<PAGE>
<PAGE>
                 U.S. 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 December 31, 1997

Commission File Number: 333-20489


                     Rocky Ford Financial, Inc.
----------------------------------------------------------------
(Exact Name of Small business Issuer as Specified in Its Charter)

          Delaware                                84-1413346
-------------------------------                -----------------
(State or Other Jurisdiction of                (I.R.S. Employer 
Incorporation or Organization)              Identification Number)

           801 Swink Avenue, Rocky Ford, Colorado  81067
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              (Address of Principal Executive Offices)
 
                              719-254-7642
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             (Issuer's Telephone Number, Including Area Code)

    
       Check whether the issuer's: (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 registrant
was required to file such reports), and (2) has been subject to
such filing requirements for the past 90- days.
    
       Yes  X       No        
    
       State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable
date: 

Shares of common stock outstanding as of December 31, 1997
                               423,200
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                     ROCKY FORD FINANCIAL, INC.
                                 
                             CONTENTS
                                    
    
    PART I - FINANCIAL INFORMATION 
    
Item 1:  Financial Statements 

         Consolidated Statement of Condition at 
         December 31, 1997 and September 30, 1996            3
                    
         Statements of Consolidated Income for the
         Three Ended December 31, 1997 and 1996              4

         Statements of Consolidated Cash Flows for the
         Three Months Ended December 31, 1997 and 1996       5
                                                               
         Notes to Financial Statements                     6 - 7
                                                               
Item 2:  Management's Discussion and Analysis of 
         Financial Condition and Results of 
         Operations                                        8 - 9
                                                               
PART II - OTHER INFORMATION
                                                               
     Item 1:  Legal Proceedings                             10
                                                                 
     Item 2:  Changes in Securities                         10
                                                               
     Item 3:  Defaults Upon Senior Securities               10
                                                               
     Item 4:  Submission of Matters to a Vote 
              of Security Holders                           10
                                                               
     Item 5:  Other Information                             10
                                                               
     Item 6:  Exhibits and Reports on Form 8-K              10
                                                               
     Signature                                              10

                             2
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<PAGE>
                   ROCKY FORD FINANCIAL, INC.

             CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                            (UNAUDITED)
<TABLE>
<CAPTION>
                                          December 31,     September 30
                                              1997             1997
                                           ----------       ------------
               ASSETS
<S>                                        <C>             <C>
Cash and cash equivalents                  
   Interest - bearing                     $ 2,900,000     $ 2,900,000
   Non-interest bearing                       470,793         305,382
Certificates of deposit                     1,802,277       1,999,312
Securities available for sale
   Equity securities (amortized cost
   of $11,327)                                485,856         409,218
Securities held to maturity
   Mortgage-backed securities (estimated
     market value of $2,348,000 and
     $2,629,000)                            2,238,988       2,421,308
   U.S. agencies (estimated market value
     of $754,000 and $743,000)                749,024         748,965
Loans receivable - net                     13,451,728      13,529,566
Federal Home Loan Bank stock, at cost         330,100         323,500
Retirement trust assets                       251,687         251,687
Accrued interest receivable                   131,087         146,769
Premises and equipment                         78,262          83,270
Prepaids                                       16,898          45,910
                                          -----------     -----------
     TOTAL ASSETS                         $22,906,700     $23,164,887
                                          ===========     ===========

           LIABILITIES AND EQUITY        

Deposits                                  $15,728,150     $16,139,404 
Advances from borrowers for taxes and
  insurance                                    45,562          35,562
Accounts payable and accrued expenses         348,897         372,700
Current income taxes payable                    4,132               -
Deferred income taxes                         197,756         169,400
                                          -----------     -----------
     TOTAL LIABILITIES                     16,324,497      16,717,066
                                          -----------     -----------
Commitments and contingencies

Preferred stock - $.01 par value;
  authorized 1,000,000 shares; no
  shares issued or outstanding                      -               -
Common stock-$.01 par value;              
  authorized 3,000,000 shares;
  issued and outstanding 423,200 
  shares                                        4,232           4,232
Paid-in capital                             3,834,179       3,830,582
Retained earnings - substantially
  restricted                                2,749,570       2,700,923
Net unrealized gain on securities
  available for sale, net of tax of
  $175,600 and $145,640                       298,926         250,644
Note receivable from ESOP Trust in
  connection with 27,084 of uncommitted
  and unallocated shares as of December
  31, 1997                                   (304,704)       (338,560)
                                          -----------     -----------
     TOTAL EQUITY                           6,582,203       6,447,821
                                          -----------     -----------
     TOTAL LIABILITIES AND EQUITY         $22,906,700     $23,164,887
                                          ===========     ===========
</TABLE>
See Notes to Consolidated Financial Statements.
                              3
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                     ROCKY FORD FINANCIAL, INC.

                  CONSOLIDATED STATEMENTS OF INCOME
                          (UNAUDITED)

<TABLE>
<CAPTION>
                                                     Three Months Ended
                                                          December 31,
                                                 ---------------------------- 
                                                    1997             1996
                                                 ----------       -----------
<S>                                              <C>              <C>
INTEREST INCOME
  Loans receivable                               $293,092         $277,176
  Securities available for sale                     6,645            5,953
  Securiites held to maturity                      57,674           60,256
  Other interest-bearing assets                    70,876           54,305
                                                 --------         --------
     TOTAL INTEREST INCOME                        428,287          397,690

INTEREST ON DEPOSITS                              198,975          206,896
                                                 --------         --------
     NET INTEREST INCOME                          229,312          190,794

(PROVISION FOR) RECOVERY OF LOAN LOSSES                 -                -
                                                 --------         --------
     NET INTEREST INCOME AFTER
       PROVISION FOR LOAN LOSSES                  229,312          190,794
                                                 --------         --------

NON-INTEREST INCOME                                 1,826            8,403
    Other charges                                --------         --------

NON-INTEREST EXPENSE
  GENERAL AND ADMINISTRATIVE
     Compensation and benefits                     71,696           60,566
     Occupancy and equipment                        8,315            7,790
     Computer services                              8,291            8,023
     SAIF deposit insurance                         4,467           11,553
     Other                                         62,721           29,377
                                                 --------         --------
      TOTAL NON-INTEREST EXPENSE                  155,490          117,309
                                                 --------         --------
      INCOME BEFORE TAXES                          75,648           81,888

INCOME TAX (EXPENSE) BENEFIT                      (27,000)         (25,300)
                                                 --------         --------
      NET INCOME                                 $ 48,648         $ 56,588
                                                 ========         ========
BASIC EARNINGS PER COMMON SHARE:                 $   0.12
                                                 ========

DILUTED EARNINGS PER SHARE                       $   0.11
                                                 ========
</TABLE>
See Notes to Consolidated Financial Statements.
                              4<PAGE>
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                     ROCKY FORD FINANCIAL, INC.
               CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (UNAUDITED)
<TABLE>
<CAPTION>
                                                      Three Months Ended
                                                         December 31,
                                                 ---------------------------- 
                                                    1997             1996
                                                 ----------       -----------
<S>                                              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                    $    48,648     $    56,588
                                                -----------     -----------
  Adjustments to reconcile net income to
    net cash provided by operating activities:
  Amortization of:
    Deferred loan origination fees                   (1,740)         (4,418)
    Discounts on investments                            (60)              -
  Stock dividend received from FHLB                  (6,600)         (4,900)
  ESOP market value expense                           3,597               -
  Depreciation                                        5,008           4,980
  Change in assets and liabilities
     Accrued interest receivable                     15,682          (2,312)
     Prepaids                                        29,012         (57,967)
     Accounts payable and accrued expenses           10,053        (213,545)
     Current income taxes                             4,132               -
     Deferred income taxes                                -          64,100
                                                -----------     -----------
      TOTAL ADJUSTMENTS                              59,084        (214,062)
                                                -----------     -----------
      NET CASH PROVIDED (USED) BY OPERATING 
        ACTIVITIES                                  107,732        (157,474)
                                                -----------     -----------
CASH FLOWS FROM INVESTING ACTIVITIES
  Net change in certificates of deposit             197,035         100,000
  Loan originations and principal payments
    on loans                                         79,578        (304,898)
  Principal payments on mortgage-backed
    securities                                      182,320          21,352
  Capital purchases                                       -          (4,630)
                                                -----------     -----------
      NET CASH PROVIDED (USED) BY INVESTING
        ACTIVITIES                                  458,933        (188,176)
                                                -----------     -----------
CASH FLOWS FROM FINANCING ACTIVITIES
  Net change in deposits                           (411,254)        190,625
  Net change in mortgage escrow funds                10,000          11,971 
                                                -----------     -----------
      NET CASH PROVIDED (USED) BY FINANCING
        ACTIVITIES                                 (401,254)        202,596
                                                -----------     -----------
      NET INCREASE IN CASH AND CASH EQUIVALENTS     165,411        (143,054)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR    3,205,382       2,221,416
                                                -----------     -----------
CASH AND CASH EQUIVALENTS AT END OF YEAR        $ 3,370,793     $ 2,078,362
                                                ===========     ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
Cash paid for:
  Taxes                                         $         -     $         -
  Interest                                          206,588         205,330
</TABLE>
See Notes to Consolidated Financial Statements.
                              5<PAGE>
<PAGE>
                     ROCKY FORD FINANCIAL, INC.
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          (UNAUDITED)
                                
                         DECEMBER 31, 1997
Note 1.  Nature of Business
Rocky Ford Financial, Inc. (the "Company") was incorporated under
the laws of the State of Delaware for the purpose of becoming
the holding company of Rocky Ford Federal Savings and Loan
Association (the "Association") in connection with the
Association's conversion from a federally chartered mutual
savings and loan association to a federally chartered stock
savings and loan association, pursuant to its Plan of
Conversion.  The Company was organized in January 1997 to
acquire all of the common stock of Rocky Ford Federal Savings
and Loan Association upon its conversion to stock form.  The
subscription and community offering of the Company's shares was
completed on May  21, 1997.

Note 2.  Basis of Presentation
The accompanying unaudited consolidated financial
statements,(except for the statement of financial condition at
September 30, 1997, which is audited) have been prepared in
accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form
10-QSB of Regulation S-X.  Accordingly, they do not include all
of the information and footnotes required by generally accepted
accounting principles for complete financial statements.  In the
opinion of management all adjustments necessary for a fair
presentation of the financial position and results of operations
for the periods presented have been included.  The financial
statements of the Company are presented on a consolidated basis
with those of Rocky Ford Federal Saving and Loan Association. 
The account balances include only the accounts and operations of
Rocky Ford Federal Savings and Loan Association prior to May 21,
1997. The results of operations for the three months ended
December 31, 1997 are not necessarily indicative of the results
of operations that may be expected for the year ended September
30, 1998.  The preparation of financial statements in conformity
with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from
those estimates.

The accounting policies followed are as set forth in Note 1. of
the Notes to Financial Statements in the 1997 Rocky Ford Federal
Savings and Loan Association financial statements
    
Note 3.  Regulatory Capital Requirements
At December 31, 1997, the Association met each of the three
current minimum regulatory capital requirements.  The following
table summarizes the Association's regulatory capital position
at December 31, 1997:

Tangible Capital:
     Actual           $4,642,000             22.14%
     Required            315,000              1.50
     Excess           $4,327,000             20.64%

Core Capital:
     Actual           $4,642,000             22.14%
     Required            629,000              3.00
     Excess           $4,013,000             19.14%
    
Risk-Based Capital:
     Actual           $4,702,000             55.98%
     Required            672,000              8.00
     Excess           $4,030,000             47.98%
    
                             6<PAGE>
<PAGE>
            ROCKY FORD FINANCIAL, INC.
      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                      (UNAUDITED)
                           
                   DECEMBER 31, 1997

Note 3.  Regulatory Capital Requirements (Continued)
    
Tangible and core capital levels are shown as a percentage of
total adjusted assets; risk-based capital levels are shown as
a percentage of risk-weighted assets.
    
Note 4.  Mutual to Stock Conversion
    
On January 14, 1997, The Board of Directors of the
Association adopted a Plan of Conversion (the Plan) under
which the Association would convert from a federally charted
mutual savings and loan association to a federally chartered
stock savings and loan association and become a wholly-owned
subsidiary of the Company formed in connection with the
Conversion.  The Plan was approved by the Office of Thrift
Supervision (OTS) and included the filing of a registration
statement with Securities and Exchange Commission.  The Plan
was approved by the members of the Association at a special
meeting held May 6, 1997.  In accordance with the Plan, the
Company issued common stock which was sold in the Conversion. 
The closing of the offering occurred on May 21, 1997 and
resulted in a stock offering of $4,232,000 (including
$331,560 in shares subscribed by the ESOP).  The Company
transferred fifty percent of the net proceeds for the
purchase of all of the capital stock of the Association.
    
The costs of issuing the common stock were deferred and was
deducted from the proceeds of the stock sale and amounted to
$410,186.
    
For the purpose of granting eligible members of the
Association a priority in the event of future liquidation,
the Association, at the time of conversion, established a
liquidation account equal to its regulatory capital as of the
date of the latest balance sheet used in the final conversion
offering circular.  In the event (and only in such event) of
future liquidation of the converted Association, an eligible
savings account holder who continues to maintain a savings
account shall be entitled to receive a distribution from the
liquidation account, in the proportionate amount of the then-
current adjusted balance of the savings deposits then held,
before any distributions may be made with respect to capital
stock.
    
The Association may not declare or pay a cash dividend on its
common stock if its net worth would thereby be reduced below
either the aggregate amount then required for the liquidation
account or the minimum regulatory capital requirements
imposed by federal regulations.
    
The ESOP stock purchases were financed by issuing a note to
the Company for the entire purchase.
    
Note 5.  Earnings Per Share
    
The Company adopted Financial Accounting Standards Board
Statement No. 128 relating to earnings per share, effective
for the quarter ended December 31, 1997.  The statement
requires dual presentations of basic and diluted earnings per
share on the face of the income statement and requires a
reconciliation of the numerator and denominator of the basic
EPS computation to the numerator and denominator of the
diluted EPS computation.  Basic EPS excludes dilution and is
computed by dividing income available to common stockholders
by the weighted -average number of common shares outstanding
for the period.  Diluted EPS reflects the potential dilution
that could occur if securities to issue common stock were
exercised or converted into common stock or resulted in the
issuance of common stock that then shares in the earnings of
the entity.
                            7
<PAGE>
               ROCKY FORD FINANCIAL, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS
                          
COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 1997 AND
SEPTEMBER 30, 1997
The Company's total assets decreased by $258 thousand or 1.11%
from $23.2 million at September 30, 1997 to $22.9 million at
December 31, 1997.  The decrease is attributed to the reduction
of loans receivable and investments, with the cash received used
to cover the decrease in deposit accounts of $411,000.

The Company's net loan portfolio decreased by approximately $78
thousand during the three months ended December 31, 1997.  Net
loans totaled $13.5 million at December 31, 1997 and September
30, 1997.

The allowance for loan losses totaled $60,000 at December 31,
1997 and September 30, 1997.  As of those dates the Company did
not have any non-performing loans in its portfolio.  There were
no loans charged off or recoveries of previous loan losses
during the three months ended December 31, 1997.  The
determination of the allowance for loan losses is based on
management's analysis, performed on a quarterly basis, of
various factors, including the market value of the underlying
collateral, growth and composition of the loan portfolio, the
relationship of the allowance for loan losses to outstanding
loans, historical loss experience, delinquency trends and
prevailing economic conditions.  Although management believes
its allowance for loan losses is adequate, there can be no
assurance that additional allowances will not be required or
that losses on loans will not be incurred.  The Company has had
minimal losses on loans in prior years.  At December 31, 1997,
the ratio of the allowance for loan losses to net loans was
 .45%. as compared to .44% at September 30, 1997.

At December 31, 1997, the Company's investment portfolio
included mortgage-backed and related securities classified as
"held to maturity" carried at amortized cost of $3.0 million and
an estimated fair value of $3.1 million, and equity securities
classified as "available for sale" with an estimated fair value
of $486 thousand.  The balance of the Company's investment
portfolio at December 31, 1997 consists of interest bearing
deposits with various financial institutions totaling $4.7
million.

At December 31, 1997 deposits decreased to $15.7 million from
$16.1 million at September 30, 1997 or a net decrease of 2.54%. 
Management is continually evaluating the investment alternatives
available to the Company's customers, and adjusts the pricing on
its savings products to maintain its existing deposits.

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED
DECEMBER 31, 1997 AND 1996

Net Income.  The Company's net income for the three months ended
December 31, 1997 was $48,648 compared to net income of $56,588
for the three months ended December 31, 1996.  The decrease in
net earnings for the three months ended December 31, 1997
resulted primarily from the recognition of  employee benefit
plans adopted and professional services incurred as a result of
the added reporting requirements, less the effects of net
interest income.

Net Interest Income.  Net interest income for the three months
ended December 31, 1997 was $229,000 compared to $191,000 for
the three months ended December 31, 1996.  The increase in net
interest income for the three months ended December 31, 1997 was
due to an increase in the interest earning assets received from
the conversion and a reduction in deposits.

Interest Income.  Interest income increased by $30,000 from
$398,000 to $428,000 or by 7.54%, during 1997 compared to 1996. 
This increase resulted in part from an overall increase of
interest-earning assets by $1,942,000 from $20,016,000 to
$21,958,000 or by 9.70% from 1996 to 1997.  The Company
experienced a decrease in the average yield on the interest-
earning assets from 7.95% in 1996 to 7.77% in 1997
                          8
<PAGE>
             ROCKY FORD FINANCIAL, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS
                          
Interest Expense.  Interest expense decreased $8,000 to $199,000
for the three months ended December 30, 1997 from $207,000 for
the three months ended December 31, 1996.  The comparable
expense for the periods was caused by the increase of the
average rate paid from 4.75% in 1996 to 4.87% in 1997 with a
corresponding decrease in deposits from $16,139,000 in 1996 to
$15,728,000 in 1997.

Provision for Loan Losses.  The allowance for loan losses is
established through a provision for loan losses based on
management's evaluation of the risk inherent in its loan
portfolio and the general economy.  Such evaluation considers
numerous factors including, general economic conditions, loan
portfolio composition, prior loss experience, the estimated fair
value of the underlying collateral and other factors that
warrant recognition in providing for an adequate loan loss
allowance.

The Company determined a provision for loan loss was not
required for the three months ended December 31, 1997 and 1996.

Non-Interest Expense.  The increase in the non-interest expense
section of the consolidated statement of income is attributed to
expense recognized in accordance with benefit plans adopted by
the board, and professional expenses incurred in the quarter due
to additional reporting requirements.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of funds consists of deposits,
repayment of loans and mortgage-backed securities, maturities of
investments and interest-bearing deposits, and funds provided
form operations.  While scheduled repayments of loans and
mortgage-backed securities and maturities of investment
securities are predicable sources of funds, deposit flows and
loan prepayments are greatly influenced by the general level of
interest rates, economic conditions and competition.  The
Company uses its liquidity resources principally to fund
existing and future loan commitments, to fund maturing
certificates of deposit and demand deposit withdrawals, to
invest in other interest-earning assets, to maintain liquidity,
and to  meet operating expenses.  Management believes that
proceeds from the stock sale, loan repayments and other sources
of funds will be adequate to meet the Company's liquidity needs
for the immediate future.

The Company is required to maintain minimum levels of liquid
assets as defined by OTS regulations.  This requirement, which
may be varied at the direction of the OTS depending upon
economic conditions and deposit flows, is based upon a
percentage of deposits and short-term borrowings.  The required
minimum ratio was 5% until November 24, 1997 when it was changed
to 4%.  The Company has historically maintained a level of
liquid assets in excess of regulatory requirements.  The
Company's liquidity ratios at December 31, 1997 and 1996 were
20% and 21%, respectively.  

IMPACT OF INFLATION AND CHANGING PRICES

The financial statements and related data presented herein have
been prepared in accordance with generally accepted accounting
principles, which require the measurement of financial position
and results of operations in terms of historical dollars without
considering changes in the relative purchasing power of money
over time because of inflation.  Unlike most industrial
companies, virtually all of the assets and liabilities of the
Company are monetary in nature.  As a result, interest rates
have a more significant impact on the Company's performance than
the effects of general levels of inflation.  Interest rates do
not necessarily move in same direction or in the same magnitude
as the prices of goods and services.


                          9
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             ROCKY FORD FINANCIAL, INC.
                           
              PART II - OTHER INFORMATION

    
    ITEM 1: Legal Proceedings
    
            None.
    
    ITEM 2: Changes in Securities
    
            None.
    
    ITEM 3: Defaults Upon Senior Securities
    
            Not Applicable
    
    ITEM 4: Submission of Matters to a Vote of Security Holders.
    
            Not Applicable
    
    ITEM 5: Other Information
    
            None
    
    ITEM 6: Exhibits and Reports on Form 8-K
    
            None
    
    SIGNATURE
    
    Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
    
    
                             Rocky Ford Financial, Inc.
                             Registrant
    
Date February 6, 1998        /s/ Keith E  Waggoner
                             ----------------------------
                             Keith E. Waggoner, President
                             and Chief Financial Officer
                              10