FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

(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, 2001
                                       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 0-25076
                                                -------

                               Washington Bancorp
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           Iowa                                                  42-1446740
=-------------------------------------------------------------------------------
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

                  102 East Main Street, Washington, Iowa 52353
                  --------------------------------------------
               (Address of principal executive offices)(Zip Code)

        Registrant's telephone number, including area code: (319)653-7256
        -----------------------------------------------------------------

Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Securities  Exchange  act of 1934 during the past 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 [ ]

State the number of shares  outstanding of each of the issuers classes of common
equity, as of the latest practicable date.

Common Stock, $.01 par value 508,553 shares outstanding as of February 10, 2002

Transitional Small Business Disclosure Format (check one): Yes[ ] No[X]


<PAGE>




                                      INDEX

Part I.  Financial Information

         Item 1.  Consolidated Financial Statements

                  Consolidated Statements of Financial Condition

                  at December 31, 2001 (unaudited) and June 30, 2001

                  Unaudited Consolidated Statements of Income for the
                  three months and six months ended December 31,
                  2001 and 2000

                  Unaudited Consolidated Statements of  Comprehensive
                  Income for the three months and six months ended
                  December 31, 2001 and 2000

                  Unaudited Consolidated Statements of Cash Flows for
                  the six  months ended December 31, 2001 and 2000

                  Notes to Financial Statements

         Item 2.  Management's Discussion and Analysis

Part II. Other Information

         Items 1 through 6

         Signatures

         Exhibits
<PAGE>

Item 1.  Consolidated Financial Statements

Washington Bancorp and Subsidiaries
Consolidated Statements of Financial Condition
<TABLE>
                                                                         December 31,       June 30,
                                                                            2001             2001 *
                                                                        ------------------------------
                                                                         (unaudited)
<S>                                                                     <C>              <C>
ASSETS
---------------------------------------------------------------------
Cash and cash equivalents:
  Interest-bearing ..................................................   $   4,716,615    $   2,462,282
  Noninterest-bearing ...............................................         984,588          679,041
Investment securities:
  Held to maturity ..................................................       1,150,203        1,142,599
  Available-for-sale ................................................      18,483,409       22,090,836
Federal funds sold ..................................................       2,441,000        3,350,000
Loans receivable, net of allowance for loan losses
  of $717,110 at December 31, 2001 and $607,833
  at June 30, 2001 ..................................................      83,509,316       84,095,349
Accrued interest receivable .........................................       1,652,520        1,517,702
Federal Home Loan Bank stock ........................................       1,757,400        1,756,200
Foreclosed real estate ..............................................         255,606          145,949
Premises and equipment, net .........................................       1,124,579          986,635
Goodwill ............................................................       1,091,402        1,091,402
Other assets ........................................................         161,667          373,855
                                                                        ------------------------------
        Total assets ................................................   $ 117,328,304    $ 119,691,850
                                                                        ==============================

LIABILITIES AND STOCKHOLDERS' EQUITY
---------------------------------------------------------------------
Liabilities
  Deposits:
      Noninterest-bearing ...........................................   $   4,795,219    $   4,107,003
      Interest-bearing ..............................................      73,255,599       68,797,275
                                                                        ------------------------------
        Total deposits                                                     78,050,818       72,904,278
Federal funds purchased .............................................              --        1,500,000
Borrowed funds ......................................................      26,174,455       32,334,794
Advances from borrowers for taxes and insurance .....................         226,653          244,377
Accrued expenses and other liabilities ..............................         702,982          754,975
                                                                        ------------------------------
        Total liabilities ...........................................     105,154,909      107,738,424
                                                                        ------------------------------
Redeemable common stock held by ESOP ................................         359,154          336,980
                                                                        ------------------------------
Stockholders' Equity
Common Stock:
  Common Stock ......................................................           6,511            6,511
  Additional Paid-in Capital ........................................       6,154,788        6,175,332
Retained Earnings ...................................................       8,559,734        8,175,145
Accumulated other  comprehensive  gain (loss) .......................         (41,159)         (29,669)
Cost of common shares acquired for the  treasury (142,580 at
  December 31, 2001 and 134,162 at June 30, 2001) ...................      (2,223,854)      (2,070,600)
Deferred  compensation ..............................................         (26,716)         (21,093)
Maximum cash  obligation  related to ESOP shares ....................        (359,154)        (336,980)
Unearned ESOP shares ................................................        (255,910)        (282,200)
                                                                        ------------------------------
        Total stockholders' equity ..................................      11,814,241       11,616,446
                                                                        ------------------------------
        Total liabilities and stockholders' equity ..................   $ 117,328,304    $ 119,691,850
                                                                        ==============================
<FN>
*  Condensed from audited financial statements
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>


Washington Bancorp and Subsidiaries
Unaudited Consolidated Statements of Income
<TABLE>
                                                                Three Months Ended          Six Months Ended
                                                                    December 31,                December 31,
                                                                  2001         2000         2001         2000
                                                               -------------------------------------------------
<S>                                                            <C>          <C>          <C>          <C>
Interest and dividend income:
  Loans, including fees:
    First mortgage loans ...................................   $1,108,224   $1,175,109   $2,233,644   $2,327,200
    Consumer and other loans ...............................      739,910      683,215    1,500,743    1,373,568
  Investment securities:
    Taxable ................................................      296,122      371,685      602,756      727,139
    Nontaxable .............................................       19,876       17,256       40,500       32,973
  Federal Home Loan Bank stock .............................       17,522       32,946       35,583       59,621
                                                               -------------------------------------------------
        Total interest income ..............................    2,181,654    2,280,211    4,413,226    4,520,501
                                                               -------------------------------------------------
Interest expense:
  Deposits .................................................      788,394      890,685    1,604,672    1,736,209
  Borrowed funds ...........................................      408,242      484,128      826,211      995,688
                                                               -------------------------------------------------
        Total interest expense .............................    1,196,636    1,374,813    2,430,883    2,731,897
                                                               -------------------------------------------------
        Net interest income ................................      985,018      905,398    1,982,343    1,788,604
Provision for loan losses ..................................       97,500       30,000      157,500       64,000
                                                               -------------------------------------------------
        Net interest income after provision
        for loan losses ....................................      887,518      875,398    1,824,843    1,724,604
                                                               -------------------------------------------------

Noninterest income:
  Security gains ...........................................       84,639           --       84,639           --
  Service charges and fees .................................      146,625      113,136      278,851      226,457
  Insurance commissions ....................................       20,837       12,051       33,647       27,244
  Investment commissions ...................................        8,117        6,551       21,957       17,306
  Other ....................................................       17,512       13,572       20,099       27,048
                                                               -------------------------------------------------
        Total noninterest income ...........................      277,730      145,310      439,193      298,055
                                                               -------------------------------------------------
Noninterest expense:
  Compensation and benefits ................................      396,409      295,285      764,529      604,596
  Occupancy and equipment ..................................       61,038       79,044      131,797      141,529
  FDIC deposit insurance premium ...........................        3,329        8,653        6,870       19,967
  Data processing ..........................................       30,735       29,456       58,840       50,076
  Goodwill amortization ....................................           --       23,640           --       47,281
  Other ....................................................      196,331      155,014      359,166      296,067
                                                               -------------------------------------------------
        Total noninterest expense ..........................      687,842      591,092    1,321,202    1,159,516
                                                               -------------------------------------------------
        Income before income taxes .........................      477,406      429,616      942,834      863,143
Income tax expense .........................................      159,585      188,106      315,163      359,737
                                                               -------------------------------------------------
        Net income .........................................   $  317,821   $  241,510   $  627,671   $  503,406
                                                               =================================================
Earnings per common share
  Basic ....................................................   $     0.66   $     0.48   $     1.29   $     1.00
  Diluted ..................................................   $     0.64   $     0.48   $     1.25   $     0.98
Dividends per common share .................................   $       --   $       --   $     0.50   $     0.50
Weighted average common shares for:
  Basic earnings per share .................................      484,470      499,714      487,841      504,204
  Diluted earnings per share ...............................      497,820      506,933      500,436      511,506
</TABLE>
See Notes to Financial Statements
<PAGE>

Washington Bancorp and Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income
<TABLE>
                                                                  Three Months Ended        Six Months Ended
                                                                     December 31,             December 31,
                                                                  2001          2000        2001         2000
                                                                -----------------------------------------------
<S>                                                             <C>          <C>         <C>          <C>
Net income ..................................................   $ 317,821    $ 241,510   $ 627,671    $ 503,406
Other comprehensive income(loss),
Net of income taxes:
  Unrealized holding gains (losses) arising during
    the period, net of income taxes .........................     (76,683)      71,221       41,578     181,537
  Reclassification adjustments for net losses (gains)
    realized in net income, net of income taxes .............     (53,068)          --     (53,068)          --
                                                                -----------------------------------------------
        Comprehensive income ................................   $ 188,070    $ 312,731   $ 616,181    $ 684,943
                                                                ===============================================
</TABLE>

See Notes to Financial Statements
<PAGE>


Washington Bancorp and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
Six Months Ended December 31, 2001 and 2000
<TABLE>
                                                                                 2001             2000
                                                                          ------------------------------
<S>                                                                       <C>              <C>
Cash Flows from Operating Activities
  Net income ..........................................................   $     627,671    $     503,406
  Adjustments to reconcile net income to net cash
    provided by operating activities:
    Amortization of premiums and discounts on debt securities .........         120,072            9,282
    Amortization of goodwill ..........................................              --           47,281
    Provision for loan losses .........................................         157,500           64,000
    (Gain) on sale of investment securities ...........................         (84,639)              --
    Proceeds from loans sold ..........................................       1,495,000               --
    Loans originated for sale .........................................      (1,495,000)              --
    Loss on sale of foreclosed real estate ............................           5,205           21,218
    Depreciation ......................................................          58,177           51,238
    Compensation under stock awards ...................................          18,565            9,835
    ESOP contribution expense .........................................          46,270           32,829
    (Increase) in accrued interest receivable .........................        (134,818)        (148,737)
    (Increase)decrease in other assets ................................         228,313          276,971
    Increase(decrease) in accrued expenses and other liabilities ......         (60,161)         185,832
                                                                         -------------------------------
         Net cash provided by operating activities ....................         982,155        1,053,155
                                                                         -------------------------------

Cash Flows from Investing Activities
  Held-to-maturity securities:
    Purchases .........................................................         (7,800)               --
  Available-for-sale securities:
    Sales .............................................................      2,000,000                --
    Maturities and calls ..............................................      7,302,743         1,050,000
    Purchases .........................................................     (5,750,000)               --
  Federal funds sold, net .............................................        909,000          (815,000)
  Purchase of Federal Home Loan Bank stock ............................         (1,200)          (26,600)
  Loans made to customers, net ........................................        313,671          (659,677)
  Purchase of premises and equipment ..................................       (196,121)         (152,132)
                                                                         -------------------------------
        Net cash provided by (used in) investing activities ...........      4,570,293          (603,409)
                                                                         -------------------------------

Cash Flows from Financing Activities
  Net increase in deposits ............................................      5,146,540           256,710
  Proceeds from Federal Home Loan Bank advances .......................      3,680,000       248,350,000
  Principal payments on Federal Home Loan Bank advances ...............     (9,840,338)     (248,337,488)
  Federal funds purchased, net ........................................     (1,500,000)               --
  Net (decrease) in advances from borrowers for taxes and insurance ...        (17,724)          (46,162)
    Acquisition of common stock .......................................       (295,027)         (394,081)
    Stock options exercised ...........................................         77,063                --
    Dividends paid ....................................................       (243,082)         (252,158)
                                                                         -------------------------------
         Net cash (used in) financing activities ......................     (2,992,568)         (423,179)
                                                                         -------------------------------

         Increase  in  cash  and  cash  equivalents ...................      2,559,880            26,567
Cash and cash equivalents:
  Beginning ...........................................................      3,141,323         2,849,385
                                                                         -------------------------------
   Ending .............................................................  $   5,701,203     $   2,875,952
                                                                         ===============================
</TABLE>
<PAGE>

Washington Bancorp and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
Six Months Ended December 31, 2001 and 2000

                                                            2001         2000
                                                         -----------------------

Supplemental Disclosures of Cash Flow Information
  Cash payments for:
    Interest paid to depositors ......................   $1,184,210   $1,190,749
    Interest paid on other obligations ...............   $  826,211   $  988,875
    Income taxes, net of refunds .....................   $  322,815   $  364,800

Supplemental Schedule of Noncash Investing and
  Financing Activities
  Transfers from loans to foreclosed real estate .....   $  169,891   $  271,681
  Contract sales of foreclosed real estate ...........   $   55,000   $  371,800

See Notes to Financial Statements.
<PAGE>

Washington Bancorp and Subsidiaries
Notes to Financial Statements

Principles of consolidation.  The accompanying consolidated financial statements
include  the  accounts  of  Washington   Bancorp,   Washington  Federal  Savings
Bank("Washington  Federal"), WFSB's wholly-owned subsidiary Washington Financial
Services,  Inc.,  which is a discount  brokerage firm, and Rubio Savings Bank of
Brighton,  Iowa ("Rubio Savings Bank" ). All significant  intercompany  balances
and transactions have been eliminated in consolidation.

Basis of presentation.  Interim Financial Information (unaudited): The financial
statements  and notes related  thereto for the three and six month periods ended
December 31, 2001, are unaudited,  but in the opinion of management  include all
adjustments,  consisting only of normal recurring  adjustments,  necessary for a
fair  presentation  of the  financial  position and results of  operations.  The
operating  results for the interim  periods are not  indicative of the operating
results to be expected  for a full year or for other  interim  periods.  Not all
disclosures  required by accounting  principles generally accepted in the United
States of America necessary for a complete  presentation have been included.  It
is recommended that these consolidated condensed financial statements be read in
conjunction  with the Annual  Report on Form  10-KSB for the year ended June 30,
2001 and all related amendments and exhibits (including all financial statements
and notes  therein),  filed by the  Company  with the  Securities  and  Exchange
Commission.

Goodwill.  Goodwill  resulting  from the Company's  acquisition of Rubio Savings
Bank was being amortized by the  straight-line  method over 15 years.  Beginning
July 1, 2001 goodwill was no longer amortized, but will be periodically reviewed
for impairment  based upon an assessment of future  operations to ensure that it
is appropriately valued.

Foreclosed real estate. Real estate properties acquired through loan foreclosure
are initially recorded at the lower of cost or fair value less estimated selling
expenses  at  the  date  of  foreclosure.  Costs  relating  to  development  and
improvement  of property  are  capitalized,  whereas  costs  relating to holding
property are expensed.

Redeemable  common stock held by ESOP. In accordance with SEC Accounting  Series
Release 268, the Company's  maximum cash  obligation  related to these shares is
classified  outside of  stockholders'  equity because the shares are not readily
traded and could be put to the Company for cash.  The  maximum  cash  obligation
represents the approximate  market value of the allocated ESOP shares at the end
of the reporting period.

Regulatory capital requirements. Quantitative measures established by regulation
to ensure capital adequacy require the Company and the Banks to maintain minimum
amounts  and  ratios  (set  forth in the  following  table)  of total and Tier 1
capital (as defined in the regulations) to risk-weighted assets (as defined) and
of Tier 1 capital  (as  defined)  to  average  assets (as  defined).  Management
believes,  as of December 31, 2001 and 2000,  that the Company and the Banks met
all capital adequacy requirements to which they are subject.
<PAGE>

As of December 31, 2001, the most recent  notification  from the Federal Deposit
Insurance  Corporation  categorized  the  Banks as well  capitalized  under  the
regulatory  framework for prompt  corrective  action.  To be categorized as well
capitalized,  an  institution  must maintain  minimum total  risk-based,  Tier 1
risk-based and Tier 1 leverage ratios as set forth in the following table. There
are no conditions or events since the notification that management believes have
changed the Banks' category. The Company's and the Banks' actual capital amounts
and ratios as of December 31, 2001 and 2000 are also presented in the table.
<TABLE>
                                                                                 Minimum To Be Well
                                                                                  Capitalized Under
                                                                Minimum Capital   Prompt Corrective
                                                   Actual         Requirement     Action Provisions
                                               Amount   Ratio    Amount   Ratio   Amount      Ratio
                                               --------------    --------------  -------------------
<S>                                            <C>      <C>      <C>      <C>    <C>         <C>
December 31, 2001
  Total capital to risk
    Weighted assets:
    Consolidated .......................       11,814   15.36%    6,153   8.00%      N/A        N/A
    Washington .........................        8,180   13.23%    4,946   8.00%    6,182     10.00%
    Rubio ..............................        3,712   24.69%    1,202   8.00%    1,504     10.00%

  Tier 1 capital to risk
    Weighted assets:
    Consolidated .......................       10,764   13.99%    3,077   4.00%      N/A        N/A
    Washington .........................        8,235   13.32%    2,473   4.00%    3,709      6.00%
    Rubio ..............................        2,608   17.35%      601   4.00%      902      6.00%

  Tier 1 capital to Average assets:
    Consolidated .......................       10,764    9.15%    4,707   4.00%      N/A        N/A
    Washington .........................        8,235    8.87%    3,517   4.00%    4,644      5.00%
    Rubio ..............................        2,608   10.81%      724   4.00%    1,206      5.00%

December 31, 2000
  Total capital to risk
    Weighted assets:
    Consolidated .......................       10,852   13.71%    6,333   8.00%      N/A        N/A
    Washington .........................        7,456   11.70%    5,097   8.00%    6,371     10.00%
    Rubio ..............................        3,567   23.09%    1,236   8.00%    1,545     10.00%

  Tier 1 capital to risk
    Weighted assets:
    Consolidated .......................        9,780   12.35%    3,167   4.00%      N/A        N/A
    Washington .........................        7,637   11.99%    2,548   4.00%    3,823      6.00%
    Rubio ..............................        2,513   15.91%      618   4.00%      927      6.00%

  Tier 1 capital to Average assets:
    Consolidated .......................        9,780    8.39%    4,660   4.00%      N/A        N/A
    Washington .........................        7,637    8.26%    3,699   4.00%    4,624      5.00%
    Rubio ..............................        2,513   11.04%      683   4.00%    1,138      5.00%
</TABLE>

Item 2.  Management's Discussion and Analysis

Forward-Looking Statements

         When used in this Form 10-QSB or future filings by the Company with the
Securities  and Exchange  Commission,  in the Company's  press releases or other
public  or  shareholder  communications,  or in oral  statements  made  with the
approval of an authorized  executive officer,  the words or phrases "will likely
result," "are  expected  to," "will  continue,"  "is  anticipated,"  "estimate,"
"project,"   "believe"   or  similar   expressions   are  intended  to  identify
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation  Reform Act of 1995.  The  Company  wishes to caution  readers not to
place undue reliance on any such forward-looking statements, which speak only as
of the date made, and to advise readers that various factors, including regional
and national  economic  conditions , changes in levels of market interest rates,
credit risks of lending  activities,  and  competitive  and regulatory  factors,
could affect the Company's  financial  performance and could cause the Company's
actual results for future periods to differ materially from those anticipated or
projected.

         The  Company  does  not  undertake,   and  specifically  disclaims  any
obligations,  to revise any forward-looking statements to reflect the occurrence
of anticipated or unanticipated  events or circumstances  after the date of such
statements.
<PAGE>

General

         Washington  Bancorp  is an Iowa  corporation  which  was  organized  in
October 1995 by  Washington  Federal  Savings Bank for the purpose of becoming a
savings and loan holding company.  Washington  Federal is a federally  chartered
savings bank headquartered in Washington,  Iowa.  Originally  chartered in 1934,
Washington Federal converted to a federal savings bank in 1994. Its deposits are
insured up to the applicable limits by the Federal Deposit Insurance Corporation
("FDIC").

         In March 1996,  simultaneous  with the  completion of the conversion of
Washington  Federal  to the  stock  form of  organization  through  the sale and
issuance of its common stock to the Company,  Washington  Bancorp  completed the
initial  public  offering  of its common  stock.  On June 24,  1997,  Washington
entered into a merger agreement to acquire Rubio Savings Bank of Brighton, Iowa.
Rubio Savings Bank is held as a separate  subsidiary of Washington  Bancorp.  In
January  1998,  Washington  Bancorp  became  a bank  holding  company  upon  the
completion of its acquisition of Rubio Savings Bank.

         In December 1998,  Washington  Federal opened a branch office,  Wellman
Federal Savings, in Wellman,  Iowa. In September 2000, Washington Federal opened
a branch office,  Richland  Federal  Savings,  in Richland,  Iowa. The principal
assets of  Washington  Bancorp are  Washington  Federal and Rubio  Savings  Bank
(collectively,  the  "Banks").  Washington  Bancorp  presently  has no  separate
operations and its business consists primarily of the business of the Banks. All
references to Washington Bancorp,  unless otherwise indicated at or before March
11, 1996, refer to Washington Federal.

         In November  2001,  Washington  Bancorp  announced a voluntary  odd lot
program to holders of less than 100 shares to sell their  common  shares back to
the Company for cash. The shares submitted through the program will be purchased
at $19.00  per share  and the  transaction  will not be  subject  to  commission
charges.  Odd lot holders who decide to  participate  must sell all their shares
and the  decision  is  irrevocable.  The  program  is being  offered  to provide
shareholders  of less than 100 shares an  opportunity  to  realize  the value of
their investment and will also reduce the Company's expense of administering the
shares on an ongoing basis.  Upon completion of the  transaction,  the number of
registered holders may be less than 300. As a result,  Washington Bancorp may be
eligible to deregister its common stock.  The  elimination  of costs  associated
with  SEC-reporting  and other related  requirements  would  further  reduce the
expense of administering the common stock. The expiration date of this offer has
been extended to February 15, 2002.

         Washington  Federal  attracts  deposits from the general  public in its
local  market  area  and uses  such  deposits  primarily  to  invest  in one- to
four-family   residential  loans  secured  by  owner  occupied   properties  and
non-residential properties, as well as construction loans on such properties. To
meet customer demand for long term fixed rate mortgages,  Washington Federal has
an agreement with a third-party  mortgage provider.  When a long-term fixed rate
mortgage is requested by the  customer,  the loan is  originated  by  Washington
Federal  on  behalf  of  the  third-party  mortgage  provider  on an  individual
loan-by-loan basis. The third-party mortgage provider funds 100% of the loan and
retains the servicing rights.  Washington also invests in United States treasury
securities,  mortgage-backed securities,  federal agency bonds, corporate bonds,
agricultural loans, commercial loans, consumer loans, and automobile loans.

         Rubio  attracts  deposits  from the general  public in its local market
area and the  businesses  in the  Brighton  area.  The  deposits  are  primarily
invested in federal  agency  bonds,  agricultural  operating  loans,  commercial
loans, one- to- four family  residential real estate loans, and farm real estate
loans. Rubio also invests in United States treasury securities,  commercial real
estate loans, automobile loans and consumer loans.

         The executive office of the Company is located at 102 East Main Street,
Washington, Iowa 52353, telephone (319)653-7256.
<PAGE>

Financial Condition

Total  assets.  Total  consolidated  assets  decreased  $2.4 million from $119.7
million at June 30, 2001 to $117.3  million at December 31,  2001.  The decrease
was  primarily  due to a $3.6  million  decrease  in  investment  securities,  a
$909,000   decrease  in  federal  funds  sold,  a  $586,000  decrease  in  loans
receivable,  and a $212,000 decrease in other assets, partially offset by a $2.6
million increase in cash and cash  equivalents,  a $138,000 increase in premises
and  equipment,  a $135,000  increase  in  accrued  interest  receivable,  and a
$110,000 increase in foreclosed real estate.

Loans  receivable,  net.  Loans  receivable,  net decreased  $586,000 from $84.1
million at June 30, 2001 to $83.5 million at December 31, 2001. This decrease is
primarily  due to an increase in customer  demand for  long-term  fixed rate 1-4
family mortgage loans,  which are not currently offered by the Company.  To meet
this demand the Company has an  arrangement  with a third-party  loan  provider,
through  which  $1.5  million  in 1-4  family  long-term  fixed  rate loans were
originated  in the six months ended  December 31, 2001.  None of these loans are
retained in the Company's portfolio.

The Company's  non-performing  assets were $1.9 million or 1.63% of total assets
at December  31,  2001 as compared to $714,000 or 0.60% of total  assets at June
30, 2001  primarily  due to an  increase in loans past due. It is the  Company's
policy to  provide  for  probable  losses in the  Company's  loan  portfolio.  A
provision  for loan  losses  is  charged  to  operations  based on  management's
evaluation  of the probable  losses that may be incurred in the  Company's  loan
portfolio.  Such evaluation,  which includes a review of all loans of which full
collectibility  of  interest  and  principal  may  not  be  reasonably  assured,
considers the Company's past loan loss  experience,  known and inherent risks in
the portfolio,  adverse  situations  that may affect the  borrower's  ability to
repay, estimated value of any underlying collateral, current experience level of
the Company's lending personnel, and current economic conditions.

The  Company's  reserve  for  loan  loss  requirement  is  calculated  by  first
evaluating  loans  for  impairment.   Loans  evaluated  for  impairment  include
borrowers with an excess of $300,000 in total  outstanding loan balances,  loans
over  ninety  days  past due,  loans  classified  by  internal  processes  or by
examiners,  loans on non-accrual  status,  and other loans that may be adversely
affected by current economic conditions. The required allowance for loan loss on
the non-homogenous  loans is established by considering either the present value
of future cash flows or the fair value of collateral  less the cost to sell such
collateral in comparison to the current loan balance.  The remainder of the loan
portfolio is  segmented  into groups with  similar  risk  characteristics.  Each
segment is assigned a loss measurement  based on historical loss ratios adjusted
for current industry and economic conditions. The loss measurement is applied to
the  current  loan  balance of each group to  establish  the  required  level of
allowance for loan losses.  At December 31, 2001,  the allowance for loan losses
was $717,000 or 0.86% of loans receivable,  net compared to $626,000 or 0.74% of
loans  receivable,  net at December 31, 2000.  The  allowance for loan loss as a
percentage of non-performing assets was 37.32% at December 31, 2001, compared to
78.17%  at  December  31,  2000.  Management  feels  that the  current  level of
allowance for loan losses is adequate to cover probable losses.

Investment  securities.  Investment securities decreased $3.6 million from $23.2
million at June 30, 2001 to $19.6 million at December 31, 2001  primarily due to
the maturity or call of $7.3 million,  the sale of $2.0 million, the decrease in
the market value of the portfolio of $19,000,  and the  amortization of premiums
and discounts of $35,000,  partially offset by the purchase of $5.8 million. The
portfolio  of  available-  for-  sale  securities  is  comprised   primarily  of
investment securities carrying fixed interest rates. The aggregate fair value of
these securities was less on December 31, 2001 than their carrying value.

Deposits. Deposits increased $5.1 million from $72.9 million at June 30, 2001 to
$78.0 million at December 31, 2001.  Transaction and savings deposits  increased
as a percentage  of total  deposits from $25.9 million or 35.5% at June 30, 2001
to  $27.9  million  or 35.8% at  December  31,  2001.  Certificates  of  deposit
decreased as a percentage of total  deposits from $47.0 million or 64.5% at June
30, 2001 to $50.1 million or 64.2% at December 31, 2001.

Total stockholders'  equity.  Total stockholders' equity increased $197,000 from
$11.6  million at June 30,  2001 to $11.8  million at  December  31,  2001.  The
increase is primarily due to net income of $628,000,  proceeds from the exercise
of stock options of $77,000,  the allocation of ESOP shares of $46,000,  and the
amortization of deferred  compensation of $19,000,  partially offset by $295,000
for the  repurchase of 16,768 shares of the  Company's  common stock,  dividends
paid to shareholders  of $243,000,  the change in the maximum cash obligation on
allocated ESOP shares of $22,000,  and the change in net unrealized  loss in the
available for sale securities of $112,000.
<PAGE>

Results of Operations - Three Months Ended  December 31, 2001 As Compared To The
Three Months Ended December 31, 2000

Performance  summary.  Net income  increased  $76,000 to $318,000  for the three
months ended December 31, 2001 from $242,000 for the three months ended December
31, 2000. The increase is primarily due to an increase in noninterest  income of
$132,000,  an increase  in net  interest  income of  $80,000,  and a decrease in
income tax expense of $29,000,  partially offset by an increase in provision for
loan loss of $68,000 and an increase in noninterest expense of $97,000.  For the
three months ended December 31, 2001 the annualized return on average assets was
1.07% compared to 0.83% for the three months ended December 31, 2000,  while the
annualized  return on  average  equity was  10.80%  for the three  months  ended
December  31, 2001  compared to 9.00% for the three  months  ended  December 31,
2000.

Net interest income.  Net interest income increased  $80,000 to $985,000 for the
three  months ended  December 31, 2001 from  $905,000 for the three months ended
December 31, 2000.  The increase is primarily due to the decrease of $178,000 in
interest  expense to $1.2 million for the three  months ended  December 31, 2001
from $1.4 million for the three months ended December 31, 2000 partially  offset
by a decrease in interest income of $99,000 to $2.2 million for the three months
ended  December 31, 2001 from $2.3  million for the three months ended  December
31, 2000.

For  the  three  months  ended   December  31,  2001,   the  average   yield  on
interest-earning  assets was 7.68%  compared to 8.18% for the three months ended
December 31, 2000. The average cost of  interest-bearing  liabilities  was 4.69%
for the three  months ended  December  31, 2001  compared to 5.46% for the three
months ended December 31, 2000. The average  balance of interest  earning assets
increased $2.3 million to $113.7 million for the three months ended December 31,
2001 from $111.4  million for the three months ended  December 31, 2000.  During
this same period, the average balance of interest-bearing  liabilities increased
$1.2 million to $102.0 million for the three months ended December 31, 2001 from
$100.8 million for the three months ended December 31, 2000.

Due to the  decrease in the average  cost of  interest-bearing  liabilities  and
partially  offset by the  decrease in the average rate of return on the interest
earning assets,  the average interest rate spread was 2.99% for the three months
ended  December 31, 2001  compared to 2.72% for the three months ended  December
31, 2000.  The average net interest  margin was 3.47% for the three months ended
December  31, 2001  compared to 3.24% for the three  months  ended  December 31,
2000.

Provision for loan loss.  Provision for loan loss  increased  $68,000 to $98,000
for the three months  ended  December 31, 2001 from $30,000 for the three months
ended  December 31, 2000.  The primary  reason for the increase in the provision
was an  increase  in loans  past due and an  increase  in loans  with  more risk
characteristics  such as nonresidential real estate,  commercial and agriculture
loans.  Despite this increase,  the Company's loan portfolio  remains  primarily
residential  mortgage loans and the Company has  experienced a minimal amount of
charge-offs in the past three years.

Noninterest  income.  Noninterest  income increased $132,000 to $277,000 for the
three  months ended  December 31, 2001 from  $145,000 for the three months ended
December 31, 2000.  The increase is primarily due an increase in security  gains
of $85,000,  an increase in service charges and fees of $33,000,  an increase in
insurance  commissions  of $9,000,  an increase in other  noninterest  income of
$4,000 and an increase in investment commissions of $2,000.

Security  gains  increased  primarily  due to the gain realized from the sale of
corporate bonds during the period of declining  interest rates.  Service charges
and fees  increased  primarily  due to an  increase  in loan  fees  and  charges
resulting from mortgage loans  refinancing  into secondary market loan products,
and an  increase  in  overdraft  fee  income.  Insurance  commissions  increased
primarily due to an increase in the level of credit life and disability sales on
loan products as well as  commissions  from the sale of  agricultural  insurance
products.  Other noninterest income increased  primarily due to the farm subsidy
payments   received  by  the  Company  on  agricultural  real  estate  held  for
investment.  Investment  commissions  increased primarily due to the increase in
sales.
<PAGE>

Noninterest  expense.  Noninterest expense increased $97,000 to $688,000 for the
three  months ended  December 31, 2001 from  $591,000 for the three months ended
December 31,  2000.  The  increase is  primarily  due to a $101,000  increase in
compensation and benefits,  a $36,000 increase in other noninterest expense, and
a $1,000 increase in data processing,  partially offset by a $23,000 decrease in
the  amortization  of  goodwill,  and  an  $18,000  decrease  in  occupancy  and
equipment.

Compensation  and benefits  increased  primarily due to the increase in salaries
and  benefits  due to regular  salary  adjustments.  Other  noninterest  expense
increased  primarily due to costs associated with an advertising  campaign,  the
costs  associated with the disposition of real estate owned,  and an increase in
processing fees with  correspondent  bank due to a lower earnings credit because
of the current interest rate environment.  Data processing  increased  primarily
due to an increase in the usage of services offered by Washington Federal's main
data processing provider.

In accordance with the Financial  Accounting  Standards Board Statement No. 142,
the Company  re-evaluated  the goodwill that resulted from the purchase of Rubio
Savings Bank of Brighton in 1998. As a result of the  re-evaluation,  management
had  determined  that the goodwill is not impaired.  The goodwill will be tested
for impairment on an annual basis at December 31.

Income tax  expense.  Income tax expense  decreased  $29,000 to $160,000 for the
three  months ended  December 31, 2001 from  $188,000 for the three months ended
December 31, 2000. The decrease is primarily due the decrease in  non-deductible
expenses,  the increase in non-taxable  income and the decrease in the Company's
internal accrual rate.

Results of  Operations - Six Months  Ended  December 31, 2001 As Compared To The
Six Months Ended December 31, 2000

Performance  summary.  Net income  increased  $124,000 to  $628,000  for the six
months ended  December 31, 2001 from $503,000 for the six months ended  December
31, 2000. The increase is primarily due to an increase in net interest income of
$194,000,  an  increase in  noninterest  income of  $141,000,  and a decrease in
income tax expense of $45,000  partially  offset by an  increase in  noninterest
expense of $162,000,  and an increase in provision for loan loss of $94,000. For
the six months ended December 31, 2001 the  annualized  return on average assets
was 1.07%  compared to 0.86% for the six months ended  December 31, 2000,  while
the  annualized  return on average  equity  was 10.79% for the six months  ended
December 31, 2001 compared to 9.23% for the six months ended December 31, 2000.

Net interest income.  Net interest income increased $194,000 to $2.0 million for
the six months  ended  December  31,  2001 from $1.8  million for the six months
ended  December  31,  2000.  The  increase is  primarily  due to the decrease of
$301,000 in interest  expense to $2.4 million for the six months ended  December
31, 2001 from $2.7 million for the six months ended  December 31, 2000 partially
offset by a decrease in interest  income of $107,000 to $4.4 million for the six
months  ended  December  31,  2001 from $4.5  million  for the six months  ended
December 31, 2000.

For  the  six  months   ended   December  31,   2001,   the  average   yield  on
interest-earning  assets was 7.95%  compared  to 8.16% for the six months  ended
December 31, 2000. The average cost of  interest-bearing  liabilities  was 4.89%
for the six months ended  December 31, 2001 compared to 5.43% for the six months
ended  December  31,  2000.  The  average  balance  of  interest-earning  assets
increased  $200,000 to $111.0 million for the six months ended December 31, 2001
from $110.8 million for the six months ended December 31, 2000. During this same
period,  the average  balance of  interest-bearing  liabilities  decreased  $1.3
million to $99.3 million for the six months ended  December 31, 2001 from $100.6
million for the six months ended December 31, 2000.

Due to the  decrease in the average  cost of  interest-bearing  liabilities  and
partially  offset  by  the  decrease  in  the  average  rate  of  return  on the
interest-earning  assets, the average interest rate spread was 3.06% for the six
months  ended  December  31,  2001  compared  to 2.73% for the six months  ended
December 31, 2000. The average net interest  margin was 3.57% for the six months
ended  December 31, 2001 compared to 3.23% for the six months ended December 31,
2000.
<PAGE>

Provision for loan loss.  Provision for loan loss increased  $94,000 to $158,000
for the six months ended December 31, 2001 from $64,000 for the six months ended
December 31, 2000.  The primary reason for the increase in the provision was the
increase in required level of allowance for loan losses  particularly  due to an
increase   in  loans  past  due  and  an   increase  in  loans  with  more  risk
characteristics  such as nonresidential real estate,  commercial and agriculture
loans.  Despite this increase,  the Company's loan portfolio  remains  primarily
residential  mortgage loans and the Company has  experienced a minimal amount of
charge-offs in the past three years.

Noninterest  income.  Noninterest  income increased $141,000 to $439,000 for the
six months  ended  December  31,  2001 from  $298,000  for the six months  ended
December 31, 2000.  The increase is primarily due an increase in security  gains
of $85,000,  an increase in service charges and fees of $52,000,  an increase in
insurance  commissions of $6,000,  and an increase in investment  commissions of
$5,000, partially offset by a decrease in other noninterest income of $7,000.

Security  gains  increased  primarily  due to the gain realized from the sale of
corporate bonds during the period of declining  interest rates.  Service charges
and fees  increased  primarily  due to an  increase  in loan  fees  and  charges
resulting from mortgage loans  refinancing  into secondary market loan products,
an increase in overdraft fee income, and income from a new check and coupon book
printing service.  Insurance  commissions increased primarily due to an increase
in the level of credit  life and  disability  sales on loan  products as well as
commissions  from  the  sale  of  agricultural  insurance  products.  Investment
commissions  increased primarily due to the increase in sales. Other noninterest
income  decreased  primarily  due to a decrease in the gain and rental income on
the  disposition  of real  estate  owned,  partially  offset  by the to the farm
subsidy  payments  received by the Company on agricultural  real estate held for
investment.

Noninterest expense.  Noninterest expense increased $162,000 to $1.3 million for
the six months  ended  December  31,  2001 from $1.2  million for the six months
ended December 31, 2000. The increase is primarily due to a $160,000 increase in
compensation and benefits,  a $52,000 increase in other noninterest expense, and
a $9,000 increase in data processing,  partially offset by a $47,000 decrease in
the amortization of goodwill,  a $10,000 decrease in occupancy and equipment and
a $2,000 decrease in deposit insurance premiums.

Compensation  and benefits  increased  primarily due to the increase in salaries
and benefits due to regular  salary  adjustments  and an increase in the cost of
retirement benefits.  Other noninterest expense increased primarily due to costs
associated with the Company's  advertising  campaign,  the costs associated with
the  disposition  of real estate  owned,  an increase  in  processing  fees with
correspondent  bank  due to a  lower  earnings  credit  because  of the  current
interest rate  environment  and the cost of supplies for the new check  printing
services. Data processing increased primarily due to an increase in the usage of
services offered by Washington Federal's main data processing provider.

In accordance with the Financial  Accounting  Standards Board Statement No. 142,
the Company  re-evaluated  the goodwill that resulted from the purchase of Rubio
Savings Bank of Brighton in 1998. As a result of the  re-evaluation,  management
had  determined  that the goodwill is not impaired.  The goodwill will be tested
for impairment on an annual basis at December 31.

Income tax expense. Income tax expense decreased $45,000 to $315,000 for the six
months ended  December 31, 2001 from $360,000 for the six months ended  December
31,  2000.  The  decrease is  primarily  due to the  decrease in  non-deductible
expenses,  the increase in non-taxable  income and the decrease in the Company's
internal accrual rate.

Liquidity  and  capital  resources.  The Banks'  principal  sources of funds are
deposits,  amortization  and prepayment of loan principal,  borrowings,  and the
sale and maturity of investment securities.  While scheduled loan repayments and
maturing  investments are relatively  predictable,  deposit flows and early loan
repayments are more influenced by interest rates,  general economic  conditions,
and  competition.  The Banks  generally  manage the  pricing of the  deposits to
maintain a steady deposit balance,  but has from time to time decided not to pay
deposit rates that are as high as those of the competition,  and when necessary,
to supplement deposits with alternative sources of funds.
<PAGE>

Liquidity management is both a daily and long-term responsibility of management.
The Banks  adjust their  investments  in liquid  assets based upon  management's
assessment  of (i) expected  loan demand,  (ii) expected  deposit  flows,  (iii)
yields  available on  interest-bearing  deposits,  and (iv) the objective of its
asset/liability  management  program.  Excess liquidity is invested generally in
interest-bearing  overnight deposits and other short-term  government and agency
obligations.  If the Banks  require  funds beyond their ability to generate them
internally,  they have additional borrowing capacity with the FHLB of Des Moines
and collateral eligible for reverse repurchase agreements.

The Banks  anticipate  that they will have  sufficient  funds  available to meet
current  loan  commitments.   At  December  31,  2001,  Washington  Federal  had
outstanding  commitments  to extend  credit  which  amounted to $3.1 million and
Rubio Savings Bank had  outstanding  commitments to extend credit which amounted
to $1.2 million.

<PAGE>

Part II - Other Information

Item 1.  Legal Proceedings.

         None

Item 2.  Changes in Securities and Use of Proceeds.

         None

Item 3.  Defaults Upon Senior Securities.

         None

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

         None

Item 5.  Other Information.

         None

Item 6.  Exhibits and Reports on Form 8-K

         (a)     Exhibits (listed by numbers corresponding to
                 the Exhibit Table of Item 601 on Regulation S-B)

                 11       Computation of Earnings Per Common Share

         (b)     Reports on Form 8-K

                 No reports on Form 8-K have been filed  during the quarter for
                 which this report was filed.


<PAGE>





                                   Signatures

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                               Washington Bancorp
                               ------------------
                                  (Registrant)


Date      February 13, 2002             /s/ Stan Carlson
          -----------------             ----------------------------------------
                                        Stan Carlson, President and Chief
                                        Executive Officer

Date      February 13, 2002             /s/ Leisha A. Linge
          -----------------             -------------------
                                        Leisha A. Linge, Executive Vice
                                        President