UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

                For the quarterly period ended September 30, 1999

 [  ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934

                       For the transition period from to

                       Commission File Number 000-24907

                                IBL BANCORP, INC.
        (Exact name of small business issuer as specified in its charter)

         LOUISIANA                                      72 - 1421499
         ---------                                      ------------
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                       Identification No.)

               23910 RAILROAD AVENUE, PLAQUEMINE, LOUISIANA 70764
               --------------------------------------------------
                    (Address of principal executive offices)

         Issuer's telephone number, including area code: (225) 687-6337

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period  that the issuer was  required  to file such  reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Shares of common stock, par value $.01 per share, outstanding as of
November 5, 1999: 210,870

Transitional Small Business Disclosure Format (check one):
YES [  ]   NO [ X ]
<PAGE>
                                IBL Bancorp, Inc.

                                   Form 10-QSB

                        Quarter Ended September 30, 1999

                         PART I - FINANCIAL INFORMATION

Interim Financial  Information required by Rule 10-01 of Regulation S-X and Item
303 of Regulation S-B is included in this Form 10-QSB as referenced below:

Item 1 - Financial Statements

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION AT                         PAGE
                                                                          ----
September 30, 1999 (Unaudited) and December 31, 1998...................     3

Consolidated Statements Of Income and Comprehensive Income (Unaudited)
For the Three and Nine Months Ended September 30, 1999 and 1998........     4

Consolidated Statements Of Changes in Shareholders' Equity (Unaudited)
For The Nine Months Ended September 30, 1999 and 1998..................     6

Consolidated Statements Of Cash Flows (Unaudited) For the
Nine Months Ended September 30, 1999 and 1998..........................     7

Notes to Consolidated Financial Statements.............................     8

Item 2     - Management's Discussion and Analysis or Plan
                  of Operations........................................    10

                           PART II - OTHER INFORMATION

Item 1     - Legal Proceedings.........................................    17
Item 2     - Changes in Securities and Use of Proceeds.................    17
Item 3     - Defaults Upon Senior Securities...........................    17
Item 4     - Submission of Matters to a Vote of Security Holders.......    17
Item 5     - Other Information.........................................    17
Item 6     - Exhibits and Reports on Form 8-K..........................    17

Signatures.............................................................    18

                                       2
<PAGE>
<TABLE>
<CAPTION>
                                    IBL BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                         SEPTEMBER 30, 1999 AND DECEMBER 31, 1998

                                                            September 30,
                                                                1999         December 31,
                                                             (UNAUDITED)          1998
                                                           ------------     ------------
<S>                                                        <C>              <C>
ASSETS
Cash and amounts due from depository institutions........  $    589,343     $    177,068
Interest-bearing deposits in other institutions..........     2,561,032        1,681,430
                                                           ------------     ------------
  Total cash.............................................     3,150,375        1,858,498
                                                           ------------     ------------
Time deposits............................................     1,301,000          795,000
                                                           ------------     ------------
Mortgage-backed securities held-to-maturity (estimated
 market value $2,108,823 and $2,116,824).................     2,155,995        2,122,507
Mortgage-backed securities available-for-sale (amortized
 cost $3,534,639 and $1,454,057).........................     3,532,154        1,453,613
                                                           ------------     ------------
  Total investment securities............................     5,688,149        3,576,120
                                                           ------------     ------------
Loans receivable.........................................    18,699,984       17,620,600
Less allowance for loan losses...........................       405,329          411,621
                                                           ------------     ------------
  Loans receivable, net..................................    18,294,655       17,208,979
                                                           ------------     ------------
Premises and equipment, net..............................       157,467          154,179
Federal Home Loan Bank stock, at cost....................       177,700          170,800
Accrued interest receivable..............................       108,596           74,242
Other assets.............................................        74,838           40,200
                                                           ------------     ------------
  Total assets...........................................  $ 28,952,780     $ 23,878,018
                                                           ============     ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits.................................................  $ 23,688,799     $ 19,898,684
Advances from Federal Home Loan Bank.....................     1,645,000          495,000
Advances by borrowers for taxes and insurance............        11,852           12,781
Income taxes payable.....................................             -           39,388
Other liabilities and deferrals..........................        82,167           49,570
                                                           ------------     ------------
  Total liabilities......................................    25,427,818       20,495,423
                                                           ------------     ------------
Commitments and contingencies............................             -                -
                                                           ------------     ------------
Preferred stock $.01 par, 2,000,000 shares authorized....             -                -
Common stock - $.01 par, 5,000,000 shares authorized,
 210,870 shares issued...................................         2,109            2,109
Additional paid-in capital...............................     1,739,885        1,740,254
Unearned ESOP shares.....................................      (151,821)        (165,971)
Retained earnings - substantially restricted.............     1,936,429        1,806,496
Accumulated other comprehensive loss.....................        (1,640)            (293)
                                                           ------------     ------------
  Total stockholders' equity.............................     3,524,962        3,382,595
                                                           ------------     ------------
  Total liabilities and equity...........................  $ 28,952,780     $ 23,878,018
                                                           ============     ============
</TABLE>
The accompanying notes are an integral part of these financial statements.

                                        3
<PAGE>
<TABLE>
<CAPTION>
                                       IBL BANCORP, INC.
                               CONSOLIDATED STATEMENTS OF INCOME
                                   AND COMPREHENSIVE INCOME
                    Three and nine months ended september 30, 1999 and 1998

                                            ---Three months ended---  ---Nine months ended---
                                              09/30/99    09/30/98      09/30/99    09/30/98
                                            (unaudited) (unaudited)   (unaudited) (unaudited)
                                            -----------------------   -----------------------
<S>                                         <C>         <C>           <C>         <C>
INTEREST INCOME
Loans.......................................$  366,768  $  348,942    $1,098,511  $1,082,912
Mortgage-backed securities..................    80,766      52,585       192,107     171,274
FHLB stock and other securities.............     2,430       2,639         7,012      10,911
Deposits....................................    49,873      22,594       123,423      52,228
                                            ----------  ----------    ----------  ----------
  Total interest income.....................   499,837     426,760     1,421,053   1,317,325
                                            ----------  ----------    ----------  ----------
INTEREST EXPENSE
Deposits

 Interest-bearing demand deposit accounts...    24,007      22,026        65,048      70,171
 Passbook savings accounts..................    22,478      29,416        70,415      79,580
 Certificate of deposit accounts............   188,599     182,504       542,555     533,492
                                            ----------  ----------    ----------  ----------
  Total interest on deposits................   235,084     233,946       678,018     683,243
Advances from Federal Home Loan Bank........     9,945           -        21,349      11,284
                                            ----------  ----------    ----------  ----------
  Total interest expense....................   245,029     233,946       699,367     694,527
                                            ----------  ----------    ----------  ----------
  Net interest income.......................   254,808     192,814       721,686     622,798
Provision for losses on loans...............     1,744       3,000         7,604      17,960
                                            ----------  ----------    ----------  ----------
NET INTEREST INCOME AFTER PROVISION FOR
 LOSSES ON LOANS............................   253,064     189,814       714,082     604,838
                                            ----------  ----------    ----------  ----------
NON-INTEREST INCOME
Service charges on deposit accounts.........    20,516      23,936        59,684      64,871
Other.......................................     4,646       3,389        13,538      10,318
                                            ----------  ----------    ----------  ----------
  Total non-interest income.................    25,162      27,325        73,222      75,189
                                            ----------  ----------    ----------  ----------
NON-INTEREST EXPENSES
Compensation and benefits...................    89,470      89,215       276,269     253,461
Occupancy ..................................     6,576       6,446        19,375      19,198
Furniture and equipment ....................    11,136       6,167        24,850      18,275
Deposit insurance premium...................     3,170       3,092         9,468       9,301
Data processing.............................    21,288      15,721        59,923      55,307
Legal and other professional................    14,723       7,200        59,254      21,600
Advertising.................................     4,536       4,052        11,474      12,789
Office supplies and postage.................     9,313       8,907        25,010      24,571
Other general and administrative............    15,712      13,946        59,845      43,149
                                            ----------  ----------    ----------  ----------
  Total non-interest expenses...............   175,924     154,746       545,468     457,651
                                            ----------  ----------    ----------  ----------
</TABLE>
Continued. . .
                                       4
<PAGE>
<TABLE>
<CAPTION>
                                            ---Three months ended---  ---Nine months ended---
                                              09/30/99    09/30/98      09/30/99    09/30/98
                                            (unaudited) (unaudited)   (unaudited) (unaudited)
                                            -----------------------   -----------------------
<S>                                         <C>         <C>           <C>         <C>
INCOME BEFORE PROVISION FOR INCOME TAXES....$  102,302  $   62,393    $  241,836  $  222,376
PROVISION FOR INCOME TAXES..................    37,797      25,274        88,179      85,843
                                            ----------  ----------    ----------  ----------
NET INCOME..................................$   64,505  $   37,119    $  153,657  $  136,533
                                            ==========  ==========    ==========  ==========

Basic earnings per share....................$     .33   $        -    $     .79   $        -
                                            ==========  ==========    ==========  ==========

COMPREHENSIVE INCOME
Net income..................................$   64,505  $   37,119    $  153,657  $  136,533
                                            ----------  ----------    ----------  ----------
Other comprehensive income
  Unrealized holding gains (losses) on
   securities during the period.............    19,607       9,267        (2,041)      4,995
  Income tax expense (benefit) related to
   unrealized holding gains (losses)........     6,666       3,150          (694)      1,698
                                            ----------  ----------    ----------  ----------
Other comprehensive income (loss), net of
  tax effects...............................    12,941       6,117        (1,347)      3,297
                                            ----------  ----------    ----------  ----------
Comprehensive income........................$   77,446  $   43,236    $  152,310  $  139,830
                                            ==========  ==========    ==========  ==========

</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                       5
<PAGE>
<TABLE>
<CAPTION>
                                                    IBL BANCORP, INC.
                                CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                      Nine months ended september 30, 1999 and 1998

                                                                                      Retained    Accumulated
                                                                                      Earnings -     Other
                                                            Additional    Unearned     Substan-      Compre-
                                                 Common     Paid - In      ESOP         tially      hensive       Total
                                                 Stock       Capital      Shares     Restricted     Income       Equity
                                                --------   ----------   ----------   ----------   ----------   ----------
<S>                                            <C>         <C>          <C>          <C>          <C>          <C>
BALANCE, DECEMBER 31, 1997, AS PREVIOUSLY
 REPORTED. . . . . . . . . . . . . . . . .     $       -   $        -   $        -   $1,638,709   $    2,949   $1,641,658
Prior period adjustment. . . . . . . . . .             -            -            -      (19,698)           -      (19,698)
                                                --------   ----------   ----------   ----------   ----------   ----------
BALANCE, DECEMBER 31, 1997, AS RESTATED. .             -            -            -    1,619,011        2,949    1,621,960
                                                --------   ----------   ----------   ----------   ----------   ----------
COMPREHENSIVE INCOME (UNAUDITED)
Net income . . . . . . . . . . . . . . . .             -            -            -      136,533            -      136,533
Other comprehensive income, net of tax
  Unrealized losses on securities. . . . .             -            -            -            -        3,297        3,297
                                                --------   ----------   ----------   ----------   ----------   ----------
  Comprehensive income . . . . . . . . . .             -            -            -      136,533        3,297      139,830
                                                --------   ---------    ----------   ----------   ----------   ----------
Proceeds from issuance of common stock . .         2,109    1,744,811            -            -            -    1,746,920
Acquisition of unearned ESOP shares. . . .             -            -     (168,690)           -            -     (168,690)
                                                --------    ---------    ---------    ---------   ----------   ----------
BALANCE, SEPTEMBER 30, 1998 (UNAUDITED). .     $   2,109   $1,744,811   $ (168,690)  $1,755,544   $    6,246   $3,340,020
                                               =========   ==========   ==========   ==========   ==========   ==========

BALANCE, DECEMBER 31, 1998                     $   2,109   $1,740,254   $ (165,971)  $1,806,496   $     (293)  $3,382,595
                                               ---------   ----------   ----------   ----------   ----------   ----------
COMPREHENSIVE INCOME (UNAUDITED)
Net income . . . . . . . . . . . . . . . .             -            -            -      153,657            -      153,657
Other comprehensive income, net of tax
  Unrealized losses on securities. . . . .             -            -            -            -       (1,347)      (1,347)
                                                --------    ---------    ---------   ----------   ----------   -----------
  Comprehensive income . . . . . . . . . .             -            -            -      153,657       (1,347)     152,310
                                                --------    ---------    ---------   ----------   ----------   -----------
ESOP shares released for allocation. . . .             -         (369)      14,150            -            -       13,781
Dividends. . . . . . . . . . . . . . . . .             -            -            -      (23,724)           -      (23,724)
                                                --------    ---------    ---------    ---------   ----------   -----------
BALANCE, SEPTEMBER 30, 1999 (UNAUDITED). .     $   2,109   $1,739,885   $ (151,821)  $1,936,429   $   (1,640)  $3,524,962
                                               ==========  ==========   ==========   ==========   ==========   ==========
</TABLE>
   The accompanying notes are an integral part of these financial statements.

                                       6
<PAGE>
<TABLE>
<CAPTION>
                                   IBL BANCORP, INC.
                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                     Nine months ended september 30, 1999 and 1998

                                                              1999           1998
                                                           (Unaudited)    (Unaudited)
                                                           ----------     ----------
<S>                                                        <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income...............................................  $  153,657     $  136,533
                                                           ----------     ----------
Adjustments to reconcile net income to
  net cash provided by operating activities:
  Depreciation...........................................      19,512         15,944
  Provision for loan losses..............................       7,604         18,000
  ESOP contribution......................................      13,781              -
  Provision for deferred federal income tax credit.......      (2,666)       (26,107)
  Amortization of net premium on investment and mortgage-
   backed securities.....................................      14,073         22,567
  Net discount charged on installment loans..............      13,023         35,379
  Net loan fees deferred (recognized)....................       1,911         (1,539)
  Stock dividends from Federal Home Loan Bank............      (6,900)       (10,300)
  Net decrease (increase) in interest receivable.........     (34,354)         1,347
  Net increase in other assets...........................     (16,263)       (18,444)
  Net increase (decrease) in interest payable............      (9,486)          (453)
  Net decrease in income taxes payable..................      (54,403)        (9,676)
  Net increase in other liabilities......................      32,597         85,791
                                                           ----------     ----------
    Total adjustments....................................     (21,571)       112,509
                                                           ----------     ----------
Net cash provided by operating activities................     132,086        249,042
                                                           ----------     ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans receivable.........................  (1,118,714)      (244,564)
Purchases of securities available-for-sale...............  (2,440,995)      (119,776)
Principal payments received on mortgage-backed securities
 available-for-sale......................................     353,790        442,431
Purchases of securities held-to-maturity.................    (450,495)             -
Proceeds from sale of foreclosed assets..................      10,500              -
Principal payments received on mortgage-backed securities
 to be held-to-maturity..................................     409,557        487,421
Maturity of U.S. government obligation...................           -         15,152
Purchases of office property and equipment...............     (22,800)       (13,243)
Certificates of deposits acquired........................    (606,000)             -
Maturity of certificates of deposit......................     100,000              -
Proceeds from sale of Federal Home Loan Bank stock.......           -        205,000
                                                           ----------     ----------
Net cash provided by (used in) investing activities......  (3,765,157)       772,421
                                                           ----------     ----------

</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                        <C>            <C>
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts.........................   3,799,601        193,671
Net decrease in advances by borrowers for taxes
 and insurance...........................................        (929)        (3,545)
Cash dividends...........................................     (23,724)             -
Advances from Federal Home Loan Bank.....................   1,150,000              -
Repayment of advances from Federal Home Loan Bank........           -       (610,000)
Net proceeds from sale of common stock...................           -      1,746,920
Unearned ESOP shares acquired............................           -       (168,690)
                                                           ----------     ----------
Net cash provided by financing activities................   4,924,948      1,158,356
                                                           ----------     ----------
NET INCREASE IN CASH.....................................   1,291,877      2,179,819
Cash - beginning of period...............................   1,858,498      1,110,208
                                                           ----------     ----------
Cash - end of period.....................................  $3,150,375     $3,290,027
                                                           ==========     ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.

                                        7
<PAGE>
                                IBL BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                               September 30, 1999

A:       BASIS OF PRESENTATION

         The accompanying consolidated financial statements for the period ended
September 30, 1999 include the accounts of IBL Bancorp, Inc. (the "Company") and
its wholly  owned  subsidiary,  Iberville  Building  and Loan  Association  (the
"Association").  Currently,  the business and management of IBL Bancorp, Inc. is
primarily  the business  and  management  of the  Association.  All  significant
intercompany   transactions   and   balances   have  been   eliminated   in  the
consolidation.

         On June 16, 1998, the  Association  incorporated  IBL Bancorp,  Inc. to
facilitate  the  conversion  of the  Association  from mutual to stock form (the
"Conversion"). In connection with the Conversion, the Company offered its common
stock to the depositors and borrowers of the Association as of specified  dates,
to an employee stock ownership plan and to members of the general  public.  Upon
consummation  of the Conversion on September 30, 1998, all of the  Association's
outstanding  common  stock was issued to the  Company,  the  Company  became the
holding  company for the  Association  and the Company  issued 210,870 shares of
common stock.

         The  Company  filed  a Form  SB-2  with  the  Securities  and  Exchange
Commission  ("SEC") on June 24, 1998, which as amended was declared effective by
the SEC on August 12, 1998. The  Association  filed a Form AC with the Office of
Thrift Supervision ("0TS") and the Office of Financial  Institutions  ("OFI") on
or about June 24, 1998. The Form AC and related offering and proxy materials, as
amended,  were  conditionally  approved by the OTS by letters dated August 5 and
August 12, 1998 and the OFI by letter dated  August 14,  1998.  The Company also
filed an Application  H-(e) 1-S with the Midwest  Regional Office of the OTS and
the OFI on or about July 1, 1998, which was conditionally approved by the OTS by
letter dated August 5, 1998 and the OFI by letter dated August 14, 1998.

         The members of the  Association  approved the Plan at a special meeting
held on September 22, 1998, and the subscription  and community  offering closed
on September 16, 1998.

         The Conversion  was accounted for under the pooling of interest  method
of accounting.  In the  Conversion,  the Company issued 210,870 shares of common
stock,  including  16,869 shares  acquired by its Employee Stock Ownership Plan,
and the  Association  issued  1,000 shares of $.01 par value common stock to the
Company.

         The  accompanying  consolidated  unaudited  financial  statements  were
prepared in accordance with instructions for Form 10-QSB and, therefore,  do not
include  information  or  footnotes  necessary  for a complete  presentation  of
financial  position,  results of operations  and cash flows in  conformity  with
generally accepted accounting principles.  However, all adjustments  (consisting
only of normal  recurring  accruals)  which,  in the opinion of management,  are
necessary for a fair presentation of the consolidated  financial statements have
been included. The results of operations for the nine months ended September 30,
1999 are not  necessarily  indicative of the results to be expected for the year
ending December 31, 1999.


                                        8
<PAGE>
B:       EMPLOYEE STOCK OWNERSHIP PLAN

         The  Company  sponsors  a  leveraged   employee  stock  ownership  plan
(ESOP)that  covers all  employees who have at least one year of service with the
Company. The ESOP shares initially were pledged as collateral for the ESOP debt.
The debt is being  repaid  based on a ten-year  amortization  and the shares are
released for allocation to active  employees  annually over the ten-year period.
The shares  pledged as  collateral  are deducted  from  stockholders'  equity as
unearned ESOP shares in the accompanying balance sheets.

         As  shares  are  released   from   collateral,   the  Company   reports
compensation expense equal to the current market price of the shares.  Dividends
on  allocated  ESOP shares are  recorded as a  reduction  of retained  earnings;
dividends on  unallocated  ESOP shares are applied to the ESOP debt and recorded
as a reduction of unearned ESOP shares.  ESOP  compensation  expense was $13,781
for the nine months ended September 30, 1999.

C:       EARNINGS PER SHARE

The computation of basic earnings per share includes  reported net income in the
numerator and the weighted  average number of shares  outstanding of 194,853 for
the nine months ended  September  30, 1999 and 195,272 for the three months then
ended in the denominator. Because there were no potentially dilutive outstanding
common shares at September 30, 1999,  there is no difference in the  computation
of basic and fully-diluted earning per share.

Earnings per share for periods  ending on or before  September  30, 1998 are not
considered  meaningful as the Conversion was not completed  until  September 30,
1998.



                                       9
<PAGE>
                        IBL BANCORP, INC. AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

         The following discussion compares the consolidated  financial condition
of IBL Bancorp,  Inc. and  Subsidiary at September 30, 1999 to December 31, 1998
and the results of operations for the three and nine months ended  September 30,
1999 with the same periods in 1998.  Currently,  the business and  management of
IBL Bancorp,  Inc. is primarily the business and management of the  Association.
This  discussion  should be read in  conjunction  with the interim  consolidated
financial statements and footnotes included herein.

          This  quarterly  report on Form 10-QSB  includes  statements  that may
constitute forward-looking  statements,  usually containing the words "believe",
"estimate", "expect", "intend" or similar expressions. These statements are made
pursuant to the safe harbor  provisions  of the  Private  Securities  Litigation
Reform Act of 1995.  Forward-looking  statements  inherently  involve  risks and
uncertainties  that could cause actual results to differ  materially  from those
reflected  in the  forward-looking  statements.  Factors that could cause future
results to vary from current  expectations  include, but are not limited to, the
following:  changes in economic conditions (both generally and more specifically
in the  markets  in which the  Company  operates);  changes in  interest  rates,
deposit  flows,  loan demand,  real estate  values and  competition;  changes in
accounting principles,  policies or guidelines and in government legislation and
regulation  (which  change  from time to time and over which the  Company has no
control);  and other risks detailed in this quarterly  report on Form 10-QSB and
the Company's  other  Securities and Exchange  Commission  filings.  Readers are
cautioned not to place undue reliance on these forward-looking statements, which
reflect management's analysis only as of the date hereof. The Company undertakes
no obligation  to publicly  revise these  forward-looking  statements to reflect
events or circumstances that arise after the date hereof.

          IBL  Bancorp,  Inc.  is  the  holding  company  for  the  Association.
Substantially  all of the  Company's  assets  are  currently  held  in,  and its
operations  are conducted  through,  its sole  subsidiary the  Association.  The
Company's  business consists  primarily of attracting  deposits from the general
public and using such  deposits to make loans for the purchase and  construction
of residential  properties.  The Company also originates  commercial real estate
loans and various types of consumer loans.

Changes in financial condition

         The  Company's  total assets  increased  $5,075,000 or 21.3% from $23.9
million at December  31,  1998 to $29.0  million at  September  30,  1999.  This
increase was primarily  due to increases of $1,086,000 in net loan  receivables,
$506,000 in time deposits, $2,112,000 in investment securities and $1,292,000 in
cash and cash  equivalents.  The increase in cash and cash  equivalents  was due
primarily to the  Association  beginning to participate in deposits from various
local  government  entities and a single large deposit of $1,250,000.  These new
deposits  received from other  entities  were then invested in  interest-earning
assets at other institutions at a positive spread.


                                       10
<PAGE>
          Interest-bearing  deposits in other institutions increased by $880,000
or 52.3% from  $1,681,000  at December 31, 1998 to  $2,561,000  at September 30,
1999. This increase was primarily due to the increased  deposits the Association
received.

         Time deposits  increased by $506,000 or 63.6% from $795,000 at December
31, 1998 to $1,301,000 at September 30, 1999. This increase was primarily due to
the purchase of short-term  certificates  of deposit  funded by increases in the
Association's deposit growth and proceeds remaining from the stock conversion.

         Management   anticipates   using  this  increased   liquidity  to  fund
additional  loan growth and has  staggered  the  maturities  of time deposits to
provide for additional liquidity needs.

         The  mortgage-backed  securities  portfolio  increased by $2,112,000 or
59.1% from  $3,576,000 at December 31, 1998 to $5,688,000 at September 30, 1999,
due to purchases of $2,668,000 in the first nine months of 1999.

         The  demand  for  mortgage  loans  in  the  Association's  market  area
increased  during  the  past  nine  months.  The net  loan  portfolio  increased
$1,086,000  or 6.3% from  $17,209,000  at December  31, 1998 to  $18,295,000  at
September 30, 1999. This increase consisted mainly of single-family  residential
mortgage loans.

         Deposits  increased by $3,790,000 or 19.0% from $19,899,000 at December
31,1998 to $23,689,000 at September 30, 1999.  This increase is primarily due to
the  Association  beginning  to  participate  in  deposits  from  various  local
government entities and a single large deposit of $1,250,000.

          Advances from Federal Home Loan Bank increased by $1,150,000 or 232.3%
from $495,000 at December 31, 1998 to  $1,645,000  at September  30, 1999.  This
increase in advances was used to purchase  mortgage-backed  securities,  some of
which are  pledged as  collateral  against  governmental  deposits  in excess of
$100,000.

          Total stockholders'  equity increased by $142,000 during the past nine
months.  Net income of $154,000 and a $14,000  decrease in unearned  ESOP shares
increased  stockholders'  equity during the period. These factors were offset by
the payment of three quarterly dividends totaling $24,000, an increase of $1,500
in unrealized  losses on  available-for-sale  investment  securities  and a $500
decrease in additional paid-in capital during this period.  Stockholders' equity
at September 30, 1999 totaled  $3,525,000  or 12.2% of total assets  compared to
stockholders'  equity of  $3,383,000  or 14.2% of total  assets at December  31,
1998.

         The Association's  total classified  assets for regulatory  purposes at
September 30, 1999 (excluding loss assets specifically reserved for) amounted to
$428,000,  all of which was classified as  substandard.  The largest  classified
asset at September 30, 1999 consisted of a $72,000  adjustable-rate  residential
loan.  The  remaining  $356,000  of  substandard  assets at  September  30, 1999
consisted of 11  residential  mortgage  loans  totaling  $325,000 and 5 consumer
loans totaling $31,000.

Results of Operations

         The  profitability of the Company depends primarily on its net interest
income,  which  is

                                       11
<PAGE>
the difference between interest and dividend income on interest-earning  assets,
principally loans,  mortgage-backed  securities,  and investment securities, and
interest  expense on  interest-bearing  deposits  and  borrowings.  Net interest
income is  dependent  upon the level of  interest  rates and the extent to which
such rates are changing.  The Company's  profitability  also is dependent,  to a
lesser  extent,  on the level of its  non-interest  income,  provision  for loan
losses,  non-interest  expense  and  income  taxes.  In the  nine  months  ended
September 30, 1999 and 1998, net interest income after provision for loan losses
exceeded total  non-interest  expense.  Total  non-interest  expense consists of
general,  administrative and other expenses,  such as compensation and benefits,
furniture and equipment expense,  federal insurance premiums,  and miscellaneous
other expenses.

         Net income increased by $27,000 or 73.8% in the quarter ended September
30, 1999 and  increased by $17,000 or 12.5% in the nine months  ended  September
30, 1999 compared to the respective 1998 periods.  The increase in the September
30, 1999 quarter was due to an increase in total interest  income of $73,000 and
a  decrease  in  provision  for losses on loans of $1,000.  These  factors  were
primarily offset by an increase in non-interest  expense of $21,000, an increase
in provision for income tax of $13,000, an increase of total interest expense of
$11,000,  and a decrease in  non-interest  income of $2,000.  The  increased net
income  for the  nine-month  period  ending  September  30,  1999  was due to an
increase in total  interest  income of $104,000 and a decrease in provision  for
losses on loans of $10,000.  These factors were primarily  offset by an increase
in total non-interest  expense of $88,000, an increase in total interest expense
of $5,000, an increase in provision for income tax of $2,000,  and a decrease in
non-interest income of $2,000.

          The $62,000  increase in net interest  income in the third  quarter of
1999 was  primarily  due to  increases  in  interest-earning  assets  funded  by
increased  deposits and advances  from Federal Home Loan Bank.  This increase in
net  interest  income  can also be  attributed  to an  increase  in the  average
interest rate spread from 2.93% in the quarter ended September 30, 1998 to 3.15%
in the third quarter of 1999. The average rate on  interest-bearing  liabilities
decreased  from 4.41% in the third quarter of 1998 to 3.88% in the third quarter
of 1999, while the average yield on interest-earning assets decreased from 7.34%
to 7.03% over the same period.  The decreased  yield on assets was primarily due
to  lower  yields  on  the  Association's  adjustable-rate  mortgage  loans  and
adjustable-rate  mortgage-backed  securities.  This  decrease in asset yield can
also be  attributed  to higher  balances of time  deposits and  interest-earning
deposits in other institutions,  which traditionally have a rate of return lower
than loans.

         The $99,000 increase in net interest income in the first nine months of
1999  compared  to the  first  nine  months  of 1998 was also  primarily  due to
increases in interest-earning assets funded by increased deposits, advances from
Federal Home Loan Bank and net proceeds remaining from the stock conversion. The
higher  average  balances  were  partially  offset by a decrease  in the average
interest  rate spread from 3.14% in the  nine-month  period ended  September 30,
1998 to 3.09% in the  nine-month  period ended  September 30, 1999.  The average
rate on  interest-bearing  liabilities  decreased  from  4.41% in the first nine
months of 1998 to 3.97% in the first  nine  months  of 1999,  while the  average
yield on  interest-earning  assets  decreased  from 7.55% to 7.06% over the same
period.  The decreased  yield on assets was primarily due to lower yields on the
Association's adjustable-rate mortgage loans and adjustable-rate mortgage-backed
securities.

         Total  interest  income  increased  by $73,000 or 17.1% in the  quarter
ended  September  30,


                                       12
<PAGE>
1999 and increased $104,000 or 7.9% for the nine months ended September 30, 1999
over the comparable 1998 periods due to higher balances, offset by lower yields.

          Total  interest  expense  increased by $11,000 or 4.7% for the quarter
ended  September 30, 1999 and increased  $5,000 or .7% for the nine months ended
September 30, 1999 compared to the respective 1998 periods.  The increase in the
1999 quarter was  primarily  due to an increase in interest paid on Federal Home
Loan Bank advances of $10,000 and an increase in total  interest paid on deposit
accounts of $1,000. The increase in the nine-month period was primarily due to a
$10,000 increase in interest paid on Federal Home Loan Bank advances,  offset by
a $5,000 decrease in total interest on deposits  resulting from a decline in the
average rate paid on deposits.  The average rate paid on deposits decreased from
4.38% in the first  nine  months of 1998 to 3.97% in the  first  nine  months of
1999.

          The provision for loan losses  decreased by $1,000 for the quarter and
decreased  $10,000  for the  nine  months  ended  September  30,  1999  from the
comparable  1998  periods.  At  September  30,  1999,  the  Association's  total
non-accruing loans amounted to $193,000.  The allowance for loan losses amounted
to $405,000 at September 30, 1999,  representing 2.2% of the total loans held in
portfolio and 209.8% of total  non-accruing  loans at such date. The analysis of
the provision for loan losses led to the conclusion  that the allowance for loan
losses was sufficient in light of no charge-offs in the quarter ended  September
30, 1999 and the current asset quality of the loan portfolio.

          Non-interest  income  decreased by $2,000 or 7.9% in the quarter ended
September  30,  1999  and  decreased  $2,000  or 2.6% in the nine  months  ended
September 30, 1999 from the comparable 1998 periods. The decrease in the quarter
was primarily due to a decrease in service charges on deposit accounts of $3,000
offset mainly by an increase in commission  on credit  insurance of $1,000.  The
decrease in the nine months  ended  September  30, 1999 was  primarily  due to a
decrease in service  charges on deposit  accounts of $5,000  offset mainly by an
increase in commissions on credit insurance of $3,000.

          Non-interest  expenses  increased  by $21,000 or 13.7% in the  quarter
ended  September  30, 1999 and  increased by $88,000 or 19.2% in the nine months
ended September 30, 1999 over the comparable  1998 periods.  The increase in the
quarter  was   primarily   due  to  increases  of  $8,000  in  legal  and  other
professional,  $6,000 in data processing,  $5,000 in furniture and equipment and
$2,000 in general and  administrative  expenses.  The increase in the nine-month
period  was   primarily   due  to  increases  of  $38,000  in  legal  and  other
professional,  $23,000 in  compensation  and  benefits,  $17,000 in general  and
administrative,  $6,000 in furniture and equipment and $5,000 in data processing
expenses.  These increases in non-interest  expenses were partially  offset by a
$1,000 decrease in advertising.

         The increase of $38,000 in legal and other professional expense for the
nine months ended September 30, 1999 was primarily caused by increased legal and
accounting fees associated with the preparation of our first year's reports as a
public entity.  Of this increase,  $13,000 was costs  associated with accounting
work preformed in 1999 for our 1998 annual audit.

         The  increase  of $23,000 in  compensation  and  benefits  for the nine
months ended  September  30, 1999 was  primarily  due to increases of $11,000 in
other  employee  benefits,  $8,000 in  compensation  of officers and  employees,
$9,000 in ESOP contribution, $1,000 in payroll taxes and $4,000 in contributions
to employee retirement plan expenses. These increases

                                       13
<PAGE>
were partially offset by a decrease of $10,000 in compensation of directors. The
$11,000  increase in other  employee  benefits in the  nine-month  period ending
September  30, 1999 is partially  inflated due to the receipt of a $5,000 rebate
of premiums from our employee health insurance carrier during the same period in
1998.

         The  increase in  provision  for income  taxes is due  primarily to the
increases  in pre-tax  earnings  in both the  quarter  and the nine moths  ended
September 30, 1999.

Liquidity and Capital Resources

         The  Association is required under  applicable  federal  regulations to
maintain  specified  levels of "liquid"  investments in qualifying types of U.S.
Government, federal agency and other investments having maturities of up to five
years.  Current OTS  regulations  require  that a savings  institution  maintain
liquid  assets  of  not  less  than  4% of  its  average  daily  balance  of net
withdrawable  deposit  accounts and  borrowings  payable in one year or less. At
September  30, 1999,  the  Association's  liquidity was 18.1% or $3.2 million in
excess of the minimum OTS requirement.

         The Association is required to maintain  regulatory  capital sufficient
to meet tangible,  core and risk-based  capital ratios of 1.5%,  4.0%, and 8.0%,
respectively. At September 30, 1999, the Association's tangible and core capital
both amounted to $2.8 million or 9.9% of adjusted total assets of $28.3 million,
and the  Association's  risk-based  capital amounted to $3.0 million or 21.3% of
adjusted risk-weighted assets of $14.1 million.

         As of  September  30,  1999,  the  Association's  unaudited  regulatory
capital requirements are as indicated in the following table:
<TABLE>
<CAPTION>
                                                   (Dollars In Thousands)
                                           TANGIBLE         CORE      RISK-BASED
                                            CAPITAL       CAPITAL       CAPITAL
                                             ------        ------        ------
<S>                                          <C>           <C>           <C>
GAAP Capital .........................       $2,815        $2,816        $2,816

Additional Capital Items:
    General Valuation Allowances .....         --            --             177
                                             ------        ------        ------
Regulatory Capital Computed ..........        2,815         2,816         2,993

Minimum Capital Requirement ..........          425         1,134         1,125
                                             ------        ------        ------
Regulatory Capital Excess ............       $2,390        $1,682        $1,868
                                             ======        ======        ======
Regulatory Capital as a
     Percentage ......................         9.93%         9.93%        21.28%

Minimum Capital Required
     as a Percentage .................         1.50%         4.00%         8.00%
                                             ------        ------        ------
Regulatory Capital as a
  Percentage in Excess
    of Requirements ..................         8.43%         5.93%        13.28%
                                             ======        ======        ======
</TABLE>
                                       14
<PAGE>
         Based on the above capital ratios,  the Association  meets the criteria
for a "well  capitalized"  institution at September 30, 1999. The  Association's
management  believes that under the current  regulations,  the Association  will
continue to meet its minimum capital  requirements  in the  foreseeable  future.
However,  events  beyond  the  control  of the  Association,  such as  increased
interest  rates or a downturn in the economy of the  Association's  area,  could
adversely  affect  future  earnings  and   consequently,   the  ability  of  the
Association to continue to exceed its future minimum capital requirements.

The Year 2000

         In  accordance  with  the  federal   regulatory   pronouncements,   the
Association's Year 2000 plan addressed issues involving  awareness,  assessment,
renovation,  validation,  implementation and contingency planning.  These phases
are discussed below.

         Awareness  and  Assessment.   The  Association's   Vice  President  was
appointed Year 2000 Compliance Officer,  responsible for the coordination of the
Association's efforts to becoming Year 2000 compliant.  In addition, a Year 2000
Committee was created consisting of the President, Vice President and an outside
board member, to help address Year 2000 issues.

         Management has conducted an assessment of the  Association's  hardware,
software and other  computer-controlled  systems.  In addition,  management  has
identified  and  developed  an  inventory  of  the  Association's  technological
components and vendors.

         Renovation   Phase.  The   Association's   data  processing  and  items
processing  are handled by two  independent  third party data centers,  and both
centers have indicated that they have completed their  renovation  process.  The
main software  program used by the  Association has been certified by its vendor
to be Year 2000 compliant. The Association's computer hardware was reported Year
2000 compliant by its provider;  however,  after having the hardware reviewed by
an outside consultant, management decided to replace the hardware due to its age
and quality to ensure Year 2000 compliance.

         Validation or Testing Phase.  During 1998, the  Association  tested its
loan set up, loan  servicing,  saving  deposits,  saving  withdrawals,  checking
deposits,  checking  withdrawals,  opening accounts,  closing accounts,  general
ledger  activities and other  transactions for Year 2000  compliance.  Different
critical dates were tested in this Year 2000 environment and all went well.

         During 1998,  the  Association  received a cost estimate to switch to a
different data processor in the event its current processor was unable to become
year  2000  compliant  in a timely  manner.  Based on the  results  of  testing,
management does not believe that a switch to a new processor will be necessary.

         Implementation Phase. Both the Association's third party data processor
and item processor have upgraded their systems to become Year 2000 compliant. At
this time, the Association is operating online with these updated systems.


                                       15
<PAGE>
         Contingency Planning.  The Association has adopted contingency plans in
the event that one or more of its  internal or external  systems fail to operate
on or after January 1, 2000. In a worst case  scenario,  the  Association  would
need to post  transactions  and general  ledger  entries  manually.  This manual
system  would  consist of ledger  cards or sheets for every  loan,  deposit  and
general  ledger  account.  The failure of external  systems  such as utility and
phone companies may also force the Association to operate on a manual processing
system.

         The Association  has increased  liquidity and staggered the maturity of
time deposits to provide for the increased liquidity needs that may arise due to
the Year 2000. The  Association  can also obtain Federal Home Loan Bank advances
if necessary.

         Based on a review of internal bookkeeping  practices and the reports by
the  Association's  third party data processor and software vendor that they are
Year 2000 compliant,  management does not expect to incur significant additional
bookkeeping, data processing or other expenses in connection with issues related
to the Year 2000. A budget of $25,000 was set for costs associated with the Year
2000 (all of which has been  incurred as of  September  30,  1999).  $20,000 was
spent for the purchase of new  computer  hardware and the other $5,000 was spent
on testing with our third party data processor.

         Status of Borrowers and Other  Customers.  The  Association's  customer
base consists  primarily of individuals who use the  Association's  services for
personal,  household or consumer uses.  Management  believes these customers are
not likely to  individually  pose material Year 2000 risks  directly.  It is not
possible  at this time to gauge the  indirect  risks which could be faced if the
employers of these customers encounter  unresolved Year 2000 issues. Most of the
Association's  loans are residential or consumer in nature.  The Association had
eleven  commercial loans at September 30, 1999.  Management  determined that the
risk of Year 2000 issues  regarding  these  borrowers  adversely  impacting  the
Association was not material.


                                       16
<PAGE>
                                IBL Bancorp, Inc.

Form 10-QSB

Quarter Ended September 30, 1999

PART II - OTHER INORMATION

Item 1 - Legal Proceedings:
                   There are no matters required to be reported under this item.

Item 2 - Changes in Securities and Use of Proceeds:
                   There are no matters  required to be reported  under sections
                   (a) through (c) of this item.

                   On September 30, 1998, the Company sold 210,870 shares of its
                   common  stock at  $10.00  per  share in  connection  with the
                   conversion of the Association  from the mutual to stock form,
                   resulting  in gross  proceeds  of  $2,108,700.  Net  proceeds
                   amounted to $1,746,920,  of which 50% was used by the Company
                   to purchase all of the  Association's  common stock issued in
                   the  conversion.  Of the  proceeds  retained by the  Company,
                   $168,690  was used to make a loan to the  Company's  Employee
                   Stock  Ownership  Plan ("ESOP") in order to fund the purchase
                   of 16,869 shares by the ESOP in the conversion. The remaining
                   net  proceeds  retained  by the Company are being used as the
                   Company's   working   capital  and  have  been   invested  in
                   investment securities and other interest-earning assets.

Item 3 - Defaults Upon Senior Securities:
                   There are no matters required to be reported under this item.

Item 4 - Submission of Matters to a Vote of Security Holders:
                   There are no  matters  required  to be  reported  under  this
                   section.

Item 5 - Other Information:
                   There are no matters required to be reported under this item.

Item 6 - Exhibits and Reports on Form 8-K:
                   (a) The following exhibit is filed herewith:

                           EXHIBIT NO.                  DESCRIPTION
                           -----------                  -----------
                              27.1                Financial Data Schedule

                   (b) Reports on Form 8-K:

                             No reports on Form 8-K were filed by the Registrant
                             during the quarter ended September 30, 1999.


                                       17
<PAGE>

                                   SIGNATURES

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

                                                 IBL  BANCORP, INC.
                                                 Registrant

DATE:      November 5, 1999                      BY:/s/G. Lloyd Bouchereau, Jr.
                                                    ---------------------------
                                                       G. Lloyd Bouchereau, Jr.
                                                       President and
                                                       Chief Executive Officer

DATE:      November 5, 1999                      BY:/s/Gary K. Pruitt
                                                    -----------------
                                                       Gary K. Pruitt
                                                       Secretary

                                       18