U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549





FORM 10-QSB

(Mark One)

[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2003

[  ] Transition report under Section 13 or l5(d) of the Exchange Act

For the transition period from _______ to _______

Commission file number 000-27481

Rome Bancorp, Inc.

(Exact Name of Small Business Issuer as Specified in its Charter)

Delaware			16-1573070

(State or Other Jurisdiction of					(I.R.S. Employer

Incorporation or Organization)					Identification No.)

100 West Dominick Street, Rome, NY 13440-5810

(Address of Principal Executive Offices)

(315) 336-7300

(Issuer

N/A

(Former Name, Former Address and Former Fiscal Year,

if Changed Since Last Report)



Check whether the issuer:  (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X  No __

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:

Outstanding at

Class	    May 8, 2003

Common Stock, par value $.01 			       2,865,733

Transitional Small Business Disclosure Format (check one):	Yes 	No X_



ROME BANCORP, INC.

FORM 10-QSB FOR THE QUARTER ENDED 	MARCH 31, 2003



TABLE OF CONTENTS

|        |                       |                                                                          | PAGE
|------- | --------------------- | ------------------------------------------------------------------------ | ----
|        |                       |                                                                          |     
|PART I  | FINANCIAL INFORMATION | 3                                                                       
|        |                       |                                                                          |     
|        | ITEM 1.               | FINANCIAL STATEMENTS (unaudited):                                        |     
|        |                       | CONDENSED CONSOLIDATED BALANCE SHEET                                     | 3   
|        |                       | CONDENSED CONSOLIDATED STATEMENTS OF INCOME                              | 4   
|        |                       | CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY                 | 5   
|        |                       | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                          | 6   
|        |                       | NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS           | 8   
|        |                       |                                                                          |     
|        | ITEM 2.               | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL                        |     
|        |                       | CONDITION AND RESULTS OF OPERATIONS                                      | 12  
|        | ITEM 3.               | CONTROLS AND PROCEDURES                                                  | 16  
|        |                       |                                                                          |     
|PART II | OTHER INFORMATION     | 17                                                                      
|        |                       |                                                                          |     
|        | ITEM 1.               | LEGAL PROCEEDINGS                                                        | 17  
|        | ITEM 2.               | CHANGES IN SECURITIES AND USE OF PROCEEDS                                | 17  
|        | ITEM 3.               | DEFAULTS UPON SENIOR SECURITIES                                          | 17  
|        | ITEM 4.               | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                      | 17  
|        | ITEM 5.               | OTHER INFORMATION                                                        | 17  
|        | ITEM 6.               | EXHIBITS AND REPORTS ON FORM 8-K                                         | 17  
|        |                       |                                                                          |     
|        |                       | SIGNATURES                                                               | 18  
|        |                       | CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 | 19  

PART I  FINANCIAL INFORMATION

Item 1.  Financial Statements

ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheet

March 31, 2003 and December 31, 2002

(in thousands, except share data)

|                                                             |                                                                    |                                                                 |                                           
|------------------------------------------------------------ | ------------------------------------------------------------------ | --------------------------------------------------------------- | ------------------------------------------
|                                                             |                                                                    |                                                                 |                                           
|                                                             |                                                                    |                                                                 |                                           
|                                                             |                                                                    |                                                                 |                                           
|Assets                                                       |                                                                    |                                                                 |                                           
|                                                             |                                                                    |                                                                 |                                           
|Cash and due from banks                                      | $          5,656                                                   |                                                                 | $              5,610                      
|Federal funds sold and other short-term investments          | 10,205                                                             |                                                                 | 10,088                                    
|                                                             | Total cash and cash equivalents                                    | 15,861                                                          |                                           
|Securities available for sale, at fair value                 | 38,325                                                             |                                                                 | 40,441                                    
|Securities held to maturity (fair value of $3,068 and $2,880 |                                                                    |                                                                 |                                           
|                                                             | at March 31, 2003 and December 31, 2002, respectively)             | 2,961                                                           |                                           
|Loans                                                        |                                                                    |                                                                 | 189,585                                   
|                                                             | Less: Allowance for loan loss                                      | 1,702                                                           |                                           
|                                                             |                                                                    | Net loans                                                       | 187,883                                   
|Premises and equipment, net                                  | 4,118                                                              |                                                                 | 3,848                                     
|Accrued interest receivable                                  | 1,456                                                              |                                                                 | 1,398                                     
|Other assets                                                 | 5,047                                                              |                                                                 | 4,360                                     
|                                                             |                                                                    | Total assets                                                    | $      255,651                            
|                                                             |                                                                    |                                                                 |                                           
|Liabilities & Equity                                         |                                                                    |                                                                 |                                           
|                                                             |                                                                    |                                                                 |                                           
|Liabilities                                                  |                                                                    |                                                                 |                                           
|                                                             | Deposits:                                                          |                                                                 |                                           
|                                                             |                                                                    | Non-interest bearing                                            | $       26,673                            
|                                                             |                                                                    | Savings                                                         | 89,863                                    
|                                                             |                                                                    | Money market                                                    | 8,718                                     
|                                                             |                                                                    | Time                                                            | 73,146                                    
|                                                             |                                                                    | Other interest bearing                                          | 2,530                                     
|                                                             |                                                                    |                                                                 | Total deposits                            
|                                                             | Borrowings                                                         | 14,285                                                          |                                           
|                                                             | Other liabilities                                                  | 4,304                                                           |                                           
|                                                             |                                                                    |                                                                 | Total liabilities                         
|                                                             |                                                                    |                                                                 |                                           
|Shareholders' equity                                         |                                                                    |                                                                 |                                           
|                                                             | Common Stock, $.01 par value; authorized: 5,000,000 shares;        |                                                                 |                                           
|                                                             |                                                                    | issued: 3,400,776 shares; outstanding 2,865,733 shares at       |                                           
|                                                             |                                                                    | March 31, 2003 and 2,870,733 shares at December 31, 2002        | 34                                        
|                                                             | Additional paid-in capital                                         | 10,518                                                          |                                           
|                                                             | Retained earnings                                                  | 33,506                                                          |                                           
|                                                             | Treasury stock, at cost (535,043 shares at March 31, 2003 and      |                                                                 |                                           
|                                                             |                                                                    | 530,043 shares at December 31, 2002)                            | (7,230)                                   
|                                                             | Accumulated other comprehensive income                             | 91                                                              |                                           
|                                                             | Unallocated shares of employee stock ownership plan (ESOP); 95,540 |                                                                 |                                           
|                                                             |                                                                    | shares at March 31, 2003 and 97,762 shares at December 31, 2002 | (669)                                     
|                                                             | Unearned compensation                                              | (118)                                                           |                                           
|                                                             |                                                                    |                                                                 | Total shareholders' equity                
|                                                             |                                                                    |                                                                 | Total liabilities and shareholders' equity

See accompanying notes to unaudited condensed consolidated financial statements.



ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Income

For the Three Months Ended March 31, 2003 and 2002

(in thousands, except  share data)

(unaudited)

|                           |                                   |                                                     | For the three months ended |       
|-------------------------- | --------------------------------- | --------------------------------------------------- | -------------------------- | ------
|                           |                                   |                                                     | March 31,                  |       
|                           |                                   |                                                     | 2003                       |       
|Interest income:           |                                   |                                                     |                            |       
|                           | Loans                             | $3,294                                              |                            | $3,201
|                           | Securities                        | 445                                                 |                            | 514   
|                           | Other short-term investments      | 30                                                  |                            | 85    
|                           |                                   | Total interest income                               | 3,769                      |       
|                           |                                   |                                                     |                            |       
|Interest expense:          |                                   |                                                     |                            |       
|                           | Deposits                          | 804                                                 |                            | 1,107 
|                           | Borrowings                        | 127                                                 |                            | 276   
|                           |                                   | Total interest expense                              | 931                        |       
|                           |                                   |                                                     |                            |       
|                           |                                   | Net interest income                                 | 2,838                      |       
|                           |                                   |                                                     |                            |       
|Provision for loan losses  | 200                               |                                                     | 50                         |       
|                           |                                   | Net interest income after provision for loan losses | 2,638                      |       
|                           |                                   |                                                     |                            |       
|Total non-interest income  | 263                               |                                                     | 213                        |       
|                           |                                   |                                                     |                            |       
|Non-interest expense:      |                                   |                                                     |                            |       
|                           | Salaries and employee benefits    | 1,224                                               |                            | 1,037 
|                           | Building, occupancy and equipment | 360                                                 |                            | 297   
|                           | Other                             | 522                                                 |                            | 552   
|                           |                                   | Total non-interest expense                          | 2,106                      |       
|                           |                                   |                                                     |                            |       
|                           |                                   |                                                     |                            |       
|                           |                                   | Income before income tax expense                    | 795                        |       
|Income tax expense         | 268                               |                                                     | 227                        |       
|                           |                                   | Net income                                          | $     527                  |       
|                           |                                   |                                                     |                            |       
|Basic earnings per share   | $      .19                        |                                                     | $        0.17              |       
|Diluted earnings per share | $      .19                        |                                                     | $        0.16              |       



See accompanying notes to unaudited condensed consolidated financial statements.

ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statement of Shareholders

For the Three Months Ended March 31, 2003

( in thousands, except share and per share data)

(unaudited)

|                                      |                                   |   |        |    |            |     |             |   |          |       | Accumulated   |    |             |   |              |       |      
|------------------------------------- | --------------------------------- | - | ------ | -- | ---------- | --- | ----------- | - | -------- | ----- | ------------- | -- | ----------- | - | ------------ | ----- | -----
|                                      |                                   |   |        |    | Additional |     |             |   |          |       | other         |    | Unallocated |   |              |       |      
|                                      |                                   |   | Common |    | paid-in    |     | Retained    |   | Treasury |       | comprehensive |    | ESOP        |   | Unearned     |       |      
|                                      |                                   |   | stock  |    | capital    |     | earnings    |   | stock    |       | income        |    | shares      |   | compensation |       | Total
|                                      |                                   |   |        |    |            |     |             |   |          |       |               |    |             |   |              |       |      
|Balances at December 31, 2002         | $                   34            | $ | 10,493 | $  | 33,288     | $   | $  (7,101)  | $ | 294      | $     | (684)         | $  | (131)       | $ | 36,193      
|Comprehensive income:                 |                                   |   |        |    |            |     |             |   |          |       |               |    |             |   |             
|                                      | Net income                        | - |        | -  |            | 527 |             | - |          | -     |               | -  |             | - |              | 527  
|                                      | Other comprehensive income (loss) | - |        | -  |            | -   |             | - |          | (203) |               | -  |             | - |              | (203)
|                                      | Total comprehensive income        |   |        |    |            |     |             |   |          |       |               |    |             |   |              | 324  
|Purchase of 5,000 treasury shares     | -                                 |   | -      |    | -          |     | (129)       |   | -        |       | -             |    | -           |   | (129)       
|Amortization of Unearned Compensation | -                                 |   | -      |    | -          |     | -           |   | -        |       | -             |    | 13          |   | 13          
|Dividends paid ($0.11 per share)      | -                                 |   | -      |    | (309)      |     | -           |   | -        |       | -             |    | -           |   | (309)       
|ESOP shares released for              |                                   |   |        |    |            |     |             |   |          |       |               |    |             |   |             
|                                      | allocation (2,222 shares)         | - |        | 25 |            |     |             | - |          |       |               | 15 |             | - |              | 40   
|                                      |                                   |   |        |    |            |     |             |   |          |       |               |    |             |   |              |       |      
|Balances at March 31, 2003            | $                   34            | $ | 10,518 | $  | 33,506     | $   | $   (7,230) | $ | 91       | $     | (669)         | $  | (118)       | $ | 36,132      
|                                      |                                   |   |        |    |            |     |             |   |          |       |               |    |             |   |             







See accompanying notes to unaudited condensed consolidated financial statements.

ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2003 and 2002

(unaudited) ( in thousands)

|                                                 |                                                      |                                   |                                                    |                                                     |               |                 |       | 2003            |  | 2002
|------------------------------------------------ | ---------------------------------------------------- | --------------------------------- | -------------------------------------------------- | --------------------------------------------------- | ------------- | --------------- | ----- | --------------- |  | ----
|Cash flows from operating activities:            |                                                      |                                   |                                                    |                                                     |               |                
|                                                 | Net income                                           |                                   |                                                    |                                                     |               | $           527 |       | $           467
|                                                 | Adjustments to reconcile net income to net cash      |                                   |                                                    |                                                     |              
|                                                 |                                                      | provided by operating activities: |                                                    |                                                     |               |                 |      
|                                                 |                                                      |                                   | Depreciation and amortization                      |                                                     |               | 97              |       | 87             
|                                                 |                                                      |                                   | (Increase) decrease in accrued interest receivable | (58)                                                |               | 30             
|                                                 |                                                      |                                   | Net loss on sale of securities available for sale  | -                                                   |               | 5              
|                                                 |                                                      |                                   | Provision for loan losses                          | 200                                                 |               | 50             
|                                                 |                                                      |                                   | Net gains  on sales of real estate owned           | (6)                                                 |               | -              
|                                                 |                                                      |                                   | Net amortization of premiums on securities         |                                                     | 18            |                 | 1    
|                                                 |                                                      |                                   | Increase in other liabilities                      |                                                     | 266           |                 | 69   
|                                                 |                                                      |                                   | Increase in other assets                           |                                                     |               | (608)           |       | (112)          
|                                                 |                                                      |                                   | Gain on sale of loans                              |                                                     |               | (35)            |       | -              
|                                                 |                                                      |                                   | Allocation of ESOP shares                          |                                                     |               | 40              |       | 31             
|                                                 |                                                      |                                   | Amortization of Unearned Compensation              |                                                     | 13            |                 | 13   
|                                                 |                                                      |                                   |                                                    |                                                     |               |                 |       |                 |  |     
|                                                 |                                                      |                                   |                                                    | Net cash provided by operating activities           |               | 454             |       | 641            
|                                                 |                                                      |                                   |                                                    |                                                     |               |                 |       |                 |  |     
|Cash flows from investing activities:            |                                                      |                                   |                                                    |                                                     |               |                
|                                                 | Net increase in loans                                |                                   |                                                    |                                                     | (7,637)       |                 | (253)
|                                                 | Proceeds from sale of education loans                |                                   | 1,154                                              |                                                     | -            
|                                                 | Proceeds from sales of securities available for sale |                                   | -                                                  |                                                     | 990          
|                                                 | Proceeds from maturities and principal reductions of |                                   |                                                    |                                                     |              
|                                                 |                                                      | securities available for sale     |                                                    |                                                     |               | 1,737           |       | 2,731          
|                                                 | Purchases of securities available for sale           |                                   |                                                    | (3)                                                 |               | (3,287)        
|                                                 | Purchases of securities held to maturity             |                                   |                                                    | (284)                                               |               | (430)          
|                                                 | Redemption of Federal Home Loan Bank stock           |                                   | 35                                                 |                                                     | -            
|                                                 | Proceeds from maturities and principal reductions of |                                   |                                                    |                                                     |              
|                                                 |                                                      | securities held to maturity       |                                                    |                                                     |               | 80              |       | 134            
|                                                 | Proceeds from sales of real estate owned             |                                   |                                                    | 61                                                  |               | -              
|                                                 | Additions to premises and equipment                  |                                   |                                                    | (367)                                               |               | (95)           
|                                                 |                                                      |                                   |                                                    |                                                     |               |                 |       |                 |  |     
|                                                 |                                                      |                                   |                                                    | Net cash used in investing activities               | (5,224)       |                 | (210)
|                                                 |                                                      |                                   |                                                    |                                                     |               |                 |       |                 |  |     
|Cash flows from financing activities:            |                                                      |                                   |                                                    |                                                     |               |                
|                                                 | Increase (decrease) in time deposits                 |                                   |                                                    | 784                                                 |               | (351)          
|                                                 | Increase in other deposits                           |                                   |                                                    |                                                     | 5,222         |                 | 4,090
|                                                 | Repayments of borrowings                             |                                   |                                                    |                                                     | (635)         |                 | (593)
|                                                 | Purchase of treasury stock                           |                                   |                                                    |                                                     | (129)         |                 | (752)
|                                                 | Dividends                                            |                                   |                                                    |                                                     |               | (309)           |       | (257)          
|                                                 |                                                      |                                   |                                                    |                                                     |               |                 |       |                 |  |     
|                                                 |                                                      |                                   |                                                    | Net cash provided by (used in) financing activities |               | 4,933           |       | 2,137          
|                                                 |                                                      |                                   |                                                    |                                                     |               |                 |       |                 |  |     
|Net increase in cash and cash equivalents        |                                                      | 163                               |                                                    | 2,568                                              
|Cash and cash equivalents at beginning of period |                                                      |                                   | 15,698                                             |                                                     | 23,922       
|                                                 |                                                      |                                   |                                                    |                                                     |               |                 |       |                 |  |     
|Cash and cash equivalents at end of period       |                                                      |                                   | $      15,861                                      |                                                     | $      26,490

See accompanying notes to unaudited condensed consolidated financial statements.







ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2003 and 2002

(unaudited) (in thousands)





|                                                  |                                                |  | 2003 |   | 2002     
|------------------------------------------------- | ---------------------------------------------- |  | ---- | - | ---------
|Supplemental disclosure of cash flow information: |                                                |  |      |   |          
|                                                  | Non-cash investing activities:                 |  |      |   |          
|                                                  | Transfer of loans to real estate owned         |  |      | - |          
|                                                  | Change in securities purchased and not settled |  |      | - |          
|                                                  | Cash paid during the period for:               |  |      |   |          
|                                                  | Interest                                       |  |      |   | $     933
|                                                  | Income taxes                                   |  |      |   | 95       







ROME BANCORP, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

(1)	Basis of Presentation



The accompanying unaudited condensed consolidated financial statements include the accounts of Rome Bancorp, Inc. (the "Company") and The Rome Savings Bank (the "Bank"), a wholly-owned subsidiary of the Company, as of March 31, 2003 and December 31, 2002 and for the three-month periods ended March 31, 2003 and 2002. All inter-company accounts and transactions have been eliminated in consolidation.  The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-QSB and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  In the opinion of management, the unaudited condensed consolidated financial statements include all necessary adjustments, consisting of normal recurring accruals, necessary for a fair presentation for the periods presented.



Rome Bancorp, Inc. believes that the disclosures are adequate to make the information presented not misleading; however, the results of operations and other data presented for the periods presented are not necessarily indicative of results to be expected for the entire fiscal year.



The data in the condensed consolidated balance sheet for December 31, 2002 was derived from the Company's 2002 Annual Report on Form 10-KSB.  That data, along with the interim financial information presented in the condensed consolidated balance sheet, statements of income, statement of shareholders' equity and comprehensive income and statements of cash flows should be read in conjunction with the 2002 consolidated financial statements, including the notes thereto included in the Company's Annual Report on Form 10- KSB.



Amounts in the prior period's consolidated financial statements are reclassified when necessary to conform with the current period's presentation.





1. Earnings Per Share



The following summarizes the computation of earnings per share for the three-month periods ended March 31, 2003 and 2002 (in thousands, except share and per share data):

For the three months ended

March 31,



|                                            | 2003          | 2002         
|------------------------------------------- | ------------- | -------------
|Basic earnings per share:                   |               |              
|Income available to common shareholders     | $         527 | $         467
|Weighted average basic shares outstanding   | 2,750         | 2,795        
|                                            |               |              
|Basic earnings per share                    | $        0.19 | $        0.17
|                                            |               |              
|Diluted earnings per share:                 |               |              
|Income available to common shareholders     | $         527 | $         467
|Weighted average basic shares outstanding   | 2,750         | 2,795        
|Effect of dilutive securities:              |               |              
|Stock options                               | 68            | 63           
|Unearned compensation                       | 9             | 10           
|Weighted average diluted shares outstanding | 2,827         | 2,867        
|                                            |               |              
|Diluted earnings per share                  | $        0.19 | $        0.16

1. Other Comprehensive Income (Loss)
2. Stock-Based Compensation
3. Commitments and Contingencies
4. Recent Accounting Pronouncements



In October 2001, the FASB issued Statement No. 144, "Accounting for Impairment or Disposal of Long-Lived Assets" which replaces SFAS No. 121. The provisions of SFAS No. 144 were effective for financial statements issued for fiscal years beginning after December 31, 2001. In May 2002 the FASB issued Statement No. 145," Recission of SFAS Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections." The provisions of this statement are generally effective for fiscal years beginning after May 15, 2002. In July 2002, the FASB issued Statement No. 146, "Accounting for Costs Associated with Exit or Disposal Activities." This statement is effective for disposal or exit activities initiated after December 31, 2002. The adoption of Statements No 144, 145 and 146 did not have a material effect on the results of operations or financial condition.



In January 2003, the FASB issued Interpretation No. 46, "Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51." This Interpretation addresses the consolidation by business enterprises of variable interest entities as defined in the Interpretation. The Interpretation applies immediately to variable interests in variable interest entities created after January 31, 2003, and to variable interests in variable interest entities obtained after January 31, 2003. The application of this Interpretation did not have a material effect on the Company's financial statements.















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



Forward-Looking Statements



Statements included in this discussion and in future filings by Rome Bancorp, Inc. with the Securities and Exchange Commission, in Rome Bancorp, Inc. press releases, and in oral statements made with the approval of an authorized executive officer, which are not historical or current facts, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected.  Rome Bancorp, Inc. wishes to caution readers not to place undue reliance on such forward-looking statements, which speak only as of the date made.  The following important factors, among others, in some cases have affected and in the future could affect Rome Bancorp, Inc.'s actual results, and could cause Rome Bancorp, Inc.'s actual financial performance to differ materially from that expressed in any forward-looking statement:  (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards, may adversely affect the business in which the Company is engaged; (6) competitors may have greater financial resources and developed products that enable such competitors to compete more successfully than the Company; and (7) adverse changes may occur in the securities markets or with respect to inflation.  The foregoing list should not be construed as exhaustive, and Rome Bancorp, Inc. disclaims any obligation to subsequently revise 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, 2003 and December 31, 2002:



Total assets at March 31, 2003 were $255.7 million, an increase of $5.6 million from $250.1 million at December 31, 2002.  Cash and federal funds remained fairly constant during the first quarter of 2003. Total securities decreased $1.9 million from $43.2 million at December 31, 2002 to $41.3 million at March 31, 2003.  The decrease in securities was attributable to maturities in the investment portfolio, as well as a pre-tax unrealized loss on available for sale securities of $338,000.



The majority of the Company's equity holdings represent investments in a mutual fund  which purchases high quality blue chip common stocks. The downturn in the equity markets has caused a decrease in the market value of the fund, resulting in unrealized losses of $1.7 million on the original investment of $6.2 million. This unrealized loss has  been included in the equity adjustment required by SFAS No. 115 and is included in the equity section of the balance sheet as a component of "Accumulated Other Comprehensive Income."  Management made an assessment of these holdings as of March 31, 2003 and has concluded that the unrealized losses are temporary in nature and do not require income statement recognition as of March 31, 2003. Management will continue to assess these unrealized losses for other than temporary impairment consideration.



The Company's loan portfolio increased by $6.3 million, or 3.5% during the first quarter of 2003. For the three-month period ended March 31, 2003, the Company originated loans of approximately $18.2 million, an increase of 82.0% over the approximately $10.9 million of loans originated in the first quarter of 2002. The majority of the growth in the loan portfolio was in the mortgage area. This growth is attributable to both the Company's emphasis on marketing these products and lower prevailing interest rates. Asset quality remained high over the same period, as non-performing loans as a percentage of total loans declined to 0.58% at March 31, 2003 from 0.83% at the prior year-end.



Total deposits increased $6.0 million or 3.1% from $194.9 million at year-end to $200.9 million at March 31, 2003.  The overall increase in deposits is attributable to increases in non-interest bearing, savings, time and money market deposits partially offset by a decrease in other interest bearing deposits. Savings deposits increased $3.4 million or 3.9% from $86.5 million at December 31, 2002 to $89.9 million at March 31, 2003 while money market accounts and time deposits increased by $476,000 and $784,000, respectively, over the same period. Non-interest bearing deposits increased $1.6 million or 6.6% from $25.0 million at December 31, 2002 to $26.7 million at March 31, 2003. Management attributes at least part of the increase in these deposits to the continued decline in the equity markets and consequent flight to safety perceived in insured deposit accounts. Other interest bearing deposits decreased $271,000 or 9.7% as the Company continued to de-emphasize these products in its marketing efforts.



Comparison of Operating Results for the Three-Month Periods Ended March 31, 2003 and 2002



General



Net income for the three months ended March 31, 2003 was $527,000 representing an increase of $60,000, or 12.8%, compared to $467,000 for the same period in 2002.  The increase in net income is comprised of a $421,000 increase in net interest income before loan loss provision and a $50,000 increase in non-interest income, which were partially offset by a $150,000 increase in the provision for loan losses, a $220,000 increase in non-interest expense and a $41,000 increase in income tax expense.



Earnings per diluted share increased 18.8% to $0.19 per diluted share in comparison to $0.16 per diluted share for the same quarter of 2002.  The increase in earnings per share was the result of both the above referenced improvement in first quarter net income and a decrease in the diluted shares outstanding. Diluted shares outstanding declined to 2,826,328 in comparison to 2,867,323 for the three months ended March 31, 2002 primarily as a result of the Company's stock repurchase program.



Interest Income



Interest income was basically unchanged at $3.8 million for both the quarter ended March 31, 2002 and the quarter ended March 31, 2003.  The $31,000 decrease in interest income was due to the continued decline in market interest rates on earning assets, partially offset by an increase in average loan balances outstanding. Average loan balances for the first quarter of 2003 were $185.5 million, an increase of $16.6 million over the outstanding loans for the first quarter of 2002. As a result of the growth in the loan portfolio, interest income on loans increased $93,000 in the quarter ended March 31, 2003 even as their average yield decreased to 7.17% in comparison to a yield of 7.65% for the same period last year. Interest income on securities declined $69,000 from $514,000 for quarter ended March 31, 2002 to $445,000 for the quarter ended March 31, 2003. Comparatively, the average balance of securities declined by $4.5 million, or 9.7% from the first quarter of 2002 to the current quarter and the tax-equivalent yield on the Company's securities dropped from 4.88% to 4.74%. Finally, interest income on federal funds sold and other interest bearing deposits declined by $55,000 to $30,000 for the quarter ended March 31, 2003 due to significantly lower average holdings and a decline in their yield from 1.72% for the quarter ended March 31, 2002 to 1.07% for the current quarter.



Interest Expense



Interest expense decreased from $1.4 million in the quarter ended March 31, 2002 to $900,000 for the current quarter.  Interest expense on deposits declined from $1.1 million for the quarter ended March 31, 2002 to $804,000 for the quarter ended March 31, 2003 reflecting a decrease in the average cost of deposits from 2.68% to 1.87% for the first quarters of 2002 and 2003, respectively. Outstanding average deposits for the quarter ended March 31, 2003 increased by $6.4 million, or 3.9%, over the same period a year earlier. The decline in the average cost of deposits was consistent with the decline in market rates. Interest expense on borrowed funds declined from $276,000 for the quarter ended March 31, 2002 to $127,000 for the quarter ended March 31, 2003 as a result of a $2.0 million decrease in average borrowings in the first quarter of 2003, as well as a 47.6% decline in the interest rate paid on such borrowings as compared to the same period last year. The decrease in borrowings is attributable to contractual principal paydowns that have been made.



Provision for Loan Losses



The Company recorded a $200,000 provision for loan losses for the three months ended March 31, 2003 in comparison to $50,000 for the same period in 2002. The increase in the provision for loan losses was necessitated by a higher level of loan charge-offs in the first quarter of 2003. Asset quality remains high with non-performing loans as a percent of loans of .58% and the allowance for loan losses as a percent of non-performing loans of 154.9% at March 31, 2003.



In determining the appropriate provision for loan losses, management considers the level of and trend in non-performing loans, the level of and trend in net loan charge-offs, the dollar amount and mix of the loan portfolio, as well as general economic conditions and real estate trends in the Company's market area, which can impact the inherent risk of loss in the Company's loan portfolio.



Non-Interest Income and Non-Interest Expense



Non-interest income increased by 23.5% to $263,000 in the first quarter of 2002, primarily due to a $17,000 increase in transaction account fees and $35,000 of gains on loan sales. Non-interest expense increased by $220,000 in the first quarter of the current year compared to the same period in 2002.  This majority of this variance was the result of a $187,000 increase in salaries and employee benefits. This higher expense was principally the result of increases in the cost of the Company's retirement benefit plans, as well as increased staffing levels.,(32 k legal, 32 K ATM fees, 15K audits and consulting) Income tax expense for the first quarter of 2003 increased by $41,000, reflecting the higher level of pre-tax earnings in the current year to date.







Liquidity and Capital Resources



The Company's primary sources of funds consist of deposits, scheduled amortization and prepayments of loans and mortgage-backed securities, maturities of investments, interest bearing deposits at other financial institutions and funds provided from operations.  The Bank also has a written agreement with the Federal Home Loan Bank of New York that allows it to borrow up to $22.6 million.  At March 31, 2003, the Bank had no outstanding borrowings on this line of credit, but did have outstanding advances and an amortizing note totaling $14.3 million.



Loan repayments and maturing investment securities are a relatively predictable source of funds. However, deposit flows, calls of investment securities, and prepayments of loans and mortgage-backed securities are strongly influenced by interest rates, general and local economic conditions, and competition in the marketplace.  These factors reduce the predictability of the timing of these sources of funds.



The Company's primary investing activities include the origination of loans and to a lesser extent the purchase of investment securities.  For the three-month period ended March 31, 2003, the Company originated loans of approximately $18.2 million, an increase of 82.0% over the approximately $10.9 million of loans originated in the three-month period ended March 31, 2002.  Purchases of securities were $287,000 for the three-month period ending March 31, 2003 and $3.7 million for the same period in 2002.



At March 31, 2003, the Company had loan commitments to borrowers of approximately $11.5 million, and available letters and lines of credit of approximately $7.4 million.



Time deposit accounts scheduled to mature within one year were $50.2 million at March 31, 2003.  Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of these time deposits will remain with the Company.  We are committed to maintaining a strong liquidity position; therefore, the Company monitors its liquidity position on a daily basis.  The Company anticipates that it will have sufficient funds to meet its current funding commitments.  The marginal cost of new funding however, whether from deposits or borrowings from the Federal Home Loan Bank, will be carefully considered as the Company monitors its liquidity needs.  Therefore, in order to minimize its cost of funds, the Company may consider additional borrowings from the Federal Home Loan Bank in the future.



At March 31, 2003, the Company and the Bank exceeded each of the applicable regulatory capital requirements.  The Company's and the Bank's leverage (Tier 1) capital at March 31, 2003 was $37.7 million and $34.5 million, respectively, or 14.97% and 13.74% of average assets, respectively. In order to be classified as "well-capitalized" by the FDIC, the Bank is required to have leverage (Tier 1) capital of $12.5 million, or 5.0% of average assets. To be classified as a well-capitalized bank by the FDIC, the Bank must also have a total risk-based capital ratio of 10.0%. At March 31, 2003, the Bank had a total risk-based capital ratio of 19.35%.



The Company paid cash dividends of $0.11 and $0.09 per share during the three-month periods ended March 31, 2003 and 2002, respectively.  During the three-month period ended March 31, 2003, the Company repurchased 5,000 shares of common stock at a cost of $129,000.



The Company does not anticipate any material capital expenditures, nor does it have any balloon or other payments due on any long-term obligations or any off-balance sheet items other than the commitments and unused lines of credit noted above.





Item 3.  Controls and Procedures



During the 90-day period prior to the filing date of this report, management, including the Company's President and Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures.  Based upon, and as of the date of that evaluation, the President and Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective, in all material respects, to ensure that information required to be disclosed in the reports the Company files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required.

There have been no significant changes in the Company's internal controls or in other factors  which could significantly affect internal controls subsequent to the date the Company carried out its evaluation.  There were no significant deficiencies or material weaknesses identified in the evaluation and therefore, no corrective actions were taken.













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



None.



Item 5.	Other Information



The Company's Chief Executive Officer and Chief Financial Officer have furnished statements relating to its Form 10-QSB for the quarter ended March 31, 2003 pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. The statements are attached hereto as Exhibits 99.1 and 99.2.

Item 6.	Exhibits and Reports on Form 8-K



1. Exhibits:
2. Reports on Form 8-K.

None.





SIGNATURES



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



Rome Bancorp, Inc.



|Name                                  |  | Title                                                                                      | Date       
|------------------------------------- |  | ------------------------------------------------------------------------------------------ | -----------
|/s/Charles M. SprockCharles M. Sprock |  | Chairman of the Board, President and Chief Executive Officer
(Principal Executive Officer) | May 8, 2003
|/s/David C. Nolan
David C. Nolan      |  | Treasurer and Chief Financial Officer (Principal Financial Officer)                        | May 8, 2003
|                                      |  |                                                                                            |            
|                                      |  |                                                                                            |            
|                                      |  |                                                                                            |            
|                                      |  |                                                                                            |            
|                                      |  |                                                                                            |            
|                                      |  |                                                                                            |            
|                                      |  |                                                                                            |            





Rome Bancorp, Inc

Form 10-QSB

For the quarter ended March 31, 2003



Statement furnished pursuant to Section 302 of the 
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350

I, Charles M. Sprock, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Rome Bancorp, Inc.
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

May 3, 2003						/s/Charles M. SprockDated							Charles M. Sprock







Rome Bancorp, Inc

Form 10-QSB

For the quarter ended March 31, 2003



Statement furnished pursuant to Section 302 of the 
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350

I, David C. Nolan, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Rome Bancorp, Inc.;
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.



May 8, 2003						/s/David C. Nolan 
Dated							David C. Nolan









Rome Bancorp, Inc

Form 10-QSB

For the quarter ended March 31, 2003



EXHIBIT 99.1





Statement furnished pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350



The undersigned, Charles M. Sprock, is the Chief Executive Officer of Rome Bancorp, Inc. (the "Company").

This statement is being furnished in connection with the filing by the Company of the Company's Quarterly Report on Form 10-QSB for the quarter ended March 31, 2003 (the "Report").

By execution of this statement, I certify that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and
2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.
3. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and
4. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.

This statement is authorized to be attached as an exhibit to the Report so that this statement will accompany the Report at such time as the Report is filed with the Securities and Exchange Commission, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.  It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

May 8, 2003						/s/David C. Nolan 
Dated							David C. Nolan