UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

      For the quarterly period ended March 31, 2002

 [ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934
      For the transition period from ______ to ______

                        Commission File Number 000-24907

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

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

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

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

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

          Shares of common stock,  par value $.01 per share,  outstanding  as of
          May 8, 2002: 210,870

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


<PAGE>


                                IBL Bancorp, Inc.

                                   Form 10-QSB

                          Quarter Ended March 31, 2002

                         PART I - FINANCIAL INFORMATION

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

<TABLE>
<CAPTION>
Item 1 - Financial Statements

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

Consolidated Statements Of Income and Comprehensive Income  (Unaudited) For the
Three Months Ended March 31, 2002 and 2001..............................................4

Consolidated Statements Of Changes in Shareholders' Equity  (Unaudited) For The
Three Months Ended March 31, 2002 and 2001..............................................6

Consolidated Statements Of Cash Flows (Unaudited) For the
Three Months Ended March 31, 2002 and 2001..............................................7

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

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

                           PART II - OTHER INFORMATION
Item 1     - Legal Proceedings.........................................................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


</TABLE>


<PAGE>


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


                                                                                March 31,
                                                                                  2002         December 31,
                                                                               (Unaudited)        2001
                                                                               -----------        ----
<S>                                                                         <C>               <C>
ASSETS
Cash and amounts due from depository institutions.......................... $    192,086      $    219,790
Interest-bearing deposits in other institutions............................      781,552         2,159,131
                                                                            ------------      ------------
     Total cash............................................................      973,637         2,378,921
                                                                            ------------      ------------
Time deposits..............................................................      705,000           905,000
                                                                            ------------      ------------
Investment securities
 Held to maturity (estimated market value $1,622,040 and $1,714,586).......    1,601,841         1,683,662
 Available-for-sale (amortized cost $6,785,131 and $6,716,085).............    6,848,229         6,786,016
                                                                            ------------      ------------
     Total investment securities...........................................    8,450,070         8,469,678
                                                                            ------------      ------------
Loans receivable...........................................................   20,760,352        21,185,209
Less allowance for loan losses.............................................      367,614           386,317
                                                                            ------------      ------------
     Loans receivable, net.................................................   20,392,738        20,798,892
                                                                            ------------      ------------
Premises and equipment, net................................................      139,368           145,368
Federal Home Loan Bank stock, at cost......................................      226,700           225,100
Accrued interest receivable................................................      172,511           173,973
Other assets...............................................................       52,620            36,748
                                                                            ------------      ------------
         Total assets...................................................... $ 31,112,644      $ 33,133,680
                                                                            ============      ============

LIABILITIES AND STOCKHOLDERS' EQUITYDeposits............................... $ 25,722,240      $ 25,800,378
Advances from Federal Home Loan Bank.......................................    1,099,000         3,099,000
Advances by borrowers for taxes and insurance..............................       12,532            16,506
Federal income taxes payable...............................................       19,651                --
Other liabilities and deferrals............................................       86,684            93,477
                                                                            ------------      ------------
         Total liabilities.................................................   26,940,107        29,009,361
                                                                            ============      ============

Commitments and contingencies .............................................           --                --

Preferred stock - $.01 par, 2,000,000 shares authorized....................           --                --

Common stock - $.01 par, 5,000,000 shares authorized, 210,870 shares
 issued  ..................................................................        2,109             2,109
Additional paid-in capital.................................................    1,745,182         1,744,044
Unearned ESOP shares.......................................................     (109,648)         (113,865)
Unearned RRP shares........................................................      (13,620)          (13,620)
Retained earnings - substantially restricted...............................    2,506,869         2,459,497
Accumulated other comprehensive income.....................................       41,645            46,154
                                                                            ------------      ------------
         Total stockholders' equity........................................    4,172,537         4,124,319
                                                                            ------------      ------------
         Total liabilities and stockholders' equity........................ $ 31,112,644      $ 33,133,680
                                                                            ============      ============

</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, 2002 and 2001


                                                                             03/31/02      03/31/01
                                                                            (Unaudited)   (Unaudited)
                                                                            -----------   -----------
<S>                                                                         <C>           <C>
INTEREST INCOME
Loans...................................................................... $ 413,606     $ 468,672
Investment securities......................................................   105,957       144,131
FHLB stock and other securities............................................     7,115         4,861
Deposits ..................................................................    18,597        19,754
                                                                            ---------     ---------
     Total interest income.................................................   545,275       637,418
                                                                            ---------     ---------

INTEREST EXPENSE
Deposits
 Interest-bearing demand deposit accounts..................................    28,219        46,671
 Passbook savings accounts.................................................    17,667        20,934
 Certificate of deposit accounts...........................................   163,265       217,826
                                                                            ---------     ---------
     Total interest on deposits............................................   209,151       285,431
Advances from Federal Home Loan Bank.......................................    22,119        35,337
                                                                            ---------     ---------
     Total interest expense................................................   231,270       320,768
                                                                            ---------     ---------
         Net interest income...............................................   314,005       316,650
Provision for losses on loans..............................................         -           800
                                                                            ---------     ---------
NET INTEREST INCOME AFTER PROVISION FOR
 LOSSES ON LOANS...........................................................   314,005       315,850
                                                                            ---------     ---------

NON-INTEREST INCOME
Service charges on deposit accounts........................................    24,544        26,487
Other......................................................................     2,735         2,935
                                                                            ---------     ---------
     Total non-interest income.............................................    27,279        29,422
                                                                            ---------     ---------

NON-INTEREST EXPENSES
Compensation and benefits..................................................   128,797       129,077
Occupancy..................................................................     7,270         9,716
Furniture and equipment....................................................     8,330        10,104
Deposit insurance premium..................................................     1,157         1,183
Data processing............................................................    20,287        20,431
Legal and other professional...............................................    36,648        27,471
Advertising................................................................     4,239         6,248
Office supplies and postage................................................     9,933        13,610
Other taxes - share tax assessment.........................................     8,460         7,800
Other general and administrative...........................................    23,967        25,786
                                                                            ---------     ---------
     Total non-interest expenses...........................................   249,088       251,426
                                                                            =========     =========

</TABLE>


Continued. . .


                                                         4


<TABLE>
<CAPTION>
                                                                            03/31/02       03/31/01
                                                                           (Unaudited)    (Unaudited)
                                                                           -----------    -----------
<S>                                                                         <C>            <C>
INCOME BEFORE PROVISION FOR INCOME TAXES................................... $  92,196      $ 93,846

PROVISION FOR INCOME TAXES.................................................    33,839        39,128
                                                                            ---------      --------

NET INCOME................................................................. $  58,357      $ 54,718
                                                                            =========      ========

Basic earnings per share................................................... $     .29      $    .28
                                                                            =========      ========

Diluted earnings per share................................................. $     .27      $    .26
                                                                            =========      ========


COMPREHENSIVE INCOME
Net income................................................................. $  58,357      $ 54,718
                                                                            ---------      --------

Other comprehensive income (loss)
  Unrealized holding gains (losses) on securities during the period........    (6,833)       58,899
  Income tax benefit (expense) related to unrealized holding
   gains (losses)..........................................................     2,324       (20,026)
                                                                            ---------      --------
Other comprehensive income (loss), net of  tax effects.....................    (4,509)       38,873
                                                                            ---------      --------

Comprehensive income....................................................... $  53,848      $ 93,591
                                                                            =========      ========

</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, 2002 and 2001


                                                                                            Retained       Accumulated
                                                                                            Earnings -        Other
                                                    Additional    Unearned     Unearned      Substan-        Compre-
                                          Common     Paid - In      ESOP          RRP         tially         hensive       Total
                                          Stock      Capital       Shares       Shares      Restricted        Income       Equity
                                          -----      -------       ------       ------      ----------        ------       ------

<S>                                     <C>        <C>           <C>           <C>          <C>            <C>          <C>
BALANCE, DECEMBER 31, 2000 ............ $ 2,109    $ 1,740,992   $ (130,734)   $ (39,302)   $ 2,220,190    $   19,108   $ 3,812,363
                                        -------    -----------   ----------    ---------    -----------    ----------   -----------

COMPREHENSIVE INCOME (Unaudited)
Net income ............................      --             --           --           --         54,718            --        54,718
Other comprehensive income, net of tax
  Unrealized gains on securities ......      --             --           --           --             --        38,873        38,873
                                        -------    -----------   ----------    ---------    -----------    ----------   -----------
Comprehensive income ..................      --             --           --           --         54,718        38,873        93,591
                                        -------    -----------   ----------    ---------    -----------    ----------   -----------
ESOP shares released for allocation ...      --            422        4,217           --            653            --         5,292
Dividends .............................      --             --           --           --        (10,544)           --       (10,544)
                                        -------    -----------   ----------    ---------    -----------    ----------   -----------
BALANCE, MARCH 31, 2001
 (Unaudited)........................... $ 2,109    $ 1,741,414   $ (126,517)   $ (39,302)   $ 2,265,017    $   57,981   $ 3,900,702
                                        =======    ===========   ==========    =========    ===========    ==========   ===========

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

COMPREHENSIVE INCOME  (Unaudited)
Net income ............................      --             --           --           --         58,357            --        58,357
Other comprehensive loss, net of tax
 benefits
  Unrealized losses on securities .....      --             --           --           --             --        (4,509)       (4,509)
                                        -------    -----------   ----------    ---------    -----------    ----------   -----------
Comprehensive income ..................      --             --           --           --         58,357        (4,509)       53,848
                                        -------    -----------   ----------    ---------    -----------    ----------   -----------
ESOP shares released for allocation ...      --          1,138        4,217           --          1,140            --         6,495
Dividends .............................      --             --           --           --        (12,125)           --       (12,125)
                                        -------    -----------   ----------    ---------    -----------    ----------   -----------
BALANCE, MARCH 31, 2002
 (Unaudited) .......................... $ 2,109    $ 1,745,182   $ (109,648)   $ (13,620)   $ 2,506,869    $   41,645   $ 4,172,537
                                        =======    ===========   ==========    =========    ===========    ==========   ===========


</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, 2002 and 2001


                                                                                       2002            2001
                                                                                   (Unaudited)      (Unaudited)
                                                                                   -----------      -----------
<S>                                                                               <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income......................................................................  $      58,357     $    54,718
                                                                                  -------------     -----------
Adjustments to reconcile net income to net cash provided by
 operating activities:
  Depreciation..................................................................          6,000           7,125
  Provision for loan losses.....................................................             --             800
  ESOP contribution.............................................................          6,495           5,292
  Provision for deferred federal income tax benefit.............................           (219)           (317)
  Amortization of net premium on investment and mortgage-backed securities......         11,538           5,032
  Net discount charged (realized) on installment loans..........................        (55,414)         27,888
  Net loan fees realized........................................................         (1,520)           (511)
  Stock dividends from Federal Home Loan Bank...................................         (1,600)         (2,800)
  Net decrease (increase) in interest receivable................................          1,462         (17,350)
  Net increase in other assets..................................................        (15,872)        (23,423)
  Net decrease in interest payable..............................................        (22,389)        (14,970)
  Net increase (decrease) in income taxes payable...............................         19,651         (51,243)
  Net increase (decrease) in other liabilities..................................         (4,250)          4,923
                                                                                  -------------     -----------
     Total adjustments..........................................................        (56,118)        (59,554)
                                                                                  -------------     -----------
Net cash provided by (used in) operating activities.............................          2,239          (4,836)
                                                                                  -------------     -----------

CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease (increase) in loans receivable.....................................        463,088        (553,149)
Purchases of securities available-for-sale......................................       (624,053)       (759,777)
Principal payments received on mortgage-backed securities
 available-for-sale.............................................................        545,496         479,062
Purchases of securities held-to-maturity........................................       (100,000)             --
Principal payments received on mortgage-backed securities
 held-to-maturity...............................................................        179,794          93,170
Purchases of office property and equipment......................................             --         (24,980)
Certificates of deposits matured................................................        200,000              --
                                                                                  -------------     -----------
Net cash provided by (used in) investing activities.............................        664,325        (765,674)
                                                                                  -------------     -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposit accounts.....................................        (55,749)        490,410
Net decrease in advances by borrowers for taxes and insurance...................         (3,974)         (1,788)
Cash dividends..................................................................        (12,125)        (10,544)
Repayment of advances from Federal Home Loan Bank...............................     (2,000,000)       (200,000)
                                                                                  -------------     -----------
Net cash provided by (used in) financing activities.............................     (2,071,848)        278,078
                                                                                  -------------     -----------

NET DECREASE IN CASH............................................................     (1,405,284)       (492,432)
Cash - beginning of period......................................................      2,378,921       1,667,682
                                                                                  -------------     -----------
Cash - end of period............................................................  $     973,637     $ 1,175,250
                                                                                  =============     ===========

</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, 2002


A:   BASIS OF PRESENTATION

     The  accompanying  consolidated  financial  statements for the period ended
     March 31, 2002 include the accounts of IBL Bancorp,  Inc.  (the  "Company")
     and its wholly owned  subsidiary,  Iberville  Building and Loan Association
     (the "Association"). Currently, the business and management of IBL Bancorp,
     Inc. is primarily  the  business and  management  of the  Association.  All
     significant intercompany  transactions and balances have been eliminated in
     the consolidation.

     The accompanying  consolidated unaudited financial statements were prepared
     in accordance  with  instructions  for Form 10-QSB and,  therefore,  do not
     include information or footnotes  necessary for a complete  presentation of
     financial position, results of operations and cash flows in conformity with
     generally  accepted  accounting   principles.   However,   all  adjustments
     (consisting  only of normal  recurring  accruals)  which, in the opinion of
     management,  are  necessary  for a fair  presentation  of the  consolidated
     financial statements have been included.  The results of operations for the
     three months  ended March 31, 2002 are not  necessarily  indicative  of the
     results to be expected for the year ending December 31, 2002.


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 $6,495 for the three months ended March 31, 2002 based on the quarterly
     release of shares.


C:   RECOGNITION AND RETENTION PLAN

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


                                      8
<PAGE>


8    C: RECOGNITION AND RETENTION PLAN (Continued)

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

     A summary of the changes in restricted stock follows:



                                                   Unawarded     Awarded
                                                    Shares        Shares
                                                    ------        ------
     Balance, January 1, 1999.....................      --            --
     Purchased by Plan............................   8,434            --
     Granted......................................  (7,169)        7,169
     Earned and issued............................      --        (7,169)
                                                    ------         -----
     Balance, March 31, 2002......................   1,265            --
                                                    ======         =====


D:   STOCK OPTION PLAN

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

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

     The following table summarizes the activity related to stock options:

                                    Exercise       Available         Options
                                      Price        for Grant       Outstanding
                                      -----        ---------       -----------
     At inception..............                      21,087              --
     Granted...................     $  10.50        (17,925)         17,925
     Cancelled.................                          --              --
     Exercised.................                          --              --
                                                     ------          ------
     At March 31, 2002.........                       3,162          17,925
                                                     ======          ======


                                        9


<PAGE>


E:   EARNINGS PER SHARE

     The following  tables  provide a  reconciliation  between basic and diluted
     earnings per share:

<TABLE>
<CAPTION>

                                              For the three months ended March 31, 2002
                                              -----------------------------------------
                                                               Weighted
                                                                Average
                                                   Income        Shares     Per-Share
                                                 (Numerator)  (Denominator)   Amount
                                                 -----------  -------------   ------
     <S>                                          <C>            <C>          <C>
     Net income................................   $ 58,357
                                                  --------
     Basic earnings per share
     Income available to common stockholders...     58,357       198,225      $ 0.29
     Effect of dilutive securities                                            ======
     Stock options granted.....................         --        17,925
     Diluted earnings per share                   --------       -------
     Income available to common stockholders
      and assumed conversions..................   $ 58,357       216,150      $ 0.27
                                                  ========       =======      ======


<CAPTION>
                                               For the three months ended March 31, 2001
                                               -----------------------------------------
                                                               Weighted
                                                                Average
                                                    Income       Shares      Per-Share
                                                 (Numerator)  (Denominator)   Amount
                                                 -----------  -------------   ------

     <S>                                          <C>            <C>          <C>
     Net income................................   $ 54,718
     Basic earnings per share                     --------
     Income available to common stockholders...     54,718       194,148      $ 0.28
     Effect of dilutive securities                                            ======
     Stock options granted.....................                   17,925
     RRP shares granted........................         --         1,760
     Diluted earnings per share                   --------       -------
     Income available to common stockholders
      and assumed conversions..................   $ 54,718       213,833      $ 0.26
                                                  ========       =======      ======


                                                             10
</TABLE>


<PAGE>


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

General

     The following  discussion compares the consolidated  financial condition of
IBL Bancorp,  Inc. and Subsidiary at March 31, 2002 to December 31, 2001 and the
results of  operations  for the three  months ended March 31, 2002 with the same
period in 2001.  Currently,  the business and management of IBL Bancorp, Inc. is
primarily the business and management of the Association. This discussion should
be read in conjunction with the interim  consolidated  financial  statements and
footnotes included herein.

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

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


Changes in Financial Condition

     The  Company's  total  assets  decreased  $2.0  million  or 6.1% from $33.1
million at December 31, 2001 to $31.1  million at March 31, 2002.  This decrease
was  primarily  due to decreases of $1.4 million in total cash,  $406,000 in net
loans receivable and $200,000 in time deposits.

     Cash  and  cash  equivalents  decreased  by  $1.4  million  or  59.1%  from
$2,378,000 at December 31, 2001 to $974,000 at March 31, 2002. This decrease was
primarily caused by interest-bearing  deposits in other institutions  decreasing
by $1,378,000 or 63.8% from $2,159,000 at December 31, 2001 to $781,000 at March
31, 2002.  This decrease in cash and cash  equivalents  was further  caused by a
$28,000 or 12.6% decrease in cash and amounts due from depository institutions.

     The demand for mortgage  loans in the  Association's  market area  remained
relatively   stable  during  the  past  three  months  as  repayments   exceeded
originations for the period.  The net loan portfolio  decreased $406,000 or 2.0%
from  $20,798,000 at December 31, 2001 to  $20,392,000  at March 31, 2002.  This
decrease consisted mainly of single-family residential mortgage loans.

     The  investment  securities  portfolio  decreased  by  $20,000 or 0.2% from
$8,470,000  at December  31, 2001 to  $8,450,000  at March 31,  2002,  offset by
purchases of $724,000 in the first three months of 2002 funded by  reductions in
cash and cash equivalents and net loan receivable.

     Advances from Federal Home Loan Bank  decreased by $2 million or 64.5% from
$3,099,000 at December 31, 2001 to $1,099,000 at March 31, 2002.


                                       11


<PAGE>


     Net deposits  decreased by $78,000 or 0.3% from $25,800,000 at December 31,
2001 to  $25,722,000  at March 31, 2002.  This  decrease was  primarily due to a
decrease in  certificates  of deposits  partially  offset by  increases  in both
savings and checking  accounts.  Governmental funds decreased by $58,000 or 1.7%
from $3,533,000 at December 31, 2001 to $3,475,000 at March 31, 2002.

     Total  stockholders'  equity  increased  by  $48,000  during the past three
months. Net income of $58,000, a $4,000 decrease in unearned ESOP shares,  which
caused a $1,000  increase in retained  earnings  substantially  restricted and a
$1,000 increase in additional  paid-in capital  increased  stockholders'  equity
during the period.  These  factors were  partially  offset by the payment of one
quarterly   dividend  totaling  $12,000  and  a  decrease  of  $4,000  in  other
comprehensive income.  Stockholders' equity at March 31, 2002 totaled $4,172,000
or 13.4% of total assets compared to stockholders' equity of $4,124,000 or 12.5%
of total assets at December 31, 2001.

     The Association's  total classified assets for regulatory purposes at March
31, 2002 (excluding loss assets specifically reserved for) amounted to $514,000,
all of which was classified as substandard, compared to $585,000 at December 31,
2001.  The largest  classified  asset at March 31, 2002  consisted of a $124,000
adjustable-rate  residential loan. The remaining  $390,000 of substandard assets
at March 31, 2002 consisted of 11 residential  mortgage loans totaling  $294,000
and 8 consumer loans totaling $96,000.

Results of Operations

     The  profitability  of the Company  depends  primarily  on its net interest
income,  which  is the  difference  between  interest  and  dividend  income  on
interest-earning  assets,  principally loans,  mortgage-backed  securities,  and
investment  securities,  and interest expense on  interest-bearing  deposits and
borrowings.  Net interest  income is dependent  upon the level of interest rates
and the extent to which such rates are  changing.  The  Company's  profitability
also is dependent,  to a lesser extent, on the level of its non-interest income,
provision for loan losses,  non-interest  expense and income taxes. In the three
months ended March 31, 2002 and 2001,  net interest  income after  provision for
loan losses exceeded total  non-interest  expense.  Total  non-interest  expense
consists of general, administrative and other expenses, such as compensation and
benefits,  furniture and equipment  expense,  federal  insurance  premiums,  and
miscellaneous other expenses.

     Net income  increased by $3,000 or 6.7% in the quarter ended March 31, 2002
compared to the same period in 2001.  The increase in the March 31, 2002 quarter
was due to a $5,000  decrease in provision for income tax, a $2,000  decrease in
total  non-interest  expenses and a $1,000  decrease in provision  for losses on
loans.  These changes were partially offset by a $3,000 decrease in net interest
income and a $2,000 decrease in total non-interest income.

     The $3,000  decrease in net interest  income in the first  quarter of 2002,
over the same period in 2001,  was primarily due to decreases in average  yields
on both interest-earning  assets and interest-bearing  liabilities.  The average
balances of interest-earning assets had a slight increase of $3,000 in the first
quarter of 2002 as  compared  to the first  quarter  of 2001  while the  average
balances of  interest-bearing  liabilities  decreased by $153,000  over the same
period. This decrease in net interest income was partially offset by an increase
in the average  interest  rate spread from 3.52% in the quarter  ended March 31,
2001  to  3.60%  in  the  first   quarter  of  2002.   The   average   yield  on
interest-earning assets decreased from 8.13% in the quarter ended March 31, 2001
to  6.95%  in  the  first   quarter  of  2002,   while  the   average   rate  on
interest-bearing  liabilities  decreased from 4.61% in the first quarter of 2001
to 3.35% in the  first  quarter  of 2002.  The  decreased  yield on  assets  was
primarily  due to lower  yields on the  Association's  adjustable-rate  mortgage
loans and adjustable-rate mortgage-backed securities.

     Total  interest  income  decreased by $92,000 or 14.5% in the quarter ended
March 31,  2002  over the  comparable  2001  period  due to the lower  yields on
interest-earning  assets. The average balance of total  interest-


                                       12


<PAGE>


earning assets  increased from  $31,358,000 in the first three months of 2001 to
$31,361,000 in the first three months of 2002.

     Total interest expense  decreased by $89,000 or 27.9% for the quarter ended
March 31, 2002 compared to the same period in 2001.  The decrease in the quarter
period was  primarily  due to a decrease in total  interest  paid on deposits of
$76,000 and a decrease in interest  paid on Federal  Home Loan Bank  advances of
$13,000.  The  decrease in  interest  paid on deposits is a result of both lower
volumes and lower average  interest rates paid. The decrease in interest paid on
advances is a result of lower average balances offset by slightly higher average
rates paid.

     The  provision  for loan losses was $0 for the quarter ended March 31, 2002
compared  to $800  during  the same  period  in 2001.  At March  31,  2002,  the
Association's  total non-accruing loans amounted to $184,000.  The allowance for
loan losses  amounted to $368,000 at March 31,  2002,  representing  1.8% of the
total loans held in  portfolio  and 200.0% of total  non-accruing  loans at such
date. The analysis of the provision for loan losses led to the  conclusion  that
the  allowance  for loan losses was  sufficient  in light of the  current  asset
quality of the loan portfolio.

     Non-interest  income decreased by $2,000 or 7.3% in the quarter ended March
31,  2002 over the  comparable  2001  period.  The  decrease  in the quarter was
primarily due to a $2,000 decrease in service charges on deposit accounts.

     Non-interest  expenses  decreased  by $2,000 or 0.9% in the  quarter  ended
March 31, 2002 over the comparable 2001 period.  The decrease in the quarter was
primarily due to decreases of $4,000 in office  supplies and postage,  $2,000 in
occupancy, $2,000 in advertising, $2,000 in other general and administrative and
$2,000 in furniture and equipment. These decreases in non-interest expenses were
partially  offset by  increases  of $9,000 in legal and other  professional  and
$1,000 in other taxes (share assessment).

     The $4,000  decrease in office  supplies  and postage for the three  months
ended  March 31, 2002 over the same  period in 2001 was caused by  decreases  of
$2,000 in office supplies and $2,000 in postage.

     The  decrease of $4,000 in  occupancy  for the three months ended March 31,
2002 was primarily  caused by decreases of $1,000 in  utilities,  $500 in office
building repairs and maintenance and $500 in office building tax assessment.

     The decrease of $2,000 in other  general and  administrative  for the three
months  ended March 31, 2002 was  primarily  due to  decreases of $1,000 in loan
expense, $1,000 in expense account-directors,  $1,000 in other operating expense
and $1,000 in FHLB demand deposit charges. These decreases were partially offset
by  increases of $1,000 in expense  account-officers  and  employees  and $1,000
supervisory examination.

     The $9,000  increase in legal and other  professional is primarily due to a
$12,000  increase  in legal  expense  offset by a $3,000  decrease  in audit and
accounting expense.


Liquidity and Capital Resources

     In  the  past  the  Association  was  required  under  applicable   federal
regulations to maintain  specified levels of "liquid"  investments in qualifying
types of U.S. Government, federal agency and other investments having maturities
of up to five years.  The OTS  regulations  required that a savings  institution
maintain  liquid  assets of not less than 4% of its average daily balance of net
withdrawable deposit accounts and borrowings payable in one year or less. In the
first  quarter  of 2001,  the OTS  issued  an  interim  rule  that  removes  the
requirement that savings associations maintain an average daily balance of 4% of
its liquidity base. The OTS proposes to maintain the liquidity  requirement that
all saving associations and service  corporations  maintain sufficient liquidity
to ensure its


                                       13


<PAGE>


safe and sound  operation.  At March 31, 2002, the  Association's  liquidity was
4.9% or $249,000 in excess of the old minimum OTS requirement.

     The Association is required to maintain  regulatory  capital  sufficient to
meet tangible,  core and risk-based  capital ratios of at least 1.5%,  4.0%, and
8.0%,  respectively.  At March 31,  2002,  the  Association's  tangible and core
capital totaled $3.3 million or 10.8% of adjusted total assets of $30.5 million,
and the  Association's  risk-based  capital amounted to $3.5 million or 22.4% of
adjusted risk-weighted assets of $15.6 million.




     As of March  31,  2002,  the  Association's  unaudited  regulatory  capital
requirements are as indicated in the following table: (Dollars In Thousands)

                                            TANGIBLE      CORE      RISK-BASED
                                             CAPITAL     CAPITAL      CAPITAL
                                             -------     -------      -------
GAAP Capital                                 $3,341       $3,341      $3,341

Unrealized loss on securities available
for sale net, of taxes                          (42)        (42)         (42)
Additional capital items:
    General valuation allowances                  -           -          196

Regulatory capital computed                   3,299        3,299       3,495
                                             ------       ------      ------

Minimum capital requirement                     458        1,220       1,251
                                             ------       ------      ------

Regulatory capital excess                    $2,841       $2,079      $2,244
                                             ======       ======      ======

Regulatory capital as a
     percentage                               10.83%       10.83%      22.35%

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

Regulatory capital as a
  percentage in excess
    of requirements                            9.33%        6.83%      14.35%
                                             ======       ======      ======


                                       14


<PAGE>


     Based on the above capital ratios, the Association meets the criteria for a
"well capitalized"  institution at March 31, 2002. The Association's  management
believes that under the current  regulations,  the Association  will continue to
meet its minimum capital requirements in the foreseeable future. However, events
beyond the control of the  Association,  such as increased  interest  rates or a
downturn in the economy of the Association's area, could adversely affect future
earnings and consequently,  the ability of the Association to continue to exceed
its future minimum capital requirements.








                                                           IBL Bancorp, Inc.

Form 10-QSB
Quarter Ended March 31, 2002



PART II - OTHER INORMATION


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

Item 2 - Changes in Securities and Use of Proceeds:
                   There are no matters required to be reported under this item.

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

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

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

Item 6 - Exhibits and Reports on Form 8-K:
                   (a) No exhibits are filed herewith:

                   (b) Reports on Form 8-K:
                             No reports on Form 8-K were filed by the Registrant
                             during the quarter ended March 31, 2002.


15


<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 8, 2002               By: /s/ G. Lloyd Bouchereau, Jr.
                                             -----------------------------------
                                         G. Lloyd Bouchereau, Jr., President and
                                                         Chief Executive Officer

Date:      May 8, 2002               By: /s/ Gary K.Pruitt
                                     -------------------------------------------
                                         Gary K. Pruitt
                                         Secretary


                                       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 8, 2002               By: /s/ G. Lloyd Bouchereau, Jr.
                                             -----------------------------------
                                         G. Lloyd Bouchereau, Jr., President and
                                                         Chief Executive Officer

Date:      May 8, 2002               By: /s/ Gary K.Pruitt
                                     -------------------------------------------
                                         Gary K. Pruitt
                                         Secretary


                                       17