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


                                    FORM 10-Q




[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities  Exchange
Act of 1934

For the period ended:    June 30,2000

[ ] 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         00-23063
                               --------

                       First SecurityFed Financial , Inc.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified In Its Charter)

  Delaware                                                36-4177515
-------------------------------                     ----------------------------
(State or Other Jurisdiction of                          (IRS Employer
Incorporation or Organization)                          Identification No.)

  Chicago, Illinois                                           60622
---------------------------------------             ----------------------------
(Address of Principal Executive Offices)                    (Zip Code)

                                  773/772-4500
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

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

                                                YES   X       NO
                                                    -----         ----

Indicate the number of shares outstanding of each the issuer's classes of common
stock, as of the latest practicable date:

 Class                                               Outstanding at June 30,2000
-----------------------------                        ---------------------------
Common Stock, par value $0.01                              5,060,220 shares


<PAGE>

                                      INDEX



Part I.  Financial Information

Item 1.    Financial Statements

 Condensed Consolidated Statements of Financial Condition  as of
  June 30, 2000 and December 31,1999.......................................    3

 Condensed Consolidated Statements of Income for the six months
  and three months ended June 30,2000 and  1999............................    4

 Statements of Comprehensive Income for the six months and  three months
  ended  June 30,2000 and  1999 ...........................................    5

 Condensed Consolidated Statements of Changes in Shareholders' Equity for the
  six months ended June 30,2000............................................    6

 Condensed Consolidated Statements of Cash Flows for the six
  months ended June 30, 2000 and 1999......................................    7

 Notes to the Condensed Consolidated Financial Statements as of
  June 30, 2000............................................................    8

Item 2.    Management's Discussion and Analysis of Financial Condition
            and Results of Operation........................................  11

Item 3.    Quantitative and Qualitative Disclosures about Market Risk......   17


Part II.       Other Information

Item 4.    Submission of Matters to a Vote of Security Holders.............   19

Item 6.  Exhibits and Reports on Form 8-K..................................   19


                                       2

<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
            CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
             (Dollars n thousands, except share and per share data)
                                   (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
                                                                                 June 30,            December 31,
                                                                                   2000                1999
<S>                                                                             <C>                 <C>
ASSETS
Cash and due from banks                                                     $          4,934    $         6,057
Federal funds sold                                                                         -                200
                                                                            ----------------    ---------------
     Total cash and cash equivalents                                                   4,934              6,257

Securities available-for-sale                                                         35,628             20,622
Securities held-to-maturity (fair value of
       $75,342 - 2000 and $89,850 - 1999)                                             78,665             92,908
Loans, net of allowance for loan losses                                              261,165            241,168
Federal Home Loan Bank stock                                                           2,958              2,315
Premises and equipment, net                                                            3,613              3,672
Accrued interest receivable                                                            3,111              2,976
Intangible assets                                                                        170                190
Other assets                                                                           2,363              2,184
                                                                            ----------------    ---------------
     Total assets                                                           $        392,607    $       372,292
                                                                            ================    ===============

LIABILITIES
Deposits
     Non-interest bearing                                                   $          6,841    $         6,089
     Interest-bearing                                                                240,590            232,034
                                                                            ----------------    ---------------
                                                                                     247,431            238,123
Advance payments by borrowers for taxes and
               insurance                                                               3,116              2,811
Advances from Federal Home Loan Bank                                                  58,150             46,300
Accrued interest payable and other liabilities                                         2,056              1,902
                                                                            ----------------    ---------------
     Total liabilities                                                               310,753            289,136

 SHAREHOLDERS' EQUITY
Preferred stock, $0.01 par value per share, 500,000 shares
     authorized, no shares issued and outstanding                                          -                  -
Common stock, $0.01 par value per share, 8,000,000
     shares authorized, 6,408,000 shares issued                                           64                 64
Additional paid-in capital                                                            63,028             64,324
Unearned ESOP shares                                                                  (4,072)            (4,239)
Unearned stock awards                                                                 (2,714)            (3,075)
Treasury stock, at cost; (1,178,565 shares - 2000
               and 979,360 shares - 1999 )                                           (15,222)           (13,227)
Retained earnings, substantially restricted                                           41,552             39,914
Accumulated other comprehensive income                                                  (782)              (605)
                                                                            ----------------   - --------------
     Total shareholders' equity                                                       81,854             83,156
                                                                            ----------------     --------------

     Total liabilities and shareholders' equity                             $        392,607    $       372,292
                                                                            ================    ===============

</TABLE>

--------------------------------------------------------------------------------
     See accompanying notes to condensed consolidated financial statements


                                       3
<PAGE>

                       FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
             (Dollars in thousands, except share and per share data)
                                   (Unaudited)
--------------------------------------------------------------------------------
<TABLE>

                                                       Six months ended                    Three months ended
                                                           June 30,                              June 30,
                                                    2000                 1999             2000                1999
                                                    ----                 ----             ----                ----
<S>                                               <C>            <C>                   <C>                <C>
Interest income
    Loans                                       $      10,208   $      8,935         $       5,224   $        4,495
    Securities                                          2,456          1,695                 1,253              862
    Mortgage-backed securities                          1,098          1,107                   545              577
    Other interest-earning assets                         133            310                    70              106
                                                -------------   ------------         -------------   --------------
       Total interest income                           13,895         12,047                 7,092            6,040

Interest expense
    Deposits                                            5,153          4,440                 2,634            2,225
    FHLB advances                                       1,496            775                   807              391
                                                -------------   ------------         -------------   --------------
       Total interest expense                           6,649          5,215                 3,441            2,616
                                                -------------   ------------         -------------   --------------

Net interest income                                     7,246          6,832                 3,651            3,424

Provision for loan losses                                 123            124                    62               62
                                                -------------   ------------         -------------   --------------

Net interest income after
  provision for loan losses                             7,123          6,708                 3,589            3,362

Noninterest income
    Net gain/(loss) on sale of securities                 (29)            19                   (16)               -
    Gain on sale of real estate owned                      41              -                    41                -
    Other income                                          314            322                   159              189
                                                -------------   ------------         -------------   --------------
       Total noninterest income                           326            341                   184              189

Noninterest expense
    Compensation and benefits                           1,845          1,777                   927              861
    Occupancy and equipment expense                       340            331                   167              181
    Data processing expense                               156            182                    75               94
    Federal deposit insurance premiums                     63            102                    32               50
    Professional fees                                      78             72                    53               58
    Other operating expenses                              509            515                   261              234
                                                -------------   ------------         -------------   --------------
       Total noninterest expense                        2,991          2,979                 1,515            1,478
                                                -------------   ------------         -------------   --------------

Income before income tax provision                      4,458          4,070                 2,258            2,073

Provision for income taxes                              1,545          1,494                   772              759
                                                -------------   ------------         -------------   --------------


Net income                                      $       2,913   $      2,576         $       1,486   $        1,314
                                                =============   ============         =============   ==============

Earnings per share
    Basic                                       $         .60   $        .52         $         .31   $          .27
                                                ==============  ============         =============   ==============
    Diluted                                     $         .60   $        .52         $         .31   $          .27
                                                =============== ============         =============   ==============
</TABLE>
--------------------------------------------------------------------------------
      See accompanying notes to condensed consolidated financial statements


                                       4

<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
                       STATEMENTS OF COMPREHENSIVE INCOME
             (Dollars in thousands, except share and per share data)
                                   (Unaudited)
--------------------------------------------------------------------------------
<TABLE>


                                                               Six Months Ended                 Three Months Ended
                                                                   June 30,                            June 30,
                                                             2000            1999              2000           1999
                                                             ----            ----              ----           ----
<S>                                                         <C>              <C>               <C>            <C>
Net Income                                                 $ 2,913          $ 2,576           $ 1,486        $ 1,314

 Other comprehensive  income, net of tax:
   Change in unrealized gains (losses) on
   securities resulting from the reclassification
   of securities from  held-to- maturity to
   available-for-sale                                         (134)             ---               ---             ---

       Change in unrealized holding gains (losses)
       on securities available-for-sale                        (61)            (381)               47            (343)
    Reclassification adjustment for (gains) losses
       recognized in income                                     18              (12)               10             ---
                                                           -------          -------           -------         --------
    Comprehensive Income                                   $ 2,736          $ 2,183           $ 1,543         $    971
                                                           =======          =======           =======         ========
</TABLE>


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

     See accompanying notes to condensed consolidated financial statements

                                       5

<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
                      CONDENSED CONSOLIDATED STATEMENTS OF
                         CHANGES IN SHAREHOLDERS' EQUITY
             (Dollars in thousands, except share and per share data)
                                   (Unaudited)
--------------------------------------------------------------------------------
<TABLE>


                                                                                                       Accumulated
                                                                                                       Other       Total
                                               Additional  Unearned   Unearned                         Compre-     Share-
                                      Common   Paid-in     ESOP       Stock     Treasury   Retained    hensive     holders'
                                      Stock    Capital     Shares     Awards    Stock      Earnings    Income      Equity

<S>  q                               <C>        <C>         <C>        <C>       <C>         <C>         <C>         <C>
Balance at December 31, 1999        $    64    $ 64,324   $ (4,239)   $ (3,075) $(13,227)  $ 39,914    $ (605)     $ 83,156

ESOP shares earned                       --          21       167           --        --         --        --           188

Stock awards earned                      --          --        --          361        --         --        --           361

Issuance of stock to Foundation,
  net of related tax benefit             --      (1,317)       --           --     1,411         --        --            94

Net income                               --          --        --           --        --      2,913        --         2,913

Purchase of treasury stock               --          --        --           --    (3,406)        --        --        (3,406)

Dividends  ($.25 per share)              --          --        --           --        --     (1,275)       --        (1,275)

Change in fair value of securities,
  net of income taxes and
  reclassification effects               --          --        --           --        --          --     (177)         (177)
                                   --------    --------   -------     --------  --------   -------     ------      --------
Balance at June  30, 2000          $     64    $ 63,028   $ (4,072)   $ (2,714) $(15,222)  $ 41,552    $ (782)     $ 81,854
                                   ========    ========   ========    ========  ========   ========    ======      ========
</TABLE>
--------------------------------------------------------------------------------

      See accompanying notes to condensed consolidated financial statements


                                       6

<PAGE>

                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
             (Dollars in thousands, except share and per share data)
                                   (Unaudited)

--------------------------------------------------------------------------------
<TABLE>
                                                                                 Six months ended
                                                                                    June 30,
                                                                              2000                       1999
                                                                              ----                       ----
<S>                                                                   <C>                       <C>
Cash flows from operating activities
    Net income                                                       $       2,913             $       2,576
    Adjustments to reconcile net income to net
      cash from operating activities
       Depreciation and amortization                                           161                       192
       Amortization of discounts and premiums
         on securities                                                          76                        81
       Net (gain)/loss on sales and calls of securities                         29                       (19)
       Provision for loan losses                                               123                       124
       ESOP compensation expense                                               188                       209
       Stock award compensation expense                                        361                       350
       Federal Home Loan Bank stock dividend                                   (51)                        -
    Change in
          Deferred loan origination fees                                       253                        19
          Accrued interest receivable and other assets                         207                      (499)
          Other liabilities and deferred income taxes                          173                       (46)
                                                                     -------------             -------------
              Net cash provided by operating activities                      4,433                     2,987

Cash flows from investing activities
    Purchase of securities available-for-sale                               (1,301)                   (1,062)
    Purchase of securities held-to-maturity                                 (2,896)                  (36,840)
    Proceeds from repayment of securities                                    1,886                     4,243
    Proceeds from sales of securities available-for-sale                       310                     2,968
    Proceeds  from calls nd maturities of securities                           435                     9,100
    Net change in loans                                                    (20,373)                   (9,131)
Capital expenditures, net                                                      (82)                      (12)
    Purchase of Federal Home Loan Bank stock                                  (592)                      (63)
                                                                     -------------             -------------
      Net cash used in investing activities                                (22,613)                  (30,797)

Cash flows from financing activities
    Net increase in deposits                                                 9,308                     5,408
    Net borrowings from FHLB                                                11,850                     8,500
    Net change in advances from
      borrowers for insurance and taxes                                        305                       290
    Dividends paid                                                          (1,200)                     (474)
    Purchase of treasury stock                                              (3,406)                   (4,011)
                                                                     --------------            -------------
       Net cash provided by  financing activities                           16,857                     9,713
                                                                     -------------             -------------

Net change in cash and cash equivalents                                     (1,323)                  (18,097)

Cash and cash equivalents at beginning of period                             6,257                    24,830
                                                                     -------------             -------------

Cash and cash equivalents at end of period                           $       4,934             $       6,733
                                                                     =============             =============
</TABLE>
--------------------------------------------------------------------------------

     See accompanying notes to condensed consolidated financial statements

                                       7

<PAGE>

                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Financial Statement Presentation

First  SecurityFed  Financial,  Inc.  (the  Company)  is a Delaware  corporation
organized  in July 1997 by First  Security  Federal  Savings  Bank (the Bank) in
connection  with the  conversion of the Bank from a federally  chartered  mutual
savings bank to a federally chartered stock savings bank.

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q. Accordingly,  they
do not include all the information and footnotes  required by generally accepted
accounting principles for complete financial statements.

In the opinion of management,  the unaudited  condensed  consolidated  financial
statements  contain  all  adjustments   (consisting  only  of  normal  recurring
adjustments)  necessary  to present  fairly  the  financial  condition  of First
SecurityFed  Financial,  Inc. as of June 30,2000 and December  31,1999,  and the
results of its operations for the three and six month periods ended June 30,2000
and 1999 and cash flows for the six  months  ended June  30,2000  and 1999.  The
annualized  results of operations  for the six months ended June 30,2000 are not
necessarily  indicative of the results expected in the full year ending December
31,2000.

NOTE 2 - SECURITIES

Effective  January 1, 2000,  the Company  adopted the provisions of Statement of
Financial  Accounting  Standards  ("SFAS") No. 133,  Accounting  for  Derivative
Instruments  and Hedging  Activities.  As permitted by SFAS No.133,  the Company
reclassified   some   of   its   securities   held-to-maturity   to   securities
available-for-sale. The securities which were reclassified had an amortized cost
of $15,605,733 and a fair value of $15,386,299 at January 1, 2000.

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

                                       8


<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

NOTE 3 - EARNINGS PER COMMON SHARE

A  reconciliation  of the numerator and  denominator  of the earnings per common
share  computation  for the six and three month  periods  ended June 30,2000 and
1999 is presented below:

<TABLE>



                                                                Six Months Ended                 Three Months Ended
                                                                    June 30,                          June 30,
                                                               2000            1999              2000             1999
                                                               ----            ----              ----             ----
<S>                                                            <C>             <C>              <C>              <C>
Earnings per common share
   Net Income                                                 $2,913          $2,576            $1,486           $1,314
                                                              ------          ------            ------           ------

     Net income attributable to
     common shareholders                                      $2,913          $2,576            $1,486           $1,314
                                                              ======          ======            ======           ======

   Weighted average common
   shares outstanding                                          4,772           4,709             4,720            4,618

   Add: Shares committed to be issued
   to charitable foundation                                       50             200                50              200
                                                              ------          ------            ------           ------

     Total weighted average common
     shares outstanding                                        4,822           4,909             4,770            4,818
                                                              ======          ======            ======           ======


       Basic earnings per share                               $  .60          $  .52            $  .31           $  .27
                                                              ======          ======            ======           ======
</TABLE>


The Company's  outstanding stock options and stock awards were not considered in
the  computations  of diluted  earnings per share because the effects of assumed
exercise  would  have been  antidilutive.  In future  years,  outstanding  stock
options may be exercised which would increase the weighted average common shares
outstanding and, thereby, dilute earnings per share. In addition, if the average
common stock price were to exceed the exercise price of outstanding options in a
future year, the assumed  exercise of the options and/or the assumed issuance of
the stock  awards  would have a dilutive  effect on  earnings  per share for the
future  year.  However,  previously  reported  earnings  per share  and  diluted
earnings per share are not  restated to reflect  change in the status of changes
in the relationship between exercise prices and average stock prices

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

                                       9


<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

NOTE 4 - CAPITAL REQUIREMENTS

Pursuant to federal  regulations,  savings  institutions  must meet two separate
capital  requirements.  The  following  is a summary  of the  Bank's  regulatory
capital at June 30,2000:

<TABLE>

                                                                                       Core        Risk based
                                                                                      Capital        Capital
                                                                                      -------      ----------
                                                                                           (In thousands)
     <S>                                                                              <C>           <C>

       Regulatory capital                                                            $ 68,543      $ 70,876

       Minimum capital requirement                                                     15,337        15,001
                                                                                     --------      --------

       Excess regulatory capital over
         minimum requirement                                                         $ 53,206      $ 55,875
                                                                                     ========      ========
</TABLE>


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

                                       10


<PAGE>




                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------

Comparison of Financial Condition at June 30,2000 and December 31, 1999

Total  assets  increased  $20.3  million to $392.6  million at June 30,2000 from
$372.3  million at December  31,1999.  The  increase in total  assets  consisted
primarily  of  increases  of  $763,000  in  securities,  $20.0  million in loans
receivable  and $643,000 in Federal Home Loan Bank Stock  partially  offset by a
decrease of $1.3 million in cash and cash equivalents.

Net loans receivable  increased by $20.0 million from $241.2 million at December
31,1999  to  $261.2  million  at  June  30,2000.  This  increase  was due to the
disbursement  of $2.0  million  to fund  construction  loans and the  continuing
market demands for 1 - 4 family loans due to current economic conditions and the
prevailing favorable interest rate environment.

Securities  available-for-sale  increased by $15.0 million from $20.6 million at
December  31,1999 to $35.6 million at June  30,2000.  The increase was primarily
due to the reclassification of $15.6 million of securities from held-to-maturity
to  available-for-sale,  in  connection  with  the  adoption  of SFAS  No.  133,
partially offset by paydowns on mortgage-backed securities.

Securities  held-to-maturity  decreased by $14.2  million from $92.9  million at
December  31,1999 to $78.7 million at June  30,2000.  The decrease was primarily
due to the reclassification of $15.6 million in securities from held-to-maturity
to available-for-sale, in connection with the adoption of SFAS No.133, partially
offset by purchases of federal agency and tax exempt municipal securities.

Total liabilities at June 30,2000 were $310.8 million compared to $289.1 million
at December 31,1999,  an increase of $21.7 million.  Deposits  increased by $9.3
million and Federal  Home Loan Bank  advances  increased by $11.9  million.  The
weighted  average  term to  maturity  of the  Company's  Federal  Home Loan Bank
advances at June 30,2000 was 3.6 years,  with a weighted average term to call of
7 months.  Borrowings were increased in order to fund the continuing  demand for
loans.  During this same period,  advance  payments by  borrowers  for taxes and
insurance   increased  by  $300,000  and  accrued  interest  payable  and  other
liabilities increased by $154,000.

Shareholders' equity at June 30,2000 was $81.9 million compared to $83.2 million
at December 31,1999, a decrease of $1.3 million.  The decrease in equity was due
primarily  to the  Company's  repurchase  of  outstanding  common  stock of $3.4
million  partially offset by net income of $2.9 million.  Equity on June 30,2000
was also impacted by dividends on the Company's common stock. A cash dividend of
$621,000 was paid in April 2000 and a cash  dividend of $666,000 was declared in
June 2000. The $666,000 dividend was paid to stockholders in July 2000.

Comparison  of Operating  Results for the Six Months Ended June 30,2000 and June
30,1999

General

Net earnings for the six months ended June 30,2000 were $2,913,000,  an increase
of  $337,000  from net  earnings  of  $2,576,000  for the six months  ended June
30,1999.  The increase in net earnings is primarily  attributable to an increase
in net interest  income due to  increases in the average  balances of assets and
liabilities.  Earnings per share also increased during the period as a result of
the increase in net earnings and the Company's repurchases of its common stock.
--------------------------------------------------------------------------------

                                       11

<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
Interest Income

Interest  income for the six months  ended June  30,2000 was $13.9  million,  an
increase  of $1.9  million  from  interest  income of $12.0  million for the six
months ended June 30,1999.  Interest income on loans increased by $1,273,000 due
to increases in the volume of loans  receivable and the average  weighted yields
earned on the loans.  Interest income on securities increased by $761,000 due to
increases in the  outstanding  balances of the Company's  investment  securities
portfolio and the average  weighted  yields earned on the  securities.  Interest
income on other  interest-earning  assets decreased by $177,000 due to decreases
in the  outstanding  balances of funds  invested in overnight  federal funds and
interest bearing accounts with the Federal Home Loan Bank.

Interest Expense

Interest expense for the six months ended June 30,2000 was $6.6 million compared
to $5.2  million  for the six months  ended June  30,1999,  an  increase of $1.4
million.  Interest expense on deposits increased by $713,000 due to increases in
outstanding  deposit  balances  and the rates paid on those  balances.  Interest
expense  on  Federal  Home Loan  Bank  advances  increased  by  $721,000  due to
increases in the balances of Federal Home Loan Bank advances  which were used to
fund loan growth.

Provision For Loan Losses

The provision for loan losses for the six months ended June 30,2000 was $123,000
and remained fairly  consistent with the $124,000  provision for loan losses for
the six months ended June 30,1999.

The amount of the  provision  and  allowance  for  estimated  losses on loans is
influenced by current  economic  conditions,  actual loss  experience,  industry
trends and other factors,  including  real estate  values,  in the Bank's market
area . In addition,  various regulatory  agencies,  as an integral part of their
examination  process ,  periodically  review the Bank's  allowance for estimated
losses on loans.  Such agencies may require the Bank to provide additions to the
allowance based upon judgements which differ from those of management.  Although
management  uses  the  best  information  available  and  maintains  the  Bank's
allowance  for losses at a level it  believes  adequate  to provide  for losses,
future adjustments to the allowance may be necessary due to economic, operating,
regulatory and other conditions that may be beyond the Bank's control.

Noninterest Income

Noninterest  income for the six months ended June 30,2000 was $326,000  compared
to $341,000  for the six months  ended June  30,1999.  The  $15,000  decrease in
non-interest  income was due primarily to a $48,000  decrease in the net gain on
the sale of securities  which was partially offset by a $41,000 gain on the sale
of real estate owned.

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

                                       12

<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------

Noninterest Expense

Noninterest  expense for the six months  ended June 30,2000 was $3.0 million and
remained fairly consistent with the six months ended June 30,1999.  Compensation
and  benefits  expense  increased  by  $68,000  partially  due to the  hiring of
additional  bank  personnel  as a  result  of  continuing  growth  by the  Bank.
Occupancy and equipment  expense increased by $9,000 due to a $30,000 refund for
property  taxes  being  included  in the totals  for the six  months  ended June
30,1999.  The increase in property tax expense was partially offset by decreases
in  depreciation  expense  for the  Bank's  office  buildings.  Federal  deposit
insurance premiums decreased by $39,000 due to the reduced FDIC assessment which
was effective as of January1,2000.  Data processing expense decreased by $26,000
primarily due to  non-recurring  costs associated with Y2K testing and revisions
which occurred in 1999.

Income Taxes

Income taxes were  $1,545,000 for the six months ended June 30,2000  compared to
$1,494,000  for the six months ended June 30,1999,  an increase of $51,000.  The
increase in the provision for income taxes was due to an increase of $388,000 in
pretax earnings.


Comparison of Operating Results for the Three Months Ended June 30,2000 and June
30,1999

General

Net  earnings  for the three  months  ended June  30,2000  were  $1,486,000,  an
increase of $172,000 from net earnings of $1,314,000  for the three months ended
June  30,1999.  The  increase in net earnings is  primarily  attributable  to an
increase in net  interest  income due to  increases  in the average  balances of
assets and  liabilities.  Income per share also increased during the period as a
result of the  increase in net  earnings  and the  Company's  repurchase  of its
common stock.

Interest Income

Interest  income  for the three  months  ended  June  30,2000  was $7.1  million
compared to $6.0 million for the three months ended June 30,1999, an increase of
$1.1 million. Interest income on loans increased by $729,000 due to increases in
the volume of loans  receivable  and the average  weighted  yields earned on the
loans.  Interest income on securities  increased by $391,000 due to increases in
the outstanding  balances of the Company's  investment  securities portfolio and
the average  weighted yields earned on the securities.  Interest income on other
interest-earning assets decreased by $36,000 due to decreases in the outstanding
balances of funds  invested in  overnight  federal  funds and  interest  bearing
accounts with the Federal Home Loan Bank.

Interest Expense

Interest  expense  for the three  months  ended June  30,2000  was $3.4  million
compared to $2.6 million for the three months ended June 30,1999, an increase of
$825,000. Interest expense on deposits increased by $409,000 due to increases in
outstanding  deposit  balances  and the rates paid on those  balances.  Interest
expense  on  Federal  Home Loan  Bank  advances  increased  by  $416,000  due to
increases in the balances of Federal Home loan Bank advances  which were used to
fund loan growth.
--------------------------------------------------------------------------------

                                       13

<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
Provision for Loan Losses

The  provision  for loan losses for the three months ended June 30,2000 and 1999
was $62,000.

The amount of the  provision  and  allowance  for  estimated  losses on loans is
influenced by current  economic  conditions,  actual loss  experience,  industry
trends and other factors,  including  real estate  values,  in the Bank's market
area . In addition,  various regulatory  agencies,  as an integral part of their
examination  process ,  periodically  review the Bank's  allowance for estimated
losses on loans.  Such agencies may require the Bank to provide additions to the
allowance based upon judgements which differ from those of management.  Although
management  uses  the  best  information  available  and  maintains  the  Bank's
allowance  for losses at a level it  believes  adequate  to provide  for losses,
future adjustments to the allowance may be necessary due to economic, operating,
regulatory and other conditions that may be beyond the Bank's control.

Noninterest Income

Noninterest income for the three months ended June 30,2000 was $184,000 compared
to $189,000  for the three  months ended June  30,1999.  The $5,000  decrease in
non-interest  income  was due to a  $16,000  net loss on the sale of  securities
which  was  offset  by a  $41,000  gain  on  the  sale  of  real  estate  owned.
Miscellaneous  income  decreased by $11,000 due to the settlement of the Bennett
Funding lease payments in 1999.  Safety deposit and ATM fee income  decreased by
$19,000 due to a decrease in usage.

Noninterest Expense

Noninterest expense for the three months ended June 30,2000 was $1.5 million and
remained   fairly   consistent   with  the  three  months  ended  June  30,1999.
Compensation  and benefits  expense  increased by $66,000  partially  due to the
hiring of additional bank personnel as a result of the continuing  growth of the
Bank. Occupancy and equipment expenses decreased by $14,000 due to a decrease in
depreciation expense for the Bank's office buildings.  Federal deposit insurance
premiums  decreased  by $18,000 due to the  reduced  FDIC  assessment  which was
effective as of January 1,2000.

Data  processing  decreased  by $19,000  primarily  due to  non-recurring  costs
associated  with Y2K  testing in 1999.  Other  operating  expense  increased  by
$27,000 primarily due to increased service charges by our correspondent banks.

Income Taxes

Income taxes were  $772,000 for the three months ended June 30,2000  compared to
$759,000 for the three months ended June 30,1999.  The increase in the provision
for income taxes was due to an increase in pretax earnings.

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

                                       14

<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------

Liquidity and Capital Resources

The Company's primary resource of funds are deposits and proceeds from principal
and interest payments on loans and mortgage-backed securities.  While maturities
and scheduled  amortization of loans and securities are  predictable  sources of
funds,  deposit flows and mortgage prepayments are greatly influenced by general
interest rates,  economic  conditions and competition.  First Security generally
manages  the  pricing of its  deposits to be  competitive  and to increase  core
deposit relationships.

Liquidity management is both a daily and long-term responsibility of management.
First Security adjusts its investments in liquid assets based upon  management's
assessment  of (i) expected  loan demand,  (ii) expected  deposit  flows,  (iii)
yields available on  interest-earning  deposits and investment  securities,  and
(iv) the  objective of its  asset/liability  management  program.  Excess liquid
assets are invested generally in interest-earning  overnight deposits and short-
and intermediate-term U.S. government and agency obligations and mortgage-backed
securities  of short  duration.  If First  Security  requires  funds  beyond its
ability to generate them internally,  it has additional  borrowing capacity with
the FHLB of Chicago.

Federal  Regulations require First Security to maintain minimum levels of liquid
assets. The required percentage has varied from time to time based upon economic
conditions  and savings  flows and is currently 4% of net  withdrawable  savings
deposits  and  borrowings  payable  on demand or in one year or less  during the
preceding calendar month. Liquid assets for purposes of this ratio include cash,
certain  time  deposits,  U. S.  Government,  government  agency  and  corporate
securities and other obligations  generally having remaining  maturities of less
than five years. First Security has historically  maintained its liquidity ratio
for regulatory purposes at levels in excess of those required.  At June 30,2000,
First Security's liquidity ratio for regulatory purposes was 10.67%.

The Company's  cash flows are comprised of three primary  classifications:  cash
flows from operating activities,  investing activities and financing activities.
Cash flows provided by operating  activities  were $4.4 million and $3.0 million
for the six months ended June 30,2000 and June 30,1999.  Net cash from investing
activities  consisted  primarily of disbursements  for loan originations and the
purchase of  securities  and  mortgage-backed  securities,  offset by  principal
collections  on loans,  proceeds from  maturation  and sales of  securities  and
paydowns  on  mortgage-backed  securities.  Net cash from  financing  activities
consisted  primarily  of  increases  in net  deposits and Federal Home Loan Bank
advances  partially  offset by  purchases  of treasury  stock and the payment of
dividends in 2000 and 1999.

The Company's most liquid assets are cash and short-term investments. The levels
of these assets are dependent on the Company's operating, financing, lending and
investing  activities  during  any  given  period  . At June  30,2000,  cash and
short-term  investments  totaled $4.9 million.  The Company has other sources of
liquidity if a need for additional funds arises,  including  securities maturing
within one year and the  repayment  of loans.  The Company may also  utilize the
sale of securities available-for-sale and FHLB advances as a source of funds.

At June 30,2000,  the Company had outstanding  commitments to originate loans of
$3.1  million,  all of which had fixed  interest  rates.  These  loans are to be
secured by properties  located in its market area. The Company  anticipates that
it will have sufficient  funds  available to meet its current loan  commitments.
--------------------------------------------------------------------------------

                                       15

<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
Loan  commitments  have, in recent  periods,  been funded  through  liquidity or
through FHLB advances.  Certificates of deposit which are scheduled to mature in
one year or less from June 30,2000 totaled $123.6 million.  Management believes,
based on past  experience,  that a  significant  portion of such  deposits  will
remain with the Company.  Based on the  foregoing,  in addition to the Company's
high level of core deposits and capital, the Company considers its liquidity and
capital  resources  sufficient to meet its outstanding  short-term and long-term
needs.

First Security is subject to various regulatory capital  requirements imposed by
the OTS. At June 30,2000,  First Security was in compliance  with all applicable
capital  requirements.  See  Note  4 of  the  Notes  to  Condensed  Consolidated
Financial Statements.

Impact Of Inflation and Changing Prices

The  consolidated  financial  statements and related data presented  herein have
been prepared in accordance with generally accepted accounting principles, which
require the measurement of financial position and results of operations in terms
of historical  dollars,  without  considering changes in the relative purchasing
power of money over time due to  inflation.  Unlike most  industrial  companies,
virtually  all of the assets and  liabilities  of the  Company  are  monetary in
nature. Therefore,  interest rates have a more significant impact on a financial
institution's  performance  than the  effects  of general  levels of  inflation.
Interest  rates do not  necessarily  move in the same  direction  or in the same
magnitude  as the prices of goods and  services.  In the current  interest  rate
environment,  the liquidity and maturity  structure and quality of the Company's
assets and liabilities are critical to the maintenance of acceptable performance
levels.

Safe Harbor Statement

This report contains certain  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities   Exchange   Act  of  1934,   as  amended.   The  Bank  intends  such
forward-looking  statements  to be covered  by the safe  harbor  provisions  for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995,  and is including  this statement for purposes of these safe harbor
provisions.  Forward-looking statements,  which are based on certain assumptions
and  describe  future  plans,  strategies  and  expectations  of the  Bank,  are
generally  identifiable  by use  of the  words  "believe",  "expect",  "intend",
"anticipate",  "estimate",  "project" or similar expressions. The Bank's ability
to  predict  results  or the  actual  effect of future  plans or  strategies  is
inherently uncertain.  Factors which could have a material adverse affect on the
operations and future  prospects of the Bank and the subsidiaries  include,  but
are not limited to, changes in: interest  rates,  general  economic  conditions,
legislative/regulatory  changes,  monetary  and  fiscal  policies  of  the  U.S.
Government,  including  policies of the U.S.  Treasury  and the Federal  Reserve
Board, the quality or composition of the loan or investment  portfolios,  demand
for loan products, deposit flows, competition,  demand for financial services in
the Bank's market area and accounting principles, policies and guidelines. These
risks and  uncertainties  should be  considered  in  evaluating  forward-looking
statements and undue reliance should not be placed on such  statements.  Further
information  concerning  the  Company  and its  business,  including  additional
factors that could materially affect the Bank's financial  results,  is included
in the Bank's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------

                                       16

<PAGE>

                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
--------------------------------------------------------------------------------

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In an attempt to manage its  exposure to changes in interest  rates,  management
monitors the  Company's  interest rate risk.  The Board of Directors  reviews at
least quarterly the Company's interest rate risk position and profitability. The
Board of Directors also reviews the Company's portfolio,  formulates  investment
strategies and oversees the timing and  implementation of transactions to assure
attainment  of  the  Company's  objectives  in the  most  effective  manner.  In
addition,  the Board reviews on a quarterly basis the Company's  asset/liability
position,  including  simulations  of the  effect on the  Company's  capital  of
various interest rate scenarios.

In managing its asset/liability mix, the Company,  depending on the relationship
between long- and  short-term  interest  rates,  market  conditions and consumer
preference,  often  places more  emphasis on  managing  short term net  interest
margin than on better  matching the interest rate  sensitivity of its assets and
liabilities  in an effort to enhance net interest  income.  Management  believes
that the increased net interest income resulting from a mismatch in the maturity
of its asset and liability portfolios can, during periods of declining or stable
interest rates, provide high enough returns to justify the increased exposure to
sudden and unexpected increases in interest rates.

The Board has taken a number of steps to manage the Company's  vulnerability  to
changes in interest rates.  First, the Company has long used community outreach,
customer  service and marketing  efforts to increase the Company's  passbook and
other non-certificate  accounts. At June 30,2000, $99.4 million or 40.19% of the
Company's  deposits  consisted of passbook,  NOW and money market accounts.  The
Company  believes  that  these  accounts  represent  "core"  deposits  which are
generally  somewhat  less interest  rate  sensitive  than other types of deposit
accounts.  Second,  while the Company  continues to originate 30 year fixed rate
residential  loans for portfolio as a result of consumer  demand,  an increasing
proportion of the Company's  residential loans have terms of 15 years or less or
carry adjustable interest rates. In addition,  the Company recently instituted a
construction  lending program with the rates charged on construction loans based
on the prime rate.  Since the rates may be adjusted monthly the Company believes
that  construction  loans  are a  beneficial  tool  in its  interest  rate  risk
management  program.  Finally,  the Company has focused a significant portion of
its investment  activities on securities with adjustable interest rates or terms
of five years or less. At June  30,2000,  $7.8 million or 52.7% of the Company's
mortgage-backed  securities had  adjustable  interest rates or terms to maturity
(or  anticipated   average  lives  in  the  case  of   collateralized   mortgage
obligations)  of five years or less and $20.8  million or 20.9% of the Company's
other  securities  had  adjustable  interest  rates or terms to maturity of five
years or less.

Management  utilizes  the net  portfolio  value  ("NPV")  analysis  to  quantify
interest rate risk. In essence,  this approach calculates the difference between
the present value of liabilities, expected cash flows from assets and cash flows
from off balance sheet  contracts.  Presented  below,  as of March 31,2000,  the
latest date for which  information  is  available,  is an analysis of the Bank's
estimated interest rate risk as measured by changes in NPV for instantaneous and
sustained parallel shifts in interest rates, up and down 300 basis points in 100
point  increments.  Even though the  information  presented  reflects the Bank's
interest  rate  risk  position  at the close of the  prior  quarter,  management
believes that it is helpful in assessing the Bank's  current  interest rate risk
position.

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

                                       17


<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
--------------------------------------------------------------------------------
<TABLE>
 Assumed Change                            $ Change in          % Change in
In Interest Rates       $ Amount               NPV                   NPV
(Basis Points)              (Dollars in Thousands)
 <S>                     <C>                 <C>                    <C>
   + 300                 $52,352            $(27,367)               (34)%
   + 200                  61,201             (18,518)               (23)
   + 100                  70,481              (9,238)               (12)
    ----                  79,719                ----                ----
   - 100                  87,629               7,910                 10
   - 200                  92,627              12,908                 16
   - 300                  98,509              18,790                 24

</TABLE>

Certain  assumptions  utilized in  assessing  the  interest  rate risk of thrift
institutions  were employed in preparing the preceding table.  These assumptions
relate to interest rates,  loan prepayment  rates,  deposit decay rates, and the
market values of certain assets under the various  interest rate  scenarios.  It
was also assumed that  delinquency  rates will not change as a result of changes
in interest rates although there can be no assurance that this will be the case.
Even if  interest  rates  change  in the  designated  amounts,  there  can be no
assurance that the Company's  assets and liabilities  would perform as set forth
above. In addition,  a change in U.S.  Treasury rates in the designated  amounts
accompanied  by a change in the shape of the  Treasury  yield  curve would cause
significantly different changes to the NPV than indicated above.

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

                                       18


<PAGE>


                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS

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

Part II    Other Information

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

At the annual meeting of the Company's stockholders,  held on May 10,2000,  the
stockholders considered the following proposals:

     I.   The election of three directors of the Company

     II.  The ratification of the appointment of Crowe, Chizek and Company LLP
          as auditors for the fiscal year ending December 31,2000.


The following directors were re-elected:
<TABLE>
                                             For                        Withheld                    Total
          <S>                              <C>                           <C>                        <C>
         Myron Dobrowolsky                3,921,401                      114,935                  4,036,336
         Julian E. Kulas                  3,941,681                       94,655                  4,036,336
         Paul Nadzikewycz                 3,923,601                      112,735                  4,036,336
</TABLE>



The vote on proposal II was as follows:
<TABLE>
                                             For            Against          Abstain            Non-Vote
          <S>                              <C>               <C>              <C>                <C>
         Proposal  II                     3,949,593         80,823            5,920

</TABLE>



ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K.

    a.     Exhibits - Exhibit 27 - Financial Data Schedule
    b.     Reports on Form 8-K - none

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

                                       19


<PAGE>

                        FIRST SECURITYFED FINANCIAL, INC.
                                CHICAGO, ILLINOIS
--------------------------------------------------------------------------------


                                   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.


                                  FIRST SECURITYFED FINANCIAL, INC
                                  (Registrant)



                                 By: /s/Julian E. Kulas
                                 ----------------------------------
                                 Julian E. Kulas
                                 Principal Executive Officer
                                 August 11,2000

                                 By: /s/Harry Kucewicz
                                 -----------------------------------
                                 Harry Kucewicz
                                 Chief Financial and Accounting Officer
                                 August 11,2000


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

                                       20

<PAGE>