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, 2002

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:  (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 May 1, 2002
905,409


<PAGE>

                           HIGH COUNTRY BANCORP, INC.
                                    CONTENTS


PART I - FINANCIAL INFORMATION

     Item 1:   Financial Statements

               Consolidated  Statements  of Condition at June 30, 2001
               and March 31, 2002                                           3

               Statements of  Consolidated  Income for the Three and
               Nine Months Ended March 31, 2002 and 2001                    4

               Statements of  Consolidated  Cash Flows for the
               Nine Months Ended March 31, 2002 and 2001                    5

               Notes to Financial Statements                                6-7

     Item 2:   Management's Discussion and Analysis or Plan of Operations   8-11

PART II - OTHER INFORMATION

     Item 1: Legal Proceedings                                                12

     Item 2: Changes in Securities and Use of Proceeds                        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

     Signatures                                                               13

                                        2

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

<TABLE>
<CAPTION>
                                                                                        March 31,         June 30,
                           ASSETS                                                         2002              2001
<S>                                                                                   <C>               <C>
                                                                                    -------------------------------
Cash and amounts due from banks                                                     $   2,711,946     $   2,759,671
Interest-bearing deposits at other institutions                                         7,179,689         9,175,856
Mortgage-backed securities, held to maturity                                           11,660,150         2,220,909
Securities, held to maturity                                                              303,218                --
Loans receivable - net                                                                137,483,080       135,916,318
Loans held for sale                                                                       455,250           917,500
Federal Home Loan Bank stock, at cost                                                   2,421,600         2,421,600
Accrued interest receivable                                                             1,262,671         1,121,412
Property and equipment, net                                                             6,117,775         6,111,907
Mortgage servicing rights                                                                   8,759            14,504
Prepaid expenses and other assets                                                         488,171           508,187
Deferred income taxes                                                                     196,000           162,800
                                                                                    -------------     -------------
            TOTAL ASSETS                                                            $ 170,288,309     $ 161,330,664
                                                                                    =============     =============
                   LIABILITIES AND EQUITY
LIABILITIES
Deposits                                                                            $ 111,201,821      $ 98,517,228
Advances by borrowers for taxes and insurance                                             103,453            29,724
Escrow accounts                                                                           936,744         1,070,624
Accounts payable and other liabilities                                                    890,779           988,588
Advances from Federal Home Loan Bank                                                   41,333,332        44,124,999
Accrued income taxes payable                                                               34,681            40,167
                                                                                    -------------     -------------
            TOTAL LIABILITIES                                                         154,500,810       144,771,330
                                                                                    -------------     -------------

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 905,409 (March 31, 2002) and
  1,028,992 shares (June 30, 2001)                                                          9,054            10,290
Paid-in capital                                                                         7,238,038         9,151,686
Retained earnings - substantially restricted                                            9,248,469         8,215,667
Note receivable from ESOP Trust                                                          (626,865)         (626,865)
Deferred MRP stock awards                                                                 (81,197)         (191,444)
                                                                                    -------------     -------------
            TOTAL EQUITY                                                               15,787,499        16,559,334
                                                                                    -------------     -------------
            TOTAL LIABILITIES AND EQUITY                                            $ 170,288,309     $ 161,330,664
                                                                                    =============     =============
</TABLE>
                                       3
<PAGE>
                           HIGH COUNTRY BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                     Three Months Ended                    Nine Months Ended
                                                                          March 31,                            March 31,
                                                                   2002               2001               2002             2001
                                                               -----------         -----------       -----------      -----------
<S>                                                            <C>                 <C>               <C>              <C>
Interest Income
      Interest on loans                                        $ 2,918,427         $ 3,069,164       $ 9,124,603      $ 8,710,074
      Interest on securities held-to-maturity                      103,177              43,787           202,350          137,764
      Interest on other interest- bearing assets                    61,011              51,925           304,203          154,658
                                                               -----------         -----------       -----------      -----------
                  Total interest income                          3,082,615           3,164,876         9,631,156        9,002,496
                                                               -----------         -----------       -----------      -----------
Interest Expense
      Deposits                                                     811,514             943,913         2,721,993        2,683,318
      Federal Home Loan Bank advances                              618,916             712,259         1,953,663        1,992,746
                                                               -----------         -----------       -----------      -----------
                  Total interest expense                         1,430,430           1,656,172         4,675,656        4,676,064
                                                               -----------         -----------       -----------      -----------
                  Net interest income                            1,652,185           1,508,704         4,955,500        4,326,432

Provision for losses on loans                                       60,000              90,000           175,000          225,000
                                                               -----------         -----------       -----------      -----------
                  Net interest income after provision
                        for loan losses                          1,592,185           1,418,704         4,780,500        4,101,432
                                                               -----------         -----------       -----------      -----------
Noninterest Income
      Service charges on deposits                                   64,809              54,246           198,574          147,678
      Loans sold                                                   204,903             110,768           684,747          212,049
      Title and escrow fees                                         78,635              77,717           277,348          208,569
      Other                                                         97,336              60,093           316,505          176,608
                                                               -----------         -----------       -----------      -----------
                  Total noninterest income                         445,683             302,824         1,477,174          744,904
                                                               -----------         -----------       -----------      -----------
Noninterest Expense
     Compensation and benefits                                     850,038             686,389         2,504,943        1,940,705
     Occupancy and equipment                                       327,638             290,121           957,414          815,933
     Insurance and professional fees                                65,246              53,290           212,365          184,623
     Other                                                         188,503             162,414           546,568          477,731
                                                               -----------         -----------       -----------      -----------
                  Total noninterest expense                      1,431,425           1,192,214         4,221,290        3,418,992
                                                               -----------         -----------       -----------      -----------
                  Income before income taxes                       606,443             529,314         2,036,384        1,427,344

                  Income tax expense                               244,400             202,204           788,900          550,476
                                                               -----------         -----------       -----------      -----------
                  Net income                                   $   362,043         $   327,110       $ 1,247,484      $   876,868
                                                               ===========         ===========       ===========      ===========
Basic Earnings Per Common Share                                $      0.42         $      0.33       $      1.40           $ 0.89
                                                               ===========         ===========       ===========      ===========

Diluted Earnings Per Common Share                              $      0.41         $      0.33       $      1.37           $ 0.89
                                                               ===========         ===========       ===========      ===========
Weighted Average Common Shares
Outstanding             Basic                                      853,337             979,528           887,981          981,912
                        Diluted                                    880,870             993,185           911,497          981,912
</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,
                                                                                 2002             2001
                                                                             ------------    ------------
<S>                                                                          <C>             <C>
Operating Activities
      Net income                                                             $  1,247,484    $    876,868
      Adjustments to reconcile net income to net cash provided
            by operating activities:
      Amortization of:
            Deferred loan origination fees                                       (207,589)       (109,539)
            Premiums on investments                                                34,204           3,656
      Compensation expense on Management Recognition Plan                         128,830         118,457
      ESOP market value expense                                                    53,365          23,872
      Provision for losses on loans                                               175,000         225,000
      Deferred income taxes                                                       (33,200)        (83,700)
      Depreciation                                                                352,526         297,242
      Income taxes                                                                 (5,486)         41,074
      Net change in miscellaneous assets                                         (115,498)       (173,228)
      Net change in miscellaneous liabilities                                     (24,080)       (531,171)
                                                                             ------------    ------------

            Net cash provided by operating activities                           1,605,556         688,531
                                                                             ------------    ------------
Investing Activities
       Net change in interest bearing deposits                                  1,996,167      (2,856,051)
       Net change in loans receivable                                          (1,071,923)    (17,882,059)
       Purchases of mortgage-backed securities                                (10,924,006)             --
       Purchases of securities held to maturity                                  (303,218)             --
       Principal repayments of mortgage-backed securities-held-to-maturity      1,450,561         274,008
       Redemption securities held to maturity                                          --         200,000
       Purchase of Federal Home Loan Bank stock                                        --        (564,600)
       Purchases of property and equipment                                       (358,394)       (310,927)
                                                                             ------------    ------------
            Net cash used by investing activities                              (9,210,813)    (21,139,629)
                                                                             ------------    ------------
Financing Activities
      Net change in deposits                                                   12,684,593      10,549,855
      Net change in escrow funds                                                 (133,880)        152,296
      Purchase of common stock                                                 (1,986,832)       (474,567)
      Cash dividends paid                                                        (214,682)       (249,291)
      Proceeds (payment) on FHLB advances                                      (2,791,667)      9,143,333
                                                                             ------------    ------------
              Net cash provided by financing activities                         7,557,532      19,121,626
                                                                             ------------    ------------
             Net increase (decrease) in cash and cash equivalents                 (47,725)     (1,329,472)

Cash and cash equivalents, beginning                                            2,759,671       4,392,623
                                                                             ------------    ------------
Cash and cash equivalents, ending                                            $  2,711,946    $  3,063,151
                                                                             ============    ============
Supplemental disclosure of cash flow information
Cash paid for:
     Taxes                                                                   $    823,228    $    606,953
     Interest                                                                   4,695,856       4,674,991
</TABLE>
                        SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                       5
<PAGE>
                           HIGH COUNTRY BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                                 MARCH 31, 2002
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, 2001,  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, 2002 are not  necessarily  indicative  of the
results of operations that may be expected for the year ended June 30, 2002. 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 2001 High Country Bancorp, Inc. financial statements

Note 3.  Regulatory Capital Requirements
At March 31, 2002,  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, 2002:

Tangible Capital:
         Actual                        $15,562,000               9.13%
         Required                        2,556,000               1.50
         Excess                        $13,006,000               7.63%

Core Capital:
         Actual                        $15,562,000               9.13%
         Required                        5,113,000               3.00
         Excess                        $10,449,000               6.13%

Risk-Based Capital:
         Actual                        $17,036,000              14.04%
         Required                        9,711,000               8.00
         Excess                        $ 7,325,000               6.04%

                                        6
<PAGE>
                           HIGH COUNTRY BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                                 March 31, 2002

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, 2001 AND MARCH 31, 2002

The Company's total assets increased by $9.0 million or 5.6% from $161.3 million
at June 30, 2001 to $170.3 million at March 31, 2002. The increase in assets was
due to mortgage-backed securities growth of $9.4 million and loan growth of $1.1
million.

Interest bearing  deposits  decreased $2.0 million from $9.2 million at June 30,
2001 to  $7.2  million  at  March  31,  2002.  The  deposits  were  used to fund
mortgage-backed securities purchases and pay down FHLB advances. In the upcoming
months, additional deposits may be used for paying down FHLB advances,  seasonal
deposit withdrawals, loan demand and other investment purchases.

Mortgage-backed  securities  classified as "held to maturity"  increased by $9.4
million  from $2.2 million at June 30, to $11.7  million at March 31, 2002.  The
Bank  purchased  adjustable-rate  GNMA and FHLMC mortgage  backed  securities in
order to improve investment yields as compared to interest-bearing  deposits and
lower interest rate risk. At March 31, 2002 the securities had an estimated fair
value of $11.5 million.

The Bank purchased  $300,000 in local  municipal  bonds in March 2002. The bonds
are  classified as "held to maturity." At March 31, 2002 the  securities  had an
estimated fair value of $300,000.

Net loans  increased $1.1 million from $136.8 million at June 30, 2001 to $137.9
million  at March 31,  2002.  During  the nine  months  ended  March  31,  2002,
increases  of $3.8  million  in  commercial  mortgage  loans,  $1.7  million  in
commercial  non-mortgage  loans and $1.6 million in single  family  construction
loans offset a decrease of $5.2 million in single family mortgage loans and $1.1
million in auto loans. In the commercial and  construction  loan areas, the Bank
benefited from strong local purchase financing,  local construction activity and
loan  refinancing.  The decrease in single  family  mortgage  loans and consumer
loans was due to the refinancing of portfolio loans into loans that were sold.

During the nine months  ended  March 31,  2002,  the Bank sold $43.5  million of
fixed-rate  loans to the Federal Home Loan  Mortgage  Corporation.  At March 31,
2002,  loans held for sale were  $455,000.  The loans are valued at the lower of
cost or market.

The  allowance  for loan losses  totaled $1.5 million at March 31, 2002 and $1.3
million at June 30, 2001. At March 31, 2002 and June 30, 2001,  the ratio of the
allowance for loan losses to net loans was 1.07% and 0.99%, respectively.  As of
those dates the non-performing  loans in the Bank's portfolio were $3.0 and $1.8
million,  respectively. The increase in non-performing loans is primarily due to
the addition of five loans  secured by  commercial  real estate and vacant land.
The largest  non-performing  loan totals $728,000 and is a business purpose loan
secured by two single family  residences and vacant land. No loss is expected on
this loan.  The total  non-performing  loans at March 31, 2002 included 34 loans
secured by  commercial  real  estate,  single  family  residences,  vacant land,
business equipment and autos. During the nine months ended March 31, 2002, there
were $49,000 of loans charged off and no recoveries of previous loan losses. The
determination  of the  allowance  for loan  losses  is  based  on a  review  and
classification  of the Bank's 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.  Particular  attention  was  focused on the Bank's  commercial  loan
portfolio  and any  impaired  loans.  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, 2002  deposits  increased to $111.2  million from $98.5  million at
June 30, 2001 or a net  increase of 12.9%.  Competitive  rates and stock  market
uncertainty fueled the growth. The increase

                                        8
<PAGE>

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

funded  investment in  mortgage-backed  securities and loans and the pay down of
Federal Home Loan Bank advances.

Advances from the Federal Home Loan Bank decreased to $41.3 million at March 31,
2002 from  $44.1  million  at June 30,  2001.  Funds  from  deposit  growth  and
interest-bearing deposits were used to pay-off maturing advances.

In September  2001,  the Bank  completed  the stock  repurchase  program that it
commenced in November 2000. On November 3, 2001, the Company announced a plan to
repurchase up to 10% or 92,221 shares of the outstanding  stock.  Since November
3, 2001, the Bank has repurchased  16,800 shares at a cost of $282,000.  For the
nine months ended March 31, 2002, the Bank repurchased  123,583 shares at a cost
of $2.0 million.  On November 19, 2001,  the Company paid dividends of $0.25 per
share.


COMPARISON  OF  OPERATING  RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND
2001

Net Income.  The  Company's net income for the three months ended March 31, 2002
was $362,000 compared to $327,000 for the three months ended March 31, 2001. The
increase in net income  resulted  primarily from increased  interest  income and
non-interest loan sale income which offset increased compensation, occupancy and
other operating expense.

Net Interest  Income.  Net interest  income for the three months ended March 31,
2002 was $1.7 million  compared to $1.5 million for the three months ended March
31, 2001. Although both interest earning assets and interest bearing liabilities
increased,  the cost of interest bearing liabilities decreased at a greater rate
than the yield on interest earning assets. The average yield on interest earning
assets  decreased  from 8.71% for the three months ended March 31, 2001 to 7.71%
for the three months ended March 31, 2002. The decrease was due to growth in low
earning  interest  bearing   deposits,   mortgage  backed  securities  and  loan
refinancing  at lower rates.  The average cost of interest  bearing  liabilities
also decreased from 5.02% for the three months ended March 31, 2001 to 3.94% for
the three months  ended March 31,  2002.  The decrease in costs was due to lower
deposit rates and less reliance on higher  costing  Federal Home Loan  Advances.
The interest rate spread  increased  from 3.69% for the three months ended March
31, 2001 to 3.77% for the three months ended March 31, 2002.

Provision  for Losses on Loans.  The provision for loan loss was $60,000 for the
three  months  ended March 31, 2002 as compared to $90,000 for the three  months
ended March 31, 2001. The decline  reflects the specific  commercial real estate
loans which increased  non-performing loans for the three months ended March 31,
2002.  Although  non-performing  loans  increased  by $1.1  million  during  the
quarter, the Bank does not expect significant losses on the new loans.

Non-interest Income. Non-interest income was $446,000 for the three months ended
March 31,  2002 as compared to  $303,000  for the three  months  ended March 31,
2001.  Loan  origination  growth from  favorable  mortgage loan  interest  rates
increased income from loan sales. For the three months ended March 31, 2002, the
Bank sold  $12.6  million of loans as  compared  to $8.0  million  for the three
months ended March 31, 2001.

Non-interest Expenses. Non-interest expenses were $1.4 million for the three
months ended March 31, 2002 as compared to $1.2 million for the three months
ended March 31, 2001. Increases occurred in compensation and benefit expense,
occupancy expense and other expenses. The increases are tied to additional
employees associated with growth.

                                        9

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

COMPARISON  OF  OPERATING  RESULTS FOR THE NINE MONTHS  ENDED MARCH 31, 2002 AND
2001

Net Income.  The  Company's  net income for the nine months ended March 31, 2002
was $1.2 million  compared to $877,000 for the nine months ended March 31, 2001.
The increase in net income resulted primarily from increased interest income and
non-interest loan sale income which offset increased compensation, occupancy and
other operating expense.

Net Interest  Income.  Net  interest  income for the nine months ended March 31,
2002 was $5.0  million  compared to $4.3 million for the nine months ended March
31, 2001.  The increase is  attributed to increase  interest  earned on interest
earning assets due to loan growth. Interest expense was relatively unchanged due
to an offset in the increase in interest  bearing  liabilities by lower interest
costs. The average yield on interest earning assets decreased from 8.66% for the
nine months  ended  March 31, 2001 to 8.13% for the nine months  ended March 31,
2002.  The  decrease  in yield is  associated  with the growth in lower  earning
interest  bearing  deposits and mortgage  backed  securities and lower rate loan
refinances. The average cost of interest bearing liabilities also decreased from
5.02% for the nine  months  ended  March 31,  2001 to 4.36% for the nine  months
ended March 31, 2002.  The  decrease in average cost is due to less  reliance on
higher costing FHLB advances and lower deposit  rates.  The interest rate spread
increased  from 3.64% for the nine months  ended March 31, 2001 to 3.77% for the
nine months ended March 31, 2002.

Non-interest  Income.  Non-interest  income increased from $745,000 for the nine
months  ended March 31, 2001 to $1.5 million for the nine months ended March 31,
2002.  The increase is primarily due to loan sales of $43.5 million for the nine
months ended March 31, 2002  compared to $14.3 million for the nine months ended
March 31,  2001.  Title and escrow fees and other income also  increased  due to
greater loan activity  resulting  from  historically  low mortgage loan interest
rates.

Non-interest  Expense.  Non-interest expense increased from $3.4 million for the
nine months ended March 31, 2001 to $4.2 million for the nine months ended March
31, 2002. The majority of the increase was in compensation  and benefit expense,
occupancy  expense and other  expenses.  The  increases  are tied to  additional
employees 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.

                                       10
<PAGE>

                           HIGH COUNTRY BANCORP, 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.

FORWARD LOOKING STATEMENTS

This report  contains  certain  forward-looking  statements made pursuant to the
safe harbor provisions of the Private Securities  Litigation Reform Act of 1995.
Such statements are subject to certain risks and uncertainties including changes
in economic  conditions  in the  Company's  market area,  changes in policies by
regulatory  agencies,  fluctuations  in  interest  rates,  loan  demand  in  the
Company's market area, and competition that could cause actual results to differ
materially  from  historical   earnings  and  those  presently   anticipated  or
projected.  The Company wishes to caution readers not to place undue reliance on
any such forward-looking statements, which reflect management's analysis only as
the date made. The Company does not undertake any obligation to publicly  revise
these  forward-looking  statements to reflect events or circumstances that arise
after the date of such statements.


                                       11


<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                           PART II - OTHER INFORMATION



     ITEM 1:      Legal Proceedings

                  None

     ITEM 2:      Changes in Securities and Use of Proceeds

                  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

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<PAGE>

                                    SIGNATURES

Pursuant to the  requirements  of the Exchange Act, the  registrant  caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.

                                         HIGH COUNTRY BANCORP, INC.
                                         Registrant

     Date     May 3, 2002                /s/ Larry D. Smith
              -----------                -------------------------------------
                                         Larry D. Smith
                                         President and Chief Executive Officer
                                         (Duly Authorized Officer)



     Date     May 3, 2002                /s/ Frank L. DeLay
              -----------                -------------------------------------
                                         Frank L. DeLay
                                         Chief Financial Officer
                                         (Principal Financial Officer)


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