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 March 31, 2001

Commission file number                0-23409

                           High Country Bancorp, Inc.
     -----------------------------------------------------------------------
        (Exact Name of Small business Issuer as Specified in Its Charter)

          Colorado                                                84-1438612
------------------------------                               -------------------
(State of Other Jurisdiction of                                 (I.R.S. Employer
Incorporation or Organization)                               Identification No.)

                 7360 West US Highway 50, Salida Colorado 81201
          ----------------------------------------------------------
                    (Address of Principal Executive Offices)

                                  719-539-2516
          ----------------------------------------------------------
                (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,  $.01 par value  outstanding  as of March 31, 2001
1,037,725


<PAGE>


                           HIGH COUNTRY BANCORP, INC.
                                    CONTENTS

PART I - FINANCIAL INFORMATION

    Item 1:    Financial Statements

               Consolidated Statements of Condition at June 30, 2000
               and March 31, 2001                                         3

               Statements  of  Consolidated  Income for the Nine months
               and Three Months Ended March 31, 2001 and 2000             4

               Statements of Consolidated Cash Flows for the Nine
               months Ended March 31, 2001 and 2000                       5

               Notes to Financial Statements                              6 - 7

    Item 2:    Management's Discussion and Analysis of Financial
               Condition and Results of Operations                        8 - 11

PART II - OTHER INFORMATION

    Item 1:    Legal Proceedings                                          12

    Item 2:    Changes in Securities                                      12

    Item 3:    Defaults Upon Senior Securities                            12

    Item 4:    Submission of Matters to a Vote of Security Holders        12

    Item 5:    Other Information                                          12

    Item 6:    Exhibits and Reports on Form 8-K                           12

    Signature                                                             12




                                       2
<PAGE>

                           HIGH COUNTRY BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                        March 31,           June 30,
                            ASSETS                                                        2001                2000
                                                                                       ------------------------------
<S>                                                                                    <C>                <C>
Cash and amounts due from banks                                                        $ 3,063,151        $ 4,392,623
Interest-bearing deposits at other institutions                                          4,176,969          1,320,918
Mortgage-backed securities, held to maturity                                             2,365,225          2,642,889
Securities held to maturity                                                                      -            200,000
Loans receivable - net                                                                 137,183,140        119,897,542
Loans held for sale, lower of cost or market                                               481,000                  -
Federal Home Loan Bank stock, at cost                                                    2,421,600          1,857,000
Accrued interest receivable                                                              1,027,945            825,109
Property and equipment, net                                                              6,085,624          6,071,939
Mortgage servicing rights                                                                   17,421             22,361
Prepaid expenses and other assets                                                          433,862            458,530
Deferred income taxes                                                                      130,000             46,300
                                                                                      ------------       ------------
            TOTAL ASSETS                                                              $157,385,937       $137,735,211
                                                                                      ============       ============
                    LIABILITIES AND EQUITY
LIABILITIES
Deposits                                                                              $ 93,320,253       $ 82,770,398
Advances by borrowers for taxes and insurance                                              163,612             11,316
Escrow accounts                                                                          1,203,939          1,833,388
Accounts payable and other liabilities                                                     860,831            762,553
Advances from Federal Home Loan Bank                                                    45,381,666         36,238,333
Accrued income taxes payable                                                                52,648             11,574
                                                                                      ------------       ------------
            TOTAL LIABILITIES                                                          140,982,949        121,627,562
                                                                                      ------------       ------------
Commitments and contingencies

EQUITY
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 1,037,725 shares (3/31/01) and 1,071,225 (6/30/00)                           10,377             10,712
Paid-in capital                                                                          9,268,858          9,720,159
Retained earnings - substantially restricted                                             8,061,072          7,433,495
Note receivable from ESOP Trust                                                           (732,665)          (732,665)
Deferred stock awards                                                                     (204,654)          (324,052)
                                                                                      ------------       ------------
            TOTAL EQUITY                                                                16,402,988         16,107,649
                                                                                      ------------       ------------
            TOTAL LIABILITIES AND EQUITY                                              $157,385,937       $137,735,211
                                                                                      ============       ============

</TABLE>


                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


                                       3
<PAGE>
                                  HIGH COUNTRY BANCORP, INC.
                               CONSOLIDATED STATEMENTS OF INCOME
                                          (UNAUDITED)
<TABLE>
<CAPTION>
                                                                      Three Months Ended                  Nine Months Ended
                                                                           March 31,                           March 31,
                                                                     2001             2000              2001              2000
                                                                 ------------      -----------       -----------       -----------
<S>                                                              <C>               <C>               <C>               <C>
Interest Income
      Interest on loans                                          $ 3,069,164       $ 2,345,113       $ 8,710,074       $ 6,634,385
      Interest on securities held-to-maturity                         43,787            46,761           137,764           148,190
      Interest on other interest-bearing assets                       51,925            30,928           154,658           139,340
                                                                 -----------       -----------       -----------       -----------
                  Total interest income                            3,164,876         2,422,802         9,002,496         6,921,915
                                                                 -----------       -----------       -----------       -----------
Interest Expense
      Deposits                                                       943,913           684,056         2,683,318         2,100,736
      Federal Home Loan Bank advances                                712,259           422,194         1,992,746         1,093,756
                                                                 -----------       -----------       -----------       -----------

                  Total interest expense                           1,656,172         1,106,250         4,676,064         3,194,492
                                                                 -----------       -----------       -----------       -----------

                  Net interest income                              1,508,704         1,316,552         4,326,432         3,727,423

Provision for losses on loans                                         90,000            59,950           225,000           149,800
                                                                 -----------       -----------       -----------       -----------
                  Net income after provision
                        for loan losses                            1,418,704         1,256,602         4,101,432         3,577,623
                                                                 -----------       -----------       -----------       -----------

Noninterest Income
     Service charges on deposits                                      54,246            40,624           147,678           114,910
      Income from loan sales                                         110,768            43,645           212,049           166,453
      Title and escrow fees                                           77,717            33,997           208,569            34,227
      Other                                                           60,093            31,138           176,608            89,973
                                                                 -----------       -----------       -----------       -----------

                  Total noninterest income                           302,824           149,404           744,904           405,563
                                                                 -----------       -----------       -----------       -----------
Noninterest Expense
     Compensation and benefits                                       686,389           563,863         1,940,705         1,635,997
     Occupancy and equipment                                         290,121           181,702           815,933           503,822
     Insurance and professional fees                                  53,290            67,568           184,623           174,877
     Other                                                           162,414           150,986           477,731           407,540
                                                                 -----------       -----------       -----------       -----------

                  Total noninterest expense                        1,192,214           964,119         3,418,992         2,722,236
                                                                 -----------       -----------       -----------       -----------

                  Income before income taxes                         529,314           441,887         1,427,344         1,260,950

                  Income tax expense                                 202,204           177,322           550,476           495,722
                                                                 -----------       -----------       -----------       -----------

                  Net income                                     $   327,110       $   264,565       $   876,868       $   765,228
                                                                 ===========       ===========       ===========       ===========
Basic Earnings Per Common Share                                  $      0.33       $      0.24       $      0.89       $      0.67
                                                                 ===========       ===========       ===========       ===========
Diluted Earnings Per Common Share                                $      0.33       $      0.24       $      0.89       $      0.67
                                                                 ===========       ===========       ===========       ===========
Weighted Average Common Shares
Outstanding              Basic                                       979,528         1,112,739           981,912         1,140,447
                         Diluted                                     993,185         1,112,739           981,912         1,140,447
</TABLE>

                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                       4
<PAGE>

                           HIGH COUNTRY BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                   Nine Months Ended
                                                                                      March 31,
                                                                                  2001           2000
                                                                             ------------    ------------
<S>                                                                          <C>             <C>
Operating Activities
      Net income                                                             $    876,868    $    765,228
      Adjustments to reconcile net income to net cash provided
            by operating activities:
      Amortization of:
            Deferred loan origination fees                                       (109,539)        (35,712)
            Premiums on investments                                                 3,656           4,560
      Compensation expense on Management Recognition Plan                         118,457         116,546
      Stock dividend received from FHLB                                                --         (45,300)
      ESOP market value expense                                                    23,872          12,454
      Provision for losses on loans                                               225,000         150,000
      Deferred income taxes                                                       (83,700)        (17,600)
      Depreciation                                                                297,242         137,881
      Income taxes                                                                 41,074          (3,960)
      Net change in miscellaneous assets                                         (173,228)        (67,812)
      Net change in miscellaneous liabilities                                    (531,171)        104,789
                                                                             ------------    ------------

            Net cash provided by operating activities                             688,531       1,121,074
                                                                             ------------    ------------
Investing Activities
       Net change in interest bearing deposits                                 (2,856,051)      3,367,109
       Net change in loans receivable                                         (17,882,059)    (13,698,002)
       Principal repayments of mortgage-backed securities-held-to-maturity        274,008         604,132
       Redemption securities held to maturity                                     200,000         110,000
       Purchase of Federal Home Loan Bank stock                                  (564,600)       (368,200)
       Purchases of property and equipment                                       (310,927)     (2,726,103)
                                                                             ------------    ------------
            Net cash used by investing activities                             (21,139,629)    (12,711,064)
                                                                             ------------    ------------
Financing Activities
      Net change in deposits                                                   10,549,855       6,574,203
      Net change in escrow funds                                                  152,296         137,044
      Purchase of common stock                                                   (474,567)     (2,508,597)
      Cash dividends paid                                                        (249,291)       (230,666)
      Proceeds (payment) on FHLB advances                                       9,143,333       9,560,000
                                                                             ------------    ------------
             Net cash provided by financing activities                         19,121,626      13,531,984
                                                                             ------------    ------------
             Net (decrease) increase in cash and cash equivalents              (1,329,472)      1,941,994

Cash and cash equivalents, beginning                                            4,392,623       2,248,971
                                                                             ------------    ------------
Cash and cash equivalents, ending                                            $  3,063,151    $  4,190,965
                                                                             ============    ============
Supplemental disclosure of cash flow information
Cash paid for:
     Taxes                                                                   $    606,953    $    481,739
     Interest                                                                   4,674,991       3,247,712
</TABLE>



                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                       5
<PAGE>



                           HIGH COUNTRY BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                                 MARCH 31, 2001
Note 1.  Nature of Business
High Country Bancorp,  Inc. (the "Company") was  incorporated  under the laws of
the State of Colorado for the purpose of becoming the holding  company of Salida
Building  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 August 1997 to
acquire all of the common stock of Salida Building and Loan Association upon its
conversion  to stock form,  which was completed on December 9, 1997. In November
1999,  the  Association  incorporated a new  subsidiary,  High Country Title and
Escrow  Company.  This company is offering  title  insurance and escrow  closing
services  with the  Association's  market area.  In February  2000,  the name of
Salida  Building  and Loan  Association  was changed to High  Country  Bank (the
"Bank").

Note 2.  Basis of Presentation
The accompanying unaudited  consolidated  financial statements,  (except for the
statement of financial  condition at June 30, 2000,  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 High  Country  Bank and it's
subsidiary High Country Title and Escrow Company.  The results of operations for
the nine  months  ended  March 31, 2001 are not  necessarily  indicative  of the
results of operations that may be expected for the year ended June 30, 2001. 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 as 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 2000 High Country Bancorp, Inc. financial statements

Note 3.  Regulatory Capital Requirements
At March 31, 2001,  the Bank met each of the three  current  minimum  regulatory
capital  requirements.  The following  table  summarizes  the Bank's  regulatory
capital position at March 31, 2001:

Tangible Capital:
         Actual                         $13,785,000                  8.74%
         Required                         2,365,000                  1.50
         Excess                         $11,420,000                  7.24%

Core Capital:
         Actual                         $13,785,000                  8.74%
         Required                         4,730,000                  3.00
         Excess                         $ 9,055,000                  5.74%

Risk-Based Capital:
         Actual                         $14,973,000                 12.92%
         Required                         9,272,000                  8.00
         Excess                         $ 5,701,000                  4.92%


                                       6
<PAGE>


                           HIGH COUNTRY BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                                 March 31, 2001

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. Earnings Per Share

The Company  adopted  Financial  Accounting  Standards  Board  Statement No. 128
relating to earnings per share.  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 or other  contracts 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>



                           HIGH COUNTRY BANCORP, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS

COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 2000 AND MARCH 31, 2001

The  Company's  total assets  increased  by $19.7  million or 14.27% from $137.7
million at June 30, 2000 to $157.4  million at March 31,  2001.  The increase in
assets was due to loan growth of $17.3 million.

Net loans totaled  $137.2  million at March 31, 2001 and $119.9  million at June
30, 2000. The increase in loans  occurred in commercial  real estate loans which
increased  $9.1 million,  commercial  non-mortgage  loans which  increased  $3.8
million, single family construction loans which increased $2.1 million, and land
loans which increased $2.1 million.  The bank benefited from strong local demand
for purchase  financing and loan refinancing during the nine months ending March
31, 2001.

During the  period,  the Bank  continued  the  program of ongoing  loan sales of
fixed-rate  loans to the Federal Home Loan Mortgage  Corporation  (FHLMC).  Loan
sales for the nine months  ended March 31, 2001 were $14.3  million  compared to
$9.2 million for the nine months ended March 31, 2000. At March 31, 2001,  loans
held for sale  were  $481,000.  The  loans  are  valued  at the lower of cost or
market.

The  allowance  for loan losses  totaled $1.2 million at March 31, 2001 and $1.0
million at June 30, 2000. At March 31, 2001 and June 30, 2000,  the ratio of the
allowance for loan losses to net loans was 0.87% and 0.84%, respectively.  As of
those  dates  the  non-performing  loans  in the  Association's  portfolio  were
$709,000 and $533,000, respectively. The increase was due to the addition of one
$220,000 loan secured by commercial  real estate.  This loan is also the largest
non-performing loan. The total non-performing loans at March 31, 2001 include 24
loans secured by single family  residences,  business equipment and autos. There
was $25,000 of loans  charged off and less than $1,000 in recoveries of previous
loan losses during the nine months ended March 31, 2001.  The  determination  of
the  allowance  for loan losses is based on a review and  classification  of the
Bank's loan  portfolio  and other  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. The Bank
believes the current  level of allowance  for loan losses is adequate to provide
for probable  future  losses,  although  there are no  assurances  that probable
future losses, if any, will not exceed estimated amounts.

At March 31, 2001, the Company's investment  portfolio included  mortgage-backed
securities  classified as "held to maturity"  carried at amortized  cost of $2.4
million  and an  estimated  fair  value  of $2.4  million.  The  balance  of the
Company's  investment  portfolio at March 31, 2001 consists of interest  bearing
deposits with various financial institutions totaling $4.2 million. The deposits
increased  $2.9 million  from $1.3  million at June 30,  2000.  The increase was
associated with deposit growth and FHLMC loan sales.

At March 31, 2001 deposits increased to $93.3 million from $82.8 million at June
30, 2000 or a net increase of 12.75%.  The increase was  primarily  used to fund
loan growth.  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.

Advances from the Federal Home Loan Bank increased to $45.4 million at March 31,
2001 from $36.2 million at June 30, 2000. The increase was used to fund loan
growth.

On November 9, 2000,  the Company  announced a plan to  repurchase  up to 10% or
107,122 shares of the  outstanding  stock.  For the nine months ending March 31,
2001, the Company  repurchased 33,500 shares at a cost of $475,000.  On November
15, 2000, the Company paid dividends of $0.25 per share. The dividend payment of
$249,000 partially offset the increase in retained earnings due to net income of
$877,000.


                                       8
<PAGE>

                           HIGH COUNTRY BANCORP, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS

COMPARISON  OF  OPERATING  RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND
2000

Net Income.  The  Company's net income for the three months ended March 31, 2001
was $327,000 compared to $265,000 for the three months ended March 31, 2000. For
the  three  months  ended  March  31,  2001,  higher  net  interest  income  and
non-interest   income  offset  higher  compensation  and  benefits  expense  and
occupancy and equipment expenses.

Net Interest  Income.  Net interest  income for the three months ended March 31,
2001 was $1.5 million  compared to $1.3 million for the three months ended March
31, 2000.  The increase is attributed to increased  interest  earned on interest
earning  assets due to loan growth less the increase in interest  expense due to
the  increase in interest  bearing  liabilities.  The average  yield on interest
earning assets increased from 8.37% for the three months ended March 31, 2000 to
8.71%  for the three  months  ended  March 31,  2001.  The  increase  was due to
short-term loans repricing to higher rates and growth in loans at higher average
rates as compared to the loan  portfolio.  The average cost of interest  bearing
liabilities  also increased from 4.34% for the three months ended March 31, 2000
to 5.02% for the three months  ended March 31,  2001.  The increase in costs was
due to higher  deposit rates  implemented  to maintain and attract  deposits and
higher  Federal  Home Loan  Advance  rates on  maturing  and new  advances.  The
interest rate spread  decreased  from 4.03% for the three months ended March 31,
2000 to 3.69% for the three months ended March 31, 2001.

Provision  for Loan Losses.  The  provision  for loan losses was $90,000 for the
three  months  ended March 31, 2001 as compared to $60,000 for the three  months
ended March 31, 2000. The increase reflects the growth in commercial real estate
and  non-mortgage  loans and the need to  maintain  an  adequate  balance in the
allowance for loan losses. For the three months ended March 31, 2001, commercial
real estate loans  increased  $4.2  million and  commercial  non-mortgage  loans
increased $2.1 million.

Non-interest Income. Non-interest income was $303,000 for the three months ended
March 31,  2001 as compared to  $149,000  for the three  months  ended March 31,
2000.  Income from loan sales and title and escrow fees from High Country  Title
and Escrow Company accounted for the majority of the increase.

Non-interest  Expenses.  Non-interest  expenses  were $1.2 million for the three
months  ended March 31, 2001 as  compared to $1.0  million for the three  months
ended March 31, 2000.  Increases  occurred in compensation  and benefit expense,
occupancy  expense and other  expenses.  The  increases  are tied to  additional
employees,  the opening of the new home office,  High  Country  Title and Escrow
Company expenses and other expenses due to growth.


COMPARISON  OF  OPERATING  RESULTS FOR THE NINE MONTHS  ENDED MARCH 31, 2001 AND
2000

Net Income.  The  Company's  net income for the nine months ended March 31, 2001
was $877,000  compared to $765,000 for the nine months ended March 31, 2000. The
increase in net income  resulted  primarily from increased  interest  income and
non-interest income which offset increased interest, compensation, occupancy and
other expenses.

Net Interest  Income.  Net  interest  income for the nine months ended March 31,
2001 was $4.3  million  compared to $3.7 million for the nine months ended March
31, 2000.  The increase is attributed to increased  interest  earned on interest
earning assets due to loan growth less the increase in interest



                                       9
<PAGE>

                           HIGH COUNTRY BANCORP, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS

expense due to the increase in interest bearing  liabilities.  The average yield
on interest  earning assets increased from 8.17% for the nine months ended March
31, 2000 to 8.66% for the nine months ended March 31, 2001. The increase was due
to  short-term  loans  repricing  to higher  rates and growth in loans at higher
average  rates as compared to the loan  portfolio.  The average cost of interest
bearing  liabilities  also  increased from 4.40% for the nine months ended March
31, 2000 to 5.02% for the nine  months  ended March 31,  2001.  The  increase in
costs was due to higher  deposit  rates  implemented  to  maintain  and  attract
deposits  and  higher  Federal  Home  Loan  Advance  rates on  maturing  and new
advances.  The  interest  rate spread  decreased  from 3.77% for the nine months
ended March 31, 2000 to 3.64% for the nine months ended March 31, 2001.

Provision  for Loan Losses.  The  provision for loan losses was $225,000 for the
nine months  ended  March 31,  2001 as compared to $150,000  for the nine months
ended March 31,  2000.  The  increase  reflects  the growth in  commercial  real
estate,  commercial  non-mortgage  and land  loans and the need to  maintain  an
adequate  balance in the  allowance  for loan losses.  For the nine months ended
March 31, 2001, these loan categories increased a total of $15.0 million.

Non-interest Income.  Non-interest income was $745,000 for the nine months ended
March 31, 2001 as compared to $406,000 for the nine months ended March 31, 2000.
Title and escrow fees from High Country Title and Escrow  Company  accounted for
the  majority of the  increase.  The  increase  was due to a full nine months of
operation in  comparison  to the  previous  period of only three months for nine
months  ended  March  31,  2000.  Increases  in the  other  non-interest  income
categories were due to strong loan demand and growth in deposit accounts.

Non-interest Expenses. Non-interest expense was $3.4 million for the nine months
ended March 31, 2001 as compared to $2.7 million for the nine months ended March
31, 2000.  Increases  occurred in compensation  and benefit  expense,  occupancy
expense and other expenses. The increases are tied to additional employees,  the
opening of the new home office,  High Country Title and Escrow Company  expenses
and other expenses due to growth.

LIQUIDITY AND CAPITAL RESOURCES

The  Company's  primary  sources of funds  consist of deposits,  FHLB  advances,
repayment of loans and mortgage-backed securities, maturities of investments and
interest-bearing  deposits, and funds provided from 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 fund  maturing FHLB  advances,  to
invest in other  interest-earning  assets,  to maintain  liquidity,  and to meet
operating  expenses.  Management believes that proceeds from loan repayments and
other  sources of funds will be adequate to meet the Company's  liquidity  needs
for the immediate future.

The OTS repealed a statutory  liquidity  requirement  in late 2000. The Bank was
previously   required  to  maintain  a  minimum   ratio  of  4%.  Under  revised
regulations,  the Bank is required to maintain sufficient  liquidity to ensure a
safe and  sound  operation.  Management  believes  that the  Bank's  sources  of
liquidity for potential uses are adequate under the revised regulations.

IMPACT OF INFLATION AND CHANGING PRICES

The financial statements and related data presented herein have been prepared in
accordance with



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<PAGE>


                           HIGH COUNTRY BANCORP, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS

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.








                                       11
<PAGE>




                           HIGH COUNTRY BANCORP, 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.

                  None

     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.

                                       High Country Bancorp, Inc.
                                       Registrant

     Date May 2, 2001                  /s/ Larry D. Smith
                                       ----------------------------------------
                                       Larry D. Smith, President


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