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

                                   FORM 10-QSB

(Mark One)
 [x] QUARTERLY REPORT PURSUANT TO 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
    EXCHANGE ACT

                         Commission File Number: 1-7614
                           ___________________________

                             GENEVA FINANCIAL CORP.
        (Exact Name of Small Business Issuer as Specified in its Charter)


             Delaware                                      11-3404072
        (State or Other Jurisdiction of                  (I.R.S. Employer
       Incorporation or Organization)                     Identification Number)


                             100 North Centre Avenue
                          Rockville Centre, N.Y. 11570
                    (Address of Principal Executive Offices)

                                 (516) 255-1700
                (Issuer's Telephone Number, Including Area Code)

Number of shares outstanding of the issuer's Common Stock, par value $.01 per
share, as of April 30, 2003: 3,907,000 shares.


<PAGE>

<TABLE>
<CAPTION>


                             GENEVA FINANCIAL CORP.

                                   FORM 10-QSB

                                TABLE OF CONTENTS

<S>                                                                                   <C>       <C>

                                                                                         Page No
                                                                                         -------
Part I. Financial Information


  Item 1.  Financial Statements:
           Condensed Consolidated Statements of Operations (Unaudited)
           Three Months Ended March 31, 2003 and 2002                                       3

           Condensed Consolidated Balance Sheet
           March 31, 2003 (Unaudited)                                                       4

           Condensed Consolidated Statements of Cash Flows (Unaudited)
           Three months Ended March 31, 2003 and 2002                                       5

           Notes to Condensed Consolidated Financial Statements (Unaudited)                 6-13


  Item 2. Management's Discussion and Analysis or Plan                                     14-17
          of Operation

  Item 3. Controls and Procedures                                                             17

Part II. Other Information

  Item 1. Legal Proceedings                                                                   18

  Item 2. Changes in Securities and Use of Proceeds                                           18

  Item 3. Defaults Upon Senior Securities                                                     18

  Item 4. Submission of Matters to a Vote of Security Holders                                 18

  Item 5. Other Information                                                                   18

  Item 6. Exhibits and Reports on Form 8-K                                                 18-19

Signatures                                                                                    20

Certifications                                                                             21-26

</TABLE>
                                       2

<PAGE>

<TABLE>

<CAPTION>


                         Part I - FINANCIAL INFORMATION

Item 1.  Financial Statements


                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
                   (f/k/a PMCC FINANCIAL CORP. AND SUBSIDIARY)
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

<S>                                                                     <C>                           <C>

                                                                        Three Months Ended
                                                                        ------------------
                                                                             March 31,
                                                                             ---------
                                                                          2003            2002
                                                                          ----            ----

Revenues:
Gains on sale of mortgage loans                                       $ 2,510,090      $1,232,966
Interest earned                                                           504,350         264,177
                                                                      -----------      ----------
       Total Revenues                                                   3,014,440       1,497,143
                                                                      -----------      ----------

Expenses:
Compensation and benefits                                               1,197,799         745,302
Interest expense                                                          360,304         191,420
Expenses relating to the closing of the Roslyn office (Note 9)                 --         170,308
Other general and administrative                                          999,268         676,638
                                                                        ---------      ----------
      Total Expenses                                                    2,557,371       1,783,668
                                                                        ---------      ----------

Income (loss) before income taxes                                         457,069        (286,525)
Income taxes                                                                   --              --
                                                                        ---------      ----------
     Income (loss) from continuing operations                             457,069        (286,525)

Loss from discontinued operations                                              --        (200,832)
                                                                        ---------      ----------
       Net income (loss)                                              $   457,069      $ (487,357)
                                                                      ===========      ==========

Earnings per share of common stock:
 Basic:
  Income (loss) from continuing operations                           $      0.12       $    (0.08)
   Loss from discontinued operations                                          --            (0.05)
                                                                      -----------      ----------
       Net income (loss)                                              $      0.12      $    (0.13)
                                                                      ===========      ==========

Weighted average number of shares of common stock
 Outstanding                                                            3,907,000       3,807,000
                                                                      ===========      ==========
 Diluted:
  Income (loss) from continuing operations                            $      0.11      $    (0.08)
  Loss from discontinued operations                                            --           (0.05)
                                                                      -----------      ----------
     Net income (loss)                                                $      0.11      $    (0.13)
                                                                      ===========      ==========

Weighted average number of shares of common stock and
 common stock equivalents outstanding                                   4,160,988       3,807,000
                                                                        =========       =========

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       3

<PAGE>
<TABLE>
<CAPTION>

                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
                   (f/k/a PMCC FINANCIAL CORP. AND SUBSIDIARY)
                      Condensed Consolidated Balance Sheet

<S>                                                                                     <C>         <C>

                                                                                          (Unaudited)
                                                                                           March 31,
                                                                                             2003
                                                                                             ----

                               Assets
Cash and cash equivalents                                                                $  1,191,391
Mortgage loans held for sale, net                                                          26,705,060
Mortgage loans held for investment, net                                                       577,837
Accrued interest receivable                                                                   470,000
Other receivables, net                                                                        671,351
Furniture, fixtures & equipment, net                                                          490,801
Prepaid expenses and other assets                                                             109,073
Deferred taxes                                                                              1,000,000
                                                                                          -----------
Total assets                                                                              $31,215,513
                                                                                          ===========

                Liabilities and shareholders' equity
Liabilities
Notes payable-principally warehouse lines of credit                                       $25,869,751
Accrued expenses and other liabilities                                                        680,965
                                                                                          -----------
Total liabilities                                                                          26,550,716
                                                                                          -----------
Commitments and Contingencies

Shareholders' equity
Common stock, $.01 par value; 40,000,000 shares authorized;
 3,950,000 issued; 3,907,000 shares outstanding                                                39,500
Additional paid-in capital                                                                 11,066,538
Accumulated deficit                                                                        (6,186,770)
Treasury stock, 43,000 shares, at cost                                                       (254,471)
                                                                                          -----------
Total shareholders' equity                                                                  4,664,797
                                                                                          -----------
Total liabilities and shareholders' equity                                                $31,215,513
                                                                                          ===========

</TABLE>


See accompanying notes to condensed consolidated financial statements

                                       4

<PAGE>
<TABLE>
<CAPTION>


                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
                   (f/k/a PMCC FINANCIAL CORP. AND SUBSIDIARY)
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)


<S>                                                                                <C>                <C>
                                                                                    Three months ended
                                                                                    ------------------
                                                                                        March 31,
                                                                                        --------
                                                                                     2003           2002
                                                                                     ----           ----

Cash flows from operating activities:
 Net income (loss)                                                                $  457,069      $ (487,357)
 Loss from discontinued operations                                                        --         200,832
                                                                                ------------      ----------

Income (loss) from continuing operations                                             457,069        (286,525)
                                                                                ------------      ----------
 Adjustments to reconcile net income (loss) from continuing operations
  to net cash provided by (used in) operating activities:
   Depreciation and amortization                                                      47,495          46,012
Changes in operating assets and liabilities:
 Accrued interest and other receivables, net                                          83,445          90,472
 Mortgage loans held for sale and investment, net                                 14,005,373      (3,172,270)
 Prepaid expenses and other assets                                                    (9,727)         66,455
 Accrued expenses and other liabilities                                             (265,224)        (49,141)
                                                                                ------------      ----------

Total adjustments                                                                 13,861,362      (3,018,472)
                                                                                ------------      -----------

Net cash provided by (used in) continuing operations                              14,318,431      (3,304,997)

Net cash used in discontinued operations                                                  --         (89,744)
                                                                                ------------      -----------

Net cash provided by (used in) operating activities                               14,318,431       (3,394,741)
                                                                                ------------      -----------
Cash flows from investing activities:
  Purchase of furniture, fixtures and equipment                                      (47,964)              --
                                                                                ------------      -----------
Cash flows from financing activities:
  Net (decrease) increase in notes payable - principally
   warehouse lines of credit                                                     (14,014,340)       3,132,481
                                                                                ------------      -----------

Net increase (decrease) in cash and cash equivalents                                 256,127         (262,260)

Cash and cash equivalents - beginning                                                935,264          444,497
                                                                                ------------      -----------

Cash and cash equivalents - ending                                              $  1,191,391      $   182,237
                                                                                ============      ===========

Supplemental disclosures of cash flow information:
  Cash paid during the period for:
   Interest                                                                     $    450,666     $    192,923
                                                                                ============     ============
   Income taxes                                                                 $      2,042     $         --
                                                                                ============     ============

</TABLE>

See accompanying notes to condensed consolidated financial statements

                                       5
<PAGE>

                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
                   (f/k/a PMCC FINANCIAL CORP. AND SUBSIDIARY)
              Notes to Condensed Consolidated Financial Statements
               For the three months ended March 31, 2003 and 2002
                                   (Unaudited)

1.   Business

     Geneva Financial Corp. (the "Company")  (formerly PMCC Financial  Corp.), a
     Delaware  corporation,  was  organized  in 1998 to own the  stock of Geneva
     Mortgage Corp.  ("Geneva")  (formerly PMCC Mortgage Corp. ("PMCC")) and its
     subsidiaries. On February 17, 1998, the Company completed an initial public
     offering  ("IPO") of common stock through the issuance of 1,250,000  shares
     at an initial public offering price of $9.00 per share.  Effective November
     21, 2001,  PMCC Mortgage  Corp.  changed its name to Geneva  Mortgage Corp.
     Subsequent  to March 31, 2003,  PMCC  Financial  Corp.  changed its name to
     Geneva Financial Corp.

     Geneva is a mortgage banker conducting business in ten states and operating
     primarily  from  offices  in New York,  New Jersey  and  Florida.  Geneva's
     principal  business  activity  during the three months ended March 31, 2003
     and 2002,  respectively,  is the origination of residential  mortgage loans
     and the sale of such loans in the secondary market on a servicing  released
     basis.  Effective August 2002 management committed to a plan to discontinue
     the residential  rehabilitation segment (see Note 10). Residential mortgage
     loans are sold on a  non-recourse  basis  except  for  indemnifications  or
     buybacks required for certain early payment defaults or other defects.

     The  mortgage  banking  industry is generally  subject to seasonal  trends.
     These  trends  reflect  the general  pattern of resales of homes,  in which
     sales  typically peak during the spring and summer seasons and decline from
     January  through  March.  Refinancings  tend to be less  seasonal  and more
     closely related to changes in interest rates.

2.   Basis of Presentation

     The unaudited condensed  consolidated  financial statements included herein
     reflect all adjustments which are, in the opinion of management,  necessary
     for a fair  presentation  of the  Company's  financial  condition as of the
     dates  indicated and the results of operations for the periods  shown.  All
     such  adjustments  are of a  normal  recurring  nature.  In  preparing  the
     accompanying  condensed  consolidated  financial statements,  management is
     required to make  estimates  and  assumptions  that  reflect  the  reported
     amounts  of  assets  and  liabilities  as of  the  date  of  the  condensed
     consolidated  balance  sheet and of income  and  expenses  for the  periods
     presented in the  condensed  consolidated  statements  of  operations.  The
     results of  operations  for the three  months  ended March 31, 2003 are not
     necessarily  indicative of the results of operations to be expected for the
     remainder of the year.  Certain  information and note

                                       6

<PAGE>

     disclosures   normally  included  in  financial   statements   prepared  in
     accordance  with  generally  accepted  accounting  principles in the United
     States of America have been omitted  pursuant to rules and  regulations  of
     the Securities and Exchange Commission.

     These unaudited condensed  consolidated financial statements should be read
     in conjunction with the audited consolidated financial statements and notes
     thereto  included in the Company's  Form 10-KSB for the year ended December
     31, 2002.

3.   Recently Issued Accounting Pronouncements

     In April 2002, the FASB issued Statement of Financial  Accounting Standards
     ("SFAS")  No.  145,  "Rescission  of  FASB  Statements  No.  4,  44 and 64,
     Amendment of FASB  Statement No. 13, and Technical  Corrections".  SFAS No.
     145  requires  that  gains  and  losses  from  extinguishment  of  debt  be
     classified  as  extraordinary  items  only if they  meet  the  criteria  in
     Accounting Principles Board Opinion No. 30 ("Opinion No. 30"). Applying the
     provisions of Opinion No. 30 will distinguish transactions that are part of
     an entity's recurring operations from those that are unusual and infrequent
     that meets the criteria for  classification  as an extraordinary  item. The
     Company  adopted SFAS No. 145 during the first quarter of fiscal 2003.  The
     adoption of this  standard did not have a material  effect on the Company's
     consolidated financial position and results of operations.

     In June  2002,  the  FASB  issued  SFAS  No.  146,  "Accounting  for  Costs
     Associated  with  Exit or  Disposal  Activities."  SFAS No.  146  addresses
     accounting  and  reporting  for  costs  associated  with  exit or  disposal
     activities  and  nullifies  Emerging  Issues  Task  Force  Issue No.  94-3,
     "Liability  Recognition for Certain Employee Termination Benefits and Other
     Costs  to  Exit  an  Activity   (Including  Certain  Costs  Incurred  in  a
     Restructuring)."  SFAS  No.  146  requires  that  a  liability  for a  cost
     associated  with an exit or disposal  activity be  recognized  and measured
     initially at fair value when the  liability  is  incurred.  SFAS No. 146 is
     effective for exit or disposal activities that are initiated after December
     31, 2002.  The adoption of this standard did not have a material  effect on
     the Company's consolidated financial position or results of operations.

     In  November  2002,  the FASB  issued  Interpretation  No.  45,  ("FIN 45")
     "Guarantor's   Accounting  and  Disclosure   Requirements  for  Guarantees,
     Including Indirect Guarantees of Indebtedness of Others." FIN 45 requires a
     company,  at the time it  issues  a  guarantee,  to  recognize  an  initial
     liability for the fair value of obligations assumed under the guarantee and
     elaborates on existing  disclosure  requirements  related to guarantees and
     warranties.  The initial  recognition  requirements of FIN 45 are effective
     for  guarantees  issued or modified  after December 31, 2002. The Company's
     adoption of the recognition  requirements of FIN 45 did not have a material
     effect on its consolidated financial position or results of operations.

                                       7

<PAGE>


     In  January  2003,  the FASB  issued  Interpretation  No.  46  ("FIN  46"),
     "Consolidation of Variable Interest Entities,  an Interpretation of ARB No.
     51." FIN 46 requires certain variable  interest entities to be consolidated
     by the primary  beneficiary  of the entity if the equity  investors  in the
     entity do not have the characteristics of a controlling  financial interest
     or do not have  sufficient  equity at risk for the  entity to  finance  its
     activities without additional  financial support from other parties. FIN 46
     is effective  for all new variable  interest  entities  created or acquired
     after January 31, 2003. For variable  interest entities created or acquired
     prior to February 1, 2003, the provisions of FIN 46 must be applied for the
     first interim or annual period  beginning  after June 15, 2003. The Company
     does not expect the  adoption of FIN 46 will have a material  effect on its
     consolidated financial position or results of operations.

4.   Income Taxes

     The  Company  accounts  for  income  taxes  under the  liability  method as
     required by SFAS No. 109.

5.   Earnings (Loss) Per Share of Common Stock

     Basic  earnings  (loss) per share  ("EPS") is  determined  by dividing  net
     income  (loss)  for the  period by the  weighted  average  number of common
     shares  outstanding  during  the same  period.  Diluted  EPS  reflects  the
     potential  dilution that could occur if  securities  or other  contracts to
     issue  common  stock were  exercised  or  converted  into  common  stock or
     resulted  in the  issuance  of common  stock  which would then share in the
     earnings of the Company. The Company had 300,000 potentially dilutive stock
     options  outstanding  for the three  months  ended  March 31,  2003,  which
     resulted in 253,988 of additional  dilutive  potential  common shares being
     utilized in the computation of the dilutive  earnings per share calculation
     for such periods then ended.  All stock  options  outstanding  at March 31,
     2002 were antidilutive.

6.   Stock Options and Similar Equity Instruments

     At March 31, 2003, the Company had two  stock-based  employee  compensation
     plans.  As  permitted  under  SFAS No.  148,  "Accounting  for  Stock-Based
     Compensation-Transition  and  Disclosure",  which  amended  SFAS  No.  123,
     "Accounting  for  Stock-Based  Compensation",  the  Company  has elected to
     continue  to  follow  the  intrinsic  value  method in  accounting  for its
     stock-based  employee  compensation  arrangements  as defined by Accounting
     Principles  Board Opinion  ("APB") No. 25,  "Accounting for Stock Issued to
     Employees,  and  related  interpretations  including  Financial  Accounting
     Standards Board Interpretation No. 44, "Accounting for Certain Transactions
     Involving  Stock  Compensation",  an  interpretation  of  APB  No.  25.  No
     stock-based  employee  compensation cost is reflected in net income (loss),
     as all options granted under those plans had an exercise price equal to the
     market  value of the  underlying  common  stock on the date of  grant.  The
     following  table  illustrates  the effect on net income (loss) and earnings
     (loss) per share if the  Company  had  applied  the fair value  recognition
     provisions of SFAS No. 123 to stock-based employee compensation.


                                       8

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                             <C>                 <C>

                                                                                  Three months Ended
                                                                                  ------------------
                                                                                        March 31,
                                                                                        --------
                                                                                    2003          2002
                                                                                    ----          ----

     Net income (loss) as reported                                              $ 457,069    $(487,357)

     Deduct:  Total stock-based  employee  compensation
     expense determined under fair  value-based  method  for all  awards,  net
     of related  tax effect.                                                       10,000           --
                                                                                ---------    ---------
     Pro forma net income (loss)                                                $ 447,069    $(487,357)
                                                                                =========    =========

     Basic net income (loss) per share as reported                                  $0.12       $(0.13)
                                                                                =========    =========

     Basic pro forma income (loss) per share                                        $0.11       $(0.13)
                                                                                =========    =========

     Diluted net income (loss) per share as reported                                $0.11       $(0.13)
                                                                                =========    =========

     Diluted pro forma net income (loss) per share                                  $0.11       $(0.13)
                                                                                =========    =========

     There were no options granted during the three months ended March 31, 2003.
     The fair value of options at date of grant in 2002 was estimated  using the
     Black-Scholes  fair value based method with the following  weighted average
     assumptions:
                                                                                             2002
                                                                                  -------------------------
      Expected life (years)                                                                   5
      Risk free interest rate                                                                4.75%
      Volatility                                                                              282%
      Dividends                                                                                --

</TABLE>

     The  weighted  average fair value of each option at date of grant using the
     fair value based method during 2002 is estimated at $0.10.

7.   Notes Payable

     At March 31, 2003,  substantially  all of the mortgage  loans held for sale
     and investment  were pledged to secure notes payable under  warehouse lines
     of credit agreements.

     On  February  28,  2000,  the  Company  entered  into a  Master  Repurchase
     Agreement  that provides the Company with a warehouse  facility (the "IMPAC
     Line")  through IMPAC  Warehouse  Lending Group  ("IMPAC").  The IMPAC Line
     provides  a  committed  warehouse  line of  credit of $20  million  for the
     Company's  mortgage  originations  only.  The IMPAC  Line is secured by the
     mortgage  loans  funded  with the  proceeds  of such  borrowings.  Interest
     payable is  variable  based on the Prime Rate as posted by Bank of America,
     N.A. plus 0.50%. In August 2002, the Company obtained a temporary  increase
     in the credit line to $25 million,  and in December 2002 obtained a further
     temporary  increase to $36.6 million  through May 31, 2003.  The IMPAC

                                       9

<PAGE>

     Line has no stated  expiration  date but is terminable by either party upon
     written notice.  In addition,  the Company is required to maintain  certain
     financial  and other  covenants.  In April  2003,  the  tangible  net worth
     covenant was  amended.  The balance  outstanding  on this line at March 31,
     2003 was approximately $23.0 million.

     On August 29,  2002,  the Company  entered  into a Warehouse  and  Security
     Agreement  and  Servicing  Agreement  that  provides  the  Company  with  a
     warehouse  facility  (the  "Provident  Line")  through The  Provident  Bank
     ("Provident").  The Provident  Line provides a committed  warehouse line of
     credit of $5 million for the  Company's  mortgage  originations  only.  The
     Provident Line is secured by the mortgage loans funded with the proceeds of
     such borrowings.  Interest is variable and payable monthly based on the One
     Month  Libor  Rate as  published  by the Wall  Street  Journal  on the last
     business  day of the prior month plus from 4.43% to 8.43%  depending on the
     type of loan and the length of time  outstanding on the line. The Provident
     Line has no stated  expiration  date but is terminable by either party upon
     written notice. The balance  outstanding on this line at March 31, 2003 was
     approximately $2.4 million.

     In November 2002, the Company entered into a promissory note with Signature
     Bank,  N.A.  for  $350,000,  which is  secured  by  certain  furniture  and
     equipment and is payable in monthly installments of $9,722 over a period of
     three  years.  Interest  payable  is  variable  based on the Prime  Rate as
     designated by Signature  Bank plus 1.50%.  The balance  outstanding  on the
     note at March 31, 2003 was approximately $324,000.

8.   Financial Instruments With Off-Balance Sheet Risk and Concentrations

     In the normal course of the Company's business, there are various financial
     instruments,  which  are  appropriately  not  recorded,  in  the  financial
     statements.  The Company's risk of accounting loss, due to the credit risks
     and market  risks  associated  with these  off-balance  sheet  instruments,
     varies with the type of financial  instrument and principal amounts, and is
     not necessarily indicative of the degree of exposure involved.  Credit risk
     represents the  possibility of a loss occurring from the failure of another
     party to perform in  accordance  with the terms of a contract.  Market risk
     represents the possibility  that future changes in market prices may make a
     financial instrument less valuable or more onerous.

     The Company  enters  into cash flow  hedges in the form of Mortgage  Backed
     Securities  ("MBS")  or  Treasury  note  contracts  to hedge the  change in
     interest rates that may occur on locked-in  loan  commitments to borrowers,
     which are eventually sold to investors.  Pursuant to these MBS and treasury
     contracts,  the Company enters into  commitments to purchase MBS at various
     rates and time  frames  and five and ten year U.S.  Treasury  Notes with an
     outside  party.  Generally,  no  cash is  exchanged  at the  outset  of the
     contract.  Gains or losses are recognized at the end of the contract, which
     is generally  one to three months in term.  At March 31, 2003,  the Company
     had  commitments  to purchase  $5 million of MBS.  Before  entering  into a
     derivative

                                       10

<PAGE>

     transaction  for hedging  purposes,  it is determined that a high degree of
     initial effectiveness exists between the change in value of the hedged item
     and the change in the value of the  determinative  instrument from movement
     in interest rates. High effectiveness means that the change in the value of
     the derivative  instrument will  effectively  offset the change in the fair
     value of the hedge item. The  effectiveness of each hedged item is measured
     throughout the hedged period. Any hedge  ineffectiveness as defined by SFAS
     No.  133 is  recognized  in the  income  statement.  The fair  value of the
     derivatives  accounted for using cash flow hedge  accounting for the period
     ended March 31, 2003 was not material to the  financial  statements  of the
     Company.

     In the normal course of its mortgage banking activities, the Company enters
     into optional  commitments  to sell the mortgage  loans that it originates.
     The  Company  commits  to sell the  loans at  specified  prices  in  future
     periods,  generally 30 days from date of  commitment  directly to permanent
     investors.  Market risk is  associated  with these  financial  instruments,
     which results from movements in interest rates and is reflected by gains or
     losses  on the sale of the  mortgage  loans  determined  by the  difference
     between the price of the loans and the price guaranteed in the commitment.

     The  Company  may be  exposed  to a  concentration  of  credit  risk from a
     regional economic standpoint as loans were primarily  originated in the New
     York City Metropolitan area and Florida.

     The Company  finances its mortgage  banking  operations  with two warehouse
     facilities  (the IMPAC Line and  Provident  Line - see Note 7). These lines
     have no stated  expiration  date,  but are  terminable by either party upon
     written  notice.   Management  believes  that  there  are  other  financial
     institutions  that could  provide the Company  with similar  facilities  on
     comparable  terms.   However,   a  termination  of  the  current  warehouse
     facilities, without an immediate replacement could cause an interruption to
     the Company's  operations and possible loss of revenue,  which would affect
     operating results adversely.

9.   Litigation and Contingencies

     In July 2001,  the  Company was named one of twenty  defendants  in a class
     action  discrimination  lawsuit filed in the Eastern District of the United
     States  District  Court  concerning  the issuance of HUD mortgages  "Maxine
     Wilson et al. v. Isaac Tousie et al." The Company vigorously  disputes this
     claim and believes it is without merit.  The Company's Errors and Omissions
     insurance  company  has agreed to defend the  Company in this  matter.  The
     Company is unable to predict the outcome of this claim and, accordingly, no
     adjustments  regarding  this  matter  have  been  made in the  accompanying
     consolidated financial statements.

     In 2001, the Company was named one of the defendants in a lawsuit by one of
     the Company's  investors "Wells Fargo Funding v. Premiere Mortgage Corp. v.
     Stewart  Title." The Company's  investor has indicated  that the Company is
     required to  repurchase  various  loans  totaling  in excess of  $1,000,000
     primarily due to title issues. The Company  vigorously  disputes this claim
     and believes that the underlying value of

                                       11

<PAGE>

     the properties  involved will more than  adequately  reimburse the investor
     for any potential losses. Additionally,  the Company feels that if any loss
     does occur,  such loss would be covered by the title insurers.  The Company
     is unable to  predict  the  outcome  of this  claim  and,  accordingly,  no
     adjustments  regarding  this  matter  have  been  made in the  accompanying
     consolidated financial statements.

     The  Company  permanently  closed  its  office  in Roslyn  Heights,  NY, in
     September 2000. In 2001, the landlord sued the Company for full restitution
     under the original lease "LKM  Expressway  Plaza v. PMCC." The landlord was
     awarded a summary  judgment in December  2001 by the courts.  In 2002,  the
     Company  settled the lawsuit by agreeing to pay the landlord  $376,680 with
     interest  thereon at 7.5% per annum payable in twelve monthly  installments
     of $32,680,  along with 100,000 shares of the Company's Common Stock, which
     was valued at $25,000. The landlord retained a judgment of $620,000 against
     the Company until all payments  under this  settlement  are made. As of May
     14, 2003, all payments have been made as required.  The Company incurred an
     expense of approximately  $170,000 in excess of amounts previously accrued,
     which was  included in the  expenses  relating to the closing of the Roslyn
     office in the accompanying financial statements during the first quarter of
     2002.

10.  Discontinued Operations

     In August 2002, the Company's management committed to a plan to discontinue
     the residential  rehabilitation  properties segment line of operations with
     no intention of getting back into this line at any time in the  foreseeable
     future.  This  determination  was based  upon the fact that  there  were no
     rehabilitation  properties  purchased since early 2000 and the Company sold
     off the  properties on hand since then.  Also,  the Company does not have a
     warehouse  line in place to  purchase  any new  properties  nor  intends to
     pursue such a line.

     Operating results of the residential  rehabilitation  property segment were
     as follows:

                                                           Three months Ended
                                                           ------------------
                                                                March 31,
                                                               ---------
                                                           2003          2002
                                                           ----          ----

     Sales of residential rehabilitation properties     $    --      $ 89,211
                                                        =======      ========

     Loss from discontinued operations                  $    --     $(200,832)
                                                        =======     =========

11.  Segment and Product Information

     The FASB issued SFAS No. 131  "Disclosures  about Segments of an Enterprise
     and Related  Information,"  which became  effective for the Company in 1997
     and has been implemented for all periods presented. The Company operated in
     two  separate   business   segments,   mortgage   banking  and  residential
     rehabilitation   properties.   With  the   disposal   of  the   residential
     rehabilitation  properties  segment  in 2002  (Note  10),  the  Company  is
     currently operating in one business segment, namely, mortgage banking.


                                       12

<PAGE>

     The Company  originates  mortgage loans in two sales  channels,  retail and
     wholesale.  During  the  three  months  ended  March 31,  2003,  57% of the
     Company's mortgage  originations were derived from the retail sales channel
     and 43% from the wholesale channel. During the three months ended March 31,
     2002,  47% of the  Company's  mortgage  originations  were derived from the
     retail sales channel and 53% from the wholesale channel.


                                       13

<PAGE>


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

Forward-Looking Statements

     The  Private  Securities  Litigation  Reform  Act of 1995  provides a "safe
harbor" for certain  forward-looking  statements.  This Quarterly Report on Form
10-QSB may  contain  forward-looking  statements  which  reflect  the  Company's
current  views with respect to future events and  financial  performance.  These
forward-looking  statements  are  subject  to certain  risks and  uncertainties,
including  those  identified  below,  which could cause actual results to differ
materially from historical results or those anticipated.  These  forward-looking
statements reflect the Company's current views with respect to future events and
financial performance.  The words "believe," "expect,"  "anticipate,"  "intend,"
"estimate,"  and other  expressions  which  indicate  future  events  and trends
identify  forward-looking  statements.  Readers are cautioned not to place undue
reliance  upon these  forward-looking  statements,  which speak only as of their
dates.  The Company  undertakes no  obligation to publicly  update or revise any
forward-looking  statements,  whether as the result of new  information,  future
events or otherwise.  The following  factors,  among others,  could cause actual
results to differ materially from historical results or those  anticipated:  (1)
the level of demand for  mortgage  credit,  which is affected  by such  external
factors as the level of interest rates,  the strength of various segments of the
economy and demographics of the Company's lending markets;  (2) the direction of
interest rates; (3) the relationship between mortgage interest rates and cost of
funds;  (4) federal  and state  regulation  of the  Company's  mortgage  banking
operations;  (5)  competition  within the  mortgage  banking  industry;  (6) the
Company's  management  of cash  flow and  efforts  to modify  its  prior  growth
strategy;  (7) the Company's efforts to improve quality control; and other risks
and uncertainties described in the Company's Annual Report on Form 10-KSB and in
the Company's other filings with the Securities and Exchange Commission.  Should
one or more of these risks or uncertainties  materialize,  or should  underlying
assumptions prove incorrect, actual outcomes and events may vary materially from
those indicated.

Results of Operations

Quarter Ended March 31, 2003 Compared to Quarter Ended March 31, 2002

Revenues.  The  following  table  sets  forth the  components  of the  Company's
revenues for the periods indicated:

                                               Quarters Ended March 31,
                                               ------------------------
                                                 2003            2002
                                                 ----            ----

Gains on sales of mortgage loans              $2,510,090         $1,232,966
Interest earned                                  504,350            264,177
                                              ----------         ----------
Total revenues                                $3,014 440         $1,497,143
                                              ==========         ==========

                                       14

<PAGE>

     Gains on sales of mortgage loans  increased $1.3 million,  or 108%, to $2.5
million for the quarter  ended March 31, 2003 from $1.2  million for the quarter
ended March 31, 2002. This increase was primarily due to an increase in mortgage
loan  origination  volume and an  increase in the per loan margin for loans sold
into the secondary  market.  Mortgage loan  originations were $118.0 million and
$62.7 million for the quarters ended March 31, 2003 and 2002, respectively. This
88%  increase was  primarily  the result of the increase in retail loan sales to
$66.7  million for the quarter  ended March 31, 2003 from $29.6  million for the
quarter  ended  March  31,  2002,  as  well as an  increase  in  wholesale  loan
originations  to $51.3  million for the quarter  ended March 31, 2003 from $33.1
million for the quarter  ended March 31, 2002.  For the quarter  ended March 31,
2003, approximately 57% of the Company's mortgage originations were derived from
its retail mortgage  operations  compared to 47% for the quarter ended March 31,
2002.

     Interest  earned  increased  $240,000,  or 91%, to $504,000 for the quarter
ended March 31, 2003 from  $264,000 for the quarter  ended March 31, 2002.  This
increase was primarily due to higher mortgage originations for the quarter ended
March 31, 2003 as compared to the quarter ended March 31, 2002,  creating higher
warehouse balances.

Expenses.  The following table sets forth the Company's expenses for the periods
indicated:

                                                Quarters Ended March 31,
                                                -----------------------
                                                 2003              2002
                                                 ----              ----

Compensation and benefits                       $1,197,799        $  745,302
Interest expense                                   360,304           191,420
Expenses related to the closing of the Roslyn
  office                                            -                170,308
Other general and administrative                   999,268           676,638
Total expenses                                  $2,557,371        $1,783,668
                                                ==========        ==========

     Compensation and benefits increased  $453,000,  or 61%, to $1.2 million for
the quarter  ended March 31, 2003 from  $745,000 for the quarter ended March 31,
2002.   This  increase  was  primarily  due  to  increased  sales  salaries  and
commissions,  which are based  substantially on mortgage loan originations,  and
the  increase in staff at the  Company's  New York and New Jersey  locations  to
handle  the  increased  retail  loan  origination  volume.  There  were 60 total
employees at March 31, 2003 compared to 52 at March 31, 2002.

     Interest expense  increased  $169,000,  or 88%, to $360,000 for the quarter
ended March 31, 2003 from  $191,000 for the quarter  ended March 31, 2002.  This
increase was primarily  attributable to increased mortgage  originations for the
quarter ended March 31, 2003 as compared to the quarter ended March 31, 2002.

     Expenses  relating to the closing of the Roslyn office decreased  $170,000,
or 100%,  for the quarter  ended March 31, 2003 as compared to the quarter ended
March 31, 2002. The Company permanently closed its office in Roslyn Heights, NY,
in September  2000. In 2001, the landlord sued the Company for full  restitution
under the original  lease. (See Note 9 in the

                                       15

<PAGE>

notes to condensed  consolidated financial statements.) The $170,000 expense for
the three  months  ended  March  31,  2002  represents  the  excess  of  amounts
previously accrued.

     Other general and  administrative  expense increased  $322,000,  or 48%, to
$999,000  for the quarter  ended March 31,  2003 from  $677,000  for the quarter
ended March 31, 2002.  This increase was primarily due to increased  expenses in
connection  with  obtaining  leads  through the  internet,  increased  legal and
professional fees and an overall increase in the operations of the Company.

     The net income from continuing operations of $457,000 for the quarter ended
March 31, 2003 was an increase of approximately  $744,000 from the net loss from
continuing  operations  of $287,000 for the quarter  ended March 31, 2002,  as a
result of the aforementioned items listed above.

     There was no loss from discontinued  operations for the quarter ended March
31, 2003 as compared to a $200,832 loss for the quarter ended March 31, 2002. In
August  2002  Management  committed  to a plan to  discontinue  the  residential
rehabilitation  segment (see Note 10). All properties  were sold at December 31,
2002.

Liquidity and Capital Resources

     At March 31, 2003, the Company's  principal  financing  needs  consisted of
funding mortgage loan  originations.  To meet these needs, the Company relies on
borrowings under warehouse lines of credit and cash flows from  operations.  The
amount of outstanding  borrowings  under the warehouse  lines of credit at March
31, 2003 was $25.4  million.  The mortgage  loans funded with the proceeds  from
such borrowings secure the warehouse lines of credit.

     On  February  28,  2000,  the  Company  entered  into a  Master  Repurchase
Agreement that provides the Company with a warehouse facility (the "IMPAC Line")
through  IMPAC  Warehouse  Lending  Group  ("IMPAC").  The IMPAC Line provides a
committed  warehouse  line of credit of $20 million for the  Company's  mortgage
originations  only.  The IMPAC Line is secured by the mortgage loans funded with
the proceeds of such borrowings. Interest payable is variable based on the Prime
Rate as posted by Bank of America, N.A. plus 0.50%. The IMPAC Line has no stated
expiration  date but is  terminable  by either  party upon  written  notice.  In
addition,  the  Company is  required to  maintain  certain  financial  and other
covenants. In April 2003, the tangible net worth covenant was amended. In August
2002,  the  Company  obtained a  temporary  increase  in the credit  line to $25
million,  and in December,  2002 obtained a further temporary  increase to $36.6
million  through May 31,  2003.  The balance  outstanding  on the IMPAC Line was
$23.0 million on March 31, 2003 and $28.1 million on April 30, 2003.

     On August 29,  2002,  the Company  entered  into a Warehouse  and  Security
Agreement  and  Servicing  Agreement  that provides the Company with a warehouse
facility (the "Provident  Line") through The Provident Bank  ("Provident").  The
Provident  Line provides a committed  warehouse line of credit of $5 million for
the Company's  mortgage  originations only. The Provident Line is secured by the
mortgage loans funded with the proceeds of such borrowings. Interest is variable
and payable  monthly  based on the One Month Libor Rate as

                                       16

<PAGE>

published by the Wall Street Journal on the last business day of the prior month
plus from  4.43% to 8.43%  depending  on the type of loan and the length of time
outstanding on the line. The Provident Line has no stated expiration date but is
terminable by either party upon written notice.  The balance  outstanding on the
Provident  Line was $2.4 million on March 31, 2003 and $3.4 million on April 30,
2003.

     The  Company  expects  that  the  increased  existing  IMPAC  Line  and the
Provident Line will be sufficient to fund all anticipated loan  originations for
the current year. The Company is currently pursuing additional credit lines with
other facilities as well as a permanent increase in the IMPAC line.  However, no
assurance  can be made  that the  Company  will be  successful  in  securing  an
extension  of the Impac Line  increase  and  additional  credit  lines and other
facilities.

     In November 2002, the Company entered into a promissory note with Signature
Bank, N.A. for $350,000, which is secured by certain furniture and equipment and
is payable  in  monthly  installments  of $9,722  over a period of three  years.
Interest  payable is variable based on the Prime Rate as designated by Signature
Bank plus 1.50%. The balance outstanding on the note was approximately  $324,000
at March 31, 2003.

     Net cash provided by  operations  for the three months ended March 31, 2003
was $14.3  million,  primarily due to a decrease in mortgage loans held for sale
and investment of $14.0 million and net income of $457,000. The Company used the
cash provided to decrease the borrowings  under its warehouse lines of credit by
$14.0 million.

Item 3.  Controls and Procedures.

     Within 90 days prior to the filing date of this report, our Chief Executive
Officer and Chief  Financial  Officer have each  conducted an  evaluation of the
effectiveness  of  our  disclosure  controls  and  procedures.   Based  on  this
evaluation,  our Chief Executive  Officer and Chief Financial  Officer concluded
that our disclosure  controls and procedures are effective in alerting them in a
timely  manner  to  material  information  required  to be  included  in our SEC
reports.  In addition,  our Chief Executive  Officer and Chief Financial Officer
have each  reviewed our internal  controls,  and there have been no  significant
changes in our internal  controls or in other  factors that could  significantly
affect those controls subsequent to the date of our last evaluation.


                                       17

<PAGE>

                            PART II-OTHER INFORMATION

Item 1.  Legal Proceedings

     See Note 9 to the Unaudited Condensed Consolidated Financial Statements for
additional information.

Item 2.  Changes in Securities and Use of Proceeds

     None.

Item 3.  Defaults Upon Senior Securities

     None.

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

     None.

Item 5.  Other Information

     None.

Item 6.  Exhibits and Reports on Form 8-K

       Reports issued to Security Holders:
       (a) Reports on Form 8-K
              None.

       (b) The following exhibits are included in this report:

           Exhibit
           Number          Description
           -------         -----------

           3.1             Certificate of Incorporation

           3.2             Amendment to Certificate of Incorporation dated April
                           11, 2003 (1)

           3.3             By-Laws

           99.1            Certification  of Chief  Executive  Officer  Pursuant
                           to 18 U.S.C.  Section  1350,  as Adopted  Pursuant
                           to Section 906 of the Sarbanes-Oxley Act of 2002

                                       18

<PAGE>

           99.2            Certification  of Chief  Financial  Officer  Pursuant
                           to 18 U.S.C.  Section  1350,  as Adopted  Pursuant
                           to Section 906 of the Sarbanes-Oxley Act of 2002

__________________________________
             (1)           Denotes  document  filed as an exhibit to our Annual
                           Report on Form  10-KSB for the fiscal  year ended
                           December  31,  2002 and incorporated herein by
                           reference.

                                       19

<PAGE>

                                   SIGNATURES


     In accordance with the requirements of the Exchange Act, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

                                        GENEVA FINANCIAL CORP.
                                        (Registrant)



                                        By: /s/ Keith S. Haffner
                                           ---------------------
                                           Keith S. Haffner
                                           President and Chief Executive Officer


                                        By: /s/ Stephen J. Mayer
                                           ---------------------
                                           Stephen J. Mayer
                                           Chief Financial Officer
                                          (Principal Accounting Officer)

Dated:  May 15, 2003

                                       20

<PAGE>

                      GENEVA FINANCIAL CORP. AND SUBSIDIARY

                                  Certification

     I,  Keith S.  Haffner,  President  and Chief  Executive  Officer  of Geneva
Financial Corp., certify that:

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

2. Based on my  knowledge,  this  quarterly  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 quarterly  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

                                       21

<PAGE>

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not 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 15, 2003


                                         /s/ Keith S. Haffner
                                         ______________________________________
                                         Keith S. Haffner
                                         President and Chief Executive Officer


                                       22

<PAGE>

                      GENEVA FINANCIAL CORP. AND SUBSIDIARY

                                  Certification

     I, Stephen J. Mayer, Chief Financial Officer,  Executive Vice President and
Secretary of Geneva Financial Corp., certify that:

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

2. Based on my  knowledge,  this  quarterly  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 quarterly  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


                                       23

<PAGE>

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not 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 15, 2003

                                                 /s/ Stephen J. Mayer
                                                 ____________________________
                                                 Stephen J. Mayer
                                                 Chief Financial Officer,
                                                 Executive Vice President and
                                                 Secretary



                                       24