UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

                For the quarterly period ended March 31, 1999

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

                       For the transition period from to

                       Commission File Number 000-24907

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

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

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

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

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

     Shares of common stock,  par value $.01 per share,  outstanding as of April
30, 1999: 210,870

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

                                   Form 10-QSB

                          Quarter Ended March 31, 1999

                         PART I - FINANCIAL INFORMATION

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

Item 1 - Financial Statements                                              
                                                                            Page
Consolidated Statements Of Financial Condition At  
March 31, 1999 (Unaudited) and December 31, 1998.......................       3

Consolidated Statements Of Income and Comprehensive Income (Unaudited)
For the Three Months Ended March 31, 1999 and 1998......................      4

Consolidated Statements Of Changes in Shareholders' Equity  (Unaudited) 
For The Three Months Ended March 31, 1999 and 1998.......................     6

Consolidated Statements Of Cash Flows (Unaudited) For the
Three Months Ended March 31, 1999 and 1998...............................     7

Notes to Consolidated Financial Statements...............................     8
Item 2 - Management's Discussion and Analysis of Financial
                   Condition and Results of Operations...................     10

                           PART II - OTHER INFORMATION

Item 1     - Legal Proceedings............................................    16
Item 2     - Changes in Securities and Use of Proceeds....................    16
Item 3     - Defaults Upon Senior Securities..............................    16
Item 4     - Submission of Matters to a Vote of Security Holders..........    16
Item 5     - Other Information............................................    16
Item 6     - Exhibits and Reports on Form 8-K.............................    16

Signatures................................................................    17


                                      -2-
<PAGE>
<TABLE>
<CAPTION>
                                      IBL BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                             March 31, 1999 and December 31, 1998


                                                                 March 31,
                                                                   1999         December 31,
                                                               (Unaudited)          1998
                                                              ------------      ------------
<S>                                                           <C>               <C>         
Assets
Cash and amounts due from depository institutions .......     $    226,905      $    177,068
Interest-bearing deposits in other institutions .........        2,997,458         1,681,430
                                                              ------------      ------------
  Total cash ............................................        3,224,363         1,858,498
                                                              ------------      ------------
Time deposits ...........................................        1,301,000           795,000
                                                              ------------      ------------
Mortgage-backed securities held-to-maturity (estimated
 market value $2,213,181 and $2,116,824)  ...............        2,232,180         2,122,507
Mortgage-backed securities available-for-sale (amortized
 cost $1,358,648 and $1,454,057)  .......................        1,354,274         1,453,613
                                                              ------------      ------------
  Total investment securities ...........................        3,586,454         3,576,120
                                                              ------------      ------------
Loans receivable ........................................       17,879,481        17,620,600
Less allowance for loan losses ..........................          399,329           411,621
                                                              ------------      ------------
  Loans receivable, net .................................       17,480,152        17,208,979
                                                              ------------      ------------
Premises and equipment, net .............................          148,429           154,179
Federal Home Loan Bank stock, at cost ...................          173,100           170,800
Accrued interest receivable .............................           83,436            74,242
Other assets ............................................           54,157            40,200
                                                              ------------      ------------
  Total assets ..........................................     $ 26,051,091      $ 23,878,018
                                                              ============      ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                      IBL BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                             March 31, 1999 and December 31, 1998


                                                                 March 31,
                                                                   1999         December 31,
                                                               (Unaudited)          1998
                                                              ------------      ------------
<S>                                                           <C>               <C>         
LIABILITIES AND EQUITY
Deposits ................................................     $ 22,037,160      $ 19,898,684
Advances from Federal Home Loan Bank ....................          495,000           495,000
Advances by borrowers for taxes and insurance ...........           14,467            12,781
Federal income taxes payable ............................           25,246            39,388
Other liabilities and deferrals .........................           63,802            49,570
                                                              ------------      ------------
  Total liabilities .....................................       22,635,675        20,495,423
                                                              ------------      ------------
Commitments and contingencies ...........................             --                --
                                                              ------------      ------------
Preferred stock $.01 par, 2,000,000 shares authorized ...             --                --
Common stock - $.01 par, 5,000,000 shares authorized,
 210,870 shares issued ..................................            2,109             2,109
Additional paid-in capital ..............................        1,740,254         1,740,254
Unearned ESOP shares ....................................         (163,195)         (165,971)
Retained earnings - substantially restricted ............        1,838,900         1,806,496
Accumulated other comprehensive loss ....................           (2,652)             (293)
                                                              ------------      ------------
  Total equity ..........................................        3,415,416         3,382,595
                                                              ------------      ------------
  Total liabilities and equity ..........................     $ 26,051,091      $ 23,878,018
                                                              ============      ============


</TABLE>
   The accompanying notes are an integral part of these financial statements.

                                      -3-
<PAGE>
<TABLE>
<CAPTION>
                                IBL BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                            AND COMPREHENSIVE INCOME
                   Three months ended March 31, 1999 and 1998


                                                          1999           1998
                                                       (Unaudited)    (Unaudited)
<S>                                                      <C>            <C>     
INTEREST INCOME
Loans ............................................       $357,073       $373,609
Mortgage-backed securities .......................         54,451         63,121
FHLB stock and other securities ..................          2,316          5,567
Deposits .........................................         31,049         12,238
                                                         --------       --------
  Total interest income ..........................        444,889        454,535
                                                         --------       --------
INTEREST EXPENSE
Deposits
 Interest-bearing demand deposit accounts ........         18,335         15,808
 Passbook savings accounts .......................         23,753         23,604
 Certificate of deposit accounts .................        174,555        183,459
                                                         --------       --------
  Total interest on deposits .....................        216,643        222,871
Advances from Federal Home Loan Bank .............          5,702          6,923
                                                         --------       --------
  Total interest expense .........................        222,345        229,794
                                                         --------       --------
  Net interest income ............................        222,544        224,741
Provision for losses on loans ....................          3,140         12,000
                                                         --------       --------
NET INTEREST INCOME AFTER PROVISION FOR
 LOSSES ON LOANS .................................        219,404        212,741
                                                         --------       --------
NON-INTEREST INCOME
Service charges on deposit accounts ..............         18,389         20,871
Other ............................................          3,306          3,701
                                                         --------       --------
  Total non-interest income ......................         21,695         24,572
                                                         --------       --------
NON-INTEREST EXPENSES
Compensation and benefits ........................         94,145         87,087
Occupancy ........................................          6,059          4,656
Furniture and equipment ..........................          7,599          6,477
Deposit insurance premium ........................          3,215          3,124
Data processing ..................................         19,028         14,261
Legal and other professional .....................         13,239          7,200
Advertising ......................................          3,510          5,176
Office supplies and postage ......................          9,015         11,369
Other general and administrative .................         18,211         18,832
                                                         --------       --------
  Total non-interest expenses ....................        174,021        158,182
                                                         --------       --------

</TABLE>
Continued. . .

                                      -4-
<PAGE>
<TABLE>
<CAPTION>
                                                            1999           1998
                                                         (Unaudited)    (Unaudited)
                                                         ----------     ----------
<S>                                                     <C>            <C>        
INCOME BEFORE PROVISION FOR INCOME TAXES..........      $    67,078    $    79,131
PROVISION FOR INCOME TAXES........................           26,766         26,461
                                                         ----------     ----------
NET INCOME........................................      $    40,312    $    52,670
                                                         ==========     ==========

Basic earnings per share..........................      $   .21        $         -
                                                         ==========     ==========

COMPREHENSIVE INCOME
Net income........................................      $    40,312    $    52,670
Other comprehensive income:
  Unrealized holding losses on
   securities during the period.......... . . . .            (3,574)        (5,998)
  Income tax benefit related to
   unrealized holding losses......................           (1,215)        (2,039)
                                                         ----------     ----------
Other comprehensive loss, net of
  tax effects.....................................           (2,359)        (3,959)
                                                         ----------     ----------
Comprehensive income..............................      $    37,953    $    48,711
                                                         ==========     ==========

</TABLE>
The accompanying notes are an integral part of these financial statements.


                                      -5-
<PAGE>
<TABLE>
<CAPTION>
                                                  IBL BANCORP, INC.
                              CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                      Three months ended March 31, 1999 and 1998


                                                                                 Retained    Accumulated
                                                                                Earnings -      Other
                                                      Additional    Unearned     Substan-      Compre-
                                            Common    Paid - In       ESOP         tially      hensive       Total
                                            Stock      Capital       Shares     Restricted     Income       Equity
                                           --------    ---------    ---------   ----------    ---------    ---------
<S>                                        <C>       <C>           <C>         <C>            <C>        <C>        
BALANCE, DECEMBER 31, 1997, AS PREVIOUSLY
 REPORTED. . . . . . . . . . . . . . . .   $      -  $         -   $        -  $ 1,638,709    $   2,949  $ 1,641,658
Prior period adjustment. . . . . . . . .          -            -            -      (19,698)           -      (19,698)
                                           --------    ---------    ---------   ----------    ---------    ---------
BALANCE, DECEMBER 31, 1997, AS RESTATED.          -            -            -    1,619,011        2,949    1,621,960
                                           --------    ---------    ---------   ----------    ---------    ---------
COMPREHENSIVE INCOME (Unaudited)
Net income . . . . . . . . . . . . . . .          -            -            -       52,670            -       52,670
Other comprehensive income, net of tax
  Unrealized losses on securities. . . .          -            -            -            -       (3,959)      (3,959)
                                           --------    ---------    ---------   ----------    ---------    ---------
  Comprehensive income . . . . . . . . .          -            -            -       52,670       (3,959)      48,711
                                           --------    ---------    ---------    ---------    ---------    ---------
BALANCE, MARCH 31, 1998 (Unaudited). . .   $      -  $         -   $        -  $ 1,671,681    $  (1,010) $ 1,670,671
                                          =========   ==========   ==========   ==========    =========   ==========

BALANCE, DECEMBER 31, 1998                 $  2,109  $ 1,740,254   $ (165,971) $ 1,806,496    $    (293) $ 3,382,595
COMPREHENSIVE INCOME (Unaudited)
Net income . . . . . . . . . . . . . . .          -            -            -       40,312            -       40,312
Other comprehensive income, net of tax
  Unrealized losses on securities. . . .          -            -            -            -       (2,359)      (2,359)
                                           --------    ---------    ---------    ---------    ---------    ---------
  Comprehensive income . . . . . . . . .          -            -            -       40,312       (2,359)      37,953
                                           --------    ---------    ---------    ---------    ---------    ---------
ESOP shares released for allocation. . .          -            -        2,776            -            -        2,776
Dividends. . . . . . . . . . . . . . . .          -            -            -       (7,908)           -       (7,908)
                                           --------    ---------    ---------     --------     --------    ---------
BALANCE, MARCH 31, 1999 (Unaudited). . .   $  2,109  $ 1,740,254   $ (163,195) $ 1,838,900    $  (2,652) $ 3,415,416
                                          =========   ==========   ==========   ==========    =========   ==========

</TABLE>
The accompanying notes are an integral part of these financial statements.


                                       -6-
<PAGE>
<TABLE>
<CAPTION>
                                 IBL BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                     Three months ended March 31, 1999 and 1998


                                                             1999          1998
                                                          (Unaudited)   (Unaudited)
                                                           ----------   ----------
<S>                                                       <C>          <C>       
CASH FLOWS FROM OPERATING ACTIVITIES
Net income............................................... $   40,312   $   52,670
                                                           ----------   ----------
Adjustments to reconcile net income to
 net cash provided by operating activities:
  Depreciation...........................................       5,750        5,745
  Provision for loan losses..............................       3,140       12,000
  ESOP contribution......................................       2,776            -
  Provision for deferred federal income tax .............           -        1,346
  Amortization of net premium on investment and
   mortgage-backed securities............................       4,522        7,071
  Net discount charged (realized) on installment loans...     (26,013)      11,079
  Net loan fees deferred ................................       1,018        1,109
  Stock dividends from Federal Home Loan Bank............      (2,300)      (5,300)
  Net decrease (increase) in interest receivable.........      (9,194)       1,921
  Net increase in other assets...........................     (12,742)      (8,067)
  Net decrease in interest payable.......................     (10,964)      (1,503)
  Net decrease in  income taxes payable..................     (14,142)     (22,552)
  Net increase (decrease) in other liabilities...........      14,234       (5,657)
                                                           ----------   ----------
    Total adjustments....................................     (43,915)      (2,808)
                                                           ----------   ----------
Net cash provided by (used in) operating activities......      (3,603)      49,862
                                                           ----------   ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans receivable.........................    (259,818)    (123,474)
Principal payments received on mortgage-backed
 securities available-for-sale...........................      93,066      127,037
Purchases of securities held-to-maturity.................    (200,000)           -
Proceeds from sale of foreclosed assets..................      10,500            -
Principal payments received on mortgage-backed
 securities held-to-maturity.............................      88,504      185,210
Purchases of office property and equipment...............           -       (2,018)
Certificates of deposits acquired........................    (506,000)           -
                                                           ----------   ----------
Net cash provided by (used in) investing activities......    (773,748)     186,755
                                                           ----------   ----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                 IBL BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                     Three months ended March 31, 1999 and 1998


                                                             1999          1998
                                                          (Unaudited)   (Unaudited)
                                                           ----------   ----------
<S>                                                       <C>          <C>       
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts.........................   2,149,438      508,926
Net increase (decrease) in advances by borrowers for
 taxes and insurance.....................................       1,686         (605)
Cash dividends..... .....................................      (7,908)           -
Repayment of advances from Federal Home Loan Bank........           -     (157,900)
                                                           ----------   ----------
Net cash provided by financing activities................   2,143,216      350,421
                                                           ----------   ----------
NET INCREASE IN CASH.....................................   1,365,865      587,038
Cash - beginning of year.................................   1,858,498    1,110,208
                                                           ----------   ----------
Cash - end of year....................................... $ 3,224,363  $ 1,697,246
                                                           ==========   ==========

</TABLE>

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


                                        -7-
<PAGE>
                                IBL BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
                                 March 31, 1999


A:       BASIS OF PRESENTATION

         The accompanying consolidated financial statements for the period ended
March 31, 1999 include the accounts of IBL Bancorp, Inc. (the "Company") and its
wholly  owned   subsidiary,   Iberville   Building  and  Loan  Association  (the
"Association").  Currently,  the business and management of IBL Bancorp, Inc. is
primarily  the business  and  management  of the  Association.  All  significant
intercompany   transactions   and   balances   have  been   eliminated   in  the
consolidation.

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

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

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

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

         The  accompanying  consolidated  unaudited  financial  statements  were
prepared in accordance with instructions for Form 10-QSB and, therefore,  do not
include  information  or  footnotes  necessary  for a complete  presentation  of
financial position, results of operations and


                                       -8-
<PAGE>
A:        BASIS OF PRESENTATION (Continued)
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 three
months ended March 31, 1999 are not necessarily  indicative of the results to be
expected for the year ending December 31, 1999.


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 $2,776 for
the three months ended March 31, 1999 based on the quarterly release of shares.


C:       EARNINGS PER SHARE

          The computation of basic earnings per share for March 31,1999 includes
reported net income in the numerator and the weighted  average  number of shares
outstanding of 194,428 in the  denominator,  which consist of the average number
of shares  issued,  210,870,  less the average  number of  unearned  ESOP shares
during the period, 16,442.

         Earnings  per share for  periods  prior to  September  30,  1998 is not
considered  meaningful as the Conversion was not completed  until  September 30,
1998.




                                      -9-
<PAGE>
                        IBL BANCORP, INC. AND SUBSIDIARY

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

General

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

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

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

Changes in Financial Condition

         The  Company's  total assets  increased  $2,173,000  or 9.1% from $23.9
million at December 31, 1998 to $26.1  million at March 31, 1999.  This increase
was primarily due to increases of $271,000 in net loan receivables,  $506,000 in
time deposits and $1,366,000 in cash and cash equivalents.  The increase in cash
and cash  equivalents was due primarily to the Association  beginning to receive
deposits from various local government entities.


                                      -10-
<PAGE>
         The Association's  total classified  assets for regulatory  purposes at
March 31, 1999  (excluding  loss assets  specifically  reserved for) amounted to
$562,000,  all of which was classified as  substandard.  The largest  classified
asset at March 31,  1999  consisted  of a $113,000  adjustable-rate  residential
loan. The remaining  $449,000 of substandard  assets at March 31, 1999 consisted
of 13  residential  mortgage  loans  totaling  $385,000  and 11  consumer  loans
totaling $64,000.

         Interest-bearing deposits in other institutions increased by $1,316,000
or 78.3% from  $1,681,000  at December 31, 1998 to $2,997,000 at March 31, 1999.
This  increase was  primarily  due to the  increased  deposits  the  Association
received.

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

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

         The mortgage-backed  securities  portfolio increased by $10,000 or 0.3%
from $3,576,000 at December 31, 1998 to $3,586,000 at March 31, 1999.

         The  demand  for  mortgage  loans  in  the  Association's  market  area
increased  during  the  past  three  months.  The net loan  portfolio  increased
$271,000 or 1.6% from  $17,209,000  at December 31, 1998 to $17,480,000 at March
31,1999.  This increase consisted mainly of single family  residential  mortgage
loans.

         Deposits  increased by $2,138,000 or 10.7% from $19,899,000 at December
31,1998 to $22,037,000 at March 31, 1999.  This increase is primarily due to the
Association   beginning  to  receive  deposits  from  various  local  government
entities.

          Total stockholders'  equity increased by $33,000 during the past three
months.  Net income of $40,000 and a $3,000  decrease  in  unearned  ESOP shares
increased  stockholders'  equity during the period. Net income was offset by the
payment of a  quarterly  dividend  totaling  $8,000 and an increase of $2,000 in
unrealized  losses  on  available-for-sale  investment  securities  during  this
period.  Stockholders'  equity at March 31, 1999 totaled  $3,415,000 or 13.1% of
total  assets  compared  to equity  of  $3,383,000  or 14.2% of total  assets at
December 31, 1998.

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 three
months ended March  31,1999 and 1998,  net interest  income after  provision for
loan losses exceeded total  non-interest  expense.  Total  non-interest  

                                      -11-
<PAGE>
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 $12,000 or 23.5% in the quarter ended March 31,
1999 compared to the respective  1998 period.  The decrease in the March 31,1999
quarter  was due to a decrease  in  interest  income of  $10,000,  a decrease in
non-interest  income  of $3,000  and an  increase  in  non-interest  expense  of
$16,000.  These factors were primarily  offset by a decline in the provision for
loan losses of $9,000 and a decrease in total interest expense of $7,000.

         The $2,000 decrease in net interest income in the first quarter of 1999
was due to a decrease  in the  average  interest  rate  spread from 3.40% in the
quarter ended March 31, 1998, to 3.11% in the first quarter of 1999. The average
rate on deposits  decreased  from 4.41% in the first quarter of 1998 to 4.06% in
the first quarter of 1999,  while the average yield on  interest-earning  assets
decreased  from  7.83% to 7.19% over the same  period.  The  decreased  yield on
assets was  primarily due to lower yields on the  Association's  adjustable-rate
mortgage  loans and  adjustable-rate  mortgage-backed  securities.  In  addition
average  yield  was  higher  in the  first  quarter  of 1998  partly  due to the
recognition of $17,000 interest received on a non-accruing loan that was brought
current.

         Total interest income decreased by $10,000 or 2.1% in the quarter ended
March 31, 1999 from the  comparable  1998 period.  Interest  income in the first
quarter of 1998 was higher partly due to the recognition of $17,000  received on
a non-accruing loan that was brought current.

          Total  interest  expense  decreased  by $7,000 or 3.2% for the quarter
ended  March  31,  1999 from the  comparable  1998  period.  This  decrease  was
primarily  due to a $6,000  decrease in total  interest  on  deposits  caused by
reductions of rates paid by the Association on its deposit accounts and a $1,000
reduction on interest paid on Federal Home Loan Bank of Dallas advances.

          The  provision  for losses  decreased by $9,000 for the March 31, 1999
quarter from the comparable  1998 period.  At March 31, 1999, the  Association's
total  non-accruing  loans  amounted to $241,000.  The allowance for loan losses
amounted to $399,000 at March 31,  1999,  representing  2.23% of the total loans
held in  portfolio  and 165.56% 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 modest  charge-offs of
$15,000  in the first  quarter  of 1999 and  current  asset  quality of the loan
portfolio.

          Non-interest  income  decreased by $3,000 or 11.7% in the three months
ended March 31, 1999 from the comparable 1998 period. The decline in the quarter
was primarily due to a decrease in service charges on deposit accounts.

          Non-interest expenses increased in the quarter ended March 31, 1999 by
$16,000 or 10.0% over the  comparable  1998 period.  The increase in the quarter
was due to  increases of $7,000 in  compensation  and  benefits,  $5,000 in data
processing and $6,000 in legal and other professional expenses.  These increases
in  non-interest  expenses were partially  offset by a $2,000 decrease in office
supplies and postage.


                                      -12-
<PAGE>
Liquidity and Capital Resources

         The  Association is required under  applicable  federal  regulations to
maintain  specified  levels of "liquid"  investments in qualifying types of U.S.
Government, federal agency and other investments having maturities of up to five
years.  Current OTS  regulations  require  that a savings  institution  maintain
liquid  assets  of  not  less  than  4% of  its  average  daily  balance  of net
withdrawable  deposit  accounts and  borrowings  payable in one year or less. At
March 31, 1999, the Association's  liquidity was 17.1% or $2.9 million in excess
of the minimum OTS requirement.

         The Association is required to maintain  regulatory  capital sufficient
to meet  tangible,  core and risk-based  capital ratios of 1.5%,  4.0%, and 8.0%
respectively.  At March 31, 1999,  the  Association's  tangible and core capital
both  amounted  to $2.7  million  or 10.67% of  adjusted  total  assets of $25.4
million,  and the Association's  risk-based  capital amounted to $2.9 million or
22.44% of adjusted risk-weighted assets of $12.8 million.

          As of March 31, 1999, the Association's  unaudited  regulatory capital
requirements are as indicated in the following table:
<TABLE>
<CAPTION>
                                                (In Thousands)
                                           TANGIBLE         CORE       RISK-BASED
                                            CAPITAL        CAPITAL       CAPITAL
                                            -------        -------       -------
<S>                                          <C>           <C>           <C>   
GAAP Capital .........................       $2,713        $2,716        $2,716

Additional Capital Items:
    General Valuation Allowances .....         --            --             162
                                             ------        ------        ------
Regulatory Capital Computed ..........        2,713         2,716         2,878

Minimum Capital Requirement ..........          381         1,018         1,026
                                             ------        ------        ------
Regulatory Capital Excess ............       $2,332        $1,698        $1,852
                                             ======        ======        ======
Regulatory Capital as a
     Percentage ......................        10.67%        10.67%        22.44%

Minimum Capital Required
     as a Percentage .................         1.50%         4.00%         8.00%
                                             ------        ------        ------

Regulatory Capital as a
  Percentage in Excess
    of Requirements ..................         9.17%         6.67%        14.44%
                                             ======        ======        ======
</TABLE>


         Based on the above capital ratios,  the Association  meets the criteria
for a "well  capitalized"  institution  at March  31,  1999.  The  Association's
management  believes that under the current  regulations,  the Association  will
continue to meet its minimum capital  requirements 

                                      -13-
<PAGE>
in  the  foreseeable  future.   However,   events  beyond  the  control  of  the
Association,  such as increased  interest  rates or a downturn in the economy of
the Association's area, could adversely affect future earnings and consequently,
the ability of the  Association to continue to exceed its future minimum capital
requirements.


The Year 2000

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

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

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

Renovation  Phase.  The  Association's  data processing and items processing are
both handled by two independent third party data centers,  and both centers have
indicated that they have completed their renovation  process.  The main software
program used by the Association has been certified by its vendor to be Year 2000
compliant.  The Association's  hardware has been reported Year 2000 compliant by
its provider however  management is currently having the hardware reviewed by an
outside  consultant  to ensure that any equipment in question of being Year 2000
compliant is replaced in a timely manner.

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

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

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

                                      -14-
<PAGE>
Contingency Planning. The Association has adopted contingency plans in the event
that one or more of its internal or external systems fail to operate on or after
January 1, 2000. In a worst case scenario,  the  Association  would need to post
transactions  and general  ledger  entries  manually.  This manual  system would
consist of ledger  cards or sheets for every loan,  deposit  and general  ledger
account. The failure of external systems such as utility and phone companies may
also force the Association to operate on a manual processing system.


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

         Based on a review of internal bookkeeping  practices and the reports by
the  Association's  third party data processor and software vendor that they are
Year 2000 compliant,  management does not expect to incur significant additional
bookkeeping, data processing or other expenses in connection with issues related
to the Year 2000. A budget of $15,000 was set for costs associated with the Year
2000 (of which $5,000 has been  incurred).  After an initial  review with an out
side computer consultant, management decided to increase the Year 2000 budget to
$25,000.


Status of Borrowers and Other Customers. The Association's customer base consist
primarily  of  individuals  who use the  Association's  services  for  personal,
household or consumer uses.  Management  believes these customers are not likely
to individually  pose material Year 2000 risks  directly.  It is not possible at
this time to gauge the indirect  risks which could be faced if the  employers of
these customers encounter unresolved Year 2000 issues. Most of the Association's
loans are residential or consumer in nature. The Association had nine commercial
loans at March 31,  1999.  Management  determined  that  these  borrowers  could
operate in an environment without computers and that the risk of these borrowers
adversely impacting the Association was not material.



                                      -15-
<PAGE>
                                IBL Bancorp, Inc.
Form 10-QSB
Quarter Ended March 31, 1999

PART II - OTHER INORMATION

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

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

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


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) The following exhibit is filed herewith:
                           EXHIBIT NO.                   DESCRIPTION
                           -----------                   -----------
                              27.1                       Financial Data Schedule


                   (b) Reports on Form 8-K:
                             No reports on Form 8-K were filed by the Registrant
                             during the quarter ended March 31, 1999.




                                      -16-
<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:      May 12, 1999              By: /s/G. Lloyd Bouchereau, Jr.
                                         --------------------------- 
                                         G. Lloyd Bouchereau, Jr., President and
                                         Chief Executive Officer

Date:      May 12, 1999              By: /s/Gary K.Pruitt  
                                         ---------------- 
                                            Gary K. Pruitt
                                            Secretary


                                      -17-