UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

                For the quarterly period ended September 30, 2002

[   ]   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 AVE., 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 11,
2002: 210,870

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

<PAGE>

                                IBL Bancorp, Inc.

                                   Form 10-QSB

                        Quarter Ended September 30, 2002

                         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

<TABLE>
<CAPTION>

<S>                                                                                <C>
                                                                                   Page
                                                                                   ----
Consolidated Statements Of Financial Condition At
September 30, 2002 (Unaudited) and December 31, 2001................................3

Consolidated Statements Of Income and Comprehensive Income (Unaudited)
 For the Three and Nine Months Ended September 30, 2002 and 2001....................4

Consolidated Statements Of Changes in Shareholders' Equity  (Unaudited) For The
Nine Months Ended September 30, 2002 and 2001.......................................6

Consolidated Statements Of Cash Flows (Unaudited) For the
Nine Months Ended September 30, 2002 and 2001.......................................7

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

Item 2 - Management's Discussion and Analysis or Plan
              of Operations........................................................12

Item 3 - Controls and Procedures...................................................18

                      PART II - OTHER INFORMATION

Item 1 - Legal Proceedings.........................................................19
Item 2 - Changes in Securities and Use of Proceeds.................................19
Item 3 - Defaults Upon Senior Securities...........................................19
Item 4 - Submission of Matters to a Vote of Security Holders.......................19
Item 5 - Other Information.........................................................19
Item 6 - Exhibits and Reports on Form 8-K..........................................19

Signatures.........................................................................20

</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                    IBL BANCORP, INC.
                     CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                        September 30, 2002 and December 31, 2001



                                                                          September 30,
                                                                              2002            December 31,
                                                                           (Unaudited)            2001
                                                                           -----------            ----
ASSETS
<S>                                                                       <C>                <C>
Cash and amounts due from depository institutions ..................      $    201,722       $    219,790
Interest-bearing deposits in other institutions ....................           931,076          2,159,131
                                                                          ------------       ------------
     Total cash ....................................................         1,132,798          2,378,921
                                                                          ------------       ------------
Time deposits ......................................................           705,000            905,000
                                                                          ------------       ------------
Investment securities
 Held to maturity (estimated market value $1,712,713 and $1,714,586)         1,663,010          1,683,662
 Available for sale (amortized cost $6,847,317 and $6,716,085) .....         6,924,333          6,786,016
                                                                          ------------       ------------
     Total investment securities ...................................         8,587,343          8,469,678
                                                                          ------------       ------------
Loans receivable ...................................................        21,413,710         21,185,209
Less allowance for loan losses .....................................           367,615            386,317
                                                                          ------------       ------------
     Loans receivable, net .........................................        21,046,095         20,798,892
                                                                          ------------       ------------
Premises and equipment, net ........................................           131,017            145,368
Federal Home Loan Bank stock, at cost ..............................           230,000            225,100
Accrued interest receivable ........................................           170,429            173,973
Other assets .......................................................            41,618             36,748
                                                                          ------------       ------------
         Total assets ..............................................      $ 32,044,300       $ 33,133,680
                                                                          ============       ============


LIABILITIES AND STOCKHOLDERS' EQUITYDeposits .......................      $ 26,062,839       $ 25,800,378
Advances from Federal Home Loan Bank ...............................         1,599,000          3,099,000
Advances by borrowers for taxes and insurance ......................            10,750             16,506
Federal income taxes payable .......................................            27,547                 --
Other liabilities and deferrals ....................................           149,298             93,477
                                                                          ------------       ------------
         Total liabilities .........................................        27,849,434         29,009,361
                                                                          ------------       ------------

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 .........................................         1,755,009          1,744,044
Unearned ESOP shares ...............................................          (101,213)          (113,865)
Unearned RRP shares ................................................           (13,620)           (13,620)
Retained earnings - substantially restricted .......................         2,501,750          2,459,497
Accumulated other comprehensive income .............................            50,831             46,154
                                                                          ------------       ------------
         Total stockholders' equity ................................         4,194,866          4,124,319
                                                                          ------------       ------------
         Total liabilities and stockholders' equity ................      $ 32,044,300       $ 33,133,680
                                                                          ============       ============

</TABLE>

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

                                        1

<PAGE>

<TABLE>
<CAPTION>

                                         IBL BANCORP, INC.
                                 CONSOLIDATED STATEMENTS OF INCOME
                                     AND COMPREHENSIVE INCOME
                      Three and nine months ended September 30, 2002 and 2001


                                             -----Three months ended-----    -----Nine months ended------
                                                09/30/02      09/30/01          09/30/02      09/30/01
                                              (Unaudited)   (Unaudited)       (Unaudited)   (Unaudited)
<S>                                           <C>           <C>               <C>           <C>
INTEREST INCOME
Loans ....................................    $  429,614    $  453,398        $1,263,111    $1,392,593
Mortgage-backed securities ...............        98,799       134,826           310,106       418,734
FHLB stock and other securities ..........         8,541         4,045            22,105        14,547
Deposits .................................        15,325        21,169            48,158        59,909
                                              ----------    ----------        ----------    ----------
     Total interest income ...............       552,279       613,438         1,643,480     1,885,783
                                              ----------    ----------        ----------    ----------

INTEREST EXPENSE
Deposits
 Interest-bearing demand deposit
  accounts ...............................        32,416        42,317            90,709       135,579
 Passbook savings accounts ...............        13,820        23,678            45,065        66,234
 Certificate of deposit accounts .........       137,593       215,121           443,570       648,286
                                              ----------    ----------        ----------    ----------
     Total interest on deposits ..........       183,829       281,116           579,344       850,099
Advances from Federal Home
 Loan Bank ...............................        16,318        39,486            48,064       119,742
                                              ----------    ----------        ----------    ----------
     Total interest expense ..............       200,147       320,602           627,408       969,841
                                              ----------    ----------        ----------    ----------
         Net interest income .............       352,132       292,836         1,016,072       915,942
Provision for losses on loans ............            --            --                --        26,800
                                              ----------    ----------        ----------    ----------

NET INTEREST INCOME
 AFTER PROVISION FOR
 LOSSES ON LOANS .........................       352,132       292,836         1,016,072       889,142
                                              ----------    ----------        ----------    ----------

NON-INTEREST INCOME
Service charges on deposit accounts.......        27,031        22,417            76,278        70,661
Other ....................................         3,112         1,218             8,234         7,215
                                              ----------    ----------        ----------    ----------
     Total non-interest income ...........        30,143        23,635            84,512        77,876
                                              ----------    ----------        ----------    ----------

NON-INTEREST EXPENSES
Compensation and benefits ................       133,250       125,723           388,961       381,282
Occupancy ................................         7,783        11,539            22,386        29,260
Furniture and equipment ..................         8,044         9,103            24,690        28,556
Deposit insurance premium ................         1,100         1,172             3,385         3,508
Data processing ..........................        20,122        22,330            62,517        64,000
Legal and other professional .............       135,352        16,805           241,582        65,472
Advertising ..............................         4,095         4,877            13,053        14,855
Office supplies and postage ..............         9,002         6,933            26,231        34,446
Other taxes - share tax assessment .......         8,460         7,800            25,380        23,400
Other general and administrative .........        31,121        23,399            78,096        79,040
                                              ----------    ----------        ----------    ----------
     Total non-interest expenses .........       358,329       229,681           886,281       723,819
                                              ----------    ----------        ----------    ----------
</TABLE>

Continued...
                                        2

<PAGE>

<TABLE>
<CAPTION>
                                      -----Three months ended-----      -----Nine months ended------
                                         09/30/02      09/30/01           09/30/02      09/30/01
                                       (Unaudited)   (Unaudited)        (Unaudited)   (Unaudited)
<S>                                    <C>           <C>                 <C>           <C>
INCOME BEFORE PROVISION
 FOR INCOME TAXES .................    $  23,946     $  86,790           $ 214,303     $ 243,199

PROVISION FOR INCOME
 TAXES ............................       43,659        38,029             138,778       110,868
                                       ---------     ---------           ---------     ---------

NET INCOME (LOSS) .................    $ (19,713)    $  48,761           $  75,525     $ 132,331
                                       =========     =========           =========     =========

Basic earnings (loss) per share ...    $    (.10)    $     .25           $     .38     $     .68
                                       =========     =========           =========     =========

Diluted earnings (loss) per share .    $    (.09)    $     .23           $     .35     $     .62
                                       =========     =========           =========     =========


COMPREHENSIVE INCOME (LOSS)
Net income (loss) .................    $ (19,713)    $  48,761           $  75,525     $ 132,331
                                       ---------     ---------           ---------     ---------

Other comprehensive income (loss)
  Unrealized holding gains (losses)
   on securities during the period           291       (30,804)              7,085        41,813
  Income tax benefit (expense)
   related to unrealized holding
   gains (losses) .................          (98)       10,473              (2,408)      (14,217)
                                       ---------     ---------           ---------     ---------
Other comprehensive income (loss),
 net of  tax effects ..............          193       (20,331)              4,677        27,596
                                       ---------     ---------           ---------     ---------

Comprehensive income (loss) .......    $ (19,520)    $  28,430           $  80,202     $ 159,927
                                       =========     =========           =========     =========
</TABLE>

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

                                        3
<PAGE>

<TABLE>
<CAPTION>
                                                           IBL BANCORP, INC.
                                      CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                             Nine months ended September 30, 2002 and 2001


                                                                                             Retained     Accumulated
                                                                                             Earnings-       Other
                                                    Additional    Unearned     Unearned      Substan-       Compre-
                                          Common     Paid-in        ESOP          RRP         tially        hensive      Total
                                          Stock      Capital       Shares        Shares      Restricted      Income      Equity
                                          -----      -------       ------        ------      ----------      ------      ------
<S>                                     <C>        <C>          <C>           <C>           <C>           <C>          <C>
BALANCE, DECEMBER 31, 2000 ...........  $   2,109  $ 1,740,992  $  (130,734)  $   (39,302)  $ 2,220,190   $    19,108  $ 3,812,363
                                        ---------  -----------  -----------   -----------   -----------   -----------  -----------
COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................         --           --           --            --       132,331            --      132,331
Other comprehensive income, net of tax
  Unrealized losses on securities ....         --           --           --            --            --        27,596       27,596
                                        ---------  -----------  -----------   -----------   -----------   -----------  -----------
Comprehensive income .................         --           --           --            --       132,331        27,596      159,927
ESOP shares released for allocation ..         --        1,997       12,652            --         2,903            --       17,552
                                        ---------  -----------  -----------   -----------   -----------   -----------  -----------
Dividends ............................         --           --           --            --       (31,631)           --      (31,631)
BALANCE, SEPTEMBER 30, 2001
 (Unaudited) .........................  $   2,109  $ 1,742,989  $  (118,082)  $   (39,302)  $ 2,323,793   $    46,704  $ 3,958,211
                                        =========  ===========  ===========   ===========   ===========   ===========  ===========

BALANCE, DECEMBER 31, 2001 ...........  $   2,109  $ 1,744,044  $  (113,865)  $   (13,620)  $ 2,459,497   $    46,154  $ 4,124,319
                                        ---------  -----------  -----------   -----------   -----------   -----------  -----------

COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................         --           --           --            --        75,525            --       75,525
Other comprehensive income, net of tax
  Unrealized gains on securities .....         --           --           --            --            --         4,677        4,677
                                        ---------  -----------  -----------   -----------   -----------   -----------  -----------
Comprehensive income .................         --           --           --            --        75,525         4,677       80,202
                                        ---------  -----------  -----------   -----------   -----------   -----------  -----------
ESOP shares released for allocation ..         --       10,965       12,652            --         3,104            --       26,721
Dividends ............................         --           --           --            --       (36,376)           --      (36,376)
                                        ---------  -----------  -----------   -----------   -----------   -----------  -----------
BALANCE, SEPTEMBER 30, 2002
 (Unaudited) .........................  $   2,109  $ 1,755,009  $  (101,213)  $    13,620)  $ 2,501,750   $    50,831  $ 4,194,866
                                        =========  ===========  ===========   ===========   ===========   ===========  ===========
</TABLE>



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

                                        4
<PAGE>

<TABLE>
<CAPTION>

                                          IBL BANCORP, INC.
                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                            Nine months ended September 30, 2002 and 2001


                                                                                  2002             2001
                                                                              (Unaudited)      (Unaudited)
                                                                              -----------      -----------
<S>                                                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income ...............................................................    $    75,525     $   132,331
Adjustments to reconcile net income to net cash provided by
 operating activities:
  Depreciation ...........................................................         18,000          21,375
  Provision for loan losses ..............................................             --          26,800
  ESOP contribution ......................................................         26,721          17,552
  Provision for deferred federal income tax benefit ......................           (361)           (880)
  Amortization of net premium on investment and mortgage-backed securities         33,755          19,224
  Net discount realized on installment loans .............................       (123,526)         (9,928)
  Net loan fees deferred (recognized) ....................................         (4,725)          4,638
  Stock dividends from Federal Home Loan Bank ............................         (4,900)         (7,100)
  Net decrease (increase) in interest receivable .........................          3,544         (36,799)
  Net increase in other assets ...........................................         (4,870)        (28,143)
  Net decrease in interest payable .......................................        (19,600)        (41,503)
  Net increase (decrease) in income taxes payable ........................         27,547         (83,332)
  Net increase in other liabilities ......................................         53,774         107,820
                                                                              -----------     -----------
     Total adjustments ...................................................          5,359         (10,276)
                                                                              -----------     -----------
Net cash provided by operating activities ................................         80,884         122,055
                                                                              -----------     -----------

CASH FLOWS FROM INVESTING ACTIVITIESNet increase in loans receivable .....       (118,952)       (737,092)
Purchases of securities available-for-sale
 (2,031,526) .............................................................     (2,901,667)
Principal payments received on mortgage-backed securities
 available-for-sale ......................................................      1,870,272       1,748,392
Purchases of securities held-to-maturity .................................       (320,131)             --
Principal payments received on mortgage-backed securities
 held-to-maturity ........................................................        337,050         297,932
Purchase of FHLB stock ...................................................             --          (8,100)
Purchases of office property and equipment ...............................         (3,649)        (36,265)
Certificates of deposit matured ..........................................        200,000              --
                                                                              -----------     -----------
Net cash used in investing activities ....................................        (66,936)     (1,636,800)
                                                                              -----------     -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts .........................................        282,061       1,043,693
Net decrease in advances by borrowers for taxes and insurance ............         (5,756)         (2,975)
Cash dividends ...........................................................        (36,376)        (31,631)
Advances from Federal Home Loan Bank .....................................      2,800,000              --
Repayment of advances from Federal Home Loan Bank ........................     (4,300,000)       (300,000)
                                                                              -----------     -----------
Net cash provided by (used in) financing activities ......................     (1,260,071)        709,087
                                                                              -----------     -----------

NET DECREASE IN CASH .....................................................     (1,246,123)       (805,658)
Cash - beginning of period ...............................................      2,378,921       1,667,682
                                                                              -----------     -----------
Cash - end of period .....................................................    $ 1,132,798     $   862,024
                                                                              ===========     ===========
</TABLE>

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

                                        5

<PAGE>


                                IBL BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
                               September 30, 2002

A:    BASIS OF PRESENTATION

      The accompanying  consolidated  financial  statements for the period ended
      September 30, 2002 include the accounts of IBL Bancorp, Inc. ("IBL" or the
      "Bancorp") 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.

      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  accounting  principles  generally  accepted in the United  States of
      America.  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, 2002 are
      not  necessarily  indicative  of the results to be  expected  for the year
      ending December 31, 2002.


B:    EMPLOYEE STOCK OWNERSHIP PLAN

      The Bancorp sponsors a leveraged employee stock ownership plan (ESOP) that
      covers  all  employees  who have at least  one  year of  service  with the
      Bancorp. 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 being  released for  allocation to active  employees  quarterly
      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 Bancorp 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  $24,756  for the nine months  ended  September  30, 2002 based on the
      quarterly release of shares.


C:    RECOGNITION AND RETENTION PLAN

      On December 10, 1999, the Bancorp  established a Recognition and Retention
      Plan (RRP) as an incentive to retain  personnel of experience  and ability
      in key  positions.  The  shareholders  approved a total of 8,434 shares of
      stock to be  acquired  for the  Plan,  of which  7,169  shares  have  been
      allocated for  distribution to key employees and directors.  As the shares
      are acquired for the plan,  the purchase price of these shares is recorded
      as  unearned  compensation,  a contra  equity  account.  As the shares are
      distributed,  compensation  expense is  recognized  and the contra  equity
      account is reduced.

                                        6

<PAGE>

C:    RECOGNITION AND RETENTION PLAN (Continued)

      The allocated  shares are earned by participants as plan share awards vest
      over a specified  period.  If an employee or  non-employee  director  plan
      participant  is terminated  prior to the end of the vesting period for any
      reason other than death,  disability,  retirement  or a change in control,
      the recipient  shall forfeit the right to any shares  subject to the award
      which have not been earned. The compensation cost associated with the plan
      is based on the market price of the stock as of the date on which the plan
      shares are earned.

      A summary of the changes in restricted stock follows:


                                          Unawarded      Awarded
                                            Shares       Shares
                                            ------       ------
      Balance, January 1, 1999 ........        --            --
      Purchased by Plan ...............     8,434            --
      Granted .........................    (7,169)        7,169
      Earned and issued ...............        --        (7,169)
                                           ------        ------
      Balance, September 30, 2002......     1,265            --
                                           ======        ======


D:    STOCK OPTION PLAN

      On November  19,  1999,  the Bancorp  adopted a stock  option plan for the
      benefit of directors,  officers, and other key employees.  An amount equal
      to 10% of the total number of common shares  issued in the initial  public
      offering or 21,087 shares are reserved for issuance under the stock option
      plan. The option  exercise price cannot be less than the fair value of the
      underlying common stock as of the date of the option grant and the maximum
      option term cannot exceed ten years.

      The stock  option  plan also  permits the  granting of stock  appreciation
      rights (SARs).  SARs entitle the holder to receive, in the form of cash or
      stock,  the  increase in fair value of Bancorp  stock from the date of the
      grant to the date of exercise. No SARs have been issued under the plan.

      The following table summarizes the activity related to stock options:


                                          Available
                               Exercise     Price       Options
                                 Price    for Grant   Outstanding
                               --------   ----------  -----------
      At inception ........                21,087           --
      Granted .............    $ 10.50    (17,925)      17,925
      Cancelled ...........                    --           --
      Exercised ...........                    --           --
      At September 30, 2002                 3,162       17,925


                                     7

<PAGE>

E:    EARNINGS (LOSS) PER SHARE

      The following  table provides a  reconciliation  between basic and diluted
      earnings (loss) per share:

<TABLE>
<CAPTION>
                                                                   Weighted Average
                                                          Income        Shares        Per-Share
                                                       (Numerator)   (Denominator)     Amount
                                                       -----------   -------------     ------
      <S>                                              <C>               <C>          <C>
      For the three months ended September 30, 2002
      ---------------------------------------------
      Net income (loss) ...........................    $ (19,713)
                                                       ---------
      Basic earnings per share
      Income (loss) available to common
       stockholders ...............................      (19,713)        199,069      $  (0.10)
      Effect of dilutive securities                                                   ========
      Stock options granted .......................           --          17,925
                                                       ---------       ---------
      Diluted earnings per share
      Income (loss) available to common
       stockholders and assumed conversions .......    $ (19,713)        216,994      $  (0.09)
                                                       =========         =======      ========
      For the nine months ended September 30, 2002
      --------------------------------------------
      Net income ..................................    $  75,525
                                                       ---------
      Basic earnings per share
      Income available to common stockholders .....       75,525         198,650      $   0.38
      Effect of dilutive securities
      Stock options granted .......................           --          17,925
      Diluted earnings per share
      Income available to common stockholders
       and assumed conversions ....................    $  75,525         216,575      $   0.35
                                                       =========         =======      ========

      For the three months ended September 30, 2001
      ---------------------------------------------
      Net income ..................................    $  48,761
                                                       ---------
      Basic earnings per share
      Income available to common stockholders .....       48,761         194,992      $   0.25
      Effect of dilutive securities
      Stock options granted .......................           --          17,925
      RRP shares granted ..........................           --           2,391
                                                       ---------       ---------
      Diluted earnings per share
      Income available to common stockholders
       and assumed conversions ....................    $  48,761         215,308      $   0.23
                                                       =========         =======      ========
      For the nine months ended September 30, 2001
      --------------------------------------------
      Net income ..................................    $ 132,331
                                                       ---------
      Basic earnings per share
      Income available to common stockholders .....      132,331         194,573      $   0.68
      Effect of dilutive securities                                                   ========
      Stock options granted .......................           --          17,925
      RRP shares granted ..........................           --           2,391
                                                       ---------       ---------
      Diluted earnings per share
      Income available to common stockholders
       and assumed conversions ....................    $ 132,331         214,889      $   0.62
                                                       =========         =======      ========
</TABLE>


                                     8

<PAGE>

F:    PROPOSED ACQUISITION

      On June 19, 2002, Shay Investment Services, Inc. ("Shay") and IBL Bancorp,
      Inc. executed a definitive agreement (the "Agreement") by and between Shay
      and the Bancorp.  Under the terms of the Agreement,  Shay will acquire the
      Bancorp,  parent company of Iberville Building and Loan Association.  Each
      outstanding  share of Bancorp  common stock,  other than certain  excluded
      shares  that  will be  canceled,  will be  exchanged  for  $24.00 in cash.
      Unexercised  options to purchase Bancorp shares will be converted into the
      right to  receive  cash equal to the  merger  consideration  minus the per
      share exercise price. In the acquisition,  the Bancorp will be merged with
      a subsidiary of Shay and then dissolved,  and the Association will convert
      to a federal  stock  savings bank and become a wholly owned  subsidiary of
      Shay.  Also, the stock of another  wholly-owned  subsidiary of Shay, First
      Financial  Trust Company ("First  Financial"),  a Texas trust company that
      provides custodial services, will be transferred to the Association. First
      Financial  will  thereafter  function as an  operating  subsidiary  of the
      Association.  The receipt of cash by the  stockholders  of the Bancorp for
      their stock will be a taxable event for the stockholders.  On September 4,
      2002,  the   stockholders  of  the  Bancorp   approved  the   acquisition.
      Consummation of the acquisition is subject to the  satisfaction of certain
      conditions,  including: receipt of the requisite regulatory approvals. The
      acquisition  is expected to close in late December 2002 or January 2003.




                                     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, 2002 to December 31, 2001
and the results of operations for the three and nine months ended  September 30,
2002 with the same periods in 2001.  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  decreased  $1.1 million or 3.3% from $33.1
million at December  31,  2001 to $32.0  million at  September  30,  2002.  This
decrease  was  primarily  due to  decreases  of $1.2  million  in total cash and
$200,000 in time deposits. These decreases were partially offset by increases of
$247,000 in net loans receivable and $118,000 in investment securities.

         Cash and cash  equivalents  decreased  by $1.2  million  or 52.4%  from
$2,379,000  at December  31, 2001 to  $1,133,000  at September  30,  2002.  This
decrease was primarily caused by interest-bearing deposits in other institutions
decreasing  by $1.2  million or 56.9% from

                                       10

<PAGE>

$2,159,000 at December 31, 2001 to $931,000 at September 30, 2002. This decrease
in cash and cash equivalents was further caused by a $18,000 or 8.2% decrease in
cash and amounts due from  depository  institutions  over the same  period.  The
excess liquidity was primarily used to purchase  securities  available for sale,
to increase the loan portfolio and to reduce FHLB advances.

         Time deposits decreased $200,000 or 22.1% from $905,000 at December 31,
2001 to $705,000 at September 30, 2002.

         The  demand  for  mortgage  loans  in  the  Association's  market  area
increased during the first nine months of 2002. The net loan portfolio increased
$247,000  or 1.2% from  $20,799,000  at  December  31,  2001 to  $21,046,000  at
September 30, 2002. This increase consisted mainly of single-family  residential
mortgage loans.

         The investment  securities portfolio increased by $118,000 or 1.4% from
$8,470,000  at December 31, 2001 to  $8,588,000  at September  30, 2002,  due to
purchases  of  $2,352,000  in the first  nine  months of 2002  funded  mainly by
reductions in cash and cash  equivalents.  These purchases of securities  during
the first nine months of 2002 were partially  offset by ordinary  repayments and
payoffs of the mortgages that serve as collateral for these securities.

         Advances from Federal Home Loan Bank decreased by $1.5 million or 48.4%
from $3,099,000 at December 31, 2001 to $1,599,000 at September 30, 2002.

         Net deposits increased by $262,000 or 1.0% from $25,801,000 at December
31, 2001 to $26,063,000  at September 30, 2002.  This increase was primarily due
to  increases  in both  savings  and  checking  accounts  partially  offset by a
decrease in certificates of deposits. Governmental funds increased by $32,000 or
0.9% from $3,533,000 at December 31, 2001 to $3,565,000 at September 30, 2002.

         Total  stockholders'  equity  increased by $71,000 during the past nine
months.  This increase in  stockholders'  equity included net income of $75,500,
the release of $27,000 of ESOP shares for allocation  and an unrealized  gain on
investment  securities  of  $5,000.  The  release of the ESOP  shares  increased
additional  paid-in capital by $11,000,  reduced unearned ESOP shares by $13,000
and increased  retained earnings  substantially  restricted by $3,000 due to the
market value of the Company's  stock at the date of release.  These factors were
partially offset by the payment of three quarterly  dividends  totaling $36,500.
Stockholders'  equity at September 30, 2002 totaled $4,195,000 or 13.1% of total
assets compared to  stockholders'  equity of $4,124,000 or 12.5% of total assets
at December 31, 2001.

         The Association's  total classified  assets for regulatory  purposes at
September 30, 2002 (excluding loss assets specifically reserved for) amounted to
$472,000,  all of which was classified as  substandard,  compared to $585,000 at
December 31, 2001. The largest  classified asset at September 30, 2002 consisted
of a $122,000  adjustable-rate  residential  loan.  The  remaining  $350,000  of
substandard  assets at September 30, 2002 consisted of 11  residential  mortgage
loans totaling $278,000 and 9 consumer loans totaling $72,000.

                                       11
<PAGE>


Results of Operations

         The  profitability of the Company depends primarily on its net interest
income,  which  is 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, 2002 and 2001, 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  decreased  by  $68,000  or  140.4%  in the  quarter  ended
September  30, 2002 and  decreased  $57,000 or 42.9% in the first nine months of
2002 compared to the  respective  periods in 2001. The decrease in the September
30, 2002 quarter was due to a $129,000  increase in  non-interest  expense and a
$5,000  increase in provision for federal  income taxes.  These two factors were
partially  offset by a $59,000  increase  in net  interest  income  and a $7,000
increase in non-interest  income.  The decrease in net income for the nine-month
period ending September 30, 2002 was primarily caused by an increase of $162,000
in  non-interest  expense and a $28,000  increase in provision for income taxes.
These items were partially offset by a $100,000 increase in net interest income,
a $26,500  decrease  in  provision  for loan  losses,  and a $6,500  increase in
non-interest income.

         The $59,000  increase in net  interest  income in the third  quarter of
2002,  over the same period in 2001,  was  primarily due to decreases in average
rates paid on interest-bearing liabilities partially offset by a decrease in the
average yield on  interest-earning  assets. The average rate on interest-bearing
liabilities  decreased  from 4.43% in the third  quarter of 2001 to 2.87% in the
third  quarter  of 2002,  while the  average  yield on  interest-earning  assets
decreased  from 7.52% in the quarter  ended  September  30, 2001 to 6.94% in the
third quarter of 2002. The average  interest rate spread increased from 3.09% in
the quarter ended  September 30, 2001 to 4.07% in the third quarter of 2002. 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.

         The $100,000  increase in net interest  income in the first nine months
of 2002  compared  to the first nine  months of 2001 was also  primarily  due to
decreases in average rates paid on interest-bearing liabilities partially offset
by a decrease in the average yield on interest-earning  assets. The average rate
on interest-bearing liabilities decreased from 4.55% in the first nine months of
2001 to  2.99%  for the  same  period  in  2002,  while  the  average  yield  on
interest-earning  assets  decreased from 7.84% for the first nine months of 2001
to 6.90% for the same period in 2002. The average interest rate spread increased
from  3.29% for the first  nine  months of 2001 to 3.91% for the same  period in
2002.

         Total  interest  income  decreased  by $61,000 or 10.0% in the  quarter
ended  September  30,  2002 over the  comparable  2001 period and  decreased  by
$242,000 for the first nine months of 2002  compared to the same period in 2001.
Decreases  for both of these  periods were  primarily due to the lower yields on
and lower average balances of  interest-earning  assets.  The average

                                       12
<PAGE>

balance of total interest-earning  assets decreased by $330,000 from $32,012,000
in the third quarter of 2001 to $31,682,000 in the third quarter of 2002.

         Total interest  expense  decreased by $120,000 or 37.6% for the quarter
ended  September  30,  2002 and  decreased  $342,000 or 35.3% for the first nine
months of 2002 compared to the same periods in 2001. The decrease in the quarter
period was  primarily  due to a decrease in total  interest  paid on deposits of
$97,000 and a decrease in interest  paid on Federal  Home Loan Bank  advances of
$23,000.  The decrease in interest paid on deposits is a result of lower average
interest rates paid partially offset by a 3.2% increase in average balances. The
decrease in interest  paid on advances  was caused by  decreases in both average
rates paid and average balances.  The decrease in total interest expense for the
nine-month  period is  primarily  due to a decrease  in total  interest  paid on
deposits  of  $270,500  and a decrease  in  interest  paid on Federal  Home Loan
advances of $71,500. The decrease in interest paid on deposits in the first nine
months of 2002 is a result of lower average interest rates paid partially offset
by a 3.6%  increase  in average  balances.  The  decrease  in  interest  paid on
advances  in the first  nine  months of 2002 was  caused  by  decreases  in both
average rates paid and average balances.

         There was no  provision  for loan  losses  for  either of the  quarters
ending  September 30, 2002 and 2001.  The provision for loan losses for the nine
months ended  September  30, 2001 was $26,500,  while no provision was necessary
for the  respective  period in 2002.  At September 30, 2002,  the  Association's
total  non-accruing  loans  amounted to $187,000.  The allowance for loan losses
amounted to $368,000 at September 30, 2002, representing 1.7% of the total loans
held in  portfolio  and 197.0% 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 the current asset quality
of the loan portfolio.

         Non-interest  income  increased  $7,000 or 27.5% in the  quarter  ended
September 30, 2002 and increased $7,000 or 8.5% in the first nine months of 2002
as compared to similar 2001  periods.  The increase in the quarter was primarily
due to a $5,000  increase in service  charges on deposit  accounts  and a $2,000
increase in commissions on credit life insurance.

         Non-interest  expenses  increased  by  $129,000 or 56.0% in the quarter
ended  September  30,  2002 and  increased  $162,000  or 22.5% in the first nine
months of 2002 over the comparable 2001 periods. The increase in the quarter was
primarily due to increases of $119,000 in legal and other  professional,  $8,000
in other general and  administrative,  $8,000 in  compensation  and benefits and
$2,000 in office supplies and postage.  These increases in non-interest expenses
were  partially  offset by  decreases  of $4,000  in  occupancy,  $2,000 in data
processing,  $1,000 in furniture and equipment  and $1,000 in  advertising.  The
increase in the nine-month  period was primarily caused by increases of $176,000
in legal and other professional,  $8,000 in compensation and benefits and $2,000
in other taxes - share tax assessment.  These increases in non-interest expenses
were  partially  offset by decreases  of $8,500 in office  supplies and postage,
$7,000 in occupancy,  $4,000 in furniture and equipment,  $2,000 in advertising,
$1,500 in data processing and $1,000 in other general and administrative.

         The  $176,000  increase  in legal and other  professional  for the nine
months  ended  September  30,  2002 over the same  period in 2001 was  primarily
caused  by an  increase  of  $182,000  in legal  expense  partially  offset by a
decrease of $6,000 in audit and accounting expense.  The increased legal expense
was  primarily  due  to  expenses   incurred  in  connection  with  our  pending
acquisition  by Shay.  Included in the  $182,000  increase in legal  expense was
$45,000 of fees that

                                       13

<PAGE>

were paid to Trident  Securities,  an  investment  banker hired to advise on the
pending merger with Shay.

         The $8,000  increase in  compensation  and benefits for the nine months
ended  September  30,  2002 was  primarily  caused by  increases  of  $18,000 in
compensation  officers and employees,  $10,000 in ESOP contributions,  $8,000 in
compensation directors,  $4,000 in other employee benefits and $1,000 in payroll
taxes.  These  increases  were  partially  offset by a  decrease  of  $33,000 in
contributions to employee retirement.

         The  decrease  of $8,500 in office  supplies  and  postage for the nine
months  ended  September  30, 2002 was  primarily  due to decreases of $6,500 in
office supplies and $2,000 in postage.

         The $7,000  decrease in occupancy  for the nine months ended  September
30,  2002  was due to  decreases  of  $2,000  in  office  building  repairs  and
maintenance,  $2,000 in office building taxes and assessments, $1,000 in lights,
heat  and   utilities,   $1,000  in  office   building   depreciation   and  the
reclassification of $1,000 out of office building salaries.

         The $4,000  decrease in furniture and equipment was caused by decreases
of  $3,000  in  furniture  fixture  and  equipment  depreciation  and  $1,000 in
furniture fixture and equipment expense.

         Expenses of $171,000  associated  with the pending  acquisition by Shay
incurred  during  the first  nine  months of 2002  were not tax  deductible  and
therefore caused an increase in the rate of the provision for income taxes.

Liquidity and Capital Resources

         In the past the  Association  was  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.  The OTS  regulations  required 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. In the
first  quarter  of 2001,  the OTS  issued  an  interim  rule  that  removes  the
requirement that savings associations maintain an average daily balance of 4% of
its liquidity base. The OTS proposes to maintain the liquidity  requirement that
all saving associations and service  corporations  maintain sufficient liquidity
to ensure its safe and sound operation. At September 30, 2002, the Association's
liquidity was 4.1% or $449,000 in excess of the old minimum OTS requirement.

         The Association is required to maintain  regulatory  capital sufficient
to meet tangible, core and risk-based capital ratios of at least 1.5%, 4.0%, and
8.0%,  respectively.  At September 30, 2002, the Association's tangible and core
capital totaled $3.5 million or 11.1% of adjusted total assets of $31.6 million,
and the  Association's  risk-based  capital amounted to $3.7 million or 22.6% of
adjusted risk-weighted assets of $16.4 million.

                                       14
<PAGE>


         As of  September  30,  2002,  the  Association's  unaudited  regulatory
capital requirements are as indicated in the following table:

                                               (Dollars In Thousands)

                                           TANGIBLE     CORE   RISK-BASED
                                           CAPITAL    CAPITAL   CAPITAL
                                           -------    -------   -------
GAAP Capital ..........................    $3,549     $3,549     $3,549

Unrealized loss on securities available
for sale net, of taxes ................    ( 51 )     ( 51 )     ( 51 )
Additional capital items:
    General valuation allowances ......        --         --        205
                                           ______     ______     ______
Regulatory capital computed ...........     3,498      3,498      3,703

Minimum capital requirement ...........       474      1,263      1,311
                                           ______     ______     ______
Regulatory capital excess .............    $3,024     $2,235     $2,392
                                           ======     ======     ======
Regulatory capital as a
        percentage ....................     11.07%     11.07%     22.59%

Minimum capital required
        as a percentage ...............      1.50%      4.00%      8.00%

Regulatory capital as a
  percentage in excess
    of requirements ...................      9.57%      7.07%     14.59%
                                           ======     ======     ======


         Based on the above capital ratios,  the Association  meets the criteria
for a "well  capitalized"  institution at September 30, 2002. 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.

                                       15

<PAGE>

                             Controls and Procedures


         Within 90 days prior to the date of this quarterly report,  the Company
carried out an evaluation,  under the supervision and with the  participation of
the Company's  management,  including the Company's chief executive  officer and
chief financial officer, of the effectiveness of the design and operation of the
Company's  disclosure controls and procedures.  Based upon that evaluation,  the
chief executive officer and chief financial officer concluded that the Company's
disclosure  controls and  procedures  are  effective.  There were no significant
changes  in the  Company's  internal  controls  or in other  factors  that could
significantly affect these controls subsequent to the date of their evaluation.

         Disclosure   controls  and   procedures  are  the  controls  and  other
procedures  of the Company  that are  designed  to ensure  that the  information
required to be disclosed by the Company in its reports filed or submitted  under
the Exchange Act is recorded,  processed,  summarized  and reported,  within the
time periods  specified in the  Securities and Exchange  Commission's  rules and
forms. Disclosure controls and procedures include, without limitation,  controls
and procedures  designed to ensure that information  required to be disclosed by
the  Company in its reports  filed under the  Exchange  Act is  accumulated  and
communicated to the Company's management,  including the chief executive officer
and chief financial officer,  as appropriate to allow timely decisions regarding
required disclosure.

                                       16

<PAGE>


                                IBL Bancorp, Inc.

Form 10-QSB
Quarter Ended September 30, 2002



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 this item.

 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:

              On September 4, 2002, in  conjunction  with the  Company's  annual
              meeting of stockholders,  there were three matters submitted for a
              vote of security  holders.  (1) The approval of the  Agreement and
              Plan of Merger,  dated as of June 19,  2002,  by and between  Shay
              Investment  Services,   Inc.  and  IBL  Bancorp,   Inc.,  and  the
              transactions  contemplated  by the agreement.  (2) The election of
              directors G. Lloyd  Bouchereau Jr. and Bobby E. Stanley for a term
              of three years  expiring in 2005.  Other  directors  whose term of
              office is continued after the meeting are: John L. Delahaye,  Gary
              K. Pruitt,  Edward J.  Steinmetz and Danny M.  Strickland.  (3) To
              ratify the  appointment  of L.A.  Champange & Co.,  L.L.P.  as the
              Company's  independent  auditor for the year ending  December  31,
              2002.  On matter (1)  described  above votes were cast as follows:
              for = 176,569;  against = 600;  abstain = 500; not voted = 33,201.
              On matter (2) described  above votes were cast as follows for both
              G.  Lloyd  Bouchereau,  Jr. and Bobby E.  Stanley:  for = 191,410;
              against = 0; not voted = 19,460.  On matter  (3)  described  above
              votes were cast as follows: for = 190,910;  against = 0; abstain =
              500; not voted = 19,460.

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) No exhibits are filed herewith:

              (b) Reports on Form 8-K:
                      No reports on Form 8-K were filed during the quarter
                      ended September 30, 2002

                                       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 11, 2002          By:  /s/ G. Lloyd Bouchereau, Jr.
                                        ---------------------------------------
                                        G. Lloyd Bouchereau, Jr., President and
                                        Chief Executive Officer

Date:   November 11, 2002          By:  /s/ Gary K.Pruitt
                                        ---------------------------------------
                                        Gary K. Pruitt
                                        Secretary


                                       18

<PAGE>






                      CERTIFICATION PURSUANT TO RULE 13a-14
               OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, G.  Lloyd  Bouchereau,  Jr.,  President  and Chief  Executive  Officer of IBL
Bancorp, Inc., certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of IBL Bancorp, Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

                                       19

<PAGE>


6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.



Date: November 11, 2002               By: /s/ G. Lloyd Bouchereau Jr.
                                          -------------------------------------
                                          G. Lloyd Bouchereau, Jr.
                                          President and Chief Executive Officer

                                       20

<PAGE>



                     CERTIFICATION PUR SUANT TO RULE 13a-14
               OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, Danny M.  Strickland,  Vice  President (and Chief  Financial  Officer) of IBL
Bancorp, Inc., certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of IBL Bancorp, Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and


                                       21
<PAGE>

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.



Date: November 11, 2002         By: /s/ Danny M. Strickland
                                    --------------------------------------------
                                    Danny M. Strickland
                                    Vice President (and Chief Financial Officer)

<PAGE>



                  CERTIFICATION PURSUANT TO SECTION 906 OF THE
                           SARBANES-OXLEY ACT OF 2002

The undersigned  executive  officers of the registrant  hereby certify that this
Form  10-QSB  fully  complies  with the  requirements  of  Section  13(a) of the
Securities Exchange Act of 1934 and that the information contained herein fairly
presents,  in all  material  aspects,  the  financial  condition  and results of
operations of the registrant.


                               IBL Bancorp, Inc.,

Dated: November 11, 2002

                               By:  /s/ G. Lloyd Bouchereau, Jr.
                                    G. Lloyd Bouchereau, Jr.
                                    -------------------------------------
                                    President and Chief Executive Officer



                               By:  /s/ Danny M. Strickland
                                    --------------------------------------------
                                    Danny M. Strickland
                                    Vice President (and Chief Financial Officer)



                                       22

<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 11, 2002             /s/  G. Lloyd Bouchereau, Jr.
                                     ---------------------------------------
                                     G. Lloyd Bouchereau, Jr., President and
                                     Chief Executive Officer



Date:  November 11, 2002               /s/ Gary K. Pruitt
                                       ------------------------
                                       Gary K. Pruitt
                                       Secretary


                                       23

<PAGE>



                      CERTIFICATION PURSUANT TO RULE 13a-14
               OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, G.  Lloyd  Bouchereau,  Jr.,  President  and Chief  Executive  Officer of IBL
Bancorp, Inc., certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of IBL Bancorp, Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.



Date: _________________, 2002            _______________________________
                                          G. Lloyd Bouchereau, Jr.
                                          President and Chief Executive Officer


                                       24

<PAGE>

                     CERTIFICATION PUR SUANT TO RULE 13a-14
               OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, Danny M.  Strickland,  Vice  President (and Chief  Financial  Officer) of IBL
Bancorp, Inc., certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of IBL Bancorp, Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

                                       25

<PAGE>


6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.



Date: _____________, 2002          ____________________________________
                                   Danny M. Strickland
                                   Vice President (and Chief Financial Officer)


                                       26

<PAGE>

                  CERTIFICATION PURSUANT TO SECTION 906 OF THE
                           SARBANES-OXLEY ACT OF 2002

The undersigned  executive  officers of the registrant  hereby certify that this
Form  10-QSB  fully  complies  with the  requirements  of  Section  13(a) of the
Securities Exchange Act of 1934 and that the information contained herein fairly
presents,  in all  material  aspects,  the  financial  condition  and results of
operations of the registrant.

                                    IBL Bancorp, Inc.,

Dated:   _________, 2002

                                    By:_______________________________
                                          G. Lloyd Bouchereau, Jr.
                                          President and Chief Executive Officer



                                    By:________________________________
                                          Danny M. Strickland
                                          Vice President (and Chief Financial
                                                   Officer)


                                       27