|Total comprehensive income (loss)                                                                                           | -      | -          | -        | -           | -            
|Balance, end of period                                                                                                      | $3     | $2,381     | $2,840   | $   (225)   | $  180       

See notes to unaudited consolidated financial statements.

**CBCT Bancshares, Inc.**
Consolidated Statements of Cash Flows
  (Unaudited)
  (dollars in thousands)

|                                                                                   | Nine months ended
September 30,
|---------------------------------------------------------------------------------- | -------------------------------
|                                                                                   | 2001                           
|**Cash Flows From Operating Activities**                                          
|Adjustments to reconcile net income to net cash
 provided by operating activities:
|Depreciation and amortization                                                      | 51                             
|Net securites losses (gains)                                                       | (105)                          
|Provision for loan losses                                                          | 27                             
|Deferred income taxes                                                              | 41                             
|Stock dividend income                                                              | (18)                           
|Net change in:                                                                    
|Loans held for sale                                                                | 121                            
|Accrued interest receivable and other assets                                       | 360                            
|Accrued interest payable and other liabilities                                     | 42                             
|Net cash provided by operating activities                                          | 782                            
|                                                                                  
|**Cash Flows From Investing Activities**                                          
|Activity in available-for-sale securities:                                        
|Sales                                                                              | 3,777                          
|Maturities and prepayments                                                         | 530                            
|Purchases                                                                          | (6,929)                        
|Activity in held-to-maturity securities:                                          
|Maturities and prepayments                                                         | 2,042                          
|Purchases                                                                          | -                              
|Loan originations and collections - net                                            | 2,261                          
|Sales of fixed assets                                                              |                                
|Capital expenditures                                                               | (78)                           
|Net cash provided by (used in) investing activities                                | 1,603                          
|                                                                                  
|**Cash Flows From Financing Activities**                                          
|Net change in deposits                                                             | (516)                          
|Issuance of common stock                                                           |                                
|Expenses of stock offering                                                         |                                
|Proceeds from Federal Home Loan Bank advances                                      | -                              
|Repayment of Federal Home Loan Bank advances                                       | (1,750)                        
|Net cash provided by (used in) financing activities                                | (2,266)                        
|                                                                                  
|Net increase in cash and cash equivalents                                          | 119                            
|                                                                                  
|Cash and cash equivalents - beginning of period                                    | 2,359                          
|Cash and cash equivalents - end of period                                          | $2,478                         

See Notes to Unaudited Consolidated Financial Statements.



**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**1.       General**

CBCT Bancshares, Inc. (the Company) was organized in March 2000 at the direction of
Community Bank of Central Texas, Inc. (the Bank) to acquire all of the capital stock that the
Bank would issue upon its conversion from the mutual to stock form of ownership.  The
conversion was completed on September 25, 2000 through the sale and issuance of
281,031 shares of common stock by the Company at a price of $10.00 per share.
Information set forth in this report relating to periods prior to the Conversion, including
consolidated financial statements and related data, relates to Community Bank of Central
Texas, Inc. and its wholly-owned (inactive) subsidiary, Central State Service Corporation.

The accompanying consolidated financial statements of 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 generally accepted accounting principles for complete financial statements.  However, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods.

The results of operations for the nine months ended September 30, 2001 are not necessarily indicative of the results to be expected for the year ending December 31, 2001.  The consolidated financial statements and notes thereto should be read in conjunction with the Bank's audited financial statements and notes thereto for the year ended December 31, 2000.

**2.       Investment Securities**

The amortized cost and approximate fair values of investment securities to be held to maturity and available for sale at Setpember 30, 2001 and December 31, 2000 are as follows:
(dollars in thousands):

Investment securities to be held to maturity:

|                                    | September 30, 2001
|----------------------------------- | ------------------
|                                    | Amortized         
|                                    | Cost              
|Debt securities:                   
|Government agencies                 | $1,995            
|Collateralized mortgage obligations | 1,610             
|                                    | $3,605            

******NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
  (Continued)**

|                                    | December 31, 2000
|----------------------------------- | -----------------
|                                    | Amortized        
|                                    | Cost             
|Debt securities:                   
|Government agencies                 | $2,991           
|Collateralized mortgage obligations | 2,656            
|                                    | $5,647           

|                                    | September 30, 2001
|----------------------------------- | ------------------
|                                    | Amortized         
|                                    | Cost              
|Debt securities:                   
|Government agencies                 | $513              
|State and municipal                 | 75                
|Mortgage-backed                     | 6,389             
|Collateralized mortgage obligations | 1,387             
|Marketable equity securities        | 4                 
|                                    | $8,368            

|                             | December 31, 2000
|---------------------------- | -----------------
|                             | Amortized        
|                             | Cost             
|Debt securities:            
|Government agencies          | $3,277           
|State and municipal          | 110              
|Mortgage-backed              | 2,235            
|Marketable equity securities | 4                
|                             | $5,626           

******NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)**

**3.       Other Cash Flow Information**

Other cash flow information for the three months ended September 30, 2001 and 2000 is as follows (dollars in thousands):

|                          | 2001   | 2000  
|------------------------- | ------ | ------
|Interest paid in cash     | $1,011 | $1,242
|Income taxes paid in cash | $   89 | -     

**CBCT BANCSHARES, INC.**

Management's Discussion and Analysis of Financial
Condition and Results of Operation

****

**General**

****The following discussion is intended to assist in understanding the financial condition
and results of operations of CBCT Bancshares, Inc.  The information contained in this
section should be read in conjunction with the consolidated financial statements and the
accompanying notes to consolidated financial statements contained in this Form 10-QSB.

CBCT Bancshares, Inc.'s results of operations depend primarily on its net interest
income, which is the difference between interest income on interest-earning assets, which
principally consists of loans and mortgage-backed and investment securities, and interest
expense on interest bearing liabilities, which principally consists of deposits and
borrowings.  CBCT Bancshares, Inc.'s results of operations also are affected by the level
of its non-interest income and expenses and income tax expense.

**Forward-Looking Statements**

****When used in this Form 10-QSB and in future filings by us with the Securities and
Exchange Commission, in our press releases or other public or shareholder
communications, and in oral statements made with the approval of an authorized
executive officer, or the words "believe," expect," "intend," "anticipate," "estimate,"
"project," or similar words are intended to identify forward-looking statements.  Our
ability to predict results or the actual effect of future plans or strategies is uncertain.
Factors which could have a material adverse effect on our operations include, but are not
limited to, changes in interest rates, general economic conditions, legislative/regulatory
changes, monetary and fiscal policies of the U.S. Government, including policies of the
U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or
investment portfolios, demand for loan products, deposit flows, competition, demand for
financial services in our market areas and accounting principles and guidelines.  These
risks and uncertainties should be considered in evaluating forward-looking statements and
you should not rely too much on these statements.

**Changes in Financial Condition from December 31, 2000, to September 30, 2001**

******General**

Total assets decreased by approximately $1.9 million to $36.9 million at September 30, 2001
from $38.8 million at December 31, 2000.  The decrease in total assets resulted primarily
from a $2.3 million reduction in loans.

The decrease in loans, to $19.9 million at September 30, 2001 from $22.2 million at December
31, 2000 was attributed to a decrease in new loan demand in our market area and the refinancing
of existing adjustable rate mortgages into the secondary market to obtain the benefit of a fixed rate loan as a result
of lower market rates of interest.

The allowance for loan losses at September 30, 2001 increased to $247,000 or 1.24% of total
loans, from the December 31, 2000 amount of $228,000, or 1.03% of total loans.  The
increase was due to loan loss provisions exceeding loan charge-offs during the period, along with the $2.3 million
decrease in the loan portfolio.  Non-performing loans were $20,000 at September 30, 2001 compared to $12,000 at December 31,
2000.

Total deposits decreased by approximately $.7 million, to $26.9 million at September 30, 2001 from $27.6 million at December 31, 2000.

Total equity increased by approximately $.3 million to $5.7 million at September 30, 2001,
from $5.4 million at December 31, 2000.  The increase in equity was due to the net income for the nine months ended September 30, 2001.

**Comparison of Results of Operations for the Three and Nine Months Ended September, 2000
and 2001**

**Net Interest Income**

Net interest income for the quarter ended September 30, 2001 was $337,000, compared to
$333,000 for the quarter ended September 30, 2000.  The increase in
net interest income for the nine months ended September 30, 2001 was $988,000 compared to $991,000 for the same period during 2000.

Interest income for the quarter ended September 30, 2001 was $666,000 compared to $728,000 for the same period in 2000, a decrease of $62,000.  Interest income for the nine months ended September 30, 2001 was $2,047,000 compared to $2,229,000 for the nine months ended September 30, 2000, a decrease of $182,000.  The decrease in interest income is primarily due to lower rates earned on loans, along with a decrease of $2.3 million in our loan portfolio.  Lower rates earned on federal funds has also attributed to the decrease in interest income.

Interest expense for the quarter ended September 30, 2001 was $329,000 compared to $395,000 for the same period in 2000, a decrease of $66,000.  Interest expense for the nine months ended September 30, 2001 was $1,059,000 compared to $1,238,000 for the nine months ended September 30, 2000, a decrease of $179,000.  The decrease in interest expense is primarily due to lower rates paid on CD's and interest earning deposit accounts along with a decrease in interest expense on FHLB advances due to a reduction of $1.8 million on the advances.

**Other Operating Income**

Other operating income for the quarter ended September 30, 2001 was $90,000, compared to $65,000 for the quarter ended September 30, 2000.  The increase in 2001 was primarily attributed to a $42,000 realized gain on the call of investment securities occurring during the third quarter of 2001.   Other operating income for the nine months ended September 30, 2001 was $261,000 compared to ($735,000) for the same period in 2000.  The increase of $996,000 is primarily due to the $865,000 in realized losses on sales of investment securities occurring during that period, due to restructuring the entire portfolio

**Other Operating Expenses**

Other operating expenses for the quarter ended September 30, 2001 were $281,000, compared to $275,000 for the quarter ended September 30, 2000.  Other operating expenses for the nine months ended September 30,2001 was $833,000 compared to $859,000 for the nine months ended September 30,2000.

**Liquidity and Capital Resources**

We are required to maintain minimum levels of investments that qualify as liquid assets under government regulations.  Liquidity may increase or decrease depending upon the availability of funds and comparative yields on investments in relation to the return on loans.  Historically, we have maintained liquid assets at levels above the minimum requirements and above levels believed to be adequate to meet the requirements of normal operations, including potential deposit outflows.  Cash flow projections are regularly reviewed and updated to assure that adequate liquidity is maintained.  At September 30, 2001, our regulatory liquidity ratio, which is our liquid assets as a percentage of deposits and current borrowings, was 53.06%, well in excess of that needed to cover anticipated needs.

Consistent with our goal to operate a sound and profitable financial organization, we actively seek to maintain a "well capitalized" institution in accordance with regulatory standards.  Total equity was $5.7 million at September 30, 2001 or 15.31% of total assets on that date.  As of September 30, 2001, we exceeded all capital requirements of the FDIC and the Texas Savings and Loan Department.  Our consolidated regulatory capital ratios at September 30, 2001 were as follows:  core capital 14.38%; Tier I risk-based capital, 29.44%; and total risk-based capital, 31.44%.  The regulatory capital requirements to be considered well capitalized are 5.0%, 6.0%, and 10.0%, respectively.

**Quantitative and Qualitative Disclosures About Market Risk**

The rates of interest we earn on assets and pay on liabilities generally are established contractually for a period of time.  Market interest rates change over time.  Our loans generally have longer maturities than our deposits.  Accordingly, our results of operations, like those of other financial institutions, are impacted by changes in interest rates and the interest rate sensitivity of our assets and liabilities.  The risk associated with changes in interest rates and our ability to adapt to these changes is known as interest rate risk and is our most significant market risk.  As of September 30, 2001, our one-year cumulative interest rate sensitivity gap as a percentage of total assets was a negative 14.17%, which generally means if interest rates rise, our net interest income could be reduced because interest paid on interest-bearing liabilities, including deposits and borrowings, could increase more quickly than interest received on interest-earning assets, including loans and mortgage-backed and investment securities.  In addition, rising interest rates may hurt our income because they may reduce the demand for loans and the value of our mortgage-related and investment securities.  In the alternative, if interest rates decrease, our net interest income would increase.





Item 1  -  Legal Proceedings

The Company and the Bank are not involved in any pending legal proceedings other than legal
proceedings incident to the business of the Company and the Bank, which involve aggregate
amounts management believes to be immaterial to the financial condition and results of
operations of the Company and the Bank.

Item 2  -  Changes in Securities and Use of Proceeds

None

Item 3  -  Defaults upon Senior Securities

Not applicable

Item 4  -  Submission of Matters to a Vote of Secruityholders

None

Item 5  -  Other Information

None

Item 6  -  Exhibits and Reports on Form 8-K

| | (a)                                                                                        | Exhibits            
| | ------------------------------------------------------------------------------------------ | --------------------
| |                                                                                            | 3(i)                
| |                                                                                            | 3(ii)               
| |                                                                                            | 10                  
| | *  Filed as an exhibit to the registrant's Registration Statement on Form SB-2 (33-33102).
| |                                                                                            |                     
| |                                                                                            |                     
| | (b)                                                                                        | Reports on Form 8-K:
| |                                                                                            | None                

SIGNATURES

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

|      |                  |  | **CBCT BANCSHARES, INC.**
Registrant                             
|----- | ---------------- |  | -----------------------------------------------------------------
|Date: | November 2, 2001 |  | /s/ Brad M. Hurta                                                
|      |                  |  | Brad M. HurtaPresident and Chief ExecutiveOfficer                
|Date: | November 2, 2001 |  | /s/ Lynn Frerich                                                 
|      |                  |  | Lynn FrerichVice President, Chief Operating Officer and Secretary