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, 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:  (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 February 1, 2002
913,409
<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, 2001                                     3

                    Statements  of  Consolidated  Income for the Three and
                    Six Months  Ended December 31, 2001 and 2000              4

                    Statements of Consolidated Cash Flows for the Six
                    Months Ended December 31, 2001 and 2000                   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

         Signature                                                           12

                                        2


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

                                                              December 31,      June 30,
                            ASSETS                               2001             2001
                                                            ------------------------------
<S>                                                         <C>              <C>
Cash and amounts due from banks                             $   3,326,365    $   2,759,671
Interest-bearing deposits at other institutions                11,650,827        9,175,856
Mortgage-backed securities, held to maturity                    9,497,751        2,220,909
Loans receivable - net                                        134,455,535      135,916,318
Loans held for sale                                             1,098,500          917,500
Federal Home Loan Bank stock, at cost                           2,421,600        2,421,600
Accrued interest receivable                                     1,092,282        1,121,412
Property and equipment, net                                     6,174,703        6,111,907
Mortgage servicing rights                                          10,071           14,504
Prepaid expenses and other assets                                 884,175          508,187
Deferred income taxes                                             192,800          162,800
                                                            -------------    -------------
            TOTAL ASSETS                                    $ 170,804,609    $ 161,330,664
                                                            =============    =============

                    LIABILITIES AND EQUITY
LIABILITIES
Deposits                                                    $ 110,003,101    $  98,517,228
Advances by borrowers for taxes and insurance                     244,990           29,724
Escrow accounts                                                 1,692,375        1,070,624
Accounts payable and other liabilities                            927,195          988,588
Advances from Federal Home Loan Bank                           42,383,332       44,124,999
Accrued income taxes payable                                       11,096           40,167
                                                            -------------    -------------
            TOTAL LIABILITIES                                 155,262,089      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 913,409 (December 31, 2001) and
  1,028,992 shares (June 30, 2001)                                  9,134           10,290
Paid-in capital                                                 7,355,022        9,151,686
Retained earnings - substantially restricted                    8,886,426        8,215,667
Note receivable from ESOP Trust                                  (626,865)        (626,865)
Deferred MRP stock awards                                         (81,197)        (191,444)
                                                            -------------    -------------
            TOTAL EQUITY                                       15,542,520       16,559,334
                                                            -------------    -------------

            TOTAL LIABILITIES AND EQUITY                    $ 170,804,609    $ 161,330,664
                                                            =============    =============
</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,
                                                           2001         2000         2001         2000
                                                        ----------   ----------   ----------   ----------
<S>                                                     <C>          <C>          <C>          <C>
Interest Income
      Interest on loans                                 $3,100,828   $2,917,611   $6,206,175   $5,640,910
      Interest on securities held-to-maturity               63,563       46,509       99,173       93,977
      Interest on other interest- bearing assets           104,781       54,414      243,192      102,733
                                                        ----------   ----------   ----------   ----------
                  Total interest income                  3,269,172    3,018,534    6,548,540    5,837,620
                                                        ----------   ----------   ----------   ----------
Interest Expense
      Deposits                                             924,925      901,663    1,910,480    1,739,405
      Federal Home Loan Bank advances                      662,102      677,201    1,334,747    1,280,487
                                                        ----------   ----------   ----------   ----------
                  Total interest expense                 1,587,027    1,578,864    3,245,227    3,019,892
                                                        ----------   ----------   ----------   ----------
                  Net interest income                    1,682,145    1,439,670    3,303,313    2,817,728

Provision for losses on loans                               55,000       75,000      115,000      135,000
                                                        ----------   ----------   ----------   ----------
                  Net interest income after provision
                        for loan losses                  1,627,145    1,364,670    3,188,313    2,682,728
                                                        ----------   ----------   ----------   ----------
Noninterest Income
      Service charges on deposits                           71,478       49,322      133,765       93,432
      Loans sold                                           292,015       65,677      479,844      101,281
      Title and escrow fees                                105,098       68,257      198,714      130,852
      Other                                                127,041       47,196      219,169      116,515
                                                        ----------   ----------   ----------   ----------
                  Total noninterest income                 595,632      230,452    1,031,492      442,080
                                                        ----------   ----------   ----------   ----------
Noninterest Expense
     Compensation and benefits                             858,980      628,070    1,654,904    1,254,316
     Occupancy and equipment                               325,253      267,002      629,776      525,812
     Insurance and professional fees                        60,671       61,461      147,119      131,333
     Other                                                 210,514      162,445      358,065      315,317
                                                        ----------   ----------   ----------   ----------
                  Total noninterest expense              1,455,418    1,118,978    2,789,864    2,226,778
                                                        ----------   ----------   ----------   ----------
                  Income before income taxes               767,359      476,144    1,429,941      898,030

                  Income tax expense                       293,000      186,800      544,500      348,272
                                                        ----------   ----------   ----------   ----------
                  Net income                            $  474,359   $  289,344   $  885,441   $  549,758
                                                        ==========   ==========   ==========   ==========
Basic Earnings Per Common Share                         $     0.56   $     0.29   $     0.98   $     0.56
                                                        ==========   ==========   ==========   ==========
Diluted Earnings Per Common Share                       $     0.54   $     0.29   $     0.96   $     0.56
                                                        ==========   ==========   ==========   ==========
Weighted Average Common Shares
Outstanding             Basic                              852,463      981,765      905,303      983,103
                        Diluted                            877,758      981,765      926,984      983,103
</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,
                                                                                     2001             2000
                                                                                 -----------    ------------
Operating Activities
<S>                                                                              <C>            <C>
      Net income                                                                 $   885,441    $    549,758
      Adjustments to reconcile net income to net cash provided
            by operating activities:
      Amortization of:
            Deferred loan origination fees                                          (145,194)        (69,368)
            Premiums on investments                                                    6,166           2,292
      Compensation expense on Management Recognition Plan                            128,830         118,457
      ESOP market value expense                                                       34,429          10,091
      Provision for losses on loans                                                  115,000         135,000
      Deferred income taxes                                                          (30,000)        (48,200)
      Depreciation                                                                   230,667         194,557
      Income taxes                                                                   (29,071)          5,977
      Net change in miscellaneous assets                                            (342,425)        (38,426)
      Net change in miscellaneous liabilities                                        153,873        (689,868)
                                                                                 -----------    ------------

            Net cash provided by operating activities                              1,007,716         170,270
                                                                                 -----------    ------------
Investing Activities
       Net change in interest bearing deposits                                    (2,474,971)     (1,007,395)
       Net change in loans receivable                                              1,309,977     (13,147,215)
       Purchases of mortgage-backed securities                                    (7,869,845)             --
       Principal repayments of mortgage-backed securities-held-to-maturity           586,837         136,143
       Redemption securities held to maturity                                             --         200,000
       Purchase of Federal Home Loan Bank stock                                           --        (429,600)
       Purchases of property and equipment                                          (293,463)       (209,011)
                                                                                 -----------    ------------
            Net cash used by investing activities                                 (8,741,465)    (14,457,078)
                                                                                 -----------    ------------
Financing Activities
      Net change in deposits                                                      11,485,873       4,526,503
      Net change in escrow funds                                                     621,751         291,416
      Purchase of common stock                                                    (1,850,832)       (165,037)
      Cash dividends paid                                                           (214,682)       (249,291)
      Proceeds (payment) on FHLB advances                                         (1,741,667)      8,593,333
                                                                                 -----------    ------------
              Net cash provided by financing activities                            8,300,443      12,996,924
                                                                                 -----------    ------------

             Net increase (decrease) in cash and cash equivalents                    566,694      (1,289,884)

Cash and cash equivalents, beginning                                               2,759,671       4,392,623
                                                                                 -----------    ------------
Cash and cash equivalents, ending                                                $ 3,326,365    $  3,102,739
                                                                                 ===========    ============
Supplemental disclosure of cash flow information
Cash paid for:
     Taxes                                                                       $   593,031    $    406,222
     Interest                                                                      3,269,296       3,027,756
</TABLE>

                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                        5
<PAGE>


                           HIGH COUNTRY BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                                DECEMBER 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, 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 six months ended  December 31, 2001 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 December 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 December 31, 2001:

Tangible Capital:
         Actual                        $15,170,000           8.88%
         Required                        2,563,000           1.50
         Excess                        $12,607,000           7.38%

Core Capital:
         Actual                        $15,170,000           8.88%
         Required                        5,126,000           3.00
         Excess                        $10,044,000           5.88%

Risk-Based Capital:
         Actual                        $16,588,000          13.80%
         Required                        9,613,000           8.00
         Excess                        $ 6,975,000           5.80%

                                        6
<PAGE>

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

The Company's total assets increased by $9.5 million or 5.9% from $161.3 million
at June 30, 2001 to $170.8  million at December 31, 2001. The increase in assets
was   due  to   mortgage-backed   securities   growth   of  $7.3   million   and
interest-bearing deposit growth of $2.5 million.

Interest bearing  deposits  increased $2.5 million from $9.2 million at June 30,
2001 to $11.7 million at December 31, 2001.  The increase  during the period was
primarily due to deposit growth. In the upcoming months, these funds 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 $7.3
million from $2.2 million at June 30, to $9.5 million at December 31, 2001.  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 December 31, 2001 the  securities had an estimated
fair value of $9.4 million.

Net loans  decreased $1.3 million from $136.8 million at June 30, 2001 to $135.6
December 31, 2001.  During the six months ended December 31, 2001, a decrease in
single family  mortgage loans of $4.0 million was partially  offset by increases
of $2.7  million in  commercial  mortgage  loans and  $800,000 in single  family
construction  loans. The decrease in single family mortgage loans was due to the
refinancing  of  portfolio   loans  into  sold  loans.  In  the  commercial  and
construction   loan  areas,  the  Bank  benefited  from  strong  local  purchase
financing, local construction activity and loan refinancing.

During the six months ended  December 31, 2001,  the Bank sold $30.8  million of
fixed-rate loans to the Federal Home Loan Mortgage Corporation.  At December 31,
2001,  loans held for sale were $1.1 million.  The loans are valued at the lower
of cost or market.

The allowance for loan losses totaled $1.4 million at December 31, 2001 and $1.3
million at June 30, 2001.  At December 31, 2001 and June 30, 2001,  the ratio of
the allowance for loan losses to net loans was 1.05% and 0.99%, respectively. As
of those dates the  non-performing  loans in the Bank's  portfolio were $1.9 and
$1.8 million,  respectively. The total non-performing loans at December 31, 2001
included 35 loans secured by commercial real estate,  single family  residences,
vacant land,  business  equipment  and autos.  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.  During the six
months ended  December 31, 2001,  there were $45,000 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 December 31, 2001 deposits  increased to $110.0 million from $98.5 million at
June 30, 2001 or a net increase of 11.7%. Seasonal growth, competitive rates and
stock market  uncertainty  fueled the growth.  The increase funded investment in
mortgage backed securities and interest bearing deposits.

Advances from the Federal Home Loan Bank  decreased to $42.4 million at December
31,  2001 from  $44.1  million  at June 30,  2001.  Over the next few  quarters,
advances are expected to decrease as they mature and are paid off with  interest
bearing deposits.

                                        8
<PAGE>

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

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  8,800 shares at a cost of $146,000.  For the
six months ended  December 31, 2001,  the Bank  repurchased  106,783 shares at a
cost of $1.9 million.  On November 19, 2001, the Company paid dividends of $0.25
per share.


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

Net Income.  The  Company's  net income for the three months ended  December 31,
2001 was $474,000  compared to $289,000 for the three months ended  December 31,
2000. 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 December 31,
2001 was $1.7  million  compared  to $1.4  million  for the three  months  ended
December 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 decreased from 8.74% for the three months ended December
31, 2000 to 8.18% for the three months ended December 31, 2001. The decrease was
due to growth in low earning  interest  bearing  deposits  and  mortgage  backed
securities. The average cost of interest bearing liabilities also decreased from
5.11% for the three months ended December 31, 2000 to 4.36% for the three months
ended  December 31, 2001.  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 3.63% for the three months ended December 31, 2000 to
3.82% for the three months ended December 31, 2001.

Provision  for Losses on Loans.  The provision for loan loss was $55,000 for the
three months ended December 31, 2001 as compared to $75,000 for the three months
ended  December 31,  2000.  The decline  reflects the relative  stability in the
Bank's problem assets during the quarter.

Non-interest Income. Non-interest income was $596,000 for the three months ended
December 31, 2001 as compared to $230,000  for the three  months ended  December
31, 2000. Loan  origination  growth from favorable  mortgage loan interest rates
increased  income from loan sales. For the three months ended December 31, 2001,
the Bank sold $19.0  million as  compared to $2.4  million for the three  months
ended December 31, 2000. The increased loan activity also helped boost title and
escrow fees from High Country Title and Escrow Company and other loan fees.

Non-interest  Expenses.  Non-interest  expenses  were $1.5 million for the three
months ended  December 31, 2001 as compared to $1.1 million for the three months
ended December 31, 2000. Increases occurred in compensation and benefit expense,
occupancy  expense and other  expenses.  The  increases  are tied to  additional
employees associated with growth.

COMPARISON  OF OPERATING  RESULTS FOR THE SIX MONTHS ENDED  DECEMBER 31 2001 AND
2000

Net Income.  The Company's net income for the six months ended December 31, 2001
was $885,000  compared to $550,000  for the six months ended  December 31, 2000.
The increase in net income resulted primarily from increased interest income and
non-interest  loan sale income which offset  increased  interest,  compensation,
occupancy and other operating expense.

                                        9
<PAGE>
                           HIGH COUNTRY BANCORP, INC.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS

Net Interest  Income.  Net interest income for the six months ended December 31,
2001 was $3.3 million compared to $2.8 million for the six months ended December
31, 2000.  The increase is  attributed to increase  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  decreased from 8.65% for the six months ended December 31, 2000
to 8.33% for the six months ended  December  31, 2001.  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 5.03% for the six months ended
December  31, 2000 to 4.56% for the six months  ended  December  31,  2001.  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 3.62% for the
six months ended  December  31, 2000 to 3.77% for the six months ended  December
31, 2001.

Non-interest  Income.  Non-interest  income  increased from $442,000 for the six
months ended December 31, 2000 to $1.0 million for the six months ended December
31, 2001.  The increase is primarily  due to loan sales of $30.8 million for the
six months ended  December 31, 2001  compared to $6.3 million for the six months
ended  December 31, 2000.  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 $2.2 million for the
six months  ended  December  31, 2000 to $2.8  million for the six months  ended
December 31, 2001. 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.

IMPACT OF INFLATION AND CHANGING PRICES

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

                                       10
<PAGE>

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

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.

                  The Company held its annual meeting on October 30, 2001 in
                  Salida, Colorado. At the meeting, Philip W. Harsh and Scott G.
                  Erchul were reelected to three-year terms. The voting results
                  were as follows:
<TABLE>
<CAPTION>
                                                Votes For                    Withheld
                                            Number     Percent           Number     Percent
                                            -----------------------------------------------
                  <S>                       <C>        <C>               <C>         <C>
                  Phillip W. Harsh          919,593    99.9%               530       0.1%
                  Scott G Erchul            918,023    99.7%             2,100       0.3%
</TABLE>

                  There were 19,572 broker non-votes.

     ITEM 5:      Other Information

                  None

     ITEM 6:      Exhibits and Reports on Form 8-K

                  Form 8-K was filed November 5, 2001 reporting under Item 5 the
                  commencement of a stock repurchase program to acquire up to
                  92,221 shares of the Company's common stock.


     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, 2002                   /s/ Larry D. Smith
              ----------------                   -------------------------------
                                                 Larry D. Smith, President


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