SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                                   (Mark One)

[X]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
           EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001

                                       OR

[ ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
           EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

                        Commission file number: 333-35799

                             UNION COMMUNITY BANCORP
               (Exact name of registrant specified in its charter)

Indiana                                                  35-2025237
(State or other jurisdiction of                          (I.R.S. Employer
incorporation or organization)                           Identification  Number)


                              221 East Main Street
                          Crawfordsville, Indiana 47933
                    (Address of principal executive offices,
                               including Zip Code)

                                 (765) 362-2400
              (Registrant's telephone number, including area code)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  report),  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

The  number of shares of the  Registrant's  common  stock,  without  par  value,
outstanding as of March 31, 2001 was 2,270,000.




<PAGE>



                             Union Community Bancorp
                                    Form 10-Q

                                      Index

                                                                        Page No.
                                                                        --------
FORWARD LOOKING STATEMENT                                                   3

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

            Consolidated Condensed Balance Sheet                            4

            Consolidated Condensed Statement of Income                      5

            Consolidated Condensed Statement of Shareholders' Equity        6

            Consolidated Condensed Statement of Cash Flows                  7

            Notes to Unaudited Consolidated Condensed Financial Statements  8

Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations.                                        8

Item 3.   Quantitative and Qualitative Disclosures about Market Risk       10

PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings                                                11
Item 2.   Changes in Securities                                            11
Item 3.   Defaults Upon Senior Securities                                  11
Item 4.   Submission of Matters to a Vote of Security Holders              11
Item 5.   Other Information                                                11
Item 6.   Exhibits and Reports on Form 8-K                                 11

SIGNATURES                                                                 12




<PAGE>




                            FORWARD LOOKING STATEMENT

This  Quarterly  Report on Form 10-Q ("Form  10-Q")  contains  statements  which
constitute  forward  looking  statements  within  the  meaning  of  the  Private
Securities Litigation Reform Act of 1995. These statements appear in a number of
places in this Form 10-Q and include  statements  regarding the intent,  belief,
outlook, estimate or expectations of the Company (as defined in the notes to the
consolidated  condensed  financial  statements),  its  directors or its officers
primarily with respect to future events and the future financial  performance of
the  Company.  Readers  of this Form 10-Q are  cautioned  that any such  forward
looking  statements  are not  guarantees  of future  events or  performance  and
involve risks and  uncertainties,  and that actual results may differ materially
from those in the forward looking statements as a result of various factors. The
accompanying  information  contained  in this  Form  10-Q  identifies  important
factors that could cause such  differences.  These  factors  include  changes in
interest   rates;   loss  of  deposits  and  loan  demand  to  other   financial
institutions;  substantial changes in financial markets;  changes in real estate
values and the real estate market; or regulatory changes.



<PAGE>
PART I  FINANCIAL INFORMATION
Item 1.  Financial Statements
<TABLE>
<CAPTION>
                     UNION COMMUNITY BANCORP AND SUBSIDIARY
                      Consolidated Condensed Balance Sheet
                                   (Unaudited)

                                                                                         March 31,              December 31,
                                                                                           2001                     2000
                                                                                  --------------------------------------------------
<S>                                                                                   <C>                     <C>
  Assets
       Cash                                                                           $      195,446          $      210,601
       Interest-bearing demand deposits                                                    6,160,598               4,544,085
                                                                                  --------------------------------------------------
           Cash and cash equivalents                                                       6,356,044               4,754,686
       Investment securities held to maturity                                              5,723,177               7,567,432
       Loans, net of allowance for loan losses of $494,554 and $479,554                  109,477,011             109,505,174
       Premises and equipment                                                                406,946                 373,986
       Federal Home Loan Bank stock                                                        1,180,700               1,043,700
       Investment in limited partnership                                                     886,609                 911,609
       Interest receivable                                                                   884,379                 958,450
       Other assets                                                                          149,667                 238,453
                                                                                  --------------------------------------------------

           Total assets                                                               $  125,064,533          $  125,383,490
                                                                                  ==================================================

  Liabilities
       Deposits
           Noninterest-bearing                                                        $    1,802,914          $    1,769,103
           Interest-bearing                                                               73,840,317              71,047,357
                                                                                  --------------------------------------------------
                Total deposits                                                            75,643,231              72,816,460
       Federal Home Loan Bank advances                                                    12,405,633              14,534,893
       Note payable                                                                          477,142                 654,542
       Interest payable                                                                      142,139                 196,223
       Dividends payable                                                                     317,683                 326,783
       Other liabilities                                                                     659,610                 666,655
                                                                                  --------------------------------------------------
           Total liabilities                                                              89,645,438              89,195,556
                                                                                  --------------------------------------------------

  Commitments and Contingent Liabilities

  Shareholders' Equity
       Preferred stock, no par value
           Authorized and unissued - 2,000,000 shares
       Common stock, no-par value
           Authorized - 5,000,000 shares
           Issued and outstanding - 2,270,000 and 2,341,000 shares                        22,183,045              22,868,943
       Retained earnings                                                                  15,860,409              16,025,304
       Unearned employee stock ownership plan (ESOP) shares                               (1,496,038)             (1,521,125)
       Unearned recognition and retention plan (RRP) shares                               (1,128,321)             (1,185,188)
                                                                                  --------------------------------------------------
           Total shareholders' equity                                                     35,419,095              36,187,934
                                                                                  --------------------------------------------------

           Total liabilities and shareholders' equity                                 $  125,064,533          $  125,383,490
                                                                                  ==================================================
</TABLE>

  See notes to consolidated condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>

                     UNION COMMUNITY BANCORP AND SUBSIDIARY
                   Consolidated Condensed Statement of Income
                                   (Unaudited)

                                                                                                Three Months Ended
                                                                                                     March 31
                                                                                      ---------------------------------------
                                                                                             2001                 2000
                                                                                      ---------------------------------------
<S>                                                                                   <C>                     <C>
  Interest and Dividend Income
       Loans                                                                          $    2,171,769          $    2,106,274
       Investment securities                                                                 119,196                 131,531
       Dividends on Federal Home Loan Bank stock                                              22,990                  20,760
       Deposits with financial institutions                                                   77,877                  23,296
                                                                                      --------------------------------------
           Total interest and dividend income                                              2,391,832               2,281,861
                                                                                      --------------------------------------

  Interest Expense
       Deposits                                                                            1,031,349                 897,382
       Federal Home Loan Bank advances                                                       219,022                 171,180
                                                                                      --------------------------------------
           Total interest expense                                                          1,250,371               1,068,562
                                                                                      --------------------------------------

  Net Interest Income                                                                      1,141,461               1,213,299
       Provision for loan losses                                                              15,000                  15,000
                                                                                      --------------------------------------
  Net Interest Income After Provision for Loan Losses                                      1,126,461               1,198,299
                                                                                      --------------------------------------

  Other Income (Losses)
       Equity in losses of limited partnerships                                              (25,000)                (30,000)
       Net realized gains on sales of available for sale securities                                                    8,331
       Other income                                                                           44,148                  33,096
                                                                                      --------------------------------------
           Total other income (losses)                                                        19,148                  11,427
                                                                                      --------------------------------------

  Other Expenses
       Salaries and employee benefits                                                        310,530                 266,106
       Net occupancy expenses                                                                 11,538                   5,914
       Equipment expenses                                                                      6,472                   4,978
       Deposit insurance expense                                                               3,644                   3,840
       Legal and professional fees                                                            31,375                  22,805
       Data processing fees                                                                   18,289                  19,502
       Other expenses                                                                        114,887                  69,470
                                                                                      --------------------------------------
           Total other expenses                                                              496,735                 392,615
                                                                                      --------------------------------------

  Income Before Income Tax                                                                   648,874                 817,111
       Income tax expense                                                                    213,028                 281,889
                                                                                      --------------------------------------

  Net Income                                                                          $      435,846          $      535,222
                                                                                      ======================================

  Basic Earnings per Share                                                                  $  .21                  $  .23
                                                                                      ======================================

  Diluted Earnings per Share                                                                $  .21                  $  .23
                                                                                      ======================================
</TABLE>

  See notes to consolidated condensed financial statements.
<PAGE>

<TABLE>
<CAPTION>

                     UNION COMMUNITY BANCORP AND SUBSIDIARY
            Consolidated Condensed Statement of Shareholders' Equity
                    For the Three Months Ended March 31, 2001
                                   (Unaudited)




                                            Common Stock
                                    ------------------------------                      Unearned
                                       Shares                          Retained           ESOP           Unearned
                                     Outstanding        Amount          Earnings         Shares         Compensation        Total
                                    ------------------------------------------------------------------------------------------------

<S>                                   <C>           <C>             <C>              <C>               <C>            <C>
Balances, January 1, 2001             2,341,000     $22,868,943     $ 16,025,304     $(1,521,125)      $(1,185,188)   $ 36,187,934
  Net income for the period                                              435,846                                           435,846
  Cash dividends ($.15 per share)                                       (317,683)                                `        (317,683)
  Purchase of common  stock             (71,000)       (693,717)        (283,058)                                         (976,775)
  Amortization of unearned
compensation expense                                                                                        56,867          56,867
  ESOP shares earned                                      7,819                           25,087                            32,906
                                    ------------------------------------------------------------------------------------------------
Balances, March 31, 2001              2,270,000     $22,183,045      $15,860,409     $(1,496,038)      $(1,128,321)   $ 35,419,095
                                    ================================================================================================


</TABLE>

See notes to consolidated condensed financial statements.




<PAGE>
<TABLE>
<CAPTION>
                     UNION COMMUNITY BANCORP AND SUBSIDIARY
                 Consolidated Condensed Statement of Cash Flows
                                   (Unaudited)

                                                                                                  Three Months Ended
                                                                                                       March 31,
                                                                                              --------------------------------
                                                                                                   2001             2000
                                                                                              --------------------------------
<S>                                                                                               <C>             <C>
  Operating Activities
       Net income                                                                                 $ 435,846       $  535,222
       Adjustments to reconcile net income to net cash provided by operating activities
         Provision for loan losses                                                                   15,000           15,000
         Depreciation and amortization                                                                7,468            6,530
         Investment securities accretion, net                                                          (840)          (2,962)
         Gain on sale of investment securities available for sale                                                     (8,331)
         Equity in losses of limited partnerships                                                    25,000           30,000
         Amortization of unearned compensation expense                                               56,867           56,867
         ESOP shares earned                                                                          32,906           27,792
         Net change in:
           Interest receivable                                                                       74,071            6,982
           Interest payable                                                                         (54,084)          15,515
           Other assets                                                                              88,786           85,461
           Other liabilities                                                                       (161,336)          96,069
                                                                                              --------------------------------
                Net cash provided by operating activities                                           519,684          864,145
                                                                                              --------------------------------

  Investing Activities
       Investment securities
           Purchase FHLB stock                                                                     (137,000)
           Proceeds from sales of investment securities available for sale                                            87,997
           Proceeds from maturities of securities held to maturity and paydowns
                of mortgage-backed securities                                                     1,875,095           62,985
       Net changes in loans                                                                          13,163       (1,439,556)
       Purchases of property and equipment                                                          (40,428)          (2,396)
                                                                                              --------------------------------
                Net cash provided (used) by investing activities                                  1,710,830       (1,290,970)
                                                                                              --------------------------------

  Financing Activities
       Net change in
         Interest-bearing demand and savings deposits                                             1,593,375        1,016,740
         Certificates of deposit                                                                  1,233,396          823,854
       Proceeds from borrowings                                                                   4,000,000        6,000,000
       Repayment of borrowings                                                                   (6,306,660)      (7,306,533)
       Cash dividends                                                                              (326,783)        (315,591)
       Repurchase of common stock                                                                  (976,775)        (344,763)
       Net change in advances by borrowers for taxes and insurance                                  154,291          144,090
                                                                                              --------------------------------
                Net cash provided (used) by financing activities                                   (629,156)          17,797
                                                                                              --------------------------------

  Net Change in Cash and Cash Equivalents                                                         1,601,358         (409,028)

  Cash and Cash Equivalents, Beginning of Period                                                  4,754,686        3,117,025
                                                                                              --------------------------------

  Cash and Cash Equivalents, End of Period                                                      $ 6,356,044      $ 2,707,997
                                                                                              ================================

  Additional Cash Flows Information
       Interest paid                                                                            $ 1,304,455      $ 1,053,047
       Income tax paid                                                                              287,000          228,025

</TABLE>

  See notes to consolidated condensed financial statements.
<PAGE>



                     UNION COMMUNITY BANCORP AND SUBSIDIARY
         Notes to Unaudited Consolidated Condensed Financial Statements

Note 1: Basis of Presentation

The consolidated  financial  statements  include the accounts of Union Community
Bancorp  (Company) and its wholly owned  subsidiary,  Union Federal  Savings and
Loan  Association,  a federally  chartered  savings and loan association  (Union
Federal). A summary of significant accounting policies is set forth in Note 1 of
Notes to Financial Statements included in the December 31, 2000 Annual Report to
Shareholders.  All significant  intercompany accounts and transactions have been
eliminated in consolidation.

The interim  consolidated  financial statements have been prepared in accordance
with instructions to Form 10-Q, and therefore do not include all information and
footnotes  necessary for a fair presentation of financial  position,  results of
operations  and cash flows in  conformity  with  generally  accepted  accounting
principles.

The interim  consolidated  financial  statements at March 31, 2001,  and for the
three months ended March 31, 2001 and 2000, have not been audited by independent
accountants,  but reflect, in the opinion of management,  all adjustments (which
include  only normal  recurring  adjustments)  necessary  to present  fairly the
financial position, results of operations and cash flows for such periods.

Note 2: Earnings Per Share

Earnings per share have been  computed  based upon the  weighted-average  common
shares  outstanding.  Unearned  Employee  Stock  Ownership Plan shares have been
excluded from the computation of average common shares outstanding.
<TABLE>
<CAPTION>

                                              Three Months Ended                            Three Months Ended
                                                March 31, 2001                                March 31, 2000
                                                --------------                                --------------
                                                   Weighted                                      Weighted
                                                    Average        Per Share                      Average      Per Share
                                      Income        Shares           Amount         Income         Shares        Amount
                                      ------        ------           ------         ------         ------        ------
<S>                                   <C>           <C>              <C>            <C>          <C>              <C>
Basic earnings per share
  Income available to common
  shareholders                        $ 435,846     2,077,406        $ .21          $ 535,222    2,324,276        $ .23
                                                                  ===========                                  ===========

Effect of dilutive RRP awards
and stock options
                                   -------------------------------               ------------------------------
Diluted earnings per share
Income available to  common
shareholders and assumed
conversions                           $ 435,846     2,077,406        $ .21          $ 535,222    2,324,276        $ .23
                                   ==========================================    =========================================

</TABLE>


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


General

Union Community Bancorp, an Indiana  corporation (the "Company"),  was organized
in September,  1997. On December 29, 1997, it acquired the common stock of Union
Federal Savings and Loan  Association  ("Union  Federal") upon the conversion of
Union Federal from a federal  mutual  savings and loan  association to a federal
stock savings and loan association.

Union Federal was organized as a state-chartered savings and loan association in
1913. Since then, Union Federal has conducted its business from its full-service
office located in Crawfordsville, Indiana. Union Federal opened its first branch
office in  Crawfordsville on April 2, 2001. Union Federal's  principal  business
consists  of  attracting  deposits  from  the  general  public  and  originating
fixed-rate and  adjustable-rate  loans secured primarily by first mortgage liens
on one- to four-family residential real estate. Union Federal's deposit accounts
are insured up to applicable  limits by the Savings  Association  Insurance Fund
("SAIF") of the Federal Deposit Insurance  Corporation  ("FDIC").  Union Federal
offers a number of financial  services,  including:  (i) residential real estate
loans;  (ii)  multi-family  loans;  (iii)  commercial  real estate  loans;  (iv)
construction  loans;  (v) home improvement  loans and consumer loans,  including
single-pay  loans,  loans secured by deposits,  installment loans and commercial
loans;  (vi) money market demand  accounts  ("MMDAs");  (vii)  passbook  savings
accounts; and (viii) certificates of deposit.

Union Federal currently owns one subsidiary,  UFS Service Corp.  ("UFS"),  whose
sole asset is its investment in Pedcor Investments  1993-XVI,  L.P.  ("Pedcor"),
which is an Indiana limited partnership that was established to organize, build,
own, operate and lease a 48-unit  apartment complex in  Crawfordsville,  Indiana
known as Shady Knoll II  Apartments  (the  "Project").  Union  Federal  owns the
limited partner  interest in Pedcor.  The general partner is Pedcor  Investments
LLC. The Project,  operated as a multi-family,  low- and moderate-income housing
project,  is  completed  and is  performing  as  planned.  Because  UFS  engages
exclusively  in  activities  that  are  permissible  for a  national  bank,  OTS
regulations  permit  Union  Federal  to  include  its  investment  in UFS in its
calculation of regulatory capital.

Union  Federal's  results of operations  depend  primarily upon the level of net
interest income,  which is the difference  between the interest income earned on
interest-earning assets, such as loans and investments,  and costs incurred with
respect to  interest-bearing  liabilities,  primarily  deposits and  borrowings.
Results of operations also depend upon the level of Union Federal's non-interest
income,  including  fee  income  and  service  charges,  and  the  level  of its
non-interest expenses, including general and administrative expenses.

Financial Condition

Total assets decreased $318,000, or 3%, to $125.1 million at March 31, 2001. Net
loans  remained  constant at $109.5  million at both December 31, 2000 and March
31, 2001.  Investment  securities held to maturity decreased $1.9 million during
the first quarter of 2001 primarily due to proceeds of $1.7 million  received on
investment  securities that were called prior to their scheduled maturity dates.
Cash and interest-bearing  deposits in other banks increased $1.6 million during
the  first  quarter  of 2001  due in part to the  proceeds  received  on  called
securities.

Deposits  increased by $2.8 million to $75.6 million during the first quarter of
2001. Demand and savings deposits increased $1.6 million, or 7.2%, from December
31, 2000 to March 31, 2001 while certificates of deposit increased $1.2 million,
or 2.4%, during this period.

Borrowed funds  decreased by $2.3 million,  or 15.2%,  from December 31, 2000 to
March 31, 2001. The decrease in total borrowed funds resulted from a decrease in
FHLB  advances of $2.1  million and a decrease in the note  payable to a limited
partnership of $178,000.

Stockholder's  equity decreased $769,000 to $35.4 million at March 31, 2001. The
decrease was primarily due to stock  repurchases  of $977,000 and cash dividends
of $318,000.  These  decreases  were offset by net income for three months ended
March 31, 2001 of  $436,000,  Employee  Stock  Ownership  Plan shares  earned of
$33,000 and unearned compensation amortization of $57,000.

Comparison  of  Operating  Results for the Three Months Ended March 31, 2001 and
2000

Net income decreased $99,000, or 18.5%, from $535,000 for the three months ended
March 31, 2000 to  $436,000  for the three  months  ended  March 31,  2001.  The
decrease were primarily attributable to a decrease in net interest income and an
increase in  non-interest  expense  offset by a reduction in income tax expense.
The return on average assets for the three months ended March 31, 2001 was 1.37%
compared to 1.77% for the comparable period in 2000.

Interest  income  increased  $110,000,  or 4.8%, from $2.3 million for the three
months  ended March 31, 2000 to $2.4  million for same period in 2001.  Interest
expense  increased  $182,000,  or 17.0%,  from $1.1 million for the three months
ended March 31, 2000 to $1.3  million for the same period in 2001.  As a result,
net interest  income for the three months ended March 31, 2001  amounted to $1.1
million,  a 5.9% decrease  from the first  quarter of 2000.  The decrease in net
interest income was attributable to an increase in the cost of  interest-bearing
liabilities  from  5.30%  for the first  quarter  of 2000 to 5.62% for the first
quarter to 2001.

The provision for loan losses made for the three months ended March 31, 2001 was
$15,000 as compared to $15,000 for the same period in 2000.  The 2001  provision
and the  allowance  for loan losses  were  considered  adequate,  based on size,
condition and components of the loan portfolio.  While management estimates loan
losses using the best  available  information,  no  assurance  can be given that
future  addition  to the  allowance  will not be  necessary  based on changes in
economic  and  real  estate  market  conditions,  further  information  obtained
regarding problem loans,  identification  of additional  problem loans and other
factors, both within and outside of management's control.

Other  income  (losses)  increased  from income of $11,000 for the three  months
ended March 31, 2000 to income of $19,000 for the three  months  ended March 31,
2001.

Other expenses increased from $392,000 for the first quarter of 2000 to $497,000
for the first  quarter of 2001,  an  increase of  $105,000.  This  increase  was
primarily  due to increases in salaries and employee  benefits and other expense
resulting  from  nominal  increases  in a  variety  of  expense  categories.  In
addition, the Association opened a new branch office in Crawfordsville, Indiana,
on April 2,  2001.  During  the first  quarter  of 2001,  the  Company  incurred
additional  expense  related to the  preparation and staffing of this new branch
office.

Income tax expense  decreased $69,000 or 24.4%, for the three months ended March
31, 2001 compared to the same period in 2000. The decrease was directly  related
to the decrease in taxable income for the period.

Asset Quality

Union  Federal  currently  classifies  loans as  special  mention,  substandard,
doubtful  and loss to  assist  management  in  addressing  collection  risks and
pursuant to regulatory  requirements  which are not necessarily  consistent with
generally  accepted  accounting  principles.  Special  mention  loans  represent
credits  that  have  potential   weaknesses  that  deserve   management's  close
attention.  If left  uncorrected,  these  potential  weaknesses  may  result  in
deterioration  of the repayment  prospects or Union Federal's credit position at
some future date.  Substandard  loans  represent  credits  characterized  by the
distinct  possibility  that some loss will be sustained if deficiencies  are not
corrected.  Doubtful loans possess the characteristics of substandard loans, but
collection  or  liquidation  in full is  doubtful  based  upon  existing  facts,
conditions and values. A loan classified as a loss is considered  uncollectible.
Union Federal had $458,000 and $461,000 of loans  classified as special  mention
as of March 31, 2001 and December  31, 2000  respectively.  In  addition,  Union
Federal had $1.2 million and $1.4 million of loans  classified as substandard at
March 31,  2001 and  December  31,  2000,  respectively.  At March 31,  2001 and
December 31, 2000,  no loans were  classified  as doubtful or loss. At March 31,
2001,  and  December  31,  2000,  respectively,  $264,000  and  $406,000  of the
substandard  loans were  non-accrual  loans.  The  allowance for loan losses was
$495,000  or .45% of loans at March 31,  2001 as compared to $480,000 or .44% of
loans at December 31, 2000.

Liquidity and Capital Resources

The standard measure of liquidity for savings  associations is the ratio of cash
and eligible  investments to a certain  percentage of net  withdrawable  savings
accounts  and  borrowings  due within one year.  The minimum  required  ratio is
currently set by the Office of Thrift Supervision  regulation at 4%. As of March
31, 2001,  Union Federal had liquid assets of 12.2 million and a liquidity ratio
of 13.9%.

Other

The  Securities  and  Exchange  Commission  maintains  a Web site that  contains
reports,   proxy  information   statements,   and  other  information  regarding
registrants that file electronically with the Commission, including the Company.
The address is http://www.sec.gov.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Presented below, as of March 31, 2001 and 2000, is an analysis  performed by the
OTS of Union  Federal's  interest  rate risk as  measured  by  changes  in Union
Federal's net portfolio value ("NPV") for instantaneous  and sustained  parallel
shifts in the yield curve, in 100 basis point increments,  up and down 300 basis
points.

                                 March 31, 2001
                                 --------------
                       Net Portfolio Value              NPV as % of PV of Assets
Changes
In Rates      $ Amount      $ Change       % Change     NPV Ratio        Change
--------      --------      ---------      --------     ---------        ------
+300 bp         31,999        -7,053         -18%        26.90%         -331 bp
+200 bp         34,374        -4,678         -12%        28.09%         -212 bp
+100 bp         36,831        -2,221          -6%        29.26%          -96 bp
   0 bp         39,052                                   30.21%
-100 bp         40,390         1,338           3%        30.64%          +43 bp
-200 bp         41,234         2,183           6%        30.79%          +57 bp
-300 bp         42,161         3,109           8%        30.95%          +74 bp



<PAGE>





                                      March 31, 2000
                                      --------------
                         Net Portfolio Value           NPV as % of PV of Assets
Changes
In Rates     $ Amount       $ Change     % Change      NPV Ratio        Change
--------     --------       --------     --------      ---------        ------
+300 bp         23,768        -9,236         -28%        21.64%         -584 bp
+200 bp         26,777        -6,227         -19%        23.66%         -383 bp
+100 bp         29,896        -3,107          -9%        25.63%         -185 bp
   0 bp         33,004                                   27.49%
-100 bp         35,852         2,848           9%        29.09%         +160 bp
-200 bp         37,948         4,944          15%        30.19%         +271 bp
-300 bp         39,746         6,743          20%        31.10%         +361 bp



The  analysis  at March 31,  2001  indicates  that there  have been no  material
changes in market  interest  rates or in the Company's  interest rate  sensitive
instruments  which  would cause a material  change in the market risk  exposures
which affect the  quantitative  and qualitative risk disclosures as presented in
Item 7A of the  Company's  Annual  Report  on Form  10-K  for the  period  ended
December 31, 2000.



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.

              None.

Item 4.       Submission of Matters to Vote of Security Holders.

              None.

Item 5.       Other Information.

              None.

Item 6.       Exhibits and Reports on Form 8-K.

                (a)     No  reports on Form 8-K were  filed  during the  quarter
                        ended March 31, 2001.




<PAGE>



                                   Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                      UNION COMMUNITY BANCORP

Date:         May 2, 2001                   By: /s/ Joseph E. Timmons
                                            -------------------------

                                                        Joseph E. Timmons
                                                        President and
                                                        Chief Executive Officer

Date:         May 2, 2001                   By: /s/ Denise E. Swearingen
                                            ----------------------------

                                                        Denise E. Swearingen
                                                        Treasurer