SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


                                QUARTERLY REPORT


                       Pursuant to Section 13 or 15 (d) of
                       The Securities Exchange Act of 1934


For the Quarter Ended:
---------------------

     March 31, 2001                    Commission File Number  0-18392
                                                               -------


                                Ameriana Bancorp

Indiana                                                    35-1782688
--------------------------------------------     -------------------------------
(State or other jurisdiction of                  (I.R.S. employer identification
incorporation or organization)                            number)


2118 Bundy Avenue, New Castle, Indiana                       47362-1048
--------------------------------------                       ----------
(Address of principal executive offices)                     (Zip Code)


Registrant's telephone number, include area code  (765) 529-2230
                                                  --------------


Securities registered pursuant to Section 12(g) of Act:


                     Common Stock, par value $1.00 per share
                     ---------------------------------------
                                (Title of Class)


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 reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                            YES  XX     NO __
                                                 --

As of May 8, 2001, there were issued and outstanding 3,146,616 shares of the
registrant's common stock.


<PAGE>


AMERIANA BANCORP AND SUBSIDIARIES



                                    CONTENTS


PART I  -  FINANCIAL INFORMATION                                        Page No.
                                                                        -------

     ITEM 1 - Financial statements

              Consolidated Condensed Statements of Condition-
              Unaudited as of March 31, 2001, December 31, 2000
              and March 31, 2000 . . . . . . . . . . . . . . . . . . . .   3

              Consolidated Condensed Statements of Income-
              Unaudited for the Three Months Ended March 31,
              2001 and 2000. . . . . . . . . . . . . . . . . . . . . . .   4

              Consolidated Condensed Statements of Cash Flows-
              Unaudited for the Three Months Ended March 31,
              2001 and 2000. . . . . . . . . . . . . . . . . . . . . . .   5

              Notes to Consolidated Condensed Financial
              Statements . . . . . . . . . . . . . . . . . . . . . . . .   6


     ITEM 2 - Management's Discussion and Analysis of
              Financial Condition and Results of
              Operations . . . . . . . . . . . . . . . . . . . . . . . .   7


     ITEM 3 - Quantitative and Qualitative Disclosure
                           About Interest Rate Risk. . . . . . . . . . .  10


PART II  -  OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . .  13


SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14



                                                                               2

<PAGE>
PART I  -  FINANCIAL INFORMATION

                               AMERIANA BANCORP AND SUBSIDIARIES
                  CONSOLIDATED CONDENSED STATEMENTS OF CONDITION - Unaudited
                               (In thousands, except share data)
<TABLE>
<CAPTION>
                                                           March 31,   December 31,   March 31,
                                                             2001         2000          2000
                                                           ---------   -----------    ---------
<S>                                                        <C>          <C>          <C>
Assets

 Cash on hand and in other institutions                   $   8,456    $  14,609    $   7,754
  Interest-bearing demand deposits                            3,354        4,422        3,163
  Interest-bearing time deposits                                --           --           100
  Investment securities held to maturity  (fair
     value of  $76,494, $86,152
     and $82,193, respectively)                              76,659       87,901       87,776
  Mortgage-backed securities held to maturity (fair
     value of $11,142, $11,711
     and $13,715, respectively)                              11,193       11,806       13,923
  Mortgage loans held for sale                                1,371          203         --
  Loans receivable                                          386,381      398,775      356,387
  Allowance for loan losses                                  (1,584)      (1,489)      (1,402)
                                                          ---------    ---------    ---------
      Net loans receivable                                  384,797      397,286      354,985
  Real estate owned                                               4          125          152
  Premises and equipment                                      6,971        7,097        7,134
  Stock in Federal Home Loan Bank                             7,291        7,265        4,993
  Mortgage servicing rights                                     852          847          897
  Investments in unconsolidated affiliates                    1,002        1,037        1,138
  Intangible assets                                           1,626        1,670        1,807
  Cash surrender value of life insurance                     17,384       17,089       16,528
  Other assets                                                4,578        5,931        4,075
                                                          ---------    ---------    ---------
          Total assets                                    $ 525,538    $ 557,288    $ 504,425
                                                          =========    =========    =========
Liabilities and Shareholders' Equity

Liabilities:
  Deposits:
         Noninterest-bearing                              $  13,726    $  12,927    $  18,383
         Interest-bearing                                   376,158      354,668      335,420
                                                          ---------    ---------    ---------
            Total deposits                                  389,884      367,595      353,803
  Advances from Federal Home Loan Bank                       83,016      138,751       98,059
  Notes payable                                               1,730        2,421        2,770
  Drafts payable                                              2,492        3,039        3,318
  Advances by borrowers for taxes and insurance               1,129          939        1,109
  Other liabilities                                           4,994        2,832        4,736
                                                          ---------    ---------    ---------
          Total liabilities                                 483,245      515,577      463,795

Shareholders' equity:
  Preferred stock (5,000,000 shares authorized;
      none issued)                                              --           --           --
  Common stock ($1.00 par value; authorized
       15,000,000 shares; issued shares:
       3,146,616; 3,146,616 and 3,146,616, respectively)      3,147        3,147        3,147
  Additional paid-in capital                                    499          499          499
  Retained earnings-substantially restricted                 38,647       38,065       36,984
                                                          ---------    ---------    ---------
          Total shareholders' equity                         42,293       41,711       40,630
                                                          ---------    ---------    ---------
          Total liabilities and shareholders' equity      $ 525,538    $ 557,288    $ 504,425
                                                          =========    =========    =========
</TABLE>

See accompanying notes.



                                                                               3
<PAGE>

                         AMERIANA BANCORP AND SUBSIDIARIES
             CONSOLIDATED CONDENSED STATEMENTS OF INCOME - Unaudited
                         (In thousands, except share data)
<TABLE>
<CAPTION>
                                                            Three Months Ended March 31,
                                                            ----------------------------
                                                             2001                2000
                                                            --------           --------
<S>                                                          <C>               <C>
Interest Income:
   Interest on loans                                         $ 7,973           $ 6,595
   Interest on mortgage-backed securities                        218               232
   Interest on investment securities                           1,496             1,512
   Other interest and dividend income                            196               163
                                                             -------          -------
      Total interest income                                    9,883             8,502

Interest Expense:
   Interest on deposits                                        4,691             4,033
   Interest on FHLB advances and other loans                   1,960             1,353
                                                             -------          -------
      Total interest expense                                   6,651             5,386
                                                             -------          -------
Net interest income                                            3,232             3,116

Provision for Loan Losses                                         90                70
                                                             -------          -------
Net interest income after provision for loan losses            3,142             3,046

Other Income:
   Net loan servicing fees                                        64               81
   Other fees and service charges                                299              273
   Brokerage and insurance commissions                           259              321
   Net loss on investments in unconsolidated affiliates          (36)             (42)
   Gains on sales of loans and servicing rights                   75               17
   Increase in cash surrender value of life insurance            295              411
   Other                                                          49               37
                                                             -------          -------
      Total other income                                       1,005            1,098

Other Expense:
   Salaries and employee benefits                              1,599            1,696
   Net occupancy expense                                         381              346
   Federal insurance premium                                      18               19
   Data processing expense                                        69               65
   Printing and office supplies                                   88               77
   Amortization of intangible assets                              44               46
   Other                                                         479              441
                                                             -------          -------
      Total other expense                                      2,678            2,690
                                                             -------          -------
Income before income taxes                                     1,469            1,454

Income taxes                                                     415              389
                                                             -------          -------
Net Income                                                   $ 1,054          $ 1,065
                                                             =======          =======

Basic Earnings Per Share                                     $  0.33          $  0.34
                                                             =======          =======
Diluted Earnings Per Share                                   $  0.33          $  0.34
                                                             =======          =======
Dividends Declared Per Share                                 $  0.15          $  0.15
                                                             =======          =======
</TABLE>
See accompanying notes.


                                                                               4
<PAGE>

                        AMERIANA BANCORP AND SUBSIDIARIES
           CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - Unaudited
                                 (In thousands)
<TABLE>
<CAPTION>
                                                        Three Months Ended March 31,
                                                        ----------------------------
                                                             2001         2000
                                                        ------------   -------------
<S>                                                        <C>           <C>
OPERATING ACTIVITIES
Net income                                                 $  1,054      $  1,065
Adjustments to reconcile net income to net
  cash provided by operating activities:
    Provisions for losses on loans and real estate owned         90            70
    Depreciation and amortization                               348           119
    Equity in loss of limited partnership                        36            42
    Mortgage servicing rights amortization                       36            23
    Goodwill amortization                                        44            46
    Losses on sales of real estate owned                          1            29
    Increase in cash surrender value of life insurance         (295)         (411)
    Mortgage loans originated for sale                       (9,073)       (1,325)
    Proceeds from sales of mortage loans                      7,938         1,541
    Gains on sales of loans and servicing rights                (75)          (17)
    Increase in other assets                                  1,352         1,142
    Decrease in drafts payable                                 (547)         (584)
    Increase in other liabilities                             2,352         2,053
                                                           --------      --------
       Net cash provided by operating activities              3,261         3,793

INVESTING ACTIVITIES
  Net change in interest-bearing time deposits                 --           1,399
  Proceeds from calls of securities held to maturity         11,075          --
  Principal collected on mortgage-backed securities             604         1,030
  Net change in loans                                        12,379       (29,968)
  Proceeds from sale of real estate owned                       120             2
  Net purchases of premises and equipment                       (26)         (158)
  Purchase of Federal Home Loan Bank stock                      (26)         (652)
                                                           --------      --------
       Net cash provided (used) by investing activities      24,126       (28,347)

FINANCING ACTIVITIES
  Net change in demand and passbook deposits                   (621)       (1,875)
  Net change in certificates of deposit                      22,910           (81)
  Advances from Federal Home Loan Bank                        7,000        68,000
  Repayment of Federal Home Loan Bank advances              (62,735)      (52,452)
  Proceeds from notes payable                                  --           2,500
  Repayment of notes payable                                   (690)          (90)
  Proceeds from exercise of stock options                      --               8
  Cash dividends paid                                          (472)         (472)
                                                           --------      --------
       Net cash provided (used) by financing activities     (34,608)       15,538
                                                           --------      --------
Decrease in cash and cash equivalents                        (7,221)       (9,016)

Cash and cash equivalents at beginning of period             19,031        19,933
                                                           --------      --------
Cash and cash equivalents at end of period                 $ 11,810      $ 10,917
                                                           ========      ========

Supplemental information:
  Interest paid                                            $  4,668      $  3,891
  Income taxes paid                                            --             250
</TABLE>

See accompanying notes.


                                                                               5
<PAGE>

AMERIANA BANCORP AND SUBSIDIARIES


NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
----------------------------------------------------
(Table dollar amounts in thousands, except share data)

NOTE A -- BASIS OF PRESENTATION

The unaudited interim consolidated condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q and, therefore, do not
include all information and disclosures required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, the financial statements reflect all adjustments (comprised only of
normal recurring adjustments and accruals) necessary to present fairly the
Company's financial position as of March 31, 2001, and the results of operations
and changes in cash flows for the three-month periods ended March 31, 2001 and
2000. A summary of the Company's significant accounting policies is set forth in
Note 1 of Notes to Consolidated Financial Statements in the Company's annual
report on Form 10-K for the year ended December 31, 2000.

The Company had two bank subsidiaries, Ameriana Bank and Trust of Indiana (ABT)
and Ameriana Bank of Ohio (ABO) which were merged in October 2000. ABT is the
surviving entity and all information, except for the Interest Rate Risk analysis
and capital ratio analysis, has been combined for prior years.

NOTE B -- SHAREHOLDERS' EQUITY

On February 26, 2001, the Board of Directors declared a quarterly cash dividend
of $.15 per share. This dividend, totaling $471,992, was accrued for payment to
shareholders of record on March 16, 2001, and was paid on April 6, 2001. Payment
was made to 3,146,616 shareholders, the same as at December 31, 2000, as no
stock options have been exercised during 2001.

The Company's net income decreased $11,000, or 1.03%, to $1,054,000 ($.33 basic
and diluted earnings per share) for the quarter ended March 31, 2001, compared
to $1,065,000 ($.34 basic and diluted earnings per share) for the same period in
2000.

Earnings per share were computed as follows:
<TABLE>
<CAPTION>
                                                    (Dollars in thousands, except share data)
                                                          Three Months Ended March 31,
                                                          ----------------------------
                                                    2001                                 2000
----------------------------------------------------------------------------------------------------------
                                                   Weighted    Per                      Weighted    Per
                                                   Average     Share                    Average     Share
                                     Income        Shares      Amount       Income      Shares      Amount
----------------------------------------------------------------------------------------------------------
<S>                                  <C>          <C>          <C>          <C>         <C>          <C>
Basic Earnings Per Share:
  Income available to
    common shareholders              $1,054       3,146,616    $.33         $1,065      3,145,954    $.34
Effect of Dilutive Stock Options          -             156                      -            194
----------------------------------------------------------------------------------------------------------
Diluted Earnings Per Share:
  Income available to
    common shareholders and
    assumed conversions              $1,054       3,146,772    $.33         $1,065      3,146,148    $.34
----------------------------------------------------------------------------------------------------------
</TABLE>

NOTE C - - RECLASSIFICATIONS

Certain reclassifications of 2000 amounts have been made to conform to the 2001
presentation.


                                                                               6
<PAGE>


AMERIANA BANCORP AND SUBSIDIARIES


ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                  AND RESULTS OF OPERATIONS


General
-------

This Quarterly Report on Form 10-Q ("Form 10-Q") may contain 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 primarily with respect to
future events and future financial performance. 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.

The largest components of the Company's total revenue and total expenses are
interest income and interest expense, respectively. Consequently, the Company's
earnings are primarily dependent on its net interest income, which is determined
by (i) the difference between rates of interest earned on interest-earning
assets and rates paid on interest-bearing liabilities ("interest rate spread"),
and (ii) the relative amounts of interest-earning assets and interest-bearing
liabilities. Levels of other income and operating expenses also significantly
affect net income.

Management believes that interest rate risk, i. e., the sensitivity of income
and net asset values to changes in interest rates, is one of the most
significant determinants of the Company's ability to generate future earnings.
Accordingly, the Company has implemented a long-range plan intended to minimize
the effect of changes in interest rates on operations. The asset and liability
management policies of the Company are designed to stabilize long-term net
interest income by managing the repricing terms, rates and relative amounts of
interest-earning assets and interest-bearing liabilities.


RESULTS OF OPERATIONS
---------------------

During the first quarter of 2001, the loan volume increased $3,228,000 compared
to the first quarter of 2000, but the mortgage loan volume consisted of fixed
rate loans that are sold to the secondary market. The sold loans increased
$6,397,000 and the total outstanding loans decreased $12,394,000, or 3.11%,
during the quarter to $386,381,000 at March 31, 2001, from $398,775,000 at
December 31, 2000. The mortgage loans held for sale increased to $1,371,000 at
March 31, 2001, from $203,000 at December 31, 2000. This is the amount of loans
sold and not delivered at quarter end and reflects the increase in demand for
fixed rate verses variable rate mortgage loans. See comments on other income for
detail of gains on loans sold.

The net interest spread (difference between yield on interest-earning assets and
cost on interest-bearing liabilities) has decreased .05% during the first
quarter 2001 compared to the first quarter 2000. The reduction is due to the
increase in interest yield of .50% on interest-earning average assets being less
than the .55% increase in cost on interest-bearing average liabilities. The
increase of the cost of liabilities has resulted from increased rates on the
Federal Home Loan Bank borrowings and deposit costs during the first quarter of
2001 compared to first quarter 2000. The increase in yields during 2001 is the
result of general price increases since March 2000 more than covering the rate
decreases during first quarter 2001.


                                                                               7
<PAGE>


The following table summarizes the Company's average net interest-earning assets
and average interest-bearing liabilities with the accompanying average rates for
the first quarter of 2001 and 2000:
<TABLE>
<CAPTION>
                                              (Dollars in Thousands)
                                              ----------------------
                                            Three Months Ended March 31,
                                            ---------------------------
                                                 2001        2000
                                                 ----        ----
          <S>                                  <C>         <C>
          Average balances:
             Interest-earning assets           $498,310    $453,598
             Interest-bearing liabilities       480,033     427,632
                                               --------    --------

                Net interest-earning assets    $ 18,277    $ 25,966
                                               --------    --------

          Average yield on:
             Interest-earning assets               8.04%       7.54%
             Interest-bearing liabilities          5.62        5.07
                                                   ----        ----
                Net interest spread                2.42%       2.47%
                                                   ----        -----
</TABLE>

Net interest income for the first quarter 2001 was $3,232,000 and was $116,000,
or 3.72%, more than the $3,116,000 recorded during the first quarter of 2000.
This increase is due to higher interest expense being more than offset by higher
interest income. The $1,381,000 increase in interest income on average
interest-earning assets is a combination of an increase of $901,000 because of
the increase in the volume mix of average outstanding interest-bearing assets
plus $480,000 because of increased rates on average interest-earning assets. The
increase of $1,265,000 in cost of interest-bearing liabilities is a combination
of an increase of $769,000 from higher average balances and $496,000 from higher
rates on average interest-bearing liabilities. The net interest margin ratio,
which is net income divided by average earning assets, decreased to 2.63% for
the first quarter 2001 compared to 2.76% for the first quarter of 2000. The
following table sets forth the details of the rate and volume change for the
first quarter of 2001 compared to first quarter 2000.
<TABLE>
<CAPTION>
                                                   (Dollars in thousands)
                                                First quarter Ended March 31,
                                                         2001 vs. 2000
                                                         -------------
                                                     Increase (Decrease)
                                                      Due to Change in
                                                      ----------------
                                                  Volume     Rate      Net Change
                                                  ------     ----      ----------
<S>                                               <C>        <C>         <C>
Interest Income:
   Loans and mortgage-backed securities           $  971     $ 393       $1,364
   Other interest-earning assets                     (70)       87           17
                                                   -----      ----        -----
   Total interest-earning assets                     901       480        1,381
                                                   -----      ----        -----
Interest Expense:
   Deposits                                          252       406          658
   FHLB advance and other loans                      517        90          607
                                                   -----      ----        -----
   Total interest-bearing liabilities                769       496        1,265
                                                   -----      ----        -----
   Change in net interest income                  $  132     $ (16)      $  116
                                                   -----      ----        -----
</TABLE>

The provision for loan losses was $90,000 during 2001 and was up from $70,000
during 2000. First quarter 2001 had a net recovery (charge-offs less recoveries)
of $5,000 as compared to first quarter 2000 that had a net charge-off of
$202,000. The large net charge-offs during 2000 included a loan for $172,000,
which had been identified and provided for during the last quarter of 1999.



                                                                               8
<PAGE>


The following table summarizes the Company's non-performing assets at:
<TABLE>
<CAPTION>
                                          (Dollars in thousands)
                                          ----------------------
                                March 31,    December 31,     March 31,
                                  2001          2000            2000
                                  ----          ----            -----
     <S>                         <C>           <C>             <C>
     Loans:
       Non-accrual               $1,296        $  801          $  722
       Over 90 days delinquent      504           747              40
     Troubled debt restructured      78           609             887
     Real estate owned                4           125             152
                                   ----         ------          -----

               Total             $1,882        $2,282          $1,801
                                  -----         -----           -----
</TABLE>

Management believes the allowance for loan losses is adequate and that
sufficient provision has been provided to absorb any losses, which may
ultimately be incurred on non-performing loans and the remainder of the
portfolio. The allowance for loan losses as a percentage of loans at the end of
the period was .41%, .37% and .39% at March 31, 2001, December 31, 2000 and
March 31, 2000, respectively.

Total other income for the first quarter 2001 was down $93,000, or 8.47%, to
$1,005,000 from $1,098,000 in the same period during 2000. As noted earlier,
sales of loans to the secondary market increased and the $75,000 gain on these
sales was up substantially from $17,000 in 2000. Other fees were up $26,000, or
9.52%, due to new fee increases instituted since first quarter 2000. The
brokerage and insurance commission income was down $62,000, or 19.31%, due
mostly to closing a title insurance company and to lower brokerage fee income
due to market decreases and customers not investing. Cash surrender value of
life insurance had adjustments to reflect final values at year-end during both
the first quarter of 2001 and 2000. Adjustments to cash surrender value totaled
$108,000 and $197,000 during 2001 and 2000, respectively. The 2001 adjustment
was to reflect the final cash surrender values for policies compared to the
estimated increases booked during 2000. The 2000 adjustments were mostly to
reflect one-time adjustments to certain cash surrender values on life insurance
policies carried on retired executives. The total increase in cash surrender
value of life insurance for the quarter was down $116,000, or 28.22%, to
$295,000 for 2001 compared to $411,000 for 2000.

Total other expense decreased $12,000, or .45%, in 2001 to $2,678,000 from
$2,690,000 during 2000. Expenses continue to be an area of concentration for the
Corporation. The merger of the two banks in October 2000 contributed to part of
the reduction of expenses during the first quarter.

FINANCIAL CONDITION
-------------------

The Company's principal sources of funds are cash generated from operations,
deposits, loan principal repayments and advances from the Federal Home Loan Bank
("FHLB"). As of March 31, 2001, the Company's cash and interest-bearing time
deposits totaled $11,810,000, or 2.25%, of total assets. This compares with
$19,031,000,or 3.41%, of total assets at December 31, 2000. ABT had a regulatory
liquidity ratio of 19.36% at March 31, 2001, which exceeds the 4.0% liquidity
base set by the Office of Thrift Supervision ("OTS").

The regulatory minimum net worth requirement of 8% for ABT under the most
stringent of the three capital regulations (total risk-based capital to
risk-weighted assets) at March 31, 2001, was $20,970,000. At March 31, 2001, ABT
had total risk-based capital of $42,481,000 and a 16.21% ratio.

At March 31, 2001, the Company's commitments for loans in process totaled
$16,540,000, with 94% being for real estate secured loans. Management believes
the Company's liquidity and other sources of funds will be sufficient to fund
all outstanding commitments and other cash needs.


                                                                               9
<PAGE>


The Company's application for conversion of ABT to an Indiana chartered savings
bank was approved by the Indiana Department of Financial Institutions during the
first quarter of 2001. The conversion will be completed during the second
quarter of 2001 after the approval of the conversion of the Company to a bank
holding company is approved.


ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT INTEREST RATE RISK


Interest Rate Risk


The following information and schedules for ABT are required to be presented.
The current analysis for ABT performed by the OTS as of March 31, 2001, has not
been received from the OTS and the following interest rate risk measurements for
ABT are being submitted with information from the OTS analysis as of December
31, 2000. Management believes there has been no significant increase, probably a
decrease because of reduced interest rates, in the interest rate risk measures
since December 31, 2000, for ABT.

ABT and ABO (prior to the merger) are subject to interest rate risk to the
degree that their interest-bearing liabilities, primarily deposits, mature or
reprice at different rates than their interest-earning assets. Although having
liabilities that mature or reprice less frequently on average than assets will
be beneficial in times of rising interest rates, such an asset/liability
structure will result in lower net income during periods of declining interest
rates, unless offset by other factors.

It is important to ABT and ABO (prior to the merger) to manage the relationship
between interest rates and the effect on their net portfolio value ("NPV"). This
approach calculates the difference between the present value of expected cash
flows from assets and the present value of expected cash flows from liabilities,
as well as cash flows from off-balance sheet contracts. Assets and liabilities
are managed within the context of the marketplace, regulatory limitations and
within its limits on the amount of change in NPV, which is acceptable given
certain interest rate changes.

The OTS issued a regulation, which uses a net market value methodology to
measure the interest rate risk exposure of savings associations. Under this OTS
regulation an institution's "normal" level of interest rate risk in the event of
an assumed change in interest rates is a decrease in the institution's NPV in an
amount not exceeding 2% of the present value of its assets. Savings associations
with over $300 million in assets or less than a 12% risk-based capital ratio are
required to file OTS Schedule CMR. Data from Schedule CMR is used by the OTS to
calculate changes in NPV (and the related "normal" level of interest rate risk)
based upon certain interest rate changes (discussed below). Associations, which
do not meet either of the filing requirements, are not required to file OTS
Schedule CMR, but may do so voluntarily. ABT and ABO (prior to merger) both file
Schedule CMR. Under the regulation, associations, which must file are required
to take a deduction (the interest rate risk capital component) from their total
capital available to calculate their risk based capital requirement if their
interest rate exposure is greater than "normal". The amount of that deduction is
one-half of the difference between (a) the institution's actual calculated
exposure to a 200 basis point interest rate increase or decrease (whichever
results in the greater pro forma decrease in NPV) and (b) its "normal" level of
exposure which is 2% of the present value of its assets on the Thrift Financial
Report filed two quarters earlier.

Presented below, as of December 31, 2000, is an analysis performed by the OTS of
ABT's interest rate risk as measured by changes in NPV for instantaneous and
sustained parallel shifts in the yield curve, in 100 basis point increments, up
and down 300 basis points.


                                                                              10
<PAGE>


$10.495 million. Because the interest rate risk of a 200 basis point increase in
market rates (which was greater than the interest rate risk of a 200 basis point
decrease) was $13.778 million at December 31, 2000, ABT would have been required
to make a $1.642 million deduction from its total capital available to calculate
its risk-based capital requirement. This reduction in capital would reduce ABT's
risk based capital ratio to 12.55% from 13.07% which is still in excess of the
required risk-based capital ratio of 8.0%.

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    NPV as Percent of
                                               Net Portfolio Value                               Present Value of Assets
------------------------------------------------------------------------------------------------------------------------------------
Change                        Dollar                Dollar                Percent
in Rates                      Amount                Change                Change               NPV Ratio             Change
------------------------------------------------------------------------------------------------------------------------------------
                             (Dollars in thousands)
<S>                         <C>                    <C>                      <C>                 <C>                  <C>
 +300  bp                   $ 21,882               $-21,509                -50%                 4.16%               -358  bp
 +200  bp                     29,613                -13,778                -32                  5.50                -224  bp
 +100  bp                     37,021                 -6,371                -15                  6.73                -101  bp
    0  bp                     43,391                                                            7.74
 -100  bp                     45,075                  1,684                 +4                  7.95                 +21  bp
 -200  bp                     44,697                  1,305                 +3                  7.82                  +8  bp
 -300  bp                     45,625                  2,234                 +5                  7.90                 +17  bp
<FN>
* basis points
</FN>
</TABLE>


   Presented below, as of December 31, 1999, is an analysis performed by the OTS
of ABO's interest rate risk as measured by changes in NPV for instantaneous and
sustained parallel shifts in the yield curve, in 100 basis point increments, up
and down 300 basis points. At June 30, 1999, 2% of the present value of ABO's
assets was $1.826 million. Because the interest rate risk of a 200 basis point
increase in market rates (which was greater than the interest rate risk of a 200
basis point decrease) was $5.823 million at December 31, 1999, ABO would have
been required to make a $1.999 million capital deduction from its total capital
available to calculate its risk-based capital requirement. This reduction in
capital would reduce ABO's risk-based capital to 10.75% from 14.17%, which is
still in excess of the required risk-based capital ratio of 8.0%.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    NPV as Percent of
                                               Net Portfolio Value                               Present Value of Assets
------------------------------------------------------------------------------------------------------------------------------------
 Change                       Dollar                Dollar                Percent
in Rates                      Amount                Change                Change               NPV Ratio             Change
------------------------------------------------------------------------------------------------------------------------------------
                             (Dollars in thousands)
<S>                          <C>                    <C>                    <C>                  <C>                  <C>
 +300  bp                    $ 1,154                $-8,875               -115%                 1.09%               -772  bp
 +200  bp                      1,898                 -5,823                -75                  1.73                -489  bp
 +100  bp                      4,913                 -2,808                -36                  4.34                -228  bp
    0  bp                      7,720                                                            6.63
 -100  bp                      9,967                  2,247                +29                  8.35                +172  bp
 -200  bp                     10,887                  3,167                +41                  8.99                +236  bp
 -300  bp                     11,547                  3,827                +50                  9.42                +279  bp
<FN>
* basis points
</FN>
</TABLE>

   Also presented below, as of December 31, 1999, is an analysis, performed by
the OTS, of ABT's interest rate risk as measured by changes in NPV for
instantaneous and sustained parallel shifts in the yield curve, in 100 basis
point increments, up and down 300 basis points. At June 30, 1999, 2% of the
present value of ABT's assets was $6.477 million.


                                                                              11
<PAGE>

Because the interest rate risk of a 200 basis point increase in market rates
(which was greater than the interest rate risk of a 200 basis point decrease)
was $13.689 million December 31, 1999, ABT would have been required to make a
$3.606 million deduction from its total capital available to calculate its risk
based capital requirement. This reduction in capital would reduce ABT's risk-
based capital ratio to 13.81% from 15.58%, which is still far in excess of the
required risk-based capital ratio of 8.0%.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    NPV as Percent of
                                               Net Portfolio Value                               Present Value of Assets
------------------------------------------------------------------------------------------------------------------------------------
   Change                    Dollar                 Dollar                Percent
in Rates                     Amount                 Change                Change               NPV Ratio             Change
------------------------------------------------------------------------------------------------------------------------------------
                             (Dollars in thousands)
<S>                          <C>                   <C>                      <C>                 <C>                  <C>
+300  bp                     $ 9,544               $-20,773                -69%                 2.80%               -549  bp
+200  bp                      16,628                -13,689                -45                  4.76                -353 bp
+100  bp                      23,691                 -3,659                -22                  6.62                -167  bp
    0    bp                   30,317                                                            8.29
-100  bp                      35,897                  5,580                +18                  9.63                +134  bp
-200  bp                      36,485                  6,168                +20                  9.73                +144  bp
-300  bp                      36,874                  6,557                +22                  9.79                +150  bp
<FN>
* basis points
</FN>
</TABLE>

   As with any method of measuring interest rate risk, certain shortcomings are
inherent in the methods of analysis presented above. For example, although
certain assets and liabilities may have similar maturities or periods to
repricing, they may react in different degrees to changes in market interest
rates. Also, the interest rates on certain types of assets and liabilities may
fluctuate in advance of changes in market interest rates, while interest rates
on other types may lag behind changes in market rates. Additionally, certain
assets, such as adjustable-rate loans, have features, which restrict changes in
interest rates on a short-term basis and over the life of the asset. Further, in
the event of a change in interest rates, expected rates of prepayments on loans
and early withdrawals from certificates could likely deviate significantly from
those assumed in calculating the table. Finally, the ability of many borrowers
to service their debt may decrease in the event of an interest rate increase.
The Company considers all of these factors in monitoring its exposure to
interest rate risk.


OTHER
-----

The Securities and Exchange Commission ("SEC") maintains reports, proxy
information, statements and other information regarding registrants that file
electronically with the SEC, including the Company. The address is
(http://www.sec.gov).



PART II - OTHER INFORMATION


ITEM 1  -  Legal Proceedings
           -----------------

           No changes have taken place in regard to the legal proceedings
           disclosed in the registrant's report on Form 10-K for the year ended
           December 31, 2000.


ITEM 2  -  Changes in Securities
           ---------------------

           Not Applicable


                                                                              12
<PAGE>


ITEM 3  -  Defaults in Senior Securities
           -----------------------------

           Not Applicable


ITEM 4  -  Submission of Matters to a Vote of Security
           -------------------------------------------
           Holders
           -------

           Not Applicable


ITEM 5  -  Other Information
           -----------------

     No.      Description
     --       -----------

     10.14*   Change-in-Control Severance Agreement, dated February 26, 2001,
              between Ameriana Bank and Trust and Deborah A. Bell

     10.15*   Change-in-Control Severance Agreement, dated February 26, 2001,
              between Ameriana Bank and Trust and Ronald M. Holloway

ITEM 6  -  Exhibits and Reports on Form 8-K
           --------------------------------

           Not Applicable


------
* Management contract or compensation plan or arrangement

                                                                              13
<PAGE>


SIGNATURES


AMERIANA BANCORP AND SUBSIDIARIES


Pursuant to the requirements of Section 13 or 15 (d) 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.


                              AMERIANA BANCORP




DATE: May 8, 2001             /s/ Harry J. Bailey
      -----------             -------------------
                              Harry J. Bailey
                              President and
                              Chief Executive Officer
                              (Duly Authorized Representative)



DATE: May 8, 2001             /s/ Richard E. Welling
      -----------             ----------------------
                              Richard E. Welling
                              Senior Vice President-Treasurer
                              (Principal Financial Officer
                              and Accounting Officer)


                                                                              14
<PAGE>