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 June 30, 2003

                                       OR

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

                        For the transition period from _________ to _______

                         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)

        ----------------------------------------------------------------
       (Former Name, Former Address, Former Fiscal Year, if Changed Since
                                Last Fiscal Year)

Number of shares outstanding of the issuer's Common Stock, par value $.01 per
share, as of August 14, 2003: 3,907,000 shares.



<PAGE>


                             GENEVA FINANCIAL CORP.


                                TABLE OF CONTENTS
                                                                         Page No

Part I - Financial Information

    Item 1.  Condensed Consolidated Financial Statements:

             Condensed Consolidated Statements of Operations (Unaudited)
                Three Months Ended June 30, 2003 and 2002                      3
                Six Months Ended June 30, 2003 and 2002                        4

             Condensed Consolidated Balance Sheet
                June 30, 2003 (Unaudited)                                      5

             Condensed Consolidated Statements of Cash Flows (Unaudited)
                Six Months Ended June 30, 2003 and 2002                        6

             Notes to Condensed Consolidated Financial Statements
             (Unaudited)                                                    7-15

    Item 2. Management's Discussion and Analysis or Plan of Operation      16-20

    Item 3. Controls and Procedures                                           20

Part II -  Other Information

     Item 1. Legal Proceedings                                                21

     Item 2. Changes in Securities and Use of Proceeds                        21

     Item 3. Defaults Upon Senior Securities                                  21

     Item 4. Submission of Matters to a Vote of Security Holders              21

     Item 5. Other Information                                                21

     Item 6. Exhibits and Reports on Form 8-K                                 21

Signatures                                                                    22

                                       2


<PAGE>

<TABLE>
<CAPTION>


                         Part I - FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements


                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

<S>                     <C>             <C>             <C>             <C>                 <C>

                                                                       Three Months Ended June 30,
                                                                       ---------------------------
                                                                          2003              2002
                                                                          ----              ----
Revenues:
Gains on sale of mortgage loans                                         $2,893,697     $1,902,988
Interest earned                                                            385,422        306,477
                                                                        ----------     ----------
    Total Revenues                                                       3,279,119      2,209,465
                                                                        ----------     ----------

Expenses:
Compensation and benefits                                                1,275,477        829,972
Interest expense                                                           352,979        205,800
Other general and administrative                                         1,161,073        682,825
                                                                        ----------     ----------
     Total Expenses                                                      2,789,529      1,718,597
                                                                        ----------     ----------


Income  from operations before income taxes                                489,590        490,868
Income taxes                                                                    --             --
                                                                        ----------     ----------
        Income from continuing operations                                 489,590        490,868
                                                                        ----------     ----------
Loss from Discontinued Operations                                               --       (131,756)
                                                                        ----------     ----------

              Net income                                                 $ 489,590    $   359,112
                                                                         =========    ===========

Earnings per share of common stock:
 Basic:

          Income from continuing operations                                  $0.13         $ 0.12
          Loss from discontinued operations                                     --          (0.03)
                                                                         ---------     ----------
              Net income                                                     $0.13         $ 0.09
                                                                         =========     ==========

Weighted average number of shares of common
  stock outstanding                                                      3,907,000      3,807,000
                                                                         =========     ==========
Diluted:
      Income from continuing operations                                      $0.12          $0.12
      Loss from discontinued operations                                         --          (0.03)
                                                                         ---------     ----------
              Net income                                                     $0.12          $0.09
                                                                         =========     ==========
Weighted average number of shares of common
 stock and common stock equivalents outstanding                          4,181,138      4,042,714
                                                                         =========     ==========

</TABLE>

See accompanying notes to condensed consolidated financial statements.


                                       3
<PAGE>

<TABLE>
<CAPTION>


                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

<S>                     <C>             <C>             <C>                     <C>    <C>    <C>

                                                                         Six Months Ended June 30,
                                                                          2003              2002
                                                                          ----              ----
Revenues:
Gains on sale of mortgage loans                                         $5,403,787     $3,135,954
Interest earned                                                            889,772        570,654
                                                                        ----------     ----------
    Total Revenues                                                       6,293,559      3,706,608
                                                                        ----------     ----------

Expenses:
Compensation and benefits                                                2,473,276      1,575,274
Interest expense                                                           713,283        397,220
Expenses relating to closing Roslyn office (Note 8)                             --        170,308
Other general and administrative                                         2,160,341      1,359,463
                                                                        ----------     ----------
     Total Expenses                                                      5,346,900      3,502,265
                                                                        ----------     ----------

Income  from operations before income taxes                                946,659        204,343
Income taxes                                                                    --             --
                                                                        ----------     ----------
         Income from continuing operations                                 946,659        204,343
                                                                        ----------     ----------

Loss from Discontinued Operations                                               --       (332,588)
                                                                        ----------     ----------

              Net income (loss)                                         $  946,659     $ (128,245)
                                                                        ==========     ==========

Earnings per share of common stock:
  Basic:
       Income from continuing operations                                     $0.24         $ 0.05
       Loss from discontinued operations                                        --          (0.08)
                                                                        ----------     ----------
              Net income (loss)                                              $0.24         $(0.03)
                                                                        ==========     ===========

Weighted average number of shares of common
 stock outstanding                                                       3,907,000       3,842,912
                                                                        ==========     ===========
Diluted:
      Income from continuing operations                                      $0.23           $0.05
      Loss from discontinued operations                                         --           (0.08)
                                                                        ----------     -----------
              Net income (loss)                                              $0.23         $(0.03)
                                                                        ==========     ===========

Weighted average number of shares of common
  stock and common stock equivalents outstanding                         4,171,063      3,842,912
                                                                        ==========      ==========

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       4

<PAGE>



                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
                      Condensed Consolidated Balance Sheet



                                                                     (Unaudited)
                                                                        June 30,
                                                                         2003
                                                                         ----

                                     Assets


Cash and cash equivalents                                          $  1,175,394
Mortgage loans held for sale, net                                    28,502,800
Mortgage loans held for investment, net                                 404,987
Accrued interest receivable                                             479,000
Other receivables, net                                                  809,090
Furniture, fixtures & equipment, net                                    549,658
Prepaid expenses and other assets                                       104,174
Deferred tax asset                                                    1,000,000
                                                                   ------------

Total assets                                                       $ 33,025,103
                                                                   ============


                      Liabilities and shareholders' equity

Liabilities
Notes payable-principally warehouse lines of credit                $ 27,409,320
Accrued expenses and other liabilities                                  461,396
                                                                   ------------
Total liabilities                                                    27,870,716
                                                                   ------------

Commitments and contingencies

Shareholders' equity
Common stock, $.01 par value; 40,000,000 shares authorized;
    3,950,000 shares issued; 3,907,000 shares outstanding                39,500
Additional paid-in capital                                           11,066,538
Accumulated deficit                                                  (5,697,180)
Treasury stock, 43,000 shares, at cost                                 (254,471)
                                                                   ------------
Total  shareholders' equity                                           5,154,387
                                                                   ------------

Total liabilities and shareholders' equity                         $ 33,025,103
                                                                   ============

See accompanying notes to condensed consolidated financial statements


                                       5

<PAGE>

<TABLE>
<CAPTION>


                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)

<S>                     <C>             <C>             <C>             <C>             <C>             <C>

                                                                                 Six months ended June 30,
                                                                                 -------------------------
                                                                                  2003              2002
                                                                                  ----              ----
Cash flows from operating activities:
Net income (loss)                                                              $  946,659        $ (128,245)
    Loss from discontinued operations                                                  --           332,588
                                                                               ----------        ----------

    Income from continuing options                                                946,659           204,343

    Adjustments to reconcile net income from continuing operations to
     net cash provided by (used in) operating activities:
Depreciation and amortization                                                      47,493            90,037
        Common stock issued in settlement of litigation                                --            25,000
  Changes in operating assets and liabilities:
      Accrued interest and other receivables, net                                 (63,294)          (26,052)
      Mortgage loans held for sale and investment, net                         12,380,483          (175,380)
      Prepaid expenses and other assets                                            (4,828)             (104)
      Accrued expenses and other liabilities                                      (484,792         (289,564)
                                                                               -----------        ---------
Total adjustments                                                               11,875,062         (376,063)
                                                                               -----------        ---------

Net cash used in continuing operations                                          12,821,721         (171,720)

Net cash used in discontinued operations                                                --         (129,629)
                                                                               -----------        ---------
Net cash provided by (used in) operating activities                             12,821,721         (301,349)
                                                                               -----------        ---------
Cash flows from investing activities:
         Purchase of furniture, fixtures and equipment                           (106,820)               --
                                                                               -----------        ---------
Cash flows from financing activities:
        Net (decrease) increase in notes payable-principally warehouse
           lines of credit                                                     (12,474,771)          216,712
                                                                               ------------       -----------

Net increase (decrease) in cash and cash equivalents                               240,130           (84,637)

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

Cash and cash equivalents - ending                                             $ 1,175,394        $  359,860
                                                                               ===========        ===========

Supplemental disclosures of cash flow information:
        Cash paid during the period for:
         Interest                                                              $   713,284        $   207,638
         Income taxes                                                          $    78,311        $        --

</TABLE>

See accompanying notes to condensed consolidated financial statements

                                       6

<PAGE>


                      GENEVA FINANCIAL CORP. AND SUBSIDIARY
              Notes to Condensed Consolidated Financial Statements
                                   (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.) 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. On April 11, 2003, the Company  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 and six months
          ended  June  30,  2003  and  2002 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,  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 statements of
          financial  condition  and of  income  and  expenses  for  the  periods
          presented in the condensed consolidated statements of operations.  The
          results of operations for the three and six months ended June 30, 2003
          are not  necessarily  indicative  of the results of  operations  to be
          expected for the remainder of the year.  Certain  information and note
          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.

                                       7

<PAGE>

          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.

          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

                                       8

<PAGE>

          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.

          On April  30,  2003 the  FASB  issued  SFAS  No.  149,  "Amendment  of
          Statement 133 on Derivative  Instruments and Hedging Activities." This
          Statement amends and clarifies SFAS No. 133 "Accounting for Derivative
          Instruments  and Hedging  Activities."  This  statement  clarifies the
          accounting guidance on (1) derivative  instruments  (including certain
          derivative  instruments  embedded in other  contracts) and (2) hedging
          activities  that fall within the scope of the SFAS 133.  SFAS 149 also
          amends  certain other  existing  pronouncements,  which will result in
          more  consistent  reporting of contracts that are derivatives in their
          entirety or that contain  embedded  derivatives  that warrant separate
          accounting.  SFAS 149 is effective (1) for  contracts  entered into or
          modified  after June 30, 2003,  with certain  exceptions,  and (2) for
          hedging relationships  designated after June 30, 2003. The guidance is
          to be applied prospectively.  The Company does not expect the adoption
          of  SFAS  No.  149  to  have a  material  impact  on its  consolidated
          financial condition or results of operations.

          In May 2003,  the FASB issued SFAS No.  150,  "Accounting  for Certain
          Financial  Instruments  with  Characteristics  of both Liabilities and
          Equity." SFAS No. 150 addresses  certain  financial  instruments that,
          under  previous  guidance,  could be accounted for as equity,  but now
          must be classified as liabilities in statements of financial position.
          These  financial   instruments  include:  1)  mandatorily   redeemable
          financial  instruments,  2)  obligations  to  repurchase  the issuer's
          equity shares by  transferring  assets,  and 3) obligations to issue a
          variable number of shares. SFAS No. 150 is effective for all financial
          instruments entered into or modified after May 31, 2003, and otherwise
          effective at the beginning of the first interim period beginning after
          June 15, 2003.  The Company is evaluating the impact that the adoption
          of SFAS No. 150 will have 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.

                                       9

<PAGE>

<TABLE>
<CAPTION>


         The following table sets forth the components used in the computation
         of basic and diluted earnings (loss) per share:

<S>                     <C>             <C>             <C>             <C>    <C>              <C>

                                Six Months Ended June 30,          Three Months Ended June 30,
                                ---------------------------------- ---------------------------
                                  2003              2002               2003               2002
                                  ----              ----               ----               ----
         Numerator:
          Net income (loss)     $  946,659        $ (128,245)        $  489,590          $ 359,112

         Denominator:
           Weighted average
            shares               3,907,000         3,842,912          3,907,000          3,807,000
                                ----------        ----------         ----------          ---------

         Effect of dilutive
          securities:
           Employee stock
            options                264,063                --            274,138            235,714
                                ----------       -----------         ----------          ---------

         Denominator for
          diluted earnings per
          share-adjusted
          weighted average
          shares after
          assumed
          conversions            4,171,063        3,842,912           4,181,138          4,042,714
                                ==========       ==========          ==========         ==========

</TABLE>

6.        Stock Options and Similar Equity Instruments

          At  June  30,  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  arrangement 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.


                                       10

<PAGE>

<TABLE>
<CAPTION>

<S>                                     <C>                 <C>                 <C>            <C>              <C>

                                                 Six Months Ended June 30,        Three Months Ended June 30,
                                              -------------------------------- ------------------------------
                                                  2003             2002            2003              2002
                                                  ----             ----            ----              ----
         Net Income (Loss) as
          Reported                            $946,659        $(128,245)         $489,590          $359,112

         Deduct:  Total stock-based
          employee compensation
          expense determined under
          fair value-based  method for
          all awards, net of related
          tax effect                             4,932           13,338             2,466             6,749
                                             ---------        ---------          --------          --------

         Pro Forma Net Income
          (Loss)                              $941,727        $(141,583)         $487,124          $352,363
                                             =========        =========          ========          ========

         Basic Net Income (Loss) Per
          Share as Reported                       $.24            $(.03)             $.13              $.09
                                             =========        =========          ========          ========

         Basic Pro Forma Net Income
          (Loss) Per Share                        $.24            $(.04)             $.12              $.09
                                             =========        =========          ========          ========

         Diluted Net Income (Loss)
          Per Share as Reported                   $.23            $(.03)             $.12              $.09
                                             =========        =========          ========          ========

         Diluted Pro Forma Net
          Income (Loss) Per Share                 $.23            $(.04)             $.12              $.09
                                             =========        =========          ========          ========

          There were no  options  granted  during the three or six months  ended
          June 30, 2003.  The fair value of options at date of grant in 2002 was
          estimated  using the  Black-Sholes  fair value  based  method with the
          following weighted average assumptions:

                                                                                                     2002
                                                                                                     ----
         Expected Life (Years)                                                                          5
         Interest Rate                                                                               4.75%
         Annual Rate of Dividends                                                                       0%
         Volatility                                                                                   282%

</TABLE>

          The weighted  average fair value of options at date of grant using the
          fair value based method during 2002 is estimated at $.10.

          In June 2003, the Board of Directors approved the adoption of the 2003
          Equity  Participation  Plan (the  "Plan").  The Company  reserved  one
          million  shares of common stock that may be issued under the Plan. The
          Plan is currently pending shareholder approval.

                                       11

<PAGE>

7.        Notes Payable

          At June 30, 2003 and 2002,  substantially  all of the  mortgage  loans
          held for sale and  investment  were  pledged to secure  notes  payable
          under  warehouse lines of credit  agreements.  The notes are repaid as
          the related mortgage loans are sold.

          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%.  Effective June 18, 2003,
          the Company entered into an amendment with IMPAC,  which increased the
          credit line to $40  million,  and amended a  financial  covenant.  The
          agreement  also  provides  that if the  Company  does  not  obtain  an
          increase in the  Provident  Line  (described  below) to $15 million by
          August 4, 2003, IMPAC may reconsider the increase.  The Provident Line
          increase has not been  granted as of August 14,  2003.  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. The balance outstanding on this
          line at June 30, 2003 was approximately $23.2 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 June  30,  2003 was  approximately  $3.7
          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 was approximately $296,000 at June
          30, 2003.

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


                                       12

<PAGE>

          and  principal  amounts,  and are 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 three months
          in term. At June 30, 2003, the Company had  commitments to purchase $3
          million of MBS.  Before  entering  into a derivative  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  June 30,  2003 was not
          material to the financial statements of the Company.

          In the normal course of its mortgage banking  activities,  the Company
          enters into 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
          Florida and the New York Metropolitan area.

          The Company  currently  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 a
          similar facility 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.

                                       13


<PAGE>


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  the amount of this claim and  believes  that the
          underlying value of 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
          court. 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 Company
          incurred an additional  expense beyond what was previously  accrued of
          approximately $170,000, which was included in the expenses relating to
          the  closing  of  the  Roslyn  office  in the  accompanying  financial
          statements for the six months ended June 30, 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 have been no rehabilitation properties purchased since
          early 2000 and the Company has been selling 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.

                                       14

<PAGE>

<TABLE>
<CAPTION>


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

<S>                     <C>             <C>             <C>             <C>             <C>    <C>

                                                             Three Months Ended June 30,
                                                             ---------------------------
                                                              2003                  2002
                                                              ----                  ----

          Sales of residential rehabilitation properties    $   --             $  85,049
                                                            ======             =========

          Loss from discontinued operations                 $   --             $(131,756)
                                                            ======             =========

                                                               Six months Ended June 30,
                                                               -------------------------
                                                              2003                  2002
                                                              ----                  ----

          Sales of residential rehabilitation properties    $   --              $174,260
                                                            ======             =========

          Loss from discontinued operations                 $   --             $(332,588)
                                                            ======             =========

</TABLE>

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.

          The Company  originates  mortgage loans in two sales channels,  retail
          and  wholesale.  During the three and six months  ended June 30, 2003,
          approximately 57% of the Company's mortgage  originations were derived
          from the retail sales channel and approximately 43% from the wholesale
          channel.

          During  the  three and six  months  ended  June 30,  2002 11% and 32%,
          respectively, of the Company's mortgage originations were derived from
          the  retail  sales  channel  and 89% and 68%,  respectively,  from the
          wholesale sales channel.


                                       15

<PAGE>

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

Forward-Looking Statements

Certain   information   contained   in  this   Quarterly   Report  may   include
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation Reform Act of 1995, and is subject to the safe harbor created by that
act. We caution  readers  that certain  important  factors may affect our actual
results  and  could   cause  such   results  to  differ   materially   from  any
forward-looking  statements  which  may be  deemed  to  have  been  made in this
Quarterly  Report or which are  otherwise  made by or on behalf of us.  For this
purpose,  any  statements  contained  in  this  Quarterly  Report  that  are not
statements of historical  fact may be deemed to be  forward-looking  statements.
Without  limiting the generality of the foregoing,  words such as "may," "will,"
"expect," "believe,"  "explore,"  "consider,"  "anticipate,"  "intend," "could,"
"estimate,"  "plan," or "continue" or the negative  variations of those words or
comparable  terminology  are  intended to identify  forward-looking  statements.
Factors  that may affect our results  include,  but are not limited to the risks
and uncertainties associated with:

o    the level of demand for mortgage credit, which is affected by such external
     factors as the level of interest rates;
o    the  strength of various  segments of the economy and  demographics  of our
     lending markets;
o    the direction of interest rates;
o    the relationship between mortgage interest rates and cost of funds;
o    federal and state regulation of the our mortgage banking operations;
o    competition within the mortgage banking industry;
o    our  management  of cash  flow and  efforts  to  modify  its  prior  growth
     strategy, and
o    efforts to improve quality control.

We are also subject to other risks  detailed from time to time in our Securities
and Exchange Commission filings. Any one or more of these  uncertainties,  risks
and other  influences  could  materially  affect our results of  operations  and
whether  forward-looking  statements made by us ultimately prove to be accurate.
Our actual results,  performance and achievements  could differ  materially from
those expressed or implied in these forward-looking  statements. We undertake no
obligation  to  publically  update or  revise  any  forward-looking  statements,
whether from new information, future events or otherwise.

Results of Operations

Quarter Ended June 30, 2003 Compared to Quarter Ended June 30, 2002

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

                                                         Quarters Ended June 30,
                                                         -----------------------
                                                         2003               2002
                                                         ----               ----

Gains on sales of mortgage loans                    $2,893,697        $1,902,988
Interest earned                                        385,422           306,477
                                                    ----------        ----------
Total revenues                                      $3,279,119        $2,209,465
                                                    ==========        ==========

                                       16




<PAGE>


Gains on sales of mortgage loans increased $991,000, or 52%, to $2.9 million for
the quarter ended June 30, 2003 from $1.9 million for the quarter ended June 30,
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 $105 million and $73.7
million for the quarters  ended June 30, 2003 and 2002,  respectively.  This 42%
increase  was  primarily  the result of the increase in retail loan sales to $59
million for the quarter  ended June 30, 2003 from $23.3  million for the quarter
ended June 30, 2002 as well as a decrease in wholesale loan  originations to $46
million for the quarter  ended June 30, 2003 from $50.5  million for the quarter
ended June 30, 2002. For the quarter ended June 30, 2003,  approximately  56% of
the  Company's  mortgage  originations  were  derived  from its retail  mortgage
operations compared to 32% for the quarter ended June 30, 2002.

Interest  earned  increased  $79,000,  or 26%, to $385,000 for the quarter ended
June 30, 2003 from $306,000 for the quarter  ended June 30, 2002.  This increase
was primarily due to higher mortgage originations for the quarter ended June 30,
2003 as compared to the quarter  ended June 30, 2002 creating  higher  warehouse
balances, partially offset by lower mortgage interest rates.

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

                                                         Quarters Ended June 30,
                                                         -----------------------
                                                         2003               2002
                                                         ----               ----

Compensation and benefits                          $1,275,477         $  829,972
Interest expense                                      352,979            205,800
Other general and administrative                    1,161,073            682,825
                                                   ----------          ---------
Total expenses                                     $2,789,529         $1,718,597
                                                   ==========         ==========

Compensation and benefits  increased  $445,000,  or 54%, to $1.3 million for the
quarter  ended June 30, 2003 from  $830,000 for the quarter ended June 30, 2002.
This  increase was  primarily due to increased  sales  salaries and  commission,
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.

Interest expense increased  $147,000,  or 71%, to $353,000 for the quarter ended
June 30, 2003 from $206,000 for the quarter  ended June 30, 2002.  This decrease
was  primarily  attributable  to a increase in borrowing  rates at the Company's
warehouse facility  partially offset by increased mortgage  originations for the
quarter ended June 30, 2003 as compared to the quarter ended June 30, 2002.

Other general and  administrative  expense increased  $478,000,  or 70%, to $1.2
million for the quarter  ended June 30, 2003 from $683,000 for the quarter ended
June 30,  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.


                                       17


<PAGE>

Six months ended June 30, 2003 Compared to Six months ended June 30, 2002

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

                                                      Six Months  Ended June 30,
                                                      --------------------------
                                                      2003                  2002
                                                      ----                  ----

Gains on sales of mortgage loans                   $ 5,403,787        $3,135,954
Interest earned                                        889,772           570,654
                                                   -----------        ----------
Total revenues                                     $ 6,293,559        $3,706,608
                                                   ===========        ==========

Gains on sales of mortgage loans increased  approximately $2.3 million,  or 72%,
to $5.4 million for the six months ended June 30, 2003 from $3.1 million for the
six months ended June 30, 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 $223
million  and $136.4  million  for the six months  ended June 30,  2003 and 2002,
respectively.  This 63%  increase  was  primarily  the result of the increase in
retail loan sales to $125.7  million for the six months ended June 30, 2003 from
$52.8  million for the six months ended June 30, 2002.  For the six months ended
June 30, 2003,  approximately  56% of the Company's  mortgage  originations were
derived from its retail mortgage  operations  compared to 39% for the six months
ended June 30, 2002.

Interest earned increased $319,000, or 56%, to $890,000 for the six months ended
June 30,  2003 from  $571,000  for the six  months  ended  June 30,  2002.  This
increase was primarily due to higher  mortgage  originations  for the six months
ended June 30, 2003 as compared to the six months  ended June 30, 2002  creating
higher warehouse balances, partially offset by lower mortgage interest rates.

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

                                                       Six Months Ended June 30,
                                                       2003                 2002
                                                       ----                 ----

Compensation and benefits                          $2,473,276         $1,575,274
Interest expense                                      713,283            397,220
Expenses relating to closing Roslyn office                 --            170,308
Other general and administrative                    2,160,341          1,359,463
                                                   ----------         ----------
Total expenses                                     $5,346,900         $3,502,265
                                                   ==========         ==========

Compensation and benefits  increased  $898,000,  or 57%, to $2.4 million for the
six months  ended June 30, 2003 from $1.6  million for the six months ended June
30, 2002.  This  increase was  primarily  due to  increased  sales  salaries and
commission,  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.


                                       18

<PAGE>

Interest  expense  increased  $316,000,  or 80%, to $713,000  for the six months
ended June 30, 2003 from  $397,000 for the six months ended June 30, 2002.  This
increase was  primarily  attributable  to a increase in  borrowing  rates at the
Company's warehouse facility partially offset by increased mortgage originations
for the six months  ended June 30, 2003 as compared to the six months ended June
30, 2002.

Expenses relating to closing the Roslyn office decreased $170,000,  or 100%, for
the six months  ended June 30, 2003  compared  to the six months  ended June 30,
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 which was settled in 2002, see Note 9, to the condensed
consolidated financial statements.

Other general and  administrative  expense increased  $800,000,  or 59%, to $2.2
million  for the six months  ended June 30,  2003 from $1.4  million for the six
months  ended June 30,  2002.  This  increase  was  primarily  due to  increased
expenses in connection  with  obtaining  leads  through the internet,  increased
professional  and legal fees and an overall  increase in the  operations  of the
Company.

Liquidity and Capital Resources

At June 30, 2003 the  Company's  principal  financing  needs  consist of funding
mortgage loan originations. To meet these needs, the Company currently relies on
borrowings  under warehouse lines of credit and cash flow from  operations.  The
amount of outstanding borrowings under the warehouse lines of credit at June 30,
2003 was  approximately  $26.9  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%. Effective June 18, 2003, the Company
entered into an amendment with the IMPAC Line,  which  increased the credit line
to $40 million and amended a financial  covenant.  The  agreement  also provides
that if the Company does not obtain an increase in the Provident Line (described
below) to $15 million by August 4, 2003, IMPAC may reconsider the increase.  The
Provident  Line  increase has not been granted as of August 14, 2003.  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.  The balance outstanding on this line at June 30,
2003 was approximately $23.2 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

                                       19

<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 this
line at June 30, 2003 was approximately $3.7 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 was approximately  $296,000
at June 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.

Net cash provided by operations for the six months ended June 30, 2003 was $12.8
million,  primarily  due to a  decrease  in  mortgage  loans  held  for sale and
investment of $12.0 million and net income of $947,000. The Company used cash to
decrease the borrowings under its warehouse lines of credit by $12.4 million.

Item 3.  Controls and Procedures

Our Chief Executive  Officer and Chief Financial Officer conducted an evaluation
of the  effectiveness of our disclosure  controls and procedures.  Based on this
evaluaution,  our Chief Executive  Officer and Chief Financial Officer concluded
that our disclosure  controls and procedures  were effective as of June 30, 2003
in  alerting  him in a timely  manner to  material  information  required  to be
included in our SEC reports. In addition, no change in our internal control over
financial  reporting occurred during the fiscal quarter ended June 30, 2003 that
has  materially  affected,  or is reasonably  likely to materially  affect,  our
internal control over financial reporting.


                                       20


<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
             -------           -----------

             10.1   Letter  dated  July 29,  2003 from IMPAC  Warehouse  Lending
                    Group to  Geneva  Mortgage  Corporation,  amending  the PSA
                    Agreement,  Annex I,  Sellers  Warranty  Agreement,  Sellers
                    Servicing Agreement and Custody Agreement.

             31     Rule  13a -  14(a)/15d  - 14(a)  Certification,  as  adopted
                    pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

             32     Certification  of the  Chief  Executive  Officer  and  Chief
                    Financial  Officer  pursuant to 18 U.S.C.  Section  1350, as
                    adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
                    2002

                                       21

<PAGE>


                                   SIGNATURES


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


                                       GENEVA FINANCIAL CORP.
                                       (Registrant)



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


Dated: August 14, 2003


                                       22