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 March 31, 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 May 2,  2000,  1,959,545  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
               March 31, 2000 and December 31, 1999 (Unaudited)             1


              Consolidated Statements of Income for the Three Months
               Ended March 31, 2000 and 1999 (Unaudited)                    2


              Consolidated Statements of Comprehensive Income for the
               Three Months Ended  March 31, 2000 and 1999                  3
               (Unaudited)


              Consolidated Statements of Cash Flows for the Three
               Months Ended Mach 31, 2000 and 1999 (Unaudited)            4 - 5


               Notes to Consolidated Financial Statements                    6


    Item 2.    Management's Discussion and Analysis or Plan of Operation  7 - 11




PART II        OTHER INFORMATION

    Item 1.    Legal Proceedings                                            12

    Item 2.    Changes in Securities                                        12

    Item 3.    Defaults Upon Senior Securities                              12

    Item 4     Submission of Matters to a Vote of Security Holders       12 - 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
                              ----------------------------------------------



                                                                            March 31,       December 31,
Assets                                                                         2000              1999
------                                                                   -------------      -------------
<S>                                                                      <C>                <C>
Cash and amounts due from depository institutions                        $   3,515,660      $   3,966,072
Interest-bearing deposits                                                    2,728,649            454,547
Federal funds sold                                                           1,600,000          2,350,000
                                                                         -------------      -------------

      Total cash and cash equivalents                                        7,844,309          6,770,619

Term deposits                                                                  197,000            197,000
Trading account securities                                                     949,000          2,790,500
Securities available for sale                                                5,994,640          5,906,451
Investment securities held to maturity                                       6,947,170          6,947,017
Mortgage-backed securities held to maturity                                 68,342,048         71,399,443
Loans receivable                                                           137,544,142        134,522,001
Real estate owned                                                               78,898             49,822
Premises and equipment                                                       3,976,572          4,037,888
Federal Home Loan Bank stock, at cost                                        2,100,000          2,100,000
Interest receivable                                                          1,294,491          1,218,056
Other assets                                                                   778,919            611,493
                                                                         -------------      -------------

      Total assets                                                       $ 236,047,189      $ 236,550,290
                                                                         =============      =============

Liabilities and stockholders' equity
------------------------------------
Liabilities
-----------
Deposits                                                                 $ 175,289,582      $ 169,007,650
Advances from Federal Home Loan Bank of New York                            35,300,000         42,000,000
Advance payments by borrowers for taxes                                        945,559            919,231
Other liabilities                                                            1,122,669            840,521
                                                                         -------------      -------------

      Total liabilities                                                    212,657,810        212,767,402
                                                                         -------------      -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                      <C>                <C>
Stockholders' equity
--------------------
Preferred stock; par value $.01; authorized 2,000,000 shares; issued
  and outstanding-none                                                            --                 --
Common stock; par value $.01; authorized 13,000,000
  shares; 2,108,088 shares issued; 1,980,588
  shares (2000) and 2,080,488 shares (1999) outstanding                         21,081             21,081
Paid-in capital                                                              9,824,566          9,833,349
Retained earnings-substantially restricted                                  15,311,885         14,912,410
Unearned Incentive Plan Award shares                                          (390,613)          (428,702)
Unearned Employee Stock Ownership Plan shares                                 (234,421)          (278,439)
Accumulated other comprehensive income-
  Unrealized (loss) on securities
  available for sale, net                                                      (82,000)           (52,480)
Treasury stock, at cost; 127,500 shares (2000)
  and 27,600 shares (1999)                                                  (1,061,119)          (224,331)
                                                                         -------------      -------------

      Total stockholders' equity                                            23,389,379         23,782,888
                                                                         -------------      -------------

      Total liabilities and stockholders' equity                         $ 236,047,189      $ 236,550,290
                                                                         =============      =============

</TABLE>
See notes to consolidated financial statements.

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

                                                                     Three Months Ended
                                                                          March 31,
                                                                  -------------------------
                                                                     2000           1999
                                                                  ----------     ----------
<S>                                                               <C>            <C>
Interest income:
     Loans                                                        $2,732,753     $2,060,490
     Mortgage-backed securities held to maturity                   1,104,486        863,906
     Investment securities held to maturity                          111,991         90,930
     Securities available for sale                                    88,189         74,240
     Other interest-earning assets                                    76,323        230,197
                                                                  ----------     ----------

         Total interest income                                     4,113,742      3,319,763
                                                                  ----------     ----------

Interest expense:
     Deposits                                                      1,779,779      1,910,943
     Advances and other borrowed money                               581,772          9,385
                                                                  ----------     ----------

         Total interest expense                                    2,361,551      1,920,328
                                                                  ----------     ----------

Net interest income                                                1,752,191      1,399,435
Provision for loan losses                                             25,000         25,000
                                                                  ----------     ----------

Net interest income after provision for loan losses                1,727,191      1,374,435
                                                                  ----------     ----------

Non-interest income:
     Fees and service charges                                         53,693         36,209
     Trading account income                                          221,541         26,569
     Gain on real estate owned                                          --            1,180
     Miscellaneous                                                     5,598          4,319
                                                                  ----------     ----------

         Total non-interest income                                   280,832         68,277
                                                                  ----------     ----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                               <C>            <C>
Non-interest expenses:
     Salaries and employee benefits                                  744,132        638,378
     Net occupancy expense of premises                               144,913         92,388
     Equipment                                                       103,759         89,878
     Advertising                                                      21,570          5,450
     Loss on foreclosed real estate                                    3,394           --
     Federal insurance premium                                         8,972         25,243
     Miscellaneous                                                   234,646        230,613
                                                                  ----------     ----------

         Total non-interest expenses                               1,261,386      1,081,950
                                                                  ----------     ----------

Income before income taxes                                           746,637        360,762
Income taxes                                                         280,367        162,293
                                                                  ----------     ----------

Net income                                                        $  466,270     $  198,469
                                                                  ==========     ==========

Net income per common share - basic/diluted                       $     0.24     $     0.10
                                                                  ==========     ==========

Weighted average number of shares outstanding - basic/diluted      1,956,846      2,033,049
                                                                  ==========     ==========

</TABLE>
                See notes to consolidated financial statements.


                                        2
<PAGE>
<TABLE>
<CAPTION>
                            PULASKI BANCORP, INC. AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                       -----------------------------------------------


                                                                       Three Months Ended
                                                                             March 31,
                                                                    ------------------------
                                                                       2000           1999
                                                                    ---------      ---------
<S>                                                                 <C>            <C>
Net income                                                          $ 466,270      $ 198,469

Other comprehensive income - unrealized holding (loss)
  gain on securities available for sale, net of income taxes          (29,520)          --
                                                                    ---------      ---------

Comprehensive income                                                $ 436,750      $ 198,469
                                                                    =========      =========


</TABLE>







See notes to consolidated financial statements.

                                        3


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

                                                                            Three Months Ended
                                                                                 March 31,
                                                                    ------------------------------
                                                                          2000              1999
                                                                    ------------      ------------
<S>                                                                 <C>               <C>
Cash flows from operating activities:
     Net income                                                     $    466,270      $    198,469
     Adjustments to reconcile net income to
      cash provided by (used in) operating activities:
        Depreciation and amortization of premises and equipment           70,794            61,895
        Accretion of discounts and amortization of premium, net           10,812            13,927
        Accretion of deferred fees and discounts                         (81,318)          (63,244)
        Provision for loan losses                                         25,000            25,000
        Purchase of trading account securities                        (1,091,260)       (4,722,602)
        Proceeds from sales of trading account securities              3,168,027         4,289,671
        Realized gains on sales of trading account securities           (103,392)          (41,011)
        Unrealized (gain) loss on trading account securities            (118,149)           14,442
        (Gain) on sales of real estate owned                                --              (3,226)
        (Increase) in interest receivable                                (76,435)          (10,352)
        (Increase) in other assets                                      (196,946)         (138,811)
        Increase (decrease) in interest payable on deposits               37,082          (121,044)
        Increase (decrease) in other liabilities                         282,148          (290,648)
        ESOP shares committed to be released                              37,463            51,980
        Amortization of cost of stock contributed
          to Incentive Plan                                               38,089            38,088
                                                                    ------------      ------------

            Net cash provided by (used in) operating activities        2,468,185          (697,466)
                                                                    ------------      ------------

Cash flow from investing activities:
     Purchases of securities available for sale                          (88,189)          (74,240)
     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                    --          (1,000,000)
     Purchases of mortgage-backed securities held to maturity               --         (12,197,102)
     Principal repayments on mortgage-backed securities
       held to maturity                                                3,032,704         7,703,993
     Purchases of loans                                               (1,084,257)         (373,000)
     Net change in loans receivable                                   (1,903,171)       (4,044,985)
     Capitalized cost on real estate owned                                (7,471)             --
     Proceeds from sales of real estate owned                               --             133,852
     Additions to premises and equipment                                  (9,478)         (182,755)
                                                                    ------------      ------------

            Net cash (used in) investing activities                      (59,862)       (7,034,237)
                                                                    ------------      ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                 <C>               <C>
Cash flows from financing activities:
     Net increase in deposits                                          6,244,850          (148,256)
     Net increase in advances from Federal Home
       Loan Bank of New York                                          (6,700,000)             --
     Net (decrease) in other borrowed money                                 --             (44,163)
     Net increase in payments by borrowers for taxes                      26,328            25,990
     Cash dividends paid                                                 (69,023)          (75,585)
     Purchase of treasury stock                                         (836,788)             --
                                                                    ------------      ------------

            Net cash used in financing activities                     (1,334,633)         (242,014)
                                                                    ------------      ------------

Net increase (decrease) in cash and cash equivalents                   1,073,690        (7,973,717)
Cash and cash equivalents - beginning                                  6,770,619        23,364,562
                                                                    ------------      ------------

Cash and cash equivalents - ending                                  $  7,844,309      $ 15,390,845
                                                                    ============      ============

</TABLE>
See notes to consolidated financial statements.

                                        4


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






                                                                Three Months Ended
                                                                     March 31,
                                                           -------------------------
                                                              2000           1999
                                                           ----------     ----------
<S>                                                        <C>            <C>
Supplemental information:
     Cash paid during the period for:
        Income taxes                                       $   42,927     $   42,588
        Interest on deposits and borrowings                 2,211,396      2,041,372

     Transfer of loans receivable to real estate owned         21,605           --


</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-Q 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 three months  ended March 31, 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 three months ended March 31, 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
shareholders  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
            ---------------------------------------------------------


         Small Business Issuer Pulaski Bancorp, Inc. (the "Company") has met the
definition of a small  business  issuer at the end of the two most recent fiscal
years. As a result, the Company has decided to file as a small business issuer.


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 March 31, 2000 and December 31, 1999

The  Company's  assets  at  March  31,  2000  totalled  $236.05  million,  which
represents a decrease of $503,000 or 0.2% as compared  with  $236.55  million at
December 31, 1999.

Cash and cash  equivalents  increased  $1.0  million or 14.7% to $7.8 million at
March 31, 2000 from $6.8 million at December 31, 1999,  primarily  reflecting an
increase in  interest-bearing  deposits of $2.3 million,  sufficient to offset a
$750,000 decrease in federal funds sold.

Term  deposits at March 31, 2000 and  December  31,  1999  remained  the same at
$197,000.  Securities  available for sale at March 31, 2000 increased $88,000 or
1.5% to $6.0 million when compared with $5.9 million at December 31, 1999, which
resulted from purchases of securities available for sale.  Investment securities
held to  maturity  remained  unchanged  at March 31, 2000 at $6.9  million  when
compared with December 31, 1999.

Mortgage-backed  securities  held to maturity  decreased $3.1 million or 4.3% to
$68.3  million at March 31, 2000 when  compared to $71.4 million at December 31,
1999.  The  decrease  during the three  months  ended  March 31,  2000  resulted
primarily from repayments on mortgage-backed securities of $3.0 million.

Net loans  increased $3.0 million or 2.2% to $137.5 million at March 31, 2000 as
compared to $134.5 million at December 31, 1999.  The increase  during the three
months ended March 31,  2000,  resulted  primarily  from loan  originations  and
purchases exceeding loan principal repayments.

Deposits at March 31, 2000 increased $6.3 million or 3.7% to $175.3 million when
compared with $169.0 million at December 31, 1999.

Advances  from the Federal Home Loan Bank of New York  ("FHLB")  totalled  $35.3
million and $42.0 million at March 31, 2000 and December 31, 1999, respectively,
representing a decrease of $6.7 million or 16.0%.

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

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

Stockholders'  equity  amounted to $23.4  million and $23.8 million at March 31,
2000 and December 31,  1999,  respectively.  During the three months ended March
31,  2000 and 1999,  net income of  $466,000  and  $198,000,  respectively,  was
recorded and cash dividends of $69,000 and $76,000,  respectively,  were paid on
the common  stock.  During the three months  ended March 31,  2000,  the Company
repurchased  99,900 shares of its common stock,  at prices ranging from $8.19 to
$8.50 per share, for $837,000 under a stock repurchase program.

Comparison  of  Operating  Results for the Three Months Ended March 31, 2000 and
1999

Net income  increased  $268,000 or 135.4% to $466,000 for the three months ended
March 31, 2000 compared with $198,000 for the same 1999 period.  The increase in
net income during the 2000 period  resulted  from an increase in total  interest
income  combined with an increase in non-interest  income,  which were partially
offset by increases in total interest expense,  non-interest expenses and income
taxes.

Interest  income on loans  increased by $672,000 or 32.6% to $2.7 million during
the three months ended March 31, 2000 when compared with $2.1 million during the
same 1999 period.  The increase during the 2000 period resulted from an increase
of 4 basis  points  in the  yield  earned on the loan  portfolio  along  with an
increase of $33.0 million in the average balance of loans outstanding.  Interest
on mortgage-backed securities increased $241,000 or 27.9% to $1.1 million during
the three months ended March 31, 2000 when  compared  with $864,000 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 $11.1 million
or 18.9%, along with an increase of 44 basis points in the yield earned thereon.
Interest earned on investment securities,  including available for sale and held
to maturity  issues,  increased  $35,000 or 21.2% to  $200,000  during the three
months  ended  March 31,  2000 when  compared  with  $165,000  for the same 1999
period.  The  increase  during the 2000  period  resulted  from a 76 basis point
increase in the yield earned on such  securities,  accompanied by an increase of
$760,000 or 6.3% in the average  balance of investment  securities  outstanding.
Interest  earned on other  interest-earning  assets  decreased  by  $154,000  to
$76,000 during the three months ended March 31, 2000 when compared with $230,000
for the same 1999 period.  The decrease  during the 2000 period  resulted from a
decrease  of  $11.9   million  or  63.3%  in  the   average   balance  of  other
interest-earning assets outstanding, along with a decrease of 48 basis points in
the yield earned thereon.

Interest expense on deposits  decreased  $131,000 or 6.9% to $1.8 million during
the three months ended March 31, 2000 when  compared to $1.9 million  during the
same 1999 period.  Such decrease  during the 2000 period was  attributable  to a
decrease  of $3.3  million or 1.9% in the  average  balance of  interest-bearing
deposits  outstanding,  along with a decrease of 22 basis  points in the cost of
interest-bearing  deposits.  Interest on borrowed money amounted to $582,000 and
$9,000 during the three months ended March 31, 2000 and 1999, respectively.  The
increase  during the 2000 period  resulted  primarily  from an increase of $38.7
million in the average balance of borrowed money.


                                        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 March 31, 2000 and
1999 (Cont'd.)

Net interest  income  increased  $353,000 or 25.2% to $1.75  million  during the
three months ended March 31, 2000 when compared  with $1.40  million  during the
same 1999 period.  Such increase was due to an increase in total interest income
of  $795,000,  which was  sufficient  to offset an  increase  in total  interest
expense of  $442,000.  The net interest  rate spread  increased to 2.71% in 2000
from 2.41% in 1999.  The increase in the interest  rate spread in 2000  resulted
from an  increase  of 40 basis  points in the yield  earned on  interest-earning
assets,  which was more than  sufficient to offset a 10 basis point  increase in
the cost of interest-bearing liabilities.

During the three months ended March 31, 2000 and 1999, the Bank provided $25,000
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
March 31, 2000 and 1999, the Bank's  non-performing loans, which were delinquent
ninety days or more,  totalled  $415,000 or .18% of total assets and $974,000 or
 .41%  of  total  assets,   respectively.   At  March  31,  2000  and  1999,  all
non-performing loans were on non-accrual status.

Non-interest  income  increased by $213,000 to $280,000  during the three months
ended March 31, 2000 when compared to $68,000  during the same 1999 period.  The
increase  during the 2000 period  resulted  primarily from increases in fees and
service  charges of $18,000 and trading  account income of $195,000.  During the
three months ended March 31, 2000, the Bank purchased $1.1 million and sold $3.2
million in trading  securities,  resulting in a realized  gain of $103,000,  and
recorded unrealized gains on trading account securities of $118,000.  During the
three months ended March 31, 1999, the Bank purchased $4.7 million and sold $4.3
million in trading  account  securities  resulting  in realized  gain of $41,000
offset by recorded unrealized gain of $14,000.

Non-interest  expenses  increased by $179,000,  or 16.5%, to $1.3 million during
the three months ended March 31, 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,  loss on real  estate  owned and
miscellaneous  expenses  of  $106,000,  $53,000,  $14,000,  $16,000,  $3,000 and
$4,000,  respectively,  which were  partially  offset by a  decrease  in federal
insurance premiums of $16,000, when compared with the same 1999 period.

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


Comparison  of  Operating  Results for the Three Months Ended March 31, 2000 and
1999 (Cont'd.)

Income taxes totalled  $280,000 and $162,000 during the three months ended March
31, 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  averaged  26.25%
during the month of March 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  March  31,  2000,  interest-bearing
deposits,  term deposits,  federal funds sold and securities  available for sale
totalled  $10.5  million.  The Bank has other sources of liquidity if a need for
additional  funds arises,  including  advances from the FHLB. At March 31, 2000,
advances from the FHLB amounted to $35.3 million.

During the three months ended March 31, 2000 and 1999,  cash  dividends  paid on
common stock amounted to $69,000 and $76,000,  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 months ended March 31, 2000, would have been increased by $89,000.

The Bank  anticipates  that it will have sufficient  funds available to meet its
current  loan  commitments.   At  March  31,  2000,  the  Bank  had  outstanding
commitments to originate and purchase loans of $12.3 million and  commitments to
fund unused  credit lines and  construction  loans in process of $23.1  million.
Certificates  of  deposit  scheduled  to mature in one year or less at March 31,
2000,  totalled  $97.8  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.










                                       10
<PAGE>

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


Liquidity and Capital Resources  (Cont'd.)

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 total adjusted 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 March 31, 2000 as compared to the minimum regulatory capital requirements:

<TABLE>
<CAPTION>
                                                                                                           To Be Well
                                                                                                       Capitalized Under
                                                                      Minimum Capital                  Prompt Corrective
                                          Actual                        Requirements                   Actions Provisions
                                     ----------------------          ----------------------          ----------------------
                                     Amount          Ratio           Amount           Ratio          Amount           Ratio
                                     ------          -----           ------           -----          ------           -----
                                                                   (Dollars in Thousands)
Total Capital
<S>                                 <C>              <C>              <C>              <C>           <C>              <C>
 (to risk-weighted assets)          $ 23,696         20.56%           $ 9,221          8.00%         $ 11,526         10.00%

Tier 1 Capital
 (to risk-weighted assets)            22,603         19.61%                   -           -             6,915          6.00%

Core (Tier 1) Capital
 (to adjusted total assets)           22,603          9.59%             9,430          4.00%           11,787          5.00%

Tangible Capital
 (to adjsuted total assets)           22,603          9.59%             3,536          1.50%                -            -

</TABLE>

                                       11


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

          The  Annual  Stockholders'  Meeting  was held on April 28,  2000.  The
          following matters were submitted to the stockholders:

1.       Election of two directors:

         A. Directors elected at the meeting for terms to expire in 2002:

                                                         Number of Shares
                                                    -----------------------
                                                       For         Withheld
                                                    ---------      --------

             Mr. Edward J. Mizerski                 1,812,656        68,842
             Mr. Peter C. Pietrucha                 1,811,156        70,342




         B. The following  directors' terms of office as a director continued
            after the meeting:

            (i)      Mr. Thomas Bentkowski
            (ii)     Mr. Walter F. Rusak
            (iii)    Dr. Eugene J. Bogucki
            (iv)     Mr. Anthony C. Majeski



                                       12
<PAGE>

                      PULASKI BANCORP, INC. AND SUBSIDIARY

                           PART II . OTHER INFORMATION



ITEM 4. Submission of Matters to a Vote of Security Holders  (Cont'd.)
        ---------------------------------------------------

<TABLE>
<CAPTION>
                                                                       Number of Shares
                                                           ------------------------------------------
                                                               For           Against       Abstained
                                                           ------------   -----------   -------------
<S>                                                        <C>                <C>             <C>
        2.  The ratification of Radics & Co., LLC
            as independent auditors of the Company for
            the fiscal year ending December 31, 2000.       1,872,783         6,664           2,051


</TABLE>


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:  May 15, 2000              By    /s/ Thomas Bentkowski
      --------------------             --------------------
                                       Thomas Bentkowski
                                        President and Chief Executive Officer
                                          (Principal Executive Officer)



Date:   May 15, 2000             By:   /s/ Lee Wagstaff
      -------------------              ----------------
                                       Lee Wagstaff
                                        Vice President and Treasurer
                                        (Principal Financial and
                                        Accounting Officer)





                                       14