SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                -----------------

                                    FORM 10-Q

(Mark One)

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

                For the quarterly period ended September 30, 2001

                                       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 0-21491

                            Big Foot Financial Corp.
             (Exact name of registrant as specified in its charter)

                        ILLINOIS                          36-410848-0
          (State or other jurisdiction of                 (IRS Employer
          incorporation or organization)                  Identification No.)

                       1190 RFD, Long Grove, IL 60047-7304
                    (Address of principal executive offices)
                                   (Zip Code)
                                 (847) 634-2100
               (Registrant's telephone number including area code)
                                       NA
              (Former name, former address and former fiscal year,
                          if changed from 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 twelve months (or for such shorter period
    that the registrant was required to file such reports), and (2) has been
            subject to such filing requirement for the past 90 days.
                      Yes X                                      No
                          --                                        --

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

                                                      OUTSTANDING AT
                     CLASS                           NOVEMBER 5, 2001
                     -----                           ----------------
          Common Stock, Par Value $.01                   1,509,168
<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                         PART I - FINANCIAL INFORMATION


ITEM 1.    FINANCIAL STATEMENTS OF BIG FOOT FINANCIAL CORP.
<S>                                                                                              <C>

           Consolidated Statements of Financial Condition (Unaudited)
           September 30, 2001 and June 30, 2001...........................................        Page 3

           Consolidated Statements of Earnings (Unaudited) - Three months
           ended September 30, 2001 and 2000..............................................        Page 4

           Consolidated Statements of Cash Flows (Unaudited) - Three months
           ended September 30, 2001 and 2000..............................................        Page 5

           Notes to Unaudited Consolidated Financial Statements...........................        Page 6

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
           AND RESULTS OF OPERATIONS......................................................        Page 8

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.....................        Page 13


                           PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS..............................................................        Page 13

ITEM 2.    CHANGES IN SECURITIES AND USE OF PROCEEDS......................................        Page 13

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES................................................        Page 14

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS............................        Page 14

ITEM 5.    OTHER INFORMATION..............................................................        Page 14

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K...............................................        Page 14

           SIGNATURES
</TABLE>


<PAGE>





                     BIG FOOT FINANCIAL CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                   (Unaudited)
                        (In thousands, except share data)

<TABLE>
<CAPTION>
                                                                                    SEPTEMBER 30,        JUNE 30,
                                                                                         2001              2001
                                                                                   --------------    --------------
<S>                                                                                   <C>                <C>
                                      ASSETS
Cash and due from banks.........................................................      $  3,480           $  2,641
Interest-earning deposits.......................................................         6,846              9,170
Mortgage-backed securities held-to-maturity, at amortized cost
  (fair value of $7,353 at September 30, 2001 and $8,111 at June 30, 2001)......         7,182              8,080
Mortgage-backed securities available-for-sale, at fair value....................        13,049             14,328
Investment securities available-for-sale, at fair value.........................         6,535              6,442
Investment securities held-to-maturity, at cost.................................         3,000              3,000
Loans receivable, net...........................................................       176,718            170,188
Accrued interest receivable.....................................................         1,157              1,009
Stock in Federal Home Loan Bank of Chicago, at cost.............................         3,759              3,699
Office properties and equipment, net............................................         4,146              4,215
Prepaid expenses and other assets...............................................           314                872
                                                                                   --------------    --------------
Total assets....................................................................      $226,186           $223,644
                                                                                   ==============    ==============

                                   LIABILITIES
Noninterest-bearing NOW accounts................................................      $  6,417           $  6,918
Interest-bearing NOW accounts...................................................         9,639             10,272
Money market demand accounts....................................................         9,992              9,460
Passbook accounts...............................................................        36,121             35,396
Certificates of deposit.........................................................        69,181             66,161
                                                                                   --------------    --------------
Total savings deposits..........................................................       131,350            128,207

Borrowed money..................................................................        61,000             61,000
Advance payments by borrowers for taxes and insurance...........................         2,511              2,240
Accrued interest payable and other liabilities..................................         3,333              4,115
                                                                                   --------------    --------------
Total liabilities...............................................................       198,194            195,562
                                                                                   --------------    --------------

                               STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 2,000,000 shares authorized; none issued.......             -                  -
Common stock, $.01 par value, 8,000,000 shares authorized; 2,512,750 shares
   issued.......................................................................            25                 25
Treasury stock, at cost (1,003,582 shares at September 30, 2001 and 965,082
   shares at June 30, 2001).....................................................       (13,179)           (12,582)
Additional paid-in capital......................................................        24,461             24,437
Retained earnings-substantially restricted......................................        17,756             17,580
Common stock acquired by Employee Stock Ownership Plan..........................        (1,106)            (1,106)
Common stock acquired by Recognition and Retention Plan.........................          (643)              (709)
Accumulated other comprehensive income..........................................           678                437
                                                                                   --------------    --------------
Total stockholders' equity......................................................        27,992             28,082
                                                                                   --------------    --------------
Total liabilities and stockholders' equity......................................      $226,186           $223,644
                                                                                   ==============    ==============
</TABLE>

     (SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS)


<PAGE>





<TABLE>
<CAPTION>
                                   BIG FOOT FINANCIAL CORP. AND SUBSIDIARY
                                     CONSOLIDATED STATEMENTS OF EARNINGS
                                                 (Unaudited)
                                    (In thousands, except per share data)

                                                                             FOR THE THREE MONTHS
                                                                              ENDED SEPTEMBER 30,
                                                                        ----------------------------
                                                                              2001           2000
                                                                        --------------- ------------
<S>                                                                          <C>           <C>
                            INTEREST INCOME
Mortgage-backed securities held-to-maturity.........................         $  120        $  190
Mortgage-backed securities available-for-sale.......................            202           304
Investment in mutual funds and preferred stock......................            156           136
Loans receivable....................................................          3,070         2,810
Interest-earning deposits...........................................             53            39
Federal Home Loan Bank of Chicago stock.............................             58            65
                                                                         ------------     ------------
Total interest income...............................................          3,659         3,544
                                                                         ------------     ------------

                            INTEREST EXPENSE
Savings deposits....................................................          1,222         1,026
Borrowed money......................................................            810         1,035
                                                                         ------------     ------------
Total interest expense..............................................          2,032         2,061
                                                                         ------------     ------------

Net interest income before provision for loan losses................          1,627         1,483
Provision for loan losses...........................................              -             -
                                                                         ------------     ------------
Net interest income after provision for loan losses.................          1,627         1,483
                                                                         ------------     ------------

                           NONINTEREST INCOME
Service fees........................................................             74            65
Other...............................................................             10            23
                                                                         ------------     ------------
Total noninterest income............................................             84            88
                                                                         ------------     ------------

                          NONINTEREST EXPENSE
Compensation and benefits...........................................            737           769
Office occupancy....................................................            295           258
Federal deposit insurance premiums..................................              6             6
Professional services...............................................            116           178
Other...............................................................            174           166
                                                                         ------------     ------------
Total noninterest expense...........................................          1,328         1,377
                                                                         ------------     ------------

Income before income taxes..........................................            383           194
Income tax expense..................................................            123            37
                                                                         ------------     ------------

                               NET INCOME                                   $   260        $  157
                                                                         ============     ============

------------------------------------------------------------------------------------------------------
Earnings per share:
   Basic............................................................        $  0.18        $ 0.10
   Diluted..........................................................           0.18          0.10
</TABLE>

     (SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS)


<PAGE>



                     BIG FOOT FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                                      FOR THE
                                                                                                THREE MONTHS ENDED
                                                                                                   SEPTEMBER 30,
                                                                                            ----------------------------
                                                                                               2001            2000
                                                                                            ------------   -------------
<S>                                                                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income..............................................................................      $   260         $   157
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization...........................................................          106             108
Market adjustment for committed ESOP shares.............................................           24               7
Amortization of award of RRP shares.....................................................           66              95
Federal Home Loan Bank of Chicago stock dividends.......................................          (60)            (55)
Net amortization of deferred loan fees..................................................          (15)             (8)
Net amortization of discounts and premiums..............................................           27              59
Increase in accrued interest receivable.................................................         (148)            (20)
Decrease in prepaid expenses and other assets...........................................          558              60
Decrease in accrued interest payable and other liabilities, net.........................         (900)         (1,018)
                                                                                            ------------   -------------
Net cash used in operating activities...................................................          (82)           (615)
------------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Origination of loans receivable.........................................................      (13,950)         (7,554)
Principal repayment of loans receivable.................................................        7,435           3,377
Principal repayments on mortgage-backed securities held-to-maturity.....................          885           6,526
Principal repayments on mortgage-backed securities available-for-sale...................        1,531           1,069
Purchase of stock in Federal Home Loan Bank of Chicago..................................            -            (145)
Proceeds from sale of foreclosed real estate............................................            -              78
Purchase of office properties and equipment, net........................................          (37)            (45)
                                                                                            ------------   -------------
Net cash provided by (used in) investing activities.....................................       (4,136)          3,306
------------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in savings deposits..............................................       3,143          (4,482)
Net increase in borrowed money...........................................................           -           4,000
Increase (decrease) in advance payments by borrowers for taxes and insurance.............         271          (1,037)
Payment of cash dividend.................................................................         (84)            (80)
Purchase of treasury stock...............................................................        (597)           (159)
                                                                                            ------------   -------------
Net cash provided by (used in) financing activities......................................       2,733          (1,758)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents.....................................      (1,485)            933
Cash and cash equivalents at beginning of the period.....................................      11,811           6,334
                                                                                            ------------   -------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD...........................................     $10,326         $ 7,267
------------------------------------------------------------------------------------------------------------------------

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
            Interest.....................................................................       2,216           2,063
            Income taxes.................................................................           -               -
</TABLE>

     (SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS)


<PAGE>



                     BIG FOOT FINANCIAL CORP. AND SUBSIDIARY

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(1)  BASIS OF PRESENTATION

         The accompanying unaudited consolidated financial statements include
the accounts of Big Foot Financial Corp. (the "COMPANY") and its wholly-owned
subsidiary, Fairfield Savings Bank, F.S.B. (the "Bank") as of September 30, 2001
and June 30, 2001 and for the three month periods ended September 30, 2001 and
2000. All intercompany accounts and transactions have been eliminated in
consolidation. The accompanying unaudited consolidated financial statements have
been prepared in accordance with accounting principles generally accepted in the
United States of America for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do
not include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. The preparation of
financial statements in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosures 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. In the
opinion of management the unaudited consolidated financial statements include
all necessary adjustments, consisting of normal recurring accruals, necessary
for a fair presentation for the periods presented. These consolidated financial
statements should be read in conjunction with the audited financial statements
for the year ended June 30, 2001, and the notes thereto included in the
Company's 2001 Annual Report on Form 10-K.

         The Company believes that the disclosures are adequate to make the
information presented not misleading; however, the results for the periods
presented are not necessarily indicative of results to be expected for the
entire fiscal year.

(2)  EARNINGS PER SHARE

         Earnings per share of common stock are calculated according to the
guidelines of the Financial Accounting Standards Board's ("FASB") Statement of
Financial Accounting Standards ("SFAS") No. 128 "Earnings per Share" ("Statement
128"). ESOP shares are only considered outstanding for earnings per share
calculations when they are released or committed to be released. Presented below
are the calculations for basic and diluted earnings per share:



<PAGE>


                                                          THREE MONTHS ENDED
                                                             SEPTEMBER 30,
                                                    ----------------------------
                                                        2001             2000
                                                    ------------    ------------
BASIC:
Net income .......................................     $  260,000     $  157,000
Weighted average shares outstanding ..............      1,416,233      1,607,794
Basic earnings per share .........................     $     0.18     $     0.10

DILUTED:
Net income .......................................     $  260,000     $  157,000
Weighted average shares outstanding ..............      1,416,233      1,607,794
Effect of dilutive stock options outstanding .....          1,247           --
Diluted weighted average shares outstanding ......      1,417,480      1,607,794
Diluted earnings per share .......................     $     0.18     $     0.10


(3)  COMPREHENSIVE INCOME

         The Company's comprehensive income for the three month periods ended
September 30, 2001 and 2000 is as follows:

                                                         THREE MONTHS ENDED
                                                             SEPTEMBER 30,
                                                        ---------------------
                                                           2001        2000
                                                        ---------   ---------

Net income ............................................. $260,000   $157,000
Other comprehensive income, net of tax:
   Unrealized holding gains arising during the period ..  241,000    468,000
                                                         --------   --------
Comprehensive income ................................... $501,000   $625,000
                                                         ========   ========


(4)  DIVIDEND DECLARATION

         On August 15, 2001, the Board of Directors declared a quarterly
dividend of $.06 per share, which was paid on September 15, 2001 to stockholders
of record on August 31, 2001.

(5)  STOCK REPURCHASE PROGRAMS

         The Repurchase Programs adopted by the Company authorized the
repurchase of 1,016,099 shares, or over 40 percent of the 2,512,750 shares of
common stock issued in the Company's initial public offering. At September 30,
2001, 1,003,582 shares have been repurchased at an average cost of $13.13 per
share. Additional authorizations to repurchase stock may be made from time to
time at the discretion of the Board of Directors. Management continues to
believe that stock repurchase programs are an effective capital management tool
and provide enhanced value to both the Company and its stockholders.

                                       7
<PAGE>

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

FORWARD LOOKING STATEMENTS

         This Quarterly Report on Form 10-Q contains certain forward looking
statements consisting of estimates with respect to the financial condition,
results of operations and business of the Company that are subject to various
factors which could cause actual results to differ materially from these
estimates. These factors include: changes in general, economic and market
conditions; the development of an adverse interest rate environment that
adversely affects the interest rate spread or other income anticipated from the
Company's operations and investments; depositor and borrower preferences; and
unexpected increases in non-interest and other operational expenses. The Company
disclaims any obligation to publicly announce future events or developments
which may affect the forward-looking statements contained herein.

GENERAL

         The Company's principal business is its investment in the Bank, which
is a community-oriented financial institution providing a variety of financial
services to the communities which it serves. The Bank's principal business
consists of gathering savings deposits from the general public within its market
area and investing those funds primarily in mortgage loans secured by one- to
four-family owner occupied properties, mortgage-backed securities and
obligations of the U.S. Government. To a lesser extent, the Bank makes
multifamily residential loans, commercial real estate loans, land, construction
and development loans, consumer loans and commercial lines of credit. The Bank's
revenues are derived principally from interest on mortgage loans and interest
and dividends on investments, mortgage-backed securities and, to a much lesser
extent, short-term investments. The Bank also derives income from fees and
service charges. The Bank's primary sources of funds are savings deposits and
advances from the Federal Home Loan Bank of Chicago (the "FHLB"). The Bank does
not have any subsidiaries.

         The selected financial ratios and other data of the Company set forth
in the table on the next page are derived in part from, and should be read in
conjunction with, the Unaudited Consolidated Financial Statements of the Company
presented elsewhere in this report.

                                       8

<PAGE>

<TABLE>
<CAPTION>




  FINANCIAL HIGHLIGHTS
  (Dollars in thousands, except per share data)

                                                                     SEPTEMBER 30,     JUNE 30,
                                                                        2001             2001
                                                                     -------------  ------------

<S>                                                                     <C>            <C>
 SELECTED FINANCIAL CONDITION DATA:
   Total assets ....................................................    $226,186       $223,644
   Loans receivable (net) ..........................................     176,718        170,188
   Allowance for loan losses .......................................         300            300
   Mortgage-backed securities ......................................      20,231         22,408
   Savings deposits ................................................     131,350        128,207
   Borrowed funds ..................................................      61,000         61,000
   Stockholders' equity ............................................      27,992         28,082

SELECTED FINANCIAL RATIOS:
    Bank Capital ratios (1):
        Tangible ...................................................       10.13%         10.14%
        Core .......................................................       10.13          10.14
        Risk-based .................................................       21.33          21.48
    Consolidated equity to assets at end of period .................       12.38          12.56
    Non-performing assets as a percent of total assets .............        0.09           0.05
    Allowance for loan losses as a percent of total loans ..........        0.17           0.18
    Allowance for loan losses as a percent of non-performing loans..      148.51         267.86

                                                                           AT OR FOR THE
                                                                         THREE MONTHS ENDED
                                                                             SEPTEMBER 30,
                                                                         2001           2000
                                                                     -------------  ------------
  SELECTED OPERATING DATA:
   Net interest income before provision for loan losses                 $  1,627       $  1,483
   Net income .........................................                      260            157

SELECTED FINANCIAL RATIOS:
    Return on average assets (2) ......................                     0.46           0.29
    Return on average stockholders' equity (2) ........                     3.71           2.18
    Noninterest expense to average assets (2) .........                     2.35           2.57

PER SHARE DATA:
    Basic earnings per share ..........................                 $   0.18       $   0.10
    Diluted earnings per share ........................                     0.18           0.10
    Book value per share ..............................                    18.55          16.80
    Cash dividends per share ..........................                     0.06           0.05

STOCK QUOTES:
    High ..............................................                 $  15.73       $ 12.563
    Low ...............................................                    12.90         11.750
    At September 30 ...................................                    13.05         12.250

</TABLE>

---------------------------------------------------------------
  (1) Fairfield Savings Bank, FSB only.
  (2) Three month results have been annualized.

                                       9

<PAGE>


    COMPARISON OF FINANCIAL CONDITION AT SEPTEMBER 30, 2001 AND JUNE 30, 2001

         Total assets increased $2.6 million from $223.6 million at June 30,
2001 to $226.2 million at September 30, 2001. The components of the Company's
asset base also changed from June 30, 2001 to September 30, 2001.
Mortgage-backed securities ("MBS") (including both held-to-maturity and
available-for-sale portfolios) decreased $2.2 million from $22.4 million at June
30, 2001 to $20.2 million at September 30, 2001. This decrease is primarily due
to the receipt of $2.4 million principal repayments during the three month
period. An increase of $6.5 million in loans receivable was the result of loan
originations of $13.9 million which exceeded the $7.4 million of loan
repayments. Interest earning deposits decreased $2.3 million from $9.2 million
at June 30, 2001 to $6.9 million at September 30, 2001.

         Investment securities are recorded on the balance sheet at fair value
and were $6.5 million and $6.4 million at September 30, 2001 and June 30, 2001,
respectively.

         The allowance for loan losses at September 30, 2001 and June 30, 2001
was $300,000. Management believes that the allowance for loan losses is adequate
to cover any probable losses in the loan portfolio. While management estimates
loan losses using the best available information, no assurance can be made that
future additions to the allowance will not be necessary. The ratio of the
allowance for loan losses to total loans was 0.17% and 0.18% at September 30,
2001 and June 30, 2001, respectively. At September 30, 2001 and June 30, 2001,
the ratio of the allowance for loan losses to non-performing loans was 148.15%
and 267.86%, respectively. The Bank had two non-performing loans totaling
approximately $202,000 at September 30, 2001 and one non-performing loan
totaling approximately $112,000 at June 30, 2001. There were no loan chargeoffs
during the three month periods ended September 30, 2001 and 2000.

         Savings deposits increased $3.1 million from June 30, 2001 to September
30, 2001; during this time, borrowed funds remained constant at $61.0 million.
Interest and noninterest-bearing NOW accounts declined $1.1 million primarily
due to a $1.3 million decrease in government entities deposits, whose balances
fluctuate during the year. Passbook savings were $36.1 million at September 30,
2001 compared to $35.4 million at June 30, 2001. Certificates of deposit
accounts increased $3.0 million to $69.2 million at September 30, 2001.

          Stockholders' equity decreased $90,000 to $28.0 million at September
30, 2001. This decline is due to the Company's repurchase of 38,500 treasury
shares at a cost of approximately $597,000, and the payment of a $0.06 per share
quarterly cash dividend in the quarter ended September 30, 2001 which was offset
by $260,000 in net income. Accumulated other comprehensive income was $678,000
and $437,000 at September 30, 2001 and June 30, 2001 respectively, representing
an increase in the market value of the securities held in the available-for-sale
portfolio.



                                       10
<PAGE>


           COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED
                           SEPTEMBER 30, 2001 AND 2000

         GENERAL. For the three months ended September 30, 2001, net income was
$260,000 or $0.18 per basic and diluted share, compared to net income of
$157,000 or $0.10 per basic and diluted share for the three months ended
September 30, 2000.

         INTEREST INCOME. Interest income was $3.7 million and $3.5 million for
the three months ended September 30, 2001 and 2000, respectively. The average
balance of interest-earning assets increased $10.9 million from $205.3 million
for the three months ended September 30, 2000 to $216.2 million for the three
months ended September 30, 2001. The average yield on the Bank's
interest-earning assets decreased 13 basis points from 6.90% for the three
months ended September 30, 2000 to 6.77% for the three months ended September
30, 2001.

         INTEREST EXPENSE. Interest expense decreased $29,000 to $2.0 million
for the three months ended September 30, 2001, as compared to the same period in
2000. The average rate paid on interest-bearing liabilities decreased 33 basis
points from 4.71% for the three months ended September 30, 2000 to 4.38% for the
three months ended September 30, 2001. The average balance of interest-bearing
liabilities increased $9.9 million to $184.0 million for the three months ended
September 30, 2001 from $174.1 million for the three months ended September 30,
2000. The decrease in the cost of average interest-bearing liabilities resulted
primarily from the renewal of maturing certificates of deposit and borrowed
funds at lower rates.

         NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES. Net interest
income before provision for loan losses was $1.6 million for the three months
ended September 30, 2001 and $1.5 million for the three months ended September
30, 2000. The average interest rate spread increased 20 basis points from 2.19%
for the three months ended September 30, 2000 to 2.39% for the comparable period
in 2001. Net interest margin increased 13 basis points and was 3.04% for the
three months ended September 30, 2001.

         PROVISION FOR LOAN LOSSES. There was no provision for loan losses for
the three months ended September 30, 2001 or for the comparable period in 2000.

         NONINTEREST INCOME. Noninterest income was $84,000 for the three months
ended September 30, 2001, compared to $88,000 for the three months ended
September 30, 2000.

         NONINTEREST EXPENSE. Noninterest expense decreased $49,000 and was $1.3
million for the three months ended September 30, 2001. Compensation expense
decreased $32,000 over the similar period last year primarily due to reduced
staffing levels. Office occupancy expense was $295,000 for the three months
ended September 30, 2001, compared to $258,000 for the same period in 2000. This
increase was primarily due to building and land improvement repairs made in the
first quarter of fiscal year 2002, while no similar expenditures occurred in the
prior year. Professional services expense was $116,000 for the first quarter of
2002, a decrease of $62,000, primarily due to decreased legal fees. During the
first quarter of fiscal year 2001, the Company incurred legal fees related to a
suit to recover damages in a real estate development known as The

                                       11
<PAGE>


Trails of Olympia Fields, there was no corresponding expense in the first
quarter of fiscal year 2002. Other noninterest expense was $174,000 for the
three months ended September 30, 2001, compared to $166,000 for the comparable
period in 2000.

         INCOME TAX EXPENSE. Income tax expense increased $86,000 from $37,000
for the three months ended September 30, 2000 to $123,000 for the three months
ended September 30, 2001. This increase was partially due to the increase of
$189,000 in pre-tax income. The effective tax rate was 32.1% and 19.0% for the
three month periods ended September 30, 2001 and 2000, respectively. The
increase in the effective tax rate was primarily due to the sale of certain
available-for-sale securities during fiscal 2001. These securities had paid
dividends, and the Company's dividend received deductions had lowered the
effective rate in the prior year.


                         LIQUIDITY AND CAPITAL RESOURCES

         The Bank's primary sources of funds are savings deposits, principal and
interest payments on loans and mortgage-backed securities, and borrowings from
the FHLB. While maturities and scheduled amortization of loans and
mortgage-backed securities provide an indication of the timing of the receipt of
funds, changes in interest rates, economic conditions and competition strongly
influence mortgage prepayment rates and savings deposit flows, reducing the
predictability of the timing of sources of funds. Net cash used in operating
activities amounted to $82,000 during the quarter ended September 30, 2001
compared to $615,000 during the quarter ended September 30, 2000.

Under Office of Thrift Supervision regulations, the Bank is required to maintain
sufficient liquidity to ensure its safe and sound operation. At September 30,
2001, the Bank's liquidity ratio was 20.17%. The Bank's liquidity ratio is high
due to the amount of mortgage-backed-securities held in the Bank's investment
portfolio with a stated maturity of less than five years. The levels of the
Bank's short-term liquid assets are dependent on the Bank's operating, financing
and investing activities during any given period.

         The primary investing activities of the Bank during the three months
ended September 30, 2001 were the origination of mortgage and other loans.

         See the "Consolidated Statements of Cash Flows" in the Unaudited
Consolidated Financial Statements included in this Form 10-Q for the sources and
uses of cash flows for operating activities and financing activities for the
three months ended September 30, 2001 and 2000.

         At September 30, 2001, the Bank had outstanding loan origination
commitments of $1.4 million and unused lines of consumer credit of $976,000. The
Bank anticipates that it will have sufficient funds available to meet its
current origination and other lending commitments. Certificates of deposit
scheduled to mature in one year or less from September 30, 2001 totaled $34.3
million. Based upon the Bank's most recent pricing strategy, management believes
that a significant portion of such deposits will remain with the Bank.
Management believes it will have

                                       12
<PAGE>

adequate resources to fund all commitments on a short term and long term basis
in accordance with its business strategy.

         At September 30, 2001, the Bank exceeded all of its regulatory capital
requirements with a tangible capital level of $22.5 million, or 10.13% of total
adjusted assets, which is above the required level of $3.3 million or 1.50%;
core capital of $22.5 million, or 10.13% of total adjusted assets, which is
above the required level of $6.7 million or 3.00%; and total risk-based capital
of $22.8 million, or 21.33% of risk-weighted assets, which is above the required
level of $8.5 million, or 8.00%.


                       IMPACT OF NEW ACCOUNTING STANDARDS

         In July 2001, the Financing Accounting Standards Board's (the "FASB")
issued SFAS No. 141, "Business Combinations" (SFAS No. 141) and SFAS No. 142,
"Goodwill and Other Intangible Assets" (SFAS No. 142). SFAS No. 141 requires
that all business combinations initiated after June 30, 2001 be accounted for
under the purchase method and addresses the initial recognition and measurement
of goodwill and other intangible assets acquired in a business combination. SFAS
No. 142 addresses the initial recognition and measurement of intangible assets
acquired outside of a business combination and the accounting for goodwill and
other intangible assets subsequent to their acquisition. SFAS No. 142 provides
that intangible assets with finite useful lives be amortized and that goodwill
and intangible assets with indefinite lives will not be amortized, but will
rather be tested at least annually for impairment. SFAS No. 142 is effective
January 1, 2002 for calendar year companies; however, any acquired goodwill or
intangible assets recorded in transactions closed subsequent to June 30, 2001
will be subject immediately to the nonamortization and amortization provisions
of SFAS No. 142. The Company anticipates that the adoption of SFAS No. 141 and
No. 142 will not have a material impact on the Company's results of operations
or financial condition.


                                     ITEM 3.
           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

     There has been no material change in market risk since that disclosed in
Item 7A of the Company's Form 10-K for the year ended June 30, 2001.


                                     PART II
                                OTHER INFORMATION

ITEM 1.       Legal Proceedings
              None

ITEM 2.       Changes in Securities and Use of Proceeds
              None

                                       13

<PAGE>

ITEM 3.       Defaults Upon Senior Securities
              None

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

              The Company held its Annual Meeting of Shareholders ("Meeting") on
              October 16, 2001. On August 31, 2001, the record date, there were
              1,509,168 shares of common stock issued and outstanding. The
              proposals submitted to the shareholders and the tabulation of
              votes for each proposal are as follows:

              1.    Election  of two  candidates  to the Board of  Directors  to
                    serve for a term of three years and one  candidate  to serve
                    for a term of one year.

              The number of votes cast with respect to this matter was as
              follows:

              NOMINEE                   FOR        WITHHELD    BROKER NON-VOTES
              -------                 ---------    --------    ----------------
              Eugene W. Pilawski      1,244,198     95,979            -
              Walter E. Powers, M.D.  1,243,898     96,279            -
              Timothy L. McCue        1,244,198     95,979            -

              2.    Ratification  of the  appointment of KPMG LLP as independent
                    public accountants for the fiscal year ending June 30, 2002.

              The number of votes cast with respect to this matter was as
              follows:

                 FOR            AGAINST        ABSTAIN         BROKER NON-VOTES
                 ---            -------        -------         ----------------
              1,332,575          5,831         1,775                   -

ITEM 5.       Other Information
              None

ITEM 6.       Exhibits and Reports on Form 8-K
              (a) Exhibits - None
              (b) Reports on Form 8-K - None



<PAGE>


SIGNATURES

         Pursuant to the requirements 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.


                                                BIG FOOT FINANCIAL CORP.
                                                     (Registrant)



                                           By:  /s/Michael J. Cahill
                                                -------------------------------
                                                         Michael J. Cahill
                                                Senior Vice President and Chief
                                                         Financial  Officer
November 13, 2001