>                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                    FORM 10-Q

[Mark One]
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the quarterly period ended March 31, 2001

[ ]  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 0-27672

                         NORTH CENTRAL BANCSHARES, INC.
             (Exact Name of Registrant as Specified in Its Charter)

                Iowa                                          42-1449849
   --------------------------------                    ----------------------
   (State or Other Jurisdiction of                        (I. R. S. Employer
   Incorporation or Organization)                      Identification Number)

                825 Central Avenue       Fort Dodge, Iowa 50501
               --------------------------------------------------
                    (Address of Principal Executive Offices)

        Registrant's Telephone Number, Including Area Code:(515)576-7531

                                      None
--------------------------------------------------------------------------------
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

     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 of the issuer's  classes
of common stock, as of the latest practicable date.

         Class                                        Outstanding at May 3, 2001
--------------------------------------------------------------------------------

Common Stock, $.01 par value                                  1,833,480

<PAGE>
                         NORTH CENTRAL BANCSHARES, INC.

                                      INDEX

                                                                        Page

Part I.  Financial Information

            Item 1.   Consolidated Condensed
            Financial Statements (Unaudited)                             1 to 3

            Consolidated Condensed Statements of
            Financial Condition at March 31, 2001
             (Unaudited) and December 31, 2000                           1

            Consolidated Condensed Statements of
            Income for the three months ended
            March 31, 2001 and 2000 (Unaudited)                          2

            Consolidated Condensed Statements of
            Cash Flows for the three months ended
            March 31, 2001 and 2000 (Unaudited)                          3

            Notes to Consolidated Condensed Financial
            Statements                                                   4

            Item 2.  Management's Discussion and Analysis
            of Financial Condition and Results of Operations             5 to 9

            Item 3.  Quantitative and Qualitative Disclosures
            About Market Risk                                            9

Part II.    Other Information

            Items 1 through 6                                            10

            Signatures                                                   11

            Exhibits

<PAGE>
                          PART I. FINANCIAL INFORMATION
ITEM 1.
NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                                                   March 31,       December 31,
ASSETS                                                                               2001             2000
                                                                               -------------    -------------
                                                                                (Unaudited)
<S>                                                                            <C>              <C>
Cash and due from banks:
   Interest-bearing                                                            $   9,559,110    $   6,330,525
   Noninterest-bearing                                                             2,027,359        2,519,201
Securities available-for-sale                                                     37,346,423       43,351,850
Loans receivable, net                                                            314,309,467      318,025,782
Loans held for sale                                                                2,568,519          498,387
Accrued interest receivable                                                        2,091,866        2,257,153
Foreclosed real estate                                                               113,977           63,866
Premises and equipment, net                                                        6,859,981        6,660,783
Rental real estate                                                                 1,736,667        1,757,014
Title plant                                                                          925,256          925,256
Goodwill                                                                           5,325,018        5,443,091
Deferred taxes                                                                       407,088          556,913
Income taxes receivable                                                                 --            209,995
Prepaid expenses and other assets                                                    490,014          397,970
                                                                               -------------    -------------

   Total assets                                                                $ 383,760,745    $ 388,997,786
                                                                               =============    =============
LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
   Deposits                                                                    $ 266,895,563    $ 261,166,646
   Borrowed funds                                                                 77,061,498       88,592,226
   Advances from borrowers for taxes and insurance                                   899,226        1,318,069
   Dividends payable                                                                 284,607          240,235
   Income taxes payable                                                              463,801             --
   Accrued expenses and other liabilities                                          1,682,895        1,282,495
                                                                               -------------    -------------

     Total liabilities                                                           347,287,590      352,599,671
                                                                               -------------    -------------
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
   Preferred stock ($.01 par value, authorized 3,000,000 shares,
     issued and outstanding none)                                                       --               --
   Common stock ($.01 par value, authorized 15,500,000 shares;
     issued and outstanding 4,011,057)                                                40,111           40,111
   Additional paid-in capital                                                     38,413,721       38,378,315
   Retained earnings, substantially restricted                                    34,053,069       33,345,852
   Accumulated other comprehensive income (loss)                                     135,869         (247,340)
   Less cost of treasury stock, 2001 2,153,677 shares; 2000 2,099,177 shares     (35,565,724)     (34,471,911)
   Unearned shares, employee stock ownership plan                                   (603,891)        (646,912)
                                                                               -------------    -------------
     Total stockholders' equity                                                   36,473,155       36,398,115
                                                                               -------------    -------------

     Total liabilities and stockholders' equity                                $ 383,760,745    $ 388,997,786
                                                                               =============    =============
</TABLE>

            See Notes to Consolidated Condensed Financial Statements.

                                        1
<PAGE>
NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
                                                           Three Months Ended
                                                                March 31,
                                                            2001        2000
                                                        -----------------------
<S>                                                     <C>          <C>
Interest income:
   Loans receivable                                     $6,373,033   $5,736,906
   Securities and cash deposits                            667,520      793,355
                                                        ----------   ----------
                                                         7,040,553    6,530,261
                                                        ----------   ----------
Interest expense:
   Deposits                                              3,132,595    2,951,575
   Borrowed funds                                        1,248,818      834,356
                                                        ----------   ----------
                                                         4,381,413    3,785,931
                                                        ----------   ----------

   Net Interest Income                                   2,659,140    2,744,330

Provision for loan losses                                   30,000       30,000
                                                        ----------   ----------

Net interest income after provision for loan losses      2,629,140    2,714,330
                                                        ----------   ----------
Noninterest income:
   Fees and service charges                                408,806      353,826
   Abstract fees                                           302,272      303,774
   Mortgage banking fees                                   108,763       38,564
   Gain on sale of securities available for sale, net          800         --
   Other income                                            217,935      259,120
                                                        ----------   ----------

      Total noninterest income                           1,038,576      955,284
                                                        ----------   ----------
Noninterest expense:
   Salaries and employee benefits                        1,099,846    1,042,815
   Premises and equipment                                  297,145      236,921
   Data processing                                         105,580      113,429
   SAIF deposit insurance premiums                          12,836       13,825
   Goodwill amortization                                   118,073      118,073
   Other expenses                                          540,379      587,630
                                                        ----------   ----------

      Total noninterest expense                          2,173,859    2,112,693
                                                        ----------   ----------

Income before income taxes                               1,493,857    1,556,921

Provision for income taxes                                 512,719      549,817
                                                        ----------   ----------

Net Income                                              $  981,138   $1,007,104
                                                        ==========   ==========

Basic earnings per common share                         $     0.53   $     0.48
                                                        ==========   ==========

Earnings per common share- assuming dilution            $     0.51   $     0.47
                                                        ==========   ==========

Dividends declared per common share                     $     0.15   $    0.125
                                                        ==========   ==========

Comprehensive income                                    $1,364,347   $  743,734
                                                        ==========   ==========
</TABLE>

            See Notes to Consolidated Condensed Financial Statements.

                                        2
<PAGE>
NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
                                                                                          Three Months Ended
                                                                                               March 31,
                                                                                          2001           2000
                                                                                    ------------    ------------
<S>                                                                                 <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                                          $    981,138    $  1,007,104
Adjustments to reconcile net income to net cash provided by operating activities:
   Provision for loan losses                                                              30,000          30,000
   Depreciation                                                                          167,772         138,496
   Amortization and accretion                                                            148,295         132,256
   Deferred taxes                                                                        (78,885)         60,990
   Effect of contribution to employee stock ownership plan                                88,129          71,008
   (Gain) on sale of foreclosed real estate and loans, net                               (18,061)         (6,776)
   (Gain) on sale of securities available for sale                                          (800)           --
   (Gain) loss on impairment and disposal of equipment and premises, net                     396             (30)
   Proceeds from sales of loans held for sale                                          7,736,192       2,442,334
   Originations of loans held for sale                                                (9,806,324)     (2,460,030)
   Change in assets and liabilities:
     Accrued interest receivable                                                         165,287          33,310
     Income taxes receivable                                                             209,995            --
     Prepaid expenses and other assets                                                   (92,044)       (347,638)
     Income taxes payable                                                                463,801         485,184
     Accrued expenses and other liabilities                                              400,400         167,550
                                                                                    ------------    ------------

         Net cash provided by operating activities                                       395,291       1,753,758
                                                                                    ------------    ------------
CASH FLOWS FROM INVESTING ACTIVITIES
   Net (increase) decrease in loans                                                    4,765,257      (3,868,878)
   Purchase of loans                                                                  (1,126,469)     (3,561,000)
   Proceeds from sales of securities available-for-sale                                   11,400            --
   Purchase of securities available-for-sale                                          (5,499,000)       (148,600)
   Proceeds from maturities of securities available-for-sale                          12,091,001       1,670,549
   Purchase of premises and equipment and rental real estate                            (350,355)       (381,867)
   Proceeds from sale of equipment                                                         3,336              30
   Other                                                                                    --             5,849
                                                                                    ------------    ------------

        Net cash provided by (used in) investing activities                            9,895,170      (6,283,917)
                                                                                    ------------    ------------
CASH FLOWS FROM FINANCING ACTIVITIES
   Net increase (decrease) in deposits                                                 5,728,917      (2,113,805)
   (Decrease) in advances from borrowers for taxes and insurance                        (418,843)       (414,192)
   Net change in short-term borrowings                                                (5,000,000)      2,000,000
     Proceeds from other borrowed funds                                                3,000,000       7,000,000
   Payments of other borrowings                                                       (9,530,728)     (4,029,159)
   Purchase of treasury stock                                                         (1,093,813)     (3,377,438)
   Dividends paid                                                                       (229,547)       (215,664)
   Other                                                                                  (9,704)         (5,409)
                                                                                    ------------    ------------

        Net cash (used in) financing activities                                       (7,553,718)     (1,155,667)
                                                                                    ------------    ------------

        Net increase (decrease) in cash                                                2,736,743      (5,685,826)

CASH
   Beginning                                                                           8,849,726      12,668,678
                                                                                    ------------    ------------
   Ending                                                                           $ 11,586,469    $  6,982,852
                                                                                    ============    ============
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION Cash payments (receipts) for:
   Interest paid to depositors                                                      $  3,225,623    $  2,848,125
   Interest paid on borrowings                                                         1,300,368         814,833
   Income taxes                                                                          (82,192)          3,641
</TABLE>

                                        3
<PAGE>
NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)


1.       SIGNIFICANT ACCOUNTING POLICIES

The consolidated condensed financial statements for the three month periods
ended March 31, 2001 and 2000 are unaudited. In the opinion of the management of
North Central Bancshares, Inc. (the "Company" or the "Registrant") these
financial statements reflect all adjustments, consisting only of normal
recurring accruals, necessary to present fairly these consolidated financial
statements. The results of operations for the interim periods are not
necessarily indicative of results which may be expected for an entire year.
Certain information and footnote disclosure normally included in complete
financial statements prepared in accordance with generally accepted accounting
principles have been omitted in accordance with the requirements for interim
financial statements. The financial statements and notes thereto should be read
in conjunction with the Company's 2000 Annual Report on Form 10-K.

The consolidated condensed financial statements include the accounts of the
Company and its wholly-owned subsidiaries. All significant intercompany balances
and transactions have been eliminated in consolidation.

2.       EARNINGS PER SHARE

The earnings per share amounts were computed using the weighted average number
of shares outstanding during the periods presented. In accordance with Statement
of Position No. 93-6, Employers' Accounting for Employee Stock Ownership Plans,
issued by the American Institute of Certified Public Accountants, shares owned
by First Federal Savings Bank of Iowa's Employee Stock Ownership Plan that have
not been committed to be released are not considered to be outstanding for the
purpose of computing earnings per share. For the three month period ended March
31, 2001, the weighted average number of shares outstanding for basic and
diluted earnings per share computation were 1,834,939 and 1,921,261,
respectively. For the three month period ended March 31, 2000, the weighted
average number of shares outstanding for basic and diluted earnings per share
computation were 2,090,636 and 2,127,790, respectively.

3.       DIVIDENDS

On February 23, 2001, the Company declared a cash dividend on its common stock,
payable on April 6, 2001 to stockholders of record as of March 15, 2001, equal
to $0.15 per share.

                                        4
<PAGE>
ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q contains forward-looking statements
consisting of estimates with respect to the financial condition, results of
operations and business of the Company that are subject to various factors which
could cause actual results to differ materially from these estimates. These
factors include changes in general, economic, market, legislative and regulatory
conditions, and the development of an interest rate environment that adversely
affects the interest rate spread or other income anticipated from the Company's
operations and investments. The Company's actual results may differ from the
results discussed in the forward looking statements.

FINANCIAL CONDITION

Total assets  decreased  $5.2 million,  or 1.3%, to $383.8  million at March 31,
2001  compared to $389.0  million at December  31, 2000.  Interest  bearing cash
increased  $3.2  million,  or 51.0% to $9.6  million at March 31, 2001 from $6.3
million at December 31,  2000.  Securities  available  for sale  decreased  $6.0
million,  or 13.9% from $43.4  million at December 31, 2000 to $37.3  million at
March 31, 2001,  primarily due to $12.1 million of maturities,  calls and sales,
offset in part by increases  in fair market  value of $612,000 and  purchases of
$5.5 million of such securities.  Total loans receivable, net, decreased by $3.7
million to $314.3  million at March 31, 2001 from $318.0 million at December 31,
2000,  due primarily to  originations  of $14.0 million of first  mortgage loans
secured primarily by one-to four-family residences, purchases of $1.1 million of
first mortgage loans secured primarily by one-to four-family and commercial real
estate  and  originations  of $6.7  million  of  second  mortgage  loans.  These
originations  and purchases  were offset in part by payments and  prepayments of
loans of approximately $21.1 million.  Total deposits increased $5.7 million, or
2.2%,  to $266.9  million at March 31, 2001 from $261.2  million at December 31,
2000,  reflecting  increases  primarily  in money  market  savings  accounts and
certificates of deposit accounts. Other borrowings,  primarily Federal Home Loan
Bank  ("FHLB")  advances,  decreased  by $11.5  million  from  $88.6  million at
December 31, 2000 to $77.1 million at March 31, 2001. Total stockholders' equity
increased  $75,000,  to $36.5  million at March 31,  2001 from $36.4  million at
December 31, 2000. See "Capital."

CAPITAL

The Company's total stockholders' equity increased by $75,000 to $36.5 million
at March 31, 2001 from $36.4 million at December 31, 2000, primarily due to
earnings and an increase in the accumulated other comprehensive income, which
were offset in part by stock repurchases and dividends declared. The changes in
stockholders' equity were also due to a decrease in the unearned shares from
First Federal Savings Bank of Iowa's Employee Stock Ownership Plan (the "ESOP")
to $604,000 at March 31, 2001 from $647,000 at December 31, 2000. The decrease
in unearned shares resulted from the release of shares by the ESOP to employees
of First Federal Savings Bank of Iowa (the "Bank").

                                        5
<PAGE>
The Office of Thrift Supervision (the "OTS") requires that the Bank meet minimum
tangible, leverage (core) and risk-based capital requirements. As of March 31,
2001, the Bank exceeded all of its regulatory capital requirements. The Bank's
required, actual and excess capital levels as of March 31, 2001 were as follows:

<TABLE>
<CAPTION>
                                Amount        Percentage of Assets
                               --------       --------------------
                                   (dollars in thousands)
<S>                            <C>                    <C>
Tangible capital:
   Capital level               $ 28,714               7.63%
   Less Requirement               5,643               1.50%
                               --------             ------
   Excess                      $ 23,071               6.13%
                               ========             ======

Core capital:
   Capital level               $ 28,714               7.63%
   Less Requirement              15,049               4.00%
                               --------             ------
   Excess                      $ 13,665               3.63%
                               ========             ======

Risk-based capital:
   Capital level               $ 31,501              14.05%
   Less Requirement              17,933               8.00%
                               --------             ------
   Excess                      $ 13,568               6.05%
                               ========             ======
</TABLE>

LIQUIDITY

The Company's primary sources of funds are cash provided by operating activities
(including net income), certain financing activities (including increases in
deposits and proceeds from borrowings) and certain investing activities
(including principal payments on loans and maturities and calls of securities).
During the first three months of 2001 and 2000, principal payments and
repayments on loans totalled $21.1 million and $12.1 million, respectively. The
net increase in deposits during the first three months of 2001 totalled $5.7
million. The proceeds from borrowed funds during the three months ended March
31, 2001 and 2000 totalled $3.0 million and $7.0 million, respectively. The net
change in short-term borrowings during the three months ended March 31, 2000
totalled $2.0 million. During the first three months of 2001 and 2000, the
proceeds from the maturities, calls and sales of securities totalled $12.1
million and $1.7 million, respectively. Cash provided from operating activities
during the first three months of 2001 and 2000 totalled $395,000 and $1,754,000,
respectively, of which $981,000 and $1,007,000, respectively, represented net
income of the Company. The decrease in the cash provided by operations was due
in part to an increase in the originations of loans held for sale for the three
months ended March 31, 2001. The Company's primary use of funds is cash used to
originate and purchase loans, purchase of securities available for sale,
repayment of borrowed funds and other financing activities (including decreases
in deposits). During the first three months of 2001 and 2000, the Company's
gross purchases and origination of loans totalled $24.6 million and $19.1
million, respectively. The purchase of securities available for sale for the
three months ended March 31, 2001 and 2000 totalled $5.5 million and $149,000,
respectively. The net decrease in deposits during the first three months of 2000
totalled $2.1 million. The repayment of borrowed funds during the first three
months of 2001 and 2000 totalled $9.5 million and $4.0 million, respectively.
The net change in short-term borrowings during the three months ended March 31,
2001 totalled $5.0 million.  For additional information about cash flows from
the Company's operating, financing and investing activities, see "Statements of
Cash Flows in the Condensed Consolidated Financial Statements."

The OTS regulations require the Company to maintain sufficient liquidity to
ensure its safe and sound operation.

The Company entered into a $2.0 million line of credit agreement on September
21, 2000 with another unaffiliated bank. The Company may use this line of credit
to fund stock repurchases in the future and general corporate purposes. As of
March 31, 2001, there were no borrowings outstanding on this line of credit.

Stockholders' equity totaled $36.5 million at March 31, 2001 compared to $36.4
million at December 31, 2000, reflecting the Company's earnings, stock
repurchases, the amortization of the unallocated portion of shares held by the
ESOP, dividends declared on common stock and the change in the accumulated other
comprehensive loss. The Company repurchased 54,500 shares of common stock during
the three months ended March 31, 2001 at an average price of $20.07.

On January 5, 2001, the Company paid a quarterly cash dividend of $0.125 per
share on common stock outstanding as of the close of business on December 15,
2000, aggregating $240,000. On February 23, 2001, the Company declared a
quarterly cash dividend of $0.15 per share payable on April 6, 2001 to
shareholders of record as of the close of business on March 15, 2001,
aggregating $285,000.

                                        6
<PAGE>
Interest Income. Interest income increased by $510,000 to $7.0 million for the
three months ended March 31, 2001 compared to $6.5 million for the three months
ended March 31, 2000. The increase in interest income was primarily due to
increases in the average balance and average yield on interest earning assets.
The average balance of interest earning assets increased $18.4 million to $367.8
million for the three months ended March 31, 2001 from $349.4 million for the
three months ended March 31, 2000. This increase was primarily due to first
mortgage loans, consumer loans and interest bearing cash, offset by a decrease
in securities available for sale. The increase in the average balance of loans
generally reflects an increase over the past twelve months in originations of
first mortgage loans, second mortgage loans and purchases of first mortgage
loans secured primarily by multi-family, one-to four-family residential and
commercial real estate loans, which were offset in part by payments, sales and
prepayments of loans. See "Financial Condition." The decrease in securities
available for sale reflects maturities, calls and sales, offset in part by
increases in fair market value and purchases. The yield on interest earning
assets increased to 7.68% for the three months ended March 31, 2001 from 7.49%
for the three months ended March 31, 2000. The increase in average yields was
due primarily to an increase in the average balance of loans as compared to the
average balance of interest bearing assets, an increase in the average yield on
loans, offset in part by a decrease in the average yield on securities available
for sale. The average yield on loans increased to 8.02% for the three months
ended March 31, 2001 from 7.79% for the three months ended March 31, 2000. The
average yield on securities available for sale decreased to 5.47% for the three
months ended March 31, 2001 from 5.84% for the three months ended March 31,
2000. The decrease in the average yield on securities available for sale was due
in part to a change in the average yield on Federal Home Loan Bank stock. The
average yield on the Federal Home Loan Bank stock for the three months ended
March 31, 2001 and 2000 was 3.63% and 6.54%, respectively.

Interest Expense. Interest expense increased by $595,000 to $4.4 million for the
three months ended March 31, 2001 compared to $3.8 million for the three months
ended March 31, 2000. The increase in interest expense was primarily due to an
increase in the average balance and average cost of interest bearing
liabilities. The average balance of interest bearing liabilities increased $21.4
million to $340.8 million for the three months ended March 31, 2001 from $319.4
million for the three months ended March 31, 2000. This increase was due
primarily to money market savings accounts and borrowed funds, offset by a
decrease in savings accounts and certificates of deposit. The increase in money
market funds was primarily due to the offering of a premium money market
product. The increase in the borrowed funds was in part to fund the
corresponding asset growth and stock repurchases. The decrease in the
certificates of deposit was due in part to a decrease in the deposits of public
funds. The average cost of interest bearing liabilities increased to 5.21% for
the three months ended March 31, 2001 from 4.74% for the three months ended
March 31, 2000. The increase in the average cost of interest bearing liabilities
was due primarily to an increase in the average cost of certificates of deposit
and borrowed funds resulting from the increase in market interest rates and the
offering of a premium money market product.

Net Interest Income. Net interest income before the provision for loan losses
decreased by $85,000 to $2,659,000 for the three months ended March 31, 2001
from $2,744,000 for the three months ended March 31, 2000. The decrease is due
primarily to decreases in the interest rate spread and the ratio of average
interest earning assets to average interest bearing liabilities. The interest
rate spread (i.e., the difference in the average yield on assets and average
cost of liabilities) decreased to 2.47% for the three months ended March 31,
2001 from 2.75% for the three months ended March 31, 2000. The ratio of average
interest earning assets to average interest bearing liabilities for decreased to
107.93% for the three months ended March 31, 2001 from 109.40% for the three
months ended March 31, 2000.

The following table sets forth certain information relating to the Company's
average balance sheets and reflects the average yield on assets and average cost
of liabilities for the three month periods ended March 31, 2001 and 2000,
respectively.

                                        7
<PAGE>
RESULTS OF OPERATIONS (Continued)
<TABLE>
<CAPTION>
                                                                        For the Three Months Ended March 31,
                                                 ----------------------------------------------------------------------------------
                                                                    2001                                      2000
                                                 ----------------------------------------------------------------------------------
                                                    Average                   Average          Average                    Average
                                                    Balance      Interest    Yield/Cost        Balance      Interest     Yield/Cost
                                                    -------      --------    ----------        -------      --------     ----------
                                                                                  (Dollars in thousands)
<S>                                              <C>           <C>              <C>           <C>           <C>             <C>
Assets:
 Interest-earning assets:
   Loans.....................................    $ 318,647     $   6,373          8.02%       $ 294,708     $   5,736         7.79%
   Securities available for sale.............       39,732           543          5.47           50,379           736         5.84
   Interest bearing cash.....................        9,398           124          5.36            4,297            58         5.36
                                                 ---------     ---------     ---------        ---------     ---------    ---------
     Total interest-earning assets...........      367,777     $   7,040          7.68%         349,384     $   6,530         7.49%
                                                               ---------     ---------                      ---------    ---------
 Noninterest-earning assets..................       18,952                                       17,841
                                                 ---------                                    ---------
     Total assets............................    $ 386,729                                    $ 367,225
                                                 =========                                    =========

Liabilities and Equity:
 Interest-bearing liabilities:
   NOW and money market savings..............    $  56,262     $     387          2.79%       $  46,751     $     247         2.12%
   Passbook savings..........................       21,448            97          1.84           25,952           130         2.01
   Certificates of deposit...................      179,800         2,648          5.97          189,738         2,575         5.44
   Borrowed funds............................       83,259         1,249          6.08           56,952           834         5.80
                                                 ---------     ---------     ---------        ---------     ---------    ---------
 Total interest-bearing liabilities..........      340,769     $   4,381          5.21%         319,393     $   3,786         4.74%
                                                               ---------     ---------                      ---------    ---------

 Noninterest-bearing liabilities.............        9,119                                       11,009
                                                 ---------                                    ---------
     Total liabilities.......................      349,888                                      330,402
 Equity......................................       36,841                                       36,823
                                                 ---------                                    ---------
     Total liabilities and equity ...........    $ 386,729                                    $ 367,225
                                                 =========                                    =========

Net interest income..........................                  $   2,659                                    $   2,744
                                                               =========                                    =========
Net interest rate spread.....................                                     2.47%                                       2.75%
                                                                             =========                                   =========
Net interest margin..........................                                     2.89%                                       3.14%
                                                                             =========                                   =========
Ratio of average interest-earning assets to
 average interest-bearing liabilities........                                   107.93%                                     109.39%
                                                                             =========                                   =========
</TABLE>

Provision for Loan Losses.  The Company's  provision for loan losses was $30,000
for each of the three  months ended March 31, 2001 and 2000,  respectively.  The
Company establishes provisions for loan losses, which are charged to operations,
in order to maintain the allowance for loan losses at a level which is deemed to
be  appropriate  based upon an assessment of a number of factors.  These factors
include prior loss  experience,  industry  standards,  past due loans,  economic
conditions, the volume and type of loans in the Bank's portfolio, which includes
a  significant   amount  of  multi-family  and  commercial  real  estate  loans,
substantially  all of which are purchased and are  collateralized  by properties
located  outside of the Bank's  market area,  and other  factors  related to the
collectibility  of the Bank's loan  portfolio.  The net charge offs were $33,000
for the three  months  ended  March 31,  2001 as  compared to net charge offs of
$18,000 for the three months ended March 31, 2000.  The resulting  allowance for
loan losses was $2.8 million at March 31, 2001,  December 31, 2000 and March 31,
2000. The level of  nonperforming  loans  increased to $1.1 million at March 31,
2001 from $1.0 million at December 31, 2000 and from $762,000 at March 31, 2000.
The increase in the nonperforming  loans is due primarily to one commercial real
estate  mortgage  loan in the amount of $489,000.  Management  believes that the
allowance for loan losses is adequate.  While  management  estimates loan losses
using  the  best  available  information,  such as  independent  appraisals  for
significant  collateral  properties,  no  assurance  can  be  made  that  future
adjustments to the allowance will not be necessary  based on changes in economic
and real estate market conditions,  further information obtained regarding known
problem loans,  identification  of additional  problem loans, and other factors,
both within and outside of management's control.

Noninterest Income.  Total noninterest income increased by $83,000 to $1,039,000
for the three  months  ended March 31, 2001 from  $955,000  for the three months
ended March 31,  2000.  The  increase is due to  increases  in fees and services
charges and  mortgage  banking  income,  offset in part by decreases in abstract
fees and other income.  Fees and services charges increased  $55,000,  primarily
due to increases in overdraft fees.  Mortgage banking income  increased  $70,000
due to an  increase  in  loan  originations.  Other  income  decreased  $41,000,
primarily  due to  decreases in revenues  from the sale of annuities  and mutual
funds,  offset in part by an increase in  revenues  from the sale of  insurance.
Noninterest  income for the three months ended March 31, 2001 reflects  gains on
the sales of securities available for sale of $800, while the three months ended
March 31, 2000 does not include  any gains on the sale of  securities  available
for sale.
                                        8
<PAGE>
RESULTS OF OPERATIONS (Continued)

Noninterest   Expense.   Total  noninterest  expense  increased  by  $61,000  to
$2,174,000  for the three  months ended March 31, 2001 from  $2,113,000  for the
three months ended March 31, 2000. The increase is due primarily to increases in
salaries and employee  benefits and premises and equipment,  offset in part by a
decrease in other expenses.  The increase in salaries and employee benefits were
due in part to normal  salary  increases,  increases as a result of the employee
stock  ownership plan and normal cost  increases.  The increases in premises and
equipment were due in part to increases in utility costs,  real estate taxes and
depreciation.  The decrease in other  expenses were  primarily due to a one time
fee  paid  to the  State  of Iowa in  2000,  not  paid  in  2001.  This  fee was
subsequently  refunded in the second quarter of 2000.  The Company's  efficiency
ratio for the three months ended March 31, 2001 and 2000 were 58.79% and 57.11%,
respectively.  The Company's ratio of noninterest  expense to average assets for
the  three  months  ended  March  31,  2001  and  2000  were  2.25%  and  2.30%,
respectively.

Income Taxes. Income taxes decreased by $37,000 to $513,000 for the three months
ended March 31, 2001 as compared to $550,000 for the three months ended March
31, 2000, primarily due to a decrease in net income before income taxes.

Net Income. Net income decreased by $26,000 to $981,000 for the three months
ended March 31, 2001, as compared to $1,007,000 for the same period in 2000.


ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In management's opinion, there has not been a material change in market risk
from December 31, 2000 as reported in Item 7A of the Annual Report on Form 10-K.

                                        9
<PAGE>
                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

         Not applicable

Item 2.  Changes in Securities and Use of Proceeds

         Not applicable

Item 3.  Defaults Upon Senior Securities

         Not applicable

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

         Exhibit 10.1 Amendment number one to the North Central Bancshares, Inc.
                      Stock Option Plan

         Exhibit 99.1 Press  Release,  dated  February 23, 2001  (regarding the
                      declaration of a dividend).

         Exhibit 99.2 Press Release, dated March 30, 2001 (regarding repurchase
                      program).

         Exhibit 99.3 Press Release, dated April 20, 2001 (regarding 2001 1st
                      Quarter earnings)

         (b) Reports on Form 8-K

         None

                                       10
<PAGE>
                                   SIGNATURES

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


                                   NORTH CENTRAL BANCSHARES, INC.

DATE: May 14, 2001                 BY: /s/ David M. Bradley
                                       -----------------------------------------

                                       David M. Bradley, Chairman, President and
                                       Chief Executive Officer


DATE: May 14, 2001                      /s/ John L. Pierschbacher
                                        ----------------------------------------

                                       John L. Pierschbacher, CPA
                                       Principal Financial Officer

                                       11