<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 June 30, 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
-----------------------------------------------------------------
              (Address of Principal Executive Offices)
 
                              719-254-7642
-----------------------------------------------------------------
             (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 June 30, 1997 423,200
<PAGE>
<PAGE>

                     ROCKY FORD FINANCIAL, INC.
                                 
                             CONTENTS
                                    
    
    PART I - FINANCIAL INFORMATION 
    
Item 1:  Financial Statements 

         Consolidated Statement of Condition at 
         June 30, 1997 and September 30, 1996             3
                    
         Statements of Consolidated Income for the
         Three Months and Nine Months Ended 
         June 30, 1997 and 1996                           4

         Statements of Consolidated Cash Flows for
         the Nine Months Ended June 30, 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 - 10
                                                               
PART II - OTHER INFORMATION
                                                               
     Item 1:  Legal Proceedings                          11
                                                               
     Item 2:  Changes in Securities                      11
                                                               
     Item 3:  Defaults Upon Senior Securities            11
                                                               
     Item 4:  Submission of Matters to a Vote 
              of Security Holders                        11
                                                               
     Item 5:  Other Information                          11
                                                               
     Item 6:  Exhibits and Reports on Form 8-K           11
                                                               
     Signature                                           11

<PAGE>
<PAGE>
                   ROCKY FORD FINANCIAL, INC.

             CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                            (UNAUDITED)

<TABLE>
<CAPTION>
                                            June 30        September 30
                                              1997             1996
                                           ----------       ------------
               ASSETS
<S>                                        <C>             <C>
Cash and cash equivalents                  $4,300,000      $2,000,000
   Interest - bearing                          68,032         221,416
   Non-interest bearing                     1,698,000       1,897,000
Certificates of deposit
Securities available for sale
   Equity securities (amortized cost
   of $11,327)                                404,880         282,300
Securities held to maturity
   Mortgage-backed securities (estimated
     market value of $2,629,000 and
     $2,660,700)                            2,532,856       2,616,767
   U.S. agencies (estimated market value
     of $743,000 and $488,600)                748,906         500,000
Loans receivable - net                     13,135,046      12,286,909
Federal Home Loan Bank stock, at cost         317,700         302,400
Retirement trust assets                       216,482               -
Accrued interest receivable                   145,760         125,018
Premises and equipment                         88,278          98,672
Prepaids                                       51,842          57,611
                                          -----------     -----------
     TOTAL ASSETS                         $23,707,782     $20,388,093
                                          ===========     ===========

           LIABILITIES AND EQUITY        

Deposits                                  $16,754,702     $17,144,638 
Advances from borrowers for taxes and
  insurance                                    24,949          41,778
Accounts payable and accrued expenses         377,036         273,217
Deferred income taxes                         181,442         150,200
                                          -----------     -----------
     TOTAL LIABILITIES                     17,338,129      17,609,833
                                          -----------     -----------
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 at June 30, 1997                       4,232               -     
Paid-in capital                             3,831,347               -
Retained earnings - substantially
  restricted                                2,624,723       2,607,578
Net unrealized gain on securities
  available for sale, net of tax of
  $145,640 and $100,300                       274,911         170,682
Note receivable from ESOP Trust              (338,560)              -
                                          -----------     -----------
     TOTAL EQUITY                           6,369,653       2,778,260
                                          -----------     -----------
     TOTAL LIABILITIES AND EQUITY         $23,707,782     $20,388,093
                                          ===========     ===========
</TABLE>
See Notes to Consolidated Financial Statements.
                              3
<PAGE>
<PAGE>
                     ROCKY FORD FINANCIAL, INC.

                  CONSOLIDATED STATEMENTS OF INCOME
                          (UNAUDITED)

<TABLE>
<CAPTION>
                                      Three Months Ended       Nine Months Ended
                                             June 30,               June 30,  
                                      ---------------------    --------------------
                                         1997        1996        1997        1996  
                                      ----------  ---------    --------    --------
<S>                                   <C>         <C>          <C>         <C>
INTEREST INCOME
  Loans receivable                    $291,880    $271,635   $  838,550  $  774,532
  Securities held                       80,725      64,489      202,725     172,218
  Other interest-bearing assets         63,785      43,731      180,860     191,915
                                      --------    --------   ----------  ----------
        TOTAL INTEREST INCOME          436,390     379,855    1,222,135   1,138,665

INTEREST ON DEPOSITS                   214,530     203,364      627,806     615,101
                                      --------    --------   ----------  ----------
        NET INTEREST INCOME            221,860     176,491      594,329     523,564
(PROVISION FOR) RECOVERY OF 
  LOAN LOSSES                                -           -            -           -
                                      --------    --------   ----------  ----------
        NET INTEREST INCOME AFTER
          PROVISION FOR LOAN LOSSES    221,860     176,491      594,329     523,564
                                      --------    --------   ----------  ----------
NON-INTEREST INCOME
  Other charges                         12,181      15,495       48,416      40,572
  Gain on sale of foreclosed 
    real estate                              -           -            -       2,191
                                      --------    --------   ----------  ----------
        TOTAL NON-INTEREST INCOME       12,181      15,495       48,416      42,763
                                      --------    --------   ----------  ----------

NON-INTEREST EXPENSE
  GENERAL AND ADMINISTRATIVE
    Compensation and benefits           96,641      58,640      449,297     169,584
    Occupancy and equipment             11,500       9,585       27,559      29,056
    Computer services                    8,524       8,267       24,986      21,791
    SAIF deposit insurance               4,561      10,721       18,471      33,077
    Other                               30,519      30,541      105,922      97,955
                                      --------    --------   ----------  ----------
       TOTAL NON-INTEREST EXPENSE      151,745     117,754      626,235     351,463
                                      --------    --------   ----------  ----------
       INCOME BEFORE TAXES              82,296      74,232       16,510     214,864
INCOME TAX (EXPENSE) BENEFIT           (28,574)    (27,689)         635     (80,145)
                                      --------    --------   ----------  ----------
       NET INCOME                     $ 53,722    $ 46,543   $   17,145  $  134,719
                                      ========    ========   ==========  ==========
EARNINGS PER COMMON SHARE             $   0.06               $     0.06
                                      ========               ==========
</TABLE>
Based on income allocated from May 21, 1997.
See Notes to Consolidated Financial Statements.
                              4<PAGE>
<PAGE>
                     ROCKY FORD FINANCIAL, INC.
               CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (UNAUDITED)
<TABLE>
<CAPTION>
                                                     Nine Months Ended
                                                           June 30,
                                                 ---------------------------- 
                                                    1997             1996
                                                 ----------       -----------
<S>                                              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                    $    17,145     $   134,719
                                                -----------     -----------
  Adjustments to reconcile net income to
    net cash provided by operating activities:
  Amortization of:
    Deferred loan origination fees                  (12,450)         (8,046)
    Discounts on investments                           (755)         (1,022)
  Stock dividend received from FHLB                 (15,300)        (13,800)
  ESOP market value expense                           3,100               -
  Depreciation                                       15,024          15,793
  Change in assets and liabilities
     Accrued interest receivable                    (20,742)         28,835
     Prepaids                                         5,769             188
     Accounts payable and accrued expenses           55,298         (58,692)
     Current income taxes                                 -           6,883
     Deferred income                                      -          (2,191)
     Deferred income taxes                          (14,109)              -
                                                -----------     -----------
      TOTAL ADJUSTMENTS                              15,835         (32,052)
                                                -----------     -----------
      NET CASH PROVIDED (USED) BY OPERATING 
        ACTIVITIES                                   32,980         102,667
                                                -----------     -----------
CASH FLOWS FROM INVESTING ACTIVITIES
  Net change in certificates of deposit             199,000         489,000
  Loan originations and principal payments
    on loans                                       (835,687)       (800,594)
  Purchase of investment securities held to
    maturity                                       (248,906)              -
  Proceeds from maturities of investment
    securities held to maturity                           -       2,200,000
  Purchase of mortgage-backed securities                  -      (1,485,000)
  Principal payments on mortgage-backed
    securities                                       84,666         157,130
  Capital purchases                                  (4,630)        (32,468)
  Proceeds from sale of foreclosed real estate            -          17,430
  Establishing retirement plan trust               (216,482)              -
                                                -----------     -----------
      NET CASH PROVIDED (USED) BY INVESTING
        ACTIVITIES                               (1,022,039)        545,498
                                                -----------     -----------
CASH FLOWS FROM FINANCING ACTIVITIES
  Issuance of common stock                        3,542,440               -
  Net change in deposits                           (389,936)        506,954
  Net change in mortgage escrow funds               (16,829)        (17,602)
                                                -----------     -----------
      NET CASH PROVIDED (USED) BY FINANCING
        ACTIVITIES                                3,135,675         489,352
                                                -----------     -----------
      NET INCREASE IN CASH AND CASH EQUIVALENTS   2,146,616       1,137,517
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR    2,221,416       1,260,363
                                                -----------     -----------
CASH AND CASH EQUIVALENTS AT END OF YEAR        $ 4,368,032     $ 2,397,880
                                                ===========     ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
Cash paid for:
  Taxes                                         $    20,367     $    43,205
  Interest                                          323,093         297,264
</TABLE>
See Notes to Consolidated Financial Statements.
                              5<PAGE>
<PAGE>
                     ROCKY FORD FINANCIAL, INC.
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          (UNAUDITED)
                                
                         JUNE 30, 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, 1996, 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 and nine months
ended June 30, 1997 are not necessarily indicative of the results
of operations that may be expected for the year ended September
30, 1997.

The accounting policies followed are as set forth in Note 1. of
the Notes to Financial Statements in the 1996 Rocky Ford Federal
Savings and Loan Association financial statements 

Note 3.  Regulatory Capital Requirements

At June 30, 1997, the Association met each of the three current
minimum regulatory capital requirements.  The following table
summarizes the Association's regulatory capital position at June
30, 1997: 

Tangible Capital:
     Actual           $4,532,000             20.77%
     Required            327,000              1.50
     Excess           $4,205,000             19.27%

Core Capital:
     Actual           $4,532,000             20.77%
     Required            655,000              3.00
     Excess           $3,877,000            17.77%

    
    
    
                             6
<PAGE>
<PAGE>
                    ROCKY FORD FINANCIAL, INC.
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (UNAUDITED)
                                 
                          JUNE 30, 1997
Note 3.  Regulatory Capital Requirements (Continued)
    
Risk-Based Capital:
   Actual              $4,592,000             53.55%
   Required               686,000              8.00
   Excess              $3,906,000             45.55%
    
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
$399,521.
    
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 will be financed by issuing a note to
the Company for the entire purchase.
    
Note 5.  Retirement Plan
    
The Association Board of Directors adopted a retirement plan for
Directors and the Senior Officer effective March 31, 1997.  The
amount accrued for the past services of those eligible was
approximately $226,000.
                            7
<PAGE>
<PAGE>
                     ROCKY FORD FINANCIAL, INC.
              MANAGEMENT'S DISCUSSION AND ANALYSIS
                                
COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 1997 AND SEPTEMBER
30, 1996

The Company's total assets increased by $3.3 million or 16.28%
from $20.4 million at September 30, 1996 to $23.7 million at June
30, 1997.

The Company's loan portfolio increased by approximately $848
thousand during the nine months ended June 30, 1997.  Net loans
totaled $13.1 million at June 30, 1997 and $12.3 million at
September 30, 1996.

The allowance for loan losses totaled $60,000 at June 30, 1997
and September 30, 1996.  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 nine months ended June 30, 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 June
30, 1997, the ratio of the allowance for loan losses to net loans
was .46%. as compared to .49% at September 30, 1996.

At June 30, 1997, the Company's investment portfolio included
mortgage-backed and related securities classified as "held to
maturity" carried at amortized cost of $3.3 million and an
estimated fair value of $3.4 million, and equity securities
classified as "available for sale" with an estimated fair value
of $405 thousand.  The balance of the Company's investment
portfolio at June 30, 1997 consists of interest bearing deposits
with various financial institutions totaling $4.3 million.

At June 30, 1997 deposits decreased to $16.8 million from $17.1
million at September 30, 1996 or a net decrease of 2.27%.  The
decrease is attributed to withdrawals to purchase common stock. 
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 NINE MONTHS ENDED JUNE
30, 1997 AND 1996

Net Income.  The Company's net income for the nine months ended
June 30, 1997 was $17,145 compared to net income of $134,719 for
the nine months ended June 30, 1996.  The decrease in net
earnings for the six months ended June 30, 1997 resulted
primarily from the recognition of past service retirement 
expense of approximately $142,000, net of deferred income tax
effect, in accordance with the retirement plan adopted
by the board of directors effective March 31, 1997.

Net Interest Income.  Net interest income for the nine months
ended June 30, 1997 was $594,000 compared to $524,000 for the
nine months ended June 30, 1996.  The increase in net interest
income for the nine months ended June 30, 1997 was due to an
increase in the interest rate spread from 3.04% in 1996 to 3.18%
in 1997.

Interest Income.  Interest income increased by $83,000 from
$1,139,000 to $1,222,000 or by 7.29%, during 1997 compared to
1996.  This increase resulted in part from an overall increase of
interest-earning assets by $2,964,000 from $19,451,000 to
$22,415,000 or by 15.24% from 1996 to 1997.  The Company
experienced a increase in the average yield on the
interest-earning assets from 7.81% in 1996 to 8.02% in 1997.
                             8

<PAGE>
                   ROCKY FORD FINANCIAL, INC.
              MANAGEMENT'S DISCUSSION AND ANALYSIS
                                
Interest Expense.  Interest expense increased $12,000 to $627,000
for the nine months ended June 30, 1997 from $615,000 for the
nine months ended June 30, 1996.  The comparable expense for the
periods was caused by the increase of the average rate paid from
4.77% in 1996 to 4.84% in 1997 with a corresponding decrease in
deposits from $17,145,000 in 1996 to $16,755,000 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 nine months ended June 30, 1997 and 1996.

Non-Interest Expense.  The increase in the non-interest expense
section of the consolidated statement of income is attributed to
a $226,000 expense recognized in accordance with the retirement
plan adopted by the board effective March  31, 1997.  

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED JUNE
30, 1997 AND 1996

Net Income (Loss).  The Company's net income for the three months
ended June 30, 1997 was $54,000 compared to net income of $47,000
for the three months ended June 30, 1996.  The increase is
attributed to the additional funds available to Company from the
stock offering, less the effects of benefit plans that have
been adopted in the current period.

The other accounts and balances as of June 30, 1997 are
comparable to June 30, 1996

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
is currently 5%.  The Company has historically maintained a level
of liquid assets in excess of regulatory requirements.  The
Company's liquidity ratios at June 30, 1997 and 1996 were 23% and
29%, respectively. 

                               9
<PAGE>
<PAGE>
                   ROCKY FORD FINANCIAL, INC.
              MANAGEMENT'S DISCUSSION AND ANALYSIS

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.

                             10
<PAGE>
<PAGE>
                   ROCKY FORD FINANCIAL, INC.
                                 
                   PART II - OTHER INFORMATION
                                 
                                    
    
    
ITEM 1: Legal Proceedings
 
        None.
    
ITEM 2: Changes in Securities
    
        Not Applicable.
    
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 August 12, 1997         /s/ Keith E  Waggoner
                             ----------------------------
                             Keith E. Waggoner, President