<PAGE>

                                       
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

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

                  For the quarterly period ended March 31, 1999

                                       or

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

For the transition period from __________________ to _________________

                         Commission File Number 1-13605

                                EFC BANCORP, INC.
-------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

Delaware                                                       36-4193304
-------------------------------------------------------------------------------
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                             Identification No.)

1695 Larkin Avenue, Elgin, Illinois                               60123
-------------------------------------------------------------------------------
(Address of principal executive offices)                       (Zip Code)

                                 (847) 741-3900
-------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
-------------------------------------------------------------------------------
        (Former name, former address and former fiscal year, if changes
                               since last report)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or 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
                                                            ---      ---

                        APPLICABLE ONLY TO CORPORATE ISSUERS:

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: 7,116,934 shares of common
stock, par value $0.01 per share, were outstanding as of March, 1999.

<PAGE>

                                  EFC Bancorp, Inc.

                                      Form 10-Q

                         For the Quarter Ended March 31, 1999

                                        INDEX

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

Item 1.     Financial Statements

               Consolidated Balance Sheets at
               March 31, 1999 and December 31, 1998....................................    1

               Consolidated Statements of Operations - For the Three
               Months Ended March 31, 1999 and 1998....................................    2

               Consolidated Statements of Cash Flows - For the
               Three Months Ended March 31, 1999 and 1998..............................    3

               Notes to Consolidated Financial Statements..............................    4

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

Item 3.     Quantitative and Qualitative Disclosures About Market Risk.................   14

PART II:    OTHER INFORMATION..........................................................   14

Item 1.     Legal Proceedings..........................................................   14
Item 2.     Changes in Securities and Use of Proceeds..................................   14
Item 3.     Defaults Upon Senior Securities............................................   14
Item 4.     Submission of Matters to a Vote of Security Holders........................   14
Item 5.     Other Information..........................................................   15
Item 6.     Exhibits and Reports on Form 8-K...........................................   15

SIGNATURES.............................................................................   16
</TABLE>


<PAGE>

                             PART I. FINANCIAL INFORMATION
                                    EFC BANCORP, INC.
                                      MARCH 31, 1999

Item 1. FINANCIAL STATEMENTS.

EFC BANCORP, INC.
AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

March 31, 1999 and December 31, 1998

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------

                                                                                        March 31,           December 31,
                                                                                   ------------------------------------------
                                    Assets                                                1999                  1998
-----------------------------------------------------------------------------------------------------------------------------
<S>                                                                                <C>                      <C>
Cash and cash equivalents:
   On hand and in banks                                                           $         2,360,334              2,217,242
   Interest bearing deposits with financial institutions                                   20,509,178             21,062,664
Loans receivable, net                                                                     321,711,518            308,990,195
Mortgage-backed securities available-for-sale, at fair value                               15,201,506             17,880,124
Investment securities available-for-sale, at fair value                                    58,358,644             57,636,600
Foreclosed real estate                                                                        195,165                192,564
Stock in Federal Home Loan Bank of Chicago, at cost                                         3,275,000              2,849,840
Accrued interest receivable                                                                 1,839,472              1,971,598
Office properties and equipment, net                                                        6,630,241              6,529,734
Other assets                                                                                1,612,200              1,545,345
-----------------------------------------------------------------------------------------------------------------------------

Total assets                                                                      $       431,693,258            420,875,906
-----------------------------------------------------------------------------------------------------------------------------

                     Liabilities and Stockholders' Equity
-----------------------------------------------------------------------------------------------------------------------------
Liabilities:
   Deposits                                                                       $       269,871,519            269,581,995
   Borrowed money                                                                          65,500,000             57,000,000
   Advance payments by borrowers for taxes and insurance                                    1,015,596                643,051
   Income taxes payable                                                                     1,569,152              1,263,619
   Accrued expenses and other liabilities                                                   4,818,520              3,631,972
-----------------------------------------------------------------------------------------------------------------------------

Total liabilities                                                                         342,774,787            332,120,637
-----------------------------------------------------------------------------------------------------------------------------
Stockholders' Equity:
   Preferred stock, par value $.01 per share, authorized 2,000,000 shares;
      no shares issued                                                                     -                      -
   Common stock, par value $.01 per share, authorized 25,000,000 shares;
      issued  7,491,434 shares                                                                 74,914                 74,914
   Additional paid-in capital                                                              72,167,210             72,213,277
   Treasury stock, at cost, 374,500 shares                                                 (4,355,125)            (4,355,125)
   Unearned employee stock ownership plan (ESOP), 549,371 and 559,360                                     
      shares at March 31, 1999 and December 31, 1998, respectively                         (8,214,521)            (8,363,878)
   Unearned stock award plan, 274,685 and 289,668 shares at                                               
      March 31, 1999 and December 31, 1998, respectively                                   (3,055,877)            (3,222,561)
   Retained Earnings, substantially restricted                                             32,080,419             31,757,826
   Accumulated other comprehensive income                                                     221,451                650,816
-----------------------------------------------------------------------------------------------------------------------------

Total stockholders' equity                                                                 88,918,471             88,755,269
-----------------------------------------------------------------------------------------------------------------------------

Commitments and contingencies                                                              -                      -
-----------------------------------------------------------------------------------------------------------------------------

Total liabilities and stockholders' equity                                        $       431,693,258            420,875,906
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes to consolidated financial statements.

                                      1
<PAGE>

EFC BANCORP, INC.
AND SUBSIDIARIES

Consolidated Statements of Income (unaudited)

For the three months ended March 31, 1999 and 1998
<TABLE>
<CAPTION>
                                                                                              1999                       1998
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                     <C>                        <C>
Interest income:
   Loans secured by real estate                                                         $      5,675,378                  4,837,622
   Other loans                                                                                   310,639                    258,960
   Mortgage-backed securities available-for-sale                                                 276,348                    332,452
   Investment securities available-for-sale                                                    1,137,686                  1,228,925
------------------------------------------------------------------------------------------------------------------------------------
Total interest income                                                                          7,400,051                  6,657,959
------------------------------------------------------------------------------------------------------------------------------------

Interest expense:                                                                                                    
   Deposits                                                                                    2,715,657                  3,018,699
   Borrowed money                                                                                811,523                    449,916
------------------------------------------------------------------------------------------------------------------------------------
Total interest expense                                                                         3,527,180                  3,468,615
------------------------------------------------------------------------------------------------------------------------------------

Net interest income before provision for loan losses                                           3,872,871                  3,189,344
Provision for loan losses                                                                         45,000                     56,000
------------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses                                            3,827,871                  3,133,344
------------------------------------------------------------------------------------------------------------------------------------

Noninterest income:                                                                                                  
   Service fees                                                                                  218,879                    148,896
   Real estate and insurance commissions                                                           8,478                     13,127
   Other                                                                                          75,859                      6,924
------------------------------------------------------------------------------------------------------------------------------------
Total noninterest income                                                                         303,216                    168,947
------------------------------------------------------------------------------------------------------------------------------------

Noninterest expense:                                                                                                 
   Compensation and benefits                                                                   1,368,983                    998,809
   Office building, net                                                                           92,190                     80,360
   Depreciation and repairs                                                                      207,274                    167,442
   Data processing                                                                               102,845                     96,459
   Federal insurance premium                                                                      40,278                     40,235
   NOW account operating expenses                                                                 62,589                     66,616
   Other                                                                                         653,981                    641,470
------------------------------------------------------------------------------------------------------------------------------------
Total noninterest expense                                                                      2,528,140                  2,091,391
------------------------------------------------------------------------------------------------------------------------------------

Income before income taxes                                                                     1,602,947                  1,210,900

Income tax expense                                                                               568,661                    410,963
------------------------------------------------------------------------------------------------------------------------------------
Net income                                                                              $      1,034,286                    799,937
------------------------------------------------------------------------------------------------------------------------------------

Earnings per share (basic and diluted)                                                  $           0.16                      n/a
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to consolidated financial statements.

                                      2


<PAGE>

EFC BANCORP, INC.
AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

For the three months ended March 31, 1999 and 1998

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                                                                            1999                   1998
-------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                 <C>                       <C>
Cash flows from operating activities:
   Net income                                                                       $          1,034,286               799,937
   Adjustment to reconcile net income to net cash provided by
     (used in) operating activities:
       Amortization of premiums and discounts, net                                                24,171                12,462
       Provision for loan losses                                                                  45,000                56,000
       Stock award plan shares allocated                                                         166,684                     -
       ESOP shares committed to be released                                                      149,357                     -
       Change in fair value of ESOP shares                                                       (46,067)                    -
       Depreciation of office properties and equipment                                           136,158               111,191
       Decrease (increase) in accrued interest receivable and other assets, net                   65,271              (495,318)
       Increase in income taxes payable, accrued expenses                                                    
         and other liabilities, net                                                            1,427,445             2,218,344
-------------------------------------------------------------------------------------------------------------------------------

Net cash provided by operating activities                                                      3,002,305             2,702,616
-------------------------------------------------------------------------------------------------------------------------------

Cash flows from investing activities:
   Net increase in loans receivable                                                           (8,140,048)          (11,658,224)
   Purchases of loans receivable                                                              (4,626,275)           (1,902,400)
   Principal payments on mortgage-backed securities available-for-sale                         2,714,205             1,513,403
   Maturities of investment securities available-for-sale                                      9,009,530             8,423,034
   Purchases of investment securities available-for-sale                                     (10,495,209)          (14,867,695)
   Purchases of  office properties and equipment                                                (236,665)             (257,135)
   Purchases of  stock in the Federal Home Loan Bank of Chicago                                 (425,160)                    -
   Net increase in foreclosed real estate                                                         (2,601)                    -
-------------------------------------------------------------------------------------------------------------------------------

Net cash used in investing activities                                                        (12,202,223)          (18,749,017)
-------------------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities:                                                                        
   Conversion proceeds held                                                                            -            94,133,607
   Net increase in deposits                                                                      289,524             9,400,994
   Proceeds from borrowed money                                                                8,500,000            14,000,000
   Repayments on borrowed money                                                                        -            (4,000,000)
-------------------------------------------------------------------------------------------------------------------------------

Net cash provided by financing activities                                                      8,789,524           113,534,601
-------------------------------------------------------------------------------------------------------------------------------

Net increase (decrease) in cash and cash equivalents                                            (410,394)           97,488,200
Cash and cash equivalents at beginning of period                                              23,279,906            10,098,554
-------------------------------------------------------------------------------------------------------------------------------

Cash and cash equivalents at end of period                                          $         22,869,512           107,586,754
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to consolidated financial statements.

                                      3


<PAGE>

Item 1. FINANCIAL STATEMENTS, CONTINUED


                                  EFC BANCORP, INC.
                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1: BASIS OF PRESENTATION

     The accompanying unaudited consolidated financial statements include the 
accounts of EFC Bancorp, Inc. (the Company) and its wholly-owned subsidiary, 
Elgin Financial Savings Bank (the Bank) and its wholly-owned subsidiary, Fox 
Valley Service Corp.

     In the opinion of the management of the Company, the accompanying 
consolidated financial statements include all normal recurring adjustments 
necessary for a fair presentation of the financial position and results of 
operations for the periods presented. All significant intercompany 
transactions have been eliminated in consolidation. Results of operations for 
the interim period are not necessarily indicative of the results to be 
expected for the full year. Certain information and footnote disclosure 
normally included in financial statements presented in accordance with 
generally accepted accounting principles have been condensed or omitted. It 
is suggested that the accompanying unaudited consolidated financial 
statements be read in conjunction with the Company's 1998 Annual Report on 
Form 10-K. Currently, other than investing in various securities, the Company 
does not directly transact any material business other than through the Bank. 
Accordingly, the discussion herein addresses the operations of the Company as 
they are conducted through the Bank.

Note 2: COMPREHENSIVE INCOME

     Statement of Financial Accounting Standards No. 130, REPORTING 
COMPREHENSIVE INCOME, established standards for reporting and displaying 
comprehensive income and its components (revenue, expenses, gains and losses) 
in a full set of general purpose financial statements. The Company's 
comprehensive income for the three month periods ended March 31 are as 
follows:  

<TABLE>
<CAPTION>
                                                           1999          1998
                                                           ----          ----
<S>                                                    <C>             <C>
Net income                                             $ 1,034,286      799,937

Other comprehensive loss, net of tax - unrealized
   holding losses on securities arising during the
   period                                                 (429,365)    (176,405)
                                                       -----------    ---------

Comprehensive income                                   $   604,921      623,532
                                                       -----------    ---------
                                                       -----------    ---------
</TABLE>

There were no sales of investment securities as of and for the three months
ended March 31, 1999 and 1998.


                                       4

<PAGE>

Note 3: REORGANIZATION TO A STOCK CORPORATION

     On August 12, 1997, the Board of Directors adopted a Plan of Conversion, 
as amended pursuant to which the Bank converted (the Plan) from a state 
chartered savings bank to a state chartered stock savings bank (the 
Conversion). The Plan was approved by the regulatory authorities and the 
members at a special meeting. EFC Bancorp, Inc. was formed by the Bank in 
October 1977 and acquired 100% of the Bank's outstanding common stock in 
connection with the Conversion.

During 1997, the Bank changed its name to Elgin Financial Savings Bank.

     On April 3, 1998, the Savings Bank completed the conversion and the 
Company completed the issuance and sale of 6,936,513 shares of its own common 
stock (the Transaction), at a price of $10.00 per share, through an initial 
public offering (IPO). The Company also contributed 554,921 shares of its 
common stock, from authorized, but unissued shares, to a charitable 
foundation (the Foundation) immediately following the conversion. The Company 
received net proceeds from the Transaction of $72,769,326, after the 
reduction from gross proceeds of $2,145,000 for IPO related expenses, which 
were initially deferred. On the date of the Transaction, $12,490,054 of 
deposits and $56,875,076 of nondepository stock subscription funds were 
transferred to stockholder's equity and $37,258,531 of nondepository stock 
subscription funds were subsequently returned to subscribers; also subsequent 
to the Transaction, the ESOP purchased, through a $8,961,298 loan from the 
Company, 599,314 shares of common stock on the open market.

     The Savings Bank established a liquidation account, as of the date of 
Conversion, in the amount of $31,024,068, equal to its retained earnings as 
of the date of the latest consolidated balance sheet appearing in the final 
prospectus. The Liquidation Account is established to provide a limited 
priority claim on the assets of the Bank to qualifying pre-conversion 
depositors (Eligible ans Supplemental Eligible Account Holders) who continue 
to maintain deposits in the Bank after conversion. In the unlikely event of a 
complete liquidation of the Savings Bank, and only in such an event, each 
Eligible Account Holder would then receive from the Liquidation Account a 
liquidation distribution based on his proportionate share of the then total 
remaining qualifying deposits.

     The Foundation, created in connection with the Conversion, submitted a 
request to the Internal Revenue Service to be recognized as a tax-exempt 
organization and would likely be classified as a private foundation. The 
contributed of common stock to the Foundation by the Company will be tax 
deductible, subject to an annual limitation based on 10% of the Company's 
annual taxable income. The Company, however, would be able to carryforward 
any unused portion of the deduction for five years following the 
contribution. The Company recognized a $5,549,000 expense for the full amount 
of the contribution, offset in part by the $2,053,000 corresponding tax 
benefit, during the second quarter of 1998.

     Subsequent to the Conversion, the Savings Bank may not declare or pay 
cash dividends on or repurchase any of its shares of common stock if the 
effect thereof would cause stockholder's equity to be reduced below 
applicable regulatory capital maintenance requirements 


                                      5

<PAGE>

or if such declaration and payment would otherwise violate regulatory 
requirements or would reduce the bank's capital level below the amount then 
required for the aforementioned Liquidation Account. Also, capital 
distribution regulations limit the Savings Bank's ability to make capital 
distributions which include dividends, stock redemptions or repurchases, 
cash-out mergers, interest payments on certain convertible debt and other 
transactions charged to the capital account based on their capital level and 
supervisory condition. Federal regulations also preclude any repurchase of 
the stock of the Savings Bank or its holding company for one year after 
conversion except where compelling and valid business reasons are established 
and approved by the FDIC.

     In addition to the 25,000,000 authorized shares of common stock, the 
Company authorized 2,000,000 shares of preferred stock with a par value of 
$.01 per share. The Board of Directors is authorized, subject to any 
limitations by law, to provide for the issuance of the shares of preferred 
stock in series, to establish from time to time the number of shares to be 
included in each such series, and to fix the designation, powers, 
preferences, and rights of the shares of each series and any qualifications, 
limitations or restrictions thereof. As of March 31, 1999, there were no 
shares of preferred stock issued.


                                     6

<PAGE>

                        PART I: FINANCIAL INFORMATION
                              EFC BANCORP, INC
                               MARCH 31, 1999


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

     The following analysis discusses changes in the financial condition and 
results of operations at and for the three months ended March 31, 1999, and 
should be read in conjunction with the Company's unaudited Consolidated 
Financial Statements and the notes thereto, appearing in Part I, Item 1 of 
this document.

FORWARD-LOOKING STATEMENTS

     This report contains certain forward-looking statements within the 
meaning of Section 27A of the Securities Act of 1933, as amended, and Section 
21E of the Securities Exchange Act of 1934, as amended. The Company intends 
such forward-looking statements to be covered by the safe harbor provisions 
for forward-looking statements contained in the Private Securities Reform Act 
of 1995, and is including this statement for purposes of these safe harbor 
provisions. Forward -looking statements, which are based on certain 
assumptions and describe future plans, strategies and expectations of the 
Company, are generally identified by use of the words "believe," "expect," 
"intend," "anticipate," "estimate," "project," or similar expressions. The 
Company's ability to predict results or the actual effect of future plans or 
strategies is inherently uncertain. Factors which could have a material 
adverse effect on the operations of the Company and the subsidiaries include, 
but are not limited to, changes in: interest rates, general economic 
conditions, legislative/regulatory changes, monetary and fiscal policies of 
the U.S. Government, including policies of the U.S. Treasury and the Federal 
Reserve Board, the quality or composition of the loan or investment 
portfolios, demand for loan products, deposit flows, competition, demand for 
financial services in the Company's market area and accounting principles and 
guidelines. These risks and uncertainties should be considered in evaluating 
forward-looking statements and undue reliance should not be placed on such 
statements. Further information concerning the Company and its business, 
including additional factors that could materially affect the Company's 
financial results, is included in the Company's filings with the SEC.

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

COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 1999 AND DECEMBER 31, 1998

     Total assets at March 31, 1999 were $431.7 million, which represented an 
increase of 


                                       7

<PAGE>

$10.8 million, or 2.6%, compared to $420.9 million at December 31, 1998. The 
change in assets was primarily due to an increase in loans receivable. Loans 
receivable, net increased by $12.7 million, or 4.1% , to $321.7 million at 
March 31, 1999 as compared to $309.0 million at December 31, 1998. The 
increase in loans receivable was primarily attributable to a favorable rate 
environment during the quarter.  The growth in total assets was largely 
funded by increases in borrowed money. Borrowed money, representing FHLB 
advances, increased by $8.5 million to $65.5 million at March 31, 1999 as 
compared to $57.0 million at December 31, 1998.

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 
1998

     GENERAL.  The Company's net income increased  $234,000, or 29.3%, to 
$1,034,000 for the three months ended March 31, 1999, from $800,000 for the 
three months ended March 31, 1998.

     INTEREST INCOME.  Interest income increased  $742,000, or 11.2%, to $7.4 
million for the three months ended March 31, 1999, compared with the same 
period in 1998. The increase in interest income was primarily due to an 
increase in the average balance of interest-earning assets of $42.9 million, 
or 11.5%, to $415.4 million for the three months ended March 31, 1999 from 
$372.5 million for the comparable period in 1998, the effect of which was 
partially offset by a decrease in the average yield on interest-earning 
assets by 2 basis points to 7.13% for the three months ended March 31, 1999 
from 7.15% for the three months ended March 31, 1998.

     Mortgage loan interest income increased by $838,000 for the three months 
ended March 31, 1999. The average balance of mortgage loans increased $59.5 
million, while loan yield decreased by 48 basis points from 8.04% to 7.56%. 
Interest income from investment securities and mortgage backed securities 
decreased by $47,000 for the three months ended March 31, 1999, compared with 
the same period in 1998. This decrease resulted from a combination of a 
decrease in average balance of $2.3 million and a 5 basis point decline in 
yield. Interest income on short term deposits decreased by $115,000 as a 
result of a decrease in the average balance partially offset by an increase 
in yield. The yield on short term deposits increased by 36 basis points. The 
related average balance decreased by $18.4 million to $24.7 million for the 
three months ended March 31, 1999, as compared to $43.1 million for the three 
months ended March 31, 1998. 

     INTEREST EXPENSE.  Interest expense increased by $59,000, or 1.7%, to 
$3.5 million for the three months ended March 31, 1999.  This increase 
resulted from the combination of an increase in the average balance of 
interest- bearing liabilities, offset by an overall decrease in the average 
rate paid on those interest bearing liabilities. The average balance of 
interest-bearing liabilities increased by $19.2 million, or 6.4%, to $320.4 
million at March 31, 1999 from $301.2 million at March 31, 1998. This change 
reflects an $9.8 million decrease in the deposit accounts, offset by a $29.0 
million increase attributable to advances from the FHLB-Chicago. The average 
rate paid on combined deposits and borrowed money decreased by 21 basis 
points to 4.40% for the three months ended March 31, 1999 from 4.61% for the 
three months ended March 31, 1998.

     NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES.  Net interest 
income before provision for loan losses increased $684,000, or 21.4%, to $3.9 
million for the three months 


                                       8

<PAGE>

ended March 31, 1999 from $3.2 million for the comparable period in 1998. 
This increase was primarily attributable to a $23.7 million increase in 
average interest-earning assets in excess of average interest-bearing 
liabilities to $95.0 million for the three months ended March 31, 1999 from 
$71.3 million for the same period in 1998. Interest rate spread increased by 
19 basis points to 2.73% for the three months ended March 31, 1999 from 2.54% 
for the three months ended March 31, 1998. The net interest margin as a 
percent of interest-earning assets increased by 31 basis points to 3.73% for 
the three months ended March 31, 1999 as compared to 3.42% for the comparable 
period in 1998. This increase is due to a net increase in interest-earning 
assets in excess of interest-bearing liabilities, as well as the 
aforementioned increase in interest rate spread.

     PROVISION FOR LOAN LOSSES.  The provision for loan losses decreased by 
$11,000, to $45,000 for the three months ended March 31, 1999 from $56,000 in 
1998. At March 31, 1999 and 1998, non-performing loans totaled $1.0 million 
and $2.0 million, respectively. At March 31, 1999, the ratio of the allowance 
for loan losses to non-performing loans was 141.3% compared to136.5% at 
December 31, 1998 and 60.5% at March 31, 1998. The decrease in non-performing 
loans is primarily due to a $1.2 million first mortgage loan adversely 
classified at March 31, 1998. This property was subsequently sold and is no 
longer in the Bank's loan portfolio. The ratio of the allowance to total 
loans was .44%, .44% and .33%, at March 31, 1999, December 31, 1998 and March 
31, 1998, respectively. Charge-offs for the three months ended March 31, 1999 
amounted to $2,000. There were no charge-offs for the three months ended 
March 31, 1998.  Management periodically calculates an allowance sufficiency 
analysis based upon the portfolio composition, asset classifications, 
loan-to-value ratios, potential impairments in the loan portfolio, and other 
factors.

     NONINTEREST INCOME.  Noninterest income totaled $303,000 and $169,000 
for the three months ended March 31, 1999 and 1998, respectively. The 
increase in noninterest income is primarily attributable to a $70,000 
increase in service fees and a $70,000 increase in loan fees . These 
increases are due to new fee policies as well as increased loan volume.

     NONINTEREST EXPENSE.  Noninterest expense increased by $437,000, or 
20.9%, to $2.5 million for the three months ended March 31, 1999 from $2.1 
million for the comparable period in 1998. Compensation and benefits 
increased by $370,000, or 37.1%, to $1.4 million for the three months ended 
March 31, 1999 compared to $1.0 million for the three months ended March 31, 
1998. This increase was primarily due to a combination of annual salary 
increases, the addition of staff, the adoption of an Employee Stock 
Ownership Plan which was established in connection with the Conversion, and 
the adoption of a stock-based employee benefit plan on October 27, 1998. All 
other operating expenses, including advertising, marketing, insurance, 
postage, communications, data processing and other office expense increased 
by a combined $67,000, or 6.1%, to $1.2 million for the three months ended 
March 31, 1999 compared to $1.1 million for 1998. Management continues to 
emphasize the importance of expense management and control in order to 
continue to provide expanded banking services to a growing market base.  

     INCOME TAX EXPENSE.  Income tax expense totaled $569,000 for the three 
months ended March 31, 1999 compared to $411,000 for the comparable period in 
1998. The increase in the 


                                      9

<PAGE>

provision for income taxes was the result of a combination of an increase in 
earnings before income tax expense and an increase in the effective income 
tax rate. The effective income tax rate increased to 35.5% for the three 
months ended March 31, 1999 from 33.9% for the three months ended March 31, 
1998. Earnings before income tax expense increased by $392,000, or 32.4%, to 
$1.6 million for the three months ended March 31, 1999 from $1.2 million for 
the same period in 1998.

LIQUIDITY AND CAPITAL RESOURCES

     The Bank's primary sources of funds are savings deposits, proceeds from 
the principal and interest payments on loans and proceeds from the maturation 
of securities and borrowings from FHLB-Chicago. While maturities and 
scheduled amortization of  loans and securities are predictable sources of 
funds, deposit outflows and mortgage prepayments are greatly influenced by 
general interest rates, economic conditions and competition.

     The primary investing activities of the Bank are the origination of 
residential one-to four-family loans and, to a lesser extent multi-family and 
commercial real estate, construction and land, commercial and consumer loans 
and the purchase of mortgage-backed and mortgage-related securities. Deposit 
flows are affected by the level of interest rates, the interest rates and 
products offered by the local competitors, the Bank and other factors.

     The Bank' most liquid assets are cash and interest-bearing demand 
accounts. The levels of these assets are dependent on the Bank's operating, 
financing, lending and investing activities during any given period. At March 
31, 1999, cash and interest-bearing demand accounts totaled $22.9 million, or 
5.3% of total assets. 

     See the "Consolidated Statements of Cash Flows" in the Unaudited 
Consolidated Financial Statements included in this Form 10-Q for the sources 
and uses of cash flows for operating, investing and financing activities for 
the three months ended March 31, 1999 and 1998.

     At March 31, 1999, the Bank exceeded all of its regulatory capital 
requirements. The following is a summary of the Bank's regulatory capital at 
March 31, 1999:

              Total Capital to Total Assets................   16.83%
              Total Capital to Risk-Weighted Assets........   27.74%
              Tier I Leverage Ratio........................   16.69%
              Tier I to Risk-Weighted Assets...............   27.18%

At March 31, 1999, the Company had a Total Capital to Total Assets ratio of
20.60%.

     On March 17, 1999, the Company announced its first quarterly dividend of 
$0.10 per share. The effective date of the dividend was March 31, 1999. 
Payment of the cash dividend was made on April 12, 1999.


                                     10

<PAGE>

SUBSEQUENT EVENT

On April 23, 1999, the Company announced that its Board of Directors 
authorized the repurchase of up to 25 per cent of its outstanding shares as 
of April 16, 1999. The repurchase will be made through a "Modified Dutch 
Auction Tender." The maximum number of shares that will be repurchased is 
1,779,233. The period for tendering shares under this offering will end on 
June 1, 1999.

YEAR 2000 COMPLIANCE

     With the new Millennium approaching, organizations are examining their 
computer systems to ensure they are Year 2000 compliant.  The issue, in 
simple terms, is that many existing computer programs and firmware use only 
two digits to identify the year in a date field.  The designs of these 
products were engineered without considering the impact of the upcoming 
century change.  As the century is implied in the date on January 1, 2000, 
computers and or systems that are not year 2000 compliant could assume the 
year is 1900 or generate incorrect data.  Systems that calculate, compare or 
sort using the incorrect date will cause erroneous results, ranging from 
system malfunctions to incorrect or incomplete transaction processing.  If 
not remedied, potential risks include business interruption or shut down, 
financial loss, reputation loss and legal liability.  The Bank primarily 
utilizes a third party vendor which has completed their process of 
modification, upgrade and replacement of its computer software applications 
and systems to accommodate the "Year 2000" date changes.

     The Bank has undertaken a company-wide initiative to addresss the year 
2000 issue.  Using the guidelines set forth in the Federal Financial 
Institutions Examination Council (FFIEC) Interagency statements, Year 2000 
Project Management Awareness, the Company has developed a comprehensive 
action plan to prepare, as necessary, computer systems and facilities. As 
part of the action plan the Board of Directors approved the formation of a 
Year 2000 Steering Committee.  The Year 2000 Steering Committee consists of 
representatives of the data processing, lending, savings, operations, 
accounting and compliance areas.  The members of this committee have primary 
responsibility for fulfillment of the Bank's Year 2000 commitment.

     The Bank has completed the assessment stage of the action plan.  As part 
of this stage an inventory of all software and hardware used internally and 
at the third party service bureau was performed and documented, including 
operational hardware categorized as non-IT (information technologies) 
systems.  After inventorying all systems the Bank performed a risk assessment 
to determine whether system components were compliant.  There were five 
vendors that were identified as mission critical and letters of Year 2000 
readiness were obtained from them.  Of the five vendors, four are ready at 
this time and one is in the renovation and validation phase.  The risk 
assessment process was used to generate an Inventory Risk Analysis Matrix 
(IRAM) of both hardware and software. The IRAM is being used as a guide for 
the renovation and validation stages of the action plan.

     The Renovation and Validation stages of the Action Plan are 
approximately 95% complete and are expected to be completed during the second 
quarter of 1999. A duplicate of the 


                                       11

<PAGE>

current in house systems was built and is being utilized for testing with our 
service provider, BISYS.  BISYS is a national financial service bureau 
identified by Elgin Financial Savings Bank as a mission critical service 
provider.  BISYS has notified the Bank, in writing, that its remediation 
efforts are completed.  Testing is 100% complete.  Although the Bank is 
currently analyzing the returned testing data, the data that has been 
analyzed, shows no Year 2000 issues on our renovated systems.  Members of our 
Year 2000 Steering Committee are coordinating the testing and follow up 
validation of testing.  In addition, the Bank's compliance officer is 
monitoring adherence to the comprehensive action plan.  The FDIC also 
conducts Year 2000 examinations of the Bank.

     The Bank is focusing on developing appropriate policies or risk 
mitigation actions to address Year 2000 related failures prior to the 
millennium.  The Bank is in the process of developing contingency plans and 
expects to have them completed in the second quarter of 1999.  The 
contingency plan has the following elements to date: The Bank has a backup 
generator installed; Data Processing has implemented daily backups of file 
servers at all branches; Cash reserves will be increased in the third quarter 
to account for increased demand; and a trial balance of all accounts will be 
generated at year end to allow Bank operations to resume manually.

     Relative to Year 2000 related corporate risks, the Bank's most likely 
worst case scenario relates to possible excess amount of customer withdrawals 
resulting from depositor concern over Year 2000 failures.  Accordingly, the 
Bank has developed a customer awareness program to inform customers of the 
Bank's efforts to be Year 2000 compliant, and in so doing assure that their 
funds are secure.  Parts of this program include a mailing to all account 
holder households, customer seminars, and articles in the Bank's local 
newspaper.

     The Bank estimates that its external costs related to the Year 2000 will 
be approximately $80,000, and has incurred and recorded approximately $43,000 
in expense through March 31, 1999.  This level of cost is not considered 
material to the operations of the Company.  Internal staff time spent on Year 
2000 activities has been extensive, however, such time and expense has not 
been quantified.

RECENT ACCOUNTING PRONOUNCEMENTS

     The Financial Accounting Standards Board ("FASB") issued Statement of 
Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative 
Instruments and Hedging Activities," in June 1998.  SFAS No. 133 standardizes 
the accounting for derivative instruments, including certain derivative 
instruments embedded in other contracts.  Under the standard, entities are 
required to carry all derivative instruments in the statement of financial 
position at fair value.  The accounting for changes in the fair value (I.E., 
gains or losses) of a derivative instrument depends on whether it has been 
designated and qualifies as part of a hedging relationship and, if so, on the 
reason for holding it.  If certain conditions are met, entities may elect to 
designate a derivative instrument as a hedge of exposures to changes in fair 
values, cash flows, or foreign currencies.  If the hedged exposure is a fair 
value exposure, the gain or loss on the derivative instrument is recognized 
in earnings in the period of change together with the offsetting loss or gain 
on the hedged item attributable to the risk being hedged.  If the hedged 
exposure is a cash flow exposure, the effective portion of the gain or loss 
on the derivative 


                                       12

<PAGE>

instrument is reported initially as  a component of other comprehensive 
income (outside earnings) and subsequently reclassified into earnings when 
the forecasted transaction affects earnings.  Any amounts excluded from the 
assessment of hedge effectiveness as well as the ineffective portion of the 
gain or loss is reported in earnings immediately.  SFAS No. 133 is effective 
for all quarters of fiscal years beginning after June 15, 1999.  Earlier 
application is encouraged, but is permitted only as of the beginning of any 
fiscal quarter that begins after the issuance of the statement.  This 
statement should not be applied retroactively to financial statements of 
prior periods. The Company anticipates that the adoption of SFAS No. 133 will 
not have a material impact in the Company's results of operations.

     The FASB has issued SFAS No. 134, "Accounting for Mortgage-Backed 
Securities after the Securitization of Mortgage Loans Held for Sale by a 
Mortgage Banking Enterprise:  an amendment of FASB Statement No. 65," which 
is effective for the first fiscal quarter beginning after December 31, 1998.  
This statement requires that after the securitization of a mortgage loan held 
for sale, an entity engaged in mortgage banking activities classify the 
resulting mortgage-backed securities or other retained interests based on its 
ability and intent to sell or hold those investments.  This statement 
conforms the subsequent accounting for securities retained after the 
securitization of mortgage loans by a mortgage banking entity with the 
required accounting for securities retained after the securitization of other 
types of assets by a nonmortgage banking enterprise.  The Company, as 
required, adopted SFAS No. 134 in the first quarter 1999, which did not have 
a material impact on the Company's results of operations.


                                      13

<PAGE>

Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

     There have been no material changes in information regarding quantitative
and qualitative disclosures about market risk from the information presented as
of December 31, 1998 to March 31, 1999.
                                       
                          PART II.  OTHER INFORMATION

Item 1.   LEGAL PROCEEDINGS.

          None.

Item 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS.

          None.

Item 3.   DEFAULTS UPON SENIOR SECURITIES.

          None.

Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     The annual meeting of the stockholders was held on April 27, 1999. The 
following proposals were voted on by the stockholders:

<TABLE>
<CAPTION>
PROPOSAL                                FOR               WITHHELD         ABSTAIN
--------                            ----------            --------         -------
<S>                                 <C>                   <C>              <C>
1)Election of Directors -
   nominees for three year term

         Leo M. Flanagan, Jr.       6,212,943             238,833
         Peter A. Traeger           6,213,798             237,978
         James A. Alpeter           6,183,630             268,146

<CAPTION>
                                        FOR               AGAINST          ABSTAIN
--------                            ----------            --------         -------
<S>                                 <C>                   <C>              <C>
2)Approval of Amended and 
Restated EFC Bancorp, Inc.
Stock Based Incentive Plan          5,917,166             477,718          56,892

3)Approval of appointment of 
KPMG LLP as the Company's 
independent auditors for the
year ended December 31, 1999        6,338,768             101,329          11,679
</TABLE>


                                      14

<PAGE>

Item 5.   OTHER INFORMATION.

          None.

Item 6.   EXHIBITS AND REPORTS ON FORM 8-K (Section 249.308 OF THIS CHAPTER).

          (a)  Exhibits
               11.0 Statement re: Computation of Per Share Earnings 
               27.0 Financial Data Schedule

          (b)  Reports on Form 8-K
               None.


                                       15

<PAGE>


                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                        EFC BANCORP, INC.


Dated:    May 14, 1999             By:  /s/ Barrett J. O'Connor
          ------------                  -------------------------------------
                                        Barrett J. O'Connor
                                        President and Chief Executive Officer 
                                        (principal executive officer)

Dated:    May 14, 1999             By:  /s/ James J. Kovac
          ------------                  -------------------------------------
                                        James J. Kovac
                                        Senior Vice President and Chief
                                        Financial Officer
                                        (Principal financial and accounting
                                        officer)


                                    16