SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                   FORM 10-KSB/A
                                 (Amendment No. 1)

                                 ______________
(Mark One)
[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE ACT OF
     1934.
     For the Fiscal Year Ended June 30, 2002.
                                       OR
[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934.


For the transition period from __________to __________

                         Commission File Number: 0-23409
                                                 -------

                           HIGH COUNTRY BANCORP, INC.
--------------------------------------------------------------------------------
                 (Name of Small Business Issuer in its Charter)

          COLORADO                                           84-1438612
--------------------------------                         -------------------
 (State or Other Jurisdiction of                         (I.R.S. Employer
 Incorporation or Organization)                          Identification No.)

7360 WEST US HIGHWAY 50, SALIDA, COLORADO                      81201
-----------------------------------------                    ----------
(Address of Principal Executive Offices)                     (Zip Code)

         Issuer's Telephone Number, Including Area Code: (719) 539-2516
                                                          -------------

    Securities registered pursuant to Section 12(b) of the Exchange Act: NONE

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

                     COMMON STOCK, PAR VALUE $.01 PER SHARE
                     --------------------------------------
                                (Title of Class)

     Check  whether  the issuer:  (l) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. YES X  NO
                                                                      ---    ---

     Check if there is no disclosure  of  delinquent  filers in response to Item
405 of Regulation S-B is not contained in this form,  and no disclosure  will be
contained,  to the  best of  registrant's  knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ ]

     State registrant's revenues for its most recent fiscal year: $14,618,481

     The aggregate market value of the voting stock held by nonaffiliates of the
registrant  based on the last sale of which the registrant was aware ($19.60 per
share on September 16, 2002), was approximately $10,181,357. Solely for purposes
of this calculation,  the term "affiliate" refers to all directors and executive
officers of the registrant and all  stockholders  beneficially  owning more than
10% of the registrant's common stock.

     As of September 16, 2002, there were issued and outstanding  905,409 shares
of the registrant's common stock.

     Transitional Small Business Disclosure Format (check one): YES     NO X
                                                                   ---    ---


<PAGE>

EXPLANATORY NOTE:

     This  Form  10-KSB/A  is  being  filed  to  correct   several   inadvertent
typographical  errors on the  Consolidated  Statement of Income for High Country
Bancorp, Inc. (the "Company") for the fiscal year ended June 30, 2001. This Form
10-KSB/A  corrects  typographical  errors in Basic  Earnings  Per Common  Share,
Diluted  Earnings Per Common Share,  Basic and Diluted  Weighted  Average Common
Shares  Outstanding  and  Dividends  Paid Per Share for the year  ended June 30,
2001.

<PAGE>

                                     PART II


ITEM 7.  FINANCIAL STATEMENTS
-----------------------------


                            GRIMSLEY, WHITE & COMPANY

                          Certified Public Accountants
                           And Management Consultants

                                                                301 Raton Avenue
                                                   La Junta, Colorado 81050-1697
                                                                    719-384-5489








                          INDEPENDENT AUDITORS' REPORT



To the Board of Directors and Stockholders
High Country Bancorp, Inc.
Salida, Colorado

We have audited the accompanying  consolidated statements of financial condition
of High  Country  Bancorp,  Inc. as of June 30,  2002 and 2001,  and the related
consolidated  statements  of income,  equity,  and cash flows for the years then
ended.  These  consolidated  financial  statements are the responsibility of the
Company's  management.  Our  responsibility  is to  express  an opinion on these
consolidated financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly,  in all  material  respects,  the  financial  position  of High  Country
Bancorp, Inc. as of June 30, 2002 and 2001 and the results of its operations and
its cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.

                                           /s/ Grimsley, White & Company

                                           GRIMSLEY, WHITE & COMPANY


La Junta, Colorado
August 27, 2002

                                        1
<PAGE>

                           HIGH COUNTRY BANCORP, INC.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                             JUNE 30, 2002 AND 2001
<TABLE>
<CAPTION>
                          ASSETS                                                     2002                2001
                                                                                 -------------       --------------
<S>                                                                              <C>                  <C>
Cash and amounts due from banks                                                  $   2,873,502        $   2,759,671
Interest- bearing deposits at other institutions                                     8,590,443            9,175,856
Mortgage-backed securities, held to maturity                                        10,306,936            2,220,909
Securities held to maturity                                                            303,039                   --
Loans receivable - net                                                             143,195,129          135,916,318
Loans held for sale                                                                    642,000              917,500
Federal Home Loan Bank stock, at cost                                                2,421,600            2,421,600
Accrued interest receivable                                                          1,299,341            1,121,412
Property and equipment, net                                                          6,069,688            6,111,907
Mortgage servicing rights                                                                6,788               14,504
Prepaid expenses and other assets                                                      693,583              508,187
Deferred income taxes                                                                  183,100              162,800
                                                                                 -------------        -------------
            TOTAL ASSETS                                                         $ 176,585,149        $ 161,330,664
                                                                                 =============        =============

                    LIABILITIES AND EQUITY

LIABILITIES
Deposits                                                                         $ 116,142,046         $ 98,517,228
Advances by borrowers for taxes and insurance                                                -               29,724
Escrow accounts                                                                        657,271            1,070,624
Accounts payable and other liabilities                                               1,013,064              988,588
Advances from Federal Home Loan Bank                                                42,641,665           44,124,999
Accrued income taxes payable                                                                --               40,167
                                                                                 -------------        -------------

            TOTAL LIABILITIES                                                      160,454,046          144,771,330
                                                                                 -------------        -------------
Commitments and contingencies

EQUITY
Preferred stock- $.01 par value; authorized 1,000,000
   shares; no shares issued or outstanding                                                  --                   --
Common stock-$.01 par value; authorized 3,000,000 shares;
   issued and outstanding 905,409 (2002)and 1,028,992 shares (2001)                      9,054               10,290
Paid-in capital                                                                      7,262,469            9,151,686
Retained earnings - substantially restricted                                         9,461,842            8,215,667
Note receivable from ESOP Trust                                                       (521,065)            (626,865)
Deferred MRP stock awards                                                              (81,197)            (191,444)
                                                                                 -------------        -------------

            TOTAL EQUITY                                                            16,131,103           16,559,334
                                                                                 -------------        -------------

            TOTAL LIABILITIES AND EQUITY                                         $ 176,585,149        $ 161,330,664
                                                                                 =============        =============
</TABLE>

                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                        2
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                        CONSOLIDATED STATEMENTS OF INCOME

                       YEARS ENDED JUNE 30, 2002 AND 2001
<TABLE>
<CAPTION>

                                                                                     2002              2001
                                                                                 ------------      ------------
<S>                                                                              <C>               <C>
Interest Income
      Interest on loans                                                          $ 12,092,902      $ 11,926,363
      Interest on securities held-to-maturity                                         306,060           178,492
      Interest on other interest- bearing assets                                      356,547           226,839
                                                                                 ------------      ------------

                  Total interest income                                            12,755,509        12,331,694
                                                                                 ------------      ------------
Interest Expense
      Deposits                                                                      3,488,371         3,662,818
      Federal Home Loan Bank advances                                               2,579,583         2,670,482
                                                                                 ------------      ------------

                  Total interest expense                                            6,067,954         6,333,300
                                                                                 ------------      ------------

                  Net interest income                                               6,687,555         5,998,394
Provision for losses on loans                                                         236,000           385,000
                                                                                 ------------      ------------
                  Net income after provision
                        for loan losses                                             6,451,555         5,613,394
                                                                                 ------------      ------------
Noninterest Income
      Service charges on deposits                                                     262,747           209,496
      Loans sold                                                                      802,851           408,872
      Title and escrow fees                                                           354,265           305,278
      Other                                                                           443,110           301,065
                                                                                 ------------      ------------
                  Total noninterest income                                          1,862,973         1,224,711
                                                                                 ------------      ------------
Noninterest Expense
     Compensation and benefits                                                      3,378,607         2,742,264
     Occupancy and equipment                                                        1,261,385         1,115,756
     Insurance and professional fees                                                  289,121           249,549
     Other                                                                            687,627           648,075
                                                                                 ------------      ------------
                  Total noninterest expense                                         5,616,740         4,755,644
                                                                                 ------------      ------------

                  Income before income taxes                                        2,697,788         2,082,461

                  Income tax expense                                                1,026,449           810,082
                                                                                 ------------      ------------

                  Net income                                                     $  1,671,339      $  1,272,379
                                                                                 ============      ============

Basic Earnings Per Common Share                                                  $       1.90      $       1.30
                                                                                 ============      ============
Diluted Earning Per Common Share                                                 $       1.85      $       1.30
                                                                                 ============      ============
Weighted Average Common Shares Outstanding
     Basic                                                                            877,653           975,855
     Diluted                                                                          905,173           979,255
Dividends Paid Per Share                                                         $      0.500      $      0.500
</TABLE>


                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                        3
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                        CONSOLIDATED STATEMENTS OF EQUITY

                       YEARS ENDED JUNE 30, 2002 AND 2001
<TABLE>
<CAPTION>
                                                                                         NOTE             DEFERRED
                                         COMMON         PAID-IN         RETAINED       RECEIVABLE           STOCK
                                          STOCK         CAPITAL         EARNINGS          ESOP              AWARDS
                                         -------        -------         --------       ----------         ---------
<S>                                      <C>           <C>              <C>              <C>              <C>
BALANCES JUNE 30, 2000                   $ 10,712      $ 9,720,159      $7,433,495       $ (732,665)      $ (324,052)

     Net income                                                          1,272,379

     MRP stock awards                                          290                                           132,608

     ESOP contribution                                      37,977

     ESOP note payment                                                                      105,800

     Stock purchased and
      retired                                (422)        (606,740)

     Dividends paid                                                       (490,207)
                                         --------      -----------      ----------       ----------       ----------
BALANCES JUNE 30, 2001                     10,290        9,151,686       8,215,667         (626,865)        (191,444)

     Net income                                                          1,671,339

     MRP stock awards                                       18,583                                           110,247

     ESOP contribution                                      77,796

     ESOP note payment                                                                      105,800

     Stock purchased and
     retired                               (1,236)      (1,985,596)

     Dividends paid                                                       (425,164)

                                         --------      -----------      ----------       ----------       ----------
BALANCES JUNE 30, 2002                    $ 9,054      $ 7,262,469     $ 9,461,842       $ (521,065)      $  (81,197)
                                         ========      ===========      ==========       ==========       ==========
</TABLE>

                        SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                        4
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                       YEARS ENDED JUNE 30, 2002 AND 2001
<TABLE>
<CAPTION>
                                                                           2002           2001
                                                                       ------------    ------------
      <S>                                                              <C>             <C>
      Operating Activities
            Net income                                                 $  1,671,339    $  1,272,379
            Adjustments to reconcile net income to net cash provided
                  by operating activities:
            Amortization of:
                  Deferred loan origination fees                           (182,137)       (137,549)
                  Premiums on investments                                   169,735           5,124
            Loss on disposition of equipment                                  8,326          12,598
            Compensation expense on ESOP shares                             105,800         105,800
            Compensation expense on Management Recognition Plan              73,651         132,897
            ESOP market value expense                                        77,796          37,977
            Provision for losses on loans                                   236,000         385,000
            Deferred income taxes                                           (20,300)       (116,500)
            Depreciation                                                    442,898         398,647
            Income taxes                                                    (40,167)         28,593
            Net change in miscellaneous assets                             (355,609)       (338,103)
            Net change in miscellaneous liabilities                          79,655         226,035
                                                                       ------------    ------------
                  Net cash provided by operating activities               2,266,987       2,012,898
                                                                       ------------    ------------
      Investing Activities
            Net change in interest bearing deposits                         585,413      (7,854,938)
            Net change in loans receivable                               (7,057,174)    (17,183,728)
            Purchase of securities held-to-maturity                     (11,057,788)             --
            Principal repayments of securities-held-to-maturity           2,498,987         616,856
            Purchase of Federal Home Loan Bank stock                             --        (564,600)
            Purchases of property and equipment                            (409,005)       (451,211)
                                                                       ------------    ------------
                  Net cash used by investing activities                 (15,439,567)    (25,437,621)
                                                                       ------------    ------------
      Financing Activities
            Net change in deposits                                       17,624,818      15,746,830
            Net change in escrow funds                                     (443,077)       (744,356)
            Purchase of common stock                                     (1,986,832)       (607,162)
            Cash dividends paid                                            (425,164)       (490,207)
            Proceeds (payment) on FHLB advances                          (1,483,334)      7,886,666
                                                                       ------------    ------------
                    Net cash provided by financing activities            13,286,411      21,791,771
                                                                       ------------    ------------

                    Net change in cash and cash equivalents                 113,831      (1,632,952)

      Cash and cash equivalents, beginning                                2,759,671       4,392,623
                                                                       ------------    ------------
      Cash and cash equivalents, ending                                $  2,873,502    $  2,759,671
                                                                       ============    ============

      Supplemental disclosure of cash flow information
      Cash paid for:
           Taxes                                                       $  1,169,834    $    664,989
           Interest                                                       6,094,060       6,328,232
</TABLE>

                                        5
<PAGE>
                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -1   OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          The  following is a  description  of the more  significant  accounting
          policies which High Country Bancorp, Inc. (the Company) and its wholly
          owned  subsidiary  High Country Bank formerly Salida Building and Loan
          Association  (the Bank) and its wholly owned  subsidiary  High Country
          Title and  Escrow  Company  follow in  preparing  and  presenting  the
          consolidated financial statements.

          Basis of Presentation
          The  consolidated  financial  statements  include the  accounts of the
          Company and its wholly  owned  subsidiary  High  Country  Bank and its
          wholly owned  subsidiary  High Country Title and Escrow  Company.  All
          significant   intercompany   accounts  and   transactions   have  been
          eliminated.

          Organization
          High  Country  Bank (the  Bank) is a federal  stock  savings  and loan
          association  with its main  office  in  Salida,  Colorado  and  branch
          offices in  Salida,  Leadville  and Buena  Vista,  Colorado.  The Bank
          provides a variety of  financial  services to the area it serves.  Its
          primary deposit products are  interest-bearing  checking  accounts and
          certificates  of deposit,  and its primary  lending  products are real
          estate mortgages, consumer and commercial loans.

          High Country Title & Escrow Company provides title, escrow and closing
          services primarily in Chaffee County.

          The Company's  purpose is to act as a holding company with the Bank as
          its sole subsidiary.  The Company's principal business is the business
          of the  Bank,  title  and  escrow  transactions  of the  wholly  owned
          subsidiary of the bank, and holding investments.

          Savings  deposits  of the  Bank are  insured  by the  Federal  Deposit
          Insurance  Corporation  ("FDIC") up to certain  limitations.  The Bank
          pays a premium to FDIC for the insurance of such savings.

          Use of Estimates
          The preparation of financial  statements in conformity with accounting
          principles generally accepted in the United States requires management
          to make estimates and assumptions  that affect the reported amounts of
          assets  and  liabilities  and  disclosure  of  contingent  assets  and
          liabilities  at the date of the financial  statements and the reported
          amounts of revenues and expenses during the reporting  period.  Actual
          results could differ from those estimates.

          Investment Securities and Mortgage-Backed Securities
          Securities  Held to  Maturity.  Bonds and notes for which the entities
          have the positive  intent and ability to hold to maturity are reported
          at cost,  adjusted for premiums and discounts  that are  recognized in
          interest income using the interest method over the period to maturity.

          Securities Available for Sale.  Available-for-sale  securities consist
          of  bonds  and  notes  not  classified  as  trading  securities  or as
          held-to-maturity securities.

          Unrealized holding gains and losses, net of tax, on available-for-sale
          securities  are  reported as a net amount in a separate  component  of
          shareholders' equity until realized.

          Gains and  losses  on the sale of  available-for-sale  securities  are
          determined using the specific-identification method.

          Declines  in  the  fair  value  of  individual   held-to-maturity  and
          available-for-sale  securities  below  their  cost that are other than
          temporary would result in write-downs of the individual  securities to
          their fair value.  Should the entities incur  write-downs they will be
          included in earnings as realized losses.

                                        6
<PAGE>

                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -1   OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

          Premiums and  discounts are  recognized  in interest  income using the
          interest method over the period to maturity.

          Federal Home Loan Bank Stock
          The  stock is an  equity  interest  in the  Federal  Home Loan Bank of
          Topeka.  The Bank, as a member of the FHLB, is required to maintain an
          investment in capital stock of the FHLB. The stock is carried at cost,
          as its cost is assumed to equal its market value.  FHLB stock can only
          be sold at par value to the FHLB or to another member institution. The
          FHLB  declares  cash and  stock  dividends.  The stock  dividends  are
          recognized as income due to the fact they are  redeemable at par value
          ($100 per share) from the FHLB or another member institution.

          Loans
          Loans are stated at unpaid principal balances,  less the allowance for
          loan losses, net of deferred loan fees and loans in process.

          Loan  origination  and  commitment  fees,  as well as  certain  direct
          origination  costs,  are deferred and amortized as a yield  adjustment
          over  the  lives of the  related  loans  using  the  interest  method.
          Amortization  of  deferred  loan fees is  discontinued  when a loan is
          placed on nonaccrual status.

          Loans are placed on nonaccrual  status when  principal and interest is
          delinquent for 90 days or more.  Uncollectible interest on these loans
          is charged off, or an allowance is established,  based on management's
          periodic  evaluation,  and by a charge to interest income equal to all
          interest previously accrued. Income is subsequently recognized only to
          the extent that cash payments are received.

          Management  has  determined  that first  mortgage loans on one-to-four
          family  properties,  home  equity,  second  mortgage  loans,  and  all
          consumer loans are large groups of  smaller-balance  homogenous  loans
          that are collectively evaluated.  Accordingly,  such loans are outside
          the scope of FASB Statement Nos. 114 and 118.

          Management considers an insignificant delay, which is determined as 90
          days by the  Association,  will not cause a loan to be  classified  as
          impaired.  A loan is not impaired  during a period of delay in payment
          if the bank  expects to collect  all amounts  due  including  interest
          accrued at the contractual  interest rate for the period of delay. All
          loans   identified   as  impaired  are  evaluated   independently   by
          management.

          Loans Held for Sale
          Loans originated and held for sale in the secondary market are carried
          at the lower or cost or  estimated  fair value in the  aggregate.  Net
          unrealized   losses,  if  any,  are  recognized  through  a  valuation
          allowance by charges to income.

          Allowance for Loan Losses
          The  allowance for loan losses is  maintained  at a level,  which,  in
          management's  judgment,  is adequate to absorb losses  inherent in the
          loan  portfolio.  The amount of the allowance is based on management's
          evaluation of the collectibility of the loan portfolio,  including the
          nature of the  portfolio,  credit  concentrations,  specific  impaired
          loans,  and  economic  conditions.  The  allowance  is  increased by a
          provision for loan losses, which is charged to expense, and reduced by
          charge-offs,   net  of  recoveries.   Such  provisions  are  based  on
          management's  estimate  of net  realizable  value or fair value of the
          collateral, as applicable. These estimates are susceptible to economic
          changes  that  could  result in a  material  adjustment  to results of
          operations  in the near term.  Recovery of the carrying  value of such
          loans is dependent to a great  extent on  economic,  operational,  and
          other conditions that may be beyond the Bank's control.

                                        7
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -1   OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued

          Loan Servicing
          The cost of mortgage  servicing  rights is amortized in proportion to,
          and over the period of, estimated net servicing  revenues.  Impairment
          of mortgage  servicing  rights is assessed  based on the fair value of
          those rights.  Fair values are estimated  using  discounted cash flows
          based on a current market interest rate.

          Property and Equipment
          Property   and   equipment   are  stated  at  cost  less   accumulated
          depreciation.   Depreciation   is  calculated   using   primarily  the
          straight-line  method over the  estimated  useful lives of the related
          assets.  Estimated useful lives of furniture,  fixtures, and equipment
          range from two to ten years;  buildings  and  improvements  range from
          five to forty years.

          Income Taxes
          Income taxes are provided in accordance with SFAS No. 109,  Accounting
          for Income Taxes.  Under the provisions of SFAS No. 109,  deferred tax
          assets and liabilities  are recorded based on the differences  between
          the financial  statement and tax bases of assets and  liabilities  and
          the tax rates  which  will be in effect  when  these  differences  are
          expected to reverse.  If appropriate,  deferred tax assets are reduced
          by a valuation allowance, which reflects expectations of the extent to
          which such assets will be realized.  The Company and its  subsidiaries
          filed  individual  income tax  returns in prior  years but will file a
          consolidated return for the current year.

          Financial Instruments
          Off-balance sheet instruments.  In the ordinary course of business the
          Bank  has  entered  into  off-balance   sheet  financial   instruments
          consisting of  commitments to extend  credit,  and standby  letters of
          credit.  Such  financial  instruments  are  recorded in the  financial
          statements when they are funded.

          Fair Values of Financial Instruments
          The  following  methods and  assumptions  were used by the entities in
          estimating fair values of financial instruments as disclosed herein:

          Cash and  short-term  instruments.  The  carrying  amounts of cash and
          short-term instruments approximate fair values.

          Available-for-sale  and held-to-maturity  securities.  Fair values for
          securities,  excluding  restricted  equity  securities,  are  based on
          quoted  market  prices.  The  carrying  values  of  restricted  equity
          securities approximate fair values.

          Loans receivable.  For variable-rate loans that reprice frequently and
          have no  significant  change in credit risk,  fair values are based on
          carrying-values.  Fair  values for  mortgage  loans,  consumer  loans,
          commercial  real  estate  and  commercial  loans are  estimated  using
          discounted  cash flow analysis,  using interest rates  currently being
          offered for loans with similar  terms to  borrowers of similar  credit
          quality. Fair values for impaired loans are estimated using discounted
          cash flow analysis or underlying collateral values, where applicable.

          Deposit  Liabilities.  The fair values  disclosed for demand  deposits
          are,  by  definition,  equal to the  amount  payable  on demand at the
          reporting  date.  The carrying  amounts of  variable-rate,  fixed-term
          money market accounts and  certificates  of deposit (CDs)  approximate
          their fair values at the reporting  date.  Fair values for  fixed-rate
          CDs are  estimated  using a  discounted  cash  flow  calculation  that
          applies  interest rates  currently  being offered on certificates to a
          schedule of aggregated expected monthly maturities on time deposits.

          Advances from Federal Home Loan Bank. The fair values are based on the
          borrowing rates and remaining maturities.

                                        8
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -1   OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

          Cash Equivalents
          For the purpose of  reporting  cash flows,  cash and cash  equivalents
          include  cash on hand,  amounts due from banks,  and  interest-bearing
          deposits  at other  institutions.  The  Company  considers  all highly
          liquid debt  instruments  with original  maturities of three months or
          less to be cash equivalents

          Earnings Per Share
          The Company adopted Financial Accounting Standards Board Statement No.
          128  relating to  earnings  per share.  The  statement  requires  dual
          presentations  of basic and diluted  earnings per share on the face of
          the income  statement.  Basic EPS excludes dilution and is computed by
          dividing   income   available   to   common    stockholders   by   the
          weighted-average  number of common shares  outstanding for the period.
          Diluted  EPS  reflects  the  potential  dilution  that could  occur if
          securities or other  contracts to issue common stock were exercised or
          converted  into common  stock or  resulted  in the  issuance of common
          stock that then shares in the earnings of the entity.

          Stock Compensation Plan
          Statement of Financial  Accounting Standards (SFAS) No. 123 Accounting
          for Stock-Based Compensation,  encourages all entities to adopt a fair
          value based  method of  accounting  for  employee  stock  compensation
          plans,  whereby  compensation cost is measured at the grant date based
          on the value of the award and is recognized  over the service  period,
          which is usually the vesting period. However, it also allows an entity
          to  continue  to measure  compensation  cost for those plans using the
          intrinsic  value based method of  accounting  prescribed by Accounting
          Principles  Board  Opinion  No.  25,  Accounting  for Stock  Issued to
          Employees,  whereby  compensation  cost is the excess,  if any, of the
          quoted  market  price  of  the  stock  at the  grant  date  (or  other
          measurement  date) over the amount an employee must pay to acquire the
          stock.  Stock options issued under the plan have no intrinsic value at
          the grant  date,  and under  Opinion  No. 25 no  compensation  cost is
          recognized  for them.  The Company  has  elected to continue  with the
          accounting  methodology  in  Opinion  No.  25 and,  as a  result,  has
          provided  pro forma  disclosures  of net income and earnings per share
          and other disclosures, as if the fair value based method of accounting
          had been applied.

          Advertising Costs
          Advertising costs are charged to expense as incurred.

NOTE -2   SECURITIES
          Securities are classified in categories and accounted for as follows:

          Mortgage-Backed Securities Held-to-Maturity
          The  amortized  cost  and  estimated  fair  value  of  mortgage-backed
          held-to-maturity securities at June 30, 2002 and 2001 are as follows:
<TABLE>
<CAPTION>
                                                                     Gross            Gross
                                                 Amortized        Unrealized       Unrealized         Fair
                 2002                              Cost              Gains           Losses           Value
                 ----                            ---------        ----------       ----------         -----
             <S>                                 <C>               <C>             <C>             <C>
             Mortgage-backed securities
                GNMA certificates                $ 7,506,205       $  10,197       $  (28,943)     $ 7,487,459
                FHLMC certificates                 1,989,034          22,673           (5,998)       2,005,709
                FNMA certificates                    811,697          15,431              (38)         827,090
                                                 -----------       ---------       ----------      -----------
                                                 $10,306,936       $  48,301       $  (34,979)     $10,320,258
                                                 ===========       =========       ==========      ===========
</TABLE>

                                        9
<PAGE>

                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -2      SECURITIES (Continued)
<TABLE>
<CAPTION>
                                                                     Gross            Gross
                                                 Amortized        Unrealized       Unrealized         Fair
                 2001                              Cost              Gains           Losses           Value
                 ----                            ---------        ----------       ----------         -----
             <S>                                 <C>               <C>             <C>             <C>
             Mortgage-backed securities
                GNMA certificates                $  627,745        $  12,387        $      0        $  640,132
                FHLMC certificates                  370,551            5,345          (5,696)          370,200
                FNMA certificates                 1,222,613           17,951               0         1,240,564
                                                 ----------        ---------        --------        ----------
                                                 $2,220,909        $  35,683        $ (5,696)       $2,250,896
                                                 ==========        =========        ========        ==========
</TABLE>

          Expected maturities on the mortgage backed securities will differ from
          contractual maturities because borrowers may have the right to call or
          prepay obligations with or without call or prepayment penalties.

          Securities Held-to-Maturity
          The  amortized  cost and  estimated  fair  value  of  held-to-maturity
          securities are as follows:
<TABLE>
<CAPTION>
                                                                     Gross            Gross
                                                 Amortized        Unrealized       Unrealized         Fair
                 2002                              Cost              Gains           Losses           Value
                 ----                            ---------        ----------       ----------         -----
             <S>                                 <C>               <C>             <C>              <C>
             Chaffee County
                 Bonds                           $ 303,039         $  7,247        $     0          $ 310,286
                                                 =========         ========        =======          =========
</TABLE>

          The amortized cost and fair value of debt securities  held-to-maturity
          by contractual maturity at June 30, 2002 follows:
<TABLE>
<CAPTION>
                                                                                     Amortized           Fair
                                                                                       Cost              Value
                                                                                     ---------           -----
                <S>                                                                   <C>              <C>
                Over 1 year through 5 years                                           $ 201,664        $ 206,198
                After 5 years                                                           101,375          104,088
                                                                                      ---------        ---------
                                                                                      $ 303,039        $ 310,286
                                                                                      =========        =========
</TABLE>

          At June 30, investments with a carrying value of $3,855,122 (2002) and
          $1,808,760  (2001) were pledged as  collateral  for deposits of public
          funds.

NOTE -3   LOANS RECEIVABLE
          Loans receivable at June 30, are summarized as follows
<TABLE>
<CAPTION>
                                                                        2002                2001
                                                                   -------------      -------------
<S>                                                                <C>                <C>
             Loans secured by real estate:
                One-to-four family residences                      $  59,167,162      $  62,163,878
                Commercial real estate                                35,549,596         29,562,996
                Construction                                           9,411,762          9,059,977
                Land                                                  11,243,700          8,677,500
                                                                   -------------      -------------
                Total Loans Secured by Real Estate                   115,372,220        109,464,351

             Consumer loans, net of discounts                         13,676,535         14,597,005
             Loans collateralized by savings accounts                    767,298            740,310
             Commercial loans                                         18,610,505         16,064,527
             Other loans                                                  59,427             50,317
                                                                   -------------      -------------
                Total Loans                                          148,485,985        140,916,510

             Less:
                Undisbursed portion of loans in process                3,194,636          3,026,054
                Deferred loan origination fees                           610,997            626,181
                Allowance for loan losses                              1,485,223          1,347,957
                                                                   -------------      -------------
                Loans Receivable, Net                              $ 143,195,129      $ 135,916,318
                                                                   =============      =============
</TABLE>
                                       10
<PAGE>

                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -3   LOANS RECEIVABLE (Continued)
          The changes in the allowance for loan losses were as follows:
<TABLE>
<CAPTION>
                                                              2002                2001
                                                          ------------        -----------
<S>                                                       <C>                 <C>
             Balance, beginning of year                   $  1,347,957        $ 1,002,760
             Provision for losses                              236,000            385,000
             Recoveries                                          6,240              1,027
             Losses incurred                                  (104,974)           (40,830)
                                                          ------------        -----------
             Balance, end of year                         $  1,485,223        $ 1,347,957
                                                          ============        ===========
</TABLE>

          Overdrafts  in demand  deposit  accounts in the amount of $24,649 have
          been reclassified as consumer loans for 2002.

          At  June  30,  the  Bank  had   adjustable   interest  rate  loans  of
          approximately $18,890,000 (2002) and $6,878,000 (2001). The adjustable
          rate loans have interest rate adjustment limitations and are generally
          indexed to the 1-year U.S.  Treasury  Note rate or prime rate.  Future
          market  factors  may  affect  the  correlation  of the  interest  rate
          adjustment with the rate the Bank pays on the short-term deposits that
          have been primarily utilized to fund these loans.

          As of  June  30,  2002,  $2,016,927  of  loans  had  been  pledged  as
          collateral for deposits of public funds.

          Loans receivable at June 30 include loans to officers and directors of
          approximately  $1,018,289 (2002) and $1,338,000  (2001).  For the year
          ended June 30, 2002,  $1,056,000 of new loans was made and payments of
          $824,000 were received and two loans of $529,000 were sold.

NOTE -4   LOAN SERVICING
          Mortgage   loans   serviced   for  others  are  not  included  in  the
          accompanying  statements of financial condition.  The unpaid principal
          balances of these loans at June 30 are summarized as follows:
<TABLE>
<CAPTION>
                                                         2002          2001
                                                      ----------    ----------
<S>                                                   <C>           <C>
          Mortgage loan portfolios serviced for:
             FHLMC                                    $2,893,075    $3,635,591
                                                      ==========    ==========
</TABLE>

          In  connection  with these loans  serviced  for others at June 30, the
          Bank held borrowers'  escrow balances of $(12,417) in 2002 and $456 in
          2001.

NOTE -5   ACCRUED INTEREST RECEIVABLE
          Interest receivable at June 30, relates to the following:
<TABLE>
<CAPTION>
                                                         2002          2001
                                                      ----------    ----------
<S>                                                   <C>           <C>
             Loans                                     $1,248,797    $1,105,226
             Mortgage-backed securities                    49,658        16,186
             Other investments                                886             0
                                                       ----------    ----------
                                                       $1,299,341    $1,121,412
                                                       ==========    ==========
</TABLE>

NOTE -6   PROPERTY AND EQUIPMENT
          Property and equipment  and the related  accumulated  depreciation  at
          June 30, are summarized as follows:
<TABLE>
<CAPTION>
                                                         2002          2001
                                                      ----------    ----------
<S>                                                   <C>           <C>

             Land and improvements                    $   599,098    $   584,132
             Buildings and improvements                 5,121,019      5,009,917
             Furniture, fixtures and equipment          2,122,178      2,085,341
             Construction in progress                           0         12,000
                                                      -----------    -----------
                                                        7,842,295      7,691,390
             Less accumulated depreciation             (1,772,607)    (1,579,483)
                                                      -----------    -----------
                                                      $ 6,069,688    $ 6,111,907
                                                      ===========    ===========
</TABLE>

          Depreciation  expense  for the years ended June 30,  totaled  $442,898
          (2002) and $398,647 (2001).

                                       11
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -7      DEPOSIT ACCOUNTS
             Deposit accounts at June 30 are summarized as follows:
<TABLE>
<CAPTION>
                                                                      2002                   2001
                                                            ---------------------     ---------------------
                                                                     Weighted               Weighted
                                                                     Average                Average
                                                            ---------------------     ---------------------
                                                                Amount       Rate       Amount       Rate
                                                                ------       ----       ------       ----
             <S>                                            <C>               <C>     <C>             <C>
             NOW accounts, including
                non-interest bearing
                deposits of $7,331,000 (2002)
                and $6,738,274 (2001)                       $  30,063,429     .64%    $  25,874,424   1.13%
             Money market and
                savings accounts                               28,274,752    1.37%       23,065,825   2.95%
             Certificate accounts                              57,803,865    4.27%       49,576,979   5.83%
                                                            -------------             -------------
                                                            $ 116,142,046             $  98,517,228
                                                            =============             =============
</TABLE>

          At June  30,  2002,  scheduled  maturities  of the  above  certificate
          accounts are summarized as follows:
<TABLE>
<CAPTION>
                                                  Year ending June 30,
                           --------------------------------------------------------------------------
                                                                                          2007 and
                                 2003           2004           2005            2006       thereafter
                           -------------    -----------    -----------     -----------    ----------
             <S>              <C>             <C>               <C>        <C>            <C>
             1.01-2.00     $  1,116,365
             2.01-3.00       13,791,840     $   295,679    $    40,335
             3.01-4.00        6,478,686       4,542,985         96,985     $   142,871    $   51,582
             4.01-5.00       11,030,021       2,007,704        110,594         218,657       737,264
             5.01-6.00        6,778,314       1,046,940        694,306         448,205        81,256
             6.01-7.00        4,751,825         440,665        309,383         532,006       197,707
             7.01-8.00          700,774         311,521        346,414         502,981
                           ------------     -----------    -----------     -----------    ----------
                           $ 44,647,825     $ 8,645,494    $ 1,598,017     $ 1,844,720    $1,067,809
                           ============     ===========    ===========     ===========    ==========
</TABLE>

          The  aggregate  amount  of  certificates  of  deposits  with a minimum
          denomination  of  $100,000  at  June  30 was  $18,324,452  (2002)  and
          $13,899,773 (2001).

          Deposits  in  excess  of  $100,000  are  not  insured  by the  Savings
          Association Insurance Fund (SAIF).

          Interest expense on deposits for the years ended June 30 is summarized
          as follows:
<TABLE>
<CAPTION>
                                                                                  2002           2001
                                                                             ------------    ------------
             <S>                                                             <C>             <C>
             NOW accounts                                                    $    196,167    $    253,240
             Money market and savings accounts                                    510,334         689,816
             Certificate accounts                                               2,781,870       2,719,762
                                                                             ------------    ------------
                                                                             $  3,488,371    $  3,662,818
                                                                             ============    ============
</TABLE>

NOTE -8   ADVANCES FROM FEDERAL HOME LOAN BANK

          Advances  from  the  Federal  Home  Loan  Bank  (FHLB)  at June 30 are
          summarized as follows:
<TABLE>
<CAPTION>
                                                             Interest
                                                                Rate                  2002               2001
                                                             ----------          ------------       ------------
             <S>                                             <C>                 <C>                <C>
             Maturing within one year                        5.49-7.05%          $  9,666,665       $  4,500,000
             Maturing in 2004                                5.14-6.91%             7,500,000          9,999,999
             Maturing in 2005                                4.18-7.34%             6,000,000          7,500,000
             Maturing in 2006                                5.54-6.98%             3,500,000          5,500,000
             Maturing in 2007                                4.97-5.31%             3,000,000          3,500,000
             Maturing after 2007                             5.37-6.10%            12,975,000         13,125,000
                                                                                 ------------       ------------
                                                                                   42,641,665         44,124,999
             Line of credit                                       7.28%                     0                  0
                                                                                 ------------       ------------
                                                                                 $ 42,641,665       $ 44,124,999
                                                                                 ============       ============
</TABLE>
                                       12
<PAGE>

                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -8   ADVANCES FROM FEDERAL HOME LOAN BANK (Continued)

          Pursuant to collateral  agreements with the FHLB, advances are secured
          by a blanket  pledge  agreement with the FHLB,  which includes  single
          family and commercial real estate loans.


          At June 30, 2002,  the Bank has an approved line of credit  subject to
          the maximum  amount of credit  available  to the Bank under the FHLB's
          credit policies,  which expires April 25, 2003. No amount was drawn on
          the line of credit at June 30, 2002 or 2001.

NOTE -9   INCOME TAXES
          The provision for income taxes consists of the following:
<TABLE>
<CAPTION>
                                             2002          2001
                                        ------------    ----------
             <S>                        <C>             <C>
             Current                    $  1,046,749    $  926,582
             Deferred                        (20,300)     (116,500)
                                        ------------    ----------
                                        $  1,026,449    $  810,082
                                        ============    ==========
</TABLE>
          The  effective  tax rate on income  before the  provisions  for income
          taxes  differs from the federal  statutory  income tax rate of 34% for
          the following reasons:
<TABLE>
<CAPTION>
                                                                                 2002                2001
                                                                             ----------           --------
             <S>                                                             <C>                  <C>
             Provision for income taxes at statutory rate                    $  917,248           $708,000
             Nondeductible expenses for tax purposes                             39,981             32,000
             State income taxes, net of federal income
               tax benefit                                                       68,143             68,300
             Other, net                                                           1,077              1,782
                                                                             ----------           --------
                                                                             $1,026,449           $810,082
                                                                             ==========           ========

             Effective tax rates                                                38%                 39%
</TABLE>
          Deferred  income  taxes  reflect  the net  tax  effects  of  temporary
          differences between the carrying amounts of assets and liabilities for
          financial  reporting  purposes  and the  amounts  used for  income tax
          purposes.  The net deferred tax assets (liabilities) as of June 30 are
          as follows:
<TABLE>
<CAPTION>
                                                                                 2002                2001
                                                                             -----------          ---------
             <S>                                                             <C>                  <C>
             Difference between tax basis and
             carrying basis of FHLB stock                                    $  (196,600)         $(196,600)
             Tax depreciation in excess of
             Financial statement amounts                                        (129,200)          (101,100)
             Difference between tax basis and carrying
             basis of long term incentive plan                                   129,200            134,000
             Other                                                                (6,800)            (2,400)
             Loan loss allowance                                                 386,500            328,900
                                                                             -----------          ---------
                      Net deferred tax asset                                 $   183,100          $ 162,800
                                                                             ===========          =========
</TABLE>
          Management has determined that a valuation allowance is not required.

                                       13
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -9   INCOME TAXES (Continued)

          The deferred tax expense (benefit) results from timing  differences in
          the recognition of income and expense for tax and financial  purposes.
          The sources and tax effects of these temporary timing  differences are
          as follows:
<TABLE>
<CAPTION>
                                                           2002             2001
                                                        ---------       ----------
<S>                                                     <C>             <C>
             Accumulated depreciation                   $  28,100       $   17,100
             Allowance for loan losses - net              (57,600)        (127,100)
             Other                                          4,400            2,100
             Long-term incentive plan                       4,800           (8,600)
                                                        ---------       ----------
                                                        $ (20,300)      $ (116,500)
                                                        =========       ==========
</TABLE>

          The Bank was in prior years permitted under the Internal  Revenue Code
          to deduct an annual  addition to reserve for bad debts in  determining
          taxable  income,  subject  to  certain  limitations.   This  deduction
          differed from the bad debt  provision  used for  financial  accounting
          purposes.  Bad debt deductions for income tax purposes are included in
          taxable  income of later  years  only if the bad debt  reserve is used
          subsequently  for  purposes  other  than to  absorb  bad debt  losses.
          Because the Bank does not intend to use the reserve for purposes other
          than to absorb  losses,  no deferred  income taxes have been provided.
          Retained earnings at June 30, 2002, include approximately  $1,169,000,
          representing  such bad debt  deductions for which no income taxes have
          been provided.

NOTE -10  REGULATORY CAPITAL REQUIREMENTS
          The  Bank  is  subject  to  various  regulatory  capital  requirements
          administered by the federal banking agencies.  Failure to meet minimum
          capital  requirements can initiate certain actions by regulators that,
          if  undertaken,  could  have a direct  material  effect on the  Bank's
          financial  statements.  Under  capital  adequacy  guidelines  and  the
          regulatory  framework for prompt corrective action, the Bank must meet
          specific guidelines that involve  quantitative  measures of the Bank's
          assets, liabilities, and certain off-balance sheet items as calculated
          under regulatory accounting practices.  The Bank's capital amounts and
          classification  are  also  subject  to  qualitative  judgments  by the
          regulators about components, risk weightings, and other factors.

          Quantitative  measures  established  by regulation  to ensure  capital
          adequacy  require the Bank to maintain  minimum  amounts and ratios as
          outlined  below.  Management  believes,  as of June 30, 2002. The Bank
          meets all capital adequacy requirements to which it is subject.

          As of September 17, 2001, the most recent  notification from Office of
          Thrift Supervision  categorized the Bank as well capitalized under the
          regulatory   framework  for  prompt  corrective  action.  To  be  well
          capitalized the Bank must maintain  minimum total  risk-based,  Tier I
          risk-based,  and Tier I leverage  ratios.  There are no  conditions or
          events since that notification  that management  believes have changed
          the institution's category.

          The following is a reconciliation of capital computed under accounting
          principles   generally   accepted  in  the  United  States  (GAAP)  to
          regulatory   capital.   OTS   regulations   specify   minimum  capital
          requirements for the Bank. The following  reconciliation also compares
          the  capital   requirements   as  computed  to  the  minimum   capital
          requirements for the Bank, as of June 30.
<TABLE>
<CAPTION>
                                                                   2002            2001
                                                             -------------    ------------
             <S>                                             <C>              <C>
             Equity Per GAAP                                 $  16,034,000    $ 14,196,000
             Less Servicing Rights Plus Valuations                  (1,000)         (1,000)
                                                             -------------    ------------
             Equity Per GAAP- Tier I Capital                    16,033,000      14,195,000
             Valuation Allowance                                 1,485,000       1,348,000
                                                             -------------    ------------
             Regulatory Capital                              $  17,518,000    $ 15,543,000
                                                             =============    ============
</TABLE>

                                       14
<PAGE>

                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -10     REGULATORY CAPITAL REQUIREMENTS (Continued)
<TABLE>
<CAPTION>
                                                              Minimum Required     To Be Well Capitalized
                                                                 For Capital       Under Prompt Corrective
                                         Actual               Adequacy Purposes      Action Regulations
                                   Amount        Ratio        Amount     Ratio       Amount        Ratio
                                   ------        -----        ------     -----       ------        -----
              <S>               <C>             <C>         <C>          <C>        <C>            <C>
              2002
              ----
              Total Capital
                 (to Risk
                 Weighted
                 Assets)         $17,518,000    13.66%      $10,261,000   8.00%       $12,826,000  10.00%

              Tier I Capital
                 (to Risk
                 Weighted
                 Assets)          16,033,000    12.50         3,848,000   3.00          7,695,000   6.00

              Tier I Capital
                 (to Average
                 Assets)          16,033,000     9.45         2,545,000   1.50          8,484,000   5.00

              Tangible Capital
                 (to Tangible
                 Assets)          16,033,000     9.06         2,653,000   1.50           N/A

             2001
             ----
              Total Capital
                 (to Risk
                 Weighted
                 Assets)         $15,543,000    13.05%      $ 9,531,000   8.00%       $11,914,000  10.00%

              Tier I Capital
                 (to Risk
                 Weighted
                 Assets)          14,195,000    11.91         3,574,000   3.00          7,148,000   6.00

              Tier I Capital
                 (to Average
                 Assets)          14,195,000     9.42         2,261,000   1.50          7,537,000   5.00

              Tangible Capital
                 (to Tangible
                 Assets)          14,195,000     8.78         2,426,000   1.50           N/A
</TABLE>

          The Bank's  management  believes that, under the current  regulations,
          the Bank will continue to meet its minimum capital requirements in the
          coming year.  However,  events beyond the control of the Bank, such as
          increased  interest  rates or a downturn  in the economy in the Bank's
          operating   area,   could   adversely   affect  future  earnings  and,
          consequently,  the  ability  of the  Bank to meet its  future  minimum
          capital requirements.


                                       15
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -11  BENEFIT PLANS

          The Bank adopted a Long-Term Incentive Plan covering the directors and
          key  employees of the Bank.  On June 30 of each year the  participants
          will  have  a  contribution   made  to  their  account  providing  the
          participant continues to be an employee or director of the Bank. Prior
          to  distribution  under  the  terms of the  Plan,  each  participant's
          account  shall  be  credited  with a rate of  return,  on any  amounts
          previously credited, equal to the highest rate of interest paid by the
          Bank on one-year certificates of deposit, or after conversion the rate
          of  return  will  equal  the  dividend-adjusted  rate of return on the
          common stock.

          Amounts credited to  Participant's  Accounts on the effective date and
          thereafter  shall be fully vested.  Account balances shall be paid, in
          cash,  in ten equal  annual  installments  beginning  during the first
          quarter of the calendar  year which next follows the calendar  year in
          which the  participant  ceases to be a director  or  employee  for any
          reason,  with  subsequent  payments  being made by the last day of the
          first quarter of each  subsequent  calendar year until the participant
          has received the entire  amount of his  account.  Notwithstanding  the
          foregoing a participant may elect to have his account paid in lump sum
          distribution  or in annual payments over a period less than ten years.
          Any  benefits  accrued  under the plan  will be paid  from the  Bank's
          general  assets.  The  Bank has  established  a trust in order to hold
          assets with which to pay benefits. Trust assets, which are included in
          the consolidated statement of financial condition,  will be subject to
          the claims of the Bank's general  creditors.  The expense for the plan
          recognized  for the years ended June 30, 2002 and 2001 was $72,000 and
          $32,987.

          As part of the  conversion to stock,  the Bank  established an ESOP to
          benefit substantially all employees. The ESOP purchased 105,800 shares
          of common stock in the conversion  with proceeds  received from a loan
          from the  Company.  The note is to be repaid in ten  annual  principal
          installments of $105,800, starting June 30, 1998. Interest is based on
          the Wall  Street  Journal  Prime  plus one  percent,  and is  adjusted
          annually  on July 1.  The  interest  rate  for  2002  was  7.75%.  The
          unallocated shares of stock held by the ESOP are pledged as collateral
          on the debt. The ESOP is funded by  contributions  made by the Bank in
          amounts  sufficient  to retire the debt. At June 30, 2002 and June 30,
          2001, the outstanding  balance of the note receivable was $521,065 and
          $626,865 and is presented as a reduction of stockholders' equity. ESOP
          compensation  expense  for the years  ended June 30, 2002 and 2001 was
          $123,317 and $146,768.

          In  November  1993,  the  AICPA  issued  Statement  of  Position  93-6
          "Employers'  Accounting  for  Employee  Stock  Ownership  Plans."  The
          statement  was adopted  December 9, 1997,  the  effective  date of the
          Association's  conversion to a stock company.  The Statement requires,
          among other things, that: (1) for ESOP shares committed to be released
          in  a  period  to  compensate  employees  directly,  employers  should
          recognize  compensation  cost  equal to the  average  fair  value  (as
          determined on a monthly basis) of the shares committed to be released,
          (2) dividends on  unallocated  shares used to repay ESOP loans are not
          considered  dividends for financial reporting  purposes,  dividends on
          allocated  or  committed  shares are  credited to the  accounts of the
          participants  and reported as dividends in the  financial  statements,
          (3) for an internally  leveraged  ESOP, the Company's loan  receivable
          and the ESOP note  payable as well as the interest  income/expense  is
          not reflected in the  consolidated  financial  statements  and (4) for
          earnings per share computations,  ESOP shares that have been committed
          to be released should be considered outstanding. ESOP shares that have
          not  been   committed  to  be  released   should  not  be   considered
          outstanding.

          The ESOP shares as of June 30, 2002 are as follows:
             Shares released                                             42,320
             Shares committed to be released for allocation              10,580
             Unreleased shares                                           52,900
                                                                     ----------
             Total ESOP shares                                          105,800
                                                                     ==========
             Fair value of unreleased shares                         $1,007,745
                                                                     ==========

                                       16
<PAGE>

                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -11  BENEFIT PLANS (Continued

          The  board  of  directors   of  the  Company   approved  a  Management
          Recognition  Plan ("MRP") for  directors  and  employees.  The MRP was
          approved by the  stockholders  at the annual meeting in December 1998.
          The Company  purchased in the open market  39,675 shares of its common
          stock, at a cost of $551,721,  to fund the MRP. Under the terms of the
          plan  33,836  shares of common  stock were  awarded to  directors  and
          employees.  The  shares  awarded  pursuant  to the MRP have a  vesting
          schedule,   which  provides  that  25%  of  the  shares  awarded  will
          automatically  vest on the  effective  date of the  award and 25% will
          vest on each subsequent anniversary date. Compensation expense related
          to the MRP was $73,651 and  $132,897 for the years ended June 30, 2002
          and 2001.

          The bank also has a  noncontributory  401(K) plan which  employees may
          elect to join after 90 days of employment.

NOTE -12  FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND CONCENTRATIONS
          OF CREDIT RISK

          The Bank is a party to financial  instruments with  off-balance  sheet
          risk in the normal course of business to meet the  financing  needs of
          its  customers.  At June 30, 2002,  the Bank has  commitments  to fund
          mortgage loans of $2,406,000, with interest rates from 4.75% to 9.50%,
          unfunded  lines of  credit of  $7,092,000,  and  letters  of credit of
          $250,000.  The Bank makes  contractual  commitments  to extend credit,
          which are legally  binding  agreements  to lend money to  customers at
          prevailing  interest  rates for specified  periods of time. The credit
          risk involved in issuing these  commitments is essentially the same as
          that involved in extending loan facilities to customers.

          As  such,  the  Bank's  exposure  to  credit  loss,  in the  event  of
          non-performance  by the counterparty to the financial  instrument,  is
          represented by the contractual amount of those  instruments.  However,
          the Bank applies the same credit standards used in the lending process
          when extending  these  commitments,  and  periodically  reassesses the
          customers' credit  worthiness.  Additional risks associated with these
          commitments  arise when they are drawn  upon,  such as the  demands on
          liquidity that the Bank could experience if a significant portion were
          drawn  down  at  once.  This  is  considered  unlikely,   however,  as
          commitments may expire without having been drawn upon.

          The Bank  originates  loans  primarily  in  Chaffee,  Fremont and Lake
          Counties,   Colorado.   Although  the  Bank  has  a  diversified  loan
          portfolio,  a substantial  portion of its borrower's  ability to repay
          their loans is dependent upon economic conditions in the market area.

NOTE -13  FAIR VALUES OF FINANCIAL INSTRUMENTS
          The estimated fair values of the financial instruments are as follows:
<TABLE>
<CAPTION>
                                                          2002                             2001
                                             Carrying           Fair            Carrying           Fair
                                              Amount            Value            Amount            Value
                                             --------           -----           --------           -----
             <S>                            <C>             <C>               <C>            <C>
             Financial Assets:
             Cash                           $  2,873,502    $   2,873,502     $  2,759,671   $   2,759,671
             Interest-bearing deposits         8,590,443        8,590,443        9,175,856       9,175,856
             Mortgage backed securities       10,306,936       10,320,258        2,220,909       2,250,896
             Securities held to maturity         303,039          310,286                0               0
             FHLB stock                        2,421,600        2,421,600        2,421,600       2,421,600
             Loans receivable - net          143,837,129      151,123,000      136,833,818     143,175,000

             Financial liabilities
             Deposits                        116,142,046      117,113,000       98,517,228      99,311,000
             Advances from FHLB               42,641,665       44,869,000       44,124,999      44,989,000

</TABLE>

                                       17
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -14     OTHER NON-INTEREST EXPENSE
<TABLE>
<CAPTION>
                                                                                 2002          2001
                                                                             ----------    ---------
             <S>                                                             <C>           <C>
             Advertising                                                     $   92,850    $  78,798
             Stationery Supplies                                                164,180      150,612
             Postage                                                            127,020      102,142
             Telephone                                                           67,925       59,692
             Dues and Subscriptions                                              45,935       43,867
             Community Support                                                   53,656       48,416
             Bank Charges                                                        35,197       42,857
             Other                                                              100,864      121,691
                                                                             ----------    ---------
                                                                             $  687,627    $ 648,075
                                                                             ==========    =========
</TABLE>
NOTE - 15    STOCKHOLDERS' EQUITY

          In the years  ended  June 30,  2002 and 2001,  the  Company  purchased
          123,583 and 42,233 shares of its common stock, at a cost of $1,986,832
          and  $607,162,  and  retired  the stock in  accordance  with  Colorado
          Revised Statutes

          For the years  ended June 30, 2002 and 2001,  the Company  paid a cash
          dividend of $.50 per share respectively.

NOTE - 16 STOCK OPTION PLAN

          The  stockholders  approved the adoption of the 1998  incentive  stock
          option plan, providing for the award of incentive stock options to key
          employees  and  directors of the Company,  and its  affiliates  at the
          discretion  of the  Board of  Directors.  Under  the terms of the plan
          116,376 shares of the Company's common stock were granted to employees
          and  directors  on December  17,  1998.  Such  options  have an option
          exercise  price of  $13.125,  which was the fair value of the stock at
          December 17, 1998. The aggregate number of shares deliverable pursuant
          to awards shall not exceed  145,475  shares.  Such stock  options will
          have a term of ten years and a vesting schedule, for employees,  which
          provides  that one  third of the  options,  vested  at the date of the
          grant and one third vested  January 1, 1999 and  one-third  January 1,
          2000. The directors' options vested at the date of the grant.

          The Company applies APB Opinion No. 25 and related  interpretations in
          accounting  for the stock option plan.  Accordingly,  no  compensation
          cost has been  recognized.  If the Company  had  elected to  recognize
          compensation  cost based on the fair value of the  options  granted at
          the grant date (1998) as  prescribed by SFAS 123, the effect would not
          have been material to net income or earnings per share.

          A  summary  of the  status  of the  Company's  stock  option  plan  is
          presented below:
<TABLE>
<CAPTION>
                                                    2002       2001
                                                   -------   --------
            <S>                                    <C>       <C>
            Outstanding at the beginning of year   116,376   116,376
            Granted                                      0         0
            Exercised                                    0         0
            Forfeited                                    0         0
            Outstanding at year end                116,376   116,376

            Options exercisable at year end        116,376   116,376
</TABLE>
          The  exercise  price for the  outstanding  options is $13.125  and the
          remaining contractual life is 6.6 years.

                                       18
<PAGE>
                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -16  IMPACT OF NEW ACCOUNTING STANDARDS

          In December 2001, the Accounting  Standards Executive Committee issued
          Statement of Position 01-06, Accounting by Certain Entities (Including
          Entities  With  Trade   Receivables)  That  Lend  to  or  Finance  the
          Activities  of  Others.   This  SOP   reconciles   and  conforms,   as
          appropriate,   the  accounting  and  financial  reporting   provisions
          established  by the BSI  Guide,  CU  Guide,  and FC  Guide.  This  SOP
          eliminates  differences in accounting  established by the Guides where
          such  differences  are not  warranted.  In  addition,  the SOP carries
          forward  accounting   guidance  for  transactions  unique  to  certain
          financial  entities.  Most of the  differences  between the respective
          guides represent presentation or disclosure  requirements.  The impact
          of adopting this SOP in December  2001 did not have a material  affect
          on the financial statements or the disclosures.

NOTE -17  CONTINGENCIES AND COMMITMENTS

          In the normal  course of  business,  the Bank is  involved  in various
          legal  actions  arising in the  ordinary  course of  business.  In the
          opinion of management,  after  consultation  with legal  counsel,  the
          ultimate  disposition  of  these  matters  is not  expected  to have a
          material adverse effect on the financial position of the Bank.

NOTE -18     CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

          The following condensed  statements  summarize the financial position,
          operating results and cash flows of High Country Bancorp, Inc.,
<TABLE>
<CAPTION>
                                                                                2002             2001
                                                                             ------------    ------------
<S>                                                                          <C>             <C>
             CONDENSED BALANCE SHEET
             ASSETS
                 Cash and equivalents                                        $    125,762    $  2,550,640
                 Investment in subsidiary                                      10,080,587       8,237,730
                 ESOP note receivable                                             521,065         626,865
                 Other                                                             82,918           2,307
                                                                             ------------    ------------

                                                                             $ 10,810,332    $ 11,417,542
                                                                             ============    ============

             LIABILITIES AND STOCKHOLDERS' EQUITY
                 Accruals                                                    $     37,447    $          0
                 Stockholders' equity                                          10,772,885      11,417,542
                                                                             ------------    ------------
                                                                             $ 10,810,332    $ 11,417,542
                                                                             ============    ============
             CONDENSED STATEMENT OF INCOME

             For the years ended June 30, 2002 and
             June 30, 2001
             Equity in undistributed net income of subsidiary                $  1,822,393    $  1,248,017
             Other net                                                           (153,314)         22,482
                                                                             ------------    ------------
                                                                             $  1,669,079    $  1,270,499
                                                                             ============    ============
</TABLE>

                                       19
<PAGE>

                           HIGH COUNTRY BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE -18     CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

<TABLE>
<CAPTION>
             CONDENSED STATEMENT OF CASH FLOWS

             For the years ended June 30, 2002 and
             June 30, 2001
<S>                                                                          <C>            <C>
             Operating Activities:
             Net income                                                      $ 1,669,079     $ 1,270,499
             Adjustments to reconcile net income to cash
             provided by operating activities:
             Equity in undistributed net income of
             subsidiary                                                       (1,822,393)     (1,248,017)
             Other                                                                34,633          27,970
                                                                             -----------     -----------
             Net cash provided by operations                                    (118,681)         50,452
                                                                             -----------     -----------
             Investing Activities:
             ESOP note payment                                                   105,800         105,800

             Loan (to) payment from subsidiary                                         0       3,000,000
             Dividends received                                                        0         200,000
                                                                             -----------     -----------
             Net cash provided by investing activities                           105,800       3,305,800
                                                                             -----------     -----------
             Financing Activities:
             Purchase of common stock                                         (1,986,832)       (607,162)
             Dividends paid                                                     (425,165)       (490,207)
                                                                             -----------     -----------
             Net cash provided (used)by financing activities                  (2,411,997)     (1,097,369)
                                                                             -----------     -----------
             Net increase (decrease) in cash                                  (2,424,878)      2,258,883

             Cash beginning                                                    2,550,640         291,757
                                                                             -----------     -----------
             Cash ending                                                     $   125,762     $ 2,550,640
                                                                             ===========     ===========
</TABLE>

                                       20
<PAGE>
                                    PART III


ITEM 13.  EXHIBITS LIST AND REPORTS ON FORM 8-K
-----------------------------------------------

     (a)  List of Documents Filed as Part of This Report
          ----------------------------------------------

          (1)  Consolidated   Financial  Statements.   The  following  financial
               ------------------------------------
               statements of the  registrant  are included  herein under Item 7.
               The remaining  information  appearing in the Annual Report is not
               deemed to be filed as part of this Annual  Report on Form 10-KSB,
               except as expressly provided herein.

               Independent Auditor's Report

                    (a)  Statements  of Financial  Condition as of June 30, 2002
                         and 2001
                    (b)  Statements  of Income for the Years Ended June 30, 2002
                         and 2001
                    (c)  Statements  of Equity for the Years Ended June 30, 2002
                         and 2001
                    (d)  Statements  of Cash Flows for the Years  Ended June 30,
                         2002 and 2001
                    (e)  Notes to Financial Statements

          (2)  Financial Statement Schedules. None
               -----------------------------

          (3)  Exhibits. The following exhibits are either filed as part of this
               --------
               Annual Report on Form 10-KSB or incorporated herein by reference:

<TABLE>
<CAPTION>

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

         <S>            <C>
         * 3.1          Articles of Incorporation of High Country Bancorp, Inc.

         * 3.2          Bylaws of High Country Bancorp, Inc.

         * 10.1         Employment Agreement between Salida Building and Loan Association and
                        Larry D. Smith+

         * 10.2         Guaranty Agreement between High Country Bancorp, Inc. and Larry D. Smith+

         * 10.3         High Country Bancorp, Inc. 1997 Stock Option and Incentive Plan+

         * 10.4         High Country Bancorp, Inc. Management Recognition Plan and Trust+

         * 10.5         Salida Building and Loan Association Long-Term Incentive Plan+

         * 10.6         Salida Building and Loan Association Incentive Compensation Plan+

         * 10.7         Employment Agreement between Salida Building and Loan Association and Scott G. Erchul+

         * 10.8         Guaranty Agreement between High Country Bancorp, Inc. and Scott G. Erchul+

         * 10.9         Change-in-Control Protective Agreement between Salida Building and Loan Association and
                        Francis L. Delay+

         * 10.10        Change-in-Control Guaranty Agreement between High Country Bancorp, Inc. and Francis L.
                        DeLay+

                                       21
<PAGE>

        ** 13           Annual Report to Stockholders for the year ended June 30, 2002

        ** 21           Subsidiaries

           23           Consent of Grimsley, White & Company

           99           Certification Pursuant to 18 U.S.C. Section 1350
<FN>
_____________
*    Incorporated  by reference from  Registration  Statement on Form SB-2 filed
     January 27, 1997 (File No. 333-34153).
**   Previously filed.
+    Management contract or compensatory plan or arrangement.
</FN>
</TABLE>


          (b)  Reports  on Form 8-K.  No  current  reports on Form 8-K have been
               --------------------
filed during the last quarter of the fiscal year covered by this report.

                                       22
<PAGE>

                                   SIGNATURES

     Pursuant to the  requirements  of Section 13 or 15(d) of the Exchange  Act,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                    HIGH COUNTRY BANCORP, INC.


Date:  January 28, 2003             By:/s/ Larry D. Smith
                                       -----------------------------------------
                                       Larry D. Smith
                                       President and Chief Executive Officer
                                       (Duly Authorized Officer)



<PAGE>

                                  CERTIFICATION


I,  Larry D.  Smith,  President  and Chief  Executive  Officer  of High  Country
Bancorp, Inc., certify that:

1. I have reviewed  this annual  report on Form 10-KSB of High Country  Bancorp,
Inc.;


2.  Based on my  knowledge,  this  annual  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 annual
report; and


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included  in this annual  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 annual report.


Date: January 28, 2003

                                       /s/ Larry D. Smith
                                       ----------------------------------------
                                       Larry D. Smith
                                       President and Chief Executive Officer




<PAGE>

                                  CERTIFICATION


I, Frank L.  DeLay,  Chief  Financial  Officer of High  Country  Bancorp,  Inc.,
certify that:

1. I have reviewed  this annual  report on Form 10-KSB of High Country  Bancorp,
Inc.;

2.  Based on my  knowledge,  this  annual  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 annual
report; and

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included  in this annual  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 annual report.


Date: January 28, 2003


                                    /s/ Frank L. DeLay
                                    ---------------------------------------
                                    Frank L. DeLay
                                    Chief Financial Officer