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 June 30, 2001


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

          For the transition period from ____________ to ____________

                        Commission File Number 000-24907


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


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


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

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

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

Shares of common stock,  par value $.01 per share,  outstanding  as of August 6,
2001: 210,870

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

<PAGE>



                                IBL Bancorp, Inc.

                                   Form 10-QSB

                           Quarter Ended June 30, 2001

                         PART I - FINANCIAL INFORMATION

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

<TABLE>
<CAPTION>

Item 1 - Financial Statements
                                                                                    Page
<S>                                                                                  <C>
Consolidated Statements Of Financial Condition At
June 30, 2001 (Unaudited) and December 31, 2000.......................................3

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

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

Consolidated Statements Of Cash Flows (Unaudited) For the
Three and Six Months Ended June 31, 2001 and 2000.....................................7

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

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

                           PART II - OTHER INFORMATION

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

Signatures...........................................................................18

</TABLE>


<PAGE>



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

<TABLE>
<CAPTION>

                                                                                            June 30,
                                                                                              2001             December 31,
                                                                                          (Unaudited)              2000
                                                                                          -----------          -------------
<S>                                                                                     <C>                  <C>
ASSETS
Cash and amounts due from depository institutions....................................   $     159,881        $       166,845
Interest-bearing deposits in other institutions......................................       1,496,414              1,500,837
                                                                                         ------------          -------------
        Total cash...................................................................       1,656,295              1,667,682
                                                                                         ------------          -------------
Time deposits  ......................................................................       1,103,000              1,103,000
                                                                                           ----------          -------------
Mortgage-backed securities
 Held to maturity (estimated market value $1,904,921 and $2,068,676).................       1,889,059              2,068,115
 Available-for-sale (amortized cost $6,609,041 and $6,205,163).......................       6,710,609              6,234,114
                                                                                         ------------          -------------
        Total investment securities..................................................       8,599,668              8,302,229
                                                                                         ------------          -------------
Loans receivable.....................................................................      21,237,692             21,065,939
Less allowance for loan losses.......................................................         406,317                395,880
                                                                                         ------------          -------------
        Loans receivable, net........................................................      20,831,375             20,670,059
                                                                                         ------------          -------------
Premises and equipment, net..........................................................         143,928                133,198
Federal Home Loan Bank stock, at cost................................................         221,500                208,300
Accrued interest receivable..........................................................         164,965                150,183
Other assets    ....................................................................          54,107                 22,543
                                                                                           ----------             ----------
               Total assets..........................................................   $  32,774,838       $     32,257,194
                                                                                         ============          =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits       $.....................................................................      25,257,799            $24,567,301
Advances from Federal Home Loan Bank.................................................       3,397,000              3,697,000
Advances by borrowers for taxes and insurance........................................          13,850                 16,105
Federal income taxes payable.........................................................           8,027                 83,332
Other liabilities and deferrals......................................................         166,060                 81,093
                                                                                         ------------          -------------
               Total liabilities.....................................................      28,842,736             28,444,831
                                                                                         ------------          -------------

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

Preferred stock - $.01 par, 2,000,000 shares authorized..............................              --                     --
Common stock - $.01 par, 5,000,000 shares authorized, 210,870 shares
 issued        ......................................................................           2,109                  2,109
Additional paid-in capital...........................................................       1,741,513              1,740,992
Unearned ESOP shares.................................................................        (123,233)              (130,734)
Unearned RRP shares..................................................................         (39,302)               (39,302)
Retained earnings - substantially restricted.........................................       2,283,980              2,220,190
Accumulated other comprehensive income...............................................          67,035                 19,108
                                                                                         ------------          -------------
               Total  stockholders' equity...........................................       3,932,102              3,812,363
                                                                                         ------------          -------------
               Total liabilities and stockholders' equity............................   $  32,774,838       $     32,257,194
                                                                                         ============          =============
</TABLE>



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




<PAGE>


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

<TABLE>
<CAPTION>

                                         ----Three months ended----       ----Six months ended----
                                           06/30/01       06/30/00        06/30/01        06/30/00
                                         (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)
                                         ----------      -----------     -----------     -----------
<S>                                      <C>             <C>             <C>             <C>
INTEREST INCOME
Loans .............................      $  470,523      $  406,596      $  939,195      $  798,627
Mortgage-backed securities ........         139,777         122,854         283,908         228,313
FHLB stock and other securities ...           5,641           5,889          10,502           8,641
Deposits ..........................          18,986          32,187          38,740          72,817
                                         ----------      ----------      ----------      ----------
        Total interest income .....         634,927         567,526       1,272,345       1,108,398
                                         ----------      ----------      ----------      ----------

INTEREST EXPENSE
Deposits
 Interest-bearing demand deposit
  accounts ........................          46,591          28,566          93,262          56,395
 Passbook savings accounts ........          21,622          26,109          42,556          51,853
 Certificate of deposit accounts ..         215,339         176,660         433,165         346,731
                                         ----------      ----------      ----------      ----------
        Total interest on deposits          283,552         231,335         568,983         454,979
Advances from Federal Home
 Loan Bank ........................          44,919          39,316          80,256          69,204
                                         ----------      ----------      ----------      ----------
        Total interest expense ....         328,471         270,651         649,239         524,183
                                         ----------      ----------      ----------      ----------
               Net interest income          306,456         296,875         623,106         584,215
Provision for losses on loans .....          26,000              --          26,800              --
                                         ----------      ----------      ----------      ----------
NET INTEREST INCOME
 AFTER PROVISION FOR
 LOSSES ON LOANS ..................         280,456         296,875         596,306         584,215
                                         ----------      ----------      ----------      ----------

NON-INTEREST INCOME
Service charges on deposit accounts          21,757          19,792          48,244          37,581
Other .............................           3,062           4,886           5,997           9,432
                                         ----------      ----------      ----------      ----------
        Total non-interest income .          24,819          24,678          54,241          47,013
                                         ----------      ----------      ----------      ----------

NON-INTEREST EXPENSES
Compensation and benefits .........         126,482          97,975         255,559         197,360
Occupancy .........................           8,005           7,909          17,721          15,964
Furniture and equipment ...........           9,349           5,490          19,453          13,341
Deposit insurance premium .........           1,153           1,177           2,336           2,421
Data processing ...................          21,239          17,724          41,670          35,223
Legal and other professional ......          21,196          15,873          48,667          38,528
Advertising .......................           3,730           5,237           9,978           9,998
Office supplies and postage .......          13,903          11,260          27,513          19,699
Other taxes - share tax assessment            7,800           8,550          15,600          17,100
Other general and administrative ..          29,855          19,834          55,641          37,721
                                         ----------      ----------      ----------      ----------
        Total non-interest expenses         242,712         191,029         494,138         387,355
                                         ----------      ----------      ----------      ----------
</TABLE>

Continued. . .

<PAGE>



<TABLE>
<CAPTION>

                                         ----Three months ended----       ----Six months ended----
                                          06/30/01        06/30/00        06/30/01       06/30/00
                                         (Unaudited)    (Unaudited)     (Unaudited)     (Unaudited)
                                         -----------    -----------     -----------     -----------
<S>                                      <C>             <C>             <C>             <C>
INCOME BEFORE PROVISION
 FOR INCOME TAXES .................      $  62,563       $ 130,524       $ 156,409       $ 243,873

PROVISION FOR INCOME
 TAXES ............................         33,711          48,919          72,839          87,154
                                         ---------       ---------       ---------       ---------

NET INCOME ........................      $  28,852       $  81,605       $  83,570       $ 156,719
                                         =========       =========       =========       =========

Basic earnings per share ..........      $     .15       $     .43       $     .43       $     .82
                                         =========       =========       =========       =========

Diluted earnings per share ........      $     .13       $     .42       $     .39       $     .80
                                         =========       =========       =========       =========


COMPREHENSIVE INCOME
Net income ........................      $  28,852       $  81,605       $  83,570       $ 156,719
                                         ---------       ---------       ---------       ---------
Other comprehensive income (loss)
  Unrealized holding gains (losses)
   on securities during the period          13,718           2,905          72,617          (6,760)
  Income tax benefit (expense)
   related to unrealized holding
   gains (losses) .................         (4,664)           (988)        (24,690)          2,298
                                         ---------       ---------       ---------       ---------
Other comprehensive income (loss),
 net of  tax effects ..............          9,054           1,917          47,927          (4,462)
                                         ---------       ---------       ---------       ---------

Comprehensive income ..............      $  37,906       $  83,522       $ 131,497       $ 152,257
                                         =========       =========       =========       =========
</TABLE>


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


<PAGE>


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


<TABLE>
<CAPTION>
                                                                                                                    Retained
                                                                                                                    Earnings
                                                              Additional        Unearned          Unearned          Substan-
                                               Common          Paid - In           ESOP               RRP            tially
                                               Stock           Capital           Shares            Shares          Restricted
                                               -----           -------           ------            ------          ----------
<S>                                         <C>              <C>              <C>               <C>               <C>
BALANCE, DECEMBER 31, 1999 ...........      $     2,109      $ 1,740,201      $  (147,603)      $   (44,193)      $ 1,958,199
                                            -----------      -----------      -----------       -----------       -----------
COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................               --               --               --                --           156,719
Other comprehensive income, net of tax
  Unrealized losses on securities ....               --               --               --                --                --
                                            -----------      -----------      -----------       -----------       -----------
Comprehensive income .................               --               --               --                --           156,719
                                            -----------      -----------      -----------       -----------       -----------
ESOP shares released for allocation ..               --              370            8,434                --             1,254
Acquisition of RRP shares ............               --               --               --           (20,791)               --
Dividends ............................               --               --               --                --           (17,924)
                                                                              -----------       -----------       -----------
BALANCE, JUNE 30, 2000
 (Unaudited) .........................      $     2,109      $ 1,740,571      $  (139,169)      $   (64,984)      $ 2,098,248
                                            ===========      ===========      ===========       ===========       ===========


BALANCE, DECEMBER 31, 2000 ...........      $     2,109      $ 1,740,992      $  (130,734)      $   (39,302)      $ 2,220,190
COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................               --               --               --                --            83,570
Other comprehensive income, net of tax
  Unrealized gains on securities .....               --               --               --                --                --
                                            -----------      -----------      -----------       -----------       -----------
Comprehensive income .................               --               --               --                --            83,570
                                            -----------      -----------      -----------       -----------       -----------
ESOP shares released for allocation ..               --              521            7,501                --             1,307
Dividends ............................               --               --               --                --           (21,087)
BALANCE, JUNE 30, 2001
 (Unaudited) .........................      $     2,109      $ 1,741,513      $  (123,233)      $   (39,302)      $ 2,283,980
                                            ===========      ===========      ===========       ===========       ===========
</TABLE>

<TABLE>
<CAPTION>
                                             Accumulated
                                                Other
                                               Compre-
                                               hensive            Total
                                               Income            Equity
                                               ------            ------
<S>                                         <C>               <C>
BALANCE, DECEMBER 31, 1999 ...........      $    (4,675)      $ 3,504,038
                                            -----------       -----------
COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................               --           156,719
Other comprehensive income, net of tax
  Unrealized losses on securities ....           (4,462)           (4,462)
                                            -----------       -----------
Comprehensive income .................           (4,462)          152,257
                                            -----------       -----------
ESOP shares released for allocation ..               --            10,058
Acquisition of RRP shares ............               --           (20,791)
Dividends ............................               --           (17,924)
                                            -----------       -----------
BALANCE, JUNE 30, 2000
 (Unaudited) .........................      $    (9,137)      $ 3,627,638
                                            ===========       ===========


BALANCE, DECEMBER 31, 2000 ...........      $    19,108       $ 3,812,363
COMPREHENSIVE INCOME
 (Unaudited)
Net income ...........................               --            83,570
Other comprehensive income, net of tax
  Unrealized gains on securities .....           47,927            47,927
                                            -----------       -----------
Comprehensive income .................           47,927           131,497
                                            -----------       -----------
ESOP shares released for allocation ..               --             9,329
Dividends ............................               --           (21,087)
BALANCE, JUNE 30, 2001
 (Unaudited) .........................      $    67,035       $ 3,932,102
                                            ===========       ===========
</TABLE>


The accompanying notes are an integral part of these financial statements




<PAGE>


                                IBL BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     Six months ended June 30, 2001 and 2000
<TABLE>
<CAPTION>

                                                                                    2001              2000
                                                                                 (Unaudited)      (Unaudited)
                                                                                -----------       -----------
<S>                                                                             <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income ...............................................................      $    83,570       $   156,719
                                                                                -----------       -----------
Adjustments to reconcile net income to net cash provided by
 operating activities:
  Depreciation ...........................................................           14,250            11,123
  Provision for loan losses ..............................................           28,000                --
  ESOP contribution ......................................................            9,329            10,058
  Provision for deferred federal income tax benefit ......................             (611)           (3,140)
  Amortization of net premium on investment and mortgage-backed securities           11,531             7,115
  Net discount charged on installment loans ..............................           33,337            41,458
  Net loan fees deferred .................................................              318             3,188
  Stock dividends from Federal Home Loan Bank ............................           (5,100)          (10,600)
  Net increase in interest receivable ....................................          (14,782)          (33,364)
  Net decrease (increase) in other assets ................................          (32,612)           61,291
  Net increase in interest payable .......................................            4,937            15,372
  Net increase (decrease) in income taxes payable ........................          (75,305)           53,391
  Net increase in other liabilities ......................................           61,936            32,929
                                                                                -----------       -----------
        Total adjustments ................................................           35,228           188,821
                                                                                -----------       -----------
Net cash provided by operating activities ................................          118,798           345,540
                                                                                -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans receivable .........................................         (222,971)       (1,394,982)
Purchases of securities available-for-sale ...............................       (1,533,879)       (1,636,148)
Principal payments received on mortgage-backed securities
 available-for-sale ......................................................        1,119,850           445,119
Purchases of securities held-to-maturity .................................               --          (262,871)
Principal payments received on mortgage-backed securities
 held-to-maturity ........................................................          177,676           172,419
Purchase of municipal obligation .........................................               --           (70,283)
Purchase of Federal Home Loan Bank stock .................................           (8,100)               --
Purchases of office property and equipment ...............................          (24,980)             (642)
Certificates of deposits acquired ........................................               --          (300,000)
                                                                                -----------       -----------
Net cash used in investing activities ....................................         (492,404)       (3,047,388)
                                                                                -----------       -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts .........................................          685,561           958,266
Net increase (decrease) in advances by borrowers for taxes and insurance .           (2,255)            3,607
Cash dividends ...........................................................          (21,087)          (17,924)
Acquisition of RRP shares ................................................               --           (20,791)
Advances from Federal Home Loan Bank .....................................               --           200,000
Repayment of advances from Federal Home Loan Bank ........................         (300,000)               --
                                                                                -----------       -----------
Net cash provided by financing activities ................................          362,219         1,123,158
                                                                                -----------       -----------

NET DECREASE IN CASH .....................................................          (11,387)       (1,578,690)
Cash - beginning of period ...............................................        1,667,682         2,891,593
                                                                                -----------       -----------
Cash - end of period .....................................................      $ 1,656,295       $ 1,312,903
                                                                                ===========       ===========
</TABLE>

The accompanying notes are an integral part of these financial statements


<PAGE>


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


A:             BASIS OF PRESENTATION

               The accompanying consolidated financial statements for the period
               ended June 30, 2001 include the accounts of IBL Bancorp, Inc.
               (the "Company") and its wholly owned subsidiary, Iberville
               Building and Loan Association (the "Association"). Currently, the
               business and management of IBL Bancorp, Inc. is primarily the
               business and management of the Association. All significant
               intercompany transactions and balances have been eliminated in
               the consolidation.

               The accompanying consolidated unaudited financial statements were
               prepared in accordance with instructions for Form 10-QSB and,
               therefore, do not include information or footnotes necessary for
               a complete presentation of financial position, results of
               operations and cash flows in conformity with generally accepted
               accounting principles. However, all adjustments (consisting only
               of normal recurring accruals) which, in the opinion of
               management, are necessary for a fair presentation of the
               consolidated financial statements have been included. The results
               of operations for the six months ended June 30, 2001 are not
               necessarily indicative of the results to be expected for the year
               ending December 31, 2001.


B:             EMPLOYEE STOCK OWNERSHIP PLAN

               The Company sponsors a leveraged employee stock ownership plan
               (ESOP) that covers all employees who have at least one year of
               service with the Company. The ESOP shares initially were pledged
               as collateral for the ESOP debt. The debt is being repaid based
               on a ten-year amortization and the shares are being released for
               allocation to active employees quarterly over the ten-year
               period. The shares pledged as collateral are deducted from
               stockholders' equity as unearned ESOP shares in the accompanying
               balance sheets.

               As shares are released from collateral, the Company reports
               compensation expense equal to the current market price of the
               shares. Dividends on allocated ESOP shares are recorded as a
               reduction of retained earnings; dividends on unallocated ESOP
               shares are applied to the ESOP debt and recorded as a reduction
               of unearned ESOP shares. ESOP compensation expense was $8,022 for
               the six months ended June 30, 2001 based on the quarterly release
               of shares.


C:             RECOGNITION AND RETENTION PLAN
               On October 20, 1999, the Company's stockholders approved a
               Recognition and Retention Plan (RRP) as an incentive to retain
               personnel of experience and ability in key positions. The
               shareholders approved a total of 8,434 shares of stock to be
               acquired for the Plan, of which 7,169 shares have been allocated
               for distribution to key employees and directors.



C:             RECOGNITION AND RETENTION PLAN (Continued)
               The purchase price of these shares was recorded as unearned
               compensation, a contra equity account. As the shares are
               distributed, the contra equity account is reduced. The allocated
               shares are earned by participants as plan share awards vest over
               a specified period. If an employee or non-employee director plan
               participant is terminated prior to the end of the vesting period
               for any reason other than death, disability, retirement or a
               change in control, the recipient shall forfeit the right to any
               shares subject to the awards which have not been earned. The
               compensation cost associated with the plan is based on the


<PAGE>

               market price of the stock as of the date on which the plan shares
               are earned.

               A summary of the changes in restricted stock follows:

                                              Unawarded     Awarded
                                               Shares        Shares
                                               ------        ------
               Balance, January 1, 1999..          --           --
               Purchased by Plan ........       8,434           --
               Granted ..................      (7,167)       7,167
               Earned and issued ........          --       (4,778)
                                               ------       ------
               Balance, June 30, 2001 ...       1,267        2,389
                                               ======       ======


D:             STOCK OPTION PLAN
               On October 20, 1999, the Company's stockholders approved a stock
               option plan for the benefit of directors, officers, and other key
               employees. An amount equal to 10% of the total number of common
               shares issued in the initial public offering or 21,087 shares are
               reserved for issuance under the stock option plan. The option
               exercise price cannot be less than the fair value of the
               underlying common stock as of the date of the option grant and
               the maximum option term cannot exceed ten years.

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

            The following table summarizes the activity related to stock
            options:

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




<PAGE>


E:             EARNINGS PER SHARE
               The following table provides a reconciliation between basic and
               diluted earnings per share:

<TABLE>
<CAPTION>
                                                                           Weighted -
                                                              Income      Average Shares  Per-Share
                                                            (Numerator)   (Denominator)     Amount
            <S>                                              <C>             <C>           <C>

            For the three months ended June 30, 2001
               Net income ............................       $ 28,852
                                                             --------
               Basic earnings per share
               Income available to common stockholders         28,852        194,572       $   0.15
                                                                                           ========
               Effect of dilutive securities
               Stock options granted .................             --         17,925
               RRP shares granted ....................             --          2,389
                                                             --------       --------
               Diluted earnings per share
               Income available to common stockholders
                and assumed conversions ..............       $ 28,852        214,886       $   0.13
                                                             ========       ========       ========

            For the six months ended June 30, 2001
               Net income ............................       $ 83,570
                                                             --------
               Basic earnings per share
               Income available to common stockholders         83,570        194,362       $   0.43
                                                                                           ========
               Effect of dilutive securities
               Stock options granted .................             --         17,925
               RRP shares granted ....................             --          2,389
                                                             --------       --------
               Diluted earnings per share
               Income available to common stockholders
                and assumed conversions ..............       $ 83,570        214,676       $   0.39
                                                             ========       ========       ========

            For the three months ended June 30, 2000
               Net income ............................       $ 81,605
                                                             --------
               Basic earnings per share
               Income available to common stockholders         81,605        190,493       $   0.43
                                                                                           ========
               Effect of dilutive securities
               RRP shares granted ....................             --          4,779
                                                             --------       --------
               Diluted earnings per share
               Income available to common stockholders
                and assumed conversions ..............       $ 81,605        195,272       $   0.42
                                                             ========       ========       ========

            For the six months ended June 30, 2000
               Net income ............................       $156,719
                                                             --------
               Basic earnings per share
               Income available to common stockholders        156,719        190,933       $   0.82
                                                                                           ========
               Effect of dilutive securities
               RRP shares granted ....................             --          4,779
                                                             --------       --------
               Diluted earnings per share
               Income available to common stockholders
                and assumed conversions ..............       $156,719        195,712       $   0.80
                                                             ========       ========       ========
</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 June 30, 2001 to December 31,
2000 and the results of operations for the three and six months ended June 30,
2001 with the same periods in 2000. Currently, the business and management of
IBL Bancorp, Inc. is primarily the business and management of the Association.
This discussion should be read in conjunction with the interim consolidated
financial statements and footnotes included herein.

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

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

Changes in Financial Condition

               The Company's total assets increased $518,000 or 1.6% from $32.3
million at December 31, 2000 to $32.8 million at June 30, 2001. This increase
was primarily due to increases of $297,000 in investment securities and $161,000
in net loans receivable. These increases were offset by a decrease in cash and
cash equivalents of $11,000.

               The mortgage-backed securities portfolio increased by $297,000 or
3.6% from $8,302,000 at December 31, 2000 to $8,599,000 at June 30, 2001, due to
purchases of $1,534,000 in the first six months of 2001 funded by increases in
the average balances of deposits and advances from the Federal Home Loan Bank.
These purchases of securities during the first six months of 2001 were offset by
ordinary repayments and payoffs of the mortgages that serve as collateral for
these securities.
               The demand for mortgage loans in the Association's market area
increased during the past six months. The net loan portfolio increased $161,000
or 0.8% from $20,670,000 at December 31, 2000 to $20,831,000 at June 30, 2001.
This increase consisted mainly of single-family residential mortgage loans,
loans for the construction of single-family residences and commercial loans and
was funded by increases in deposits.

                Cash and cash equivalents decreased by $11,000 or 0.7% from
$1,667,000 at December 31, 2000 to $1,656,000 at June 30, 2001. This decrease
was primarily caused by a $7,000 decrease in cash and amounts due from
depository institutions and a $4,000 decrease in interest-bearing deposits in
other institutions.

               Net deposits increased by $690,000 or 2.8% from $24,567,000 at
December 31, 2000 to $25,258,000 at June 30, 2001. This increase was primarily
due to an increase in certificates of deposit.

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

                Total stockholders' equity increased by $120,000 during the past
six months. Net income of $84,000, an $8,000 decrease in unearned ESOP shares,
which caused a $1,000 increase in retained earnings substantially restricted,
and a $48,000 increase in unrealized gains on available-for-sale investment
securities increased stockholders' equity during the period. These factors were
partially offset by the payment of two quarterly dividends totaling $21,000.
Stockholders' equity at June 30, 2001 totaled $3,932,000 or 12.0% of total


<PAGE>

assets compared to stockholders' equity of $3,812,000 or 11.8% of total assets
at December 31, 2000.

               The Association's total classified assets for regulatory purposes
at June 30, 2001 (excluding loss assets specifically reserved for) amounted to
$775,000, all of which was classified as substandard. The largest classified
asset at March 31, 2001 consisted of a $129,000 adjustable-rate residential
loan. The remaining $646,000 of substandard assets at June 30, 2001 consisted of
14 residential mortgage loans totaling $498,000 and 7 consumer loans totaling
$148,000.

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 six
months ended June 30, 2001 and 2000, net interest income after provision for
loan losses exceeded total non-interest expense. Total non-interest expense
consists of general, administrative and other expenses, such as compensation and
benefits, furniture and equipment expense, federal insurance premiums, and
miscellaneous other expenses.

               Net income decreased by $53,000 or 64.6% in the quarter ended
June 30, 2001 and decreased $73,000 or 46.7% in the first six months of 2001
compared to the respective 2000 periods. The decrease in the June 30, 2001
quarter was due to a $52,000 increase in non-interest expense and a $26,000
increase in provision for losses on loans. These items were partially offset by
a $15,000 decrease in provision for income taxes and a $10,000 increase in net
interest income. The decrease in net income for the six-month period ending June
30, 2001 was primarily due to a $106,000 increase in non-interest expense and a
$27,000 increase in provisions for losses on loans. These items were partially
offset by a $39,000 increase in net interest income, a $14,000 decrease in
provision for income tax and a $7,000 increase in non-interest income.

                The $10,000 increase in net interest income in the second
quarter of 2001, over the same period in 2000, was primarily due to increases in
interest-earning assets funded by increases in the average balances of deposits
and advances from the Federal Home Loan Bank. This increase in net interest
income was partially offset by a decrease in the average interest rate spread
from 3.34% in the quarter ended June 30, 2000 to 3.30% in the second quarter of
2001. The average yield on interest-earning assets increased from 7.46% in the
quarter ended June 30, 2000 to 7.92% in the second quarter of 2001, while the
average rate on interest-bearing liabilities increased from 4.12% in the second
quarter of 2000 to 4.62% in the second quarter of 2001. The increased yield on
assets was primarily due to higher yields on the Association's adjustable-rate
mortgage loans and adjustable-rate mortgage-backed securities.

                The $39,000 increase in net interest income in the first six
months of 2001 compared to the first six months of 2000 was also primarily due
to increases in interest-earning assets funded by increases in the average
balances of deposits and advances from the Federal Home Loan Bank. The increase
in net interest income during this period was also partially due to an increase
in the average interest rate spread from 3.37% for the first six months of 2000
to 3.40% for the first six months of 2001. The average yield on interest-earning
assets increased from 7.41% for the first six months of 2000 to 8.02% for the
first six months of 2001, while the average rate on interest-bearing liabilities
increased from 4.04% to 4.62% over the same period. The increase in asset yield
was primarily caused by higher yields on the Association's adjustable-rate
mortgage loans and adjustable-rate mortgage-backed securities

               Total interest income increased by $67,000 or 11.9% in the
quarter ended June 30, 2001 and increased



<PAGE>

$164,000 or 14.8% in the first six months of 2001 compared to the respective
2000 periods due to higher balances and higher yields. The average balance of
total interest-earning assets increased from $29.1 million for the first six
months of 2000 to $31.7 million for the first six months of 2001.

                Total interest expense increased by $58,000 or 21.4% for the
quarter ended June 30, 2001 and increased $125,000 or 23.4% for the first six
months of 2001 compared to the same period in 2000. The increase in the quarter
period was primarily due to an increase in total interest paid on deposits of
$52,000 and an increase in interest paid on Federal Home Loan Bank advances of
$6,000. The increase in interest paid on deposits is a result of both higher
volumes and higher average interest rates paid. The increase in interest paid on
advances is a result of higher average balances partially offset by lower
average rates paid.

                The provision for loan losses was $26,000 for the quarter ended
June 30, 2001 and $27,000 in the first six months of 2001 compared to $0 in each
of the 2000 periods. At June 30, 2001, the Association's total non-accruing
loans amounted to $572,000. The allowance for loan losses amounted to $406,000
at June 30, 2001, representing 1.9% of the total loans held in portfolio and
71.0% 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 needed
to be increased by $26,000 in the June 2001 quarter in light of the current
asset quality of the loan portfolio.

                Non-interest income remained unchanged in the quarter ended June
30, 2001 and increased $7,000 or 15.4% in the first six months of 2001 as
compared to the similar 2000 periods. The increase in the first six months of
2001 was primarily due to a $10,000 increase in service charges on deposit
accounts offset by a decrease of $3,000 in commissions on credit life insurance.

                Non-interest expenses increased by $52,000 or 27.1% in the
quarter ended June 30, 2001 and increased $107,000 or 27.6% in the first six
months of 2001 over the comparable 2000 periods. The increase in the quarter was
primarily due to increases of $29,000 in compensation and benefits, $10,000 in
other general and administrative, $5,000 in legal and other professional, $4,000
in furniture and equipment, $4,000 in data processing and $3,000 in office
supplies and postage. These increases in non-interest expenses were partially
offset by decreases of $2,000 in advertising and $1,000 in other taxes. The
increase in the six-month period was primarily due to increases of $58,000 in
compensation and benefits, $18,000 in other and general administrative, $10,000
in legal and other professional, $8,000 in office supplies and postage, $6,000
in data processing, $6,000 in furniture and equipment and $2,000 in occupancy.
These increases in non-interest expense were offset primarily by decrease of
$1,000 in other taxes.

               The $58,000 increase in compensation and benefits for the six
months ended June 30, 2001 over the same period in 2000 was caused by increases
of $34,000 in employee retirement contribution, $19,000 in compensation for
officers and employees, $4,000 in other employee benefits and $2,000 in payroll
taxes. This increase in compensation and benefits was partially offset by a
decrease of $1,000 in ESOP contributions.

               The increase of $18,000 in other general and administrative for
the six months ended June 30, 2001 was primarily caused by the reclassification
of $6,000 in FHLB demand deposit charges into other general and administrative
expense from data processing expense. The $18,000 increase was further caused by
increases of $4,000 in supervisory examination, $2,000 in expense account
officers and employees, $1,000 in expense account directors, $1,000 in loan
expense, $1,000 in telephone expense, $1,000 in insurance and surety bond
premium, $1,000 in dues and subscriptions, and $1,000 in other operating
expense.

               The $10,000 increase in legal and other professional for the six
month period ending June 30, 2001 is primarily due to an $8,000 increase in
legal expense and a $2,000 increase in audit and accounting expense.

               The increase of $8,000 in office supplies and postage for the six
months ended June 30, 2001 was primarily due to a $5,000 increase in office
supplies and a $3,000 increase in postage.

<PAGE>


               The $6,000 increase in data processing for the first six months
of 2001 is primarily due to a $10,000 increase in service bureau expense and a
$2,000 increase in FHLB now account charges. These increases were partially
offset by the reclassification of $6,000 in FHLB demand deposit charges into
other general and administrative expense from data processing.

               The $6,000 increase in furniture and equipment for the six month
period ending June 30, 2001 is primarily due to a $3,000 increase in furniture,
fixture and equipment expense and a $3,000 increase in furniture, fixture and
equipment depreciation. The decrease of $14,000 or 16.4% in provision for income
taxes for the six month period ending June 30, 2001 from the comparable 2000
period was primarily caused by a decrease in income before provision for income
taxes.

Liquidity and Capital Resources

               In the past the Association was required under applicable federal
regulations to maintain specified levels of "liquid" investments in qualifying
types of U.S. Government, federal agency and other investments having maturities
of up to five years. The OTS regulations required that a savings institution
maintain liquid assets of not less than 4% of its average daily balance of net
withdrawable deposit accounts and borrowings payable in one year or less. At
June 30, 2001, the Association's liquidity was 8.7% or $1,275,000 in excess of
the minimum OTS requirement. In the first quarter of 2001, the OTS issued an
interim rule that removes the requirement that savings associations maintain an
average daily balance of 4% of its liquidity base. The OTS proposes to maintain
the liquidity requirement that all saving associations and service corporations
maintain sufficient liquidity to ensure their safe and sound operation.

               The Association is required to maintain regulatory capital
sufficient to meet tangible, core and risk-based capital ratios of at least
1.5%, 4.0%, and 8.0%, respectively. At June 30, 2001, the Association's tangible
and core capital amounted to $3.0 million or 9.5% of adjusted total assets of
$32.1 million, and the Association's risk-based capital amounted to $3.2 million
or 20.2% of adjusted risk-weighted assets of $16.0 million.



<PAGE>

         As of June 30, 2001, the Association's unaudited regulatory capital
requirements are as indicated in the following table:

                                                (Dollars In Thousands)

                                           TANGIBLE      CORE     RISK-BASED
                                           CAPITAL      CAPITAL    CAPITAL
                                           -------      -------    -------
GAAP Capital                               $ 3,101      $ 3,101    $ 3,101

Unrealized gain on securities available
for sale net, of taxes                         (67)      ( 67 )     ( 67 )
Additional capital items:
    General valuation allowances                --           --        200
                                           -------      -------    -------
Regulatory capital computed                  3,034        3,034      3,234

Minimum capital requirement                    482        1,285      1,278
                                           -------      -------    -------
Regulatory capital excess                  $ 2,552      $ 1,749    $ 1,956
                                           =======      =======    =======
Regulatory capital as a
        percentage                            9.45%        9.45%     20.24%

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

Regulatory capital as a
  percentage in excess
    of requirements                           7.95%        5.45%     12.24%
                                           =======      =======    =======


               Based on the above capital ratios, the Association meets the
criteria for a "well capitalized" institution at June 30, 2001. The
Association's management believes that under the current regulations, the
Association will continue to meet its minimum capital requirements in the
foreseeable future. However, events beyond the control of the Association, such
as increased interest rates or a downturn in the economy of the Association's
area, could adversely affect future earnings and consequently, the ability of
the Association to continue to exceed its future minimum capital requirements.



<PAGE>

                                IBL Bancorp, Inc.
                                  Form 10-QSB
                          Quarter Ended June 30, 2001


PART II - OTHER INORMATION


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

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

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

Item 4 -Submission of Matters to a Vote of Security Holders:

                  On April 25, 2001, 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 John
                  L. Delahaye and Danny M. Strickland for a term of three years
                  expiring in 2004. Other directors whose term of office is
                  continued after the meeting are: G. Lloyd Bouchereau, Jr.,
                  Gary K. Pruitt, Bobby E. Stanley and Edward J. Steinmetz. (2)
                  To ratify the appointment of L.A. Champange & Co., L.L.P. as
                  the Company's independent auditors for the year ending
                  December 31, 2001. On matter (1) described above votes were
                  cast as follows for John L. Delahaye: for = 171,353; withheld
                  = 6,000; not voted = 33,517. On matter (1) described above
                  votes were cast as follows for Danny M. Strickland: for =
                  171,328; withheld = 6,025; not voted = 33,517. On matter (2)
                  described above votes were cast as follows: for = 172,353;
                  against = 5,000; abstain = 0; not voted = 33,517.

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 June 30, 2001.


<PAGE>

                                   SIGNATURES

         In accordance with the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                   IBL  BANCORP, INC.
                                   Registrant


Date: August 6, 2001               By: /s/  G. Lloyd Bouchereau, Jr.
                                       ----------------------------------------
                                       G. Lloyd Bouchereau, Jr., President and
                                       Chief Executive Officer

Date: August 6, 2001               By: /s/ Gary K.Pruitt
                                       ----------------------------------------
                                       Gary K. Pruitt
                                       Secretary