UNITED STATES
SECURITY AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-QSB

{X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF 
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 1998	
or

{ } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF 
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period 
from_____________________to________________________

Commission File Number: 0-24896

Home Building Bancorp, Inc.
(Exact name of registrant as specified in its charter)

Indiana
(State or other jurisdiction of incorporation or organization)

35-1935840
(I.R.S. Employer identification No.)

200 East VanTrees Street, Washington, Indiana	  47501
(Address of principal executive offices)	(Zip Code)

(812) 254-2641
(Registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last 
report)

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

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock as of the latest practicable date.

	Class                         	Outstanding
	Common Stock	        331,600 as of February 10, 1999

Transitional Small Business Disclosure Format:

{  }    Yes         {X}    No


HOME BUILDING BANCORP, INC.

INDEX


Part I. Financial Information	Page

	Item 1. Financial Statements

	Consolidated Statements of Financial Condition at December 31, 1998
	and September 30, 1998                                                     1

	Consolidated Statements of Income for the quarters ended
	December 31, 1998 and 1997		                                               2

	Consolidated Statements of Comprehensive Income for the quarters
	ended December 31, 1998 and 1997                                         		3

	Consolidated Statements of Cash Flows for the quarters ended	
	December 31, 1998 and 1997                                               		4

	Notes to Consolidated Financial Statements		                               5

	Item 2.  Management's Discussion and Analysis of Financial Condition 
	and results of Operations                                                  7

Part II. Other Information		

	Signatures			

	Index of Exhibits		

	Exhibits


<PAGE>


<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Financial Condition
<CAPTION>
                                              	(Unaudited)
                                                	Dec. 31,	        Sept. 30,
	                                                  1998        	    1998    	
                         ASSETS
<S>                                       <C>               <C>
Cash and due from banks	                   $    2,248,250	   $    1,366,761	
Interest-bearing deposits with banks	           4,632,093	        4,238,977	
Securities available for sale	                  4,505,829	        5,443,539	
Securities held to maturity, fair market 
     value of $204,852 at Dec. 31, and 
     $229,754 at Sept. 30	                        201,800          	228,059	
Loans receivable, net of allowance 
for loan losses of $93,625 at Dec. 31, 
and $92,249 at Sept. 30                       	34,433,080       	32,659,339	
Accrued interest receivable                      	213,109          	226,102	
Premises and equipment                           	754,158          	759,343	
Other assets	                                      52,822	          180,465	
     Total assets	                          $  47,041,141    	$  45,102,585	

             LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
Savings and NOW deposits       	            $  11,463,552   	 $  10,713,887	
Other time deposits	                           23,001,219	       21,452,629	
     Total deposits                        	   34,464,771	       32,166,516	

Advances from Federal Home Loan Bank	           6,327,415	        6,327,415	
Accrued expenses and other liabilities	           262,881	          436,809	
     Total liabilities	                        41,055,067	       38,930,740	

Shareholders' equity:
   Common stock, $.01 par value, 1 million 
      shares authorized, 331,660 issued 
      and outstanding	                              3,317            	3,317	
   Additional paid-in capital	                  3,093,532        	3,088,095	
   Treasury stock, at cost                      	(605,000)        	(345,000)	
   Retained earnings	                           3,675,066        	3,618,107	
   Net unrealized gain on available for 
     sale securities, net of deferred tax 
     of $11,572 at Dec. 31, and $13,827  
     at Sept. 30	                                  17,358           	20,741	
   Unearned ESOP & recognition and 
     retention shares	                           (198,199)	        (213,415)	
     Total shareholders' equity	                5,986,074	        6,171,845	

     Total liabilities and shareholders'
        equity	                             $  47,041,141    	$  45,102,585	





<FN>
The accompanying notes are an integral part of these consolidated financial
 statements.
</TABLE>
1
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Income
<CAPTION>
                                             	Three months ended Dec. 31,
	                                                1998           	    1997    	
                                                      	(Unaudited)
Interest income:
<S>                                        <C>                  <C> 
	Loans receivable                          	$    657,539       	$    611,918
	Investments	                                     27,425             	58,714
	Mortgage-backed securities                      	58,783	             78,186
	Deposits with other banks	                       65,134	             58,927
	     Total interest income	                     808,881	            807,745

Interest expense:
	Deposits	                                       365,659            	378,371
	Other borrowed funds	                            87,245	             57,258
	     Total interest expense	                    452,904	            435,629

Net interest income                             	355,977            	372,116
Provision for loan losses	                        (5,000)	            (2,000)
	     Net interest income after provision 
        for loan losses	                         350,977	            370,116

Noninterest income:
	Gain on sale of assets                           	5,727	              7,309
	Customer service fees	                           48,241	             24,997
	     Total other income	                         53,968	             32,306

Noninterest expenses:
	Salaries and employee benefits                 	155,945            	151,620
	Occupancy and equipment                         	35,895             	36,035
	Deposit insurance premium	                        4,723              	5,645
	Computer expense                                	14,549             	13,513
	Service fees                                    	14,813             	13,848
	Advertising expense	                             13,328             	14,730
	Professional fees                               	18,634             	15,830
	Other expense	                                   27,000	             51,139
	     Total other expenses	                      284,887        	    302,360
	
Income before income taxes	                      120,058            	100,062
Income tax expense	                               40,849	             31,273
Net income                                  	$    79,209        	$    68,789

Basic earnings per share of common stock	    $      0.28	        $      0.24
Weighted average shares outstanding	             286,258	            288,975

Diluted earnings per share of common stock	  $      0.28	        $      0.23
Diluted weighted average share outstanding	      286,985	            295,065

<FN>
The accompanying notes are an integral part of these consolidated financial
statements. 
</TABLE>
2
<PAGE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Comprehensive Income
<TABLE>
<CAPTION>
                                          	 Three months ended Dec. 31, 
                                      	       1998    	          1997    	
	                                                   (Unaudited)
<S>                                        <C>                   <C>
Net income	                                 $    79,209	          $    68,789

Other comprehensive income, net of income tax:
	Unrealized holding gains and (losses)	          (3,383)	               2,220

Comprehensive income                       	$    75,826	          $    71,009




























<FN>
The accompanying notes are an integral part of these consolidated financial 
statements. 
</TABLE>
3
<PAGE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
                                            	Three months ended Dec. 31,
	                                                 1998    	    1997    	
	                                                    (Unaudited)

Cash flows from operating activities:
 <S>                                          <C>                <C>
  Net income 	                                $    79,209	       $    68,789
  Adjustments to reconcile net income to net 
     cash provided by operating activities:
        Depreciation and amortization	              9,714	             9,826
        Non cash compensation	                     20,653	            26,783
        Provision for loan losses	                  5,000             	2,000
        Net realized gains on 
          available for sale securities              	  -            	(7,309)
        Decrease in insurance receivable	               -             	9,064
        Decrease in accrued interest receivable   	12,993            	30,197
        Increase (decrease) in accrued expenses 
             and other liabilities              	(171,673)           	40,378
        (Increase) decrease in other assets	      127,643	            (3,689)
        Total adjustments	                          4,330	           107,250
 Net cash provided by operating activities	        83,539        	   176,039

Cash flows from investing activities:
  Net (increase) decrease in interest-
         bearing deposits with banks	            (393,116)        	1,134,448
  Purchases of available for sale securities	          -           	(408,859)
  Proceeds from maturities of available 
         for sale securities	                     932,072           	738,410
  Proceeds from sales of available for 
         sale securities	                               -           	258,653
  Proceeds from maturities of held to
         maturity securities                      	26,259            	29,317
  Net increase in loans                       	(1,778,741)         	(261,271)
  Net purchases of premises and equipment	         (4,529)	             (980)
Net cash (used) provided by investing 
        activities	                            (1,218,055)	        1,489,718

Cash flows from financing activities: 
  Net increase in savings and 
     NOW deposit accounts                        	749,665	           484,852
  Net increase in time deposits                	1,548,590            	79,223
  Purchase of 15,000 shares treasury stock      	(260,000)	               -  
  Dividends paid	                                 (22,250)	          (23,376)
  Net cash provided by financing activities	    2,016,005	           540,699
Net increase in cash and due from banks          	881,489         	2,206,456
Cash and due from banks at beginning of period  1,366,761	         1,494,118
Cash and due from banks at end of period	     $ 2,248,250	       $ 3,700,574

Interest paid                               	 $   467,492      	 $   435,874

Income taxes paid                            	$    80,144	       $    91,931
<FN>
The accompanying notes are an integral part of these consolidated financial 
statements.
</TABLE>
4
<PAGE>
Home Building Bancorp, Inc.
Notes to Consolidated Financial Statements
December 31, 1998 and 1997


Note 1:  Basis of Presentation

The unaudited information for the quarters ended December 31, 1998 and 
December 31, 1997, includes the results of operations of Home Building 
Bancorp, Inc. (the "Company") and its wholly owned subsidiary Home 
Building Savings Bank, FSB (the "Bank").  In the opinion of management of 
the Company the financial statements reflect all adjustments (consisting only 
of normal recurring adjustments) necessary to present fairly the consolidated 
financial statements.  These interim financial statements should be read in 
conjunction with the Company's most recent annual financial statements and 
footnotes included in the annual report of Home Building Bancorp, Inc. dated 
September 30, 1998.  The results of the period presented are not necessarily 
representative of the results of operations and cash flows which may be 
expected for the entire year.


Note 2:  Principles of Consolidation

The consolidated financial statements include the accounts of Home Building 
Bancorp, Inc., Home Building Savings Bank, FSB, and the Bank's subsidiary.  
All significant inter-company balances and transactions have been eliminated in 
consolidation.


Note 3:  Stock Conversion

On February 7, 1995, Home Building Bancorp, Inc. began trading as a public 
company on the Nasdaq SmallCap Market.  The Company issued 322,000 
shares, $.01 par value common stock, for proceeds of $2,858,862 net expenses 
of approximately $361,000.  The Bank converted to a federal stock savings 
bank following the formation of the holding company and received proceeds of 
$1,432,853 in exchange for all its common stock. This transaction was 
accounted for using historical cost in a manner similar to that in a pooling of 
interests. In February 1998, the Corporation's stock listing was moved from the 
NASDAQ SmallCap Market to the "pink sheets" published by the National 
Quotations Bureau, Inc.


Note 4:  Earnings Per Common Share

Basic earnings of $0.28 per common share for the most recent quarter was 
computed by dividing net income by the weighted average number of shares 
outstanding during the quarter, less Employee Stock Ownership Plan ("ESOP") 
shares and Recognition and Retention Plan ("RRP") shares not committed to 
be released.  The weighted average number of shares outstanding for the period
was 286,258.  Dilutive earnings per share is consistent with that of basic 
earnings per share while giving effect to all dilutive potential common shares 
that were outstanding during the period.  Earnings, assuming dilution, for the 
most recent quarter were $0.28 per share.  A reconciliation of both numerators 
and denominators of the per share calculations follows:

5
<PAGE>
Home Building Bancorp, Inc.
Notes to Consolidated Financial Statements
December 31, 1998 and 1997
(Concluded)

Note 4:  Earnings Per Common Share, continued
<TABLE>
<CAPTION>
                    	        For the Three Months Ended December 31, 1998 
                                         	Income           	Shares	           Per-Share
                                       	(Numerator)     	(Denominator)        	Amount
Basic EPS
<S>                                      <C>              <C>                  <C>
Income available to common shareholders	 $79,209	          286,258	            $0.28
Effect of dilutive securities:
  Incentive stock option plan shares                         		727
Diluted EPS	
Income available to common shareholders+
assumed conversions	                     $79,209	          286,985	            $0.28

                    	        For the Three Months Ended December 31, 1997  
	                                        Income	            Shares	           Per-Share 
                                      	(Numerator)      	(Denominator)	        Amount
Basic EPS
Income available to common shareholders	$68,789	            288,975	           $0.24
Effect of dilutive securities:
  Incentive stock option plan shares                        		6,090
Diluted EPS	
Income available to common shareholders+
assumed conversions	                    $68,789            	295,065	           $0.23
</TABLE>

Note 5:  Allowance for Loan Losses and Loan Loss Provision

The allowance for loan losses increased $1,376 to $93,625 for the three-month 
period ended December 31, 1998.  This increase was the net effect of charge-
offs and an additional provision of $5,000 for loan losses made during the 
period ended December 31, 1998.  Activity in the allowance for loan losses 
was as follows:

                     	           For the three months ended December 31, 
	                                        1998       	     1997     	
	Beginning	                          $   92,249      	$   80,680

	Provision                               	5,000           	2,000
	Charge-offs                            	(3,624)	              -  
	Recoveries	                                  -     	        154

	Ending	                             $   93,625	      $   82,834





6
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation

General

Home Building Bancorp, Inc. (the "Company") was formed at the direction of 
Home Building Savings Bank, FSB (the "Bank"), for the purpose of owning 
all the stock outstanding in the Bank.  The Company incorporated under the 
laws of the State of Indiana and is generally authorized to engage in any 
activity that is permitted under Indiana law. On February 7, 1995, the 
Company acquired all the stock of the Bank in accordance with the approved 
plan of conversion. The Company had no significant assets at December 31, 
1998 other than its equity investment in the Bank's stock, cash, investments, 
and a loan to the Bank' Employee Stock Ownership Plan ("ESOP").

Established in 1908, the Home Building Savings Bank, FSB is a community 
oriented financial institution offering a variety of financial services to meet
the needs of the communities it serves. The Bank's primary market area covers 
Daviess and Pike counties in southwestern Indiana. The Bank attracts deposits 
from the general public and uses such deposits, together with borrowings and 
other funds, to originate one-to-four family residential mortgages, automobile 
and consumer loans, and to a lesser extent commercial, multi-family and 
construction real estate loans.  The Bank also invests in U.S. government and 
agency obligations and may invest in other permissible investments.

The Bank's results of operations are primarily dependent upon its net interest 
income, which is the difference between interest earned on loans and 
investments and interest paid on deposits and borrowed funds. Net interest 
income is directly affected by the relative amounts of interest-earning assets 
and interest-bearing liabilities and the interest rates earned or paid on such 
amounts. The Bank's results of operations are also affected by the provision 
for loan losses and the level of noninterest income and expenses. Noninterest 
income consists primarily of service charges and net income from the Bank's 
wholly owned service corporation subsidiary. Noninterest expense includes 
salaries and employee benefits, occupancy expenses, federal deposit insurance 
premiums, data processing expenses, and other operating expenses. The 
operating results of the Bank are also affected by general economic conditions, 
the monetary and fiscal policies of federal agencies, and the policies of 
agencies that regulate financial institutions. Interest rates on competing 
investments and general market rates of interest influence the Bank's cost of 
funds. Lending activities are influenced by the demand for real estate loans 
and other types of loans, which in turn is affected by the rates of interest at 
which loans are offered, general economic conditions affecting loan demand, 
and the availability of funds for lending activities. 


Financial Condition

For the three months ended December 31, 1998, total assets increased 
approximately $1.9 million to $47.0 million from $45.1 million at September 
30, 1998. Loans receivable increased approximately $1.8 million to $34.4 
million at December 31, 1998. Total cash and cash equivalents increased 
approximately $881,000. These increases were funded by growth in deposits 
of approximately $2.3 million and a reduction in investment and  mortgage-
backed securities of approximately $964,000.

Liabilities increased by approximately $2.1 million as deposits at December 
31, 1998, which were the primary funding source for the increase in assets, 
increased $2.3 million from September 30, 1998. The Bank's advances from 
the FHLB remained unchanged. The Bank has maintained deposit interest 
rates, which are competitive for its marketplace, and was successful during the 
quarter at retaining and increasing deposits. 

7
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation

Results of Operations:
Comparison of the three months ended December 31, 1998 and 1997.

General.  The Bank experienced a net profit of $79,209 for the quarter 
compared to a profit of $68,789 for the same period in 1997. A decrease in 
net interest income was more than offset by increased noninterest income and 
lower noninterest expense compared to the same period a year ago. 

Interest Income.  Total interest income remained basically unchanged at 
$809,000 for the period ended December 31, 1998 compared to $808,000 the 
same period last year. Interest income earned on the Bank's loan portfolio 
increased $46,000 to $658,000 for the quarter compared to $612,000 for the 
same quarter in 1997. This increase was due to growth in the mortgage loan 
portfolio. Interest income from investment and mortgage-backed securities 
decreased approximately $51,000 during the quarter ended December 31, 
1998 compared to the same quarter a year ago. Income on deposits  for the 
most recent quarter increased $6,000 to $65,000. The weighted average yield 
on earning assets was 7.23% for the three months ended December 31, 1998 
compared to 7.89% for the three months ended December 31, 1997.  

Interest Expense.  Total interest expense increased $17,000, or 3.81% to 
$453,000 for the quarter ended December 31, 1998, compared to $436,000 
the same quarter a year ago.  The increase was due to a higher volume of 
Federal Home Loan Bank advances compared to the same period a year ago.  
While total deposits increased $2.4 million, or 7.4%, to $34.5 million at 
December 31, 1998, the Bank was able to reduce its average cost of deposits 
and borrowed funds to 4.52% for the most recent quarter from 4.69% for the 
same quarter a year ago.  Some of the increase came from short-term public 
funds deposits. The Bank does not rely on these funds for operations. The 
Bank is able to compete aggressively for savings funds in its markets when 
adequate spreads on loans or investments become available. FHLB advances 
also remain a liability management tool.


Net Interest Income.  Net interest income before provision for loan losses 
decreased $16,000, or 4.34%, to $356,000 for the quarter ended December 
31, 1998, compared to $372,000 for the same quarter in 1997. As of 
December 31, 1998 interest-earning assets were 109.0% of interest bearing 
liabilities . On the asset side, the Bank's fixed rate mortgage portfolio 
continued to grow, while the adjustable rate mortgage portfolio decreased. 
Installment and commercial loans increased. On the liability side, the Bank's 
certificate of deposit and savings/NOW deposits both grew during the quarter. 
The Bank's liabilities are generally shorter in term and subject to repricing 
more frequently than assets; accordingly, an increase in interest rates could 
adversely affect the Company's net income. The Bank continues to stress 
consumer and installment lending. Interest rate risk is monitored to assure 
compliance with the Bank's policy. Investments stress shorter-term and 
adjustable securities to respond to changing rates. The Bank, as a thrift 
institution, continues to have a below average exposure to interest rate risk 
compared to its peers.


Nonperforming Assets and Provision for Loan Losses.  The provision for 
loan losses is a result of management's periodic analysis of the adequacy of 
the Bank's allowance for loan losses. During the three month period ended 
December 31, 1998, a $5,000 provision was charged against earnings to 
increase the level of the allowance for loan losses. The Bank adjusts its 
allowance in accordance with its Classified Assets Policy.  The Bank believes 
it has taken an appropriate approach toward reserve levels, consistent with the 
Bank's loan portfolio, its current level of reserves,  the economy, real  estate
8
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation


Nonperforming Assets and Provision for Loan Losses, continued

values, and interest rates. The Bank has had a low level of loan losses during 
its history and therefore considers the loss experience of similar portfolios 
in comparable lending markets and institutions. Federal regulators may require 
additional reserves as a result of their examinations  of the Bank. Accordingly,
the calculation of the adequacy of the allowance is not solely based directly 
on the level of nonperforming assets at any one time. No assurance can be made 
that future losses will not exceed the estimated amounts, thereby adversely 
affecting future results of operations. As of December 31, 1998, the Bank's 
allowance for loan losses was $93,000 compared to $83,000 one year earlier.

As of December 31, 1998 the Bank's nonperforming assets totaled $232,000, 
or  0.49% of total assets. At the same date the Bank's ratio of allowance for 
loan losses to nonperforming assets was 40.0%. At September 30, 1998 the 
Bank's nonperforming assets totaled $146,000, or .32% of total assets and the 
Bank's loan loss allowance represented 62.3% of nonperforming assets.

Noninterest Income.  Noninterest income increased $22,000, or 67.05%, to 
$54,000 for the most recent quarter compared to $32,000 the same quarter a 
year ago. The increase came from customer service fees, which includes 
charges on deposit accounts and the results of the Bank's service corporation 
subsidiary.

Noninterest Expense.  Total noninterest expense decreased $17,000, or 
5.78%, to $285,000 for the most recent quarter compared to $302,000 for the 
same quarter a year ago. Much of the reduction was due to an insurance 
deductible expense that was recognized in this quarter a year ago. 

Income Tax Expense.  Income tax expense was $41,000 during the most 
recent quarter compared to $31,000 the same quarter a year ago. The amount 
of expense accrued each quarter for tax expense is based on management's 
estimate of future tax liability. 

Liquidity and Capital Requirements.  Home Building's main sources of 
funds are deposits, loan and investment repayments, fees and service charges 
and Federal Home Loan Bank (FHLB) advances. Federal regulations require 
the Bank to maintain cash and eligible investments as liquidity to assure the 
Bank's ability to meet demands for withdrawals and repayments of short-term 
borrowings. As of December 31, 1998 the Bank's liquidity ratio was 13.61%, 
which is well above regulatory requirement of 4%.

The Bank uses its capital resources to meet ongoing commitments, to fund 
maturing certificates of deposit and deposit withdrawals, to invest, to fund 
existing and future loan commitments, to maintain liquidity, and to meet 
operating expenses. The Bank anticipates it will have sufficient funds to meet 
current loan commitments. At December 31, 1998 the Bank had outstanding 
commitments to extend credit totaling $1.7 million. Management believes loan 
repayments and other sources of funds will be adequate to meet the Bank's 
foreseeable liquidity needs. FHLB advances may be used to take advantage of 
investments and meet loan demand, but they are not relied upon in the regular 
course of business. At December 31, 1998 certificates of deposit schedule to 
mature in one year or less totaled $12.8 million. Management believes, based 
on its experience to date, that a significant portion of these funds will remain
with the Bank.


9
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation


Liquidity and Capital Requirements, continued

Home Building Savings Bank is required to maintain specific amounts of 
regulatory capital pursuant to federal regulations. The table below presents 
the capital position as of December 31, 1998 relative to the regulatory capital
requirements.

                                          	Amount    
                                      	(in thousands)	    Percent of Assets
Tangible Capital	                         $  4,725	              10.05%
Tangible Capital Requirement	             $    705	               1.50%
Excess	                                   $  4,020	               8.55%

Core Capital	                             $  4,725              	10.05%
Core Capital Requirement	                 $  1,880              	 4.00%
Excess	                                   $  2,845               	6.05%

Total Capital (Core & Supple.)           	$  4,813              	19.44%
Risk-Based Capital Requirement	           $  1,981	               8.00%
Excess	                                   $  2,832              	11.44%


Year 2000

The Corporation has conducted a comprehensive review of its 
computer systems to identify applications that could be affected by the "Year 
2000" issue, and have developed implementation plans to address the issue. 
The Corporation's data processing is performed by a service bureau.  The 
Corporation has already contacted each vendor to request time tables for Year 
2000 compliance and expected costs, if any, to be passed along to the 
Corporation.  To date, the Corporation has been informed that their primary 
service providers anticipate that all reprogramming efforts will be completed 
by March 31, 1999, allowing the Corporation adequate time for testing.  The 
Corporation will pursue other options if it appears that these vendors will be 
unable to comply. Management does not expect these costs to have a 
significant impact on their financial position or results of operations; 
however, there can be no assurance that the vendors systems will be Year 2000 
compliant, consequently the Corporation could incur incremental costs to 
convert to another vendor.  The Corporation has identified certain 
expenditures in connection with achieving Year 2000 compliance.  These are 
currently expected to total approximately $10,000.


Forward-Looking Statements

When used in this Quarterly Report on Form 10-QSB or future filings 
by the Company with the Securities and Exchange Commission, in the 
Company's press releases or other public or shareholder communications, or 
in oral statements made with the approval of an authorized executive officer, 
the words or phrases "will likely result", "are expected to", "will continue", 
"is anticipated", "estimate", "project", "believe" or similar expressions are 
intended to identify "forward-looking statements" within the meaning of the 
Private Securities Litigation Reform Act of 1995.  The Company wishes  to 
caution

10
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation

Forward-Looking Statements, continued

readers not to place undue reliance on any such forward-looking statements, 
which speak only as of the date made, and to advise readers that various 
factors including regional and national economic conditions, changes in levels 
of market interest rates, credit risks of lending activities, and competitive 
and regulatory factors could affect the Company's financial performance and 
could cause the Company's actual results for future periods to differ 
materially from those anticipated or projected.

The Company does not undertake and specifically disclaims any 
obligation to publicly release the result of any revisions which may be made to 
any forward-looking statements to reflect the occurrence of anticipated or 
unanticipated events or circumstances after the date of such statements.









11
<PAGE>
PART II. OTHER INFORMATION


Item 1.	Legal Proceedings

	None


Item 2.	Changes in Securities and Use of Proceeds

	None


Item 3.	Defaults Upon Senior Securities

	None


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

	None


Item 5.	Other Information

	None

Item 6.	Exhibits and Reports on Form 8-K

	(a)	Exhibits

		Exhibit 27:	Financial Data Schedule (electronic 
filing only)

(b) Reports on Form 8-K

Date of Report:  November 9, 1998

Items Reported:  Press release announcing the date of 
its annual meeting














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<PAGE>
SIGNATURES


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

                           					HOME BUILDING BANCORP, INC.
                           					Registrant



Date:  2/12/99             					/s/ Bruce A. Beesley
                                Bruce A. Beesley, President and Chief
		                          			 Executive Officer (Duly Authorized Officer)

					

Date:  2/12/99                  /s/ Debra K. Shields
                            				Debra K. Shields, Vice President and Chief
                                Financial Officer (Principal Financial
			                          		 and Accounting Officer)








13
<PAGE>

INDEX OF EXHIBITS



Exhibit                                              Description

27                            Financial Data Schedule (electronic filing only)


















14