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, 2002    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
                                                  --------------


                     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 14, 2002,  there were issued and outstanding  3,147,463  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 Balance Sheets as of
              March 31, 2002 and December 31, 2001 . . . . . . . . . . .  3

              Consolidated Condensed Statements of Operations
              for the Three Months Ended March 31,
              2002 and 2001. . . . . . . . . . . . . . . . . . . . . . .  4

              Consolidated Condensed Statements of Shareholders'
              Equity for the Three Months Ended March 31,
              2002. . . . . . . . . . . . . . . . . .  . . . . . . . . .  5

              Consolidated Condensed Statements of Cash Flows
              for the Three Months Ended March 31, 2002
              and 2001 . . . . . . . . . . . . . . . . . . . . . . . . .  6

              Notes to Consolidated Condensed Financial
              Statements . . . . . . . . . . . . . . . . . . . . . . . .  7


     ITEM 2 - Management's Discussion and Analysis of
              Financial Condition and Results of
              Operations . . . . . . . . . . . . . . . . . . . . . . . .  9


     ITEM 3 - Quantitative and Qualitative Disclosure
              About Interest Rate Risk . . . . . . . . . . . . . . . . .  14


PART II  -  OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . .  16


SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . .   17

                                                                               2
<PAGE>

PART I  -  FINANCIAL INFORMATION

                         AMERIANA BANCORP AND SUBSIDIARY
                      CONSOLIDATED CONDENSED BALANCE SHEETS
                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                          March 31,   December 31,
                                                                            2002         2001
                                                                        (Unaudited)
                                                                         ---------    ---------
<S>                                                                      <C>          <C>
Assets

  Cash on hand and in other institutions                                 $   8,887    $   7,540
  Interest-bearing demand deposits                                          88,575        4,283
                                                                         ---------    ---------
      Cash and cash equivalents                                             97,462       11,823

  Investment securities held for sale                                       51,945      140,629
  Mortgage loans held for sale                                               3,064        5,290
  Loans receivable                                                         343,025      352,113
  Allowance for loan losses                                                 (2,959)      (1,730)
                                                                         ---------    ---------

      Net loans receivable                                                 340,066      350,383
  Real estate owned                                                            448          586
  Premises and equipment                                                     7,083        6,919
  Stock in Federal Home Loan Bank                                            7,382        7,365
  Mortgage servicing rights                                                  1,081        1,012
  Investments in unconsolidated affiliates                                   1,311          825
  Goodwill                                                                   1,054        1,054
  Intangible assets                                                            448          457
  Cash surrender value of life insurance                                    18,215       18,035
  Other assets                                                               3,462        7,697
                                                                         ---------    ---------

          Total assets                                                   $ 533,021    $ 552,075
                                                                         =========    =========

Liabilities and Shareholders' Equity

Liabilities:
  Deposits:
         Noninterest-bearing                                             $  21,598    $  24,257
         Interest-bearing                                                  404,377      388,156
                                                                         ---------    ---------

            Total deposits                                                 425,975      412,413
  Advances from Federal Home Loan Bank                                      57,396       87,653
  Notes payable                                                                841          930
  Drafts payable                                                             3,223        6,092
  Advances by borrowers for taxes and insurance                                817          662
  Other liabilities                                                          3,784        1,430
                                                                         ---------    ---------

          Total liabilities                                                492,036      509,180

Shareholders' equity:
  Preferred stock (5,000,000 shares authorized;
      none issued)                                                              --           --
  Common stock ($1.00 par value; authorized
       15,000,000 shares; issued shares:
       3,147,463 and 3,146,616, respectively)                                3,147        3,147
  Additional paid-in capital                                                   499          499
  Retained earnings                                                         37,391       39,945
  Accumulated other comprehensive loss                                         (52)        (696)
                                                                         ---------    ---------

          Total shareholders' equity                                        40,985       42,895
                                                                         ---------    ---------

          Total liabilities and shareholders' equity                     $ 533,021    $ 552,075
                                                                         =========    =========
</TABLE>

See accompanying notes to consolidated condensed financial statements

                                                                              3
<PAGE>

                         AMERIANA BANCORP AND SUBSIDIARY
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                        (In thousands, except share data)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                        Three Months Ended March 31,
                                                                        ----------------------------
                                                                           2002              2001
                                                                        ---------         ---------
<S>                                                                      <C>              <C>
Interest Income:
   Interest on loans                                                     $ 6,255          $ 8,017
   Interest on mortgage-backed securities                                  1,744              218
   Interest on investment securities                                         403            1,496
   Other interest and dividend income                                        190              196
                                                                         -------          -------

      Total interest income                                                8,592            9,927

Interest Expense:
   Interest on deposits                                                    4,106            4,691
   Interest on FHLB advances and other borrowings                          1,138            1,928
                                                                         -------          -------

      Total interest expense                                               5,244            6,619
                                                                         -------          -------

Net interest income                                                        3,348            3,308

Provision for Loan Losses                                                  1,250               90
                                                                         -------          -------

Net interest income after provision for loan losses                        2,098            3,218

Other Income:
   Net loan servicing fees                                                    46               57
   Other fees and service charges                                            195              206
   Brokerage and insurance commissions                                       268              260
   Net loss on investments in unconsolidated affiliates                      (50)             (36)
   Gains on sales of loans and servicing rights                              234               75
   Loss on sale of investments available for sale                         (3,212)              --
   Increase in cash surrender value of life insurance                        180              295
   Other                                                                      62               44
                                                                         -------          -------

      Total other income                                                  (2,277)             901

Other Expense:
   Salaries and employee benefits                                          2,109            1,569
   Net occupancy expense                                                     388              360
   Federal insurance premium                                                  18               18
   Data processing expense                                                   120               69
   Printing and office supplies                                               75               88
   Amortization of intangible assets                                           8               44
   Other                                                                     505              502
                                                                         -------          -------

      Total other expense                                                  3,223            2,650
                                                                         -------          -------

Income (loss) before income taxes                                         (3,402)           1,469

Income taxes                                                              (1,352)             415
                                                                         -------          -------

Net Income (Loss)                                                        $(2,050)         $ 1,054
                                                                         =======          =======

Basic Earnings (Loss) Per Share                                          $ (0.65)         $  0.33
                                                                         =======          =======
Diluted Earnings (Loss) Per Share                                        $ (0.65)         $  0.33
                                                                         =======          =======
Dividends Declared Per Share                                             $  0.16          $  0.15
                                                                         =======          =======
</TABLE>
See accompanying notes to consolidated condensed financial statements
                                                                               4
<PAGE>
                         AMERIANA BANCORP AND SUBSIDIARY
            CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
                                 (In thousands)
                                   (Unaudited)
                                                                  2002
                                                              -----------

                     Balances, January 1                         $ 42,895

                     Net loss                                      (2,050)
                     Other comprehensive income                       644
                                                              -----------
                          Comprehensive loss                       (1,406)

                     Dividends declared                              (504)
                                                              -----------

                     Balances, March 31                          $ 40,985
                                                              ===========



See accompanying notes to consolidated condensed financial statements.

                                                                               5
<PAGE>

                         AMERIANA BANCORP AND SUBSIDIARY
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                         Three Months Ended March 31,
                                                                         ----------------------------
                                                                           2002                2001
                                                                         ---------          ---------
<S>                                                                      <C>               <C>
OPERATING ACTIVITIES
Net income (loss)                                                        $  (2,050)        $   1,054
Items not requiring cash:
    Provisions for losses on loans                                           1,250                90
    Depreciation                                                               148               152
    Accretion/Amortization of securities (net)                                 (59)              196
    Equity in loss of limited partnership                                       --                36
    Mortgage servicing rights amortization                                      60                36
    Goodwill amortization                                                        9                44
    Losses (gains) on sales of real estate owned                               (14)                1
    Loss on sale of investments                                              3,212                --
    Increase in cash surrender value of life insurance                        (180)             (295)
    Mortgage loans originated for sale                                     (21,060)           (9,073)
    Proceeds from sales of mortgage loans                                   23,286             7,938
    Gains on sales of loans and servicing rights                              (234)              (75)
    Change in:
      Other assets                                                           4,292             1,352
      Drafts payable                                                        (2,869)             (547)
      Other liabilities                                                      2,081             2,352
                                                                         ---------         ---------

       Net cash provided by operating activities                             7,872             3,261

INVESTING ACTIVITIES
  Proceeds from calls of securities held to maturity                            --            11,075
  Principal collected on mortgage-backed securities held to maturity            --               604
  Purchase of investment securities available for sale                     (69,456)               --
  Sale of investment securities available for sale                         138,428                --
  Principal collected on securities available for sale                      17,631                --
  Net change in loans                                                        9,067            12,379
  Proceeds from sale of real estate owned                                      200               120
  Net purchases of premises and equipment                                     (312)              (26)
  Purchase of Federal Home Loan Bank stock                                     (17)              (26)
  Other investing activities                                                  (486)               --
                                                                         ---------         ---------

       Net cash provided by investing activities                            95,055            24,126

FINANCING ACTIVITIES
  Net change in demand and passbook deposits                                (2,659)             (621)
  Net change in certificates of deposit                                     16,221            22,910
  Advances from Federal Home Loan Bank                                      17,500             7,000
  Repayment of Federal Home Loan Bank advances                             (47,757)          (62,735)
  Repayment of notes payable                                                   (89)             (690)
  Cash dividends paid                                                         (504)             (472)
                                                                         ---------         ---------

       Net cash used by financing activities                               (17,288)          (34,608)
                                                                         ---------         ---------

Change in cash and cash equivalents                                         85,639            (7,221)

Cash and cash equivalents at beginning of period                            11,823            19,031
                                                                         ---------         ---------

Cash and cash equivalents at end of period                               $  97,462         $  11,810
                                                                         =========         =========

Supplemental information:
  Interest paid                                                          $   2,200         $   2,331
  Income taxes paid                                                            233               123
</TABLE>

See accompanying notes to consolidated condensed financial statements

                                                                               6
<PAGE>

AMERIANA BANCORP AND SUBSIDIARIES


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

NOTE A - - BASIS OF PRESENTATION

     Ameriana Bancorp (the "Company") was incorporated under Indiana law for the
purpose of becoming the holding  company for Ameriana Bank and Trust of Indiana.
In 1990,  the Company  acquired all of Ameriana Bank and Trust of Indiana common
stock in connection  with its  reorganization  into the holding  company form of
ownership.  In 1992, the Company acquired Ameriana Bank of Ohio, F.S.B. ("ABO").
ABO was merged into  Ameriana Bank and Trust of Indiana in October 2000. On June
29, 2001,  Ameriana Bank and Trust of Indiana  converted from a Federal  Savings
Bank to an Indiana Chartered State Savings Bank and changed its name to Ameriana
Bank and Trust,  SB ("ABT").  The  conversion is not expected to have a material
effect on the Company's  business but is expected to reduce the assessments paid
for  examinations  and  supervision  of  ABT.  At the  same  time,  the  Company
contributed  Ameriana  Insurance  Agency,  Inc.  ("AIA") to ABT.  AIA operates a
general  insurance  agency in three  locations.  ABT has a  brokerage  operation
through its wholly owned subsidiary  Ameriana  Financial  Services,  Inc., which
also owns a partial  interest in a life insurance  company and a title insurance
company. The title insurance company,  Indiana Title Insurance Company, LLC, was
acquired in the first quarter of 2002. In 1995, the Company purchased a minority
interest in a limited  partnership  organized  to acquire and manage real estate
investments, which qualify for federal tax credits.

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, 2002, and the results of operations
and cash flows for the  three-month  periods ended March 31, 2002 and 2001.  The
results  of  operations  for the period are not  necessarily  indicative  of the
results to be expected in the full year. 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, 2001.

The consolidated  condensed balance sheet of the Company as of December 31, 2001
has been derived from the audited  consolidated  balance sheet of the company as
of  that  date.  Reclassifications  of  certain  amounts  in  2001  consolidated
financial statements have been made to conform to the 2002 presentations.

                                                                               7
<PAGE>

NOTE B - - SHAREHOLDERS' EQUITY

On February 25, 2002, the Board of Directors  declared a quarterly cash dividend
of $.16 per share. This dividend,  totaling $503,594, was accrued for payment to
shareholders of record on March 15, 2002, and was paid on April 5, 2002. Payment
was made to 3,147,463  shareholders.  Stock options  totaling  9,713 shares were
exercised  during the first quarter of 2002 with 8,866 shares retired as part of
the same transaction.

The  Company's  net  income  decreased  $3,104,000  or  294.50%,  for a loss  of
$2,051,000  ($.65 loss per basic and diluted earnings per share) for the quarter
ended  March 31,  2002,  compared  to net income of  $1,054,000  ($.33 basic and
diluted earnings per share) for the same period in 2001.

Earnings per share were computed as follows:
<TABLE>
<CAPTION>
                                                               (In thousands, except share data)
                                                                  Three Months Ended March 31,
                                                                  ----------------------------
                                                            2002                                2001
-------------------------------------------------------------------------------------------------------------------------
                                                                        Per                                    Per
                                            Income       Weighted       Share                   Weighted      Share
                                            (Loss)    Average Shares   Amount       Income    Average Shares  Amount
-------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>        <C>           <C>           <C>         <C>            <C>
Basic Earnings (Loss) per Share: Income
available to Common shareholders             ($2,050)   3,147,463     ($0.65)       $1,054      3,146,616      $0.33
-------------------------------------------------------------------------------------------------------------------------
Effect of dilutive stock options                  --        5,239                       --            156
-------------------------------------------------------------------------------------------------------------------------
Diluted Earnings (Loss) Per Share:           ($2,050)   3,152,702     ($0.65)       $1,054      3,146,772      $0.33
Income available to common shareholders
and assumed conversions
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

At March 31, 2002 there were  options on 188,228  shares that could dilute basic
earnings  per  share  in the  future  which  were  not  included  in  the  above
computations because they were antidilutive.

                                                                               8
<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.

On March 19,  2002,  the Company  announced  that it had changed the  accounting
classification  for  its  investment   portfolio  from  "Held  to  Maturity"  to
"Available  for  Sale",  effective  as of  December  31,  2001.  The  change  in
accounting stems from the Company's  review of its investment  portfolio and the
determination that recent deterioration in the markets has fundamentally changed
the interest rate risk  characteristics  of these  investments and increased the
Company's exposure to volatility in future interest income.

The Company's  investment  portfolio  totaled  approximately  $142 million as of
December 31, 2001. Since the change in  classification  for these investments as
"Available for Sale" was effective as of December 31, 2001, the Company  reduced
shareholders'  equity by the difference between fair value and book value on its
investment  portfolio as of that date,  net of tax. The amount of this charge to
shareholders'  equity  was  approximately  $700,000,  or a  $0.22  reduction  in
year-end book value per share.  The Company's total  shareholders'  equity as of
December 31, 2001,  adjusted for this unrealized  depreciation of its "Available
for Sale" investment  portfolio at that date, was  approximately  $42.9 million,
representing  a book value of $13.63 per share.  Total  assets at year-end  2001
stood at $552 million,  including almost $350 million in traditional residential
mortgages and consumer or commercial loans.

                                                                               9
<PAGE>

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

The Company  incurred a net loss for the first  quarter of 2002 in the amount of
$2,050,000  or $0.65 per diluted  share  compared to net income of $1,054,000 or
$0.33 per diluted share in the first quarter of 2001. The loss was mainly due to
disposition  of  investments,  additional  reserve  for  loan  losses  due to an
increase in  nonperforming  loans,  and higher  compensation and benefits costs.
These factors are discussed in further detail.

The  Company  disposed  of most of its  investments  before the end of the first
quarter of 2002. The loss on disposition of these  securities was  approximately
$3,212,000,  or  approximately  $1,900,000 after tax or $0.61 per diluted share.
The liquidation  had no effect on the Company's  earnings for the fourth quarter
of 2001. However, consistent with accounting principles for "Available for Sale"
securities,  the Company will record the after-tax difference between fair value
and book value on its  remaining  investment  portfolio as a charge or credit to
shareholders'  equity each quarter.  Because of the  liquidation  of most of its
investments during the first quarter of 2002 and the current market value of its
remaining investment portfolio, the reduction in equity recorded at December 31,
2001,  was  largely  reversed in the first  quarter of 2002.  The funds from the
investments  liquidation  were  subsequently  reinvested in instruments that are
thought to be less interest-rate  sensitive,  or were used to pay down a portion
of funds borrowed from the Federal Home Loan Bank.

During the first quarter of 2002, the loan volume increased $14,598,000 compared
to the first quarter of 2001, but the mortgage loan volume,  which accounted for
$10,160,000  of the increase in loan volume,  consisted of fixed rate loans that
are normally sold to the secondary market. The loans sold during the first three
months  of March  31,  2002 was  $21,060,000  and the  total  outstanding  loans
decreased  $9,088,000 or 2.58%,  during the quarter to $343,025,000 at March 31,
2002,  from  $352,113,000 at December 31, 2001. The mortgage loans held for sale
decreased to $3,064,000 at March 31, 2002, from $5,290,000 at December 31, 2001.
See comments in other income section for detail of gains on loans sold.

The net interest spread (difference between yield on interest-earning assets and
cost on interest-bearing  liabilities) increased 8 basis points during the first
quarter 2002 compared to the first quarter 2001. The change is due to a decrease
in yield of 1.09% on average interest-earning assets offset by a 1.17% reduction
in the cost of interest-bearing  average  liabilities.  The change in yields and
cost of funds during 2002 is the result of general  reductions in interest rates
since March 2001.

                                                                              10
<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 2002 and 2001:
<TABLE>
<CAPTION>
                                                                 Three Months Ended March 31,
                                                                 ----------------------------
                                                                    2002              2001
                                                                    ----              ----
                                                                    (Dollars in Thousands)
                                                                    ----------------------
<S>                                                               <C>               <C>
Average interest-earning assets                                   $505,724          $504,213
Average interest-bearing liabilities                               472,378           473,238
                                                                  ---------------------------

   Net interest-earning assets                                    $ 33,346          $ 30,975
                                                                  ===========================

Average yield on / cost of:
Interest-earning assets                                              6.89%             7.98%
Interest-bearing liabilities                                         4.50%             5.67%
                                                                     ----              ----
   Net interest spread                                               2.39%             2.31%
                                                                     ====              ====
</TABLE>


Net  interest  income  for the  first  quarter  of 2002 was  $3,348,000  and was
$40,000, or 1.21%, more than the $3,308,000 recorded during the first quarter of
2001. This slight increase is due to lower interest income  partially  offset by
lower interest  expense.  The $1,335,000  decrease in interest income on average
interest-earning assets is a combination of an increase of $1,228,000 because of
the increase in higher average  balances less $2,563,000 due to lower rates. The
decrease of $1,375,000 in cost of interest-bearing  liabilities is a combination
of an increase of $2,140,000  from higher average  balances less $3,515,000 from
lower rates. The net interest margin ratio, which is net interest income divided
by average  earning  assets,  increased  slightly to 2.68% for the first quarter
2002 compared to 2.66% for the first quarter of 2001.  The following  table sets
forth the  details of the rate and volume  change for the first  quarter of 2002
compared to first quarter 2001.
<TABLE>
<CAPTION>
                                                                          (Dollars in thousands)
                                                                       First quarter Ended March 31,
                                                                               2002 vs. 2001
                                                                               -------------
                                                                          (Dollars in thousands)
                                                                            Increase (Decrease)
                                                                             Due to Change in
                                                                             ----------------
                                                                 Volume                Rate           Net Change
<S>                                                             <C>                <C>                 <C>
Interest Income:
  Loans                                                         $ (907)            $  (855)            $ (1,762)
  Other interest-earning assets                                   2,135             (1,708)                 427
                                                                -------            -------             --------
   Total interest-earning assets                                  1,228             (2,563)              (1,335)
Interest Expense:
  Deposits                                                        2,827             (3,412)                (585)
  FHLB advance and other loans                                     (687)              (103)                (790)
                                                                -------            -------             --------
   Total interest-bearing liabilities                             2,140             (3,515)              (1,375)
                                                                -------            -------             --------
Change in net interest income                                   $  (912)           $   952             $     40
                                                                =======            =======             ========
</TABLE>
                                                                              11
<PAGE>

The following table summarizes the Company's non-performing assets at:
<TABLE>
<CAPTION>
                                                 (In thousands)
                                                 --------------

                                            March 31,         December 31,
                                              2002                2001
                                           -----------      -------------
<S>                                          <C>               <C>
Loans:
   Non-accrual                               $ 9,795           $ 2,178
   Over 90 days delinquent                       920               395
Real estate owned                                448               125
                                             -------           -------

Total                                        $11,163           $ 2,698
                                             =======           =======
</TABLE>

The Company's  non-performing  loans  increased  $8,142,000 in the first quarter
2002. Because of this, and as a precautionary move reflecting recent weakness in
the general  economy,  the Company  strengthened  its reserve for loan losses by
$1,250,000 during the quarter.  The Company took this action even though none of
the underlying loans or leases related to the additional charge has been written
off.

The increase in  non-performing  loans as of March 31, 2002 is primarily  due to
one commercial  real estate loan with an  outstanding  balance of $2,233,000 and
one lease receivables pool with an outstanding balance of $5,598,482.

The commercial loan is for a condominium project in Bloomington,  Indiana and is
collateralized  both by the subject real estate and personal  guarantees  of the
borrowers.  The lease is for  participation in a pool of lease  receivables,  of
which, one is in default.

In June and September  2001,  the Company  purchased two separate pools of lease
receivables totaling $12,003,000, consisting primarily of equipment leases. Each
lease  within  each pool  includes a surety bond by one or two  insurers,  which
guarantees payment of all amounts due under the lease in event of default by the
lessee.  Additionally,  each pool of leases is  covered  by a sales and  service
agreement  with the  insurer.  The surety on one pool of leases has been  making
lease  payments,  with  reservation  of rights,  to the  investors  as the lease
payments become due under the surety agreement.  The outstanding balance due the
Company at May 14, 2002 on this lease pool totaled $5,515,991.  The second lease
pool is past due since  January  20,  2002.  At May 14,  2002,  the  outstanding
balance of this pool totaled  $5,598,482.  The Company believes the surety bonds
on all of the leases provided adequate collateral in the event individual leases
default.  However,  the Company has filed suit  against the surety bond  company
responsible for the past due lease receivable.

The total  provision for loan losses was $1,250,000  during the first quarter of
2002 compared to $90,000 during the same period in 2001.  First quarter 2002 had
net charge-offs  (charge-offs  less recoveries) of $21,000 compared to the first
quarter 2001, which had net recoveries of $5,000.

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 was 0.86% and
0.49% at March 31, 2002 and December 31, 2001, respectively.

Total other income declined  $3,178,000 for the first quarter 2002 from $901,000
in the  same  period  during  2001.  As  stated  earlier,  loss  on the  sale of
investment  securities in the first quarter 2002 was $3,212,000.  Sales of loans
to the  secondary  market  increased and the $105,000 gain on these sales in the
first quarter 2002 was up from $34,000 in 2001.  Increase in the cash  surrender
value of life  insurance  was down  $115,000  or  38.98%.  The  adjustments  are
necessary to reflect the cash  surrender  values for policies.  Gain on mortgage
servicing  rights for the first  quarter  2002 was up $88,000,  or  214.63%,  to
$129,000 from $41,000 in the same period during 2001.

                                                                              12
<PAGE>

Total other expense increased $573,000,  or 21.62%, in the first quarter 2002 to
$3,224,000  from  $2,650,000  for the same period in 2000.  Salary and  benefits
expense is the main reason for the increase. Salary and benefits expense for the
first quarter 2002 was up $540,000,  or 34.42%, to $2,109,000 from $1,569,000 in
the same period  during 2001.  Severance  pay of $289,350,  increased  staffing,
merit pay adjustments, and pension costs are the main reasons for the increase.

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, 2002,  the Company's cash and  interest-bearing  time
deposits totaled  $97,462,000,  or 18.28%,  of total assets.  This compares with
$11,823,000,or  2.14%, of total assets at March 31, 2001.  Plans are underway to
reinvest the "excess" temporary  liquidity created by the sale of investments in
a way  that  will  keep  interest  rate  risk  (discussed  in  Item 3  next)  at
appropriate levels.

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, 2002, was $22,586,000. At March 31, 2002, ABT
had total  risk-based  capital of $42,086,000 and a 14.91% ratio.  The Company's
tier 1 capital ratio was 7.18% at March 31, 2002,  which exceeded the regulatory
minimum required tier 1 capital ratio of 3.00%.

At March 31,  2002,  the  Company's  commitments  for loans in  process  totaled
$13,392,000,  with 74% 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.

                                                                              13
<PAGE>

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT INTEREST RATE RISK

The  Asset/Liability  Committee and the Board of Directors  review the Company's
exposure to interest  rate  changes and market risk on a quarterly  basis.  This
review is accomplished by the use of a cash flow simulation model using detailed
securities,  loan and deposit,  and market information to estimate the potential
impact of interest  rate  increases  and  decreases  on the  earning  assets and
liabilities. The model tests the impact on the net interest income under various
interest rate scenarios by estimating the interest rate sensitivity  position at
each interest rate  interval.  The change in the net portfolio  value ("NPV") is
also  calculated at each interest  rate  interval.  This tests the interest rate
risk exposure from  movements in interest  rates by using  interest  sensitivity
analysis to determine the change in the NPV of discounted cash flows from assets
and liabilities.

NPV  represents  the  market  value  of  portfolio  equity  and is  equal to the
estimated   market  value  of  assets  minus  the  estimated   market  value  of
liabilities.  The model uses a number of  assumptions,  including  the  relative
levels of market  interest  rates and  prepayments in mortgage loans and certain
types of callable investments. These computations do not contemplate any actions
management may undertake to reposition the assets and liabilities in response to
changes in the interest  rate,  and should not be relied upon as  indicative  of
actual results. In addition,  certain  shortcomings are inherent in the model of
computing NPV.  Should  interest rates remain or decrease below present  levels,
the portion of  adjustable  rate loans could  decrease in future  periods due to
loan  refinancing or payoff  activity.  In the event of an interest rate change,
pre-payment levels would likely be different from those assumed in the model and
the ability of  borrowers  to repay  their  adjustable  rate loans may  decrease
during rising interest rate environments.

Presented  below is the assessment of the risk of NPV in the event of sudden and
sustained 200 basis point  increases and decreases in prevailing  interest rates
as of March 31, 2002.
<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>
+200 bp*                     $41,076              $ -1,555                -3.65%         7.55%          -45 bp*
Base or 0%                    42,631                    --                   --          8.00
-200 bp*                      38,764                -3,867                -9.07%         7.50           -50 bp*
------------------------------------------------------------------------------------------------------------------
* basis points
</TABLE>

Presented  below is the assessment of the risk of NPV in the event of sudden and
sustained 200 basis point  increases and decreases in prevailing  interest rates
as of December 31, 2001.

<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>
+200 bp*                      $ 6,035              $ -31,953               -84.11%        1.19%           -570 bp*
Base or 0%                     37,988                     --                   --         6.89
-200 bp*                       40,989                  3,001                +7.99%        7.23             +34 bp*
------------------------------------------------------------------------------------------------------------------
* basis points
</TABLE>

The decision by  Management  to liquidate  most of the  investment  portfolio in
March 2002 resulted in significant  improvement  in the Company's  interest rate
risk profile as of March 31, 2002.

                                                                              14
<PAGE>

NEW ACCOUNTING PRONOUNCEMENTS
-----------------------------

In July 2001,  the  Financial  Accounting  Standards  Board issued  Statement of
Financial Accounting Standards ("SFAS") No. 141 and 142. SFAS No. 141, "Business
Combinations"  requires the use of the  purchase  method of  accounting  for all
business combinations initiated after June 30, 2001, thereby eliminating the use
of the pooling of interests method. It also provides new criteria that determine
whether an acquisition involving acquired intangible assets should be recognized
separately from goodwill.  This Statement does not presently  affect the Company
but would be followed in any future acquisitions.

SFAS No.  142,  "Goodwill  and Other  Intangible  Assets" is  effective  for the
Company in 2002,  and requires that upon adoption,  any goodwill  recorded on an
entity's balance sheet would no longer be amortized. This would include existing
goodwill recorded at the date of adoption and any future goodwill. Goodwill will
not be amortized  but will be reviewed for  impairment  at least once a year and
adjusted  by  reduction  of the  carrying  value  of  goodwill  if the  asset is
impaired.

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).

                                                                              15
<PAGE>
PART II - OTHER INFORMATION


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

           Not Applicable


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

           Not Applicable

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
           -----------------

           Not Applicable

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

          a.   Exhibits - None

          b.   Current Reports on Form 8-K. On March 25, 2002, the Company filed
               ---------------------------
               a Current  Report on Form 8-K reporting  under item 5 that it had
               changed  the  classification  of its  investment  portfolio  from
               held-to-maturity  to  available-for-sale  after a  review  of the
               portfolio  and   determining   that  market   deterioration   had
               fundamentally  changed the interest rate risk  characteristics of
               the  portfolio.  No  financial  statements  were  filed with this
               report.

______
                                                                              16
<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 14, 2002            /s/ Timothy G. Clark
      ------------            --------------------
                              Timothy G. Clark
                              Executive Vice President
                              (Duly Authorized Representative)



DATE: May 14, 2002            /s/ Bradley L. Smith
      ------------            --------------------
                              Bradley L. Smith
                              Senior Vice President-Treasurer
                              (Principal Financial Officer
                              and Accounting Officer)

                                                                              17