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, 2001

 [   ]    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 7, 2001: 210,870

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

<PAGE>



                                IBL Bancorp, Inc.

                                   Form 10-QSB

                        Quarter Ended September 30, 2001

                         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:

<TABLE>
<CAPTION>
                                                                                    Page
                                                                                    ----
<S>                                                                                  <C>
Item 1 - Financial Statements

Consolidated Statements Of Financial Condition At
September 30, 2001 (Unaudited) and December 31, 2000..................................3

Consolidated Statements Of Income and Comprehensive Income (Unaudited)
For the Three and Nine Months Ended September 30, 2001 and 2000.......................4

Consolidated Statements Of Changes in Shareholders' Equity  (Unaudited) For The
Nine Months Ended September 30, 2001 and 2000.........................................6

Consolidated Statements Of Cash Flows (Unaudited) For The
Nine Months Ended September 31, 2001 and 2000.........................................7

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

Item 2 - Management's Discussion and Analysis or Plan
                  of Operations......................................................11

                           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

</TABLE>

<PAGE>



                                IBL BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                    September 30, 2001 and December 31, 2000

<TABLE>
<CAPTION>

                                                                         September 30,
                                                                              2001           December 31,
                                                                          (Unaudited)            2000
                                                                          ------------       ------------
<S>                                                                       <C>                <C>
ASSETS
Cash and amounts due from depository institutions ..................      $    169,956       $    166,845
Interest-bearing deposits in other institutions ....................           692,068          1,500,837
                                                                          ------------       ------------
         Total cash ................................................           862,024          1,667,682
                                                                          ------------       ------------
Time deposits ......................................................         1,103,000          1,103,000
                                                                          ------------       ------------
Mortgage-backed securities
 Held to maturity (estimated market value $1,806,250 and $2,068,676)         1,767,934          2,068,115
 Available for sale (amortized cost $7,341,463 and $6,205,163) .....         7,412,227          6,234,114
                                                                          ------------       ------------
         Total investment securities ...............................         9,180,161          8,302,229
                                                                          ------------       ------------
Loans receivable ...................................................        21,791,958         21,065,939
Less allowance for loan losses .....................................           406,317            395,880
                                                                          ------------       ------------
         Loans receivable, net .....................................        21,385,641         20,670,059
                                                                          ------------       ------------
Premises and equipment, net ........................................           148,088            133,198
Federal Home Loan Bank stock, at cost ..............................           223,500            208,300
Accrued interest receivable ........................................           186,982            150,183
Other assets .......................................................            49,638             22,543
                                                                          ------------       ------------
                  Total assets .....................................      $ 33,139,034       $ 32,257,194
                                                                          ============       ============


LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ .........................................................      $ 25,569,491         24,567,301
Advances from Federal Home Loan Bank ...............................         3,397,000          3,697,000
Advances by borrowers for taxes and insurance ......................            13,130             16,105
Federal income taxes payable .......................................                --             83,332
Other liabilities and deferrals ....................................           201,202             81,093
                                                                          ------------       ------------
                  Total liabilities ................................        29,180,823         28,444,831
                                                                          ------------       ------------

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 .........................................         1,742,989          1,740,992
Unearned ESOP shares ...............................................          (118,082)          (130,734)
Unearned RRP shares ................................................           (39,302)           (39,302)
Retained earnings - substantially restricted .......................         2,323,793          2,220,190
Accumulated other comprehensive income .............................            46,704             19,108
                                                                          ------------       ------------
                  Total stockholders' equity .......................         3,958,211          3,812,363
                                                                          ------------       ------------
                  Total liabilities and stockholders' equity .......      $ 33,139,034       $ 32,257,194
                                                                          ============       ============
</TABLE>


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




<PAGE>


                                IBL BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                            AND COMPREHENSIVE INCOME
             Three and nine months ended September 30, 2001 and 2000

<TABLE>
<CAPTION>
                                          -----Three months ended-----    -----Nine months ended------
                                            09/30/01        09/30/00       09/30/01         09/30/00
                                          (Unaudited)      (Unaudited)    (Unaudited)      (Unaudited)
                                           ----------      ----------      ----------      ----------
<S>                                        <C>             <C>             <C>             <C>
INTEREST INCOME
Loans ...............................      $  453,398      $  421,085      $1,392,593      $1,219,712
Mortgage-backed securities ..........         134,826         134,964         418,734         363,277
FHLB stock and other securities .....           4,045           3,126          14,547          11,767
Deposits ............................          21,169          28,721          59,909         101,538
                                           ----------      ----------      ----------      ----------
         Total interest income ......         613,438         587,896       1,885,783       1,696,294
                                           ----------      ----------      ----------      ----------

INTEREST EXPENSE
Deposits
 Interest-bearing demand deposit
  accounts ..........................          42,317          36,165         135,579          92,560
 Passbook savings accounts ..........          23,678          21,544          66,234          73,397
 Certificate of deposit accounts ....         215,121         201,576         648,286         548,307
                                           ----------      ----------      ----------      ----------
         Total interest on deposits .         281,116         259,285         850,099         714,264
Advances from Federal Home
 Loan Bank ..........................          39,486          48,489         119,742         117,693
                                           ----------      ----------      ----------      ----------
         Total interest expense .....         320,602         307,774         969,841         831,957
                                           ----------      ----------      ----------      ----------
                  Net interest income         292,836         280,122         915,942         864,337
Provision for losses on loans .......              --           4,500          26,800           4,067
                                           ----------      ----------      ----------      ----------
NET INTEREST INCOME
 AFTER PROVISION FOR
 LOSSES ON LOANS ....................         292,836         275,622         889,142         860,270
                                           ----------      ----------      ----------      ----------

NON-INTEREST INCOME
Service charges on deposit accounts .          22,417          20,136          70,661          57,717
Other ...............................           1,218           2,000           7,215          10,999
                                           ----------      ----------      ----------      ----------
         Total non-interest income ..          23,635          22,136          77,876          68,716
                                           ----------      ----------      ----------      ----------

NON-INTEREST EXPENSES
Compensation and benefits ...........         125,723          96,856         381,282         294,216
Occupancy ...........................          11,539           9,112          29,260          25,076
Furniture and equipment .............           9,103           7,618          28,556          20,959
Deposit insurance premium ...........           1,172           1,215           3,508           3,636
Data processing .....................          22,330          15,357          64,000          45,214
Legal and other professional ........          16,805          11,707          65,472          50,235
Advertising .........................           4,877           4,909          14,855          14,907
Office supplies and postage .........           6,933           8,456          34,446          28,155
Other taxes - share tax assessment ..           7,800           8,550          23,400          25,650
Other general and administrative ....          23,399          31,657          79,040          74,744
                                           ----------      ----------      ----------      ----------
         Total non-interest expenses          229,681         195,437         723,819         582,792
                                           ----------      ----------      ----------      ----------
</TABLE>

Continued. . .

<PAGE>

<TABLE>
<CAPTION>
                                        -----Three months ended-----   -----Nine months ended------
                                          09/30/01       09/30/00        09/30/01        09/30/00
                                        (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)
                                         ---------       ---------       ---------       ---------
<S>                                      <C>             <C>             <C>             <C>
INCOME BEFORE PROVISION
 FOR INCOME TAXES .................      $  86,790       $ 102,321       $ 243,199       $ 346,194

PROVISION FOR INCOME
 TAXES ............................         38,029          40,918         110,868         128,072
                                         ---------       ---------       ---------       ---------

NET INCOME ........................      $  48,761       $  61,403       $ 132,331       $ 218,122
                                         =========       =========       =========       =========

Basic earnings per share ..........      $     .25       $     .32       $     .68       $    1.14
                                         =========       =========       =========       =========

Diluted earnings per share ........      $     .23       $     .31       $     .62       $    1.11
                                         =========       =========       =========       =========


COMPREHENSIVE INCOME
Net income ........................      $  48,761       $  61,403       $ 132,331       $ 218,122
                                         ---------       ---------       ---------       ---------

Other comprehensive income (loss)
  Unrealized holding gains (losses)
   on securities during the period         (30,804)         22,631          41,813          15,871
  Income tax benefit (expense)
   related to unrealized holding
   gains (losses) .................         10,473          (7,695)        (14,217)         (5,397)
                                         ---------       ---------       ---------       ---------
Other comprehensive income (loss),
 net of  tax effects ..............        (20,331)         14,936          27,596          10,474
                                         ---------       ---------       ---------       ---------

Comprehensive income ..............      $  28,430       $  76,339       $ 159,927       $ 228,596
                                         =========       =========       =========       =========
</TABLE>




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




<PAGE>


                                IBL BANCORP, INC.
           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                  Nine months ended September 30, 2001 and 2000


<TABLE>
<CAPTION>
                                                                                                    Retained      Accumulated
                                                                                                    Earnings-        Other
                                                        Additional     Unearned      Unearned        Substan-       Compre-
                                            Common      Paid - In        ESOP          RRP            tially        hensive
                                            Stock        Capital        Shares        Shares        Restricted       Income
                                            -----        -------        ------        ------        ----------       ------
<S>                                      <C>           <C>           <C>            <C>            <C>            <C>
BALANCE, DECEMBER 31, 1999 ...........   $     2,109   $ 1,740,201   $  (147,603)   $   (44,193)   $ 1,958,199    $    (4,675)
                                         -----------   -----------   -----------    -----------    -----------    -----------
 COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................            --            --            --             --        218,122             --
Other comprehensive income, net of tax
  Unrealized losses on securities ....            --            --            --             --             --         10,474
                                         -----------   -----------   -----------    -----------    -----------    -----------
Comprehensive income .................            --            --            --             --        218,122         10,474
                                         -----------   -----------   -----------    -----------    -----------    -----------
ESOP shares released for allocation ..            --           528        12,651             --          1,880             --
Acquisition of RRP shares ............            --            --            --        (20,791)            --             --
Dividends ............................            --            --            --             --        (26,886)            --
                                         -----------   -----------   -----------    -----------    -----------    -----------


BALANCE, SEPTEMBER 30, 2000
 (Unaudited) .........................   $     2,109   $ 1,740,729   $  (134,952)   $   (64,984)   $ 2,151,315    $     5,799
                                         ===========   ===========   ===========    ===========    ===========    ===========

BALANCE, DECEMBER 31, 2000 ...........   $     2,109   $ 1,740,992   $  (130,734)   $   (39,302)   $ 2,220,190    $    19,108
                                         -----------   -----------   -----------    -----------    -----------    -----------

COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................            --            --            --             --        132,331             --

Other comprehensive income, net of tax
  Unrealized gains on securities .....            --            --            --             --             --         27,596
                                         -----------   -----------   -----------    -----------    -----------    -----------
Comprehensive income .................            --            --            --             --        132,331         27,596
                                         -----------   -----------   -----------    -----------    -----------    -----------
ESOP shares released for allocation ..            --         1,997        12,652             --          2,903             --

Dividends ............................            --            --            --             --        (31,631)            --
                                         -----------   -----------   -----------    -----------    -----------    -----------

BALANCE, SEPTEMBER 30, 2001
 (Unaudited) .........................   $     2,109   $ 1,742,989   $  (118,082)   $   (39,302)   $ 2,323,793    $    46,704
                                         ===========   ===========   ===========    ===========    ===========    ===========
</TABLE>


<TABLE>
<CAPTION>


                                            Total
                                            Equity
                                            ------
<S>                                      <C>
BALANCE, DECEMBER 31, 1999 ...........   $ 3,504,038
                                         -----------
 COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................       218,122
Other comprehensive income, net of tax
  Unrealized losses on securities ....        10,474
                                         -----------
Comprehensive income .................       228,596
                                         -----------
ESOP shares released for allocation ..        15,059
Acquisition of RRP shares ............       (20,791)
Dividends ............................       (26,886)
                                         -----------


BALANCE, SEPTEMBER 30, 2000
 (Unaudited) .........................   $ 3,700,016
                                         ===========

BALANCE, DECEMBER 31, 2000 ...........   $ 3,812,363
                                         -----------

COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................       132,331

Other comprehensive income, net of tax
  Unrealized gains on securities .....        27,596
                                         -----------
Comprehensive income .................       159,927
                                         -----------
ESOP shares released for allocation ..        17,552

Dividends ............................       (31,631)
                                         -----------

BALANCE, SEPTEMBER 30, 2001
 (Unaudited) .........................   $ 3,958,211
                                         ===========
</TABLE>

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


<PAGE>


                                IBL BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                  Nine months ended September 30, 2001 and 2000

<TABLE>
<CAPTION>
                                                                                2001            2000
                                                                             (Unaudited)     (Unaudited)
                                                                             -----------    -----------
<S>                                                                          <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income ...............................................................   $   132,331    $   218,122
                                                                             -----------    -----------
Adjustments to reconcile net income to net cash provided by
 operating activities:
  Depreciation ...........................................................        21,375         18,023
  Provision for loan losses ..............................................        26,800          4,067
  ESOP contribution ......................................................        17,552         15,059
  Provision for deferred federal income tax benefit ......................          (880)        (3,503)
  Amortization of net premium on investment and mortgage-backed securities        19,224         10,012
  Net discount charged (realized) on installment loans ...................        (9,928)        47,951
  Net loan fees deferred .................................................         4,638          7,144
  Stock dividends from Federal Home Loan Bank ............................        (7,100)       (11,600)
  Net increase in interest receivable ....................................       (36,799)       (58,120)
  Net decrease (increase) in other assets ................................       (28,143)        53,505
  Net increase (decrease) in interest payable ............................       (41,503)        11,460
  Net increase (decrease) in income taxes payable ........................       (83,332)        76,617
  Net increase in other liabilities ......................................       107,820         74,236
                                                                             -----------    -----------
         Total adjustments ...............................................        (9,076)       244,851
                                                                             -----------    -----------
Net cash provided by operating activities ................................       123,255        462,973
                                                                             -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans receivable .........................................      (737,092)    (2,213,237)
Purchases of securities available-for-sale ...............................    (2,901,667)    (2,773,385)
Principal payments received on mortgage-backed securities
 available-for-sale ......................................................     1,748,392        611,528
Purchases of securities held-to-maturity .................................            --       (262,871)
Principal payments received on mortgage-backed securities
 held-to-maturity ........................................................       297,932        500,905
Purchase of municipal obligation .........................................            --        (70,283)
Purchase of FHLB stock ...................................................        (8,100)        (2,100)
Purchases of office property and equipment ...............................       (36,265)        (1,283)
Certificates of deposits acquired ........................................            --       (300,000)
Maturity of certificates of deposit ......................................            --         99,000
                                                                             -----------    -----------
Net cash used in investing activities ....................................    (1,636,000)    (4,411,726)
                                                                             -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts .........................................     1,043,693      1,529,502
Net increase (decrease) in advances by borrowers for taxes and insurance .        (2,975)         1,630
Cash dividends ...........................................................       (31,631)       (26,886)
Acquisition of RRP shares ................................................            --        (20,791)
Advances from Federal Home Loan Bank .....................................            --      1,001,000
Repayment of advances from Federal Home Loan Bank ........................      (300,000)            --
                                                                             -----------    -----------
Net cash provided by financing activities ................................       709,087      2,484,455
                                                                             -----------    -----------

NET DECREASE IN CASH .....................................................      (805,658)    (1,464,298)
Cash - beginning of period ...............................................     1,667,682      2,891,593
                                                                             -----------    -----------
Cash - end of period .....................................................   $   862,024    $ 1,427,295
                                                                             ===========    ===========
</TABLE>


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



<PAGE>




                                IBL BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
                               September 30, 2001

A: BASIS OF PRESENTATION

                  The accompanying consolidated financial statements for the
period ended September 30, 2001 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.

                  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,
2001 are not necessarily indicative of the results to be expected for the year
ending December 31, 2001.


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
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 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 $14,649
for the nine months ended September 30, 2001 based on the quarterly release of
shares.


C: RECOGNITION AND RETENTION PLAN

                     On October 20, 1999, the Company's stockholders approved 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. The purchase price of these shares
was recorded as unearned compensation, a contra equity account. As the shares
are distributed, the contra equity account is reduced.

<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 awards 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........................   (7,167)         7,167
                  Earned and issued..............       --         (4,778)
                                                    ------        -------
                  Balance, September 30, 2001....    1,267          2,389
                                                    ======        =======


D: STOCK OPTION PLAN

                     On October 20, 1999, the Company's stockholders approved 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 the Company`s common 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:

                                            Exercise   Available      Options
                                             Price     for Grant    Outstanding
             At inception.................               21,087           --
             Granted......................  $  10.50    (17,925)      17,925
             Cancelled....................                   --           --
             Exercised....................                   --           --
                                                         ------       ------
             At September 30, 2001........                3,162       17,925
                                                         ======       ======

<PAGE>


E: EARNINGS PER SHARE

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

<TABLE>
<CAPTION>
                                                                       Weighted
                                                                       Average
                                                  Income        Shares        Per-Share
                                                (Numerator)  (Denominator)     Amount
                                                -----------  -------------   ---------
<S>                                              <C>            <C>          <C>
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
 plus 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
 plus assumed conversions ...................    $132,331       214,889      $   0.62
                                                 ========       =======      ========

For the three months ended September 30, 2000
Net income ..................................    $ 61,403
                                                 --------
Basic earnings per share
Income available to common stockholders .....      61,403       190,915      $   0.32
                                                                             ========
Effect of dilutive securities
RRP shares granted ..........................          --         4,778
                                                 --------       -------
Diluted earnings per share
Income available to common stockholders
 plus assumed conversions ...................    $ 61,403       195,693      $   0.31
                                                 ========      ========      ========

For the nine months ended September 30, 2000
Net income ..................................    $218,122
                                                 --------
Basic earnings per share
Income available to common stockholders .....     218,122       190,927      $   1.14
                                                                             ========
Effect of dilutive securities
RRP shares granted ..........................          --         4,778
                                                 --------       -------
Diluted earnings per share
Income available to common stockholders
 plus assumed conversions ...................    $218,122       195,705      $   1.11
                                                 ========      ========      ========
</TABLE>


<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, 2001 to December
31, 2000 and the results of operations for the three and nine months ended
September 30, 2001 with the same periods in 2000. 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 $882,000 or 2.7% from
$32.3 million at December 31, 2000 to $33.1 million at September 30, 2001. This
increase was primarily due to increases of $878,000 in investment securities and
$716,000 in net loans receivable. These increases were offset by a decrease in
cash and cash equivalents of $806,000.

                  The mortgage-backed securities portfolio increased by $878,000
or 10.6% from $8,302,000 at December 31, 2000 to $9,180,000 at September 30,
2001, due to purchases of $2,902,000 in the first nine months of 2001 funded by
increases in the average balances of deposits and advances from the Federal Home
Loan Bank. These purchases of securities during the first nine months of 2001
were offset by ordinary repayments and payoffs of the mortgages that serve as
collateral for these securities.

                  The demand for mortgage loans in the Association's market area
increased during the past nine months. The net loan portfolio increased $716,000
or 3.5% from $20,670,000 at December 31, 2000 to $21,386,000 at September 30,
2001. This increase consisted mainly of single-family residential mortgage
loans, loans for the construction of single-family residences and commercial
loans and was funded by increases in deposits and excess cash.

                    Cash and cash equivalents decreased by $806,000 or 48.3%
from $1,668,000 at December 31, 2000 to $862,000 at September 30, 2001. This
decrease was primarily caused by a $809,000 decrease in interest-bearing
deposits in other institutions offset by a $3,000 increase in cash and amounts
due from depository institutions.

                  Net deposits increased by $1,002,000 or 4.1% from $24,567,000
at December 31, 2000 to $25,569,000 at September 30, 2001. This increase was
primarily due to an increase in certificates of deposit.

                    Advances from Federal Home Loan Bank decreased by $300,000
or 8.1% from $3,697,000 at December 31, 2000 to $3,397,000 at September 30,
2001.

                    Total stockholders' equity increased by $146,000 during the
past nine months. Net income of $132,000, a


<PAGE>

$13,000 decrease in unearned ESOP shares, which caused a $3,000 increase in
retained earnings substantially restricted, a $28,000 increase in unrealized
gains on available-for-sale investment securities and a $2,000 increase in
additional paid-in capital increased stockholders' equity during the period.
These factors were partially offset by the payment of three quarterly dividends
totaling $32,000. Stockholders' equity at September 30, 2001 totaled $3,958,000
or 11.9% of total assets compared to stockholders' equity of $3,812,000 or 11.8%
of total assets at December 31, 2000.

                  The Association's total classified assets for regulatory
purposes at September 30, 2001 (excluding loss assets specifically reserved for)
amounted to $834,000, all of which was classified as substandard. The largest
classified asset at September 30, 2001 consisted of a $131,000 adjustable-rate
residential loan. The remaining $703,000 of substandard assets at September 30,
2001 consisted of 16 residential mortgage loans totaling $548,000 and 7 consumer
loans totaling $155,000.

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, 2001 and 2000, 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 $13,000 or 20.6% in the quarter ended
September 30, 2001 and decreased $86,000 or 39.3% in the first nine months of
2001 compared to the respective 2000 periods. The decrease in the September 30,
2001 quarter was due to a $34,000 increase in non-interest expense. This
increase was partially offset by a $13,000 increase in net interest income, a
$4,000 decrease in provision for losses on loans, a $3,000 decrease in provision
for income taxes, and a $1,000 increase in non-interest income. The decrease in
net income for the nine-month period ending September 30, 2001 was primarily due
to a $141,000 increase in non-interest expense and a $23,000 increase in
provisions for losses on loans. These items were partially offset by a $52,000
increase in net interest income, a $17,000 decrease in provision for income tax
and a $9,000 increase in non-interest income.

                    The $13,000 increase in net interest income in the third
quarter of 2001, over the same period in 2000, was primarily due to increases in
interest-earning assets funded by increases in the average balances of deposits
and advances from the Federal Home Loan Bank. This increase in net interest
income was partially offset by a decrease in the average interest rate spread
from 3.20% in the quarter ended September 30, 2000 to 3.09% in the third quarter
of 2001. The average yield on interest-earning assets decreased from 7.73% in
the quarter ended September 30, 2000 to 7.52% in the third quarter of 2001,
while the average rate on interest-bearing liabilities decreased from 4.53% in
the third quarter of 2000 to 4.43% in the third quarter of 2001. The decreased
yield on assets was primarily due to lower yields on the Association's
adjustable-rate mortgage-backed securities.

                    The $52,000 increase in net interest income in the first
nine months of 2001 compared to the first nine months of 2000 was also primarily
due to increases in interest-earning assets funded by increases in the average
balances of deposits and advances from the Federal Home Loan Bank. The increase
in net interest income during this period was partially offset due to a decrease
in the average interest rate spread from 3.42% for the first nine


<PAGE>

months of 2000 to 3.29% for the first nine months of 2001. The average yield on
interest-earning assets increased from 7.62% for the first nine months of 2000
to 7.84% for the first nine months of 2001, while the average rate on
interest-bearing liabilities increased from 4.20% to 4.55% over the same period.
The increase in asset yield was primarily caused by higher yields on the
Association's adjustable-rate mortgage loans.

                  Total interest income increased by $26,000 or 4.3% in the
quarter ended September 30, 2001 and increased $189,000 or 11.2% in the first
nine months of 2001 compared to the respective 2000 periods. The increase in the
first nine months of 2001 was due to higher balances and higher yields. The
average balance of total interest-earning assets increased from $29.6 million
for the first nine months of 2000 to $32.0 million for the first nine months of
2001.

                    Total interest expense increased by $13,000 or 4.2% for the
quarter ended September 30, 2001 and increased $138,000 or 16.6% for the first
nine months of 2001 compared to the same period in 2000. The increase in the
quarter period was primarily due to an increase in total interest paid on
deposits of $22,000 offset by a decrease in interest paid on Federal Home Loan
Bank advances of $9,000. The increase in total interest expense for the first
nine months of 2001 was caused by a $136,000 increase in interest paid on
deposits and a $2,000 increase in interest paid on Federal Home Loan Bank
advances. The increase in interest paid on deposits for the nine-month period is
a result of both higher volumes and higher average interest rates paid. The
increase in interest paid on advances for the nine-month period is a result of
higher average balances partially offset by lower average rates paid.

                    The provision for loan losses was $0 for the quarter ended
September 30, 2001 and $27,000 in the first nine months of 2001 compared to
$4,000 in the third quarter of 2000 and $4,000 for the first nine months of
2000. At September 30, 2001, the Association's total non-accruing loans amounted
to $470,000, compared to $405,000 at September 30, 2000. The allowance for loan
losses amounted to $406,000 at September 30, 2001, representing 1.9% of the
total loans held in portfolio and 86.4% 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 $1,000 or 6.8% in the quarter
ended September 30, 2001 and increased $9,000 or 13.3% in the first nine months
of 2001 as compared to the similar 2000 periods. The increase in the quarter
ended September 30, 2001 was primarily due to a $2,000 increase in service
charges on deposit accounts offset by a decrease of $1,000 in commissions on
credit life insurance. The increase in the first nine months of 2001 was
primarily caused by a $13,000 increase in service charges on deposit accounts
offset by a $4,000 decrease in commissions on credit life insurance.

                    Non-interest expenses increased by $34,000 or 17.6% in the
quarter ended September 30, 2001 and increased $141,000 or 24.2% in the first
nine months of 2001 over the comparable 2000 periods. The increase in the
quarter was primarily due to increases of $29,000 in compensation and benefits,
$7,000 in data processing, $5,000 in legal and other professional, $2,000 in
occupancy and $1,000 in furniture and equipment. These increases in non-interest
expenses were partially offset by decreases of $8,000 in other general and
administrative and $2,000 in office supplies. The increase in the nine-month
period was primarily due to increases of $87,000 in compensation and benefits,
$19,000 in data processing, $15,000 in legal and other professional, $8,000 in
furniture and equipment, $6,000 in office supplies and postage, $4,000 in other
general and administrative and $4,000 in occupancy. These increases in
non-interest expense were offset primarily by a decrease of $2,000 in other
taxes.

                  The $87,000 increase in compensation and benefits for the nine
months ended September 30, 2001 over the same period in 2000 was caused by
increases of $51,000 in employee retirement contribution, $24,000 in
compensation for officers and employees, $5,000 in other employee benefits,
$4,000 in compensation for directors, $2,000 in payroll taxes and $1,000 in ESOP
loan contributions. The increase of $51,000 in employee retirement contributions
for the first nine months of 2001 was primarily due to the Association beginning
to accrue for the


<PAGE>

Recognition and Retention Plan in 2001 and accruing more for Profit Sharing do
to a probable increase in eligible participants.

                  The $19,000 increase in data processing for the first nine
months of 2001 is primarily due to a $16,000 increase in service bureau expense
and a $3,000 increase in FHLB now account charges.

                  The $15,000 increase in legal and other professional for the
nine month period ending September 30, 2001 is primarily due to a $13,000
increase in legal expense and a $2,000 increase in audit and accounting expense.

                  The $8,000 increase in furniture and equipment for the nine
month period ending September 30, 2001 is primarily due to a $4,000 increase in
furniture, fixture and equipment expense and a $4,000 increase in furniture,
fixture and equipment depreciation.


                  The increase of $6,000 in office supplies and postage for the
nine months ended September 30, 2001 was primarily due to a $4,000 increase in
postage and a $2,000 increase in office supplies.

                  The increase of $4,000 in other general and administrative for
the nine months ended September 30, 2001 was primarily caused by increases of
$5,000 in supervisory examination, $2,000 in dues and subscriptions, $1,000 in
expense account directors, $1,000 in insurance and surety bond premiums, $1,000
in loan expense, $1,000 in telephone expense and $1,000 in FHLB demand deposit
charges. These increases were partially offset by a decrease of $8,000 in other
operating expense.

                  The $4,000 increase in occupancy is primarily due to increases
of $2,000 in office building repairs and maintenance, $1,000 in office building
taxes and assessments, and $1,000 in office building salaries expense.

                  The $2,000 decrease in other taxes was caused by a $2,000
decrease in parish and city tax assessment.

                  The decrease of $17,000 or 13.4% in provision for income taxes
for the nine month period ending September 30, 2001 from the comparable 2000
period was primarily caused by a decrease in income before 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. At September 30, 2001, the Association's liquidity was 5.5% or $439,000
in excess of the prior minimum OTS requirement. 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 their safe and
sound operation.

                  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, 2001, the Association's
tangible and core capital amounted to $3.1 million or 9.6% of adjusted total
assets of $32.5 million, and the Association's risk-based capital amounted to
$3.3 million or 19.9% of adjusted risk-weighted assets of $16.5 million.


<PAGE>



                  As of September 30, 2001, 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 ..........................     $3,127      $3,127      $3,127

Unrealized gain on securities available
for sale net, of taxes ................     ( 47 )      ( 47 )      ( 47 )
Additional capital items:
    General valuation allowances ......         --          --         207
                                            ------      ------      ------
Regulatory capital computed ...........      3,080       3,080       3,287

Minimum capital requirement ...........        488       1,300       1,324
                                            ------      ------      ------
Regulatory capital excess .............     $2,592      $1,780      $1,963
                                            ======      ======      ======
Regulatory capital as a
         percentage ...................       9.47%       9.47%      19.86%

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

Regulatory capital as a
  percentage in excess
    of requirements ...................       7.97%       5.47%      11.86%
                                            ======      ======      ======


                  Based on the above capital ratios, the Association meets the
criteria for a "well capitalized" institution at September 30, 2001. 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.

<PAGE>



                                IBL Bancorp, Inc.

Form 10-QSB
Quarter Ended September 30, 2001



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:
                  There are no matters required to be reported under this item.

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 by the Registrant
                         during the quarter ended September 30, 2001.


<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 7, 2001     By: /s/ G. Lloyd Bouchereau, Jr.
                                ----------------------------------------
                                G. Lloyd Bouchereau, Jr., President and
                                      Chief Executive Officer



Date:  November 7, 2001     By: /s/ Gary K.Pruitt
                                ------------------
                                Gary K. Pruitt
                                Secretary