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, 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 May 9, 2001:
210,870

Transitional Small Business Disclosure Format (check one):  Yes___  No  X


<PAGE>

                                IBL Bancorp, Inc.

                                   Form 10-QSB

                          Quarter Ended March 31, 2001

                         PART I - FINANCIAL INFORMATION

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

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

Consolidated Statements Of Income and Comprehensive Income (Unaudited)
For the Three Months Ended March 31, 2001 and 2000......................................4

Consolidated Statements Of Changes in Shareholders' Equity  (Unaudited) For The
Three Months Ended March 31, 2001 and 2000..............................................6

Consolidated Statements Of Cash Flows (Unaudited) For the
Three Months Ended March 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.............................................................15
Item 2 - Changes in Securities and Use of Proceeds.....................................15
Item 3 - Defaults Upon Senior Securities...............................................15
Item 4 - Submission of Matters to a Vote of Security Holders...........................15
Item 5 - Other Information.............................................................15
Item 6 - Exhibits and Reports on Form 8-K..............................................15

Signatures.............................................................................16
</TABLE>

<PAGE>


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

<TABLE>
<CAPTION>
                                                                               March 31,
                                                                                 2001         December 31,
                                                                              (Unaudited)         2000
                                                                              ------------    ------------
ASSETS
<S>                                                                           <C>             <C>
Cash and amounts due from depository institutions                             $    199,035    $    166,845
Interest-bearing deposits in other institutions                                    976,215       1,500,837
                                                                              ------------    ------------
     Total cash                                                                  1,175,250       1,667,682
                                                                              ------------    ------------
Time deposits                                                                    1,103,000       1,103,000
                                                                              ------------    ------------
Mortgage-backed securities
 Held to maturity (estimated market value $1,997,502 and $2,068,676)             1,974,212       2,068,115
 Available-for-sale (amortized cost $6,481,579 and $6,205,163)                   6,569,429       6,234,114
                                                                              ------------    ------------
     Total investment securities                                                 8,543,641       8,302,229
                                                                              ------------    ------------
Loans receivable                                                                21,575,437      21,065,939
Less allowance for loan losses                                                     380,406         395,880
                                                                              ------------    ------------
     Loans receivable, net                                                      21,195,031      20,670,059
                                                                              ------------    ------------
Premises and equipment, net                                                        151,053         133,198
Federal Home Loan Bank stock, at cost                                              211,100         208,300
Accrued interest receivable                                                        167,533         150,183
Other assets                                                                        44,918          22,543
                                                                              ------------    ------------
         Total assets                                                         $ 32,591,526    $ 32,257,194
                                                                              ============    ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits                                                                      $ 25,042,741    $ 24,567,301
Advances from Federal Home Loan Bank                                             3,497,000       3,697,000
Advances by borrowers for taxes and insurance                                       14,317          16,105
Federal income taxes payable                                                        32,089          83,332
Other liabilities and deferrals                                                    104,677          81,093
                                                                              ------------    ------------
         Total liabilities                                                      28,690,824      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                                                       1,741,414       1,740,992
Unearned ESOP shares                                                              (126,517)       (130,734)
Unearned RRP shares                                                                (39,302)        (39,302)
Retained earnings - substantially restricted                                     2,265,017       2,220,190
Accumulated other comprehensive loss                                                57,981          19,108
                                                                              ------------    ------------
         Total stockholders' equity                                              3,900,702       3,812,363
                                                                              ------------    ------------
         Total liabilities and stockholders' equity                           $ 32,591,526    $ 32,257,194
                                                                              ============    ============
</TABLE>


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

                                        3
<PAGE>


                                IBL BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                            AND COMPREHENSIVE INCOME
                   Three months ended March 31, 2001 and 2000


<TABLE>
<CAPTION>
                                                         03/31/01                03/31/00
                                                        (Unaudited)             (Unaudited)
                                                        -----------             -----------
INTEREST INCOME
<S>                                                      <C>                      <C>
Loans                                                    $468,672                 $380,750
Mortgage-backed securities                                144,131                  105,459
FHLB stock and other securities                             4,861                    2,752
Deposits                                                   19,754                   40,630
                                                         --------                 --------
     Total interest income                                637,418                  529,591
                                                         --------                 --------

INTEREST EXPENSE
Deposits
 Interest-bearing demand deposit  accounts                 46,671                   27,829
 Passbook savings accounts                                 20,934                   25,744
 Certificate of deposit accounts                          217,826                  170,071
                                                         --------                 --------
     Total interest on deposits                           285,431                  223,644
Advances from Federal Home Loan Bank                       35,337                   29,888
                                                         --------                 --------
     Total interest expense                               320,768                  253,532
                                                         --------                 --------
         Net interest income                              316,650                  276,059
Provision for losses on loans                                 800                     --
                                                         --------                 --------

NET INTEREST INCOME AFTER PROVISION FOR
 LOSSES ON LOANS                                          315,850                  276,059
                                                         --------                 --------

NON-INTEREST INCOME
Service charges on deposit accounts                        26,487                   17,789
Other                                                       2,935                    4,546
                                                         --------                 --------
     Total non-interest income                             29,422                   22,335
                                                         --------                 --------

NON-INTEREST EXPENSES
Compensation and benefits                                 129,077                   99,385
Occupancy                                                   9,716                    8,055
Furniture and equipment                                    10,104                    7,851
Deposit insurance premium                                   1,183                    1,244
Data processing                                            20,431                   17,499
Legal and other professional                               27,471                   22,655
Advertising                                                 6,248                    4,761
Office supplies and postage                                13,610                    8,439
Other taxes - share tax assessment                          7,800                    8,550
Other general and administrative                           25,786                    6,606
                                                         --------                 --------
     Total non-interest expenses                          251,426                  185,045
                                                         --------                 --------
</TABLE>

Continued. . .

                                       4
<PAGE>

<TABLE>
<CAPTION>
                                                                           03/31/01         03/31/00
                                                                         (Unaudited)      (Unaudited)
                                                                         -----------      -----------
<S>                                                                       <C>              <C>
INCOME BEFORE PROVISION FOR INCOME TAXES                                  $  93,846        $ 113,349

PROVISION FOR INCOME TAXES                                                   39,128           38,235
                                                                          ---------        ---------

NET INCOME                                                                $  54,718        $  75,114
                                                                          =========        =========

Basic earnings per share                                                  $     .28        $     .39
                                                                          =========        =========

Diluted earnings per share                                                $     .26        $     .35
                                                                          =========        =========


COMPREHENSIVE INCOME
Net income                                                                $  54,718        $  75,114
                                                                          =========        =========

Other comprehensive income (loss)
  Unrealized holding gains (losses) on securities during the period          58,899           (9,665)
  Income tax benefit (expense) related to unrealized holding
   gains (losses)                                                           (20,026)           3,286
                                                                          ---------        ---------

Other comprehensive income (loss), net of  tax effects                       38,873           (6,379)
                                                                          ---------        ---------


Comprehensive income                                                      $  93,591        $  68,735
                                                                          =========        =========
</TABLE>


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

                                       5
<PAGE>

                                IBL BANCORP, INC.
           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                   Three months ended March 31, 2001 and 2000


<TABLE>
<CAPTION>
                                                        Additional      Unearned       Unearned
                                             Common      Paid-In          ESOP           RRP
                                              Stock      Capital         Shares         Shares
                                              -----      -------         ------         ------
<S>                                        <C>         <C>            <C>            <C>
BALANCE, DECEMBER 31, 1999                 $   2,109   $ 1,740,201    $  (147,603)   $   (44,193)
                                           ---------   -----------    -----------    -----------
COMPREHENSIVE INCOME (Unaudited)
Net income                                       --             --             --             --
Other comprehensive income, net of tax
  Unrealized losses on securities                --             --             --             --
                                           ---------   -----------    -----------    -----------
Comprehensive income                             --             --             --             --
                                           ---------   -----------    -----------    -----------
ESOP shares released for allocation              --            317          4,217             --
Acquisition of RRP shares                        --             --             --        (20,791)
Dividends                                        --             --             --             --
                                           ---------   -----------    -----------    -----------

BALANCE, MARCH 31, 2000 (Unaudited)        $   2,109   $ 1,740,518    $  (143,386)   $   (64,984)
                                           =========   ===========    ===========    ===========

BALANCE, DECEMBER 31, 2000                 $   2,109   $ 1,740,992    $  (130,734)   $   (39,302)
                                           ---------   -----------    -----------    -----------

COMPREHENSIVE INCOME  (Unaudited)
Net income                                        --            --             --             --
Other comprehensive income, net of tax
  Unrealized losses on securities                 --            --             --             --
                                           ---------   -----------    -----------    -----------
Comprehensive income                              --            --             --             --
                                           ---------   -----------    -----------    -----------
ESOP shares released for allocation               --           422          4,217             --
Dividends                                         --            --             --             --
                                           ---------   -----------    -----------    -----------
BALANCE, MARCH 31, 2001 (Unaudited)        $   2,109   $ 1,741,414    $  (126,517)   $   (39,302)
                                           =========   ===========    ===========    ===========

<CAPTION>

                                             Retained      Accumulated
                                             Earnings-       Other
                                             Substan-        Compre-
                                              tially         hensive        Total
                                            Restricted       Income         Equity
                                            ----------       ------         ------
<S>                                        <C>            <C>            <C>
BALANCE, DECEMBER 31, 1999                 $ 1,958,199    $    (4,675)   $ 3,504,038
                                           -----------    -----------    -----------

COMPREHENSIVE INCOME (Unaudited)
Net income                                      75,114             --         75,114
Other comprehensive income, net of tax
  Unrealized losses on securities                   --         (6,379)        (6,379)
                                           -----------    -----------    -----------
Comprehensive income                            75,114         (6,379)        68,735
                                           -----------    -----------    -----------
ESOP shares released for allocation                699             --          5,233
Acquisition of RRP shares                           --             --        (20,791)
Dividends                                       (8,962)            --         (8,962)
                                           -----------    -----------    -----------

BALANCE, MARCH 31, 2000 (Unaudited)        $ 2,025,050    $   (11,054)   $ 3,548,253
                                           ===========    ===========    ===========

BALANCE, DECEMBER 31, 2000                 $ 2,220,190    $    19,108    $ 3,812,363
                                           -----------    -----------    -----------

COMPREHENSIVE INCOME  (Unaudited)
Net income                                      54,718             --         54,718
Other comprehensive income, net of tax
  Unrealized losses on securities                   --         38,873         38,873
                                           -----------    -----------    -----------
Comprehensive income                            54,718         38,873         93,591
                                           -----------    -----------    -----------
ESOP shares released for allocation                653             --          5,292
Dividends                                      (10,544)            --        (10,544)
                                           -----------    -----------    -----------
BALANCE, MARCH 31, 2001 (Unaudited)        $ 2,265,017    $    57,981    $ 3,900,702
                                           ===========    ===========    ===========
</TABLE>


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

                                       6
<PAGE>


                                IBL BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   Three months ended March 31, 2001 and 2000

<TABLE>
<CAPTION>
                                                                                       2001                 2000
                                                                                    (Unaudited)          (Unaudited)
                                                                                    -----------          -----------
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                                 <C>                  <C>
Net income                                                                          $    54,718          $    75,114
                                                                                    -----------          -----------
Adjustments to reconcile net income to net cash provided by
 operating activities:
  Depreciation                                                                            7,125                6,900
  Provision for loan losses                                                                 800                   --
  ESOP contribution                                                                       5,292                5,233
  Provision for deferred federal income tax benefit                                        (317)              (2,755)
  Amortization of net premium on investment and mortgage-backed securities                5,032                3,387
  Net discount charged (realized) on installment loans                                   27,888               47,162
  Net loan fees deferred                                                                   (511)                 356
  Stock dividends from Federal Home Loan Bank                                            (2,800)              (2,700)
  Net increase in interest receivable                                                   (17,350)             (14,324)
  Net increase in other assets                                                          (23,423)             (10,239)
  Net decrease in interest payable                                                      (14,970)              (2,772)
  Net increase (decrease) in income taxes payable                                       (51,243)              88,513
  Net increase (decrease) in other liabilities                                            4,923              (10,773)
                                                                                    -----------          -----------
     Total adjustments                                                                  (59,554)             107,988
                                                                                    -----------          -----------
Net cash provided by (used in) operating activities                                      (4,836)             183,102
                                                                                    -----------          -----------

CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans receivable                                                       (553,149)            (751,302)
Purchases of securities available-for-sale                                             (759,777)            (906,642)
Principal payments received on mortgage-backed securities
 available-for-sale                                                                     479,062              248,417
Purchases of securities held-to-maturity                                                   --               (262,871)
Principal payments received on mortgage-backed securities
 held-to-maturity                                                                        93,170               84,185
Purchases of office property and equipment                                              (24,980)                --
Certificates of deposits acquired                                                          --               (300,000)
                                                                                    -----------          -----------
Net cash used in investing activities                                                  (765,674)          (1,888,213)
                                                                                    -----------          -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposit accounts                                                        490,410            1,024,448
Net increase (decrease) in advances by borrowers for taxes and insurance                 (1,788)              (1,524)
Cash dividends                                                                          (10,544)              (8,962)
Acquisition of RRP shares                                                                  --                (20,791)
Repayment of advances from Federal Home Loan Bank                                      (200,000)                --
                                                                                    -----------          -----------
Net cash provided by financing activities                                               278,078              993,171
                                                                                    -----------          -----------

NET DECREASE IN CASH                                                                   (492,432)            (711,940)
Cash - beginning of period                                                            1,667,682            2,891,593
                                                                                    -----------          -----------
Cash - end of period                                                                $ 1,175,250          $ 2,179,653
                                                                                    ===========          ===========
</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, 2001

A:   BASIS OF PRESENTATION

     The  accompanying  consolidated  financial  statements for the period ended
March 31, 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 three months ended March 31, 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 $4,639 for the three
months ended March 31, 2001 based on the quarterly release of shares.

C:   RECOGNITION AND RETENTION PLAN

     On October 20, 1999, the Company's  stockholders approved a Recognition and
Retention  Plan (RRP) as an incentive  to retain  personnel  of  experience  and
ability in key positions.  The shareholders  approved a total of 8,434 shares of
stock to be acquired for the Plan, of which 7,169 shares have been allocated for
distribution to key employees and directors.  The purchase price of these shares
was recorded as unearned  compensation,  a contra equity account.  As the shares
are distributed, the contra equity account is reduced.


C:   RECOGNITION AND RETENTION PLAN (Continued)

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

                                       8

<PAGE>

     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 ...................................        --      (4,779)
                                                         ------      ------
Balance, March 31, 2001 .............................     1,265       2,930
                                                         ======      ------

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:

<TABLE>
<CAPTION>
                                                            Exercise     Available        Options
                                                             Price       for Grant      Outstanding
                                                             -----       ---------      -----------
<S>                                                         <C>          <C>            <C>
At inception ...........................................                   21,087            --
Granted ................................................    $ 10.50       (17,925)        17,925
Cancelled ..............................................                       --            --
Exercised ..............................................                       --            --
                                                                          -------        -------
At March 31, 2001 ......................................                    3,162         17,925
                                                                          =======        =======
</TABLE>

                                       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, 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...................................             --           2,930
                                                            --------        --------
Diluted earnings per share
Income available to common stockholders
 and assumed conversions.............................       $ 54,718         213,833          $  0.26
                                                            ========        ========          =======

<CAPTION>

                                                           For the three months ended March 31, 2000
                                                           -----------------------------------------
                                                                            Weighted
                                                                            Average
                                                              Income         Shares          Per-Share
                                                            (Numerator)   (Denominator)       Amount
                                                            -----------   -------------       ------
<S>                                                         <C>           <C>                <C>
Net income...........................................       $   75,114
                                                            ----------
Basic earnings per share
Income available to common stockholders..............           75,114       191,373         $   0.39
                                                                                             ========
Effect of dilutive securities
Stock options granted................................                         17,925
RRP shares granted...................................               --         4,779
                                                            ----------     ---------
Diluted earnings per share
Income available to common stockholders
 and assumed conversions.............................       $   75,114       214,077         $   0.35
                                                            ==========     =========         ========
</TABLE>

                                       10

<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, 2001 to December 31, 2000 and the
results of  operations  for the three  months ended March 31, 2001 with the same
period 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 $334,000 or 1.0% from $32.3 million at
December  31,  2000 to $32.6  million  at March  31,  2001.  This  increase  was
primarily due to increases of $525,000 in net loans  receivable  and $241,000 in
investment  securities.  These  increases  were offset by a decrease in cash and
cash equivalents of $492,000.

     The demand for mortgage  loans in the  Association's  market area increased
during the past three months. The net loan portfolio  increased $525,000 or 2.5%
from  $20,670,000 at December 31, 2000 to  $21,195,000  at March 31, 2001.  This
increase  consisted mainly of single-family  residential  mortgage loans and was
funded by increases in deposits.

     The mortgage-backed securities portfolio increased by $241,000 or 2.9% from
$8,302,000  at  December  31,  2000 to  $8,543,000  at March  31,  2001,  due to
purchases  of $760,000 in the first three  months of 2001 funded by increases in
deposits and reductions in cash and cash equivalents.

     Cash and cash equivalents decreased by $493,000 or 29.3% from $1,667,000 at
December 31, 2000 to $1,175,000  at March 31, 2001.  This decrease was primarily
caused by interest-bearing deposits in other institutions decreasing by $525,000
or 35.0% from  $1,501,000  at December  31, 2000 to $976,000 at March 31,  2001.
This decrease was offset by a $32,000 or 19.3%  increase in cash and amounts due
from depository institutions.

     Net deposits increased by $475,000 or 1.9% from $24,567,000 at December 31,
2000 to  $25,043,000  at March 31, 2001.  This  increase was primarily due to an
increase in certificates of deposits  partially offset by a $765,000 decrease in
governmental funds on deposit at the Association.

                                       11

<PAGE>


     Advances  from  Federal  Home Loan Bank  decreased by $200,000 or 5.4% from
$3,697,000 at December 31, 2000 to $3,497,000 at March 31, 2001.

     Total  stockholders'  equity  increased  by  $88,000  during the past three
months. Net income of $55,000, a $4,000 decrease in unearned ESOP shares,  which
caused a $1,000 increase in retained earnings  substantially  restricted,  and a
$39,000 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 one quarterly dividend totaling $11,000.  Stockholders'
equity at March 31, 2001 totaled $3,901,000 or 12.0% of total assets compared to
stockholders'  equity of  $3,812,000  or 11.8% of total  assets at December  31,
2000.

     The Association's  total classified assets for regulatory purposes at March
31, 2001 (excluding loss assets specifically reserved for) amounted to $757,000,
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  $628,000  of  substandard  assets at March 31, 2001  consisted  of 19
residential  mortgage  loans  totaling  $545,000 and 6 consumer  loans  totaling
$83,000.

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, 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 $20,000 or 27.2% in the  quarter  ended March 31,
2001  compared  to the same period in 2000.  The  decrease in the March 31, 2001
quarter was due to a $66,000 increase in non-interest expense, a $1,000 increase
in provision  for income tax and a $1,000  increase in  provision  for losses on
loans.  These items were partially  offset by a $41,000 increase in net interest
income and a $7,000 increase in non-interest income.

     The $41,000  increase in net interest  income in the first quarter of 2001,
over the same period in 2000, was primarily due to increases in interest-earning
assets funded by increased  deposits.  This increase in net interest  income can
also be attributed to an increase in the average interest rate spread from 3.40%
in the quarter ended March 31, 2000 to 3.52% in the first  quarter of 2001.  The
average yield on  interest-earning  assets  increased  from 7.36% in the quarter
ended  March 31, 2000 to 8.13% in the first  quarter of 2001,  while the average
rate on interest-bearing  liabilities  increased from 3.96% in the first quarter
of 2000 to 4.61% in the first 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.  This increase in asset
yield can also be attributed to the  reallocation  of the excess cash  liquidity
built up for the Year 2000 into higher yielding interest-earning assets.

     Total interest  income  increased by $108,000 or 20.7% in the quarter ended
March 31, 2001 over the comparable 2000 period due to higher balances and higher
yields.  The average  balance of total  interest-earning  assets  increased from
$28.6  million in the first three  months of 2000 to $31.3  million in the first
three months of 2001.

                                       12

<PAGE>

     Total interest expense  increased by $67,000 or 26.5% for the quarter ended
March 31, 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
$62,000 and an increase in interest  paid on Federal Home Loan Bank  advances of
$5,000.  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  increased by $1,000 for the quarter  ended
March  31,  2001  over the  comparable  2000  period.  At March  31,  2001,  the
Association's  total non-accruing loans amounted to $535,000.  The allowance for
loan losses  amounted to $380,000 at March 31,  2001,  representing  1.8% of the
total  loans held in  portfolio  and 71.2% 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 $2,000 in the March 2001
quarter in light of the current asset quality of the loan portfolio. This $2,000
increase was offset by a $1,000 recovery of bad debts during the same period.

     Non-interest income increased by $7,000 or 31.7% in the quarter ended March
31,  2001 over the  comparable  2000  period.  The  increase  in the quarter was
primarily due to a $8,000 increase service charges on deposit accounts offset by
a decrease of $1,000 in commissions on credit life insurance.

     Non-interest  expenses  increased by $66,000 or 35.9% in the quarter  ended
March 31, 2001 over the comparable 2000 period.  The increase in the quarter was
primarily due to increases of $30,000 in compensation  and benefits,  $19,000 in
other general and administrative,  $5,000 in office supplies and postage, $5,000
in legal and other professional,  $3,000 in data processing, $2,000 in furniture
and equipment, $2,000 in occupancy and $1,000 in advertising. These increases in
non-interest  expenses  were  partially  offset by a decrease of $1,000 in other
taxes.

     The $30,000  increase in  compensation  and  benefits  for the three months
ended  March 31, 2001 over the same  period in 2000 was caused by  increases  of
$17,500  in  employee  retirement  contribution,  $10,000  in  compensation  for
officers and employees,  $1,500 in other employee benefits and $1,000 in payroll
taxes.

     The increase of $19,000 in other general and  administrative  for the three
months  ended March 31, 2001 was  primarily  caused by the  reclassification  of
$3,500 in FHLB demand  deposit  charges  into other  general and  administrative
expense from data processing  expense and the  reclassification  of ($11,000) in
allocated  loan  expense  out of other  general  and  administrative  into total
interest income.  The $19,000 increase was further caused by increases of $1,500
in supervisory examination,  $1,000 in expense account directors, $1,000 in dues
and  subscriptions,  $500 in expense account  officers and employees and $500 in
other operating expense.

     The increase of $5,000 in office  supplies and postage for the three months
ended March 31, 2001 was primarily due to a $3,500  increase in office  supplies
and a $1,500 increase in postage.

     The $5,000  increase in legal and other  professional is primarily due to a
$3,000  increase in legal expense and a $2,000  increase in audit and accounting
expense.

     The  $3,000  increase  in data  processing  is  primarily  due to a  $5,000
increase  in service  bureau  expense  and a $500  increase  in FHLB now account
charges. These increases were partially offset by the reclassification of $2,500
in FHLB demand  deposit  charges into other general and  administrative  expense
from data processing.

                                       13

<PAGE>

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
March 31, 2001,  the  Association's  liquidity was 7.0% or $805,000 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 its 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 March 31,  2001,  the  Association's  tangible  capital
totaled  $3.1  million  and core  capital  amounted  to $3.0  million or 9.6% of
adjusted total assets of $31.9 million, and the Association's risk-based capital
amounted  to $3.2  million or 19.7% of  adjusted  risk-weighted  assets of $16.4
million.

     As of March  31,  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                                  $3,071      $3,071     $   3,071

Unrealized loss on securities available
 for sale net, of taxes                         --          (58)           (58)
Additional capital items:
    General valuation allowances                --           --            205
                                              ------      ------     ----------
Regulatory capital computed                    3,071       3,013          3,218

Minimum capital requirement                      479       1,278          1,310
                                              ------      ------     ----------
Regulatory capital excess                     $2,592      $1,735     $    1,908
                                              ======      ======     ==========
Regulatory capital as a
     percentage                                9.43%       9.43%         19.65%

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

Regulatory capital as a
  percentage in excess
    of requirements                            7.93%       5.43%         11.65%
                                              ======      ======        =======

     Based on the above capital ratios, the Association meets the criteria for a
"well capitalized"  institution at March 31, 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.

                                       14

<PAGE>

                                IBL Bancorp, Inc.

                                  Form 10-QSB
                          Quarter Ended March 31, 2001


PART II - OTHER INORMATION


Item 1 - Legal Proceedings:

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

Item 2 - Changes in Securities and Use of Proceeds:

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

Item 3 - Defaults Upon Senior Securities:

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

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

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

Item 5 - Other Information:

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

Item 6 - Exhibits and Reports on Form 8-K:

            (a) No exhibits are filed herewith:

            (b) Reports on Form 8-K:
                   No reports on Form 8-K were filed by the Registrant
                   during the quarter ended March 31, 2001.


                                       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 9, 2001                By:     /s/ G. Lloyd Bouchereau, Jr.
                                          -------------------------------------
                                               G. Lloyd Bouchereau, Jr.,
                                          President and Chief Executive Officer

Date:      May 9, 2001               By:      /s/  Gary K. Pruitt
                                          -------------------------------------
                                                   Gary K. Pruitt
                                                     Secretary






                                       16