SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 FORM l0-KSB/A 1

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

                   For the fiscal year ended December 31, 2001

[   ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
          Act Of 1934.

            For the transition period from _____________ to _____________

                        Commission File Number 000-24907

                                IBL BANCORP, INC.
                          ---------------------------
                 (Name of small business issuer in its charter)

          LOUISIANA                                          72 - 1421499
          ---------                                          ------------
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                             Identification No.)


                23910 RAILROAD AVE., PLAQUEMINE, LOUISIANA 70764
                ------------------------------------------------
                    (Address of principal executive offices)

          Issuer's telephone number, including area code: (225)687-6337

           Securities registered pursuant to Section 12(b) of the Act:
                                 Not Applicable

           Securities registered pursuant to Section 12(g) of the Act:

                     Common Stock, par value $.0l per share
                     --------------------------------------
                                (Title of Class)

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

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of Issuer's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-KSB. [X]

Issuer's revenues for the fiscal year ended December 31, 2001: $2,570,131

As of March 15, 2002, the aggregate market value of the 142,475 shares of Common
Stock of the Issuer held by non-affiliates, which excludes 68,395 shares held by
all directors,  executive officers and employee benefit plans of the Issuer, was
approximately $1.78 million.  This figure is based on the average of the bid and
asked prices of $12.50 per share of the Issuer's Common Stock on March 15, 2002.

Number of  shares  of  Common  Stock  outstanding  on March  15,  2002:  210,870
Transitional Small Business Disclosure Format (check one) : Yes [ ] No [X]



<PAGE>


                          L.A. CHAMPAGNE & CO., L.L.P.

                          Certified Public Accountants
                             4911 Bennington Avenue
                              Baton Rouge LA, 70808
                                  (225) 9251120




                          INDEPENDENT AUDITOR'S REPORT

Shareholders and Directors
IBL Bancorp, Inc.

We have audited the accompanying  consolidated statements of financial condition
of IBL Bancorp, Inc. and its wholly-owned subsidiary, The Iberville Building and
Loan Association, as of December 31, 2001 and 2000, and the related consolidated
statements of income and comprehensive income,  changes in  shareholders'equity,
and cash flows for the years then  ended.  These  financial  statements  are the
responsibility of the Bancorp's management.  Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the consolidated financial position of IBL Bancorp, Inc.
and its wholly-owned subsidiary,  The Iberville Building and Loan Association as
of December  31, 2001 and 2000,  and the results of their  operations  and their
cash flows for the years then ended in  conformity  with  accounting  principles
generally accepted in the United States of America.


/s/ L.A. Champagne & Co., L.L.P.
-------------------------------
January 15, 2002



<PAGE>

<TABLE>
<CAPTION>

                                IBL BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                           December 31, 2001 and 2000



                                                                              2001              2000
                                                                              ----              ----
<S>                                                                      <C>               <C>
ASSETS
Cash and amounts due from depository institutions....................... $   219,790       $    166,845
Interest-bearing deposits in other institutions.........................   2,159,131          1,500,837
                                                                         -----------       ------------
      Total cash........................................................   2,378,921          1,667,682
                                                                         -----------       ------------
Time deposits...........................................................     905,000          1,103,000
                                                                         -----------       ------------

Investment securities
 Held to maturity (estimated market value $1,714,586 and $2,068,676)....   1,683,662          2,068,115
 Available-for-sale (amortized cost $6,716,085 and $6,205,163)..........   6,786,016          6,234,114
                                                                         -----------       ------------
      Total investment securities.......................................   8,469,678          8,302,229
                                                                         -----------       ------------
Loans receivable........................................................  21,185,209         21,065,939
Less allowance for loan losses..........................................     386,317            395,880
                                                                         -----------       ------------
      Loans receivable, net.............................................  20,798,892         20,670,059
                                                                         -----------       ------------
Premises and equipment, net.............................................     145,368            133,198
Federal Home Loan Bank stock, at cost...................................     225,100            208,300
Accrued interest receivable.............................................     173,973            150,183
Other assets............................................................      36,748             22,543
                                                                         -----------       ------------
            Total assets................................................ $33,133,680       $ 32,257,194
                                                                         ===========       ============

LIABILITIES AND STOCKHOLDERS' EQUITYDeposits............................ $25,800,378       $ 24,567,301
Advances from Federal Home Loan Bank....................................   3,099,000          3,697,000
Advances by borrowers for taxes and insurance...........................      16,506             16,105
Income taxes payable....................................................          --             83,332
Other liabilities and deferrals.........................................      93,477             81,093
                                                                         -----------       ------------
            Total liabilities...........................................  29,009,361         28,444,831
                                                                         -----------       ------------

Commitments and contingencies ..........................................          --                 --

Preferred stock - $.01 par, 2,000,000 shares authorized.................          --                 --
Common stock - $.01 par, 5,000,000 shares authorized, 210,870 shares
 issued     ............................................................       2,109              2,109
Additional paid-in capital..............................................   1,744,044          1,740,992
Unearned ESOP shares....................................................    (113,865)          (130,734)
Unearned RRP shares.....................................................     (13,620)           (39,302)
Retained earnings - substantially restricted............................   2,459,497          2,220,190
Accumulated other comprehensive income .................................      46,154             19,108
                                                                         -----------       ------------
            Total  stockholders' equity.................................   4,124,319          3,812,363
                                                                         -----------       ------------
            Total liabilities and stockholders' equity.................. $33,133,680       $ 32,257,194
                                                                         ===========       ============
</TABLE>


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




<PAGE>

<TABLE>
<CAPTION>
                                IBL BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                            AND COMPREHENSIVE INCOME
                     Years ended December 31, 2001 and 2000



                                                                   2001             2000
                                                                   ----             ----
<S>                                                            <C>              <C>
INTEREST INCOME
Loans ....................................................     $ 1,815,912      $ 1,632,503
Investment securities ....................................         539,007          487,789
FHLB stock and other securities ..........................           8,985           16,739
Deposits .................................................          95,313          145,996
                                                               -----------      -----------
      Total interest income ..............................       2,459,217        2,283,027
                                                               -----------      -----------

INTEREST EXPENSE
Deposits
 Interest-bearing demand deposit accounts ................          67,290          131,234
 Passbook savings accounts ...............................          90,049           94,084
 Certificate of deposit accounts .........................         941,075          777,708
                                                               -----------      -----------
      Total interest on deposits .........................       1,098,414        1,003,026
Advances from Federal Home Loan Bank .....................         158,097          169,559
                                                               -----------      -----------
      Total interest expense .............................       1,256,511        1,172,585
                                                               -----------      -----------
            Net interest income ..........................       1,202,706        1,110,442
Provision for losses on loans ............................           6,800            4,067
                                                               -----------      -----------

NET INTEREST INCOME AFTER PROVISION FOR
 LOSSES ON LOANS .........................................       1,195,906        1,106,375
                                                               -----------      -----------

NON-INTEREST INCOME
Service charges on deposit accounts ......................         101,852           82,023
Other ....................................................           9,062           14,648
                                                               -----------      -----------
      Total non-interest income ..........................         110,914           96,671
                                                               -----------      -----------

NON-INTEREST EXPENSES
Compensation and benefits ................................         435,490          381,950
Occupancy ................................................          32,760           32,212
Furniture and equipment ..................................          34,353           28,612
Deposit insurance premium ................................           4,665            4,824
Data processing ..........................................          77,903           58,771
Legal and other professional .............................          79,959           58,447
Advertising ..............................................          19,051           18,629
Office supplies and postage ..............................          42,162           35,301
Other taxes - share tax assessment .......................          33,786           31,052
Other general and administrative .........................         113,441          109,215
Loss on sale of foreclosed asset .........................          12,044               --
                                                               -----------      -----------
      Total non-interest expenses ........................         885,614          759,013
                                                               -----------      -----------
</TABLE>


Continued




<PAGE>

<TABLE>
<CAPTION>

                                                                    2001           2000
                                                                    ----           ----
<S>                                                            <C>              <C>
INCOME BEFORE PROVISION FOR INCOME TAXES .................     $   421,206      $   444,033

PROVISION FOR INCOME TAXES ...............................         141,699          147,216
                                                               -----------      -----------
NET INCOME ...............................................     $   279,507      $   296,817
                                                               ===========      ===========

Basic earnings per share .................................     $      1.43      $      1.55
                                                               ===========      ===========

Diluted earnings per share ...............................     $      1.30      $      1.52
                                                               ===========      ===========


COMPREHENSIVE INCOME
Net income ...............................................     $   279,507      $   296,817
                                                               -----------      -----------

Other comprehensive income
  Unrealized holding gains on securities during the period          40,980           36,035
  Income tax expense related to unrealized holding gains .         (13,934)         (12,252)
                                                               -----------      -----------
Other comprehensive income, net of  tax effects ..........          27,046           23,783
                                                               -----------      -----------

Comprehensive income .....................................     $   306,553      $   320,600
                                                               ===========      ===========
</TABLE>


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



<PAGE>

<TABLE>
<CAPTION>

                                                  IBL BANCORP, INC.
                             CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                       Years ended December 31, 2001 and 2000

                                                                                            Retained     Accumulated
                                                                                            Earnings       Other
                                                    Additional    Unearned    Unearned      Substan-       Compre-
                                          Common    Paid - In       ESOP        RRP          tially        hensive       Total
                                          Stock      Capital       Shares      Shares      Restricted      Income        Equity
                                          -----      -------       ------      ------      ----------      ------        ------
<S>                                      <C>       <C>           <C>          <C>          <C>            <C>          <C>

BALANCE, DECEMBER 31, 1999 ...........   $ 2,109   $ 1,740,201   $(147,603)   $ (44,193)   $ 1,958,199    $  (4,675)   $ 3,504,038
                                         -------   -----------   ---------    ---------    -----------    ---------    -----------

COMPREHENSIVE INCOME
Net income ...........................        --            --          --           --        296,817           --        296,817
Other comprehensive income, net of tax
  Unrealized losses on securities ....        --            --          --           --             --       23,783         23,783
                                         -------   -----------   ---------    ---------    -----------    ---------    -----------
Comprehensive income .................        --            --          --           --        296,817       23,783        320,600
                                         -------   -----------   ---------    ---------    -----------    ---------    -----------
ESOP shares released for allocation ..        --           791      16,869           --             --           --         17,660
Acquisition of RRP shares ............        --            --          --      (20,791)            --           --        (20,791)
RRP shares issued ....................        --            --          --       25,682             --           --         25,682
Dividends ............................        --            --          --           --        (34,826)          --        (34,826)
                                         -------   -----------   ---------    ---------    -----------    ---------    -----------
BALANCE, DECEMBER 31, 2000 ...........     2,109     1,740,992    (130,734)     (39,302)     2,220,190       19,108      3,812,363
                                         -------   -----------   ---------    ---------    -----------    ---------    -----------

COMPREHENSIVE INCOME
Net income ...........................        --            --          --           --        279,507           --        279,507
Other comprehensive income, net of tax
  Unrealized gains on securities .....        --            --          --           --             --       27,046         27,046
Comprehensive income .................        --            --          --           --        279,507       27,046        306,553
ESOP shares released for allocation ..        --         3,052      16,869           --          3,555           --         23,476
RRP shares issued ....................        --            --          --       25,682             --           --         25,682
Dividends ............................        --            --          --           --        (43,755)          --        (43,755)
                                         -------   -----------   ---------    ---------    -----------    ---------    -----------
BALANCE, DECEMBER 31, 2001 ...........   $ 2,109   $ 1,744,044   $(113,865)   $ (13,620)   $ 2,459,497    $  46,154    $ 4,124,319
                                         =======   ===========   =========    =========    ===========    =========    ===========
</TABLE>



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

<PAGE>

<TABLE>
<CAPTION>

                                IBL BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     Years ended December 31, 2001 and 2000

                                                                              2001           2000
                                                                              ----           ----
<S>                                                                      <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income .........................................................     $   279,507      $   296,817
                                                                         -----------      -----------
Adjustments to reconcile net income to net cash provided by
 operating activities:
  Depreciation .....................................................          24,095           22,334
  Provision for loan losses ........................................           6,800            4,067
  Loss on sale of foreclosed assets ................................          12,044               --
  ESOP contribution ................................................          23,476           17,660
  Release of RRP shares ............................................          25,682           25,682
  Provision for deferred federal income tax benefit ................          (6,060)          (8,677)
  Amortization of net premium on investment and mortgage-backed
   securities ......................................................          28,472           11,734
  Net discount charged (received) on installment loans .............         (69,414)          45,694
  Net loan fees deferred ...........................................           7,832            2,436
  Deferred profit recognized on sale of real estate ................            (112)             (99)
  Stock dividends from Federal Home Loan Bank ......................          (8,700)         (14,800)
  Net increase in interest receivable ..............................         (35,809)         (41,602)
  Net increase in income taxes receivable ..........................         (14,408)              --
  Net decrease (increase) in other assets ..........................            (845)          67,016
  Net increase (decrease) in interest payable ......................         (36,396)          43,885
  Net increase (decrease) in income taxes payable ..................         (83,332)          82,855
  Net increase in other liabilities ................................           4,088            4,988
                                                                         -----------      -----------
      Total adjustments ............................................        (122,587)         263,173
                                                                         -----------      -----------
Net cash provided by operating activities ..........................         156,920          559,990
                                                                         -----------      -----------


CASH FLOWS FROM INVESTING ACTIVITIESNet increase in loans receivable        (214,626)      (2,578,926)
Purchases of securities available-for-sale .........................      (2,901,667)      (3,408,739)
Principal payments received on securities available-for-sale .......       2,364,990          936,010
Purchases of securities held-to-maturity ...........................        (200,000)        (262,767)
Principal payments received on securities held-to-maturity .........         581,736          561,833
Purchase of municipal obligation ...................................              --          (70,283)
Maturity of municipal obligation ...................................              --           70,283
Purchase of FHLB stock .............................................          (8,100)         (13,300)
Net proceeds from sale of foreclosed assets ........................         140,550               --
Purchases of office property and equipment .........................         (36,265)          (1,284)
Certificates of deposits acquired ..................................              --         (300,000)
Maturity of certificates of deposit ................................         198,000          298,000
                                                                         -----------      -----------
Net cash used in investing activities ..............................         (75,382)      (4,769,173)
                                                                         -----------      -----------
</TABLE>

Continued. . .

<PAGE>

<TABLE>
<CAPTION>
                                                                             2001              2000
                                                                             ----              ----
<S>                                                                     <C>              <C>
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts ...................................    $  1,269,473     $  1,639,023
Net increase in advances by borrowers for taxes and insurance.......             401            3,284
Cash dividends .....................................................         (42,173)         (33,244)
Acquisition of RRP shares ..........................................              --          (20,791)
Advances from Federal Home Loan Bank ...............................      14,000,000       28,955,000
Repayment of Federal Home Loan Bank advances .......................     (14,598,000)     (27,558,000)
                                                                        ------------     ------------
Net cash provided by financing activities ..........................         629,701        2,985,272
                                                                        ------------     ------------

NET INCREASE (DECREASE) IN CASH ....................................         711,239       (1,223,911)
Cash - beginning of year ...........................................       1,667,682        2,891,593
                                                                        ------------     ------------
Cash - end of year .................................................    $  2,378,921     $  1,667,682
                                                                        ============     ============
</TABLE>




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



<PAGE>


                                IBL BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2001


A:   SIGNIFICANT ACCOUNTING POLICIES

     Nature of operations

     IBL Bancorp, Inc.(Bancorp) was organized as a Louisiana corporation on June
     16, 1998 for the  purpose of  acquiring  The  Iberville  Building  and Loan
     Association  (Association) as its sole wholly-owned  operating  subsidiary.
     References herein to the Bancorp include the Association unless the context
     indicates otherwise.

     The Association is a state chartered  financial  institution whose deposits
     are insured by the Federal  Deposit  Insurance  Corporation  (FDIC).  It is
     subject to regulation of the FDIC,  the Office of Thrift  Supervision,  and
     the  Office  of  Financial  Institutions  for the State of  Louisiana.  The
     Association  provides a variety  of banking  services  to  individuals  and
     businesses.   Its  primary   deposit   products  are  demand  deposits  and
     certificates of deposit,  and its primary lending  products are real estate
     mortgage loans. The Association  primarily serves the parishes of Iberville
     and  West  Baton  Rouge  from  its  only  office  location  in  Plaquemine,
     Louisiana.

     Principles of consolidation

     The accompanying  consolidated financial statements include the accounts of
     the  Bancorp  and  its  wholly-owned   subsidiary,   the  Association.   In
     consolidation, intercompany accounts and transactions have been eliminated.

     Basis of financial statement presentation

     The  accounting  and  reporting  policies  followed  by the Bancorp and the
     Association are in accordance with accounting principles generally accepted
     in the United States of America and conform to general practices within the
     savings and loan industry.  The more  significant of the principles used in
     preparing the financial statements are briefly described below.

     Estimates

     The  preparation  of financial  statements  in conformity  with  accounting
     principles  generally  accepted  in the United  States of America  requires
     management  to make  estimates  and  assumptions  that affect the  reported
     amounts of assets and liabilities  and disclosure of contingent  assets and
     liabilities  at the  date of the  financial  statements  and  the  reported
     amounts of  revenues  and  expenses  during the  reporting  period.  Actual
     results could differ from those estimates.

     Material estimates that are particularly  susceptible to significant change
     relate to the  determination  of the allowance for losses on loans and real
     estate owned. A majority of the  Association's  loan portfolio  consists of
     single-family residential loans in Iberville and West Baton Rouge parishes.
     The ultimate  collectibility of a substantial  portion of the Association's
     loan portfolio is susceptible to changes in local economic conditions.

<PAGE>



A:   SIGNIFICANT ACCOUNTING POLICIES (Continued)

     While  management uses available  information to recognize losses on loans,
     future  additions to the  allowances  may be necessary  based on changes in
     local economic conditions. In addition, regulatory agencies, as an integral
     part of their examination  process,  periodically  review the Association's
     allowances  for losses on loans and foreclosed  real estate.  Such agencies
     may require the Association to recognize  additions to the allowances based
     on their judgments about information available to them at the time of their
     examination.  Because of these  factors,  management's  estimate  of credit
     losses inherent in the loan portfolio and the related  allowance may change
     in the near term.  However,  the amount of the  change  that is  reasonably
     possible cannot be estimated.

     Investment securities
     Trading  securities - Debt  securities and equity  securities  with readily
     determinable  fair values that are  acquired  with the  intention  of being
     resold  in the near  term are  classified  as  trading  securities  and are
     recorded at their fair values.  Realized and unrealized gains and losses on
     trading account securities are recognized in current earnings.  The Bancorp
     does not currently hold any securities for trading purposes.

     Securities  held-to-maturity  - Debt  securities  which  the  Bancorp  both
     positively  intends and has the ability to hold to maturity are reported at
     cost, adjusted for amortization of premiums and accretion of discounts that
     are recognized in interest income using methods  approximating the interest
     method over the period to maturity.

     Securities  available-for-sale  -  Securities  not meeting the  criteria of
     either trading  securities or securities held to maturity are classified as
     available for sale and carried at fair value.

     Unrealized  holding gains and losses for these  securities are  recognized,
     net of related tax effects, as a separate component of comprehensive income
     and  equity.   Realized   gains  and  losses  on  the  sale  of  securities
     available-for-sale are determined using the specific-identification  method
     based on original cost. The  amortization  of premiums and the accretion of
     discounts are recognized in interest income using methods approximating the
     interest method over the period to maturity.

     Declines   in  the  fair   value   of   individual   held-to-maturity   and
     available-for-sale   securities  below  their  cost  that  are  other  than
     temporary result in write-downs of the individual  securities to their fair
     value. The related write-downs are included in earnings as realized losses.

     Loans receivable
     Loans  receivable  are  stated  at  unpaid  principal  balances,  less  the
     allowance for loan losses, and net deferred loan-origination fees.

     Interest on consumer loans with  maturities of sixty months or less made on
     a discount  basis is recognized  and included in interest  income using the
     sum-of-the-months-digits   method   over  the   term  of  the  loan   which
     approximates the level-yield method. Interest on all other loans is accrued
     periodically based on the principal balance  outstanding.  Interest accrued
     on such loans but unpaid is included in accrued interest receivable.

<PAGE>


A:   SIGNIFICANT ACCOUNTING POLICIES (Continued)

     When, in the judgement of management,  collection of accrued  interest on a
     loan  becomes  doubtful,  or when a loan  becomes  ninety days  delinquent,
     further accrual of interest income is suspended and the loan is placed on a
     non-accrual status. Interest accrued on such loans during the current year,
     but uncollected,  is reversed against  operations.  Subsequent payments are
     generally applied to reduce the principal amount outstanding.

     Loans  determined  to be impaired  under the  provisions  of  Statement  of
     Accounting Standards (SFAS) No. 114, Accounting by Creditors for Impairment
     of a Loan and SFAS No. 118,  Accounting  by Creditors  for  Impairment of a
     Loan - Income  Recognition  and  Disclosures  are  carried  at  either  the
     discounted present value of expected future cash flows or the fair value of
     underlying  collateral  if the  loan  is  collateral  dependent.  A loan is
     considered  impaired when it is probable  that  principal and interest will
     not be  collected  under the terms of the loan.  All  nonaccrual  loans are
     considered  impaired.  The provisions of SFAS Nos. 114 and 118 do not apply
     to large groups of smaller  balance  homogeneous  loans  including  certain
     smaller balance home equity and improvement  loans and other consumer loans
     that are  collectively  evaluated for impairment.  Losses on impaired loans
     are included in the allowance for loan losses.

     Allowance for losses
     It is the Bancorp's  policy to provide a valuation  allowance for estimated
     losses on loans.  Various  factors  including the  composition  of the loan
     portfolio,  past loan loss experience,  current  economic  conditions and a
     specific  provision  for impaired  loans  provide a basis for  management's
     determination  of the amount of the  valuation  allowance  for loan losses.
     Additions to the allowance are charged against current operations. Loans or
     portions of loans, including impaired loans, deemed to be uncollectible are
     charged  off  against  the  allowance  for  loan  losses,   and  subsequent
     recoveries, if any, are credited to the allowance.

     Loan origination fees
     Loan  origination fees and certain direct costs of underwriting and closing
     loans are  deferred  and  amortized  to income over the life of the related
     loans using the level yield method.

     Real estate acquired in settlement of loans
     Real  estate  acquired in  settlement  of loans is recorded at the lower of
     cost,  that is, the balance of the loan, or its estimated fair value on the
     date acquired.  Capital improvements made thereafter to facilitate sale are
     added to the carrying value, and adjustments are made to reflect  declines,
     if any, in net  realizable  values  below the  recorded  amounts.  Costs of
     holding real estate acquired in settlement of loans are reflected in income
     currently.  Gains and  losses  realized  on sales of such real  estate  are
     reflected in current income based on the property's  initial recorded value
     plus capital improvements.

     When sales of real estate are facilitated by financing,  the adjusted sales
     price is  determined  to be the sum of the cash  proceeds,  if any, and the
     discounted  present value of the loan. Gains and losses are determined with
     reference to the adjusted sales price, and are recognized  currently except
     in certain  circumstances when the cash paid in is deemed insufficient,  in
     which case,  any gains  resulting from the sale are deferred and recognized
     as the debt principal is recognized.



<PAGE>



A:   SIGNIFICANT ACCOUNTING POLICIES (Continued)

     Premises and equipment
     Premises and equipment are stated at cost, less  accumulated  depreciation.
     Depreciation  is  computed  on the  straight-line  basis or  under  various
     accelerated methods over estimated useful lives as follows:

     Office building...............................................  30-40 years
     Furniture, fixtures and equipment.............................   5-10 years

     Costs of major additions are capitalized while repair and maintenance costs
     are charged to operations as incurred.

     Recognition of FHLB stock dividends

     In accordance with current industry practice, stock dividends from the FHLB
     are  recorded  as income when  declared  based upon a par value of $100 per
     share for the number of shares issued.

     Income taxes
     Income taxes are provided for the tax effects of  transactions  reported in
     the financial  statements and consist of taxes  currently due plus deferred
     taxes which are determined under the liability method.

     Deferred  taxes  are  related  primarily  to the  differences  between  the
     financial and income tax bases of certain assets and liabilities  including
     accumulated depreciation on premises and equipment,  deferred loan fees and
     costs,  interest  discount and  accruals,  allowances  for losses on loans,
     Federal Home Loan Bank stock,  ESOP and RRP benefits,  and deferred gain on
     property sales.  Deferred tax assets and  liabilities  represent the future
     tax return  consequences of those  differences which will either be taxable
     or deductible when the assets and liabilities are recovered or settled.

     Cash flows
     Cash  consists  of  cash  and  interest-earning  deposits  due  from  other
     financial  institutions.  For purposes of the statement of cash flows,  the
     Bancorp considers highly liquid deposits including certificates of deposits
     with  maturities  of three months or less when  purchased to be "cash." All
     other deposits,  debt  securities and investments  regardless of maturities
     are classified as time deposits or investment securities.

     Off-balance-sheet financial instruments
     In the ordinary  course of business,  the Bancorp enters into  transactions
     that produce off-balance-sheet  financial instruments consisting of letters
     of  credit  and  other   commitments  to  extend  credit.   Such  financial
     instruments are recorded in the financial statements when they are funded.

     Loan servicing
     None of the Bancorp's loan servicing rights was obtained after December 15,
     1995.  Consequently,  the  cost  of loan  servicing  rights  has  not  been
     capitalized.

     Advertising
     The Bancorp expenses  advertising  costs as they are incurred.  Advertising
     expense  is  reflected  in  the  accompanying   statements  of  income  and
     comprehensive income.

<PAGE>


B:   LOANS RECEIVABLE

     Loans receivable as of December 31, 2001 and 2000 consisted of the
     following:

                                                           2001          2000
                                                           ----          ----
     First mortgage loans
      Single-family residential ....................   $13,827,479   $13,963,818
      Construction .................................     1,445,000     1,473,000
      Commercial real estate .......................     1,774,176     1,380,730
      Land .........................................       234,558       345,431
                                                       -----------   -----------
                                                        17,281,213    17,162,979
     Less:  undisbursed loans in process............     1,069,462       671,182
               deferred loan fees ..................        19,941        12,109
               allowance for losses ................       294,538       293,701
                                                       -----------   -----------
     Net first mortgage loans ......................    15,897,272    16,185,987
                                                       -----------   -----------
     Home equity and improvement loans .............       752,344       979,978
     Share loans ...................................       486,492       547,257
     Other consumer and single-pay loans ...........     3,974,685     3,348,552
      Less:  unearned discount .....................       220,122       289,536
                                                       -----------   -----------
     Net other consumer loans ......................     3,754,563     3,059,016
                                                       -----------   -----------
     Total consumer loans ..........................     4,993,399     4,586,251
     Less:  allowance for losses ...................        91,779       102,179
                                                       -----------   -----------
     Net consumer loans ............................     4,901,620     4,484,072
                                                       -----------   -----------
     Net loans receivable ..........................   $20,798,892   $20,670,059
                                                       ===========   ===========

     At December 31, 2001 and 2000, unpaid balances of impaired loans upon which
     the accrual of interest  had been  suspended,  all of which had  allowances
     determined  in  accordance  with  SFAS No.  114 and No.  118,  amounted  to
     $225,223 and $393,037, respectively. At December 31, 2001 and 2000, $15,513
     and $37,979 of the  allowance  for loan losses  related to impaired  loans,
     respectively.  Interest income on impaired loans of $27,835 and $16,180 was
     recognized for cash payments received in 2001 and 2000,  respectively.  The
     average  recorded  investment  in  impaired  loans  for those  periods  was
     $484,764 and $200,164, respectively.

     The Association is not committed to lend additional  funds to debtors whose
     loans have been classified as nonperforming.

     At December 31, 2001 and 2000, the directors and officers (related parties)
     owed the Association $1,052,760 and $1,079,766, respectively.

     During the years ended December 31, 2001and 2000, new loans to such related
     parties  amounted  to  $125,000  and  $672,055,   respectively.   Principal
     repayments  by such related  parties  amounted to $152,006 and $113,065 for
     the years ended December 31, 2001 and 2000,  respectively.  Such loans were
     made in the ordinary  course of business on  substantially  the same terms,
     including interest rates and collateral, as those prevailing at the time in
     comparable transactions with others. These loans do not involve more than a
     normal  risk of  collectibility  or carry other  terms  unfavorable  to the
     Association.

<PAGE>


C:   ALLOWANCE FOR LOSSES

     A summary of the  changes in the  allowance  for loan  losses for the years
     ended December 31, 2001 and 2000, is as follows:

                                                        2001          2000
                                                        ----          ----
     Balance - beginning of year.................    $ 395,880     $ 406,329
     Provision for loan losses ..................        6,800         4,067
     Charge-offs ................................      (17,563)      (14,949)
     Recoveries .................................        1,200           433
                                                     ---------     ---------
                                                     $ 386,317     $ 395,880
                                                     =========     =========

     There were no other real  estate  holdings  or related  allowance  for real
     estate losses at December 31, 2001 and 2000.


D:   PREMISES AND EQUIPMENT

     Premises and  equipment as of December 31, 2001 and 2000 are  summarized by
     major classifications as follows:

                                                        2001           2001
                                                        ----           ----
     Land .......................................    $ 22,416       $ 22,416
     Office building ............................     266,688        266,688
     Furniture, fixtures and equipment...........     180,756        144,490
                                                      469,860        433,594
     Less:  accumulated depreciation ............     324,492        300,396
                                                     --------       --------
                                                     $145,368       $133,198
                                                     ========       ========

     Depreciation expense for the year ..........    $ 24,095       $ 22,334
                                                     ========       ========


E:   INVESTMENT SECURITIES

     The amortized cost and estimated  market value of investments in securities
     are as follows as of December 31, 2001 and 2000:

<TABLE>
<CAPTION>

                                                   Gross       Gross        Estimated
                                      Amortized  Unrealized  Unrealized       Market
                                        Cost       Gains       Losses         Value
                                        ----       -----       ------         -----
     <S>                              <C>        <C>          <C>            <C>
     Securities Available-for-Sale:
     December 31, 2001
     Debt securities:
     U. S. Government agency ......   $192,226   $    101     $     --       $192,327
                                      --------   --------     ------         --------
</TABLE>



E:   INVESTMENT SECURITIES (Continued)



<TABLE>
<CAPTION>

                                                       Gross         Gross      Estimated
                                      Amortized      Unrealized    Unrealized     Market
                                        Cost           Gains         Losses       Value
                                        ----           -----         ------       -----
     <S>                              <C>          <C>           <C>           <C>
     Mortgage-backed securities
      FNMA ......................    $4,407,155    $   51,420    $    5,019    $4,453,556
      GNMA ......................     1,092,730        19,761            --     1,112,491
      FHLMC .....................     1,023,974         7,939         4,271     1,027,642
                                     ----------    ----------    ----------    ----------
                                      6,523,859        79,120         9,290     6,593,689
                                     ----------    ----------    ----------    ----------
                                     $6,716,085    $   79,221    $    9,290    $6,786,016
                                     ==========    ==========    ==========    ==========

     December 31, 2000
     Debt securities:
     Mortgage-backed securities
      FNMA ......................    $4,144,980    $   52,619    $   22,876    $4,174,723
      GNMA ......................     1,202,009         7,552         3,297     1,206,264
      FHLMC .....................       858,174         5,370        10,417       853,127
                                     ----------    ----------    ----------    ----------
                                     $6,205,163    $   65,541    $   36,590    $6,234,114
                                     ==========    ==========    ==========    ==========

     Securities Held-to-Maturity:
     December 31, 2001
     Debt securities:
     U. S. Government agency ....    $  200,000    $    1,125    $       --    $  201,125
                                     ----------    ----------    ----------    ----------
     Mortgage-backed securities
      FNMA ......................    $1,135,333    $   29,252    $    4,728    $1,159,857
      GNMA ......................        51,670         1,261            --        52,931
      FHLMC .....................       296,659         4,925           911       300,673
                                     ----------    ----------    ----------    ----------
                                      1,483,662        35,438         5,639     1,513,461
                                     ----------    ----------    ----------    ----------
                                     $1,683,662    $   36,563    $    5,639    $1,714,586
                                     ==========    ==========    ==========    ==========

     December 31, 2000
     Debt securities:
     Mortgage-backed securities
      FNMA ......................    $1,442,214    $   17,356    $   13,248    $1,446,322
      GNMA ......................        73,786             7           139        73,654
      FHLMC .....................       552,115         2,331         5,746       548,700
                                     ----------    ----------    ----------    ----------
                                     $2,068,115    $   19,694    $   19,133    $2,068,676
                                     ==========    ==========    ==========    ==========
</TABLE>

<PAGE>


E:   INVESTMENT SECURITIES (Continued)

     The following is a summary of maturities of securities held-to-maturity and
     available-for-sale as of December 31, 2001 and 2000:

<TABLE>
<CAPTION>
                                                       Weighted
                                                       Average   Amortized        Fair
                                                        Yield      Cost          Value
                                                        -----      ----          -----
     <S>                                                <C>     <C>           <C>
     December 31, 2001
     -----------------
     Available-for-Sale
     ------------------
     Due in one year or less ....................       4.32%   $   17,995    $   17,995
     Due from one to five year...................         --            --            --
     Due from five to ten years .................         --            --            --
     Due after ten years ........................       6.04%    6,698,090     6,768,021
                                                                ----------    ----------
                                                        6.04%   $6,716,085    $6,786,016
                                                                ==========    ==========
     Held-to-Maturity
     ----------------
     Due in one year or less ....................       6.13%   $    2,004    $    2,005
     Due from one to five years .................       7.33%      454,268       479,572
     Due from five to ten years .................       5.71%      403,002       408,587
     Due after ten years ........................       5.62%      824,388       824,422
                                                                ----------    ----------
                                                        6.40%   $1,683,662    $1,714,586
                                                                ==========    ==========
     December 31, 2000
     -----------------
     Available-for-Sale
     ------------------
     Due in one year or less ....................       7.10%   $   15,777    $   15,778
     Due from one to five years .................         --            --            --
     Due from five to ten years .................         --            --            --
     Due after ten years ........................       7.60%    6,189,386     6,218,336
                                                                ----------    ----------
                                                        7.60%   $6,205,163    $6,234,114
                                                                ==========    ==========
     Held-to-Maturity
     ----------------
     Due in one year or less ....................       7.00%   $    1,142    $    1,141
     Due from one to five years .................       6.60%      320,213       323,628
     Due from five to ten years .................       6.20%      989,526       997,389
     Due after ten years ........................       6.60%      757,234       746,518
                                                                ----------    ----------
                                                        6.40%   $2,068,115    $2,068,676
                                                                ==========    ==========
</TABLE>


     The  amortized  cost  and  fair  value of  mortgage-backed  securities  are
     presented  by  contractual  maturity  in  the  preceding  table.   Expected
     maturities will differ from contractual  maturities  because  borrowers may
     have the right to call or prepay  obligations  without  call or  prepayment
     penalties.

     Mortgage-backed  securities  with  a  carrying  amount  of  $3,686,414  and
     $4,122,164  were pledged to secure deposits as required or permitted by law
     at December 31, 2001 and 2000, respectively. See Note G also.



F:   DEPOSITS

     An analysis of customers  deposit accounts by interest rates as of December
     31, 2001 and 2000 follows:

<TABLE>
<CAPTION>
                                                -----------2001-----------  -----------2000----------
                                                    Amount     Percent         Amount       Percent

            <S>                                <C>               <C>        <C>              <C>
            Balances by interest rate
            Passbook and full-paid
             accounts 2.5% to 3.0%............ $   3,937,652     15.26%     $   3,134,073    12.76%
            Certificate accounts
              1.2 to 2.0%.....................       610,338      2.37%                         -.-
              2.1 to 3.0%.....................     2,564,886      9.94%                --       -.-
              3.1 to 4.0%.....................     3,916,519     15.18%                --       -.-
              4.1 to 5.0%.....................     4,059,263     15.73%         5,907,218     24.05%
              5.1 to 6.0%.....................     4,572,228     17.72%         5,793,085     23.57%
              6.1 to 7.0%.....................     1,242,324      4.82%         5,595,382     22.77%
                                                ------------    ------      -------------    ------
                                                  16,965,558     65.76%        17,295,685     70.39%
                                                ------------    ------      -------------    ------
            NOW and money-market
             accounts
              non-interest bearing............       835,730      3.24%           690,055      2.81%
              2.0 to 3.0%.....................     4,020,217     15.58%         3,369,871     13.72%
                                                ------------    ------      -------------    ------
                                                   4,855,947     18.82%         4,059,926     16.53%
                                                ------------    ------      -------------    ------
                                                  25,759,157     99.84%        24,489,684     99.68%
            Accrued interest payable..........        41,221      0.16%            77,617      0.32%
                                                ------------    ------      -------------    ------
                                                $ 25,800,378    100.00%     $  24,567,301    100.00%
                                                ============    ======      =============    ======
</TABLE>


     The  aggregate  amount  of jumbo  certificates  of  deposit  with a minimum
     denomination of $100,000 was $3,857,329 and $3,883,661 at December 31, 2001
     and 2000,  respectively.  Deposit  amounts  in excess of  $100,000  are not
     federally insured.

     Maturities of certificates  of deposit  accounts are as follows at December
     31, 2001:

     One year or less.................................. $     12,766,381
     Over one to two years.............................        2,319,280
     Over two to three years...........................          949,342
     Over three years..................................          930,555
                                                        ----------------
                                                        $     16,965,558
                                                        ================

     Interest paid on deposits during 2001 and 2000 was $1,134,810 and $959,141,
     respectively.

     Officers' and directors' savings accounts amounted to $214,258 and $184,324
     at December 31, 2001 and 2000, respectively.


<PAGE>



G:   ADVANCES FROM FHLB AND OTHER BORROWED MONEY

     Advances from the Federal Home Loan Bank (FHLB) consisted of the following:

      Maturity                      Contract
        Date                          Rate          2001                2000
        ----                          ----          ----                ----
     01-04-2001.................      6.63%      $         -        $   600,000
     01-09-2001.................      6.61%                -            900,000
     01-11-2001.................      6.61%                -            700,000
     01-24-2001.................      6.42%                -          1,000,000
     01-25-2001.................      6.42%                -            200,000
     10-01-2001.................      4.60%                -             99,000
     10-22-2001.................      4.51%                -             99,000
     01-18-2002.................      1.93%          500,000                  -
     02-15-2002.................      4.79%        1,000,000                  -
     03-21-2002.................      4.73%          500,000                  -
     04-03-2002.................      4.71%          500,000                  -
     10-18-2002.................      2.50%          500,000                  -
     09-03-2003.................      4.77%           99,000             99,000
                                                 -----------        -----------
                                                 $ 3,099,000        $ 3,697,000
                                                 ===========        ===========

     Pursuant to collateral  agreements with the FHLB, advances are secured by a
     blanket floating lien on first mortgage loans.

     Interest paid on advances from the Federal Home Loan Bank for 2001 and 2000
     was $158,260 and $168,574, respectively.


H:   LOAN SERVICING

     Mortgage  loans  serviced for others are not  included in the  accompanying
     statements of financial  condition.  The unpaid principal balances of these
     loans at December 31, 2001 and 2000 are summarized as follows:

                                                        2001           2000
                                                        ----           ----
     Mortgage loans underlying FHLMC
      mortgage-backed securities................... $   148,907    $   191,142
                                                    ===========    ===========

     Revenue  from  loan  servicing  was $725 and  $1,045  for the  years  ended
     December 31, 2001 and 2000, respectively.

     Custodial escrow balances  maintained in connection with the foregoing loan
     servicing were $770 and $652 at December 31, 2001 and 2000, respectively.

<PAGE>


I:   ACCRUED INTEREST RECEIVABLE

     Accrued interest  receivable at December 31, 2001 and 2000 is summarized as
     follows:

                                                     2001          2000
                                                     ----          ----
     Time deposits and other
      investment securities ..................    $  9,542      $ 11,274
     Mortgage-backed securities...............      49,652        57,173
     Loans receivable ........................     114,779        81,736
                                                  --------      --------
                                                  $173,973      $150,183
                                                  ========      ========


J:   INCOME TAXES

     Income  tax  expense  for the years  ended  December  31,  2001 and 2000 is
     summarized as follows:

                                                    2001           2000
                                                    ----           ----
     Current..................................   $ 147,759      $ 155,893
     Deferred ................................      (6,060)        (8,677)
                                                  --------      --------
                                                 $ 141,699      $ 147,216
                                                 =========      =========

     The components of the net deferred income tax asset  (liability),  included
     in other assets (liabilities and deferrals) are as follows:

<TABLE>
<CAPTION>
                                                      ----------2001---------     ----------2000---------
     <S>                                              <C>           <C>           <C>           <C>
     Deferred tax assets:
      Deferred loan fees .........................                  $   6,780                   $   4,117
      Employee benefit plans .....................                      4,969                       3,844
      Allowance for loan losses..................     $ 117,328                   $ 115,736
       Less valuation allowance ..................       58,664        58,664        57,868        57,868
                                                      ---------                   ---------
      Other ......................................                      7,427                       5,781
                                                                    ---------                   ---------
                                                                       77,840                      71,610
                                                                    ---------                   ---------
     Deferred tax liabilities:
      Net unrealized gain on
       securities available for
       sale ......................................                    (23,777)                     (9,843)
      Depreciation ...............................                    (20,374)                    (15,519)
      FHLB stock .................................                    (40,515)                    (36,469)
      Other ......................................                         --                      (8,731)
                                                                    ---------                   ---------
                                                                      (84,666)                    (70,562)
                                                                    ---------                   ---------
     Net deferred tax asset
      (liability) ................................                  $  (6,826)                  $   1,048
                                                                    =========                   =========
</TABLE>

<PAGE>


J:   INCOME TAXES (Continued)

     Provision  for  federal  income  taxes  differs  from that  computed at the
     statutory 34% corporate tax rate, as follows:

<TABLE>
<CAPTION>
                                                  ----------2001--------        ----------2000---------
                                                          Effective                     Effective
                                                    Amount          Rate          Amount           Rate
                                                    ------          ----          ------           ----
     <S>                                          <C>                <C>        <C>                 <C>
     Tax at statutory rate....................    $ 143,278          34%        $ 150,971           34%
     Increase (decrease) in taxes:
      Permanent differences and
       other .................................       (1,579)          --           (3,755)           (1)%
                                                  ---------       -------       ---------       -------
                                                  $ 141,699           34%       $ 147,216            33%
                                                  =========       =======       =========       =======
</TABLE>


     The Bancorp  paid income  taxes of  $253,028  and $53,508  during the years
     ended December 31, 2001 and 2000, respectively.  Additionally,  the Bancorp
     received a refund of $48,000 during the year ended December 31, 2000.

     In prior years,  the  Association  was allowed a special bad debt deduction
     under  various  income tax  provisions.  If the amounts  that  qualified as
     deductions  for federal  income tax  purposes  are later used for  purposes
     other than bad debt losses,  they become  subject to federal  income tax at
     the then current corporate rate. Retained earnings at December 31, 2001 and
     2000 include  $110,577 for which federal  income tax has not been provided.
     The  unrecorded  deferred  liability  on these  amounts  was  approximately
     $37,600.  Additionally,  with the  repeal  in 1996 of the  thrift  bad debt
     reserve method that allowed for bad debt deductions based upon a percentage
     of taxable  income,  the  Association has recaptured over a six year period
     the  $85,465  portion  of its bad debt  reserves  that  exceeded  allowable
     reserves under the experience method.

K:   COMMITMENTS

     The Bancorp is a party to financial instruments with off-balance-sheet risk
     in the  normal  course  of  business  to meet  the  financing  needs of its
     customers.  These financial instruments consist primarily of commitments to
     extend credit. These instruments  involve, to varying degrees,  elements of
     credit risk in excess of the amount  recognized in the balance  sheet.  The
     contract or notional amounts of those instruments reflect the extent of the
     involvement the Bancorp has in particular classes of financial instruments.
     Commitments  to extend credit are  agreements to lend to a customer as long
     as there is no violation of any condition established in the contract.  The
     Bancorp  evaluates  each  customer's  credit  worthiness on a  case-by-case
     basis. The Bancorp's exposure to credit loss in the event of nonperformance
     by the other  party to the  financial  instruments  is  represented  by the
     contractual notional amount of those instruments.

     As of December  31,  2001 and 2000,  the  Bancorp  was  committed  to grant
     adjustable-rate  mortgage loans with contract  notional amounts of $282,400
     and $125,485, respectively, and fixed-rate mortgage loan(s) with a contract
     notional amount(s) of $75,500 and $47,000, respectively.  Additionally, the
     Bancorp held a $50,000 open letter of credit at December 31, 2001 and 2000,
     and had issued lines of credit with contract notional amounts of the unused
     portion  totaling  $243,593  and $159,638 as of December 31, 2001 and 2000,
     respectively.

<PAGE>


L:   PROFIT-SHARING PLAN

     The Association provides a non-contributory defined contribution retirement
     plan for all eligible  employees.  Contributions to the plan are based upon
     employee  compensation at rates not to exceed 15% as determined annually by
     the Board of Directors.  Contributions to the plan were $28,702 and $24,825
     for 2001 and 2000, respectively.


M:   EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)

     The IBL Bancorp,  Inc.  Employee  Stock  Ownership  Plan  enables  eligible
     employees of the Bancorp and the  Association to share in the growth of the
     Bancorp through the acquisition of stock.  Employees are generally eligible
     to  participate  in the ESOP after  completion  of one year of service  and
     attaining age 21.

     The ESOP  acquired  16,869  shares of  Bancorp  stock at $10 a share in the
     Bancorp's  initial public  offering.  The  acquisition was funded by a loan
     from  the  Bancorp  that  bears  interest  at  8.5%  and  is  being  repaid
     principally  from employer  contributions  to the ESOP over a period of ten
     years.  The  loan  agreement  requires  quarterly  interest  and  principal
     payments of $6,303.  The loan is secured by the pledge of the common  stock
     purchased.  Contributions  to the ESOP must be sufficient for debt service,
     but the  company  may,  in any plan  year,  make  additional  discretionary
     contributions  for the benefit of plan  participants in the form of cash or
     shares of common stock.

     In the event of plan or participant termination,  or upon the participant's
     death,  disability or retirement,  the Bancorp may be required to purchase,
     subject to certain  limitations,  the shares from the  participants  at the
     then fair market value.

     Shares  purchased  by the ESOP with the  proceeds of the loan are held in a
     suspense  account and released to  participants on a pro-rata basis as debt
     service  payments  are  made.  As the  Bancorp  and  the  Association  make
     contributions  to the ESOP  sufficient  to meet the  principal and interest
     requirements on the loan, shares are released from collateral.

     The Bancorp  accounts for its ESOP in accordance with Statement of Position
     93-6.  Accordingly,  the  debt  of  the  ESOP  is  not  recorded  as a note
     receivable  by the  Bancorp,  but the  shares  pledged  as  collateral  are
     reported as unearned ESOP shares on the  statement of financial  condition.
     As shares are released from  collateral,  the Bancorp reports  compensation
     expense  equal to the fair market  value of the shares.  ESOP  compensation
     expense was $19,920 and $17,660 for the years ended  December  31, 2001 and
     2000,  respectively.  Any  excess or deficit of fair value over the cost of
     the ESOP shares released is recorded in the equity section of the statement
     of  financial  condition  as  additional  paid-in-capital.  The cost of all
     unallocated  shares  held by the  ESOP is  reflected  on the  statement  of
     financial condition as a contra equity account.


<PAGE>

M:   EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) (Continued)

     The ESOP shares as of December 31, 2001 were as follows:

                 Allocated shares.............................          5,482
                 Shares committed to be released..............              -
                 Unreleased shares............................         11,387
                                                                    ---------
                 Total ESOP shares............................         16,869
                                                                    =========
                 Fair value of unreleased shares..............      $ 142,338
                                                                    =========


N:   RECOGNITION AND RETENTION PLAN

     On December 10, 1999, the Bancorp  established a Recognition  and Retention
     Plan (RRP) as an incentive to retain personnel of experience and ability in
     key positions.  The shareholders  approved a total of 8,434 shares of stock
     to be acquired for the Plan, of which 7,169 shares have been  allocated for
     distribution to key employees and directors. As shares are acquired for the
     plan,   the  purchase  price  of  these  shares  is  recorded  as  unearned
     compensation,  a contra  equity  account.  As the shares  are  distributed,
     compensation  expense  is  recognized  and the  contra  equity  account  is
     reduced.

     The  allocated  shares are  earned by  participants  as plan  share  awards
     ratably over a specified  period.  If an employee or non-employee  director
     plan  participant is terminated  prior to the end of the vesting period for
     any reason other than death, disability, retirement or a change in control,
     the recipient  shall  forfeit the right to any shares  subject to the award
     which have not been earned.  The compensation cost associated with the plan
     is based on the market  price of the stock as of the date on which the plan
     shares are earned.  Compensation  expense pertaining to the Recognition and
     Retention  Plan was $25,682 for each of the years ended  December  31, 2001
     and 2000.

     A summary of the changes in restricted stock follows:

                                                       Unawarded      Awarded
                                                         Shares        Shares
                                                         ------        ------
            Balance, January 1, 1999................          -             -
            Purchased by Plan.......................      6,500             -
            Granted.................................     (7,169)        7,169
            Earned and issued.......................          -        (2,390)
                                                         ------        ------
            Balance, December 31, 1999..............       (669)        4,779
            Purchased by Plan.......................      1,934             -
            Earned and issued.......................          -        (2,389)
                                                         ------        ------
            Balance, December 31, 2000..............      1,265         2,390
            Earned and issued.......................          -        (2,390)
                                                         ------        ------
            Balance, December 31, 2000 and 2001.....      1,265             -
                                                         ======        ======

<PAGE>

O:   STOCK OPTION PLAN

     On  November  19,  1999,  the Bancorp  adopted a stock  option plan for the
     benefit of directors, officers, and other key employees. An amount equal to
     10% of the total  number  of common  shares  issued in the  initial  public
     offering or 21,087 shares are reserved for issuance  under the stock option
     plan.  The option  exercise price cannot be less than the fair value of the
     underlying  common stock as of the date of the option grant and the maximum
     option term cannot exceed ten years.

     The Stock  Option  Plan also  permits the  granting  of Stock  Appreciation
     Rights (SARs).  SARs entitle the holder to receive,  in the form of cash or
     stock,  the  increase  in fair value of Bancorp  stock from the date of the
     grant to the date of exercise. No SARs have been issued under the plan.

     The following table summarizes the activity related to stock options:

<TABLE>
<CAPTION>
                                                          Exercise        Available      Options
                                                            Price         for Grant     Outstanding
                                                            -----         ---------     -----------
            <S>                                          <C>               <C>            <C>
            At inception................................   21,087                -
            Granted..................................... $  10.50          (17,925)       17,925
            Cancelled...................................        -                -             -
            Exercised...................................        -                -             -
                                                                          --------      --------
            At December 31, 1999, 2000 and 2001.........                     3,162        17,925
                                                                          ========      ========
</TABLE>

P:   NONCASH INVESTING AND FINANCING ACTIVITIES

     During 2001, the Bancorp had noncash investing activities totaling $140,575
     for the  acquisition of real estate by  foreclosure.  There were no noncash
     financing  activities  for the years ended  December 31, 2001 and 2000, nor
     were there any noncash investing activities during 2000.


Q:   REGULATORY MATTERS

     The  Association  is  subject to various  regulatory  capital  requirements
     administered  by its  primary  federal  regulator,  the  Office  of  Thrift
     Supervision   (OTS).   Failure  to  meet  the  minimum  regulatory  capital
     requirements  can  initiate  certain  mandatory,  and  possible  additional
     discretionary  actions by  regulators  that,  if  undertaken,  could have a
     direct material  affect on the  Association  and its financial  statements.
     Under  the  regulatory  capital  adequacy  guidelines  and  the  regulatory
     framework for prompt corrective  action, the Association must meet specific
     capital  guidelines  involving  quantitative  measures of the Association's
     assets,  liabilities,  and certain  off-balance  sheet items as  calculated
     under regulatory  accounting  practices.  The Association's capital amounts
     and  classification  under the prompt corrective action guidelines are also
     subject to qualitative judgements by the regulators about components,  risk
     weightings, and other factors.

     Quantitative  measures established by regulation to ensure capital adequacy
     require the  Association to maintain  minimum  amounts and ratios of: total
     risk-based  capital and Tier I capital to risk-weighted  assets (as defined
     in the regulations),  Tier I capital to adjusted total assets (as defined),
     and

<PAGE>


Q:   REGULATORY MATTERS (Continued)

     tangible  capital to adjusted  total assets (as  defined).  As discussed in
     greater  detail below,  as of December 31, 2001 and 2000,  the  Association
     meets the capital adequacy requirements to which it is subject.

     As of  December  31, 2001 and 2000,  based upon the most recent  regulatory
     filings with OTS, the Association was categorized as well capitalized under
     the  regulatory   framework  for  prompt   corrective   action.  To  remain
     categorized  as well  capitalized,  the  Association  will have to maintain
     minimum total risk-based,  Tier I risk-based, and Tier I leverage ratios as
     disclosed in the following table.

     The actual and  required  capital  amounts  and  ratios  applicable  to the
     Association are presented in the table below (dollars in thousands).

<TABLE>
<CAPTION>
                                                                                                       Minimum Required
                                                                                                          To Be Well
                                                                             Minimum Required          Capitalized Under
                                                                               For Capital             Prompt Corrective
                                                         Actual              Adequacy Purpose          Action Provisions
                                                         ------              ----------------          -----------------
                                                   Amount       Ratio       Amount        Ratio        Amount      Ratio
                                                   ------       -----       ------        -----        ------      -----
     <S>                                          <C>          <C>          <C>            <C>         <C>         <C>
     As of December 31, 2001:
     ------------------------
     Total risk-based capital (To
      risk-weighted assets) ..................    $3,448       21.34%       $1,293         8.0%        $1,616      10.0%
     Tier I capital (To
      risk-weighted assets) ..................     3,246       20.09%          646         4.0%           970       6.0%
     Tier I capital (To
      adjusted total assets) .................     3,246        9.98%        1,300         4.0%         1,626       5.0%

     As of December 31, 2000:
     ------------------------
     Total risk-based capital (To
      risk-weighted assets)...................    $3,363       21.18%       $1,270         8.0%        $1,588      10.0%
     Tier I capital (To
      risk-weighted assets) ..................     3,164       19.92%          635         4.0%           953       6.0%
     Tier I capital (To
      adjusted total assets) .................     3,164       10.00%        1,266         4.0%         1,582       5.0%
</TABLE>


     In accordance  with OTS  Regulations,  the  Association  established,  upon
     conversion,  on  September  30,  1998,  a  "liquidation  account"  totaling
     $1,671,681,  the amount of its  retained  earnings at March 31,  1998,  the
     latest date shown in the prospectus  issued in conjunction with the plan of
     conversion.  The  liquidation  account  is  maintained  for the  benefit of
     eligible holders who continue to maintain their accounts at the Association
     after the conversion.  The liquidation  account is reduced  annually to the
     extent that the eligible  account  holders have  reduced  their  qualifying
     deposits.  Subsequent  increases  will  not  restore  an  eligible  account
     holder's  interest in the liquidation  account.  In the event of a complete
     liquidation of the Association, and only in such event, each account holder
     will be entitled to receive a distribution from the liquidation  account in
     an amount  proportionate to the adjusted  qualifying  account balances then
     held. The  Association may not pay dividends or repurchase its common stock
     if such dividends or repurchases  would reduce its equity below  applicable
     regulatory capital requirements or the required liquidation account amount.

<PAGE>

R:   RELATED PARTY TRANSACTIONS

     A Bancorp  director  is a partner in a local law firm that  provides  legal
     services to the Bancorp.  Fees paid to the law firm  amounted to $5,200 and
     $4,400 for the years ended December 31, 2001 and 2000, respectively.


S:   ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

     The following  disclosure is made in accordance  with the  requirements  of
     SFAS No.  107,  Disclosures  About  Fair  Value of  Financial  Instruments.
     Financial  instruments  are  defined  as cash and  contractual  rights  and
     obligations that require  settlement,  directly or indirectly,  in cash. In
     cases where quoted market prices are not  available,  fair values have been
     estimated  using the present value of future cash flows or other  valuation
     techniques.  The results of these  techniques  are highly  sensitive to the
     assumptions used, such as those concerning  appropriate  discount rates and
     estimates  of future  cash flows,  which  require  considerable  judgement.
     Accordingly,  estimates presented herein are not necessarily  indicative of
     the  amounts  the  Bancorp  could  realize in a current  settlement  of the
     underlying financial  instruments.  SFAS No. 107 excludes certain financial
     instruments   and  all   nonfinancial   instruments   from  its  disclosure
     requirements.  These disclosures  should not be interpreted as representing
     an aggregate measure of the underlying value of the Bancorp.

     The Bancorp does not maintain any investment or  participation in financial
     instruments  or  agreements  whose  value is linked  to, or  derived  from,
     changes in the value of some underlying asset or index. Such instruments or
     agreements   include  futures,   forward   contracts,   option   contracts,
     interest-rate  swap  agreements,  and  other  financial  arrangements  with
     similar characteristics, and are commonly referred to as derivatives.

     The estimated fair value of the Bancorp's financial instruments (dollars in
     thousands) was as follows:

<TABLE>
<CAPTION>
                                               ----------2001--------   ----------2000--------
                                                Carrying  Estimated       Carrying  Estimated
                                                 Amount   Fair Value       Amount   Fair Value
     <S>                                        <C>        <C>            <C>        <C>
     FINANCIAL ASSETS
     Cash and amounts due from
      depository institutions...............    $   220    $   220        $   167    $   167
     Interest-bearing deposits
      with other institutions ..............      2,159      2,159          1,501      1,501
     Time deposits .........................        905        905          1,103      1,103
     Investment securities .................      8,470      8,501          8,302      8,303
     Loans receivable, net .................     20,799     21,484         20,670     20,820
     Accrued interest receivable ...........        174        174            151        151
     FHLB stock ............................        225        225            208        208
</TABLE>


<PAGE>


S:   ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

<TABLE>
<CAPTION>
                                                ----------2001--------    ----------2000----------
                                                 Carrying   Estimated      Carrying     Estimated
                                                  Amount    Fair Value      Amount     Fair Value
                                                  ------    ----------      ------     ----------
     <S>                                          <C>       <C>            <C>            <C>
     FINANCIAL LIABILITIES
     Deposits ................................    $25,800   $ 26,049       $24,567        $24,589
     Advances from FHLB ......................      3,099      3,106         3,697          3,667
     Advances by borrowers for
      taxes and insurance.....................         17         17            16             16
     Other liabilities .......................         93         93            81             81
</TABLE>


     The Bancorp in estimating the fair value of financial  instruments used the
     following significant methods and assumptions.

     Cash and short-term investments
     The carrying value of highly liquid  instruments,  such as cash on hand and
     amounts due from depository institutions,  and interest-earning deposits in
     other institutions, provides a reasonable estimate of their fair value.

     Time deposits
     Time  deposits  bear  interest  rates that in the  aggregate  are presently
     considered  fair in current  market  conditions.  Therefore,  the  carrying
     amounts  reported  in  the  statement  of  financial  condition  for  these
     financial instruments approximate fair value.

     Investment securities
     Fair value  estimates for investment  securities are based on quoted market
     prices,  where available.  If quoted market prices are not available,  fair
     values are based on quoted  market prices of  comparable  instruments.  The
     carrying  amount of accrued  interest on securities  approximates  its fair
     value.

     Loans receivable, net of allowance
     The fair  values  for  loans are  estimated  through  discounted  cash flow
     analysis,  using  current  rates at which loans with similar terms would be
     made to borrowers of similar credit  quality.  Appropriate  adjustments are
     made to reflect  probable  credit  losses.  The carrying  amount of accrued
     interest on loans approximated its fair value.

     Federal Home Loan Bank Stock
     The Federal Home Loan Bank's board sets the value of Federal Home Loan Bank
     stock at $100 per share.

     Deposits
     The fair  value of deposit  liabilities  with no  defined  maturity  is the
     amount  payable on demand at the reporting  date,  i.e.,  their carrying or
     book value. These deposits, which include interest and non-interest bearing
     checking,  passbook and full-paid share savings, and money market accounts,
     represented  approximately  34% and 29% of total  deposits at December  31,
     2001 and 2000,  respectively.  The fair value of fixed-rate certificates of
     deposit is estimated using a discounted cash flow  calculation that applies
     interest  rates  currently  offered on  certificates  of similar  remaining
     maturities to a

<PAGE>


S:   ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

     schedule of aggregate expected cash flows on time deposits.

     The carrying amount of accrued  interest  payable on deposits  approximates
     its fair value.

     Advances  from Federal Home Loan Bank Fair values of advances  from Federal
     Home Loan Bank are estimated  using  discounted cash flow analyses based on
     the Association's  current incremental borrowing rates for similar types of
     borrowing arrangements.

     Advances by borrowers for taxes and insurance (escrows) The carrying amount
     of escrow accounts approximate fair value.

     Off-balance-sheet instruments
     Off-balance-sheet  financial  instruments  include  commitments  to  extend
     credit,  letters of credit, and other financial guarantees.  The fair value
     of such  instruments is estimated using fees currently  charged for similar
     arrangements in the  marketplace,  adjusted for changes in terms and credit
     risk as appropriate. The estimated fair value for these instruments was not
     significant at December 31, 2001 and 2000. The contract or notional amounts
     of the Association's  financial instruments with off-balance-sheet risk are
     disclosed in Note K.


T:   CONCENTRATION OF CREDIT RISK

     The  Bancorp's  loan  portfolio  consists  of the  various  types  of loans
     described in Note B above.  Real estate or other assets  secure most loans.
     The majority of these loans have been made to individuals and businesses in
     Iberville,  West Baton Rouge, and Pointe Coupee parishes that are dependent
     on the area  economy  for their  livelihood  and  servicing  of their  loan
     obligations.

     The Bancorp  maintains  deposits in other financial  institutions  that may
     from time to time exceed the federally insured deposit limits.


U:   DIVIDEND DECLARED

     On December 19, 2001, the board of directors of IBL Bancorp,  Inc. declared
     a $.0575 per share dividend to  stockholders of record at January 11, 2002,
     payable on  January  29,  2002.  The total  dividend  payable of $12,125 is
     included in other liabilities.

<PAGE>


V:   EARNINGS PER SHARE

     The following  table  provides a  reconciliation  between basic and diluted
     earnings per share:

<TABLE>
<CAPTION>
                                                                              Weighted
                                                                               Average
                                                            Income             Shares          Per-Share
                                                          (Numerator)       (Denominator)        Amount
                                                          -----------       -------------        ------
     <S>                                                    <C>                <C>              <C>
     For the Year Ended 2001
     Net income ........................................    $279,507

     Basic earnings per share
     Income available to common stockholders............     279,507           194,922          $   1.43
                                                            --------          --------          ========
     Effect of dilutive securities
     RRP shares granted ................................          --            20,179

     Diluted earnings per share
     Income available to common stockholders
     plus assumed conversions ..........................    $279,507           215,101          $   1.30
                                                            ========           =======          ========
     For the Year Ended 2000
     Net income ........................................    $296,817
                                                            --------
     Basic earnings per share
     Income available to common stockholders ...........     296,817           191,167          $   1.55
                                                            ========           =======          ========
     Effect of dilutive securities
     RRP shares granted ................................          --             4,641

     Diluted earnings per share
     Income available to common stockholders
      plus assumed conversions .........................    $296,817           195,808          $   1.52
                                                            ========           =======          ========
</TABLE>


     Options to purchase  17,925  shares of common stock awarded on November 19,
     1999 at $10.50 per share were  included in the  computation  of the diluted
     earnings per share for 2001because the options'  exercise was less than the
     average market price of the common shares.  These options were not included
     in the  computation of the diluted  earnings per share for 2000 because the
     options'  exercise was greater than the average  market price of the common
     shares.  The  options,  which  expire on  November  17,  2009,  were  still
     outstanding at the end of year 2001.

<PAGE>


W:   NEW ACCOUNTING STANDARDS

     The provisions of Statement of Financial Accounting Standards No. 142 (SFAS
     142),  Goodwill  and Other  Intangible  Assets,  shall be applied in fiscal
     years beginning after December 15, 2001. This statement addresses financial
     accounting and reporting for acquired  goodwill and other intangible assets
     and  supersedes  APB Opinion No. 17,  Intangible  Assets.  It addresses how
     intangible  assets that are acquired  individually or with a group of other
     assets  (but not  those  acquired  in a  business  combination)  should  be
     accounted  for  in  financial  statements  upon  their  acquisition.   This
     Statement also addresses how goodwill and other intangible assets should be
     accounted  for after they have been  initially  recognized in the financial
     statements.  The  provisions  of this  Statement are not expected to have a
     material effect on the consolidated  financial position or the consolidated
     results of operations of the Bancorp.

     Statement of Financial Accounting Standards No. 143 (SFAS 143),  Accounting
     for Asset  Retirement  Obligations,  is effective for financial  statements
     issued for fiscal  years  beginning  after June 30,  2002.  This  Statement
     amends FASB Statement No. 19, Financial Accounting and Reporting by Oil and
     Gas Producing  Companies.  It addresses financial  accounting and reporting
     for  obligations  associated  with the  retirement  of tangible  long-lived
     assets  and the  associated  asset  retirement  costs.  It applies to legal
     obligations associated with the retirement of long-lived assets that result
     from  the  acquisition,  construction,  development  and  (or)  the  normal
     operation of long-lived  assets.  This Statement will not materially affect
     the  consolidated   financial  position  or  the  consolidated  results  of
     operations of the Bancorp.

     Statement of Financial Accounting Standards No. 144 (SFAS 144),  Accounting
     for the  Impairment  or Disposal of  Long-Lived  Assets,  is effective  for
     financial  statements  issued for fiscal years beginning after December 15,
     2001. This Statement  supersedes FASB Statement No. 121, Accounting for the
     Impairment of Long-Lived  Assets to Be Disposed Of, and the  accounting and
     reporting  provisions  of APB  Opinion  No. 30,  Reporting  the  Results of
     Operations - Reporting  the Effects of Disposal of a Segment of a Business,
     and   Extraordinary,   Unusual  and   Infrequently   Occurring  Events  and
     Transactions,  for the disposal of a segment of a business,  and amends ARB
     No. 51, Consolidated  Financial  Statements,  to eliminate the exception to
     consolidation for a subsidiary for which control is likely to be temporary.
     This  Statement  addresses  financial  accounting  and  reporting  for  the
     impairment  or disposal  of  long-lived  assets.  This  Statement  will not
     materially affect the consolidated  financial  position or the consolidated
     results of operations of the Bancorp.

<PAGE>


X:   PARENT COMPANY FINANCIAL STATEMENTS

     The financial statements for IBL Bancorp,  Inc. (parent company),  prepared
     on an unconsolidated basis are presented below:

<TABLE>
<CAPTION>
                                     BALANCE SHEETS
                               DECEMBER 31, 2001 AND 2000

                                                                                       2001              2000
                                                                                       ----              ----
     <S>                                                                           <C>             <C>
     ASSETS
     Cash .....................................................................    $   268,084     $    50,524
     Time deposits ............................................................        407,000         407,000
     Investment securities held-to-maturity (estimated
      market value $201,125 and $197,500) .....................................        200,000         200,000
     Accrued interest receivable ..............................................          5,253           6,609
     Investment in The Iberville Building and Loan Association.................
      at equity in underlying net assets ......................................      3,292,343       3,182,909
                                                                                   -----------     -----------
                 Total assets .................................................    $ 4,172,680     $ 3,847,042
                                                                                   ===========     ===========

     LIABILITIES AND SHAREHOLDERS' EQUITY
     LIABILITIES
     Due to subsidiary ........................................................    $    36,141     $    23,828
     Other liabilities ........................................................         12,220          10,851
                                                                                   -----------     -----------
                 Total liabilities ............................................         48,361          34,679
                                                                                   -----------     -----------
     SHAREHOLDERS' EQUITY
     Preferred stock, $.01 par, 2,000,000 shares authorized ...................             --              --
     Common stock, $.01 par, 5,000,000 shares authorized,
      210,870 shares issued ...................................................          2,109           2,109
     Additional paid-in capital ...............................................      1,744,044       1,740,992
     Unearned ESOP shares .....................................................       (113,865)       (130,734)
     Unearned RRP shares ......................................................        (13,620)        (39,302)
     Retained earnings - substantially  restricted ............................      2,459,497       2,220,190
     Accumulated other comprehensive income ...................................         46,154          19,108
                                                                                   -----------     -----------
                 Total shareholders' equity ...................................      4,124,319       3,812,363
                                                                                   -----------     -----------
                 Total liabilities and shareholders' equity ...................    $ 4,172,680     $ 3,847,042
                                                                                   ===========     ===========

</TABLE>

<TABLE>
<CAPTION>
                       STATEMENTS OF INCOME AND RETAINED EARNINGS
                         YEARS ENDED DECEMBER 31, 2001 AND 2000

                                                                            2001          2000
                                                                            ----          ----
    <S>                                                                   <C>         <C>
     INCOME
     Dividends from The Iberville Building and Loan Association........    $200,000    $     --
     Interest income
      Mortgage-backed securities ......................................      11,861      12,060
      Deposits ........................................................      22,335      23,136
      Other ...........................................................      11,649      12,743
                                                                           --------    --------
                                                                            245,845      47,939
                                                                           --------    --------
</TABLE>

<PAGE>


X:   PARENT COMPANY FINANCIAL STATEMENTS (Continued)

<TABLE>
<CAPTION>

                                                                            2001            2000
                                                                            ----            ----
     <S>                                                              <C>             <C>
     EXPENSES
     Legal and professional ......................................         27,235          23,042
     Other general and administrative ............................         21,396          24,827
                                                                      -----------     -----------
                                                                           48,631          47,869
                                                                      -----------     -----------
     INCOME BEFORE EQUITY IN UNDISTRIBUTED
      EARNINGS OF THE IBERVILLE BUILDING AND
      LOAN ASSOCIATION ...........................................        197,214              70
     Equity in undistributed earnings of The Iberville
      Building and Loan Association ..............................         82,388         297,055
                                                                      -----------     -----------
     INCOME BEFORE INCOME TAXES ..................................        279,602         297,125
     PROVISION FOR INCOME TAXES ..................................             95             308
                                                                      -----------     -----------
     NET INCOME ..................................................        279,507         296,817
     Retained earnings - beginning of year .......................      2,220,190       1,958,199
     Less dividends declared .....................................        (43,755)        (34,826)
     Add ESOP shares released for allocation......................          3,555              --
                                                                      -----------     -----------
     Retained earnings - end of year .............................    $ 2,459,497     $ 2,220,190
                                                                      ===========     ===========
</TABLE>


<TABLE>
<CAPTION>
                           STATEMENT OF CASH FLOWS
                     YEARS ENDED DECEMBER 31, 2001 AND 2000

                                                                           2001          2000
                                                                           ----          ----
     <S>                                                                <C>           <C>
     CASH FLOWS FROM OPERATING ACTIVITIES
     Net income ....................................................    $ 279,507     $ 296,817
     Adjustments to reconcile net income to net cash provided
      by operating activities:
       Equity in undistributed earnings of The Iberville
        Building and Loan Association ..............................      (82,388)     (297,055)
       ESOP compensation ...........................................       23,476        17,660
       Release of RRP shares .......................................       25,682        25,682
       Decrease in accrued interest receivable .....................        1,356            --
       Increase in due to subsidiary ...............................       12,313        12,369
       Decrease in other liabilities ...............................         (213)         (170)
                                                                        ---------     ---------
     Net cash provided by operating activities .....................      259,733        55,303
                                                                        ---------     ---------

     CASH FLOWS FROM INVESTING ACTIVITIES
     Purchase of security held to maturity .........................     (200,000)           --
     Redemption of security held to maturity .......................      200,000            --
                                                                        ---------     ---------
     Net cash used in investing activities .........................           --            --
                                                                        ---------     ---------

     CASH FLOWS FROM FINANCING ACTIVITIES
     Acquisition of RRP shares .....................................           --       (20,791)
     Cash dividends ................................................      (42,173)      (33,244)
                                                                        ---------     ---------
     Net cash used in financing activities..........................      (42,173)      (54,035)
                                                                        ---------     ---------
</TABLE>


X:   PARENT COMPANY FINANCIAL STATEMENTS (Continued)

                                                2001               2000
                                                ----               ----
     NET INCREASE IN CASH ................     217,560             1,268
     Cash - beginning of year.............      50,524            49,256
                                              --------          --------
     Cash - end of year ..................    $268,084          $ 50,524
                                              ========          ========


<PAGE>


                              CORPORATE INFORMATION


Directors:                                 Annual Stockholders Meeting:

G. Lloyd Bouchereau, Jr.                   September 4, 2002; 10:00 a.m.
President and Chief Executive Officer      23910 Railroad Avenue
                                           Plaquemine, Louisiana
                                           Record Date:  July 24, 2002

John L. Delahaye                           Main Office:
Attorney                                   23910 Railroad Avenue
Plaquemine, Louisiana                      Plaquemine, Louisiana



Gary K. Pruitt                             Independent Auditor:
Retired                                    L.A. Champagne & Co., L.L.P.
Greater Baton Rouge Port Commission        Baton Rouge, Louisiana
Port Allen, Louisiana



Bobby E. Stanley                           General Counsel:
Self Employed Accountant                   Borron & Delahaye
Port Allen, Louisiana                      Plaquemine, Louisiana



Edward J. Steinmetz                        Securities and Regulatory Counsel:
Regional Manufacturing Manager             Elias, Matz, Tiernan & Herrick L.L.P.
Borden Chemical Inc.                       Washington, D. C.
Donaldsonville, Louisiana


Danny M. Strickland                        Stock Registrar & Transfer Agent:
Vice-President                             Registrar and Transfer Company
                                           Cranford, New Jersey

Executive Officers:

G. Lloyd Bouchereau, Jr.
President and Chief Executive Officer

Danny M. Strickland
Vice-President

<PAGE>




                                   SIGNATURES

          In  accordance  with  Section  13 or 15(d) of the  Exchange  Act,  the
     registrant   caused  this  report  to  be  signed  on  its  behalf  by  the
     undersigned, thereunto duly authorized.



                                            IBL BANCORP, INC.


                                            By: /s/ G. Lloyd Bouchereau, Jr.
                                                ----------------------------
                                                    G. Lloyd Bouchereau, Jr.
                                                    President and
                                                    Chief Executive Officer




          In accordance with the Exchange Act, this report has been signed below
     by the following  persons on behalf of the registrant and in the capacities
     and on the date indicated.

           Name                           Title                      Date
           ----                           -----                      ----

/s/ G. Lloyd Bouchereau, Jr.        President and Chief         October 23, 2002
-------------------------------      Executive Officer
G. Lloyd Bouchereau, Jr.

/s/ Bobby E. Stanley                     Director               October 23, 2002
-------------------------------
Bobby E. Stanley

/s/ John L. Delahaye                     Director               October 23, 2002
-------------------------------
John L. Delahaye

/s/ Gary K. Pruitt                       Director               October 23, 2002
-------------------------------
Gary K. Pruitt

/s/ Edward J. Steinmetz                  Director               October 23, 2002
-------------------------------
Edward J. Steinmetz

/s/ Danny M. Strickland                  Director               October 23, 2002
-------------------------------
     Danny M. Strickland