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: September 30, 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 November 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 September 30, 2002 and December 31, 2001 . . . . . . . 3

              Consolidated Condensed Statements of Operations for
              the three and nine months ended
              September 30, 2002 and 2001. . . . . . . . . . . . . . . . . 4

              Consolidated Condensed Statements of Shareholders'
              Equity for the nine months ended September 30, 2002. . . . . 5

              Consolidated Condensed Statements of Cash Flows
              for the nine months ended September 30, 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 Market Risk . . . . . . . . . . . . . . . . . . . . . 16

     ITEM 4 - Controls and Procedures . . . . . . . . . . . . . . . . . . 18

PART II  -  OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . 19

SIGNATURES AND CERTIFICATIONS . . . . . . . . . . . . . . . . . . . . . . 20

                                                                               2
<PAGE>

PART I  -  FINANCIAL INFORMATION

                         AMERIANA BANCORP AND SUBSIDIARY
                      CONSOLIDATED CONDENSED BALANCE SHEETS
                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                       September 30,       December 31,
                                                           2002               2001
                                                       (Unaudited)
                                                      -------------        ----------
<S>                                                      <C>               <C>
Assets
  Cash on hand and in other institutions                 $   7,395         $   7,540
  Interest-bearing demand deposits                          31,019             4,283
                                                         ---------         ---------
      Cash and cash equivalents                             38,414            11,823

  Investment securities held for sale                       62,121           140,629
  Mortgage loans held for sale                               4,843             5,290
  Loans receivable                                         336,355           352,113
  Allowance for loan losses                                 (3,074)           (1,730)
                                                         ---------         ---------

      Net loans receivable                                 333,281           350,383
  Real estate owned                                            246               586
  Premises and equipment                                     7,849             6,919
  Stock in Federal Home Loan Bank                            7,419             7,365
  Mortgage servicing rights                                  1,108             1,012
  Investments in unconsolidated affiliates                   1,329               825
  Goodwill                                                   1,486             1,511
  Cash surrender value of life insurance                    18,725            18,035
  Other assets                                               3,426             7,697
                                                         ---------         ---------

          Total assets                                   $ 480,247         $ 552,075
                                                         =========         =========

Liabilities and Shareholders' Equity

Liabilities:
  Deposits:
         Noninterest-bearing                             $  20,330         $  24,257
         Interest-bearing                                  399,956           388,156
                                                         ---------         ---------

            Total deposits                                 420,286           412,413
  Advances from Federal Home Loan Bank                       5,865            87,653
  Notes payable                                                840               930
  Drafts payable                                             6,204             6,092
  Advances by borrowers for taxes and insurance                705               662
  Other liabilities                                          4,505             1,430
                                                         ---------         ---------

          Total liabilities                                438,405           509,180

Commitments and Contingent Liabilities

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                                         37,770            39,945
  Accumulated other comprehensive income (loss)                426              (696)
                                                         ---------         ---------

          Total shareholders' equity                        41,842            42,895
                                                         ---------         ---------

          Total liabilities and shareholders' equity     $ 480,247         $ 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      Nine Months Ended
                                                                     September 30,          September 30,
                                                                 --------------------------------------------
                                                                   2002        2001        2002        2001
                                                                 ---------   --------    --------    --------
<S>                                                              <C>         <C>         <C>         <C>
Interest Income:
   Interest and fees on loans                                    $  6,022    $  7,227    $ 18,527    $ 22,770
   Interest on mortgage-backed securities                             508         214       2,934         621
   Interest on investment securities                                  564         927       1,113       3,752
   Other interest and dividend income                                 174         296         762         684
                                                                 --------    --------    --------    --------

      Total interest income                                         7,268       8,664      23,336      27,827

Interest Expense:
   Interest on deposits                                             3,566       4,696      11,477      14,272
   Interest on FHLB advances and other borrowings                     626       1,072       2,734       4,358
                                                                 --------    --------    --------    --------

      Total interest expense                                        4,192       5,768      14,211      18,630
                                                                 --------    --------    --------    --------

Net interest income                                                 3,076       2,896       9,125       9,197

Provision for Loan Losses                                             150          90       1,550         270
                                                                 --------    --------    --------    --------

Net interest income after provision for loan losses                 2,926       2,806       7,575       8,927

Other Income:
   Net loan servicing fees                                              2          48          87         157
   Other fees and service charges                                     228         214         641         643
   Brokerage and insurance commissions                                239         256         772         764
   Net gain (loss) on investments in unconsolidated affiliates        (20)        (91)        (22)       (179)
   Gains on sales of loans and servicing rights                       290         180         741         408
   Gain (loss) on sale of investments                               1,188          --      (2,024)         --
   Increase in cash surrender value of life insurance                 276         220         690         717
   Other                                                               22          42         250         130
                                                                 --------    --------    --------    --------

      Total other income                                            2,225         869       1,135       2,640

Other Expense:
   Salaries and employee benefits                                   1,997       1,552       5,859       4,729
   Net occupancy and equipment expense                                467         354       1,254       1,061
   Federal insurance premium                                           18          19          54          54
   Data processing expense                                             80          78         296         214
   Printing and office supplies                                        74          88         215         252
   Amortization of intangible assets                                    9          36          26         124
   Penalty on early payoff of FHLB advances                         1,077          --       1,077          --
   Other                                                              367         545       1,587       1,600
                                                                 --------    --------    --------    --------

      Total other expense                                           4,089       2,672      10,368       8,034
                                                                 --------    --------    --------    --------

Income (loss) before income taxes                                   1,062       1,003      (1,658)      3,533

Income taxes                                                          276         252        (994)        949
                                                                 --------    --------    --------    --------

Net Income (Loss)                                                $    786    $    751    $   (664)   $  2,584
                                                                 ========    ========    ========    ========

Basic Earnings (Loss) Per Share                                  $   0.25    $   0.24    $  (0.21)   $   0.82
                                                                 ========    ========    ========    ========

Diluted Earnings (Loss) Per Share                                $   0.25    $   0.24    $  (0.21)   $   0.82
                                                                 ========    ========    ========    ========

Dividends Declared Per Share                                     $   0.16    $   0.15    $   0.48    $   0.45
                                                                 ========    ========    ========    ========
</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
                                                                    (664)
Other comprehensive income                                         1,123
                                                                --------
     Comprehensive income
                                                                     459

Dividends declared
                                                                  (1,512)
                                                                --------

Balances, September 30                                          $ 41,842
                                                                ========


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>
                                                                         Nine Months Ended
                                                                           September 30,
                                                                       ----------------------
                                                                         2002         2001
                                                                       ---------    ---------
<S>                                                                    <C>          <C>
OPERATING ACTIVITIES
Net income (loss)                                                      $    (664)   $   2,584
Items not requiring cash:
    Provisions for losses on loans                                         1,550          270
    Depreciation                                                             452          453
    Accretion/Amortization of securities (net)                               216          172
    Equity in loss of unconsolidated subsidiaries                             22          179
    Mortgage servicing rights amortization                                   214          136
    Goodwill amortization                                                     25          124
    Losses (gains) on sales of real estate owned                             (48)           3
    Net loss on sale of investments                                        2,024           --
    Increase in cash surrender value of life insurance                      (690)        (717)
    Mortgage loans originated for sale                                   (56,633)     (47,101)
    Proceeds from sales of mortgage loans                                 57,500       44,480
    Gains on sales of loans and servicing rights                            (683)        (407)
    Change in:
      Other assets                                                         3,753        1,098
      Drafts payable                                                         112          188
      Other liabilities                                                    2,388        2,280
                                                                       ---------    ---------

       Net cash provided by operating activities                           9,538        3,742

INVESTING ACTIVITIES
  Proceeds from calls of securities held to maturity                          --       55,605
  Principal collected on mortgage-backed securities held to maturity          --        2,362
  Purchase of investment securities held to maturity                          --      (42,261)
  Purchase of investment securities available for sale                  (131,197)          --
  Proceeds from sale of investment securities available for sale         179,218           --
  Proceeds from calls of securities available for sale                     1,207           --
  Proceeds from maturity of securities available for sale                  5,000           --
  Principal collected on securities available for sale                    23,892           --
  Net change in loans                                                     15,758       33,228
  Proceeds from sale of real estate owned                                    653          279
  Net purchases of premises and equipment                                 (1,382)        (225)
  Purchase of Federal Home Loan Bank stock                                   (54)         (79)
  Other investing activities                                                (526)        (112)
                                                                       ---------    ---------

       Net cash provided by investing activities                          92,569       48,797

FINANCING ACTIVITIES
  Net change in demand and saving deposits                                13,250        1,619
  Net change in certificates of deposit                                   (5,377)      22,298
  Advances from Federal Home Loan Bank                                    55,812       17,500
  Repayment of Federal Home Loan Bank advances                          (137,600)     (89,846)
  Repayment of notes payable                                                 (90)      (1,090)
  Cash dividends paid                                                     (1,511)      (1,416)
                                                                       ---------    ---------

       Net cash used by financing activities                             (75,516)     (50,935)
                                                                       ---------    ---------

Change in cash and cash equivalents                                       26,591        1,604

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

Cash and cash equivalents at end of period                             $  38,414    $  20,635
                                                                       =========    =========

Supplemental information:
  Interest paid                                                        $  12,900    $  16,540
  Income taxes paid                                                          290          841
</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"). 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  and results of  operations  and cash flows.  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 August 29, 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 September 13, 2002,  and was paid on October 4, 2002.
Total  year-to-date  dividends  declared  are  $1,510,782.  Payment  was made to
3,147,463  shareholders,  the same as at June 30, 2002.  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  increased  $35,000 or 4.66%,  to $786,000 ($0.25 basic
and  diluted  earnings  per share) for the quarter  ended  September  30,  2002,
compared to net income of $751,000 ($0.24 basic and diluted  earnings per share)
for the same period in 2001. The year-to-date net income decreased $3,248,000 or
125.70%,  for a loss of $664,000  ($0.21 loss per basic  earnings per share) for
the nine months ended  September 30, 2002,  compared to net income of $2,584,000
($0.82 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 September 30,
                                                                 --------------------------------
                                                           2002                                    2001
--------------------------------------------------------------------------------------------------------------------------
                                           Income      Weighted Average  Per Share            Weighted Average  Per Share
                                                            Shares         Amount     Income       Shares         Amount
--------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>          <C>               <C>         <C>       <C>            <C>
Basic Earnings per Share:
   Income available to
   Common shareholders                      $786         3,147,463         $0.25       $751      3,146,616      $0.24
Effect of dilutive stock options              --             2,300                       --          3,066
--------------------------------------------------------------------------------------------------------------------------
Diluted Earnings Per Share:
Income available to
   common shareholders and
   assumed conversions                      $786         3,149,763         $0.25       $751      3,149,682      $0.24
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>

                                                                 Nine Months Ended September 30,
                                                                 -------------------------------
                                                            2002                                   2001
--------------------------------------------------------------------------------------------------------------------------
                                           Income      Weighted Average  Per Share               Weighted      Per Share
                                           (Loss)           Shares         Amount     Income   Average Shares    Amount
--------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>          <C>              <C>         <C>        <C>            <C>
Basic Earnings (Loss) per Share:
   Income available to
   Common shareholders                      ($664)       3,147,246        ($0.21)     $2,584     3,146,616      $0.82
Effect of dilutive stock options               --                0                        --         2,828
--------------------------------------------------------------------------------------------------------------------------
Diluted Earnings (Loss) Per Share:
Income available to
    common shareholders and
    assumed conversions                     ($664)       3,147,246        ($0.21)     $2,584     3,149,444      $0.82
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                                               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 $696,000,  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>

Critical Accounting Policies
----------------------------

The notes to the  consolidated  financial  statements  contain a summary  of the
Company's  significant  accounting  policies  presented in the annual report for
fiscal year 2001.  Certain of these  policies are  important to the portrayal of
the  Company's  financial  condition,  since  they  require  management  to make
difficult,  complex or subjective judgments, some of which may relate to matters
that are inherently uncertain. Management believes that it's critical accounting
policies  include  determining  the allowance for loan losses  ("ALL"),  and the
valuation of mortgage servicing rights, ("MSR's").

Allowance for Loan Losses
-------------------------

The ALL is a significant estimate that can and does change based on Management's
assumptions about specific  borrowers and applicable  economic and environmental
conditions,  among other factors.  Management reviews the adequacy of the ALL on
at least a quarterly basis.  This review is based on four  components:  specific
identified risks or anticipated  losses in individual loans, a percentage factor
based on the type of loan and the risk rating assigned to the credit,  growth or
shrinkage in the overall portfolio and managements' analysis of overall economic
conditions  such as employment,  bankruptcy  trends,  property value changes and
change in delinquency levels.

Credits  are  evaluated  individually  based on  degree  of  delinquency  and/or
identified  risk ratings of special mention or worse.  Credits with  delinquency
levels of less  than 60 days and risk  ratings  of  satisfactory  or better  are
reviewed in the aggregate.  Percentage factors applied to individual credits are
based on risk rating,  the type of credit and estimated  potential losses in the
event  liquidation  becomes  necessary.  Percentage  factors  applied  to  loans
reviewed in the  aggregate  are based solely on the type of credit.  Anticipated
losses on other real estate owned are recognized  immediately upon recording the
asset.

The ALL may also  include  a  component  based on  management's  assumptions  of
changes  in risk in  non-qualified  areas  such as market  conditions,  property
values, employment conditions and perceived changes in overall portfolio quality
due to changes in  concentration,  underwriting  changes and both  national  and
regional trends.

External  factors  such as  increases  in  unemployment,  regional  softness  in
property  values,   increasing   national   numbers  in  bankruptcy,   unsecured
delinquency and charge-offs and internal factors such as the continuing increase
in the  commercial  real estate loan  portfolio  may result in larger  losses in
current economic conditions.

Changes in  concentration,  delinquency and portfolio are addressed  through the
variation in percentages  used in  calculating  the reserve for various types of
credit as well as individual review of "high risk" credits and large loans.

Valuation of Mortgage Servicing Rights
--------------------------------------

The Company recognizes the rights to service mortgage loans as a separate asset.
MSR's on originated  loans are  capitalized  by estimating the fair value of the
streams of net servicing revenues that will occur over the estimated life of the
servicing agreement.  MSR's are subsequently carried at the lower of the initial
carrying value,  adjusted for amortization,  or fair value.  MSR's are evaluated
for impairment  based on the fair value of those rights.  Capitalized  servicing
rights,  which  include  purchased  servicing  rights,  are  amortized  over the
estimated period of net servicing revenue. Differing valuations would affect the
carrying value of the MSR's on the balance sheet as well as the income  recorded
from loan  servicing  in the income  statement.  As of  September  30,  2002 and
December  31, 2001,  MSR's had  carrying  values of  $1,108,000  and  $1,012,000
respectively.
                                                                              10
<PAGE>
RESULTS OF OPERATIONS
---------------------

Net income for the quarter ended  September 30, 2002  increased to $786,000,  or
$0.25 per diluted share compared to $751,000 or $0.24 per diluted share reported
in the third  quarter of 2001.  The higher  earnings in the 2002 period  reflect
improved  net  interest  income and an  increase  in other  income  attributable
principally to third quarter  securities  sales.  These  improvements  offset an
increase in other expenses resulting  primarily from a prepayment penalty on the
early pay-off of FHLB advances undertaken as part of the Company's de-leveraging
strategy.

For the first nine  months of 2002,  the  Company  incurred a net loss  totaling
$664,000 or $0.21 per share  compared with net income of $2,584,000 or $0.82 per
diluted share in the year-earlier period. This loss largely reflected charges in
the first  quarter of the year  related  to the  liquidation  of its  investment
portfolio and the increase in reserves for loan losses.  Net interest income for
the first nine months was $9,125,000  versus $9,197,000 in the comparable period
last year,  while the provision for loan losses amounted to $1,550,000  compared
with $270,000 in the year-earlier period.

The Company  restructured 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  share.  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.

The Company sold an additional  $44,601,000  of investments in the third quarter
and realized a gain on the sale of approximately  $1,188,000,  which offset,  to
some extent,  the loss on  disposition of  investments  realized  earlier in the
year.  The  proceeds  from  this  latest  investment  sale  were  used to prepay
higher-rate Federal Home Loan Bank advances, which involved a prepayment penalty
of  approximately  $1,077,000.  These  transactions,  taken together,  had a net
positive effect of about $111,000 ($69,000 or $0.02 per diluted share after tax)
on the Company's third quarter results.  Aside from their de-leveraging  effect,
these  transactions  are expected to improve the Company's  net interest  margin
going forward  through the reduction of higher rate debt using proceeds from the
sale of lower earning investments.

During the first nine months of 2002, loan production  increased  $20,714,000 or
17.40% compared to the first nine months of 2001 for a total  year-to-date  loan
production  of  $139,760,000.  Mortgage  loan  production,  which  accounted for
$12,300,000  of the increase in loan  production,  consisted of fixed rate loans
that are normally sold to the secondary market. Loans sold during the first nine
months of 2002 were  $57,080,000  compared to $44,275,000 sold in the first nine
months of the prior year. The total outstanding  loans decreased  $15,758,000 or
4.48% during the first nine months to  $336,355,000  at September 30, 2002, from
$352,113,000 at December 31, 2001. The mortgage loans held for sale decreased to
$4,843,000 at September  30, 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 33 basis points during the third
quarter of 2002  compared to the third  quarter of 2001.  The change is due to a
decrease in yield of 85 basis points on average  interest-earning  assets offset
by a  118  basis  point  reduction  in  the  cost  of  interest-bearing  average
liabilities.  The  Company's  increase in the net interest  spread for the third
quarter was due primarily to higher interest income from  investments  following
the second quarter liquidation of its investment portfolio and reinvesting those
proceeds into less interest-rate sensitive investments.  The net interest spread
decreased  1 basis point  during the first nine  months of 2002  compared to
                                                                              11
<PAGE>

the same  period in 2001.  Overall,  the  change in yields and cost of funds for
2002 is the result of general reductions in interest rates during 2001.

The following table summarizes the Company's average net interest-earning assets
and average interest-bearing liabilities with the accompanying average rates for
the third quarter and first nine months of 2002 and 2001:
<TABLE>
<CAPTION>
                                                           (Dollars in Thousands)
                                                           ----------------------
                                            Three Months Ended                Nine Months Ended
                                              September 30,                    September 30,
                                  ----------------------------------    --------------------------
                                         2002                2001           2002             2001
<S>                                   <C>                 <C>           <C>               <C>
Interest-earning assets               $ 468,023           $ 490,277     $ 487,870         $485,230
Interest-bearing liabilities            435,915             457,273     $ 455,055         $457,465
                                  ----------------------------------   ----------------------------

   Net interest-earning assets         $ 32,108            $ 33,004      $ 32,815         $ 27,765
                                  ==================================   ============================

Average yield on/cost of:
Interest-earning assets                   6.16%               7.01%         6.40%            7.67%
Interest-bearing liabilities              3.82%               5.00%         4.18%            5.44%
                                  ==================================   ============================

   Net interest spread                    2.34%               2.01%         2.22%            2.23%
                                  ==================================   ============================

</TABLE>
Net interest income for the third quarter of 2002 was $3,076,000 for an increase
of $180,000 or 6.22% compared to $2,896,000 recorded during the third quarter of
2001.  This  increase  is due to lower  interest  income  offset  by even  lower
interest  expense.  The  $1,396,000  decrease  in  interest  income  on  average
interest-earning  assets is a combination  of a decrease of $393,000  because of
the decrease in average  interest  earning  balances and $1,003,000 due to lower
rates. The decrease of $1,576,000 in cost of  interest-bearing  liabilities is a
combination of a decrease of $270,000 from lower average balances and $1,306,000
from lower rates.  The net interest  margin ratio,  which is net interest income
divided by average earning assets, increased to 2.63% for the third quarter 2002
compared to 2.36% for the third quarter of 2001.

Net  interest  income for the first  nine  months of 2002 was  $9,125,000  for a
decrease of $72,000 or 0.78%  compared to  $9,197,000  recorded  during the same
period in 2001.  This decrease is due to lower  interest  income offset by lower
interest  expense.  The  $4,491,000  decrease  in  interest  income  on  average
interest-earning  assets is a combination of an increase of $152,000  because of
the increase in higher average  balances less $4,643,000 due to lower rates. The
decrease of $4,419,000 in cost of interest-bearing  liabilities is a combination
of a decrease of $98,000 from lower average  balances less $4,321,000 from lower
rates.

The following table sets forth the details of the rate and volume change for the
three and nine months ended  September  30, 2002  compared to the same period in
2001.
<TABLE>
<CAPTION>
                                                             (Dollars in Thousands)
                                                             ----------------------
                                          Three Months Ended September 30,    Nine Months Ended September 30,
                                                   2002 vs 2001                          2002 vs 2001
                                         ---------------------------------   -----------------------------------
                                                Increase (Decrease)                 Increase (Decrease)
                                                 Due to Change in                    Due to Change in
                                         ---------------------------------   -----------------------------------
                                          Volume      Rate     Net Change     Volume       Rate       Net Change
                                         --------   --------  -----------    ---------    -------     ----------
<S>                                      <C>        <C>        <C>           <C>          <C>          <C>
Interest Income:
   Loans                                 $ (154)    $ (1,051)  $(1,205)      $ (1,964)    $(2,279)     $ (4,243)
   Other interest-earning assets           (239)          48      (191)         2,116      (2,364)         (248)
                                         ------     --------   -------       --------     -------      --------
   Total interest-earning assets           (393)      (1,003)   (1,396)           152      (4,643)       (4,491)
                                         ------     --------   -------       --------     -------      --------
Interest Expense:
   Deposits                                  44       (1,174)   (1,130)         1,357      (4,151)       (2,795)
   FHLB advance and other loans            (314)        (132)     (446)        (1,455)       (170)       (1,624)
                                         ------     ---------  -------       --------     -------      --------
   Total interest-bearing                  (270)      (1,306)   (1,576)           (98)     (4,321)       (4,419)
    liabilities
Change in net interest income            $ (123)    $    303   $   180       $    250     $  (322)     $    (72)
                                         ======     ========   =======       ========     =======      ========
</TABLE>
                                                                              12
<PAGE>
The following table summarizes the Company's non-performing assets at:
<TABLE>
<CAPTION>
                                                           (Dollars in Thousands)
                                                           ----------------------
                                                        September 30,    December 31,
                                                             2002           2001
                                                        -------------    ------------
<S>                                                        <C>           <C>
Loans:
Non-accrual                                                $17,955       $ 2,178
Restructured Loans                                             500           294

Over 90 days delinquent and still accruing                       6           395
Real estate owned                                              246           586
                                                           -------       -------

Total                                                      $18,707       $ 3,453
                                                           =======       =======
</TABLE>

The Company's non-performing assets increased $7,069,000 in the third quarter of
2002,  and  increased  $15,715,000  year to  date.  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 first
quarter of 2002 and an overall increase of $1,550,000 year-to-date.  The Company
took this action even though none of the  underlying  loans or leases related to
the additional charge have been written off.

The  increase in  non-performing  loans in the third  quarter of 2002  primarily
involves a series of real estate  development  loans with the same  builder with
combined  outstanding balances of $1,860,000 and a second lease receivables pool
purchased  from  Commercial  Money Center (CMC) with an  outstanding  balance of
$5,390,000.

The increase in  non-performing  loans year to date as of September  30, 2002 is
primarily due to a commercial real estate loan and real estate development loans
with two  companies  with  outstanding  balances of  $2,233,000  and  $1,850,000
respectively  and two lease  receivables  pools  with  outstanding  balances  of
$5,510,000 and $5,390,000 respectively.

One of the commercial loans is for a condominium project in Bloomington, Indiana
and is collateralized both by the subject real estate and personal guarantees of
the borrowers.  The real estate  development  loans are  collateralized  by real
estate and are for properties located in West Central Indiana.

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 is  supported  by a surety  bond  issued by one of two
insurance  companies rated at least "A" by Moody's.  The bonds guarantee payment
of all amounts due under the leases in the event of default by the lessee.  Each
pool was sold by the terms of a Sales and Service  Agreement which provides that
the insurers  will service the leases.  In each case the insurers  have assigned
their servicing rights and responsibilities to Commercial Servicing Corporation,
a company, which has now filed bankruptcy.

When the lease pools went into default, notice was given to each insurer. One of
them made  payments for a few months under a  reservation  of rights;  the other
paid nothing.  Both insurers claim they were defrauded by CMC, the company which
sold the lease pools. Both are now denying  responsibility for payment.  CMC has
filed for bankruptcy protection.

Many other  financial  institutions  have purchased lease pools from CMC. All of
the lease pools are in default  and in  litigation.  The Panel on  Multidistrict
Litigation  has taken  control of the many actions and assigned them to the U.S.
District Court for the Northern District of Ohio,  Eastern Division.  An initial
pre-trial conference is scheduled for November 21, 2002 in Cleveland.

The Company believes the surety bonds are enforceable against the insurers.  The
current unpaid balance for the pools is $10,900,000.  It is highly unlikely that
the litigation will be resolved in 2002.
                                                                              13
<PAGE>

The total  provision  for loan losses was $150,000  during the third  quarter of
2002 compared to $90,000 during the same period in 2001.  Third quarter 2002 had
net  charge-offs  (charge-offs  less  recoveries)  of  $138,000  compared to net
charge-offs of $27,000 for the third quarter 2001.

The total provision for loan losses was $1,550,000  during the first nine months
of 2002  compared  to $270,000  during the same  period in 2001.  The first nine
months of 2002 had net  charge-offs of $206,000  compared to net  charge-offs of
$33,000 for the same period in 2001.

Management  believes  the  allowance  for  loan  losses  is  adequate  and  that
sufficient  provision has been provided to absorb any losses that may ultimately
be incurred on non-performing  loans and the remainder of the portfolio based on
information at September 30, 2002. The allowance for loan losses as a percentage
of loans was 0.91%  and 0.49% at  September  30,  2002 and  December  31,  2001,
respectively.

The Company regularly  monitors the developments  related to the two lease pools
and other  nonperforming  loans and has  discussions  with its federal and state
bank regulators so that it can determine whether its loss reserves are adequate.
Based upon further developments, as well as further discussions with its federal
and state bank  regulators,  it is  possible  that the Company may in the future
determine  to  increase  its loss  reserves  against  the lease  pools and other
nonperforming loans.

Total other income increased $1,356,000 to $2,225,000 for the third quarter 2002
from $869,000 in the same period during 2001.  Management sold investments for a
net  gain of  $1,188,000  in the  third  quarter  as  part of its  de-leveraging
strategy.  Total other income  decreased  $1,505,000 to $1,135,000 for the first
nine months of 2002 from  $2,640,000  in the same period  during 2001.  The main
reason  for the  year-to-date  decrease  was the loss on the sale of  investment
securities  in  the  first  quarter  2002  of  $3,212,000  offset  by  gains  on
investments  sold in the third quarter.  Sales of loans to the secondary  market
increased and the $290,000 gain on these sales and servicing rights in the third
quarter 2002 was up from  $180,000 in 2001.  Net gain (loss) on  investments  in
unconsolidated  affiliates  resulted in higher  income of $157,000 for a loss of
$22,000  for the first nine  months  compared to a loss of $179,000 in the prior
period.  The main  cause of the  higher  income  is due to  ITIC,  LLC,  a title
insurance company, and House Investments, a real estate partnership. The Company
earned $64,000 in pre-tax income earned from the Company's share of ITIC,  LLC's
net income for the first nine  months of 2002.  ITIC,  LLC was  acquired  in the
first quarter  2002.  The Company's  expected  loss from House  Investments  was
$84,000  less  during the first nine  months of 2002  compared to the prior year
period.

Total other expense increased  $1,417,000,  or 53.03%, in the third quarter 2002
to $4,089,000  from  $2,672,000  for the same period in 2001.  $1,077,000 of the
increase is  penalties  paid for early  payoffs of FHLB  advances as part of the
Company's  de-leveraging  action. Total other expense increased  $2,334,000,  or
29.05%, for the first nine months of 2002 to $10,368,000 from $8,034,000 for the
same period in 2001. In addition to the penalties  paid to the FHLB,  salary and
benefits  expense for the third  quarter  2002 was up  $445,000,  or 28.67%,  to
$1,997,000 from  $1,552,000 in the same period during 2001.  Salary and benefits
expense  for the first nine  months of 2002 was up  $1,130,000,  or  23.90%,  to
$5,859,000  from  $4,729,000  in the same period  during 2001.  Severance pay of
$289,350 in the first quarter 2002,  increased staffing,  merit pay adjustments,
pension  costs,  and  higher  health  care  costs are the main  reasons  for the
increases.
                                                                              14
<PAGE>

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 September 30, 2002, the Company's cash and interest-bearing time
deposits totaled $38,414,000,  or 8.00%, of total assets. The Company's cash and
interest-bearing time deposits increased 26,591,000 from December 31, 2001.

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 September 30, 2002, was $24,922,000.  At September 30,
2002,  Ameriana had total risk-based  capital of $43,533,000 and a 13.97% ratio.
The  Company's  tier 1 capital  ratio was 7.98% at  September  30,  2002,  which
exceeded the regulatory minimum required tier 1 capital ratio of 4.00%.

At September 30, 2002, the Company's  commitments  for loans in process  totaled
$39,352,000,  with the majority 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.

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.

SARBANES-OXLEY ACT OF 2002
--------------------------

The President signed into law on July 30, 2002, the  Sarbanes-Oxley  Act of 2002
(the  "Act").  The Act aims to  correct  what  was  perceived  to be  structural
weaknesses affecting the capital markets,  which may have contributed to massive
stockholder losses.

The Act  creates a  quasi-governmental  entity,  the Public  Company  Accounting
Oversight  Board, to regulate the auditors of public  company.  The SEC oversees
the  activities  of the  Board.  The  Board  replaces  the  previous  system  of
self-regulation.

The  Board  will be  chosen  no later  than  October  28,  2002  (90 days  after
enactment).  The Board is to be  operational  no later than April 26,  2003 (270
days after  enactment).  The new Board's authority begins when the SEC certifies
it as operational.

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>

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The  Asset/Liability  Committee and the Board of Directors reviews 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.

The model used to prepare the interest rate risk  assessment as of September 30,
2002 was a different  model from the one used as of  September  30,  2001.  Both
models  provided  very  similar  results  and used  similar  methodologies.  The
contract  for the model used as of  September  30, 2001 expired on June 1, 2002.
Management  opted not to renew the contract in favor of using  another  model it
already owned.

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 September 30, 2002 using the new model.
<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*           $29,828      $ -9,928       -24.97%         7.04%          -197 bp*
Base or 0%          39,756                                     9.01
-200 bp*            44,882         5,126        12.89%         9.85             84 bp*
-------------------------------------------------------------------------------------------
* basis points
</TABLE>

                                                                              16
<PAGE>

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 September 30, 2001 using the previous model.

<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*           $20,661      $ -18,956       -47.85%         4.29%          -347 bp*
Base or 0%          39,617                                      7.76
-200 bp*            41,604          1,987         5.02%         7.96             20 bp*
-------------------------------------------------------------------------------------------
* basis points
</TABLE>
                                                                              17
<PAGE>

ITEM 4 - CONTROLS AND PROCEDURES

The Company's Chief Executive Officer and Chief Financial Officer have evaluated
the Company's  disclosure  controls and  procedures  (as such term is defined in
Rule  13a-14(c)  under the Exchange Act) as of a date within 90 days of the date
of filing of this Form 10-Q.  Based upon such  evaluation,  the Company's  Chief
Executive  Officer and Chief Financial Officer have concluded that such controls
and  procedures  are  effective  to ensure that the  information  required to be
disclosed  by the  Company in the  reports it files  under the  Exchange  Act is
gathered, analyzed and disclosed with adequate timeliness.

There have been no significant  changes in the Company's internal controls or in
other factors that could  significantly  affect internal controls  subsequent to
the date of the evaluation described above.

                                                                              18
<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.

               The following exhibits are filed with this report:

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

               99.1 Certification  Under  Section 906 of  Sarbanes-Oxley  Act of
                    2002

               99.2 Certification  Under  Section 906 of  Sarbanes-Oxley  Act of
                    2002

          b.   Current Reports on Form 8-K
               ---------------------------

               None filed in the third quarter 2002.
                                                                              19
<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: November 14, 2002         /s/ Harry J. Bailey
                                --------------------------------------
                                Harry J. Bailey
                                President and
                                Chief Executive Officer
                                (Duly Authorized Representative)



DATE: November 14, 2002         /s/ Bradley L. Smith
                                ---------------------------------------
                                Bradley L. Smith
                                Senior Vice President-Treasurer
                                (Principal Financial Officer
                                and Accounting Officer)
                                                                              20
<PAGE>

                                  CERTIFICATION

I, Harry J. Bailey,  President and Chief Executive  Officer of Ameriana Bancorp,
certify that:

1. I have reviewed this quarterly report on Form 10-Q of Ameriana Bancorp;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)Designed such disclosure controls and procedures to ensure that material
     information   relating  to  the  registrant,   including  its  consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;

     (b)Evaluated the effectiveness of the registrant's  disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     (c)Presented   in  this  quarterly   report  our   conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
the  registrant's  board or  directors  (or persons  fulfilling  the  equivalent
functions):

     (a) all  significant  deficiencies  in the design or  operation of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     (b) any fraud,  whether or not material,  that involves management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: November 14, 2002                /s/ Harry J. Bailey
                                       -------------------------------------
                                       Harry J. Bailey
                                       President and Chief Executive
                                       Officer
                                                                              21
<PAGE>
                                  CERTIFICATION

I, Bradley L. Smith, Senior Vice President-Treasurer and Chief Financial Officer
of Ameriana Bancorp, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Ameriana Bancorp;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)Designed such disclosure controls and procedures to ensure that material
     information   relating  to  the  registrant,   including  its  consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;

     (b)Evaluated the effectiveness of the registrant's  disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     (c)Presented   in  this  quarterly   report  our   conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
the  registrant's  board or  directors  (or persons  fulfilling  the  equivalent
functions):

     (a) all  significant  deficiencies  in the design or  operation of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     (b) any fraud,  whether or not material,  that involves management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: November 14, 2002                  /s/ Bradley L. Smith
                                         -------------------------------------
                                         Bradley L. Smith
                                         Senior Vice President-Treasurer and
                                         Chief Financial Officer
                                                                              22