<PAGE>

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                       
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549
                                       
                                  FORM 10-QSB

/X/  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998

/ /  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     FOR THE TRANSITION PERIOD FROM            TO 
                                    ----------    ----------
                                       
                        COMMISSION FILE NUMBER 0-28894
                                       
                         ACCESS ANYTIME BANCORP, INC.
                (Name of small business issuer in its charter)
                                       
           DELAWARE                                     85-0444597
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)
                                       
                   801 PILE STREET, CLOVIS, NEW MEXICO  88101
              (Address of principal executive offices)  (Zip Code)

        Issuer's telephone number, including area code:  (505) 762-4417
                                       
     SECURITIES REGISTERED UNDER SECTION 12(b) OF THE EXCHANGE ACT:  None

     SECURITIES REGISTERED UNDER SECTION 12(g) OF THE EXCHANGE ACT:
                                       
                          COMMON STOCK $.01 PAR VALUE
                               (Title of class)

     Check whether the issuer (1) 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 / /

                1,217,336 Shares of Capital Stock $.01 par value
                       Outstanding as of July 31, 1998
                                       
                                       
                                       
                                       
  Transitional Small Business Disclosure Format (check one):  Yes / /  No /X/
                                       
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>
                                       
                              TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                   Page
                                                                                  ------
<S>                                                                               <C>
PART I - FINANCIAL INFORMATION

     Item 1 - Financial Statements 

              Unaudited Consolidated Statements of Financial Condition . . . . .        3

              Unaudited Consolidated Statements of Operations. . . . . . . . . .        4

              Unaudited Consolidated Statement of Stockholders' Equity . . . . .        5

              Unaudited Consolidated Statements of Cash Flows. . . . . . . . . .   6 -  7

              Notes to Consolidated Financial Statements (Unaudited) . . . . . .   8 - 12

     Item 2 - Management's Discussion and Analysis or Plan of Operation. . . . .  13 - 16


PART II - OTHER INFORMATION

     Item 1 - Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . . .       17

     Item 6 - Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . .       17

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       18
</TABLE>



                                       2
<PAGE>
                                       
                         PART I - FINANCIAL INFORMATION
                                          
ITEM 1 - FINANCIAL STATEMENTS

The following unaudited consolidated financial statements include all 
adjustments, which in the opinion of management, are necessary in order to 
make such financial statements not misleading.  

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
ASSETS                                                                                   June 30,        December 31,
                                                                                          1998               1997
                                                                                       ------------     ------------
<S>                                                                                    <C>              <C>
Cash and cash equivalents                                                              $  6,697,080     $  6,814,126
Certificates of deposit                                                                   2,380,000        1,530,000
Securities available-for-sale (amortized cost of $13,361,599 and $15,036,150)            13,304,268       15,032,085
Securities held-to-maturity (aggregate fair value of $11,960,396 and
  $18,803,081)                                                                           12,026,130       18,947,399
Loans held-for-sale (aggregate fair value of $767,927 and $304,150)                         752,379          297,873
Loans receivable                                                                         75,981,988       58,172,494
Interest receivable                                                                         632,297          585,730
Real estate owned                                                                            84,503           76,091
FHLB stock                                                                                  767,634        1,667,434
Premises and equipment                                                                    2,209,560        2,054,247
Servicing rights                                                                            373,346          331,296
Organizational cost, net of accumulated amortization of $68,993 and $48,055                 136,101          157,039
Deferred tax asset                                                                        1,366,961        1,402,032
Other assets                                                                                208,730          145,372
                                                                                       ------------     ------------
        Total assets                                                                   $116,920,977     $107,213,218
                                                                                       ------------     ------------
                                                                                       ------------     ------------

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
  Deposits                                                                             $100,964,802     $ 97,412,005
  Federal Home Loan Bank advances                                                         5,750,000               --  
  Accrued interest and other liabilities                                                    360,170          358,154
  Advanced payments by borrowers for taxes and insurance                                    577,640          297,837
                                                                                       ------------     ------------
        Total liabilities                                                               107,652,612       98,067,996
                                                                                       ------------     ------------

Commitments and contingencies

Stockholders' equity:
  Preferred stock, $.01 par value; 4,000,000 shares authorized; none issued                      --               --  
  Common stock, $.01 par value; 6,000,000 shares authorized; 1,217,336
    shares issued and outstanding in 1998 and 1997                                           12,173           12,173
  Capital in excess of par value                                                          9,488,405        9,477,405
  Accumulated deficit                                                                      (194,374)        (341,673)
  Accumulated other comprehensive income, net of tax                                        (37,839)          (2,683)
                                                                                       ------------     ------------

        Total stockholders' equity                                                        9,268,365        9,145,222
                                                                                       ------------     ------------

        Total liabilities and stockholders' equity                                     $116,920,977     $107,213,218
                                                                                       ------------     ------------
                                                                                       ------------     ------------



            The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>



                                       3

<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
                                                  Three Month Periods Ended     Six Month Periods Ended
                                                            June 30,                   June 30,
                                                 --------------------------    -------------------------
                                                    1998           1997           1998           1997
                                                 ----------     -----------    ----------     ----------
<S>                                              <C>            <C>            <C>            <C>
Interest income:     
   Loans receivable                              $1,501,844     $1,105,420     $2,829,386     $2,117,789
   U.S. government agency securities                 13,472         25,290         39,538         49,100
   Mortgage-backed securities                       383,749        625,626        841,460      1,303,368
   Other interest income                            100,813         65,032        171,734        130,332
                                                 ----------     ----------     ----------     ----------
      Total interest income                       1,999,878      1,821,368      3,882,118      3,600,589
                                                 ----------     ----------     ----------     ----------
Interest expense:
   Deposits                                       1,050,819      1,038,164      2,065,856      2,074,105
   FHLB advances                                     78,222          1,485        104,715         12,814
                                                 ----------     ----------     ----------     ----------
      Total interest expense                      1,129,041      1,039,649      2,170,571      2,086,919
                                                 ----------     ----------     ----------     ----------
Net interest income before provision for 
 loan losses                                        870,837        781,719      1,711,547      1,513,670
Provision for loan losses charged                    19,133         44,655         54,303         67,439
                                                 ----------     ----------     ----------     ----------
      Net interest income after provision 
       for loan losses                              851,704        737,064      1,657,244      1,446,231
                                                 ----------     ----------     ----------     ----------
Noninterest income:                                        
   Loan servicing and other fees                     72,858         87,766        145,987        171,656
   Net realized gains on sales of available-
    for-sale securities                                --            3,000           --           20,637
   Net realized gains on sales of loans              67,227         24,261        120,495         61,716
   Real estate operations, net                         --              271           --              360
   Other income                                      84,455         88,595        178,934        184,634
                                                 ----------     ----------     ----------     ----------
         Total other income                         224,540        203,893        445,416        439,003
                                                 ----------     ----------     ----------     ----------
Noninterest expenses:                                      
   Salaries and employee benefits                   504,681        436,453        986,239        841,034
   Occupancy expense                                125,524         95,320        238,594        199,058
   Deposit insurance premium                         30,573         70,015         60,951        129,209
   Advertising                                       16,244         14,132         25,506         24,821
   Real estate operations, net                          259           --            3,387           --  
   Professional fees                                 42,488        (59,331)        83,973        (32,014)
   Other expense                                    257,119        248,559        503,529        476,610
                                                 ----------     ----------     ----------     ----------
      Total other expenses                          976,888        805,148      1,902,179      1,638,718
                                                 ----------     ----------     ----------     ----------
Income before income taxes                           99,356        135,809        200,481        246,516

Income tax expense                                   26,291           --           53,182           --  
                                                 ----------     ----------     ----------     ----------
Net income                                       $   73,065     $  135,809     $  147,299     $  246,516
                                                 ----------     ----------     ----------     ----------
                                                 ----------     ----------     ----------     ----------
Earnings per common share                        $      .06     $      .11     $      .12     $      .23
                                                 ----------     ----------     ----------     ----------
                                                 ----------     ----------     ----------     ----------
Earnings per common share-assuming dilution      $      .06     $      .11     $      .11     $      .23
                                                 ----------     ----------     ----------     ----------
                                                 ----------     ----------     ----------     ----------
</TABLE>
                                      
            The accompanying notes are an integral part of these 
                      consolidated financial statements.

                                      4
<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

<TABLE>

                                              Common Stock                                          Accumulated
                                        ------------------------                                       Other
                                                                     Capital In                    Comprehensive
                                        Number Of                     Excess Of      Accumulated      Income,
                                         Shares          Amount       Par Value        Deficit       Net of Tax      Total
                                        ---------        -------     ----------      ----------      ----------   ----------
<S>                                     <C>              <C>         <C>             <C>           <C>            <C>
Balance at December 31, 1997            1,217,336        $12,173     $9,477,405      $(341,673)       $(2,683)    $9,145,222

Net income                                   --             --             --          147,299           --          147,299

Common stock rights issued in lieu
 of directors cash compensation              --             --           11,000           --             --           11,000
 
Other comprehensive income                   --             --             --             --          (35,156)       (35,156)
                                        ---------        -------     ----------      ----------      ----------   ----------
Balance at June 30, 1998                1,217,336        $12,173     $9,488,405      $(194,374)      $(37,839)    $9,268,365
                                        ---------        -------     ----------      ----------      ----------   ----------
                                        ---------        -------     ----------      ----------      ----------   ----------
</TABLE>
                                      
             The accompanying notes are an integral part of these 
                     consolidated financial statements.

                                      5
<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
                                                                             Six Month Periods Ended
                                                                                    June 30,        
                                                                            ------------------------
                                                                              1998           1997   
                                                                            --------       -------- 
<S>                                                                         <C>            <C>
Cash flows from operating activities:
   Net income                                                           $    147,299    $   246,516
   Adjustments to reconcile net income to cash provided
     (used) by operating activities:
     Depreciation                                                            112,205         69,940
     Deferred income taxes                                                    35,071           --  
     Provision for loan losses charged                                        54,303         67,439
     Amortization of premiums on investment securities                        90,703        202,954
     Amortization of organizational costs                                     20,938         17,551
     Gain on sale of available-for-sale securities                              --          (20,637)
     Gain on sale of loans held-for-sale                                    (120,495)       (61,716)
     Proceeds from sales of loans held-for-sale                            7,482,163      3,872,356
     Originations of loans held-for-sale                                  (7,816,174)    (3,852,629)
     Common stock rights issued in lieu of directors
     compensation                                                             11,000           --  
     (Gain) loss on foreclosed real estate                                     3,000           (813)
     Loss on disposition of assets                                             1,100           --  
     Net (increase) decrease in accrued interest receivable
     and other assets                                                       (132,820)       203,752
     Increase (decrease) in accrued expense and other liabilities            (44,551)         3,257
                                                                        ------------    -----------
        Net cash provided by (used in) operating activities                 (156,258)       747,970
                                                                        ------------    -----------
Cash flows from investing activities:
   Proceeds from maturities and principal repayments of         
   available-for-sale securities                                           1,639,707      1,652,006
   Proceeds from maturities and principal repayments of         
   held-to-maturity securities                                             6,883,520      3,902,492
   Proceeds from sales of available-for-sale-securities                         --        5,376,284
   Net (increase) decrease in sale of FHLB stock                             899,800        (46,000)
   Net increase in certificates of deposit                                  (850,000)    (1,199,572)
   Net increase in loans                                                 (17,863,797)    (6,851,499)
   Proceeds from sales of foreclosed real estate                              16,000         19,600
   Purchases of premises and equipment                                      (268,618)       (12,018)
                                                                        ------------    -----------
      Net cash provided by (used in) investing activities                 (9,543,388)     2,841,293
                                                                        ------------    -----------
Cash flows from financing activities:
   Net increase in deposits                                                3,552,797     (2,391,917)
   Net change in other borrowed funds                                      5,750,000     (2,700,000)
   Net increase in advance payments by borrowers for taxes         
   and insurance                                                             279,803        181,236
   Organizational costs incurred                                                --          (17,960)
   Rights offering costs incurred                                               --         (164,419)
   Proceeds from issuance of common stock                                       --        2,419,610
                                                                        ------------    -----------
      Net cash provided by (used in) financing activities                  9,582,600     (2,673,450)
                                                                        ------------    -----------
Increase (decrease) in cash and cash equivalents                            (117,046)       915,813
Cash and cash equivalents at January 1                                     6,814,126      2,199,227
                                                                        ------------    -----------
Cash and cash equivalents at June 30                                    $  6,697,080    $ 3,115,040
                                                                        ------------    -----------
                                                                        ------------    -----------
</TABLE>

                                    (Continued)

                                       6

<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                    (CONTINUED)
<TABLE>
                                                                             Six Month Periods Ended
                                                                                    June 30,        
                                                                            ------------------------
                                                                              1998           1997   
                                                                            --------       -------- 
<S>                                                                         <C>            <C>
Supplemental disclosures of cash flow information:
     Cash paid during the period for:
        Interest                                                        $  2,026,073   $  2,090,153
        Income taxes                                                              --             --
     Supplemental disclosure of non-cash investing and
     financing activities
        Loans to facilitate the sale of real estate owned                     19,000             --
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.

                                       7

<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1    BASIS OF CONSOLIDATION AND PRESENTATION

Access Anytime Bancorp, Inc. (the "Company") is a thrift holding company for 
its wholly-owned subsidiary FirstBank (the "Bank") and the Bank's 
wholly-owned subsidiary, First Equity Development Corporation ("FEDCO").  The 
consolidated financial statements include the accounts and transactions of 
the Company, the Bank and FEDCO.  All significant intercompany accounts and 
transactions have been eliminated in consolidation.

The unaudited interim financial statements have been prepared by management 
of the Company, without audit, pursuant to the rules and regulations of the 
Securities and Exchange Commission.  Certain information and footnote 
disclosures normally included in financial statements prepared in accordance 
with generally accepted accounting principles have been omitted pursuant to 
such rules and regulations, although management believes that the disclosures 
included herein are adequate to make the information presented not 
misleading. In the opinion of management, all adjustments (consisting of only 
normal recurring accruals) considered necessary for presentation of the 
information have been included.  The December 31, 1997 consolidated statement 
of financial condition, as presented herein, was derived from audited 
financial statements, but does not include all disclosures required by 
generally accepted accounting principles and should be read in conjunction 
with the audited consolidated financial statements of the Company for the 
year ended December 31, 1997.


                                       8

<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 2    SECURITIES

Securities have been classified in the consolidated statements of financial 
condition according to management's intent.  The carrying amount of 
securities and their approximate fair value follow:
<TABLE>
                                                          Amortized             Gross unrealized         Fair 
                                                            Cost             Gains          Losses       Value
                                                          -----------        -------        -------    -----------
<S>                                                       <C>                <C>            <C>        <C>
AVAILABLE-FOR-SALE SECURITIES: 

     June 30, 1998:                                                  
        Mortgage-backed securities:                                  
           GNMA adjustable rate                           $13,361,599        $27,692       $ 85,023    $13,304,268
                                                          -----------        -------       --------    -----------
                                                          $13,361,599        $27,692       $ 85,023    $13,304,268
                                                          -----------        -------       --------    -----------
                                                          -----------        -------       --------    -----------
     December 31, 1997:
        Mortgage-backed securities:
           GNMA adjustable rate                           $15,036,150        $69,199       $ 73,264    $15,032,085
                                                          -----------        -------       --------    -----------
                                                          $15,036,150        $69,199       $ 73,264    $15,032,085
                                                          -----------        -------       --------    -----------
                                                          -----------        -------       --------    -----------

                                                          Amortized             Gross unrealized         Fair 
                                                            Cost             Gains          Losses       Value
                                                          -----------        -------        -------    -----------
<S>                                                       <C>                <C>            <C>        <C>
HELD-TO-MATURITY SECURITIES:                                                                                                     

     June 30, 1998:
        Mortgage-backed securities:
           FNMA participation certificates                $ 3,611,331        $    --       $ 29,641    $ 3,581,690
           FHLMC participation certificates                 6,918,153          3,547         30,290      6,891,410
           FHLMC adjustable rate                            1,496,646             --          9,350      1,487,296
                                                          -----------        -------       --------    -----------
                                                          $12,026,130        $ 3,547       $ 69,281    $11,960,396
                                                          -----------        -------       --------    -----------
                                                          -----------        -------       --------    -----------
     December 31, 1997:                                                                                                          
        Mortgage-backed securities:                                                                                              
           FNMA participation certificates                $ 4,362,078        $    --       $ 55,795    $ 4,306,283
           FHLMC participation certificates                12,942,259          6,127         66,551     12,881,835
           FHLMC adjustable rate                            1,643,062             --         28,099      1,614,963
                                                          -----------        -------       --------    -----------
                                                          $18,947,399        $ 6,127       $150,445    $18,803,081
                                                          -----------        -------       --------    -----------
                                                          -----------        -------       --------    -----------
</TABLE>
                                       9

<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 3  LOANS HELD-FOR-SALE

The carrying amount of loans held-for-sale and their estimated fair value, as 
determined on an aggregate basis, follows:
<TABLE>
                                                            Gross unrealized
                                      Amortized          ----------------------        Fair
                                        Cost             Gains          Losses        Value
                                      -----------        -------        -------    -----------
<S>                                   <C>                <C>            <C>        <C>
June 30, 1998                         $   752,379      $  15,548          $  --     $  767,927
December 31, 1997                         297,873          6,277             --        304,150
</TABLE>

NOTE 4   LOANS RECEIVABLE

The components of loans in the consolidated statements of financial condition
were as follows:
<TABLE>
                                                                          June 30,     December 31,
                                                                            1998           1997    
                                                                         -----------   ------------
<S>                                                                      <C>           <C>
First mortgage loans:
     Conventional                                                        $57,795,492    $41,730,469
     FHA insured and VA guaranteed                                         5,010,259      4,531,977
Consumer and installment loans                                            11,966,333     11,377,032
Construction loans                                                         1,624,500        889,400
Other                                                                      1,567,992      1,167,782
                                                                         -----------    -----------
                                                                          77,964,576     59,696,660
Less:
     Loans in process                                                        863,382        535,054
     Unearned discounts, deferred loan fees, and other                       600,148        461,765
     Allowance for loan losses                                               519,058        527,347
                                                                         -----------   ------------
                                                                         $75,981,988    $58,172,494
                                                                         -----------   ------------
                                                                         -----------   ------------
</TABLE>

An analysis of the changes in allowance for loan losses follows:
<TABLE>
                                                         Six Months Ended            Year Ended     
                                                          June 30, 1998           December 31, 1997 
                                                         ----------------         ----------------- 
<S>                                                      <C>                      <C>               
Balance at beginning of year                                  $527,347                $429,241      
                                                                                                    
Loans charged-off                                              (66,476)                (61,597)     
Recoveries                                                       3,884                  41,786      
                                                           -----------            ------------      
           Net loans charged-off                               (62,592)                (19,811)     
Provision for loan losses charged to operations                 54,303                 117,917      
                                                           -----------            ------------      
Balance at end of period                                      $519,058                $527,347      
                                                           -----------            ------------      
                                                           -----------            ------------      
</TABLE>

                                       10

<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 4  LOANS RECEIVABLE (CONTINUED)

An analysis of the changes of loans to directors, executive officers, and major
stockholders is as follows:
<TABLE>
                                                         Six Months Ended            Year Ended     
                                                          June 30, 1998           December 31, 1997 
                                                         ----------------         ----------------- 
<S>                                                      <C>                      <C>               
Balance at beginning of year                               $   984,434               $ 315,605  
Loans originated                                               134,162                 904,375  
Loan principal payments and other reductions                   (37,073)               (235,546) 
                                                           -----------               ---------  
Balance at end of period                                   $ 1,081,523               $ 984,434  
                                                           -----------               ---------  
                                                           -----------               ---------  
</TABLE>

NOTE 5  NON-PERFORMING ASSETS

The composition of the Bank's portfolio of non-performing assets is shown in the
following table:

<TABLE>
                                                        June 30,     December 31,
                                                          1998           1997    
                                                       -----------   ------------
<S>                                                    <C>           <C>

Non-accruing loans*                                      $11,218        $ 6,935
Past due 90 days or more and still accruing                1,089           --  
Other real estate                                         84,503         76,091
                                                       ---------     ----------
Total non-performing assets                              $96,810        $83,026
                                                       ---------     ----------
                                                       ---------     ----------

Ratio of non-performing assets to total assets              0.08%          0.08%
                                                       ---------     ----------
                                                       ---------     ----------
</TABLE>

  *   Primarily loans which are past due for 90 days or more

                                      11
<PAGE>

ACCESS ANYTIME BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 6    NET INCOME PER SHARE

Net income per share has been computed by dividing net income available to 
common stockholders for the period by the weighted average number of common 
shares outstanding during the period.  Net income per share has been computed 
by dividing net income available to common stockholders for the period by the 
weighted average number of common shares outstanding during the period 
adjusted for the assumed exercise of outstanding stock options and other 
contingently issuable shares of common stock.  Net income for basic and 
diluted earnings per share are the same, as there are no contingently 
issuable shares of stock whose issuance would have impacted net income.  A 
reconciliation between basic and diluted weighted average common shares 
outstanding follows:

<TABLE>
                                    Three Months Ended                Six Months Ended
                                          June 30,                        June 30,
                                 ------------------------         ------------------------
                                    1998           1997             1998           1997
                                 ---------      ---------         ---------      ---------
<S>                              <C>            <C>               <C>            <C>
Weighted average common                                         
 shares - Basic                  1,217,336      1,213,293         1,217,336      1,064,417
                                                                
Plus effect of dilutive                                         
 securities:                                                    
   Stock Options                    89,407          1,516            81,930             83
   Common Stock Rights               1,998            186             1,929             94
                                 ---------      ---------         ---------      ---------
Weighted average common                                         
 shares - Assuming Dilution      1,308,741      1,214,995         1,301,195      1,064,594
                                 ---------      ---------         ---------      ---------
                                 ---------      ---------         ---------      ---------
</TABLE>

NOTE 7   COMPREHENSIVE INCOME

Effective January 1, 1998, the Company adopted SFAS No. 130, "Reporting 
Comprehensive Income."  Statement 130 establishes new rules for the reporting 
and display of comprehensive income and its components.  The adoption of this 
Statement had no impact on the Company's net income or shareholders' equity. 
Statement 130 requires the Company's unrealized gains and losses on its 
available-for-sale securities, which prior to adoption were reported 
separately in stockholders' equity, to be included in other comprehensive 
income.  Prior year financial statements have been reclassified to conform to 
the requirements of Statement 130.  During the three months ended March 31, 
1998 and 1997, total comprehensive income, which was comprised of net income 
and changes in unrealized gains and losses on available-for-sale securities, 
amounted to approximately $74,116 and $166,792, respectively.  During the six 
months ended June 30, 1998 and 1997, total comprehensive income, which 
consisted of the same components as did the three months ended March 31, 
amounted to approximately $112,143 and $451,670, respectively.  

                                      12
<PAGE>

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

THE FOREGOING DISCUSSION SHOULD BE READ IN CONJUNCTION WITH ACCESS ANYTIME
BANCORP, INC.'S ("THE COMPANY") 1997 ANNUAL REPORT ON FORM 10-KSB.


GENERAL

The Company is a Delaware corporation which was organized in 1996 for the 
purpose of becoming the thrift holding company of FirstBank (the "Bank").  
The Bank is a federally chartered stock savings bank conducting business from 
three banking locations in Clovis and Portales, New Mexico and a loan 
production office in Rio Rancho, New Mexico.  The Bank has a wholly-owned 
subsidiary which is currently inactive.  

The Bank is principally engaged in the business of attracting retail and 
commercial deposits from the general public and investing those funds in 
first mortgage loans in owner occupied, single-family residential loans, 
residential construction loans and commercial real estate loans.  The Bank 
also originates consumer loans, including loans for the purchase of 
automobiles and home improvement loans, and commercial business loans 
including Small Business Administration loans.  

The most significant outside factors influencing the operations of the Bank 
and other financial institutions include general economic conditions, 
competition in the local market place and the related monetary and fiscal 
policies of agencies that regulate financial institutions.  More 
specifically, the cost of funds, primarily consisting of deposits, is 
influenced by interest rates on competing investments and general market 
rates of interest.  Lending activities are influenced by the demand for real 
estate financing and other types of loans, which in turn is affected by the 
interest rates at which such loans may be offered and other factors affecting 
loan demand and funds availability.


FINANCIAL CONDITION

Total assets for the Company increased by $9,707,759 or 9.05%, from December 
31, 1997 to June 30, 1998.  The increase in assets was due to an increase of 
approximately $18 million in loans receivable which were offset by a decrease 
of approximately $7 million in securities held-to-maturity and $2 million in 
securities available-for-sale. The increase in loans receivable was due to a 
continued high volume of mortgage loans originations during the first 
six-months of 1998.  The decrease in investment securities were comprised 
entirely of maturities and principal repayments and the proceeds were used to 
support the loan growth.  

Total liabilities increased by $9,584,616 or 9.77%, from December 31, 1997 to 
June 30, 1998.  An increase in FHLB advances of $5.75 million and 
approximately $3.6 million in deposits were the primary cause of the increase 
in total liabilities during the first six-months of 1998.  The additional 
funds generated from the growth of FHLB advances and deposits were used 
primarily to support the loan growth during the period.

                                      13
<PAGE>

CAPITAL ADEQUACY AND LIQUIDITY

CAPITAL ADEQUACY - Under the Financial Institutions Reform, Recovery and 
Enforcement Act of 1989 ("FIRREA") and the implementation of Office of Thrift 
Supervision ("OTS") regulations on December 7, 1989, effective date of the 
new capital standards, the Bank must have:  (1) Tier 1 or core capital equal 
to 3% of adjusted total assets and (2) total capital equal to 8.0% of 
risk-weighted assets, which includes off-balance sheet items. 

Under Federal Deposit Insurance Corporation Improvement Act ("FDICIA") to be 
deemed "well capitalized" the minimum ratios the Bank must have are: (1) Tier 
1 or core capital of 5% of adjusted total assets, (2) Tier 1 risk-based 
capital of 6% of risk-weighed assets, and (3) total risk- based capital of 
10% of risk weighted assets.

The following table is a reconciliation of the Bank's capital for regulatory 
purposes at June 30, 1998 as reported to the OTS.

<TABLE>
                                                    Tier 1-            Tier 1-          Total
                                                     Core            Risk-based       Risk-based
                                                    Capital            Capital         Capital
                                                 ------------        ----------       ----------
<S>                                              <C>                 <C>              <C>
Total regulatory assets                          $116,661,752
Net realized depreciation on 
 available-for-sale securities, net                    37,839
Less intangible assets disallowed for
 regulatory purposes                                 (619,884)
                                                 -------------
Adjusted regulatory total assets                 $116,079,707
                                                 -------------
                                                 -------------
Risk-based assets                                                    $60,839,000     $60,839,000
                                                                     -----------     -----------
                                                                     -----------     -----------
Stockholders' equity                             $  9,062,307        $ 9,062,307     $ 9,062,307
Net realized depreciation on available-
 for-sale securities, net                              37,839             37,839          37,839
General valuation allowance                                --                 --         519,058
Less intangible assets disallowed for
 regulatory purposes                                 (619,884)          (619,884)       (619,884)
                                                 -------------       ------------    ------------
Regulatory capital                                  8,480,262          8,480,262       8,999,320
Regulatory capital required to be 
 "well capitalized"                                 5,803,985          3,650,340       6,083,900
                                                 -------------       ------------    ------------
Excess regulatory capital                        $  2,676,277        $ 4,829,922     $ 2,915,420
                                                 -------------       ------------    ------------
                                                 -------------       ------------    ------------
Bank's capital to adjusted regulatory assets             7.31%
                                                 -------------
                                                 -------------
Bank's capital to risk-based assets                                        13.94%          14.79%
                                                                     ------------    ------------
                                                                     ------------    ------------
</TABLE>

LIQUIDITY

Liquidity enables the Bank to meet withdrawals of its deposits and the needs 
of its loan customers.  The Bank maintains its liquidity position through 
maintenance of cash resources and a core deposit base.  A further source is 
the Bank's ability to borrow funds.  The Bank is a member of the Federal Home 
Loan

                                      14
<PAGE>

Bank ("FHLB") which provides a source of borrowings to the Bank for asset and 
asset/liability matching.  As of June 30, 1998, the Bank had $5,750 million 
in FHLB borrowings.


RESULTS OF OPERATIONS

THREE-MONTH COMPARATIVE ANALYSIS FOR PERIODS ENDED JUNE 30, 1998 AND 1997

Net income for the quarter ended June 30, 1998 was $73,065 compared to 
$135,809 for the quarter ended June 30, 1997.

Net interest income before provision for loan losses increased by 
approximately $89,000 to $871,000 for the three-month period ended June 30, 
1998 compared to $782,000 for the same period in 1997.  The increase in net 
interest income before provision for loan losses was primarily caused by an 
increase in loans receivable, see Note 4 in this form 10-QSB, which generated 
a higher rate of income than the increase interest expenses in FHLB advances 
and deposits. Interest income for the quarter ended June 30, 1998 increased 
by $178,000 compared to an increase of $89,000 for interest expense. During 
the second quarter of 1998 the provision for loan losses decreased to $19,000 
compared to $45,000 in 1997.

Noninterest income increased by $21,000 to $225,000 in the three-months ended 
June 30, 1998 compared to $204,000 in 1997.  The increase was due to a 
$43,000 increase in net realized gains on sales of 30 year mortgage loans and 
a decrease of $15,000 in loan servicing and other fees.

Noninterest expense increased to $977,000 compared to $805,000 for the 
quarter ended June 30, 1998 compared to the same quarter in 1997.  The 
increase in noninterest expense was primarily due to a $102,000 change in 
professional fees, caused by a credit in 1997 from a lawsuit settlement. 
Other contributors to the increase in noninterest expense were increases in 
salaries and employee benefits of $68,000 and occupancy expense of $30,000.  
Deposit insurance premiums decreased by $39,000.  The income tax expense for 
the second quarter of 1998 increased by $27,000 compared to no tax expense in 
the same quarter in 1997. 


SIX-MONTH COMPARATIVE ANALYSIS FOR PERIODS ENDED JUNE 30, 1998 AND 1997

Net income for the six-month period ended June 30, 1998 was $147,299 compared 
to $246,516 for the same period in 1997.

Net interest income before provision for loan losses increased by 
approximately $198,000 or 13% to $1,712,000 for the six-month period ended 
June 30, 1998 compared to $1,514,000 for the prior year. The increase in net 
interest income before provision for loan losses was primarily caused by an 
increase in loans receivable, which generated a higher rate of income than 
the increase interest expenses in FHLB advances and deposits.  Interest 
income for the first six-months of 1998 increased by $282,000 compared to an 
increase of $84,000 for interest expense.  During the first half of 1998 the 
provision for loan losses decreased by $13,000 to $54,000 as compared to the 
first half of 1997.

                                      15
<PAGE>

Noninterest income increased by $6,000 to $445,000 in the six-months ended 
June 30, 1998 compared to $439,000 in 1997.  The increase was due to a 
$59,000 increase in net realized gains on sales of loans and decrease of 
$26,000 in loan servicing and other fees.  No realized securities gains have 
occurred in 1998.  

Noninterest expense increased to $1,902,000 compared to $1,639,000 for the first
six-months of 1997.  The increase in noninterest expense was primarily due to 
a $116,000 increase in professional fees (see the three-month comparative 
analysis in this form 10-QSB.)  Other contributors to the increase in 
noninterest expense were increases in salaries and employee benefits of 
$145,000 and occupancy expense of $40,000.  Deposit insurance premiums 
decreased by $68,000.  The income tax expense for the six-months ended June 
30, increased by $53,000 compared to no tax expense in the same period in 
1997. 


FORWARD-LOOKING STATEMENTS


When used in this Form 10-QSB, certain words or phrases are intended to 
identify "forward-looking statements" within the meaning of the Private 
Securities Litigation Reform Act of 1995.  Such statements are subject to 
certain risks and uncertainties - including, changes in economic conditions 
in the Company's market area, changes in policies by regulatory agencies, 
fluctuations in interest rates, demand for loans in the Company's market area 
and competition, that could cause actual results to differ materially from 
historical earnings and those presently anticipated or projected.  The 
Company wishes to caution readers not to place undue reliance on any such 
forward-looking statements, which speak only as of the date made.  The 
Company wishes to advise readers that the factors listed above could affect 
the Company's financial performance and could cause the Company's actual 
results for future periods to differ materially from any opinions or 
statements expressed with respect to future periods in any current statements.

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

                                      16
<PAGE>

                          PART II  - OTHER INFORAMTION


ITEM 1 - LEGAL PROCEEDINGS

     None


ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

     (a)    Exhibits

     27.1   Financial Data Schedule

     (b)    Reports on Form 8-K. 

            None

                                          





                                      17
<PAGE>

                                  SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, the Registrant has duly caused this report to be signed 
on its behalf by the undersigned, thereunto duly authorized.


                                ACCESS ANYTIME BANCORP, INC.


     Date:  July 31, 1998       /s/ Norman R. Corzine
                                --------------------------------------------
                                Norman R. Corzine, Chairman of the Board, 
                                Chief Executive Officer
                                (DULY AUTHORIZED REPRESENTATIVE)


     Date:  July 31, 1998       /s/ Ken Huey, Jr.
                                --------------------------------------------
                                Ken Huey, Jr., President, Chief Financial
                                Officer and Director
                                (PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
                                (DULY AUTHORIZED REPRESENTATIVE)






                                      18