UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-QSB
(Mark One)

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


                  For the quarterly period ended September 30, 2000
                ---------------------------------------------------

                                       OR

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


         For the transition period from           to
                                       -----------   -------------

                         Commission File Number 0-26681
                                                -------

                              PULASKI BANCORP, INC.
--------------------------------------------------------------------------------
        (Exact name of Small Business issuer as specified in its charter)

   FEDERALLY-CHARTERED                                       22-3652847
--------------------------------------------------------------------------------
(State or other jurisdiction of                           (I.R.S. Employer
 incorporation or organization)                           Identification Number)

130 Mountain Avenue, Springfield, New Jersey                     07081
--------------------------------------------------------------------------------
(Address of principal executive offices)                       (Zip Code)


Issuer's telephone number, including area code           973-564-9000
                                                         ------------

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

      As of November 2, 2000,  1,946,845  common  shares,  $.01 par value,  were
outstanding.

Transitional Small Business Disclosure Format (check one):    Yes      No    X
                                                                 -----     ----
<PAGE>
                      PULASKI BANCORP, INC. AND SUBSIDIARY


                                      INDEX


                                                                           Page
                                                                          Number
                                                                          ------

PART I        FINANCIAL INFORMATION


              Item 1. Financial Statements

              Consolidated Statements of Financial Condition as of
              September 30, 2000 and December 31, 1999 (Unaudited)           1

              Consolidated Statements of Income for the Nine and
              Three Months Ended September 30, 2000 and 1999 (Unaudited)     2

              Consolidated Statements of Comprehensive Income for the
              Nine and Three Months Ended September 30, 2000 and 1999        3
              (Unaudited)

              Consolidated Statements of Cash Flows for the Nine
              Months Ended September 30, 2000 and 1999 (Unaudited)        4 - 5

              Notes to Consolidated Financial Statements                    6

              Item 2. Management's Discussion and Analysis of Financial
                        Condition and Results of Operations               7 - 12


PART II       OTHER INFORMATION


              Item 1.   Legal Proceedings                                     13
              Item 2.   Changes in Securities and Use of Proceeds             13
              Item 3.   Defaults Upon Senior Securities                       13
              Item 4    Submission of Matters to a Vote of Security Holders   13
              Item 5.   Other Information                                     13
              Item 6.   Exhibits and Reports on Form 8-K                      13

SIGNATURES                                                                    14
<PAGE>
<TABLE>
<CAPTION>
                                     PULASKI BANCORP, INC. AND SUBSIDIARY
                                CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                ----------------------------------------------
                                                  (Unaudited)



                                                                              September 30,       December 31,
Assets                                                                             2000              1999
------                                                                       -------------      -------------
<S>                                                                          <C>                <C>
Cash and amounts due from depository institutions                            $   4,050,203      $   3,966,072
Interest-bearing deposits                                                        2,314,435            454,547
Federal funds sold                                                               1,600,000          2,350,000
                                                                             -------------      -------------

      Total cash and cash equivalents                                            7,964,638          6,770,619

Term deposits                                                                       99,000            197,000
Trading account securities                                                       1,794,000          2,790,500
Securities available for sale                                                    6,190,647          5,906,451
Investment securities held to maturity                                           6,947,445          6,947,017
Mortgage-backed securities held to maturity                                     62,915,602         71,399,443
Loans receivable                                                               152,159,250        134,522,001
Real estate owned                                                                   29,076             49,822
Premises and equipment                                                           3,950,509          4,037,888
Federal Home Loan Bank of New York stock, at cost                                2,350,000          2,100,000
Interest receivable                                                              1,413,083          1,218,056
Other assets                                                                       841,814            611,493
                                                                             -------------      -------------

      Total assets                                                           $ 246,655,064      $ 236,550,290
                                                                             =============      =============

Liabilities and stockholders' equity

Liabilities

Deposits                                                                     $ 188,749,246      $ 169,007,650
Advances from Federal Home Loan Bank of New York                                32,000,000         42,000,000
Advance payments by borrowers for taxes                                            940,405            919,231
Other liabilities                                                                  870,829            840,521
                                                                             -------------      -------------

      Total liabilities                                                        222,560,480        212,767,402
                                                                             -------------      -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                          <C>                <C>
Stockholders' equity

Preferred stock; $.01 par value; authorized 2,000,000 shares; issued and
  outstanding-none                                                                    --
Common stock; par value $.01; authorized 13,000,000 shares;
  2,108,088 shares issued 2000 and 1999; 1,946,845 shares (2000)
  and 2,080,488 shares (1999) outstanding                                           21,081             21,081
Paid-in-capital                                                                  9,806,957          9,833,349
Retained earnings - substantially restricted                                    16,151,766         14,912,410
Unearned Incentive Plan Award shares                                              (314,437)          (428,702)
Unearned Employee Stock Ownership Plan shares                                     (146,576)          (278,439)
Accumulated other comprehensive income - Unrealized (loss) on
  securities available for sale, net                                               (82,000)           (52,480)
Treasury stock, at cost; 161,243 shares (2000) and 27,600 shares (1999)         (1,342,207)          (224,331)
                                                                             -------------      -------------

      Total stockholders' equity                                                24,094,584         23,782,888
                                                                             -------------      -------------

      Total liabilities and stockholders' equity                             $ 246,655,064      $ 236,550,290
                                                                             =============      =============



</TABLE>


                See notes to consolidated financial statements.

                                       1
<PAGE>
<TABLE>
<CAPTION>
                                          PULASKI BANCORP, INC. AND SUBSIDIARY
                                            CONSOLIDATED STATEMENTS OF INCOME
                                            ---------------------------------
                                                       (Unaudited)

                                                              Nine Months Ended                  Three Months Ended
                                                                 September 30,                      September 30,
                                                        -----------------------------      -----------------------------
                                                            2000             1999              2000             1999
                                                        ------------     ------------      ------------     ------------
<S>                                                     <C>              <C>               <C>              <C>
Interest income:
       Loans                                            $  8,828,413     $  6,592,823      $  3,139,342     $  2,345,111
       Mortgage-backed securities held to maturity         3,375,162        2,702,156         1,140,174          996,242
       Investment securities held to maturity                335,467          296,085           113,264          108,540
       Securities available for sale                         284,196          227,296           102,277           78,064
       Other interest-earning assets                         355,060          540,624           144,410          157,352
                                                        ------------     ------------      ------------     ------------

            Total interest income                         13,178,298       10,358,984         4,639,467        3,685,309
                                                        ------------     ------------      ------------     ------------

Interest expense:
       Deposits                                            5,820,921        5,656,842         2,167,322        1,848,717
       Advances and other borrowed money                   1,864,458          298,491           617,115          280,543
                                                        ------------     ------------      ------------     ------------

            Total interest expense                         7,685,379        5,955,333         2,784,437        2,129,260
                                                        ------------     ------------      ------------     ------------

Net interest income                                        5,492,919        4,403,651         1,855,030        1,556,049
Provision for loan losses                                     66,000           86,000            16,000           25,000
                                                        ------------     ------------      ------------     ------------

Net interest income after provision for loan losses        5,426,919        4,317,651         1,839,030        1,531,049
                                                        ------------     ------------      ------------     ------------

Non-interest income:
       Fees and service charges                              169,176          130,297            60,282           58,062
       Trading account income (loss)                         357,784          (30,935)           33,763          (34,483)
       Gain on real estate owned                                --                599              --               (581)
       Gain on sale of deposits                                 --            422,554              --            422,554
       Miscellaneous                                          15,835           14,224             5,083            4,886
                                                        ------------     ------------      ------------     ------------

            Total non-interest income                        542,795          536,739            99,128          450,438
                                                        ------------     ------------      ------------     ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                     <C>              <C>               <C>              <C>
Non-interest expenses:
       Salaries and employee benefits                      2,204,755        1,957,066           735,495          680,338
       Net occupancy expense of premises                     417,365          310,595           127,847          116,188
       Equipment                                             312,265          279,570           100,801           93,002
       Advertising                                            68,255           62,228            21,834            5,243
       Loss on foreclosed real estate                          5,904             --               3,015             --
       Federal insurance premium                              26,729           75,810             8,988           25,101
       Miscellaneous                                         653,634          696,833           202,730          228,005
                                                        ------------     ------------      ------------     ------------

            Total non-interest expenses                    3,688,907        3,382,102         1,200,710        1,147,877
                                                        ------------     ------------      ------------     ------------

Income before income taxes                                 2,280,807        1,472,288           737,448          833,610
Income taxes                                                 845,947          573,371           270,295          306,078
                                                        ------------     ------------      ------------     ------------

Net income                                              $  1,434,860     $    898,917      $    467,153     $    527,532
                                                        ============     ============      ============     ============

Net income per common shares:
       Basic/diluted                                    $       0.74     $       0.44      $       0.24     $       0.26
                                                        ============     ============      ============     ============

Dividends declared per common share                     $       0.24     $       0.24      $       0.08     $       0.08
                                                        ============     ============      ============     ============

Weighted average number of shares outstanding:
       Basic/diluted                                       1,934,647        2,040,343         1,920,372        2,020,952
                                                        ============     ============      ============     ============


</TABLE>
                See notes to consolidated financial statements.

                                        2

<PAGE>
<TABLE>
<CAPTION>
                                      PULASKI BANCORP, INC. AND SUBSIDIARY
                                CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                -----------------------------------------------
                                                  (Unaudited)



                                                       Nine Months Ended                Three Months Ended
                                                         September 30,                    September 30,
                                                 ----------------------------      ---------------------------
                                                     2000             1999             2000            1999
                                                 -----------      -----------      -----------     -----------
<S>                                              <C>              <C>              <C>             <C>
Net income                                       $ 1,434,860      $   898,917      $   467,153     $   527,532
Other comprehensive income-unrealized
 holding (loss) gain on securities available
 for sale, net of income taxes                       (29,520)         (25,600)          12,000         (14,720)
                                                 -----------      -----------      -----------     -----------

Comprehensive income                             $ 1,405,340      $   873,317      $   479,153     $   512,812
                                                 ===========      ===========      ===========     ===========

</TABLE>


                 See notes to consolidated financial statements.

                                       3


<PAGE>
<TABLE>
<CAPTION>
                                     PULASKI BANCORP, INC. AND SUBSIDIARY
                                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    -------------------------------------
                                                  (Unaudited)

                                                                                     Nine Months Ended
                                                                                       September 30,
                                                                              ------------------------------
                                                                                   2000             1999
                                                                              ------------      ------------
<S>                                                                           <C>               <C>
Cash flows from operating activities:
      Net income                                                              $  1,434,860      $    898,917
      Adjustments to reconcile net income to
       cash provided by (used in) operating activities:
         Depreciation and amortization of premises and equipment                   192,158           195,902
         Accretion of discounts and amortization of premium, net                   (38,098)           26,378
         Accretion of deferred loan fees and discounts                            (314,476)         (185,634)
         Provision for loan losses                                                  66,000            86,000
         Purchase of trading account securities                                 (2,854,120)       (7,074,557)
         Proceeds from sales of trading account securities                       4,278,787         4,289,672
         Realized gains on sales of trading account securities                    (132,811)          (41,011)
         Unrealized (gain) loss on trading account securities                     (224,973)           71,946
         (Gain) on sales of real estate owned                                         (906)           (3,226)
         (Gain) on sale of deposits                                                   --            (422,554)
         (Increase) in interest receivable                                        (195,027)         (257,179)
         (Increase) in other assets                                               (259,841)          (82,996)
         Increase (decrease) in interest payable on deposits                       664,362          (143,160)
         Increase (decrease) in other liabilities                                   30,308          (267,052)
         ESOP shares committed to be released                                      112,653           153,867
         Amortization of cost of stock contributed to Incentive Plan               114,265           114,264
                                                                              ------------      ------------

            Net cash provided by (used in) operating activities                  2,873,141        (2,640,423)
                                                                              ------------      ------------
Cash flows from investing activities:
      Proceeds from maturities of term deposits                                     98,000              --
      Purchase of securities available for sale                                   (284,196)         (227,296)
      Proceeds from maturities of investment securities held to maturity              --           1,000,000
      Proceeds from calls of investment securities held to maturity                   --           2,000,000
      Purchases of investment securities held to maturity                             --          (3,000,000)
      Purchases of mortgage-backed securities held to maturity                        --         (37,148,664)
      Principal repayments on mortgage backed securities held to maturity        8,451,128        18,235,405
      Purchases of loans                                                        (5,704,091)       (7,725,227)
      Net change in loans receivable                                           (11,706,287)      (18,566,451)
      Capitalized cost on real estate owned                                         (7,471)          (10,003)
      Proceeds from sales of real estate owned                                      50,728           133,852
      Additions to premises and equipment                                         (104,779)         (392,769)
      Purchase of Federal Home Loan Bank of New York stock                        (250,000)         (453,800)
                                                                              ------------      ------------

            Net cash (used in) investing activities                             (9,456,968)      (46,154,953)
                                                                              ------------      ------------
Cash flow from financing activities:
      Net increase in deposits                                                  19,077,234           718,330
      Cash paid for sale of deposits                                                  --          (5,245,867)
      Net (decrease) increase in advances from Federal Home Loan Bank
       of New York                                                             (10,000,000)       38,000,000
      Net (decrease) in other borrowed money                                          --            (454,805)
      Net increase in advance payments by borrowers for taxes                       21,174            76,157
      Cash dividends paid                                                         (202,686)         (230,392)
      Purchase of treasury stock                                                (1,117,876)             --
                                                                              ------------      ------------

            Net cash provided by financing activities                            7,777,846        32,863,423
                                                                              ------------      ------------

Net increase (decrease) in cash and cash equivalents                             1,194,019       (15,931,953)
Cash and cash equivalents - beginning                                            6,770,619        23,364,562
                                                                              ------------      ------------

Cash and cash equivalents - ending                                            $  7,964,638      $  7,432,609
                                                                              ============      ============


</TABLE>
                See notes to consolidated financial statements.

                                       4
<PAGE>
<TABLE>
<CAPTION>
                                     PULASKI BANCORP, INC. AND SUBSIDIARY
                                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    -------------------------------------
                                                  (Unaudited)

                                                                                     Nine Months Ended
                                                                                       September 30,
                                                                              ------------------------------
                                                                                   2000             1999
                                                                              ------------      ------------
<S>                                                                           <C>               <C>
Supplemental information:
      Transfer of loans receivable to real estate owned                      $   21,605         $   39,819
      Cash paid during the period for:
         Income taxes                                                         1,031,697            512,588
         Interest on deposits and borrowings                                  6,840,044          6,086,309


</TABLE>

See notes to consolidated financial statements.

                                        5
<PAGE>
                      PULASKI BANCORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------



1.  BASIS OF PRESENTATION
-------------------------

The accompanying  unaudited  consolidated  financial statements were prepared in
accordance  with  instructions  for Form  10-QSB and  Regulation  S-X and do not
include  information  or  footnotes  necessary  for a complete  presentation  of
financial  condition,  results of operations,  and cash flows in conformity with
generally accepted accounting principles. However, in the opinion of management,
all adjustments  (consisting only of normal recurring adjustments) necessary for
a fair presentation of the consolidated financial statements have been included.
The results of  operations  for the nine and three  months ended  September  30,
2000,  are not  necessarily  indicative of the results which may be expected for
the entire fiscal year.



2.   NET INCOME PER COMMON SHARE
--------------------------------

Basic net income per common  share is based on the  weighted  average  number of
common shares actually outstanding, adjusted for unearned shares of the ESOP and
the Incentive Plan.  Diluted net income per share is calculated by adjusting the
weighted  average  number of shares of common stock  outstanding  to include the
effect of potential  common shares.  Potential common shares related to unearned
incentive plan awards,  unearned ESOP shares and stock options were not dilutive
during the nine and three months ended September 30, 2000 and 1999.



3.   FORMATION OF STOCK HOLDING COMPANY
---------------------------------------

On July 12, 1999, Pulaski Savings Bank (the "Bank")  reorganized into a two-tier
mutual  holding  company  structure   pursuant  to  an  Agreement  and  Plan  of
Reorganization  which was  unanimously  adopted by the Board of Directors of the
Bank on  January  28,  1999  ("Plan  of  Reorganization")  and  approved  by the
stockholders  of the Bank on April 23,  1999.  Under the Plan of  Reorganization
(the  "Reorganization"),  the Bank became a wholly owned  subsidiary  of Pulaski
Bancorp, Inc. (the "Company"),  a  federally-chartered  stock holding company, a
majority  of the  Common  Stock of which is now  owned by the  Pulaski  Bancorp,
M.H.C. (the "Mutual Holding Company"), the Bank's parent mutual holding company.
In the Reorganization, each outstanding share of Bank common stock was converted
into one share of Company  common  stock and the  holders of Bank  common  stock
became the holders of all of the  outstanding  shares of Company  common  stock.
Accordingly,   as  a  result  of  the   Reorganization,   the  Bank's   minority
stockholders,  became  minority  stockholders  of the  Company  and  the  Bank's
majority   stockholder,   the  Mutual  Holding  Company,   became  the  majority
stockholder of the Company.

After the Reorganization,  the Bank has continued its business and operations as
a wholly owned  subsidiary of the Company and the  consolidated  capitalization,
assets,  liabilities,  income and financial  statements,  and  management of the
Company  immediately  following the  Reorganization is substantially the same as
those of the Bank immediately prior to consummation of the  Reorganization.  The
Charter and Bylaws of the Bank continue in effect, and have not been affected in
any manner by the  Reorganization.  The name "Pulaski Savings Bank" continues to
be utilized  by the Bank.  The  corporate  existence  of the Bank has  continued
unaffected  and  unimpaired  by  the  Reorganization  except  that  all  of  its
outstanding stock is now owned by the Company.


                                        6
<PAGE>
                      PULASKI BANCORP, INC. AND SUBSIDIARY
            MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
            ---------------------------------------------------------



Discussion of Forward-Looking Statements

When used or  incorporated  by  reference  in  disclosure  documents,  the words
"anticipate",  "estimate",  "expect",  "project",  "target",  "goal" and similar
expressions   are  intended  to  identify   forward-looking   statements.   Such
forward-looking  statements  are  subject to certain  risks,  uncertainties  and
assumptions.  Should one or more of these risks or uncertainties materialize, or
should  underlying   assumptions  prove  incorrect,   actual  results  may  vary
materially  from those  anticipated,  estimated,  expected or  projected.  These
forward-looking  statements speak only as of the date of the document.  The Bank
expressly  disclaims  any  obligation  or  undertaking  to publicly  release any
updates  or  revisions  to any  forward-looking  statement  contained  herein to
reflect any change in the Bank's  expectation  with regard thereto or any change
in events, conditions or circumstances on which any such statement is based.


Comparison of Financial Condition at September 30, 2000 and December 31, 1999

The  Company's  assets at September  30, 2000  totalled  $246.7  million,  which
represents an increase of $10.1 million or 4.3% as compared with $236.6  million
at December 31, 1999.

Cash and cash  equivalents  increased  $1.2  million or 17.7% to $8.0 million at
September 30, 2000 from $6.8 million at December 31, 1999,  primarily reflecting
a $1.9 million increase in  interest-bearing  deposits,  which was sufficient to
offset a decrease in federal funds sold of $750,000.

Term deposits at September 30, 2000  decreased  $98,000 or 49.7% to $99,000 from
$197,000 at December 31, 1999,  reflecting  maturity of a term deposit.  Trading
account  securities  at September 30, 2000  decreased  $997,000 or 35.7% to $1.8
million when  compared  with $2.8  million at December  31,  1999.  The decrease
during the nine months ended  September  30, 2000 resulted from sales of trading
account  securities  of $4.1 million  offset by purchases of $2.9 million  along
with an unrealized gain of $225,000.  Securities available for sale at September
30, 2000  increased  $285,000 or 4.8% to $6.2  million when  compared  with $5.9
million at December  31,  1999,  which  resulted  primarily  from  purchases  of
securities available for sale.  Investment  securities held to maturity remained
unchanged at September  30, 2000 at $6.9 million when compared with December 31,
1999.

Mortgage-backed  securities held to maturity  decreased $8.5 million or 11.9% to
$62.9  million at September  30, 2000 when compared to $71.4 million at December
31, 1999. The decrease  during the nine months ended September 30, 2000 resulted
primarily from repayments on mortgage-backed securities of $8.5 million.

Net loans  increased  $17.7 million or 13.2% to $152.2  million at September 30,
2000 as compared to $134.5 million at December 31, 1999. The increase during the
nine months ended September 30, 2000,  resulted primarily from loan originations
and purchases exceeding loan principal repayments.

Deposits  at  September  30,  2000  increased  $19.7  million or 11.7% to $188.7
million when compared with $169.0 million at December 31, 1999.


                                        7
<PAGE>
                      PULASKI BANCORP, INC. AND SUBSIDIARY
            MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
            ---------------------------------------------------------



Comparison  of Financial  Condition at September  30, 2000 and December 31, 1999
(Cont'd.)

Advances  from the Federal Home Loan Bank of New York  ("FHLB")  totalled  $32.0
million  and  $42.0  million  at  September  30,  2000 and  December  31,  1999,
respectively,  representing a decrease of $10.0 million or 23.8%, resulting from
repayments of advances.

Stockholders'  equity  amounted to $24.1  million and $23.8 million at September
30, 2000 and  December  31,  1999,  respectively.  During the nine months  ended
September  30,  2000  and  1999,  net  income  of  $1.4  million  and  $899,000,
respectively,  was  recorded  and  cash  dividends  of  $203,000  and  $230,000,
respectively,  were paid on the  common  stock.  During  the nine  months  ended
September 30, 2000, the Company  repurchased 133,643 shares of its common stock,
at prices ranging from $7.94 to $9.75 per share,  for $1.1 million under a stock
repurchase program.


Comparison of Operating Results for the Three Months Ended September 30, 2000
and 1999

Net income  decreased  $61,000 or 11.6% to $467,000  for the three  months ended
September 30, 2000 compared with $528,000 for the same 1999 period. The decrease
in net income during the 2000 period resulted from an increase in total interest
expense  combined  with an increase in  non-interest  expenses and a decrease in
non-interest income which were partially offset by an increase in total interest
income along with decreases in provision for loan losses and income taxes.

Interest  income on loans  increased by $794,000 or 33.9% to $3.1 million during
the three months ended September 30, 2000 when compared with $2.3 million during
the same 1999  period.  The  increase  during the 2000 period  resulted  from an
increase of 67 basis points in the yield earned on the loan portfolio along with
an  increase  of  $28.1  million  or  23.1%  in the  average  balance  of  loans
outstanding.  Interest on mortgage-backed securities increased $144,000 or 14.5%
to $1.1 million  during the three months ended  September 30, 2000 when compared
with  $996,000  for the same 1999 period.  The  increase  during the 2000 period
resulted from an increase of 148 basis points in the yield earned  sufficient to
offset  a  decrease  in  the  average  balance  of  mortgage-backed   securities
outstanding of $6.7 million or 9.4%.  Interest earned on investment  securities,
including  available for sale and held to maturity issues,  increased $29,000 or
15.5% to $216,000 during the three months ended September 30, 2000 when compared
with  $187,000  for the same 1999 period.  The  increase  during the 2000 period
resulted from a 74 basis point increase in the yield earned on such  securities,
accompanied  by an  increase  of  $330,000  or 2.6% in the  average  balance  of
investment  securities  outstanding.  Interest earned on other  interest-earning
assets  decreased  by $13,000 or 8.3% to $144,000  during the three months ended
September 30, 2000 when  compared  with  $157,000 for the same 1999 period.  The
decrease  during the 2000 period resulted from a decrease of 117 basis points in
the yield  earned,  sufficient  to offset an increase of $779,000 or 9.1% in the
average balance of other interest-earning assets outstanding.

Interest expense on deposits  increased $319,000 or 17.3% to $2.2 million during
the three months ended  September 30, 2000 when compared to $1.8 million  during
the same 1999 period.  Such increase during the 2000 period was  attributable to
an increase of $6.6 million or 3.9% in the average  balance of  interest-bearing
deposits  outstanding,  along with an increase of 56 basis points in the cost of
interest-bearing  deposits.  Interest on borrowed money amounted to $617,000 and
$281,000   during  the  three  months  ended   September   30,  2000  and  1999,
respectively.  The increase  during the 2000 period  resulted  primarily from an
increase  of $15.6  million or 74.9% in the average  balance of borrowed  money,
which was used to fund increased loan demand and securities purchases.

                                        8
<PAGE>
                      PULASKI BANCORP, INC. AND SUBSIDIARY
            MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
            ---------------------------------------------------------

Comparison  of Operating  Results for the Three Months Ended  September 30, 2000
and 1999 (Cont'd.)

Net interest income increased $299,000 or 19.2% to $1.9 million during the three
months ended  September 30, 2000 when compared with $1.6 million during the same
1999 period.  Such increase was due to an increase in total  interest  income of
$954,000,  which was sufficient to offset an increase in total interest  expense
of $655,000.  The net interest rate spread increased to 2.65% in 2000 from 2.45%
in 1999.  The  increase in the  interest  rate spread in 2000  resulted  from an
increase  of 96 basis  points in the yield  earned on  interest-earning  assets,
which was more than  sufficient to offset a 76 basis point  increase in the cost
of interest-bearing liabilities.

During the three months ended  September  30, 2000 and 1999,  the Bank  provided
$16,000 and $25,000,  respectively,  for loan  losses.  The  allowance  for loan
losses is based on  management's  evaluation  of the risks  inherent in the loan
portfolio and gives due  consideration  to changes in general market  conditions
and in the nature and volume of the Bank's loan  activity.  The Bank  intends to
continue  to provide for loan losses  based on its  periodic  review of the loan
portfolio and general market  conditions.  Management  believes  that,  based on
information currently available,  the allowance for loan losses is sufficient to
cover losses inherent in its loan portfolio at this time.  However, no assurance
can be given that the level of the  allowance for loan losses will be sufficient
to cover  future  possible  loan  losses  incurred  by the  Bank or that  future
adjustments  to the  allowance for loan losses will not be necessary if economic
and other conditions differ substantially from the economic and other conditions
used by  management  to determine  the current  level of the  allowance for loan
losses.  Management  may in the future  increase the level of the  allowance for
loan losses as a percentage of total loans and non-performing loans in the event
it  increases  the level of  commercial  real estate,  multifamily,  or consumer
lending  as a  percentage  of its total loan  portfolio.  In  addition,  various
regulatory  agencies,   as  an  integral  part  of  their  examination  process,
periodically review the allowance for loan losses. Such agencies may require the
Bank to provide  additions to the allowance based upon judgments  different from
management.  At September 30, 2000 and 1999,  the Bank's  non-performing  loans,
which were delinquent  ninety days or more,  totalled  $487,000 or .20% of total
assets and $632,000 or .27% of total assets, respectively. At September 30, 2000
and 1999, all non-performing loans were on non-accrual status.

Non-interest  income  decreased  by $351,000 to $99,000  during the three months
ended  September 30, 2000 when compared to $450,000 during the same 1999 period.
During the three months ended  September 30, 1999, the Bank sold its deposits of
$5.7  million  held at its  Harrison,  New  Jersey  branch  office  at a gain of
$423,000. During the 2000 period this decrease was partially offset by increases
in fees and  service  charges of $2,000 and trading  account  income of $68,000.
During the three months ended  September  30,  2000,  the Bank sold  $648,000 in
trading  securities,  resulting  in  realized  gains of  $33,000,  and  recorded
unrealized gains on trading securities of $1,000.  During the three months ended
September  30, 1999,  the Bank  purchased  $551,000 and did not sell any trading
account securities, however, an unrealized loss of $34,000 was recorded.

Non-interest  expenses increased by $53,000, or 4.6%, to $1.2 million during the
three months ended September 30, 2000 when compared with $1.1 million during the
same 1999  period.  During the 2000  period,  increases in salaries and employee
benefits, occupancy,  equipment,  advertising and loss on foreclosed real estate
of $55,000,  $12,000, $8,000, $17,000 and $3,000,  respectively,  were partially
offset by decreases in federal insurance premiums and miscellaneous  expenses of
$16,000 and $25,000, respectively, when compared with the same 1999 period.

Income  taxes  totalled  $270,000  and  $306,000  during the three  months ended
September 30, 2000 and 1999,  respectively.  The decrease during the 2000 period
resulted primarily from a decrease in pre-tax income.


                                        9
<PAGE>
                      PULASKI BANCORP, INC. AND SUBSIDIARY
            MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
            ---------------------------------------------------------


Comparison of Operating Results for the Nine Months Ended September 30, 2000
and 1999

Net income increased $536,000 or 59.6% to $1.4 million for the nine months ended
September 30, 2000 compared with $899,000 for the same 1999 period. The increase
in net income during the 2000 period  resulted from  increases in total interest
income and non-interest income and a decrease in provision for loan losses which
were  partially  offset by increases  in total  interest  expense,  non-interest
expenses and income taxes.

Interest  income on loans  increased  by $2.2  million or 33.9% to $8.8  million
during the nine months ended  September 30, 2000 when compared with $6.6 million
during the same 1999 period.  The increase  during the 2000 period resulted from
an increase of 37 basis points in the yield earned on the loan  portfolio  along
with an  increase  of $31.2  million  or 27.9% in the  average  balance of loans
outstanding.  Interest on mortgage-backed securities increased $673,000 or 24.9%
to $3.4 million  during the nine months ended  September  30, 2000 when compared
with $2.7 million for the same 1999 period.  The increase during the 2000 period
resulted from an increase in the average balance of  mortgage-backed  securities
outstanding of $3.7 million or 5.8%,  along with an increase of 103 basis points
in the yield earned thereon. Interest earned on investment securities, including
available for sale and held to maturity  issues,  increased  $97,000 or 18.5% to
$620,000  during the nine months ended  September  30, 2000 when  compared  with
$523,000 for the same 1999 period.  The increase during the 2000 period resulted
from a 60  basis  point  increase  in  the  yield  earned  on  such  securities,
accompanied  by an  increase  of  $897,000  or 7.4% in the  average  balance  of
investment  securities  outstanding.  Interest earned on other  interest-earning
assets  decreased by $186,000 to $355,000 during the nine months ended September
30, 2000 when  compared  with  $541,000 for the same 1999  period.  The decrease
during the 2000 period  resulted from a decrease of $4.8 million or 36.4% in the
average  balance of other  interest-earning  assets  outstanding,  sufficient to
offset an increase of 17 basis points in the yield earned thereon.

Interest expense on deposits  increased  $164,000 or 2.9% to $5.8 million during
the nine months ended  September 30, 2000 when  compared to $5.7 million  during
the same 1999 period.  Such increase during the 2000 period was  attributable to
an increase of $462,000  in the  average  balance of  interest-bearing  deposits
outstanding,  along  with  an  increase  of 12  basis  points  in  the  cost  of
interest-bearing  deposits.  Interest on borrowed money amounted to $1.9 million
and  $298,000  during  the nine  months  ended  September  30,  2000  and  1999,
respectively.  The increase  during the 2000 period  resulted  primarily from an
increase of $31.7 million in the average  balance of borrowed  money,  which was
used to fund increased loan demand and securities purchases.

Net interest  income  increased $1.1 million or 24.7% to $5.5 million during the
nine months ended  September 30, 2000 when compared with $4.4 million during the
same 1999 period.  Such increase was due to an increase in total interest income
of $2.8 million,  which was  sufficient to offset an increase in total  interest
expense of $1.7 million. The net interest rate spread increased to 2.72% in 2000
from 2.44% in 1999.  The increase in the interest  rate spread in 2000  resulted
from an  increase  of 70 basis  points in the yield  earned on  interest-earning
assets,  which was more than  sufficient to offset a 42 basis point  increase in
the cost of interest-bearing liabilities.

During the nine months  ended  September  30, 2000 and 1999,  the Bank  provided
$66,000 and $86,000, respectively, for loan losses.




                                       10
<PAGE>
                      PULASKI BANCORP, INC. AND SUBSIDIARY
            MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
            ---------------------------------------------------------


Comparison of Operating Results for the Nine Months Ended September 30, 2000 and
1999 (Cont'd.)

Non-interest income increased by $6,000 to $543,000 during the nine months ended
September  30, 2000 when compared to $537,000  during the same 1999 period.  The
increase  during the 2000 period  resulted  primarily from increases in fees and
service charges of $39,000, trading account income of $389,000 and miscellaneous
income of $2,000  sufficient to offset  decreases in gain on sale of deposits of
$423,000 and gain on  foreclosed  real estate of $1,000.  During the nine months
ended  September 30, 2000, the Bank purchased $2.9 million and sold $4.3 million
in trading  securities,  resulting in realized  gains of $133,000,  and recorded
unrealized  gains on trading  account  securities  of $225,000.  During the nine
months ended  September 30, 1999,  the Bank purchased $7.1 million and sold $4.3
in trading account  securities  resulting in realized gains of $41,000 offset by
recorded  unrealized  losses of $72,000.  During the nine months ended September
30, 1999,  the Bank sold its deposits of $5.7 million held at its Harrison,  New
Jersey branch office at a gain of $423,000.

Non-interest expenses increased by $307,000, or 9.1%, to $3.7 million during the
nine months ended  September 30, 2000 when compared with $3.4 million during the
same 1999  period.  During the 2000  period,  increases in salaries and employee
benefits,  occupancy,  equipment,  advertising  and loss on real estate owned of
$248,000,  $106,000,  $32,000, $6,000 and $6,000,  respectively,  were partially
offset by decreases in federal insurance premiums and miscellaneous  expenses of
$49,000 and $43,000, respectively, when compared with the same 1999 period.

Income  taxes  totalled  $846,000  and  $573,000  during the nine  months  ended
September 30, 2000 and 1999,  respectively.  The increase during the 2000 period
resulted primarily from an increase in pre-tax income.


Liquidity and Capital Resources

The Bank is required to maintain  minimum  levels of liquid assets as defined by
the Office of Thrift Supervision (the "OTS") regulations. The requirement, which
the OTS may vary from  time to time,  depending  upon  economic  conditions  and
deposit flows, is based upon a percentage of deposits and short-term borrowings.
The  required  ratio  currently  is 4.0%.  The  Bank's  liquidity  was 23.33% at
September  30,  2000.  The Bank  adjusts its  liquidity  levels in order to meet
funding  needs for deposit  outflows,  payment of real estate  taxes from escrow
accounts on mortgage loans, repayment of borrowings,  when applicable,  and loan
funding commitments. The Bank also adjusts its liquidity level as appropriate to
meet its asset/liability objectives.

The Bank's primary sources of funds are deposits,  amortization  and prepayments
of loans and  mortgage-backed  securities  principal,  maturities  of investment
securities  and  funds  provided  by  operations.   While   scheduled  loan  and
mortgage-backed   securities   amortization   and  maturing  term  deposits  and
investment securities are relatively predictable sources of funds, deposit flows
and loan and  mortgage-backed  securities  prepayments are greatly influenced by
market interest rates, economic conditions and competition.  The levels of these
assets  are  dependent  on  the  operating,  financing,  lending  and  investing
activities  during any given  period.  At September  30, 2000,  interest-bearing
deposits,  term deposits,  federal funds sold and securities  available for sale
totalled  $10.2  million.  The Bank has other sources of liquidity if a need for
additional  funds  arises,  including  advances  from the FHLB. At September 30,
2000, advances from the FHLB amounted to $32.0 million.


                                       11
<PAGE>
                      PULASKI BANCORP, INC. AND SUBSIDIARY
            MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
            ---------------------------------------------------------



Liquidity and Capital Resources  (Cont'd.)

During the nine months ended September 30, 2000 and 1999, cash dividends paid on
common stock amounted to $203,000 and $230,000, respectively. The mutual holding
company waived its right to receive dividends. If the mutual holding company had
not waived its right to receive dividends, the amount of such dividends,  during
the three and nine months ended September 30, 2000, would have been increased by
$89,000 and $268,000, respectively.

The Bank  anticipates  that it will have sufficient  funds available to meet its
current loan  commitments.  At  September  30,  2000,  the Bank had  outstanding
commitments to originate and purchase loans of $11.9 million and  commitments to
fund unused  credit lines and  construction  loans in process of $25.1  million.
Certificates of deposit scheduled to mature in one year or less at September 30,
2000,  totalled  $120.0  million.  Management  believes  that,  based  upon  its
experience  and the Bank's deposit flow history,  a significant  portion of such
deposits will remain with the Bank.

Under OTS  regulations,  three separate  measurements  of capital  adequacy (the
"Capital Rule") are required. The Capital Rule requires each savings institution
to maintain tangible capital equal to at least 1.5% and core capital equal to at
least 4.0% of its adjusted total assets.  The Capital Rule further requires each
savings  institution  to maintain  total  capital  equal to at least 8.0% of its
risk-weighted assets. The following table sets forth the Bank's capital position
at  September   30,  2000  as  compared  to  the  minimum   regulatory   capital
requirements:

<TABLE>
<CAPTION>
                                                                            Minimum Capital                Prompt Corrective
                                               Actual                         Requirements                 Actions Provisions
                                        ----------------------            --------------------           ----------------------
                                        Amount          Ratio             Amount         Ratio           Amount           Ratio
                                        ------          -----             ------         -----           ------           -----
                                                                         (Dollars in Thousands)
<S>                                    <C>              <C>             <C>               <C>           <C>              <C>
Total Capital
 (to risk-weighted assets)             $ 24,886         19.26%          $ 10,335          8.00%         $ 12,919         10.00%

Tier 1 Capital
 (to risk-weighted assets)               23,743         18.38%                 -            -              7,751          6.00%

Core (Tier 1) Capital
 (to adjusted total assets)              23,743          9.61%             9,883          4.00%           12,354          5.00%

Tangible Capital
 (to adjusted total assets)              23,743          9.61%             3,706          1.50%                -             -




</TABLE>





                                       12
<PAGE>


                      PULASKI BANCORP, INC. AND SUBSIDIARY

                           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
        -----------------

          None

ITEM 6. Exhibits and Reports on Form 8-K
        --------------------------------

        (a)       Exhibits:

         3.1      Stock Charter of Pulaski Bancorp, Inc. *
         3.2      Bylaws of Pulaski Bancorp, Inc. *
         4.0      Form of Common Stock Certificate *
        11.0      Computation of earnings per share
        27.0      Financial Data Schedule


*         Incorporated  herein by reference into this document from the Exhibits
          to the Current Report on Form 8-K, filed July 12, 1999.


(b)      Reports on form 8-K:

                  None.






                                       13
<PAGE>



                                   SIGNATURES



In accordance with the  requirements of the Exchange Act of 1934, the issuer has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.








                                          PULASKI BANCORP, INC.


Date:    November 13, 2000            By  /S/ Thomas Bentkowski
         -----------------                ---------------------
                                          Thomas Bentkowski
                                          President and Chief Executive Officer
                                          (Principal Executive Officer)



Date:    November 13, 2000            By: /S/ Lee Wagstaff
         ------------------               ---------------------
                                          Lee Wagstaff
                                          Vice President and Treasurer
                                          (Principal Financial and
                                          Accounting Officer)




                                       14