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 December 31, 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 February 9, 1998:
            $.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
        December 31, 1997  (unaudited)                                     1
        Statements of Income for the Three and Nine Months Ended
        December 31, 1996 and 1997 (unaudited)                             2
        Statement of Cash Flows for the Nine Months
        Ended December 31, 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>
                                                                                                      December 31,
                                                                                         March 31,        1997
           ASSETS                                                                          1997        (unaudited)
                                                                                      ------------    ------------
<S>                                                                                   <C>             <C>         
Cash and cash equivalents
   Interest bearing                                                                   $    311,624    $  1,721,833
   Non-interest bearing                                                                    211,205         360,392
Held-to-maturity investment securities                                                   8,700,000       5,400,000
Available-for-sale investment securities                                                 2,061,727       2,163,002
Mortgage-backed securities held to maturity                                             13,273,398      11,276,074
Loans receivable, net                                                                   23,461,257      25,028,556
Accrued income receivable                                                                  330,277         309,515
Real estate owned and other
  repossessed property, net                                                                      0          10,500
Office properties and equipment, net                                                       598,633         576,991
Prepaid expenses and other assets                                                           99,135         108,892

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


                                                                                      $ 49,047,256    $ 46,955,755
                                                                                      ============    ============
           LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
   Deposits                                                                           $ 34,293,278    $ 34,969,259
   FHLB line of credit and advances                                                      6,700,000       4,196,000
   Advances from borrowers for taxes and insurance                                          32,830           4,787
   Deferred income                                                                          57,956          53,290
   Accrued expenses and other liabilities                                                   60,805          96,833
   Income taxes
     Deferred                                                                               79,531         101,625
     Current                                                                                17,816          50,913
                                                                                      ------------    ------------
                                                                                        41,242,216      39,472,707
                                                                                      ------------    ------------
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       4,567,061
   Treasury Stock, at cost (64,766 shares at March 31,1997
     and 97,668 shares at December 31, 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)       (114,128)
   Net unrealized gain (loss) on available-for-sale securities                             (46,379)         (3,199)
                                                                                      ------------    ------------
           Total Stockholders' Equity                                                    7,805,040       7,483,048
                                                                                      ------------    ------------

                                                                                      $ 49,047,256    $ 46,955,755
                                                                                      ============    ============

</TABLE>



                                    Page 1

<PAGE>
                            GUTHRIE SAVINGS, INC.
                      Consolidated Statements of Income
<TABLE>
<CAPTION>
                                                   Three Months Ended             Nine Months Ended
                                                      December 31,                   December 31,
                                                --------------------------    -------------------------
                                                   1996           1997           1996           1997
                                                -----------   ------------    -----------   -----------
                                                (Unaudited)   ( Unaudited)    (Unaudited)   (Unaudited)

<S>                                            <C>            <C>            <C>           <C>        
INTEREST INCOME
   Interest on loans                           $   513,444    $   556,162    $ 1,560,833   $ 1,643,652
   Interest and dividends
     on investment securities                      187,626        145,840        579,951       503,317
   Interest on mortgage-
     backed securities                             203,372        188,736        550,926       604,769
                                               -----------    -----------    -----------   -----------
           Total interest income                   904,442        890,738      2,691,710     2,751,738
                                               -----------    -----------    -----------   -----------
INTEREST EXPENSE
   Deposits                                        380,973        390,200      1,156,295     1,155,973
   Borrowed money                                   97,866         64,380        202,662       260,276
                                               -----------    -----------    -----------   -----------
           Total interest expense                  478,839        454,580      1,358,957     1,416,249
                                               -----------    -----------    -----------   -----------


           Net interest income                     425,603        436,158      1,332,753     1,335,489
PROVISION FOR LOSSES
 ON LOANS                                                0          1,395            492         2,708
                                               -----------    -----------    -----------   -----------


           Net interest income
             after provision for loan losses       425,603        434,763      1,332,261     1,332,781
                                               -----------    -----------    -----------   -----------


NON-INTEREST INCOME
   Service charges and late fees                    39,157         48,520        123,628       139,078
   Other income                                      6,739          5,441         22,681        21,715
   Gain (Loss) from sale of investments             46,376              0         46,376             0
   Gain (Loss) from real estate operations            (815)        (2,222)         1,059         1,744
                                               -----------    -----------    -----------   -----------
                                                    91,457         51,739        193,744       162,537
                                               -----------    -----------    -----------   -----------


NON-INTEREST EXPENSE
   Compensation and related expenses               161,419        165,580        460,533        473,664
   Occupancy expense                                17,159         19,558         49,206        48,718
   Professional fees                                24,914         17,191         92,962        81,863
   Federal insurance premium                        20,942          5,401         61,855        16,189
   SAIF special assessment                               0              0        225,433             0
   Data processing                                  19,841         19,686         62,995        63,753
   Bank charges                                     14,401         12,967         43,816        39,231
   Other expense                                    48,702         52,025        163,559       172,199
                                               -----------    -----------    -----------   -----------
                                                   307,378        292,408      1,160,359       895,617
                                               -----------    -----------    -----------   -----------
           Income before income taxes              209,682        194,094        365,646       599,701
INCOME TAX EXPENSE(BENEFIT)                         71,000         70,050        125,100       215,800
                                               -----------    -----------    -----------   -----------

           Net income                          $   138,682    $   124,044    $   240,546   $   383,901
                                               ===========    ===========    ===========   ===========

BASIC:

   Earnings per share                          $       .34    $       .33    $       .58   $      1.01
                                               ===========    ===========    ===========   ===========
   Weighted average common shares
        outstanding                                408,881        377,181        417,238       381,227
                                               ===========    ===========    ===========   ===========
DILUTED:
   Earnings per share                          $       .33    $       .32    $       .57   $       .98
                                               ===========    ===========    ===========   ===========
   Weighted average common shares
        outstanding                                414,172        389,850        420,734       392,941
                                               ===========    ===========    ===========   ===========
DIVIDENDS PER SHARE                            $      --      $      --      $      --     $       .50
                                               ===========    ===========    ===========   ===========
</TABLE>
                                     Page 2

<PAGE>




                              GUTHRIE SAVINGS, INC.
                      Consolidated Statements of Cash Flows

<TABLE>
<CAPTION>
                                                                        Nine Months Ended December 31,
                                                                     --------------------------------------
                                                                         1996                     1997
                                                                     ------------              ------------
                                                                      (Unaudited)               (Unaudited)

<S>                                                                  <C>                       <C>        
CASH FLOWS FROM OPERATING ACTIVITIES
   Net income                                                        $   240,546               $   383,901
   Adjustments to reconcile net income to net
     cash provided by operating activities:
      Depreciation                                                        27,580                    23,694
      FHLB Stock dividend                                                (29,600)                  (36,000)
      Decrease (increase) in accrued interest receivable                  20,791                    20,762
      Increase (decrease) in accrued and deferred
        income taxes                                                      13,175                    33,096
      Increase (decrease) in accrued expenses                             18,932                    36,028
      Amortization of premiums and discounts
        on investments and loans                                           8,614                     2,228
      Amortization of deferred gain on sale of real estate owned          (2,534)                   (4,666)
      Provision for losses on loans and real estate owned                    492                     2,708
      Amortization related to ESOP and MSBP                               30,338                    23,182
      (Increase) decrease in other assets                                 13,885                    (9,757)
                                                                     -----------               -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES                                342,219                   475,176
                                                                     -----------               -----------


CASH FLOWS FROM INVESTING ACTIVITIES
   Net loan (originations) and principal payments
     on loans held for investment                                         31,290                (1,573,540)
   Principal repayments on mortgage-backed securities-
     held to maturity                                                  1,067,839                 1,980,837
   Acquisition of mortgage-backed investment securities-
     held to maturity                                                 (5,227,289)                        0
   Acquisition of held to maturity investment securities                (500,000)                 (500,000)
   Maturity of held to maturity investment securities                  1,550,000                 3,800,000
   Sale of available for sale securities                                  55,000                         0
   Acquisition of fixed assets                                            (7,825)                   (2,052)

                                                                     -----------               -----------
NET CASH PROVIDED (USED)
  BY INVESTING ACTIVITIES                                             (3,030,985)                3,715,245
                                                                     -----------               -----------


CASH FLOWS FROM FINANCING ACTIVITIES
   Net increase (decrease) in deposits                                (2,530,177)                  673,273
   Net increase (decrease) in escrow accounts                            (49,997)                  (28,043)
   Proceeds from FHLB advance                                          9,400,000                 8,300,000
   Repayments of FHLB advance                                         (3,700,000)              (10,804,000)
   Cash dividend paid                                                   (222,740)                 (208,730)
   Purchase of treasury stock                                           (451,918)                 (563,525)
                                                                     -----------               -----------
NET CASH PROVIDED (USED)
  BY FINANCING ACTIVITIES                                            $ 2,445,168               $(2,631,025)
                                                                     -----------               -----------
</TABLE>

                                    Page 3

<PAGE>





                Consolidated Statements of Cash Flow (Continued)

<TABLE>
<CAPTION>


<S>                                                  <C>                 <C>       
NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS                               $ (243,598)         $1,559,396
BEGINNING CASH AND CASH EQUIVALENTS                   1,402,109             522,829
                                                     ----------          ----------

ENDING CASH AND CASH EQUIVALENTS                     $1,158,511          $2,082,225
                                                     ==========          ==========


SUPPLEMENTAL DISCLOSURES 
      Cash paid for:
      Interest on deposits and advances              $1,158,668          $1,417,814
      Income taxes                                      111,925             182,703
      Transfers from loans to real estate acquired
           through foreclosure                           17,500              10,500

</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 nine month period ended December 31, 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
      December 31, 1997 is as follows:

<TABLE>
<CAPTION>
                                                                              Carrying Value        
                                                                         -------------------------  Market Value
                                                                           March 31,   December 31,  December 31,
                                                                             1997          1997         1997
                                                                         -----------    ----------   -----------
      
      <S>                                                                <C>            <C>            <C>        
      Held-to-maturity:
        Bonds, notes and debentures:
          Government Agency Securities                                   $ 8,700,000    $ 5,400,000    $ 5,391,174
                                                                         -----------    -----------    -----------
                 Total held-to-maturity                                  $ 8,700,000    $ 5,400,000    $ 5,391,174
                                                                         ===========    ===========    ===========
      
            Available-for-sale:
              Debt securities:
                Government Agency Securities                             $ 1,500,000    $ 1,500,000    $ 1,495,002
                Net unrealized loss                                          (70,273)        (4,998)             0
                                                                         -----------    -----------    -----------
                                                                           1,429,727      1,495,002      1,495,002
                                                                         -----------    -----------    -----------
             Equity securities:
                Stock in Federal Home Loan Bank                              632,000        668,000        668,000
                                                                         -----------    -----------    -----------
                                                                             632,000        668,000        668,000
                                                                         -----------    -----------    -----------
      
                       Total available-for-sale                          $ 2,061,727    $ 2,163,002    $ 2,163,002
                                                                         ===========    ===========    ===========
</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 December 31, 1997 is as follows:

<TABLE>
<CAPTION>
  
                                                                 Carrying Value       
                                                           -----------------------------    Market Value
                                                             March 31,      December 31,    December 31,
                                                               1997             1997            1997
                                                           ------------    -------------  ---------------
<S>                                                        <C>             <C>            <C>          
          Mortgage-Backed Securities (Held-to-Maturity):
            GNMA-ARM's                                     $  3,114,748    $  2,722,653   $   2,782,157
            FNMA-ARM's                                          825,458         648,134         647,323
            FHLMC-ARM's                                       1,376,203       1,259,163       1,272,935
            FHLMC-fixed rate                                  1,380,450       1,286,632       1,331,937
            GNMA-fixed rate                                     388,642         329,134         343,957
            FNMA-fixed rate                                     684,623         568,945         569,848
            Collateralized mortgage obligation
              -Govt. Agency                                   5,383,306       4,357,931       4,511,701
                                                           ------------    ------------   -------------
                                                             13,153,430      11,172,592      11,459,858
            Unamortized premiums                                127,799         111,734
            Unearned discounts                                   (7,831)         (8,252)
                                                           ------------    ------------   -------------
            Total Mortgage-Backed Securities
              (Held-to-Maturity)                           $ 13,273,398    $ 11,276,074    $ 11,459,858
                                                           ============    ============   =============
</TABLE>
      
      
                                     Page 6

<PAGE>





5.    Loans Receivable, Net

      A summary of the Bank's  loans  receivable  at March 31, 1997 and December
      31, 1997 is as follows:

<TABLE>
<CAPTION>
                                                   March 31,       December 31,
                                                     1997             1997
                                                  -----------     -------------
<S>                                               <C>             <C>        
      Mortgage loans:
        Secured by one to four family residences  $17,273,266     $18,414,047
        Secured by other properties                 1,958,081       1,728,274
        Construction loans                          1,790,945       2,111,200
        Other                                         579,276         597,202
                                                  -----------     -----------
                                                   21,601,568      22,850,723

      Less:
        Unearned discounts and loan fees              (72,996)        (73,528)
        Undisbursed loan proceeds                    (641,971)     (1,088,604)
        Allowance for loan losses                    (282,444)       (273,255)
                                                  -----------     -----------
             Total mortgage loans                  20,604,157      21,415,336
                                                  -----------     -----------

      Consumer and other loans:
        Loans on deposits                             403,099         510,107
        Home equity and second mortgage             1,222,531       1,183,878
        Other                                       1,325,718       2,004,507
                                                  -----------     -----------
                                                    2,951,348       3,698,492
      Less:
        Allowances for loan losses                    (94,248)        (85,272)
                                                  -----------     -----------

                 Total consumer and other loans     2,857,100       3,613,220

      Net Loans Receivable                        $23,461,257     $25,028,556
                                                  ===========     ===========
</TABLE>


      A  summary  of the  Bank's  allowance  for  loan  losses  for the  periods
      indicated is as follows:


                              Three Months Ended       Nine Months Ended
                                 December 31,             December 31,
                           -----------------------    ----------------------
                               1996         1997        1996          1997
                           -----------   ---------    ---------    ---------
      Balance, beginning    $ 389,791    $ 367,717    $ 391,189    $ 376,692
      Provision charged
        to operations               0        1,395          492        2,708
      Loans charged off,
        net of recoveries      (3,403)     (10,585)      (5,293)     (20,873)
                            ---------    ---------    ---------    ---------
      
                            $ 386,388    $ 358,527    $ 386,388    $ 358,527
                            =========    =========    =========    =========
      
      
      
                                     Page 7

<PAGE>




6.    Real Estate Owned or in Judgement, and Other Repossessed Property:

                                               March 31,          December 31,
                                                 1997                 1997
                                               ----------        -------------
      Real estate acquired by foreclosure       $     0             $10,500
      Other repossed assets                           0                   0
      Allowance for loss                              0                   0
                                                -------             -------
                                              
                            Total               $     0             $10,500
                                                =======             =======
                                           
         
         
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 December 31, 1997, the Bank had no outstanding commitments to fund real
      estate loans.

8.    Earnings Per Share

      Basic  earnings  per share is  computed by dividing  income  available  to
      common  stockholders  by the  weighted-average  number  of  common  shares
      outstanding  for the  period.  Diluted  earnings  per share  reflects  the
      potential  dilution that could occur if  securities or other  contracts to
      issue common stock (potential common stock) were exercised or converted to
      common stock.  For the periods  presented  potential common stock includes
      outstanding stock options and nonvested stock awarded under the Management
      Stock Bonus Plan.




                                     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 December 31, 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  December 31, 1996
and 1997 and the nine months ended December 31, 1996 and 1997.


      Net income decreased  $14,638 or 10.56% from $138,682 for the three months
ended  December 31, 1996 to $124,044  for the three  months  ended  December 31,
1997. This decrease was primarily the result of the gain on the sale of the U.S.
Savings League Stock during the quarter ended December 31, 1996.

      Net income increased  $143,355 or 59.60% from $240,546 for the nine months
ended December 31, 1996 to $383,901 for the nine months ended December 31, 1997.
This increase is the result of the special  assessment  to  capitalize  the SAIF
fund during the nine months ended  December 31, 1996,  offset by the gain on the
sale of the U.S. Savings League Stock for the same period.

      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 nine months ended December 31, 1996. The after tax effect of the
assessment  was to reduce  net  income by  approximately  $147,000  for the nine
months ended December 31, 1996.  Without the effect of the assessment net income
would have been  approximately  $387,000 for the nine months ended  December 31,
1996.  Earnings per share without the effect of the  assessment  would have been
approximately $.89 for the nine months ended December 31, 1996. 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 December 31, 1997 increased  $10,555 or 2.48% compared to the three
months ended  December 31, 1996,  from  $425,603 to $436,158.  This increase was
mainly due to an  increase  in interest  on loans  offset by  increased  cost of
deposits.  Interest income on loans  increased  $42,718 or 8.32% for the quarter
ended  December  31,  1997 due to an  increase  in loan  originations.  Interest
expense on deposits for the three months ended December 31, 1996 compared to the
three months ended  December 31, 1997 increased by $9,227 or 2.43% due to slight
increase in certificate  deposits.  Interest  income on investments and mortgage
backed  securities  decreased  $56,422 or 14.43% due to  securities  maturing or
being  called.  This  decrease  in  investment  interest  income was offset by a
decrease in interest expense on borrowed money of $33,486.  Borrowings were paid
down as securities matured or were called.

      Net interest  income before  provision  for losses on loans,  for the nine
months ended December 31, 1997 increased  $2,736 or .21% from $1,332,753 for the
nine months  ended  December  30, 1996 to  $1,335,489  for the nine months ended
December  30,  1997.  Interest  expense on deposits  for the nine months  period
decreased  $322 from  $1,156,295  for the nine months ended December 31, 1996 to
$1,155,973  for the nine  months  ended  December  31,  1997.  This  decrease in
interest on deposits  was offset by an increase in interest  expense on borrowed
money of $57,614 from  $202,662  for the nine months ended  December 31, 1996 to
$260,276 for the nine months ended December 31, 1997.  This increase in interest
expense  on  borrowed  money was the  result of the  matching  of spreads on new
investments with additional borrowings. Interest income increased $60,028 due to
new purchases of mortgage backed securities and origination of new loans.


                                     Page 10

<PAGE>




      Provision  for loan losses  increased  from $0 for the three  months ended
December 31, 1996 to $1,395 for the three months ended  December 31, 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 nine months  ended
December 31, 1997 $2,216 or 450.41% from $492 for the nine months ended December
31, 1996 to $2,708 for the nine months ended  December 31, 1997.  This  increase
was based on  management's  evaluation of the adequacy of the allowance for loan
losses.

      Non-interest income decreased $39,718 or 43.43% from $91,457 for the three
months ended  December  31, 1996 to $51,739 for the three months ended  December
31, 1997.  This  decrease was  primarily  due to a gain on sale of U.S.  Savings
League Stock of $46,376 in the quarter  ended  December  31, 1996.  There was an
increase  in service  charges and late fees of $9,363,  during the three  months
ended  December 31, 1997  compared to the three months ended  December 31, 1996,
due to loan fees from increased loan originations.

      Non-interest  income for the nine months ended  December 31, 1997 was down
$31,207 or 16.11% from  $193,744 for the nine months ended  December 31, 1996 to
$162,537  for the nine months ended  December 31, 1997,  for the same reasons as
noted above.

      Non-interest  expense  decreased  $14,970 or 4.87% from  $307,378  for the
three  months  ended  December  31, 1996 to $292,408  for the three months ended
December 31, 1997. The primary source for the decrease in  non-interest  expense
was  the  reduction  in  the  SAIF  insurance  assessment.  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
the decrease in assessment  the premium for the three months ended  December 31,
1996 compared to December 31, 1997  decreased  $15,541 or 74.20% from $20,942 to
$5,401.

      Non-interest  expense for the nine months ended December 31, 1997 was down
$264,742  or 22.82%  from that for the nine  months  ended  December  31,  1996.
Non-interest  expense  decreased from $1,160,359 for the nine month period ended
December 31, 1996 to $895,617 for the nine month period ended December 31, 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 nine months
ended December 31, 1996. The SAIF  insurance  assessment was reduced  January 1,
1997 as stated above.  Due to this  decrease in  assessment  the premium for the
nine months  ended  December 31, 1996  compared to December  31, 1997  decreased
$45,666 or 73.83% from $61,855 to $16,189.

      Income tax  expense  decreased  $950 or 1.34% from  $71,000  for the three
months ended  December  31, 1996 to $70,050 for the three months ended  December
31,  1997.  Income tax expense for the nine months  ended  December 31, 1996 was
$125,100  compared to  $215,800  for the same  period in 1997.  The  increase in
income tax expense for the nine month  period ended  December 31, 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 nine months ended December 31,
1996.



                                     Page 11

<PAGE>



Earnings Per Share:

      Effective with the quarter ended  December 31, 1997,  the Company  adopted
the provisions of Statement of Financial  Accounting Standards No. 128, Earnings
per Share.  The  Statement is to be applied to financial  statements  issued for
periods  ending after  December 15, 1997,  including  interim  periods;  earlier
application is not permitted.  The Statement requires  restatement of all prior-
period earnings per share (EPS) data presented.

      FAS No. 128  simplifies  the  standards  for  computing EPS and makes them
comparable to  international  EPS  standards.  It replaces the  presentation  of
primary EPS with a presentation  of basic EPS. It also requires  presentation of
basic and diluted EPS on the face of the income  statement for all entities with
complex  capital  structures.  Basic EPS  excluded  dilution  and is computed by
dividing income available to common stockholders by the weighted-average  number
of common shares outstanding for the period.  Diluted EPS reflects the potential
dilution that could occur if securities or other contracts to issue common stock
were  exercised  or  converted  into common stock or resulted in the issuance of
common  stock that then shared in the  earnings of the  company.  Diluted EPS is
computed similarly to the previously presented fully diluted earnings per share.


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 4% of its average daily balance
of net withdrawable deposit accounts and borrowings payable in one year or less.
Guthrie's  liquidity ratio was 17.37% at December 31, 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 December
31, 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
$2,000,000 and  $2,196,000 in adjustable  rate advances at the Federal Home Loan
Bank of Topeka outstanding at December 31, 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

                                     Page 12

<PAGE>



overnight  deposits,  some of which may also qualify as liquid investments under
current OTS  regulations.  At December 31, 1997 cash and cash  equivalents  were
$2,082,225  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.

      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  December  31,  1997  the  Bank's  capital
requirements and actual capital under the OTS regulations are as follows:



                                       Amount            Percent
                                     (thousands)        of Assets
            Tangible capital:      
               Actual                   $6,596            14.11%
               Required                    701             1.50%
                                        ------            ----- 
               Excess                   $5,895            12.61%
                                        ======            ===== 
                                                       
            Core capital:                              
               Actual                   $6,596            14.11%
               Required                  1,402             3.00%
                                        ------            ----- 
               Excess                   $5,194            11.11%
                                        ======            ===== 
                                                       
            Risk-based capital:                        
               Actual                   $6,847            33.28%
               Required                  1,646             8.00%
                                        ------            ----- 
            Excess                      $5,201            25.28%         
                                        ======            ===== 





                                     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
                Not applicable

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
            Not applicable




                                     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 February 09, 1998        By /s/William L. Cunningham
     -----------------           ------------------------------
                                          William L. Cunningham
                                          President and Chief Executive Officer
                                          (Duly Authorized Representative)


Date February 09, 1998        By /s/Kimberly D. Walker
     -----------------           ------------------------------
                                          Kimberly D. Walker
                                          Treasurer
                                          (Principal Financial and Accounting
                                             Officer)