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

                                   FORM 10-QSB

         (Mark One)
[        X ] QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997

                                                        OR

[        ] TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 For the transition period from ___________________
         to __________________________

                         Commission File Number 0-24468

                              Guthrie Savings, Inc.
             (Exact name of registrant as specified in its charter)

              Oklahoma                                73-1452383
     (State or other jurisdiction of                  IRS Employer
      incorporation or organization)             Identification Number

                   120 NORTH DIVISION, GUTHRIE, OKLAHOMA 73044
              (Address and Zip Code of principal executive offices)

                                 (405) 282-2201
              (Registrant's telephone number, including area code)

                                       N/A
              (Former name, former address and former fiscal year,
                          if changed since last report)

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

                                 Yes [ X ] No [ ]

The  number of shares  outstanding  of each of the  issuer's  classes  of common
stock, as of November 7, 1997:

         $.01 par value common stock                   417,457 shares
                  (Class)                               (Outstanding)





<PAGE>
                              GUTHRIE SAVINGS, INC.


                                      INDEX


                                                                     Page Number

PART I - FINANCIAL INFORMATION

    Item 1.       Financial Statements

           Statements of Financial Condition as of March 31, 1997 and
           September 30, 1997  (unaudited)                                 1
           Statements of Income for the Three and Six Months Ended
           September 30, 1996 and 1997 (unaudited)                         2
           Statement of Cash Flows for the Six Months
           Ended September 30, 1996 and 1997 (unaudited)                 3-4
           Notes to Financial Statements                                 5-8

    Item 2.       Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                   9-13

PART II - OTHER INFORMATION

    Item 1.       Legal Proceedings                                       14

    Item 2.       Changes in Securities                                   14

    Item 3.       Defaults in Senior Securities                           14

    Item 4.       Submission of matters to a vote of security holders     14

    Item 5.       Other Information                                       14

    Item 6(a).    Exhibits                                                14

    Item 6(b).    Reports on Form 8-K                                     14

SIGNATURES                                                                15


<PAGE>
                              GUTHRIE SAVINGS, INC.
                         PART I - FINANCIAL INFORMATION
                          ITEM 1 - FINANCIAL STATEMENTS

                 Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
                                                                                                     September 30,
                                                                                  March 31,              1997
           ASSETS                                                                   1997              (unaudited)
                                                                                -----------          -------------

<S>                                                                             <C>                    <C>        
Cash and cash equivalents
     Interest bearing                                                           $   311,624            $ 1,300,410
     Non-interest bearing                                                           211,205                423,533
Held-to-maturity investment securities                                            8,700,000              6,700,000
Available-for-sale investment securities                                          2,061,727              2,098,572
Mortgage-backed securities held to maturity                                      13,273,398             11,657,475
Loans receivable, net                                                            23,461,257             24,903,972
Accrued income receivable                                                           330,277                321,302
Real estate owned and other
  repossessed property, net                                                               0                      0
Office properties and equipment, net                                                598,633                584,889
Prepaid expenses and other assets                                                    99,135                110,289
                                                                                -----------            -----------

                                                                                $49,047,256            $48,100,442
                                                                                ===========            ===========
           LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
     Deposits                                                                   $34,293,278            $34,520,251
     FHLB line of credit and advances                                             6,700,000              5,696,000
     Advances from borrowers for taxes and insurance                                 32,830                107,934
     Dividend payable                                                                     0                210,791
     Deferred income                                                                 57,956                 53,984
     Accrued expenses and other liabilities                                          60,805                 78,719
     Income taxes
       Deferred                                                                      79,531                 83,254
       Current                                                                       17,816                 35,863
                                                                                 ----------             ----------
                                                                                 41,242,216             40,786,796
                                                                                 ----------             ----------
Stockholders' Equity
     Preferred stock, $.01 par value; 1,000,000
       shares authorized, no shares outstanding                                           0                      0
     Common stock, $.01 par value; 3,000,000 shares
       authorized; 515,125 shares issued and outstanding                              5,151                  5,151
     Additional paid-in capital                                                   4,779,668              4,782,759
     Retained income (substantially restricted)                                   4,392,507              4,440,956
     Treasury Stock, at cost (64,766 shares at March 31,1997
       and 97,668 shares at September 30, 1997)                                    (881,996)            (1,445,521)
     Unamortized stock acquired by Employee Stock Ownership Plan                   (309,075)              (309,075)
     Unamortized stock acquired by Management Stock Bonus Plan                     (134,836)              (124,766)
     Net unrealized gain (loss) on available-for-sale securities                    (46,379)               (35,858)
                                                                                 -----------            -----------
           Total Stockholders' Equity                                             7,805,040              7,313,646
                                                                                 ----------             ----------

                                                                                $49,047,256            $48,100,442
                                                                                 ==========             ==========
</TABLE>

                                     Page 1

<PAGE>
                              GUTHRIE SAVINGS, INC.
                        Consolidated Statements of Income
<TABLE>
<CAPTION>
                                                       Three Months Ended                   Six Months Ended
                                                         September 30,                        September 30,
                                               -------------------------------       -----------------------------
                                                   1996               1997             1996              1997
                                               -----------        ------------       -----------       -----------
                                                 (Unaudited)        (Unaudited)       (Unaudited)       (Unaudited)

<S>                                             <C>                <C>                <C>               <C>       
INTEREST INCOME
     Interest on loans                          $  527,392         $   553,859        $1,047,389        $1,087,490
     Interest and dividends
       on investment securities                    187,285             174,642           392,325           357,478
     Interest on mortgage-
       backed securities                           192,084             199,393           347,554           416,033
                                                 ---------          ----------         ---------         ---------
           Total interest income                   906,761             927,894         1,787,268         1,861,001
                                                 ---------          ----------         ---------         ---------
INTEREST EXPENSE
     Deposits                                      381,182             387,391           775,322           765,773
     Borrowed money                                 66,373              92,910           104,796           195,896
                                                 ---------          ----------         ---------         ---------
           Total interest expense                  447,555             480,301           880,118           961,669
                                                 ---------          ----------         ---------         ---------

           Net interest income                     459,206             447,593           907,150           899,332
PROVISION FOR LOSSES
 ON LOANS                                                7                 439               492             1,313
                                                 ---------           ---------         ---------         ---------

           Net interest income
             after provision for loan losses       459,199             447,154           906,658           898,019
                                                 ---------           ---------         ---------         ---------

NON-INTEREST INCOME
     Service charges and late fees                  40,058              46,090            84,471            90,558
     Other income                                    8,948               9,433            15,942            16,274
     Gain (Loss) from real estate operations           574                 769             1,874             3,965
                                                 ---------           ---------         ----------        ---------
                                                    49,580              56,292           102,287           110,797
                                                 ---------           ---------         ---------         ---------

NON-INTEREST EXPENSE
     Compensation and related expenses             150,851             157,366           299,114           308,084
     Occupancy expense                              20,681              16,417            32,047            29,160
     Professional fees                              39,667              42,983            68,047            67,601
     Federal insurance premium                      20,688               5,351            41,570            10,788
     SAIF special assessment                       224,776                   0           224,776                 0
     Data processing                                20,220              20,530            43,154            44,067
     Bank charges                                   14,318              12,671            29,415            26,263
     Other expense                                  65,826              52,887           114,858           117,247
                                                 ---------           ---------         ---------          --------
                                                   557,027             308,205           852,981           603,210
                                                 ---------           ---------         ---------          --------
           Income before income taxes              (48,248)            195,241           155,964           405,606
INCOME TAX EXPENSE(BENEFIT)                        (17,900)             65,900            54,100           145,750
                                                 ---------           ---------         ---------          --------

           Net income                           $  (30,348)         $  129,341        $  101,864          $259,856
                                                 =========           =========         =========           =======
PRIMARY:

     Earnings per share                         $  (.07)            $   .33           $   .23             $  .65
                                                 =========           =========         =========           =======
     Weighted average common shares
          outstanding                              426,274             396,420           433,600           401,934
                                                 =========           =========         =========           =======
FULLY DILUTED:
     Earnings per share                         $  (.07)             $   .33          $    .23            $  .64
                                                 =========            ========         =========           =======
     Weighted average common shares
          outstanding                              427,701             396,646           434,300           403,284
                                                 =========            ========         =========           =======
DIVIDENDS PER SHARE                             $   --               $  .50           $   --              $  .50
                                                 =========            ========         =========           =======
</TABLE>

                                     Page 2

<PAGE>
                              GUTHRIE SAVINGS, INC.
                      Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
                                                                                  Six Months Ended September 30,
                                                                                    1996              1997
                                                                                  ------------      -----------
                                                                                   (Unaudited)       (Unaudited)

<S>                                                                               <C>               <C>        
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                                                   $   101,864       $   259,856
     Adjustments to reconcile net income to net
       cash provided by operating activities:
        Depreciation                                                                   18,170            15,796
        FHLB Stock dividend                                                           (19,700)          (22,600)
        Decrease (increase) in accrued interest receivable                                 79             8,975
        Increase (decrease) in accrued and deferred
           income taxes                                                               (19,901)           18,046
        Increase (decrease) in accrued expenses                                        (4,401)           17,914
        Accrued assessment of special SAIF insurance premium                          224,776                 0
        Amortization of premiums and discounts
            on investments and loans                                                    4,903               644
        Amortization of deferred gain on sale of real estate owned                     (1,940)           (3,972)
        Provision for losses on loans and real estate owned                               492             1,313
        Amortization related to ESOP and MSBP                                          20,225            12,545
        (Increase) decrease in other assets                                            (9,687)          (11,154)
                                                                                   -----------       ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES                                             314,880           297,363
                                                                                   ----------        ----------


CASH FLOWS FROM INVESTING ACTIVITIES
     Net loan (originations) and principal payments
       on loans held for investment                                                   110,613        (1,433,440)
     Principal repayments on mortgage-backed securities-
       held to maturity                                                               764,534         1,606,004
     Acquisition of mortgage-backed investment securities-
       held to maturity                                                            (4,727,289)                0
     Acquisition of held to maturity investment securities                           (500,000)                0
     Maturity of held to maturity investment securities                             1,050,000         2,000,000
     Acquisition of fixed assets                                                       (7,142)           (2,052)
                                                                                   ----------        ---------- 

NET CASH PROVIDED (USED)
  BY INVESTING ACTIVITIES                                                          (3,309,284)        2,170,512
                                                                                   ----------        ----------


CASH FLOWS FROM FINANCING ACTIVITIES
     Net increase (decrease) in deposits                                           (1,951,857)          225,660
     Net increase (decrease) in escrow accounts                                        46,583            75,104
     Proceeds from FHLB advance                                                     7,900,000         6,000,000
     Repayments of FHLB advance                                                    (3,200,000)       (7,004,000)
     Cash dividend paid                                                              (222,740)                0
     Purchase of treasury stock                                                      (332,818)         (563,525)
                                                                                   ----------        -----------
NET CASH PROVIDED (USED)
  BY FINANCING ACTIVITIES                                                         $ 2,239,168       $(1,266,761)
                                                                                   ----------        ----------
</TABLE>

                                     Page 3

                Consolidated Statements of Cash Flow (Continued)
<PAGE>
<TABLE>
<CAPTION>

NET INCREASE (DECREASE) IN CASH
<S>                                                                                <C>               <C>       
  AND CASH EQUIVALENTS                                                             $ (755,236)       $1,201,114
BEGINNING CASH AND CASH EQUIVALENTS                                                 1,402,109           522,829
                                                                                   ----------         ---------


ENDING CASH AND CASH EQUIVALENTS                                                   $  646,873        $1,723,943
                                                                                    =========         =========


SUPPLEMENTAL DISCLOSURES Cash paid for:
        Interest on deposits and advances                                          $  780,838       $   962,772
        Income taxes                                                                   74,000           127,703
</TABLE>


                                     Page 4

<PAGE>






                              GUTHRIE SAVINGS, INC.
                   Notes to Consolidated Financial Statements
                                   (Unaudited)



1.       Basis of Presentation

         The  accompanying  unaudited  financial  statements  were  prepared  in
         accordance with the instructions for Form 10-QSB and,  accordingly,  do
         not  include  all  information  and  disclosures  necessary  to present
         financial  condition,  results of operations  and cash flows of Guthrie
         Savings, Inc. (the "Company") and its wholly-owned subsidiary,  Guthrie
         Federal Savings Bank (the "Bank") in conformity with generally accepted
         accounting  principles.  However, all normal recurring adjustments have
         been made which,  in the opinion of  management,  are necessary for the
         fair presentation of the financial statements.

         The results of operation  for the six month period ended  September 30,
         1997  are  not  necessarily  indicative  of the  results  which  may be
         expected for the year ending March 31, 1998.

2.       Mutual - To - Stock Conversion

         On February 8, 1994,  the Board of Directors of the Bank adopted a Plan
         of Conversion to convert from a state chartered mutual savings and loan
         association  to a  federally  chartered  stock  savings  bank  with the
         concurrent  formation  of  Guthrie  Savings,  Inc.  to act as a holding
         company of the Bank (the "Conversion").

         At the date of conversion,  October 11, 1994, the Company completed the
         sale of  515,125  shares  of  common  stock,  $.01 par  value,  through
         concurrent  subscription  and community  offerings at $10.00 per share.
         Included in the total shares  outstanding  are 41,210 shares which were
         purchased by the Bank's ESOP at $10.00 per share. Net proceeds from the
         conversion,  after  recognizing  conversion  expenses and  underwriting
         costs of $382,975 were $4,768,275.  From the net proceeds,  the company
         used  $2,384,138  to purchase all of the capital  stock of the Bank and
         $412,100 to fund the purchase of 41,210  shares of the company stock by
         the ESOP.

         Subsequent  to the  conversion,  neither  the Bank nor the  Company may
         declare or pay cash dividends on any of their shares of common stock if
         the effect would be to reduce  stockholders'  equity  below  applicable
         regulatory  capital  requirements  or if such  declaration  and payment
         would otherwise violate regulatory requirements. Additionally, the Bank
         may not  declare or pay a cash  dividend  to the  Company if the effect
         would  cause the net worth of the Bank to be  reduced  below the amount
         required for the  liquidation  account  (amounting  to $3,410,000 as of
         date of conversion).


                                     Page 5

<PAGE>
3.       Investment Securities

         A summary of the Bank's investment  securities as of March 31, 1997 and
         September 30, 1997 is as follows:
<TABLE>
<CAPTION>
                                                                     Carrying Value                   Market Value
                                                               March 31,       September 30,          September 30,
                                                                 1997              1997                   1997
                                                         -----------------   ---------------          -------------
<S>                                                           <C>                 <C>                   <C>        
         Held-to-maturity:
           Bonds, notes and debentures:
             Government Agency Securities                     $ 8,700,000         $ 6,700,000           $ 6,657,212
                                                               ----------          ----------            ----------
                    Total held-to-maturity                    $ 8,700,000         $ 6,700,000           $ 6,657,212
                                                               ==========          ==========            ==========


         Available-for-sale:
           Debt securities:
             Government Agency Securities                     $ 1,500,000         $ 1,500,000           $ 1,443,972
             Net unrealized loss                                  (70,273)            (56,028)                    0
                                                               ----------          ----------            ----------
                                                                1,429,727           1,443,972             1,443,972
                                                               ----------          ----------            ----------
           Equity securities:
             Stock in Federal Home Loan Bank                      632,000             654,600               654,600
                                                               ----------          ----------            ----------
                                                                  632,000             654,600               654,600
                                                               ----------          ----------            ----------


                    Total available-for-sale                  $ 2,061,727         $ 2,098,572           $ 2,098,572
                                                               ==========          ==========            ==========
</TABLE>


4.       Mortgage-Backed Securities

         All  of  the  Bank's  mortgage-backed   securities  are  classified  as
         held-to-maturity. A summary of the Bank's mortgage-backed securities as
         of March 31, 1997 and September 30, 1997 is as follows:
<TABLE>
<CAPTION>
                                                                     Carrying Value                   
                                                                     --------------                   Market Value
                                                                March 31,       September 30,         September 30,
                                                                  1997              1997                   1997
                                                               ----------        -----------           ------------
<S>                                                          <C>                <C>                   <C>          
         Mortgage-Backed Securities (Held-to-Maturity):
           GNMA-ARM's                                        $  3,114,748       $  2,864,242          $   2,927,465
           FNMA-ARM's                                             825,458            691,704                687,753
           FHLMC-ARM's                                          1,376,203          1,297,711              1,302,172
           FHLMC-fixed rate                                     1,380,450          1,325,956              1,338,086
           GNMA-fixed rate                                        388,642            351,831                366,547
           FNMA-fixed rate                                        684,623            649,135                637,441
            Collateralized mortgage obligation
              -Govt. Agency                                     5,383,306          4,366,846              4,402,637
                                                               ----------        -----------           ------------
                                                               13,153,430         11,547,425             11,662,101
           Unamortized premiums                                   127,799            118,780
           Unearned discounts                                      (7,831)            (8,730)
                                                               ----------        -----------
            Total Mortgage-Backed Securities
              (Held-to-Maturity)                              $13,273,398       $ 11,657,475          $  11,662,101
                                                               ==========        ===========           ============

</TABLE>

                                     Page 6

<PAGE>

5.       Loans Receivable, Net

         A  summary  of the  Bank's  loans  receivable  at  March  31,  1997 and
         September 30, 1997 is as follows:
<TABLE>
<CAPTION>
                                                                                 March 31,           September 30,
                                                                                   1997                   1997
                                                                                 ----------             ----------
<S>                                                                             <C>                    <C>        
         Mortgage loans:
           Secured by one to four family residences                             $17,273,266            $18,728,741
           Secured by other properties                                            1,958,081              1,768,149
           Construction loans                                                     1,790,945              2,096,600
           Other                                                                    579,276                551,740
                                                                                 ----------             ----------
                                                                                 21,601,568             23,145,230

         Less:
           Unearned discounts and loan fees                                         (72,996)               (72,496)
           Undisbursed loan proceeds                                               (641,971)            (1,222,428)
           Allowance for loan losses                                               (282,444)              (282,444)
                                                                                 ----------             ----------
                Total mortgage loans                                             20,604,157             21,567,862
                                                                                 ----------             ----------

         Consumer and other loans:
           Loans on deposits                                                        403,099                479,535
           Home equity and second mortgage                                        1,222,531              1,250,658
           Other                                                                  1,325,718              1,691,190
                                                                                 ----------             ----------
                                                                                  2,951,348              3,421,383
         Less:
           Allowances for loan losses                                               (94,248)               (85,273)
                                                                                 ----------             ----------

                    Total consumer and other loans                                2,857,100              3,336,110
                                                                                 ----------             ----------

         Net Loans Receivable                                                   $23,461,257            $24,903,972
                                                                                 ==========             ==========
</TABLE>


         A summary  of the Bank's  allowance  for loan  losses  for the  periods
indicated is as follows:
<TABLE>
<CAPTION>
                                            Three Months Ended                    Six Months Ended
                                                September 30,                       September 30,
                                     ----------------------------------        ----------------------------
                                         1996                 1997               1996            1997
                                     -----------           ------------        ----------      ------------
<S>                                     <C>                   <C>               <C>              <C>     
         Balance, beginning             $385,602              $375,099          $391,189         $376,692
         Provision charged
           to operations                       7                   439               492            1,313
         Loans charged off,
           net of recoveries               4,182                (7,821)           (1,890)         (10,288)
                                      -----------            ---------          ---------       ---------

                                        $389,791              $367,717          $389,791         $367,717
                                        ========              ========          ========         ========

</TABLE>


                                     Page 7

<PAGE>




6.       Real Estate Owned or in Judgement, Including In-Substance  Foreclosures
         and Other Repossessed Property:


         As of  September  30,  1997 and March 31,  1997 the Company has no real
         estate owned or other repossessed property.

7.       Financial Instruments With Off Balance-Sheet Risk/Commitments

         The bank is a party to  financial  instruments  with  off-balance-sheet
         risk in the normal  course of business to meet the  financial  needs of
         its  customers  and to  reduce  its own  exposure  to  fluctuations  in
         interest rates.  These  financial  instruments  include  commitments to
         extend credit and commitments to sell  investments.  These  instruments
         involve, to varying degrees,  elements of credit and interest rate risk
         in  excess of the  amount  recognized  in the  Statement  of  Financial
         Condition.  The  contract  or  notional  amounts  of those  instruments
         reflect the extent of involvement the Bank has in particular classes of
         financial instruments.

         The Bank's exposure to credit loss in the event of  non-performance  by
         the other party to the financial  instrument  for loan  commitments  is
         represented by the contractual  notional  amount of those  instruments.
         The Bank uses the same credit policies in making commitments as it does
         for on-balance-sheet instruments.

         At September 30, 1997,  the Bank had  outstanding  commitments  to fund
         real estate loans of $264,000.  This $264,000 in commitments is for two
         loans,  $214,600  to fund a fixed  rate  construction  loan at 7.75% in
         October 1997,  the balance of $49,400 is for a fixed rate loan at 8.25%
         for a 30 year term.

8.       Earnings Per Share

         Earnings  per share for the three and six months  ended  September  30,
         1996 and 1997,  was  computed  by dividing  net income by the  weighted
         average  number of common  shares  outstanding,  which is adjusted  for
         unallocated  shares  acquired by the  Employee  Stock  Ownership  Plan,
         Treasury Stock repurchased, and other common stock equivalents.




                                     Page 8

<PAGE>



                              Guthrie Savings, Inc.
                         Part I - Financial Information
                  Item 2. Management's Discussion and Analysis
                of Financial Condition and Results of Operations


General:

         Guthrie Savings,  Inc. (the "Company") was organized in May 1994 as the
holding  company for Guthrie  Federal  Savings  Bank (the  "Bank").  The Company
issued its common stock in a Subscription  and Community  Offering in connection
with the conversion of Guthrie Federal  Savings Bank from a federally  chartered
mutual savings and loan association to a federally  chartered stock savings bank
and the issuance of all of the Bank's outstanding  capital stock to the Company.
The Offering  closed on October 11, 1994 with the issuance of 515,125  shares of
common stock in Guthrie Savings, Inc.

         Apart from the  operations  of the Bank,  the Company did not engage in
any significant operations during the quarter ended September 30, 1997. The Bank
is  primarily  engaged in the business of  accepting  deposits  from the general
public and using  these funds to  originate  traditional  real  estate  loans on
one-to-four  family  dwellings along with consumer  loans.  When deposit inflows
exceeds loan demand, the Bank will also purchase mortgage-backed  securities and
investment securities.


Management Strategy:

         Management's  strategy has been to enhance  earnings and  profitability
and  increase  capital  while  maintaining  asset  quality.  The Bank's  lending
strategy has historically focused on the origination of traditional  one-to-four
family mortgage loans with the primary  emphasis on single family  residences in
the Logan County area. Its secondary  focus has been on consumer  loans,  second
mortgage  loans and deposit loans and when  available  funds exceed loan demand,
the purchase of  mortgage-backed  securities  and  investment  securities.  This
focus, along with the adherence to underwriting standards, is designed to reduce
the risk of loss on the loan portfolio.  The lack of diversification in its loan
portfolio  structure does increase the Bank's  portfolio  concentration  risk by
making the value of the portfolio  more  susceptible  to declines in real estate
values in its market area.  Management  has made an effort to mitigate this risk
through the acquisition of mortgage-backed securities.








                                     Page 9

<PAGE>



Results of Operations:  Comparison of the three months ended  September 30, 1996
and 1997 and the six months ended September 30, 1996 and 1997.


         Net income  increased  $159,689 or 526.19% from $(30,348) for the three
months ended September 30, 1996 to $129,341 for the three months ended September
30, 1997.  This increase was  primarily the result of the special  assessment to
capitalize the SAIF  insurance fund during the three months ended  September 30,
1996.

         Net income  increased  $157,992 or 155.10%  from  $101,864  for the six
months ended  September 30, 1996 to $259,856 for the six months ended  September
30, 1997.  This  increase is the result of the special  assessment to capitalize
the SAIF fund during the six months ended September 30, 1996.

         On September 30, 1996,  President  Clinton  signed into law a bill that
provided for a special assessment of SAIF insured institutions amounting to 65.7
basis points applied to the  institutions  deposit base measured as of March 31,
1995.  The total amount of the special  assessment for Guthrie  Federal  Savings
Bank was  $224,776,  which was accrued as of September  30, 1996 and included in
expense for the three and six months ended  September  30,  1996.  The after tax
effect of the assessment was to reduce net income by approximately  $147,000 for
the three and six months ended  September  30,  1996.  Without the effect of the
assessment  net income would have been  approximately  $116,000 and $249,000 for
the three and six months ended  September 30, 1996,  respectively.  Earnings per
share without the effect of the assessment  would have been  approximately  $.27
and $.58 for the three and six months ended  September  30, 1996,  respectively.
Capitalizing  the  insurance  fund  resulted in  lowering  future  premiums  for
insurance on deposits.

         Net interest income before provision for losses on loans, for the three
months ended September 30, 1997 decreased $11,613 or 2.53% compared to the three
months ended  September 30, 1996,  from $459,206 to $447,593.  This decrease was
mainly due to increased  costs of deposits and borrowings  offset by an increase
in interest on loans.  Interest  expense on deposits  for the three months ended
September  30,  1996  compared  to the three  months  ended  September  30, 1997
increased by $6,209 or 1.62%, due to a slight increase in certificate  deposits.
In addition to the increase in deposit interest expense there was an increase in
interest expense on borrowed money of $26,537. This increase in interest expense
on borrowed  money was the result of the matching of spreads on new  investments
with additional  borrowings.  These spreads were matched with similar base rates
and maturity  dates to insure that the spread on earnings and cost were in place
for the term of the securities.  Components of total interest income changed due
to related changes in the balance sheet  structure.  Interest  income  increased
$21,133 due to an increase in loan origination activity.

         Net  interest  income  for the six  months  ended  September  30,  1997
decreased  $7,818 or .86% from  $907,150 for the six months ended  September 30,
1996 to $899,332 for the six months ended September 30, 1997.  Interest  expense
on deposits for the six months  period  decreased  $9,549 or 1.23% from $775,322
for the six months ended September 30, 1996 to $765,773 for the six months ended
September  30,  1997.  This  decrease in  interest on deposits  was offset by an
increase in interest  expense on borrowed money of $91,100 from $104,796 for the
six months  ended  September  30,  1996 to  $195,896  for the six  months  ended
September 30, 1997. This increase in interest  expense on borrowed money was for
the same reason as stated above.  Interest income  increased  $73,733 due to new
purchases of mortgage backed securities and origination of new loans.


                                     Page 10

<PAGE>




         Provision for loan losses  increased from $7 for the three months ended
September 30, 1996 to $439 for the three months ended  September 30, 1997.  This
increase was based on  management's  evaluation of the adequacy of the allowance
for loan losses.

         The  provision  for losses on loans  increased for the six months ended
September 30, 1997 $821 or 166.87% from $492 for the six months ended  September
30, 1996 to $1,313 for the six months ended  September  30, 1997.  This increase
was based on  management's  evaluation of the adequacy of the allowance for loan
losses.

         Non-interest  income  increased  $6,712 or 13.54% from  $49,580 for the
three  months  ended  September  30, 1996 to $56,292 for the three  months ended
September  30,  1997.  This  increase  was due to an  increase in gain from real
estate operations,  a slight increase in other income due to loan fees from loan
originations for a mortgage company, and an increase in service charges and late
fee due to increased loan originations.

         Non-interest  income for the six months ended September 30, 1997 was up
$8,510 or 8.32%.  This increase was due to  amortization of the deferred gain on
sales of real  estate  owned  property,  due to a loan pay off in the six months
ended September 30, 1997. Also there was an increase in service charges and late
fees  during the six months  ended  September  30,  1997,  due to loan fees from
increased loan originations.

         Non-interest expense decreased $248,822 or 44.67% from $557,027 for the
three  months  ended  September  30, 1996 to $308,205 for the three months ended
September 30, 1997. The primary source for the decrease in non-interest  expense
was due to the special  assessment to capitalize  the SAIF insurance fund during
the three  months ended  September  30, 1996.  The special  SAIF  assessment  to
capitalize the SAIF insurance fund was $224,776.  The SAIF insurance  assessment
was reduced January 1, 1997 to approximately  6.4 basis points of deposits on an
annual basis from the previous level of 23 basis points. Due to this decrease in
assessment the premium for the three months ended September 30, 1996 compared to
September 30, 1997 decreased 15,337 or 74.13% from $20,688 to $5,351.

         Non-interest  expense for the six months ended  September  30, 1997 was
down  $249,771 or 29.28% from that for the six months ended  September 30, 1996.
Non-interest  expense  decreased  from  $852,981  for the six month period ended
September  30, 1996 to $603,210  for the six month period  ended  September  30,
1997.  Compensation  and  related  expenses  were up  3.00% or  $8,970.  Federal
insurance  premiums  were down  $255,558  from $266,346 for the six months ended
September  30, 1996 to $10,788 for the six months  ended  September  30, 1997 as
discussed in the preceding paragraph.

         Income tax expense  was a net  benefit of $17,900 for the three  months
ended  September  30, 1996 compared to expense of $65,900 for the same period in
1997. Income tax expense for the six months ended September 30, 1996 was $54,100
compared to $145,750  for the same  period in 1997.  The  increase in income tax
expense  for both the three and six  month  periods  ended  September  30,  1997
resulted from an increase in pretax income largely  attributable  to the accrual
of the special SAIF assessment  during the prior year. Tax benefit  attributable
to the SAIF  assessment was  approximately  $78,000 for the three and six months
ended September 30, 1996.

                                     Page 11

<PAGE>





Liquidity and Capital Resources:


         The Bank is required under applicable  federal  regulations to maintain
specified  levels  of  "liquid"   investments  in  qualifying  types  of  U.  S.
Government, federal agency and other investments having maturities of five years
or less. Current Office of Thrift Supervision  ("OTS")  regulations require that
the bank maintain liquid assets of not less than 5% of its average daily balance
of net withdrawable deposit accounts and borrowings payable in one year or less.
Guthrie's  liquidity ratio was 18.18% at September 30, 1997.  Management manages
its  liquidity  ratio to meet its  funding  needs  for  deposit  outflows,  loan
principal  disbursements,  operating  expenses,  and  disbursements  of payments
collected  from  borrowers  for taxes and  insurance.  The Bank also manages its
liquidity ratio to meet its asset/liability management objectives.

         The Bank's  primary  sources of funds are  deposits,  amortization  and
prepayment  of loans and  mortgage-backed  securities,  maturities of investment
securities  and funds  provided by  operations.  In addition the Bank may borrow
funds from time to time from the Federal Home Loan Bank of Topeka.  At September
30, 1997 the Bank had $0  borrowed  on its line of credit from the Federal  Home
Loan Bank. The available line of credit  currently is set at $3,000,000  with an
adjustable  interest  rate.  The Bank  draws  against  the  line to met  current
liquidity needs. Besides the line of credit the Bank has a fixed rate advance of
$3,500,000 and  $2,196,000 in adjustable  rate advances at the Federal Home Loan
Bank of Topeka outstanding at September 30, 1997.

         Scheduled  loan  repayments  and maturing  investment  securities are a
relatively  predictable  source of funds.  However,  savings  deposit  flows and
prepayments of loans and mortgage-backed securities are influenced significantly
by  changes in market  interest  rates,  economic  conditions  and  competition.
Management  strives  to manage the  pricing  of its  deposits  to  maintain  the
required  projected cash needs. In some instances though,  advances and lines of
credit provide lower incremental costs of funds than pricing deposits to attract
the new funds.

         The Bank  invests  its  excess  funds in  overnight  deposits  with the
Federal Home Loan Bank of Topeka,  which  generally  provides  liquidity to meet
lending   requirements  and  savings  withdrawal  funding   requirements.   When
warranted,   cash  in  excess  of  immediate  funding  needs  is  invested  into
longer-term  investments and  mortgage-backed  securities which typically earn a
higher yield than overnight  deposits,  some of which may also qualify as liquid
investments  under current OTS regulations.  At September 30, 1997 cash and cash
equivalents  were  $1,723,943  up from  $522,829 at March 31, 1997.  The primary
reason for this increase is due to  investment  securities  and mortgage  backed
securities  being  called in. These excess funds are being used to fund new loan
originations and pay off maturing advances.


                                     Page 12

<PAGE>




         The Bank is required to maintain  specified amounts of capital pursuant
to the  Financial  Institutions  Reform,  Recovery and  Enforcement  Act of 1989
("FIRREA") and regulations promulgated by OTS thereunder.  The capital standards
generally  require the  maintenance of regulatory  capital  sufficient to meet a
tangible  capital  requirement,  a core  capital  requirement,  and a risk-based
capital  requirement.  These standards  require  financial  institutions to have
minimum  regulatory  capital  equal to 1.5% of  tangible  assets;  minimum  core
capital equal to 3.0% of adjusted tangible assets;  and risk-based capital equal
to 8.0%  of  risk-based  assets.  At  September  30,  1997  the  Bank's  capital
requirements and actual capital under the OTS regulations are as follows:



                                                Amount               Percent
                                           (thousands)             of Assets
         Tangible capital:
            Actual                            $ 6,457                 13.54%
            Required                              715                  1.50%
                                            ---------                -------
            Excess                            $ 5,742                  12.04%
                                            =========               ========

         Core capital:
            Actual                           $  6,457                 13.54%
            Required                            1,431                  3.00%
                                            ---------               --------
            Excess                           $  5,026                 10.54%
                                             ========               ========

         Risk-based capital:
            Actual                           $   6,713                32.73%
            Required                             1,641                 8.00%
                                            ----------              --------
            Excess                           $   5,072                24.73%
                                             =========               =======






                                     Page 13

<PAGE>







                              GUTHRIE SAVINGS, INC.
                           Part II - Other Information




Item 1.  Legal Proceedings
             Not applicable

Item 2.  Changes in Securities
             Not applicable

Item 3.  Defaults upon Senior Securities
             Not applicable

Item 4.  Submission of Matters to a Vote of Security Holders
            The annual meeting was held July 22, 1997. The items  submitted to a
             vote  of the  stockholder's  and the  results  of  this  vote  were
             presented in the June 30, 1997 10-QSB.


 Item 5. Other Information
           Not applicable


Item 6.(a)Exhibit  11-Statement  regarding  computation  of Earnings  Per Share
          Included in exhibit 11 is detail on computation of earnings per share.

Item 6.(b)Reports on Form 8 - K
          Form 8-K (Item 7) was filed  September  16, 1997.  The  report  stated
          that the Registrant announced that its Board of Directors had declared
          a special cash dividend of $.50 per share to stockholders of record as
          of October 1, 1997.  A press  release  dated  September  17,  1997 was
          included as Exhibit 99.




                                     Page 14

<PAGE>









SIGNATURES



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


                                    GUTHRIE SAVINGS, INC.



Date November 07, 1997        By /s/William L. Cunningham
     -----------------           ------------------------
                                 William L. Cunningham
                                 President and Chief Executive Officer
                                 (Duly Authorized Representative)


Date November 07, 1997        By /s/Kimberly D. Walker
     -----------------           ----------------------
                                 Kimberly D. Walker
                                 Treasurer
                                 (Principal Financial and Accounting Officer)