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 September 30, 2002

[  ] 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	November 12, 2002

Common Stock, par value $.01 			       2,753,164

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



ROME BANCORP, INC.

FORM 10-QSB FOR THE QUARTER ENDED 	SEPTEMBER 30, 2002



TABLE OF CONTENTS

|        |                       |                                                                          | PAGE
|------- | --------------------- | ------------------------------------------------------------------------ | ----
|        |                       |                                                                          |     
|PART I  | FINANCIAL INFORMATION | 3                                                                       
|        |                       |                                                                          |     
|        | ITEM 1.               | FINANCIAL STATEMENTS                                                     | 3   
|        | ITEM 2.               | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL                        |     
|        |                       | CONDITION AND RESULTS OF OPERATIONS                                      | 10  
|        | ITEM 3.               | CONTROLS AND PROCEDURES                                                  | 15  
|        |                       |                                                                          |     
|PART II | OTHER INFORMATION     | 16                                                                      
|        |                       |                                                                          |     
|        | ITEM 1.               | LEGAL PROCEEDINGS                                                        | 16  
|        | ITEM 2.               | CHANGES IN SECURITIES AND USE OF PROCEEDS                                | 16  
|        | ITEM 3.               | DEFAULTS UPON SENIOR SECURITIES                                          | 16  
|        | ITEM 4.               | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                      | 16  
|        | ITEM 5.               | OTHER INFORMATION                                                        | 16  
|        | ITEM 6.               | EXHIBITS AND REPORTS ON FORM 8-K                                         | 16  
|        |                       |                                                                          |     
|        |                       | SIGNATURES                                                               | 17  
|        |                       | CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 | 18  

PART I  FINANCIAL INFORMATION

Item 1.  Financial Statements

ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheet

September 30, 2002 and December 31, 2001

(in thousands, except share data)

|                                                             |                                                                    |                                                                      |                                           
|------------------------------------------------------------ | ------------------------------------------------------------------ | -------------------------------------------------------------------- | ------------------------------------------
|                                                             |                                                                    |                                                                      |                                           
|                                                             |                                                                    |                                                                      |                                           
|                                                             |                                                                    |                                                                      |                                           
|Assets                                                       |                                                                    |                                                                      |                                           
|                                                             |                                                                    |                                                                      |                                           
|Cash and due from banks                                      | $          5,311                                                   |                                                                      | $              6,027                      
|Federal funds sold and other short-term investments          | 11,956                                                             |                                                                      | 17,895                                    
|                                                             | Total cash and cash equivalents                                    | 17,267                                                               |                                           
|Securities available for sale, at fair value                 | 41,597                                                             |                                                                      | 45,243                                    
|Securities held to maturity (fair value of $2,975 and $1,811 |                                                                    |                                                                      |                                           
|                                                             | at September 30, 2002 and December 31, 2001, respectively)         | 2,855                                                                |                                           
|Loans                                                        |                                                                    |                                                                      | 181,773                                   
|                                                             | Less: Allowance for loan loss                                      | 1,662                                                                |                                           
|                                                             |                                                                    | Net loans                                                            | 180,111                                   
|Premises and equipment, net                                  | 3,266                                                              |                                                                      | 3,195                                     
|Accrued interest receivable                                  | 1,527                                                              |                                                                      | 1,524                                     
|Other assets                                                 | 4,686                                                              |                                                                      | 4,220                                     
|                                                             |                                                                    | Total assets                                                         | $      251,309                            
|                                                             |                                                                    |                                                                      |                                           
|Liabilities & Equity                                         |                                                                    |                                                                      |                                           
|                                                             |                                                                    |                                                                      |                                           
|Liabilities                                                  |                                                                    |                                                                      |                                           
|                                                             | Deposits:                                                          |                                                                      |                                           
|                                                             |                                                                    | Non-interest bearing                                                 | $       27,034                            
|                                                             |                                                                    | Savings                                                              | 85,168                                    
|                                                             |                                                                    | Money market                                                         | 8,107                                     
|                                                             |                                                                    | Time                                                                 | 73,672                                    
|                                                             |                                                                    | Other interest bearing                                               | 2,365                                     
|                                                             |                                                                    |                                                                      | Total deposits                            
|                                                             | Due to broker                                                      | -                                                                    |                                           
|                                                             | Borrowings                                                         | 15,045                                                               |                                           
|                                                             | Other liabilities                                                  | 4,203                                                                |                                           
|                                                             |                                                                    |                                                                      | Total liabilities                         
|                                                             |                                                                    |                                                                      |                                           
|Shareholders' equity                                         |                                                                    |                                                                      |                                           
|                                                             | Common Stock, $.01 par value; authorized: 5,000,000 shares;        |                                                                      |                                           
|                                                             |                                                                    | issued: 3,400,776 shares; outstanding 2,880,933 shares at            |                                           
|                                                             |                                                                    | September 30, 2002 and 2,948,845 shares at December 31, 2001         | 34                                        
|                                                             | Additional paid-in capital                                         | 10,361                                                               |                                           
|                                                             | Retained earnings                                                  | 32,750                                                               |                                           
|                                                             | Treasury stock, at cost (519,843 shares at September 30, 2002 and  |                                                                      |                                           
|                                                             |                                                                    | 451,931 shares at December 31, 2001)                                 | (6,843)                                   
|                                                             | Accumulated other comprehensive income                             | 257                                                                  |                                           
|                                                             | Unallocated shares of employee stock ownership plan (ESOP); 99,983 |                                                                      |                                           
|                                                             |                                                                    | shares at September 30, 2002 and 106,649 shares at December 31, 2001 | (700)                                     
|                                                             | Unearned compensation                                              | (144)                                                                |                                           
|                                                             |                                                                    |                                                                      | 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 and Nine months Ended September 30, 2002 and 2001

(in thousands, except  share data)

(unaudited)

|                           |                                   |                                                     | For the three months ended |        | For the nine months ended
|-------------------------- | --------------------------------- | --------------------------------------------------- | -------------------------- | ------ | -------------------------
|                           |                                   |                                                     | September 30,              |        | September 30,            
|                           |                                   |                                                     | 2002                       |        | 2001                     
|Interest income:           |                                   |                                                     |                            |        |                          
|                           | Loans                             | $3,314                                              |                            | $3,387 |                          
|                           | Securities                        | 489                                                 |                            | 610    |                          
|                           | Other short-term investments      | 66                                                  |                            | 162    |                          
|                           |                                   | Total interest income                               | 3,869                      |        | 4,159                    
|                           |                                   |                                                     |                            |        |                          
|Interest expense:          |                                   |                                                     |                            |        |                          
|                           | Deposits                          | 1,021                                               |                            | 1,476  |                          
|                           | Borrowings                        | 259                                                 |                            | 308    |                          
|                           |                                   | Total interest expense                              | 1,280                      |        | 1,784                    
|                           |                                   |                                                     |                            |        |                          
|                           |                                   | Net interest income                                 | 2,589                      |        | 2,375                    
|                           |                                   |                                                     |                            |        |                          
|Provision for loan losses  | 100                               |                                                     | 125                        |        | 200                      
|                           |                                   | Net interest income after provision for loan losses | 2,489                      |        | 2,250                    
|                           |                                   |                                                     |                            |        |                          
|Non-interest income:       |                                   |                                                     |                            |        |                          
|                           |                                   | Net gain on securities transactions                 | -                          |        | -                        
|                           |                                   | Other                                               | 271                        |        | 258                      
|Total non-interest income  | 271                               |                                                     | 258                        |        | 893                      
|                           |                                   |                                                     |                            |        |                          
|                           |                                   |                                                     |                            |        |                          
|Non-interest expense:      |                                   |                                                     |                            |        |                          
|                           | Salaries and employee benefits    | 1,066                                               |                            | 874    |                          
|                           | Building, occupancy and equipment | 324                                                 |                            | 311    |                          
|                           | Other                             | 598                                                 |                            | 573    |                          
|                           |                                   | Total non-interest expense                          | 1,988                      |        | 1,758                    
|                           |                                   |                                                     |                            |        |                          
|                           |                                   |                                                     |                            |        |                          
|                           |                                   | Income before income tax expense                    | 772                        |        | 750                      
|Income tax expense         | 257                               |                                                     | 257                        |        | 839                      
|                           |                                   | Net income                                          | $     515                  |        | $         493            
|                           |                                   |                                                     |                            |        |                          
|Basic earnings per share   | $      .19                        |                                                     | $        0.17              |        | $       .61              
|Diluted earnings per share | $      .18                        |                                                     | $        0.16              |        | $       .59              



See accompanying notes to unaudited condensed consolidated financial statements.

ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statement of Shareholders

For the Nine months Ended September 30, 2002

( in thousands, except 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, 2001                     | $                34               |                            | $    10,331 |    | $  31,816  |       | $  (5,335)  |   | $  448   |       | $  (747)      |    | $  (183)    |   | $  36,364   
|Comprehensive income:                             |                                   |                            |             |    |            |       |             |   |          |       |               |    |             |   |             
|                                                  | Net income                        | -                          |             | -  |            | 1,695 |             | - |          | -     |               | -  |             | - |              | 1,695
|                                                  | Other comprehensive income (loss) | -                          |             | -  |            | -     |             | - |          | (191) |               | -  |             | - |              | (191)
|                                                  |                                   | Total comprehensive income |             |    |            |       |             |   |          |       |               |    |             |   |              |       | 1,504
|Purchase of 78,688 treasury shares                | -                                 |                            | -           |    | -          |       | (1,637)     |   | -        |       | -             |    | -           |   | (1,637)     
|Exercise of stock options and related tax benefit | -                                 |                            | (25)        |    | -          |       | 129         |   | -        |       | -             |    | -           |   | 104         
|Amortization of Unearned Compensation             | -                                 |                            | -           |    | -          |       | -           |   | -        |       | -             |    | 39          |   | 39          
|Dividends paid ($0.25 per share)                  | -                                 |                            | -           |    | (761)      |       | -           |   | -        |       | -             |    | -           |   | (761)       
|ESOP shares released for                          |                                   |                            |             |    |            |       |             |   |          |       |               |    |             |   |             
|                                                  | allocation (6,666 shares)         | -                          |             | 55 |            |       |             | - |          |       |               | 47 |             | - |              | 102  
|                                                  |                                   |                            |             |    |            |       |             |   |          |       |               |    |             |   |              |       |      
|Balances at September 30, 2002                    | $                34               |                            | $    10,361 |    | $   32,750 |       | $   (6,843) |   | $   257  |       | $  (700)      |    | $  (144)    |   | $   35,715  
|                                                  |                                   |                            |             |    |            |       |             |   |          |       |               |    |             |   |             







See accompanying notes to unaudited condensed consolidated financial statements.



























































ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2002 and 2001

(unaudited) ( in thousands)

|                                                     |                                                      |                                   |                                                    |                                           |            |                |         | 2002      |  | 2001
|---------------------------------------------------- | ---------------------------------------------------- | --------------------------------- | -------------------------------------------------- | ----------------------------------------- | ---------- | -------------- | ------- | --------- |  | ----
|Cash flows from operating activities:                |                                                      |                                   |                                                    |                                           |            |               
|                                                     | Net income                                           |                                   |                                                    |                                           |            | $        1,695 |         | $   1,608
|                                                     | Adjustments to reconcile net income to net cash      |                                   |                                                    |                                           |           
|                                                     |                                                      | provided by operating activities: |                                                    |                                           |            |                |        
|                                                     |                                                      |                                   | Depreciation and amortization                      |                                           |            | 273            |         | 304      
|                                                     |                                                      |                                   | (Decrease) increase in accrued interest receivable | (3)                                       |            | 17            
|                                                     |                                                      |                                   | Net gain on securities transactions                | (132)                                     |            | -             
|                                                     |                                                      |                                   | Provision for loan losses                          | 200                                       |            | 125           
|                                                     |                                                      |                                   | Net gains  on sales of real estate owned           | (12)                                      |            | (5)           
|                                                     |                                                      |                                   | Net (accretion) amortization on securities         |                                           | 26         |                | (30)   
|                                                     |                                                      |                                   | Increase in other liabilities                      |                                           | 138        |                | 112    
|                                                     |                                                      |                                   | Decrease (increase) in other assets                |                                           |            | (339)          |         | 129      
|                                                     |                                                      |                                   | Allocation of ESOP shares                          |                                           |            | 101            |         | 77       
|                                                     |                                                      |                                   | Amortization of Unearned Compensation              |                                           | 39         |                | 39     
|                                                     |                                                      |                                   | Tax benefit from exercise of stock options         |                                           | 28         |                | 17     
|                                                     |                                                      |                                   |                                                    |                                           |            |                |         |           |  |     
|                                                     |                                                      |                                   |                                                    | Net cash provided by operating activities |            | 2,014          |         | 2,393    
|                                                     |                                                      |                                   |                                                    |                                           |            |                |         |           |  |     
|Cash flows from investing activities:                |                                                      |                                   |                                                    |                                           |            |               
|                                                     | Net increase in loans                                |                                   |                                                    |                                           | (13,013)   |                | (4,125)
|                                                     | Proceeds from sale of education loans                |                                   | 180                                                |                                           | 64        
|                                                     | Proceeds from sales of securities available for sale |                                   | 3,313                                              |                                           | -         
|                                                     | Proceeds from maturities and principal reductions of |                                   |                                                    |                                           |           
|                                                     |                                                      | securities available for sale     |                                                    |                                           |            | 4,494          |         | 12,710   
|                                                     | Purchases of securities available for sale           |                                   |                                                    | (5,418)                                   |            | (17,767)      
|                                                     | Purchases of securities held to maturity             |                                   |                                                    | (2,934)                                   |            | -             
|                                                     | Proceeds from maturities and principal reductions of |                                   |                                                    |                                           |           
|                                                     |                                                      | securities held to maturity       |                                                    |                                           |            | 1,792          |         | 87       
|                                                     | Redemption of Federal Home Loan Bank Stock           |                                   | 123                                                |                                           | -         
|                                                     | Proceeds from sales of real estate owned             |                                   |                                                    | 141                                       |            | 50            
|                                                     | Additions to premises and equipment                  |                                   |                                                    | (343)                                     |            | (144)         
|                                                     |                                                      |                                   |                                                    |                                           |            |                |         |           |  |     
|                                                     |                                                      |                                   |                                                    | Net cash used in investing activities     | (11,665)   |                | (9,125)
|                                                     |                                                      |                                   |                                                    |                                           |            |                |         |           |  |     
|Cash flows from financing activities:                |                                                      |                                   |                                                    |                                           |            |               
|                                                     | Increase (decrease) in time deposits                 |                                   |                                                    | (440)                                     |            | 1,539         
|                                                     | Increase in other deposits                           |                                   |                                                    |                                           | 7,571      |                | 5,049  
|                                                     | Repayments of borrowings                             |                                   |                                                    |                                           | (1,812)    |                | (1,694)
|                                                     | Purchase of treasury stock                           |                                   |                                                    |                                           | (1,637)    |                | (3,343)
|                                                     | Dividends                                            |                                   |                                                    |                                           |            | (761)          |         | (640)    
|                                                     | Exercise of stock options                            |                                   |                                                    | 75                                        |            | 49            
|                                                     |                                                      |                                   |                                                    |                                           |            |                |         |           |  |     
|                                                     |                                                      |                                   |                                                    | Net cash provided by financing activities |            | 2,996          |         | 960      
|                                                     |                                                      |                                   |                                                    |                                           |            |                |         |           |  |     
|Net increase (decrease) in cash and cash equivalents |                                                      | (6,655)                           |                                                    | (5,772)                                  
|Cash and cash equivalents at beginning of period     |                                                      |                                   | 23,922                                             |                                           | 20,800    
|                                                     |                                                      |                                   |                                                    |                                           |            |                |         |           |  |     
|Cash and cash equivalents at end of period           |                                                      |                                   | $   17,267                                         |                                           | $   15,028

See accompanying notes to unaudited condensed consolidated financial statements.





ROME BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

For the Nine months Ended September 30, 2002 and 2001

(unaudited, in thousands)







|                                                  |                                        |  | 2002 |                 | 2001 
|------------------------------------------------- | -------------------------------------- |  | ---- | --------------- | -----
|Supplemental disclosure of cash flow information: |                                        |  |      |                 |      
|                                                  | Non-cash investing activities:         |  |      |                 |      
|                                                  | Transfer of loans to real estate owned |  |      | $           129 |      
|                                                  | Cash paid during the period for:       |  |      |                 |      
|                                                  | Interest                               |  |      |                 | 3,971
|                                                  | Income taxes                           |  |      |                 | 811  







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 September 30, 2002 and December 31, 2001 and for the three-month and nine-month periods ended September 30, 2002 and 2001. 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, 2001 was derived from the Company's 2001 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 2001 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 and nine-month periods ended September 30, 2002 and 2001 (in thousands, except share data):

Three months ended 	               Nine months ended

September 30                 September 30



|                                            | 2002     | 2001   | 2002      | 2001    
|------------------------------------------- | -------- | ------ | --------- | --------
|Basic earnings per share:                   |          |        |           |         
|Income available to common shareholders     | $   515  | $  493 | $   1,695 | $  1,608
|Weighted average basic shares outstanding   | 2,775    | 2,966  | 2,782     | 2,985   
|                                            |          |        |           |         
|Basic earnings per share                    | $   0.19 | $ 0.17 | $   0.61  | $  0.54 
|                                            |          |        |           |         
|Diluted earnings per share:                 |          |        |           |         
|Income available to common shareholders     | $   515  | $  493 | $   1,695 | $  1,608
|Weighted average basic shares outstanding   | 2,775    | 2,966  | 2,782     | 2,985   
|Effect of dilutive securities:              |          |        |           |         
|Stock options                               | 70       | 56     | 66        | 52      
|Unearned compensation                       | 9        | 9      | 10        | 9       
|Weighted average diluted shares outstanding | 2,854    | 3,031  | 2,858     | 3,046   
|                                            |          |        |           |         
|Diluted earnings per share                  | $   0.18 | $ 0.16 | $   0.59  | $  0.53 

1. Other comprehensive Income (Loss)
2. Recent Accounting Pronouncements



The Company adopted Statement of Financial Accounting Standards (SFAS) No. 142 on January 1, 2002.  SFAS No.142 requires that goodwill and intangible assets with indefinite useful lives no longer be amortized, but instead tested for impairment at least annually in accordance with the provisions of SFAS No. 142.  SFAS No. 142 requires that intangible assets with definite useful lives be amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually. As of January 1, 2002, the Company had no unamortized goodwill or acquired intangibles; therefore, there was no impact of adopting these statements 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 September 30, 2002 and December 31, 2001:



Total assets at September 30, 2002 were $251.3 million, an increase of $3.9 million from $247.4 million at December 31, 2001.  Cash and federal funds decreased by $6.7 million, or 28.0%, over the first nine months of 2002. Total securities decreased $2.5 million from $47.0 million at December 31, 2001 to $44.5 million at September 30, 2002.  The decrease in cash, federal funds and securities was attributable to the increase in the Bank's loan portfolio, which has grown by $12.6 million or 7.4% since the end of 2001. This growth is primarily in the area of residential mortgage lending.







Total deposits increased $7.1 million or 3.8% from $189.2 million at year-end to $196.3 million at September 30, 2002.  The overall increase in deposits is attributable to an increase in non-interest bearing, savings and money market deposits partially offset by a decrease in time and other interest bearing deposits. Savings deposits increased $4.4 million or 5.4% from $80.8 million at December 31, 2001 to $85.2 million at September 30, 2002 while money market accounts increased $1.4 million or 20.9% from $6.7 million at December 31, 2001 to $8.1 million at September 30, 2002.  Management attributes at least part of the increase in savings and money market deposits to the continued decline in the equity markets and consequent flight to safety perceived in insured deposit accounts.  Non-interest bearing deposits increased $2.1 million or 8.5% from $24.9 million at December 31, 2001 to $27.0 million at September 30, 2002 primarily as a result of the Company's marketing efforts.  Time deposits decreased $440,000 or .6% to $73.7 million while other interest bearing deposits decreased $385,000 or 14.0% to $2.4 million as the Company de-emphasized these products in its marketing efforts due to their higher cost.



Comparison of Operating Results for the Three-Month Periods Ended September 30, 2002 and 2001



General



Net income for the three-months ended September 30, 2002 was $515,000 or $0.18 per diluted share, representing an increase of $22,000, or 4.5%, compared to $493,000 or $0.16 per diluted share for the same period in 2001.  The increase in net income is made up of a $214,000 increase in net-interest income before loan loss provision, a $13,000 increase in non-interest income and a $25,000 decrease in the provision for loan losses partially offset by a $230,000 increase in non-interest expense.  The increase in net interest income was caused by a $504,000 decrease in total interest expense, partially offset by a $289,000 decrease in total interest income.



Earnings per share increased 12.5% to $0.18 per diluted share in comparison to $0.16 per diluted share for the same quarter of 2001.  The increase in earnings per share was the result of both the improvement in net income for the Company for the third quarter of 2002 in comparison to the same period a year earlier and a decrease in the weighted average number of shares outstanding. Weighted average outstanding shares declined to 2,854,000 in comparison to 3,031,000 for the three months ended September 30, 2001 primarily as a result of the Company's stock repurchase program.



Interest Income



Interest income decreased from $4.2 million for the quarter ended September 30, 2001 to $3.9 million for the quarter ended September 30, 2002.  The decrease in interest income was principally due to the continued decline in market interest rates.  Interest income on loans decreased $73,000 in the quarter ended September 30, 2002 reflecting a decrease in their average yield to 7.53% for the quarter ended September 30, 2002 in comparison to 8.09% for the quarter ended September 30, 2001. The yield decline on the loan portfolio was somewhat mitigated by an increase in average loan balances outstanding of $8.6 million, or 5.1%, over the third quarter of 2001.  Similarly, interest income on securities declined $121,000 from $610,000 for quarter ended September 30, 2001 to $489,000 for the quarter ended September 30, 2002 as their tax-equivalent yield dropped from 5.63% to 4.84% over the same period. Finally, interest income on federal funds sold and other interest bearing deposits declined by $96,000 to $66,000 for the quarter ended September 30, 2002 due to lower average holdings as well as decline in their yield from 3.17% for the quarter ended September 30, 2001 to 1.63% for the current quarter.



Interest Expense



Interest expense decreased from $1.8 million in the quarter ended September 30, 2001 to $1.3 million for the current quarter.  Interest expense on deposits declined from $1.5 million for the quarter ended September 30, 2001 to $1.0 million for the quarter ended September 30, 2002 reflecting a decrease in their average cost from 3.61% to 2.42% for the third quarters of 2001 and 2002, respectively. Outstanding average deposits for the quarter ended September 30, 2002 increased by $7.9 million, or 4.2%, over the same period a year earlier. The decline in the average cost of deposits was consistent with the aforementioned decline in market rates. Interest expense on borrowed funds declined from $308,000 for the quarter ended September 30, 2001 to $259,000 for the quarter ended September 30, 2002 as a result of a $3.0 million decrease in average borrowings in the third quarter of 2002 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 $100,000 provision for loan losses for the three months ended September 30, 2002 in comparison to $125,000 for the same period in 2001. The allowance for loan losses has increased to .91% of total loans at September 30, 2002, from .84% at the same date last year. Asset quality remains high with non-performing loans as a percent of loans of .57% and the allowance for loan losses as a percent of non-performing loans of 160.0% at September 30, 2002.



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 5.0% to $271,000 in the third quarter of 2002, primarily due to an increase in transaction account fees. Non-interest expense increased by $230,000 in the third quarter of the current year compared to the same period in 2001.  This majority of this variance was the result of a $192,000 increase in salaries and employee benefits. This higher expense was principally the result of increases in the cost of the Company's defined benefit plan and employee stock ownership plan (ESOP), as well as increased staffing levels.,(32 k legal, 32 K ATM fees, 15K audits and consulting)













Comparison of Operating Results for the Nine-Month Periods Ended September 30, 2002 and 2001



General



Net income for the Company for the nine-month period ended September 30, 2002 was $1,695,000 million or $0.59 per diluted share, an increase of 6.0% over 2001 year to date net income of $1,608,000 or $0.53 per diluted share.  This increase is attributable to a $475,000 increase in net interest income prior to loan loss provision and an increase of $132,000 in non-interest income which were partially offset by additional loan loss provision of $75,000, increased non-interest expense of $403,000 and additional income tax expense of $42,000.  The increase in net interest income was caused by a $1.6 million decrease in total interest expense offset by an $1.1 million decrease in total interest income.  Diluted earnings per share increased by 11.3% due to both the aforementioned increase in net income and a decrease in weighted average outstanding shares.



Interest Income



Interest income decreased from $12.7 million for the nine-month period ended September 30, 2001 to $11.6 million in the nine-month period ended September 30, 2002.  The decrease in interest income is the result of lower prevailing interest rates throughout 2002, as compared to the prior year.  Average loans increased from $167.3 million for the nine-month period ended September 30, 2001 to $173.3 million for the same period in 2002, primarily due to growth in the residential lending area. Interest income on securities decreased $290,000 from September 30, 2001 to $1.6 million for the nine-month period ended September 30, 2002 primarily due to a decrease in the yield earned on these investments from 5.63% in 2001 to 4.95% this year.  Interest income on federal funds dropped from $623,000 for the nine months ended September 30, 2001 to $222,000 for the comparable period in 2002 as a result of a decrease in yields from 4.36% to 1.68% over the two periods and a $1.5 million decline in average balance outstanding.



Interest Expense



Interest expense decreased by 28.6% from $5.6 million for the nine-month period ended September 30, 2001 to $4.0 million for the nine-month period ended September 30, 2002. This decrease is almost entirely driven by a decline in the cost of deposits and borrowings from 4.14% for the first nine months of 2001 to 2.90% for the same period of 2002. The average balance of interest-bearing deposits grew to $167.0 million at September 30, 2002 from $161.3 million a year ago as investors continued to gravitate to these products over equity markets. Average borrowed funds declined from $18.7 million to $15.9 million, reflecting contractual debt principal payments.

Provision for Loan Losses



The Company recorded a $200,000 provision for loan losses in the nine-month periods ended September 30, 2002 as compared to a provision of $125,000 in the first nine months of 2001.



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



The increase in non-interest income of $132,000 for the first nine-months of 2002, is due to gains on sales of securities sold totaling $132,000.

The increase in non-interest expense was primarily attributable to an increase of $405,000 in wages and benefits from $2.7 million for the nine-month period ended September 30, 2001 to $3.1 million for the same period of 2002. This higher expense was principally the result of increases in the cost of the Company's defined benefit plan and employee stock ownership plan (ESOP), as well as increased staffing levels.,(32 k legal, 32 K ATM fees, 15K audits and consulting)



Income Tax Expense

Income tax expense increased to $839,000 for the nine-month period ended September 30, 2002 from $797,000 for the nine-month period ended September 30, 2001, due to increased profitability in 2002.



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 September 30, 2002, the Bank had no outstanding borrowings on this line of credit, but did have outstanding advances and an amortizing note totaling $15.0 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 September 30, 2002, the Company originated loans of approximately $12.5 million, an increase of 14.7% over the approximately $10.9 million of loans originated in the three-month period ended September 30, 2001.  Purchases of securities were $600,000 for the three-month period ending September 30, 2002 and $10.6 million for the same period in 2001.



At September 30, 2002, the Company had loan commitments to borrowers of approximately $9.4 million, and available letters and lines of credit of approximately $6.9 million.  Total deposits were $196.3 million at September 30, 2002, an increase of $6.5 million from $189.8 million at September 30, 2001.



Time deposit accounts scheduled to mature within one year were $53.7 million at September 30, 2002.  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 September 30, 2002, 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 September 30, 2002 was $35.2 million and $33.6 million, respectively, or 14.7% and 13.5% 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 September 30, 2002, the Bank had a total risk-based capital ratio of 19.6%.



The Company paid cash dividends of $0.09 and $.07 per share during the three-month periods ended September 30, 2002 and 2001, respectively.  During the three-month period ended September 30, 2002, the Company repurchased 37,400 shares of common stock at a cost of $884,000.



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 4.  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 September 30, 2002 pursuant to 18 U.S.C. section 1350, as adopted to section and 906 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: Exhibit 99.1 Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 Of The Sarbanes-Oxley Act of 2002 and Exhibit 99.2 Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 Of The Sarbanes-Oxley Act of 2002
2. Reports on Form 8-K.

None.





SIGNATURES



In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



Rome Bancorp, Inc.



By: /s/Charles M. Sprock

President, Chairman of the Board and

Chief Executive Officer



In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



|Name                                  |  | Title                                                                                      | Date             
|------------------------------------- |  | ------------------------------------------------------------------------------------------ | -----------------
|/s/Charles M. SprockCharles M. Sprock |  | Chairman of the Board, President and Chief Executive Officer
(Principal Executive Officer) | November 13, 2002
|/s/David C. Nolan
David C. Nolan      |  | Treasurer and Chief Financial Officer (Principal Financial Officer)                        | November 13, 2002
|                                      |  |                                                                                            |                  
|                                      |  |                                                                                            |                  
|                                      |  |                                                                                            |                  
|                                      |  |                                                                                            |                  
|                                      |  |                                                                                            |                  
|                                      |  |                                                                                            |                  
|                                      |  |                                                                                            |                  





Rome Bancorp, Inc

Form 10-QSB

For the quarter ended September 30, 2002



Statement furnished pursuant to Section 302 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 September 30, 2002 (the "Report").

By execution of this statement, I 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 we 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.

November 13, 2002					/s/Charles M. SprockDated							Charles M. Sprock







Rome Bancorp, Inc

Form 10-QSB

For the quarter ended September 30, 2002



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

The undersigned, David C. Nolan, is the Chief Financial 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 September 30, 2002 (the "Report").

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 we 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.



November 13, 2002					/s/David C. Nolan 
Dated							David C. Nolan











Rome Bancorp, Inc

Form 10-QSB

For the quarter ended September 30, 2002



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 September 30, 2002 (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.

November 13, 2002					/s/David C. Nolan 
Dated							David C. Nolan