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 June 30, 1999

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

        For the transition period from                      to

                       Commission File Number 000-24907

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

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

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

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

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

Shares of common stock,  par value $.01 per share,  outstanding  as of August 4,
1999: 210,870

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

                                      -1-
<PAGE>

                                IBL Bancorp, Inc.

                                   Form 10-QSB

                           Quarter Ended June 30, 1999

                         PART I - FINANCIAL INFORMATION

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

Item 1 - Financial Statements
                                                                            Page
                                                                            ----

Consolidated Statements Of Financial Condition At
June 30, 1999 (Unaudited) and December 31, 1998                                3

Consolidated Statements Of Income and Comprehensive Income (Unaudited)
For the Three and Six Months Ended June 30, 1999 and 1998                      4

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

Consolidated Statements Of Cash Flows (Unaudited)
For the Six Months Ended June 30, 1999 and 1998                                7

Notes to Consolidated Financial Statements                                     8

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

                           PART II - OTHER INFORMATION

Item 1     - Legal Proceedings                                                17
Item 2     - Changes in Securities and Use of Proceeds                        17
Item 3     - Defaults Upon Senior Securities                                  17
Item 4     - Submission of Matters to a Vote of Security Holders              17
Item 5     - Other Information                                                17
Item 6     - Exhibits and Reports on Form 8-K                                 18

Signatures                                                                    19


                                     -2-
<PAGE>
<TABLE>
<CAPTION>
                                      IBL BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                             June 30, 1999 and December 31, 1998


                                                                June 30,
                                                                  1999         December 31,
                                                               (Unaudited)           1998
                                                             ------------      ------------
<S>                                                          <C>               <C>
ASSETS
Cash and amounts due from depository institutions ......     $    314,369      $    177,068
Interest-bearing deposits in other institutions ........        3,486,160         1,681,430
                                                             ------------      ------------
  Total cash ...........................................        3,800,529         1,858,498
                                                             ------------      ------------
Time deposits ..........................................        1,401,000           795,000
                                                             ------------      ------------
Mortgage-backed securities held-to-maturity (estimated
 market value $2,354,528 and $2,116,824) ...............        2,401,604         2,122,507
Mortgage-backed securities available-for-sale (amortized
 cost $1,844,685 and $1,454,057) .......................        1,822,593         1,453,613
                                                             ------------      ------------
  Total investment securities ..........................        4,224,197         3,576,120
                                                             ------------      ------------
Loans receivable .......................................       18,280,726        17,620,600
Less allowance for loan losses .........................          402,329           411,621
                                                             ------------      ------------
  Loans receivable, net ................................       17,878,397        17,208,979
                                                             ------------      ------------
Premises and equipment, net ............................          143,764           154,179
Federal Home Loan Bank stock, at cost ..................          175,300           170,800
Accrued interest receivable ............................           98,353            74,242
Other assets ...........................................           77,561            40,200
                                                             ------------      ------------
  Total assets .........................................     $ 27,799,101      $ 23,878,018
                                                             ============      ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
                                      IBL BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                             June 30, 1999 and December 31, 1998
                                        (continued)


                                                                June 30,
                                                                  1999         December 31,
                                                               (Unaudited)           1998
                                                             ------------      ------------
<S>                                                          <C>               <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits ...............................................     $ 23,763,858      $ 19,898,684
Advances from Federal Home Loan Bank ...................          495,000           495,000
Advances by borrowers for taxes and insurance ..........           13,948            12,781
Federal income taxes payable ...........................             --              39,388
Other liabilities and deferrals ........................           75,299            49,570
                                                             ------------      ------------
  Total liabilities ....................................       24,348,105        20,495,423
                                                             ------------      ------------
Commitments and contingencies ..........................             --                --
                                                             ------------      ------------
Preferred stock $.01 par, 2,000,000 shares authorized ..             --                --
Common stock - $.01 par, 5,000,000 shares authorized,
 210,870 shares issued .................................            2,109             2,109
Additional paid-in capital .............................        1,739,674         1,740,254
Unearned ESOP shares ...................................         (156,038)         (165,971)
Retained earnings - substantially restricted ...........        1,879,832         1,806,496
Accumulated other comprehensive loss ...................          (14,581)             (293)
                                                             ------------      ------------
  Total stockholders' equity ...........................        3,450,996         3,382,595
                                                             ------------      ------------
  Total liabilities and stockholders' equity ...........     $ 27,799,101      $ 23,878,018
                                                             ============      ============
</TABLE>
The accompanying notes are an integral part of these financial statements.

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


                                                   ---Three months ended---     ---Six months ended---
                                                    06/30/99     06/30/98          06/30/99   06/30/98
                                                   (Unaudited) (Unaudited)        (Unaudited) (Unaudited)
                                                   ----------  ----------        ----------  ----------
<S>                                                <C>         <C>               <C>         <C>
INTEREST INCOME
Loans.......................................       $  374,670  $  360,401        $  731,743  $  733,970
Mortgage-backed securities..................           56,890      55,568           111,341     118,689
FHLB stock and other securities.............            2,266       2,705             4,582       8,272
Deposits....................................           42,501      17,396            73,550      29,634
                                                   ----------  ----------        ----------  ----------
  Total interest income.....................          476,327     436,070           921,216     890,565
                                                   ----------  ----------        ----------  ----------
INTEREST EXPENSE
Deposits
 Interest-bearing demand deposit accounts...           22,706      32,337            41,041      48,145
 Passbook savings accounts..................           24,184      26,560            47,937      50,164
 Certificate of deposit accounts............          179,401     167,529           353,956     350,988
                                                   ----------  ----------        ----------  ----------
  Total interest on deposits................          226,291     226,426           442,934     449,297
Advances from Federal Home Loan Bank........            5,702       4,361            11,404      11,284
                                                   ----------  ----------        ----------  ----------
  Total interest expense....................          231,993     230,787           454,338     460,581
                                                   ----------  ----------        ----------  ----------
  Net interest income.......................          244,334     205,283           466,878     429,984
Provision for losses on loans...............            2,720       3,000             5,860      14,960
                                                   ----------  ----------        ----------  ----------
NET INTEREST INCOME AFTER PROVISION FOR
 LOSSES ON LOANS............................          241,614     202,283           461,018     415,024
                                                   ----------  ----------        ----------  ----------
NON-INTEREST INCOME
Service charges on deposit accounts.........           20,779      20,064            39,168      40,935
Other.......................................            5,586       3,228             8,892       6,929
                                                   ----------  ----------        ----------  ----------
  Total non-interest income.................           26,365      23,292            48,060      47,864
                                                   ----------  ----------        ----------  ----------
NON-INTEREST EXPENSES
Compensation and benefits...................           92,654      77,159           186,799     164,246
Occupancy ..................................            6,740       8,096            12,799      12,752
Furniture and equipment ....................            6,115       5,631            13,714      12,108
Deposit insurance premium...................            3,083       3,085             6,298       6,209
Data processing.............................           19,607      22,027            38,635      36,288
Legal and other professional................           31,292       7,200            44,531      14,400
Advertising.................................            3,428       3,561             6,938       8,737
Office supplies and postage.................            6,682       4,295            15,697      15,664
Other general and administrative............           25,922      13,669            44,133      32,501
                                                   ----------  ----------        ----------  ----------
  Total non-interest expenses...............          195,523     144,723           369,544     302,905
                                                   ----------  ----------        ----------  ----------
</TABLE>
Continued. . .

                                                  -4-
<PAGE>
<TABLE>
<CAPTION>
                                                ---Three months ended--- ---Six months ended---
                                                 06/30/99    06/30/98     06/30/99    06/30/98

                                                (Unaudited) (Unaudited)  (Unaudited) (Unaudited)
                                                ----------  ----------    ----------  ----------
<S>                                             <C>         <C>           <C>         <C>
INCOME BEFORE PROVISION FOR INCOME TAXES....    $   72,456  $   80,852    $  139,534  $  159,983
PROVISION FOR INCOME TAXES..................        23,616      34,108        50,382      60,569
                                                ----------  ----------    ----------  ----------
NET INCOME..................................    $   48,840  $   46,744    $   89,152  $   99,414
                                                ==========  ==========    ==========  ==========

Basic earnings per share....................    $     .25   $        -    $     .46   $        -
                                                ==========  ==========    ==========  ==========

COMPREHENSIVE INCOME
Net income..................................    $   48,840  $   46,744    $   89,152  $   99,414
Other comprehensive income
  Unrealized holding gains (losses) on
   securities during the period.............       (18,074)      1,726       (21,648)     (4,272)
  Income tax expense (benefit) related to
   unrealized holding gains (losses)........        (6,145)        587        (7,360)     (1,452)
                                                ----------  ----------    ----------  ----------
Other comprehensive income (loss), net of
  tax effects...............................       (11,929)      1,139       (14,288)     (2,820)
                                                ----------  ----------    ----------  ----------
Comprehensive income........................    $   36,911  $   47,883    $   74,864  $   96,594
                                                ==========  ==========    ==========  ==========

</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
                                               Six months ended June 30, 1999 and 1998


                                                                                         Retained       Accumulated
                                                                                         Earnings -       Other
                                                           Additional      Unearned       Substan-        Compre-
                                               Common      Paid - In         ESOP          tially         hensive         Total
                                                Stock       Capital         Shares       Restricted       Income         Equity
<S>                                          <C>           <C>            <C>            <C>            <C>            <C>
BALANCE, DECEMBER 31, 1997, AS PREVIOUSLY
 REPORTED ................................   $      --     $      --      $      --      $ 1,638,709    $     2,949    $ 1,641,658
Prior period adjustment ..................          --            --             --          (19,698)          --          (19,698)
                                             -----------   -----------    -----------    -----------    -----------    -----------
BALANCE, DECEMBER 31, 1997, AS RESTATED ..          --            --             --        1,619,011          2,949      1,621,960
                                             -----------   -----------    -----------    -----------    -----------    -----------
COMPREHENSIVE INCOME (Unaudited)
Net income ...............................          --            --             --           99,414           --           99,414
Other comprehensive income, net of tax
  Unrealized losses on securities ........          --            --             --             --           (2,820)        (2,820)
                                             -----------   -----------    -----------    -----------    -----------    -----------
  Comprehensive income ...................          --            --             --           99,414         (2,820)        96,594
                                             -----------   -----------    -----------    -----------    -----------    -----------
BALANCE, JUNE 30, 1998 (Unaudited) .......   $      --     $      --      $      --      $ 1,718,425    $       129    $ 1,718,554
                                             ===========   ===========    ===========    ===========    ===========    ===========

BALANCE, DECEMBER 31, 1998 ...............   $     2,109   $ 1,740,254    $  (165,971)   $ 1,806,496    $      (293)   $ 3,382,595
COMPREHENSIVE INCOME (Unaudited)
Net income ...............................          --            --             --           89,152           --           89,152
Other comprehensive income, net of tax
  Unrealized losses on securities ........          --            --             --             --          (14,288)       (14,288)
                                             -----------   -----------    -----------    -----------    -----------    -----------
  Comprehensive income ...................          --            --             --           89,152        (14,288)        74,864
                                             -----------   -----------    -----------    -----------    -----------    -----------
ESOP shares released for allocation ......          --            (580)         9,933           --             --            9,353
Dividends ................................          --            --             --          (15,816)          --          (15,816)
                                             -----------   -----------    -----------    -----------    -----------    -----------
BALANCE, JUNE 30, 1999 (Unaudited) .......   $     2,109   $ 1,739,674    $  (156,038)   $ 1,879,832    $   (14,581)   $ 3,450,996
                                             ===========   ===========    ===========    ===========    ===========    ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.



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

                                                              1999         1998
                                                           (Unaudited)  (Unaudited)
                                                           ----------   ----------
<S>                                                        <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income...............................................  $   89,152   $   99,414
                                                           ----------   ----------
Adjustments   to  reconcile  net  income  to
 net  cash  provided  by  operating activities:
  Depreciation...........................................      10,415       10,499
  Provision for loan losses..............................       5,860       15,000
  ESOP contribution......................................       9,353            -
  Provision for deferred federal income tax credit.......      (2,666)     (27,791)
  Amortization of net premium on investment and mortgage-
   backed securities.....................................       9,086       15,723
  Net discount charged (realized) on installment loans...      (7,658)      18,594
  Net loan fees deferred ................................       1,677        2,396
  Stock dividends from Federal Home Loan Bank............      (4,500)      (7,800)
  Net increase in interest receivable....................     (24,111)      (8,215)
  Net increase in other assets...........................      (9,303)     (69,298)
  Net increase (decrease) in interest payable............        (539)       4,997
  Net decrease in income taxes payable..................      (57,420)      (8,613)
  Net increase in other liabilities......................      32,720        6,044
                                                           ----------   ----------
    Total adjustments....................................     (37,086)     (48,464)
                                                           ----------   ----------
Net cash provided by operating activities................      52,066       50,950
                                                           ----------   ----------

CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans receivable.........................    (679,797)    (639,022)
Purchases of securities available-for-sale...............    (629,796)    (119,776)
Principal payments received on mortgage-backed securities
 available-for-sale......................................     235,106      310,522
Purchases of securities held-to-maturity.................    (450,495)           -
Proceeds from sale of foreclosed assets..................      10,500            -
Principal payments received on mortgage-backed securities
 held-to-maturity........................................     166,374      341,980
Purchases of office property and equipment...............           -       (2,728)
Certificates of deposits acquired........................    (606,000)           -
Proceeds from sale of Federal Home Loan Bank stock.......           -      205,000
                                                           ----------   ----------
Net cash provided by (used in) investing activities......  (1,954,108)      95,976
                                                           ----------   ----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                 IBL BANCORP, INC.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                      Six months ended June 30, 1999 and 1998
                                    (continued)

                                                              1999         1998
                                                           (Unaudited)  (Unaudited)
                                                           ----------   ----------
 <S>                                                        <C>          <C>
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts.........................   3,865,713    1,017,019
Net decrease in advances by borrowers for taxes
 and insurance...........................................      (5,824)      (2,918)
Cash dividends..... .....................................     (15,816)           -
Repayment of advances from Federal Home Loan Bank........           -     (610,000)
                                                           ----------   ----------
Net cash provided by financing activities................   3,844,073      404,101
                                                           ----------   ----------
NET INCREASE IN CASH.....................................   1,942,031      551,027
Cash - beginning of period...............................   1,858,498    1,110,208
                                                           ----------   ----------
Cash - end of period.....................................  $3,800,529   $1,661,235
                                                           ==========   ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.


                                       -7-
<PAGE>
                                IBL BANCORP, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
                                  June 30, 1999


A:       BASIS OF PRESENTATION

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

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

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

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

         The Conversion  was accounted for under the pooling of interest  method
of accounting.  In the  Conversion,  the Company issued 210,870 shares of common
stock,  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 six
months ended June 30, 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
released for  allocation to active  employees  annually.  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 $9,353 for
the six months ended June 30, 1999.


C:       EARNINGS PER SHARE

The computation of basic earnings per share includes  reported net income in the
numerator and the weighted  average number of shares  outstanding of 194,635 for
the six months  ended June 30, 1999 and 194,840 for the three  months then ended
in the denominator.

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





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

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

General

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

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

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

Changes in Financial Condition

         The  Company's  total assets  increased  $3,921,000 or 16.4% from $23.9
million at December 31, 1998 to $27.8  million at June 30, 1999.  This  increase
was primarily due to increases of $669,000 in net loan receivables,  $606,000 in
time deposits, $648,000 in investment securities and $1,942,000 in cash and cash
equivalents.  The increase in cash and cash equivalents was due primarily to the
Association  beginning to participate in deposits from various local  government
entities and a single large deposit of $1,250,000.  These deposits received from
other entities were then put into deposits at other institutions.


                                      -10-
<PAGE>
          Interest-bearing   deposits  in  other   institutions   increased   by
$1,805,000 or 107.3% from  $1,681,000 at December 31, 1998 to $3,486,000 at June
30,  1999.  This  increase  was  primarily  due to the  increased  deposits  the
Association received.

         Time deposits  increased by $606,000 or 76.2% from $795,000 at December
31, 1998 to $1,401,000 at June 30, 1999.  This increase was primarily due to the
purchase  of  short-term  certificates  of deposit  funded by  increases  in the
Association's deposit growth and proceeds remaining from the stock conversion.

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

         The mortgage-backed securities portfolio increased by $648,000 or 18.1%
from  $3,576,000  at December 31, 1998 to  $4,224,000  at June 30, 1999,  due to
purchases of $865,000 in the first half of 1999.

         The  demand  for  mortgage  loans  in  the  Association's  market  area
increased during the past six months. The net loan portfolio  increased $669,000
or 3.9% from  $17,209,000  at December 31, 1998 to $17,878,000 at June 30, 1999.
This increase consisted mainly of single- family residential mortgage loans.

         Deposits  increased by $3,865,000 or 19.4% from $19,899,000 at December
31,1998 to $23,764,000  at June 30, 1999.  This increase is primarily due to the
Association  beginning to participate in deposits from various local  government
entities and a single large deposit of $1,250,000.

          Total  stockholders'  equity  increased by $68,000 during the past six
months.  Net income of $89,000 and a $10,000  decrease  in unearned  ESOP shares
increased  stockholders'  equity during the period. These factors were offset by
the payment of two quarterly  dividends totaling $16,000, an increase of $14,000
in unrealized losses on available-for-sale  investment securities and a decrease
of $1,000 in additional paid-in capital during this period. Stockholders' equity
at June 30,  1999  totaled  $3,451,000  or 12.4% of  total  assets  compared  to
stockholders'  equity of  $3,383,000  or 14.2% of total  assets at December  31,
1998.

         The Association's  total classified  assets for regulatory  purposes at
June 30, 1999  (excluding  loss assets  specifically  reserved  for) amounted to
$410,000,  all of which was classified as  substandard.  The largest  classified
asset at June 30, 1999 consisted of a $73,000 adjustable-rate  residential loan.
The remaining  $337,000 of  substandard  assets at June 30, 1999 consisted of 10
residential  mortgage  loans  totaling  $300,000 and 7 consumer  loans  totaling
$37,000.

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

                                      -11-
<PAGE>
expense and income  taxes.  In the six months ended June 30, 1999 and 1998,  net
interest  income after  provision for loan losses  exceeded  total  non-interest
expense.  Total  non-interest  expense consists of general,  administrative  and
other  expenses,  such as  compensation  and  benefits,  furniture and equipment
expense, federal insurance premiums, and miscellaneous other expenses.

         Net income  increased  by $2,000 or 4.5% in the quarter  ended June 30,
1999 and  decreased  by $10,000 or 10.3% in the six months  ended June 30,  1999
compared  to the  respective  1998  periods.  The  increase in the June 30, 1999
quarter was due to an increase  in  interest  income of $40,000,  an increase in
non-interest  income of $3,000 and a decrease in  provision  for income taxes of
$10,000.  These  factors were  primarily  offset by an increase in  non-interest
expenses of $51,000.  The decreased  net income for the six-month  period ending
June 30, 1999 was primarily due to a $67,000 increase in non-interest  expenses.
This increase in non-interest expense was partially offset by an increase in net
interest  income  after  provision  for loan losses of $46,000 and a decrease in
provision for income taxes of $10,000.

          The $39,000  increase in net interest  income in the second quarter of
1999 was  primarily  due to  increases  in  interest-earning  assets  funded  by
increased  deposits.  The higher  average  balances were  partially  offset by a
decrease in the  average  interest  rate spread from 3.13% in the quarter  ended
June 30,  1998 to 3.05% in the  second  quarter  of 1999.  The  average  rate on
interest-bearing  liabilities decreased from 4.47% in the second quarter of 1998
to  4.00%  in  the  second   quarter  of  1999,   while  the  average  yield  on
interest-earning  assets decreased from 7.60% to 7.05% 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.

         The $37,000  increase in net interest income in the first six months of
1999  compared  to the  first  six  months  of 1998  was also  primarily  due to
increases in interest-earning  assets funded by increased  deposits.  The higher
average  balances were  partially  offset by a decrease in the average  interest
rate spread from 3.28% in the six-month  period ending June 30, 1998 to 3.10% in
the six-month period ending June 30, 1999. The average rate on  interest-bearing
liabilities decreased from 4.45% in the first six months of 1998 to 4.01% in the
first six months of 1999,  while the average  yield on  interest-earning  assets
decreased  from  7.73% to 7.11% over the same  period.  The  decreased  yield on
assets was  primarily due to lower yields on the  Association's  adjustable-rate
mortgage loans and adjustable-rate mortgage-backed securities.

         Total interest income increased by $40,000 or 9.2% in the quarter ended
June 30, 1999 and  increased  $31,000 or 3.4% for the six months  ended June 30,
1999 over the comparable  1998 periods due to higher  balances,  offset by lower
yields.

          Total  interest  expense  increased  by $1,000 or .5% for the  quarter
ended June 30, 1999 and  decreased  $6,000 or 1.4% for the six months ended June
30, 1999 compared to the  comparable  1998 periods.  The increase in the quarter
period was primarily due to an increase in Federal Home Loan Bank advances.  The
decrease in the six-month period was primarily due to a $6,000 decrease in total
interest on deposits due to a decline in the average rate paid from 4.40% in the
first half of 1998 to 4.00% in the first half of 1999.

         The  provision  for loan losses  decreased  by $300 for the quarter and
decreased $9,000 for the six months ended June 30, 1999 from the comparable 1998
periods. At June 30, 1999, the

                                      -12-
<PAGE>
Association's  total non-accruing loans amounted to $186,000.  The allowance for
loan losses  amounted to $402,000  at June 30,  1999,  representing  2.2% of the
total loans held in  portfolio  and 216.8% of total  non-accruing  loans at such
date. The analysis of the provision for loan losses led to the  conclusion  that
the allowance for loan losses was  sufficient in light of no  charge-offs in the
quarter ended June 30, 1999 and the current asset quality of the loan portfolio.

          Non-interest  income increased by $3,000 or 13.2% in the quarter ended
June 30, 1999 and  increased  $200 or .4% in the six months  ended June 30, 1999
from the comparable 1998 periods.  The increase in the quarter was primarily due
to an increase in  commissions  on credit  insurance  and an increase in service
charges on deposit accounts.

          Non-interest  expenses  increased  by $51,000 or 35.1% in the  quarter
ended June 30, 1999 and  increased  by $67,000 or 22.0% in the six months  ended
June 30, 1999 over the comparable 1998 periods.  The increase in the quarter was
primarily due to increases of $24,000 in legal and other professionals,  $15,000
in compensation and benefits,  $12,000 in general and  administrative and $2,000
in office  supplies and postage.  The  increases in  non-interest  expenses were
partially  offset by a $2,000 decrease in data  processing.  The increase in the
six-month  period was  primarily  due to increases of $30,000 in legal and other
professional,  $23,000 in  compensation  and  benefits,  $12,000 in general  and
administrative,  $2,000 in data processing and $2,000 in furniture and equipment
expenses.  These increases in non-interest  expenses were partially  offset by a
$2,000 decrease in advertising.

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

         The increase of $23,000 in compensation and benefits for the six months
ended June 30, 1999 was primarily  due to increases of $9,000 in other  employee
benefits,  $6,000  in  contributions  to  employee  retirement  plan,  $5,000 in
compensation  of  officers  and  employees  and  $5,000  in  ESOP  contributions
expenses.  These  increases  where  partially  offset by a decrease of $2,000 in
compensation of directors. The $9,000 increase in other employee benefits in the
six month period  ending June 30, 1999 is partially  inflated due to the receipt
of a $5,000 rebate of premiums from our employee health insurance carrier during
the same period in 1998.

         The decrease in the  provision for income taxes is due primarily to the
reduction in before tax earnings and the varying tax effects in the prior period
relating to the gain on the sale of FHLB stock,  the  recognition of interest on
non-accrual  loans  brought  current and the  adjustment of tax reserves for bad
debts.

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


                                      -13-
<PAGE>
withdrawable  deposit  accounts and  borrowings  payable in one year or less. At
June 30, 1999, the  Association's  liquidity was 19.3% or $3.4 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 June 30, 1999, the Association's tangible and core capital both
amounted to $2.8 million or 10.14% of adjusted  total  assets of $27.2  million,
and the Association's  risk-based  capital amounted to $2.9 million or 21.81% of
adjusted risk-weighted assets of $13.4 million.



         As of June 30, 1999, the  Association's  unaudited  regulatory  capital
requirements are as indicated in the following table:
<TABLE>
<CAPTION>
                                                    (Dollars In Thousands)

                                            TANGIBLE       CORE        RISK-BASED
                                             CAPITAL       CAPITAL       CAPITAL
                                             -------       -------       -------
<S>                                          <C>           <C>           <C>
GAAP Capital .........................       $2,745        $2,759        $2,759

Additional Capital Items:
    General Valuation Allowances .....         --            --             169
                                             ------        ------        ------
Regulatory Capital Computed ..........        2,745         2,759         2,928

Minimum Capital Requirement ..........          408         1,088         1,074
                                             ------        ------        ------
Regulatory Capital Excess ............       $2,337        $1,671        $1,854
                                             ======        ======        ======
Regulatory Capital as a
     Percentage ......................        10.14%        10.14%        21.81%

Minimum Capital Required
     as a Percentage .................         1.50%         4.00%         8.00%
                                             ------        ------        ------
Regulatory Capital as a
  Percentage in Excess
    of Requirements ..................         8.64%         6.14%        13.81%
                                             ======        ======        ======
</TABLE>


         Based on the above capital ratios,  the Association  meets the criteria
for a  "well  capitalized"  institution  at June  30,  1999.  The  Association's
management  believes that under the

                                      -14-
<PAGE>
current  regulations,  the Association will continue to meet its minimum capital
requirements in the foreseeable  future.  However,  events beyond the control of
the Association,  such as increased  interest rates or a downturn in the economy
of  the   Association's   area,  could  adversely  affect  future  earnings  and
consequently,  the ability of the  Association  to continue to exceed its future
minimum capital requirements.


The Year 2000

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

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

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

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

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

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

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

         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

                                      -15-
<PAGE>
worst case scenario, the Association would need to post transactions and general
ledger  entries  manually.  This manual  system would consist of ledger cards or
sheets for every  loan,  deposit  and  general  ledger  account.  The failure of
external  systems  such as  utility  and  phone  companies  may also  force  the
Association to operate on a manual processing system.

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

         Based on a review of internal bookkeeping  practices and the reports by
the  Association's  third party data processor and software vendor that they are
Year 2000 compliant,  management does not expect to incur significant additional
bookkeeping, data processing or other expenses in connection with issues related
to the Year 2000. A budget of $25,000 was set for costs associated with the Year
2000 (of which $5,000 has been incurred as of June 30,  1999).  In July of 1999,
$18,000 was spent for the purchase of new computer hardware.

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


                                      -16-
<PAGE>
                                IBL Bancorp, Inc.

Form 10-QSB
Quarter Ended June 30, 1999

PART II - OTHER INORMATION

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

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

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

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

Item 4 -Submission of Matters to a Vote of Security Holders:
                On April 28, 1999,  in  conjunction  with the  Company's  annual
                meeting of stockholders,  there were two matters submitted for a
                vote of security holders. (1) The election of directors G. Lloyd
                Bouchereau,  Jr. and Bobby E.  Stanley  for a term of three year
                expiring in 2002. Other directors whose term of office continued
                after the meeting are; John L. Delahaye, Garry K. Pruitt, Edward
                J.  Steinmetz  and  Danny  M.  Strickland.  (2)  To  ratify  the
                appointment  of L.A.  Champagne & Co.,  L.L.P.  as the Company's
                independent  auditors for the year ending  December 31, 1999. On
                matter (1)  described  above votes were cast as follows for both
                directors; for = 174,610, against = 0, abstain = 50, not voted =
                36,210.  On  matter  (2)  described  above  votes  were  cast as
                follows;  for = 174,660,  against = 0,  abstain = 0, not voted =
                36,210.

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

                                      -17-
<PAGE>






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 June 30, 1999.






                                      -18-

<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:      August 11, 1999           By:/s/G. Lloyd Bouchereau, Jr.
                                        ---------------------------
                                        G. Lloyd Bouchereau, Jr., President and
                                        Chief Executive Officer

Date:      August 11, 1999           By:/s/Gary K.Pruitt
                                        ----------------
                                        Gary K. Pruitt
                                        Secretary




                                      -19-