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 March 31, 2003

                                       OR

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

                           Commission File No. 0-20956

                            HFB FINANCIAL CORPORATION

       A Tennessee Corporation                                I.R.S. Employer
                                                               Identification
                                                               No. 61-1228266

               Address                                        Telephone Number

        1602 Cumberland Avenue                                 (606) 248-1095
     Middlesboro, Kentucky 40965

Indicate by check mark whether the registrant (1) has filed all reports required
by Section 13 or 15(d) of the Securities and 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
requirements for the past 90 days. Yes |X| No |_|.

The number of shares of the registrant's $1 par value common stock outstanding
at May 9, 2002 was 1,301,101.

There are a total of 16 pages filed in this document.

<PAGE>

                            HFB FINANCIAL CORPORATION

                                   I N D E X

                                                                         PAGE NO
                                                                         -------

PART I - FINANCIAL INFORMATION

  Item 1. Financial Statements (unaudited)

             Condensed Consolidated Balance Sheets                          3

             Condensed Consolidated Statements of Income                    4

             Condensed Consolidated Statement of Stockholders' Equity       5

          Condensed Consolidated Statements of Cash Flows                   6

             Notes to Condensed Consolidated Financial Statements         7-8

  Item 2. Management's Discussion and Analysis of
          Financial Condition and Results of Operations                  8-10

PART II - OTHER INFORMATION                                                11

SIGNATURES                                                                 12

CEO Certification under Section 302 of the Sarbanes-Oxley Act              13

CFO Certification under Section 302 of the Sarbanes-Oxley Act              14

Exhibit 99.1                                                               15

Exhibit 99.2                                                               16


                                       2
<PAGE>

                    HFB FINANCIAL CORPORATION AND SUBSIDIARY
                           Consolidated Balance Sheets

<TABLE>
<CAPTION>
                                                                          March 31,      December 31,
                                                                            2003             2002
                                                                         (unaudited)
                                                                        -------------    -------------
<S>                                                                     <C>              <C>
Assets
   Cash and cash equivalents                                            $   6,257,478    $   4,967,188
   Available-for-sale securities                                           66,365,987       70,418,282
   Loans, net of allowance for loan losses of $1,291,268 and
     $1,191,849 at March 31, 2003 and December 31, 2002, respectively     171,380,391      166,334,655
   Premises and equipment                                                   4,673,299        4,455,209
   Federal Home Loan Bank stock                                             1,696,200        1,679,700
   Interest Receivable                                                      1,518,309        1,513,376
   Assets held for sale                                                       932,808        1,030,310
   Other assets                                                               581,226          330,038
   Cash surrender value of life insurance                                   2,841,140        2,806,103
                                                                        -------------    -------------

       Total assets                                                     $ 256,246,838    $ 253,534,861
                                                                        =============    =============

Liabilities
   Deposits
     Non-interest bearing demand                                        $   7,156,249    $   6,398,430
     Savings, NOW and money market                                         27,095,456       26,643,742
     Certificate of deposits                                              169,218,123      166,243,106
                                                                        -------------    -------------
       Total deposits                                                     203,469,828      199,285,278
   Short-term debt                                                                 --        1,375,000
   Long-term debt                                                          26,255,662       26,277,967
   Interest payable                                                           928,665          629,653
   Other liabilities                                                        1,997,209        2,386,636
                                                                        -------------    -------------
       Total liabilities                                                  232,651,364      229,954,534
                                                                        -------------    -------------

Stockholders' Equity
   Issued and outstanding - 1,589,303 shares                                1,589,303        1,589,303
   Additional paid-in-capital                                               8,768,874        8,768,874
   Less: Common stock acquired by Rabbi trusts for deferred
          compensation plans                                                 (500,446)        (500,446)
   Retained earnings                                                       15,192,670       14,867,147
   Accumulated other comprehensive income                                   1,107,071        1,417,447
                                                                        -------------    -------------
                                                                           26,157,472       26,142,325
                                                                        -------------    -------------
   Treasury stock, at cost, 288,202 shares                                 (2,561,998)      (2,561,998)
                                                                        -------------    -------------

        Total stockholders' equity                                         23,595,474       23,580,327
                                                                        -------------    -------------

        Total liabilities and stockholders' equity                      $ 256,246,838    $ 253,534,861
                                                                        =============    =============
</TABLE>

See notes to condensed consolidated financial statements.


                                       3
<PAGE>

                    HFB FINANCIAL CORPORATION AND SUBSIDIARY
                   Condensed Consolidated Statements of Income
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                         Three-months ended
                                                               March 31,
                                                         2003            2002
                                                      ----------      ----------
<S>                                                   <C>             <C>
Interest Income
  Loans receivable                                    $3,179,718      $2,932,744
  Investment securities                                  788,068         909,413
  Other dividend income                                       --          37,546
  Deposits with financial institutions                    11,144          14,347
                                                      ----------      ----------
      Total interest income                            3,978,930       3,894,050
                                                      ----------      ----------
Interest Expense
  Deposits                                             1,220,090       1,722,564
  Short term borrowings                                       --              --
  Long term debt                                         302,384         226,490
                                                      ----------      ----------
      Total interest expense                           1,522,474       1,949,054
                                                      ----------      ----------
Net Interest Income                                    2,456,456       1,944,996
  Provision for loan losses                              105,000          76,808
                                                      ----------      ----------
Net Interest Income After
  Provision for Loan Losses                            2,351,456       1,868,188
                                                      ----------      ----------
Other Income
  Service charges for deposit accounts                   234,911         175,636
  Other customer fees                                     34,228          33,495
  Net gain on trading securities                              --              --
  Net realized gain on sales of
   available for sale securities                           1,243              --
  Other income                                            44,144          73,612
                                                      ----------      ----------
      Total other income                                 314,526         282,743
                                                      ----------      ----------
Other Expenses
  Salaries and employee benefits                         887,867         652,898
  Net occupancy expenses                                  98,192          95,100
  Equipment expenses                                     128,477         132,534
  Data processing fees                                    63,000          59,927
  Deposit insurance expense                                9,697           8,487
  Legal and professional fees                            113,956         128,699
  Advertising                                             66,100          60,000
  State franchise and deposit taxes                       51,175          58,450
  Other expenses                                         315,098         248,583
                                                      ----------      ----------
      Total other expenses                             1,733,562       1,444,678
                                                      ----------      ----------
Income Before Income Tax                                 932,420         706,253
  Income tax expense                                     282,371         228,736
                                                      ----------      ----------

Net Income                                            $  650,049      $  477,517
                                                      ==========      ==========

Basic Earnings Per Share                              $     0.52      $     0.37
Diluted Earnings Per Share                            $     0.51      $     0.37
</TABLE>

See notes to condensed consolidated financial statements.


                                       4
<PAGE>

                    HFB FINANCIAL CORPORATION AND SUBSIDIARY
            Condensed Consolidated Statement of Stockholders' Equity
                        Three-months ended March 31, 2003

<TABLE>
<CAPTION>
                                                            Additional                                       Compre-
                                             Common          Paid-in          Rabbi         Treasury         hensive
                                              Stock          Capital         Trusts           Stock          Income
                                           --------------------------------------------------------------------------
<S>                <C> <C>                 <C>             <C>              <C>             <C>
Balances, December 31, 2002                $ 1,589,303     $ 8,768,874      ($500,446)      ($2,561,998)

Net income                                                                                                $   650,049

Other comprehensive income, net of tax

Unrealized gain on securities                                                                                (310,376)
                                                                                                          -----------

Comprehensive income                                                                                      $   339,673
                                                                                                          ===========

Cash dividend declared ($.25 per share)
                                           -----------------------------------------------------------

March 31, 2003 (unaudited)                 $ 1,589,303     $ 8,768,874       ($500,446)    ($2,561,998)
                                           ===========================================================

<CAPTION>

                                                         Accumulated
                                                            Other          Total
                                            Retained    Comprehensive   Stockholders'
                                            Earnings        Income         Equity
                                           -----------------------------------------
<S>                                        <C>            <C>            <C>
Balances, December 31, 2002                $14,867,147    $ 1,417,447    $23,580,327

Net income                                     650,049                       650,049

Other comprehensive income, net of tax

Unrealized gain on securities                               (310,376)       (310,376)

Comprehensive income

Cash dividend declared ($.25 per share)      (324,526)                      (324,526)
                                           ------------------------------------------

March 31, 2003 (unaudited)                 $15,192,670    $ 1,107,071    $23,595,474
                                           ==========================================
</TABLE>

See notes to condensed consolidated financial statements.


                                       5
<PAGE>

                    HFB FINANCIAL CORPORATION AND SUBSIDIARY
                 Condensed Consolidated Statements of Cash Flows
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                    Three-months Ended
                                                                         March 31,
                                                                   2003             2002
<S>                                                            <C>              <C>
Operating Activities
  Net cash provided by operating activities                    $    551,412     $ (1,872,620)
                                                               ------------     ------------
Investing Activities
  Purchases of securities available for sale                    (10,093,438)     (19,102,171)
  Proceeds from maturities of securities available for sale       8,616,289        9,434,920
  Proceeds from sales of securities available for sale            4,955,255               --
  Net change in loans                                            (4,940,736)      (8,860,908)
  Proceeds from sales of assets held for sale                        69,596               --
  Proceeds from life insurance                                           --               --
  Purchases of premises and equipment                              (330,807)         (40,632)
                                                               ------------     ------------
    Net cash used by investing activities                        (1,723,841)     (18,568,791)
                                                               ------------     ------------
Financing Activities
  Net change in
    Non interest-bearing, interest-bearing and
     savings deposits                                                    --               --
    Certificates of deposit                                       4,184,550        7,308,324
    Short term borrowings                                        (1,375,000)              --
  Proceeds of long term debt                                             --        7,500,000
  Repayment of long term debt                                       (22,305)         (20,585)
  Cash dividends                                                   (324,526)        (260,358)
  Proceeds from exercise of options on common stock                      --           24,655
  Purchase of treasury stock                                             --          (77,731)
                                                               ------------     ------------
    Net cash provided by financing activities                     2,462,719       14,474,305
                                                               ------------     ------------
Net Change in Cash and Cash Equivalents                           1,290,290       (5,967,106)

Cash and Cash Equivalents, Beginning of Period                    4,967,188       13,594,073
                                                               ------------     ------------

Cash and Cash Equivalents, End of Period                       $  6,257,478     $  7,626,967
                                                               ============     ============

Additional Cash Flows Information
  Interest paid                                                $  1,223,462     $  1,325,377
  Income tax paid                                                   295,000          275,437
</TABLE>

                                       6
<PAGE>

                            HFB FINANCIAL CORPORATION

        Notes to Condensed Consolidated Financial Statements (Unaudited)

1.    Basis of Presentation

      The unaudited condensed consolidated financial information for the
      three-month periods ended March 31, 2003 and 2002 includes the results of
      operations of HFB Financial Corporation (the "Company") and its wholly
      owned subsidiary Home Federal Bank Corporation ("Home Federal" or the
      "Bank"). The accompanying unaudited financial statements have been
      prepared in accordance with accounting principles generally accepted in
      the United States of America for interim financial statements and with the
      instructions to Form 10-QSB. Certain information and note disclosures
      normally included in the company's annual financial statements prepared in
      accordance with accounting principles generally accepted in the United
      States of America have been condensed or omitted. It is suggested that
      these statements and notes be read in conjunction with the financial
      statements and notes thereto included in the Company's annual report for
      the year ended December 31, 2002 on Form 10-KSB filed with the Securities
      and Exchange Commission.

      In the opinion of management, the financial information reflects all
      adjustments (consisting only of normal recurring adjustments), which are
      necessary for a fair presentation of the financial position, results of
      operations and cash flows of the Company but should not be considered as
      indicative of results for a full year.

      The condensed consolidated balance sheet of the Company as of December 31,
      2002 has been derived from the audited consolidated balance sheet of the
      Company as of that date.

2.    Non-performing Loans and Problem Assets

      The following sets forth the activity in the Company's allowance for loan
      losses for the three-months ended March 31, 2003 and 2002:

<TABLE>
<CAPTION>
                                                                (Dollars in thousands)

                                                                   2003        2002
                                                                   ----        ----
<S>                                                              <C>         <C>
      Balance January 1                                          $ 1,192     $   780
      Charge offs                                                     (6)         (2)
      Recoveries                                                      --          --
      Provision for loan losses                                      105          77
                                                                 -------     -------
      Balance March 31                                           $ 1,291     $   855
                                                                 =======     =======
</TABLE>

      Information on impaired loans is summarized below

      At March 31                                                  2003
                                                                   ----

      Impaired loans with an allowance                           $   657

      Allowance for impaired loans (included in the Company's
          allowance for loan losses)                             $   139


                                       7
<PAGE>

      Three-months ended March 31                     2003
                                                      ----

      Average balance of impaired loans               $605
      Interest income recognized on impaired loans    $  0
      Cash-basis interest received                    $  0


3.    Reclassifications

      Reclassifications of certain amounts in the March 31, 2002 consolidated
      statement have been made to conform to the March 31, 2003 presentation.

Item 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operations

Special Note Regarding Forward-Looking Statements

Certain matters discussed in this Quarterly Report on Form 10-QSB are
"forward-looking statements" intended to qualify for the safe harbors from
liability established by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can generally be identified as such because the
context of the statement will include words such as the Company "believes",
"anticipates", "expects", "estimates" or words of similar import. Similarly,
statements that describe the Company's future plans, objectives or goals are
also forward-looking statements. Such forward-looking statements are subject to
certain risks and uncertainties, which are described in, close proximity to such
statements and which could cause actual results to differ materially from those
anticipated as of the date of this report. Shareholders, potential investors and
other readers are urged to consider these factors in evaluating the
forward-looking statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included herein are
only made as of the date of this report and the Company undertakes no obligation
to publicly update such forward-looking statements to reflect subsequent events
or circumstances.

General:

HFB Financial Corporation, a Tennessee Corporation, was formed in September 1992
at the direction of Home Federal Bank, Federal Savings Bank for the purpose of
becoming a holding company for the Bank as part of its conversion from mutual to
stock form. The Company's primary operation is its investment in the common
stock of the Bank.

The Bank is principally engaged in the business of accepting deposits from the
general public and originating permanent loans, which are secured by one-to-four
family residential properties located in its market area. The Bank also
originates consumer loans and commercial real estate loans, and maintains a
substantial investment portfolio of mortgage-backed and other investment
securities. During the quarter ended December 31, 2001, the Bank converted from
a federal thrift charter to a state chartered commercial bank as a means for
management to focus more on commercial lending and other activities permissible
for commercial banks.

The operations of Home Federal are significantly influenced by general economic
conditions and the monetary and fiscal policies of government regulatory
agencies. Deposit flows and costs of funds are influenced by interest rates on
competing investments and prevailing market rates of interest. Lending
activities are affected by the demand for financing real estate and other types
of loans, which in turn are influenced by the interest rates at which such
financing may be offered and other factors related to loan demand and the
availability of funds.


                                       8
<PAGE>

Financial Condition

The Corporation's assets increased by 1.07% to $256.2 million at March 31, 2003
compared to $253.5 million at December 31, 2002. The majority of this increase
is reflected in increases in loans. The increase was financed primarily by
increases deposits and long-term borrowings and decreases in investment
securities.

Cash and cash equivalents increased $1.3 million to $6.3 million at March 31,
2003 compared to $5.0 million at December 31, 2002. This increase was primarily
due to increased cash flow from the investment portfolio.

Investment securities, available for sale, decreased $4.0 million to $66.4
million at March 31, 2003 from $70.4 million at December 31, 2002 primarily as
the result of increased prepayments on mortgage backed securities "MBSs".

Loans, net, increased by $5.1 million to $171.4 million at March 31, 2003 from
$166.3 million at December 31, 2002 as the result of continued 1-4 family
mortgage loan demand and an increase in commercial real estate loans. Since the
Banks conversion to a commercial bank, Management has focused on originating
commercial real estate loans.

At March 31, 2003, the allowance for loan losses was $1.3 million or .75% of
loans receivable compared to $1.2 million or .71% of loans receivable at
December 31, 2002.

Total deposits increased by $4.2 million to $203.5 million at March 31, 2003
from $199.3 million at December 31, 2002. During the three months ended March
31, 2003, certificates of deposit increased $3.0 million and NOW accounts and
savings deposits increased $1.2 million.

At March 31, 2003, the Bank met all regulatory requirements. Tier I capital to
averaged assets was 8.5%. Tier I capital to risk-weighted assets was 14.4% and
total capital to risk-weighted assets was 15.3% at March 31, 2003 compared to
8.4%, 14.5% and 15.3%, respectively, at December 31, 2002.

Results of Operations for the Three-months Ended March 31, 2003 and 2001

Net income increased by $172,000 to $650,000 for the three-month period ended
March 31, 2003 from $478,000 for the three-month period ended March 31, 2002.
The primary reasons for the increase were a $511,000 increase in net interest
income and a $32,000 increase in other income offset by a $289,000 increase in
other expense, a $28,000 increase in the provision for loan losses and a $54,000
increase in income tax expense.

Interest income increased by $85,000 for the three-month period ended March 31,
2003 as compared to the three-month period ended March 31, 2002, primarily a
result of a higher volume of average earning assets during the three months
ended March 31, 2003.

Interest on loans increased by $247,000 to $3.180 million for the three-month
period ended March 31, 2003 as compared to $2.933 million for the three-month
period ended March 31, 2002. This increase is mainly attributable to a higher
average balance of loans during the three months ended March 31, 2003 even
though the weighted-average yield was lower than that of the quarter ended March
31, 2002.

Interest on investment securities, other dividend income and interest on
deposits with financial institutions decreased by $162,000 to $799,000 for the
three-month period ended March 31, 2003 from $961,000 for the three-month period
ended March 31, 2002. This decrease is primarily the result of a lower average
balance of investments during the three months ended March 31, 2003. The
weighted average yield on investments during the same period was also lower than
that of the three months ended March 31, 2002.

Interest expense on deposits decreased by $503,000 to $1.220 million for the
three-month period ended March 31, 2003 from $1.723 million for the three-month
period ended March 31, 2002 as a result of a significant drop in rates paid on
deposit accounts. For the three months ended March 31, 2003, the
weighted-average cost of deposits was


                                       9
<PAGE>

2.43% on an average deposit balance of $200.6 million compared to 3.65% on
average deposits of $188.7 million for the three months ended March 31, 2002.

Interest expense on long-term debt increased by $76,000 to $302,000 for the
three-month period ended March 31, 2003 from $226,000 for the three-month period
ended March 31, 2002, primarily due to a higher level of long-term debt
outstanding during the three months ended March 31, 2003.

The provision for loan losses increased by $28,000 for the three-month period
ended March 31, 2003 as compared to the same period in 2002. The provision was
the result of management's evaluation of the adequacy of the allowance for loan
losses including consideration of recoveries of loans previously charged off,
the perceived risk exposure among loan types, actual loss experience,
delinquency rates, and current economic conditions. The Bank's allowance for
loan losses as a percent of total loans at March 31, 2003 was 0.75%.

Non-interest income increased by $32,000 to $315,000 for the three-month period
ended March 31, 2003 as compared to $283,000 for the same period in 2002. The
increase was primarily attributable to an increase of $59,000 in service charges
on deposits offset by a $29,000 decrease in other income. The decrease in other
income was primarily due to a decrease in gain on the sale of real estate and
equipment.

Non-interest expense increased by $289,000 to $1.734 million for the three-month
period ended March 31, 2003 as compared to $1.445 million for the same period in
2002.

Compensation and benefits increased by $235,000 to $888,000 for the three-month
period ended March 31, 2003 as compared to $653,000 for the three-months ended
March 31, 2002 primarily as the result of annual increases in salaries, wages
and commissions and a $36,000 increase in the cost of funding the Banks
retirement plan. In addition, the Banks staffing was increased due to growth and
the opening of a branch office in Jacksboro, Tennessee in January 2003. At March
31, 2003, the Bank had 72 full time equivalent employees compared to 59 at March
31, 2002.

Legal and professional fees decreased by $15,000 to $114,000 for the three-month
period ended March 31, 2003 from $129,000 for the three-month period ended March
31, 2002 primarily due to a decrease in legal expenses for the three-months
ended March 31, 2003.

Advertising expense increased by $6,000 to $66,000 for the quarter ended March
31, 2003 compared to $60,000 for the quarter ended March 31, 2002 primarily due
to a higher level of advertising activity in the current period.

State deposit and franchise taxes decreased by $7,000 to $51,000 for the quarter
ended March 31, 2003 compared to $58,000 for the quarter ended March 31, 2002.
As a result of the Banks recent conversion from a thrift to a commercial bank
and determining the differences in the method of taxation between banks and
thrifts, deposit and franchise taxes were over accrued during the quarter ended
March 31, 2002.

Other expenses increased by $66,000 to $315,000 for the three-month period ended
March 31, 2003 from $249,000 for the three-month period ended March 31, 2002,
primarily due to a $20,000 increase in expenses associated with the acquisition
and sale of other real estate owned, a $13,000 increase in printing supplies
resulting from a systems conversion and a $10,000 increase in telephone expense
duplicate service used during the conversion to a new system.

Income tax expense increased by $53,000 to $282,000 for the three-month period
ended March 31, 2003 compared to $229,000 for the three-months ended March 31,
2002 due a higher level of taxable income.


                                       10
<PAGE>

                            HFB FINANCIAL CORPORATION

                                     PART II

                                OTHER INFORMATION

Item 1. Legal Proceedings

      None

Item 2. Changes in Securities

      None

Item 3. Defaults upon Senior Securities

      None

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

      No matters were submitted to a vote of Security Holders during the quarter
ended March 31, 2003.

Item 5. Other Information

      None

Item 6. Exhibits and Reports on Form 8-K

      a. Exhibits

         99.1     CEO Certification under Section 906 of the Sarbanes-Oxley Act

         99.2     CFO Certification under Section 906 of the Sarbanes-Oxley Act

      b. Reports on Form 8-K

         On April 28, 2003, the Company filed a form 8-K announcing that
         earnings for the quarter ended March 31, 2003 were released on
         April 22, 2003.

Item 7. Controls and Procedures

A review and evaluation was performed by the Company's management, including the
Company's Chief Executive Officer (the "CEO") and Chief Financial Officer (the
"CFO"), of the effectiveness of the design and operation of the Company's
disclosure controls and procedures as of a date within 90 days prior to the
filing of this quarterly report pursuant to Rule 13a-14 of the Securities Act of
1934. Based on that review and evaluation, the CEO and CFO have concluded that
the Company's current disclosure controls and procedures, as designed and
implemented, were effective. There have been no significant changes in the
Company's internal controls or in other factors that could significantly affect
the Company's internal controls subsequent to the date of their evaluation.
There were no significant material weaknesses identified in the course of such
review and evaluation and, therefore, no corrective measures were taken by the
Company.


                                       11
<PAGE>

                           HFB FINANCIAL CORPORATION

                                   Signatures

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

                                          HFB FINANCIAL CORPORATION


                                                By: /s/ David  B. Cook
                                                   -----------------------------
                                                        David B. Cook
                                                        President and
                                                        Chief Executive Officer


                                                By: /s/ Stanley Alexander, Jr.
                                                   -----------------------------
                                                        Stanley Alexander, Jr.
                                                        Chief Financial Officer

Dated May 9, 2003


                                       12
<PAGE>

                                 CERTIFICATIONS

I, David B. Cook, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of HFB Financial
Corporation;

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

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

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

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

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

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

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

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

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

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

Date May 9, 2003


By /s/ David B. Cook
   ------------------------
   Chief Executive Officer


                                       13
<PAGE>

                                 CERTIFICATIONS

I, Stanley Alexander, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-QSB of HFB Financial
Corporation;

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

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

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

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

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

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

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

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

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

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

Date May 9, 2003


By /s/ Stanley Alexander, Jr.
  ----------------------------
  Chief Financial Officer


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