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, 2000

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 December 31, 2000
1,057,925

<PAGE>
                           HIGH COUNTRY BANCORP, INC.
                                    CONTENTS

PART I - FINANCIAL INFORMATION

    Item 1:     Financial Statements

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

                Statements  of  Consolidated  Income for the Six
                Months and Three  Months Ended December 31, 2000
                and 1999                                                  4

                Statements of Consolidated Cash Flows for the Six
                Months Ended December 31, 2000 and 1999                   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>

                                                                                        December 31,        June 30,
                           ASSETS                                                           2000              2000
                                                                                        ------------      ------------
<S>                                                                                     <C>               <C>
Cash and amounts due from banks                                                         $ 3,102,739       $ 4,392,623
Interest- bearing deposits at other institutions                                          2,328,313         1,320,918
Mortgage-backed securities, held to maturity                                              2,504,454         2,642,889
Securities held to maturity                                                                       -           200,000
Loans receivable - net                                                                  132,807,215       119,897,542
Loans held for sale, lower of cost or market                                                171,910                 -
Federal Home Loan Bank stock, at cost                                                     2,286,600         1,857,000
Accrued interest receivable                                                                 973,278           825,109
Property and equipment, net                                                               6,086,393         6,071,939
Mortgage servicing rights                                                                    20,884            22,361
Prepaid expenses and other assets                                                           350,264           458,530
Deferred income taxes                                                                        94,500            46,300
                                                                                       ------------      ------------
            TOTAL ASSETS                                                               $150,726,550      $137,735,211
                                                                                       ============      ============

                    LIABILITIES AND EQUITY
LIABILITIES
Deposits                                                                               $ 87,296,901      $ 82,770,398
Advances by borrowers for taxes and insurance                                               302,732            11,316
Escrow accounts                                                                           1,208,536         1,833,388
Accounts payable and other liabilities                                                      697,537           762,553
Advances from Federal Home Loan Bank                                                     44,831,666        36,238,333
Accrued income taxes payable                                                                 17,551            11,574
                                                                                       ------------      ------------
            TOTAL LIABILITIES                                                           134,354,923       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 1,057,925 shares (12/31/00) and 1,071,225 (6/30/00)                           10,579            10,712
Paid-in capital                                                                           9,564,405         9,720,159
Retained earnings - substantially restricted                                              7,733,962         7,433,495
Note receivable from ESOP Trust                                                            (732,665)         (732,665)
Deferred stock awards                                                                      (204,654)         (324,052)
                                                                                       ------------      ------------
            TOTAL EQUITY                                                                 16,371,627        16,107,649
                                                                                       ------------      ------------
            TOTAL LIABILITIES AND EQUITY                                               $150,726,550      $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                   Six Months Ended
                                                                        December 31,                        December 31,
                                                                   2000              1999              2000              1999
                                                               -----------       -----------       -----------       -----------
<S>                                                            <C>               <C>               <C>               <C>
Interest Income
      Interest on loans                                        $ 2,917,611       $ 2,172,028       $ 5,640,910       $ 4,289,271
      Interest on securities held-to-maturity                       46,509            48,868            93,977           101,429
      Interest on other interest- bearing assets                    54,414            37,978           102,733           108,413
                                                               -----------       -----------       -----------       -----------
                  Total interest income                          3,018,534         2,258,874         5,837,620         4,499,113
                                                               -----------       -----------       -----------       -----------
Interest Expense
      Deposits                                                     901,663           713,947         1,739,405         1,416,680
      Federal Home Loan Bank advances                              677,201           335,894         1,280,487           671,562
                                                               -----------       -----------       -----------       -----------
                  Total interest expense                         1,578,864         1,049,841         3,019,892         2,088,242
                                                               -----------       -----------       -----------       -----------

                  Net interest income                            1,439,670         1,209,033         2,817,728         2,410,871

Provision for losses on loans                                       75,000            44,925           135,000            89,850
                                                               -----------       -----------       -----------       -----------
                  Net income after provision
                        for loan losses                          1,364,670         1,164,108         2,682,728         2,321,021
                                                               -----------       -----------       -----------       -----------
Noninterest Income
      Service charges on deposits                                   49,322            36,578            93,432            74,286
      Income from loan sales                                        65,677            62,386           101,281           122,808
      Title and escrow fees                                         68,257                 -           130,852                 -
      Other                                                         47,196            31,920           116,515            59,065
                                                               -----------       -----------       -----------       -----------
                  Total noninterest income                         230,452           130,884           442,080           256,159
                                                               -----------       -----------       -----------       -----------
Noninterest Expense
     Compensation and benefits                                     628,070           540,553         1,254,316         1,072,134
     Occupancy and equipment                                       267,002           159,616           525,812           322,120
     Insurance and professional fees                                61,461            54,071           131,333           107,309
     Other                                                         162,445           137,862           315,317           256,554
                                                               -----------       -----------       -----------       -----------
                  Total noninterest expense                      1,118,978           892,102         2,226,778         1,758,117
                                                               -----------       -----------       -----------       -----------
                  Income before income taxes                       476,144           402,890           898,030           819,063

                  Income tax expense                               186,800           162,000           348,272           318,400
                                                               -----------       -----------       -----------       -----------
                  Net income                                   $   289,344       $   240,890       $   549,758       $   500,663
                                                               ===========       ===========       ===========       ===========
Basic Earnings Per Common Share                                $      0.29       $      0.21       $      0.56       $      0.43
                                                               ===========       ===========       ===========       ===========
Diluted Earnings Per Common Share                              $      0.29       $      0.21       $      0.56       $      0.43
                                                               ===========       ===========       ===========       ===========
Weighted Average Common Shares
Outstanding             Basic                                      981,765         1,129,273           983,103         1,154,301
                        Diluted                                    981,765         1,129,273           983,103         1,154,301

</TABLE>

                       SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


                                        4
<PAGE>
                           HIGH COUNTRY BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                   Six Months Ended
                                                                                     December 31,
                                                                                 2000            1999
                                                                             ------------    ------------
<S>                                                                          <C>             <C>
Operating Activities
      Net income                                                             $    549,758    $    500,663
      Adjustments to reconcile net income to net cash provided
            by operating activities:
      Amortization of:
            Deferred loan origination fees                                        (69,368)        (29,644)
            Premiums on investments                                                 2,292           3,293
      Compensation expense on Management Recognition Plan                         118,457         116,546
      Stock dividend received from FHLB                                                 -         (45,300)
      ESOP market value expense                                                    10,091          11,131
      Provision for losses on loans                                               135,000          90,000
      Deferred income taxes                                                       (48,200)        (12,600)
      Depreciation                                                                194,557          90,735
      Income taxes                                                                  5,977          (8,860)
      Net change in miscellaneous assets                                          (38,426)        101,095
      Net change in miscellaneous liabilities                                    (689,868)        (23,029)
                                                                             ------------    ------------

            Net cash provided by operating activities                             170,270         794,030
                                                                             ------------    ------------
Investing Activities
       Net change in interest bearing deposits                                 (1,007,395)      3,460,350
       Net change in loans receivable                                         (13,147,215)     (8,531,688)
       Principal repayments of mortgage-backed securities-held-to-maturity        136,143         472,519
       Redemption securities held to maturity                                     200,000         110,000
       Purchase of Federal Home Loan Bank stock                                  (429,600)       (164,900)
       Purchases of property and equipment                                       (209,011)     (1,385,100)
                                                                             ------------    ------------
            Net cash used by investing activities                             (14,457,078)     (6,038,819)
                                                                             ------------    ------------
Financing Activities
      Net change in deposits                                                    4,526,503       3,718,687
      Net change in escrow funds                                                  291,416         278,635
      Purchase of common stock                                                   (165,037)     (1,381,461)
      Cash dividends paid                                                        (249,291)       (230,666)
      Proceeds (payment) on FHLB advances                                       8,593,333       4,560,000
                                                                             ------------    ------------
              Net cash provided by financing activities                        12,996,924       6,945,195
                                                                             ------------    ------------
              Net (decrease) increase in cash and cash equivalents             (1,289,884)      1,700,406

Cash and cash equivalents, beginning                                            4,392,623       2,248,971
                                                                             ------------    ------------
Cash and cash equivalents, ending                                            $  3,102,739    $  3,949,377
                                                                             ============    ============
Supplemental disclosure of cash flow information
Cash paid for:
     Taxes                                                                   $    406,222    $    313,639
     Interest                                                                   3,027,756       2,105,429

</TABLE>


                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


                                        5
<PAGE>

                           HIGH COUNTRY BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                                DECEMBER 31, 2000
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 three months ended December 31, 2000 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 December 31, 2000, the Bank met each of the three current minimum  regulatory
capital  requirements.  The following  table  summarizes  the Bank's  regulatory
capital position at December 31, 2000:

Tangible Capital:
         Actual                    $13,471,000                  8.91%
         Required                    2,267,000                  1.50
         Excess                    $11,204,000                  7.21%

Core Capital:
         Actual                    $13,471,000                  8.91%
         Required                    4,534,000                  3.00
         Excess                     $8,937,000                  5.91%

Risk-Based Capital:
         Actual                    $14,592,000                 13.32%
         Required                    8,764,000                  8.00
         Excess                     $5,828,000                  5.32%

                                        6
<PAGE>


                           HIGH COUNTRY BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                                December 31, 2000

     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 DECEMBER 31, 2000

The  Company's  total  assets  increased  by $13.0  million or 9.43% from $137.7
million at June 30, 2000 to $150.7 million at December 31, 2000. The increase in
assets was due to loan growth of $13.1 million.

Net loans totaled $132.8 million at December 31, 2000 and $119.9 million at June
30, 2000. The increase in loans  occurred in commercial  real estate loans which
increased $4.9 million,  single family  construction  loans which increased $2.6
million, land loans which increased $1.9 million,  commercial non-mortgage loans
which  increased $1.7 million and single family  mortgage loans which  increased
$1.2 million. The bank benefited from strong local demand for purchase financing
during the six months ending December 31, 2000.

During the  period,  the Bank  continued  the  program of ongoing  loan sales of
fixed-rate  loans to the Federal Home Loan Mortgage  Corporation and for the six
months ended December 31, 2000 loan sales totaled $6.3 million.  At December 31,
2000,  loans held for sale were  $172,000.  The loans are valued at the lower of
cost or market.

The allowance for loan losses totaled $1.1 million at December 31, 2000 and $1.0
million at June 30,  2000.  As of those  dates the  non-performing  loans in the
Association's portfolio were $618,000 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 December 31, 2000 include 20 loans secured by single family residences,
business  equipment  and autos.  There was $17,000 of loans charged off and less
than $1,000 in  recoveries  of previous  loan losses during the six months ended
December 31, 2000. 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, 2000 and June 30, 2000,
the ratio of the allowance for loan losses to net loans was 0.84%.

At  December   31,   2000,   the   Company's   investment   portfolio   included
mortgage-backed  securities  and local  municipal  bonds  classified as "held to
maturity"  carried at amortized cost of $2.5 million and an estimated fair value
of $2.5 million.  The balance of the Company's  investment portfolio at December
31,  2000  consists  of  interest  bearing   deposits  with  various   financial
institutions totaling $2.3 million.

At December 31, 2000  deposits  increased to $87.3 million from $82.8 million at
June 30, 2000 or a net  increase of 5.47%.  The  increase  was 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 $44.8 million at December
31, 2000 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 six months ending December 31,
2000, the Company  repurchased 13,300 shares at a cost of $165,000.  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
$550,000.

                                        8


<PAGE>


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

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2000 AND
1999

Net Income.  The  Company's  net income for the three months ended  December 31,
2000 was $289,000  compared to $241,000  for the three months ended  December 31
1999. For the three months ended December 31, 2000,  higher net interest  income
and  non-interest  income  offset  higher  compensation  and  benefits  expense,
occupancy expenses and other expenses.

Net Interest Income. Net interest income for the three months ended December 31,
2000 was $1.4  million  compared  to $1.2  million  for the three  months  ended
December 31, 1999.  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 8.12% for the three months ended December
31, 1999 to 8.74% for the three months ended December 31, 2000. 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  4.42%  for the three  months  ended
December  31, 1999 to 5.11% for the three months  ended  December 31, 2000.  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 3.71% for the three months
ended December 31, 1999 to 3.63% for the three months ended December 31, 2000.

Allowance  for Loan Losses.  The  provision  for loan losses was $75,000 for the
three months ended December 31, 2000 as compared to $45,000 for the three months
ended  December 31, 1999.  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  December 31, 2000,
commercial real estate loans increased $1.8 million and commercial  non-mortgage
loans increased $1.7 million.

Non-interest Income. Non-interest income was $230,000 for the three months ended
December 31, 2000 as compared to $130,000  for the three  months ended  December
31,  1999.  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 $1.1 million for the three
months  ended  December  31, 2000 as compared to $892,000  for the three  months
ended December 31, 1999. 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 SIX MONTHS ENDED  DECEMBER 31, 2000 AND
1999

Net Income.  The Company's net income for the six months ended December 31, 2000
was $550,000 compared to $501,000 for the six months ended December 31 1999. 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 six months ended December 31,
2000 was $2.8 million compared to $2.4 million for the six months ended December
31, 1999.  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  8.10% for the six  months  ended
December  31, 1999 to 8.65% for the six months  ended  December  31,  2000.  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 4.44% for the six
months ended  December  31, 1999 to 5.03% for the six months ended  December 31,
2000.  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 3.63% for the
six months ended  December  31, 1999 to 3.62% for the six months ended  December
31, 2000.

Allowance  for Loan Losses.  The  provision for loan losses was $135,000 for the
six months  ended  December  31,  2000 as compared to $90,000 for the six months
ended  December 31, 1999.  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 six months ended
December 31, 2000, these loan categories increased a total of $8.5 million.

Non-interest  Income.  Non-interest income was $442,000 for the six months ended
December 31, 2000 as compared to $256,000 for the six months ended  December 31,
1999.  Title and escrow fees from High Country  Title and Escrow  Company and an
increase in other income accounted for the majority of the increase.

Non-interest  Expenses.  Non-interest  expenses  were $2.2  million  for the six
months  ended  December  31, 2000 as compared to $1.8 million for the six months
ended December 31, 1999. 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,  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 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 Bank 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
4%. The Bank has  historically  maintained a level of liquid assets in excess of
regulatory  requirements.  The Bank's  liquidity ratios at December 31, 2000 and
1999 were 4.59% and 5.69%, 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


                                       10

<PAGE>

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

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.






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<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.

                  The  Company  held its annual  meeting on October  26, 2000 in
                  Salida,  Colorado to vote on the election of two  directors of
                  the Company. At the meeting, Robert B. Mitchell and Timothy R.
                  Glenn were elected to three-year  terms,  each  receiving more
                  than 97% of the votes cast.

     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  February 7, 2001                  /s/ Larry D. Smith
           ----------------                  -----------------------------------
                                             Larry D. Smith, President





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