FORM 10-QSB

                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

(Mark One)

[X]           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES EXCHANGE ACT OF 1934
              FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1997

                                     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 No. ____________

                    COLUMBIA FINANCIAL OF KENTUCKY, INC.
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)

              Ohio                              61-1319175
-------------------------------           ----------------------
(State or other jurisdiction of              (I.R.S. Employer
 incorporation of organization)           Identification Number)

  2497 Dixie Highway
Ft. Mitchell, Kentucky                           41017-3085
----------------------                           ----------
(Address of principal                            (Zip Code)
  executive office)

Registrant's telephone number, including area code:  (606) 331-2419

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

Yes          No  X * 
   ------      ------


State the number of shares outstanding of each of the issuer's classes of 
common equity, as of the latest practicable date:  100 common shares as of 
March 20, 1998.

Transitional Small Business Disclosure Format:

Yes          No   X   
   ------      ------

*   The Registrant's Registration Statement on Form S-1 was declared 
    effective on February 11, 1998.  The Registrant has conducted no 
    business except the offering of its shares and preparation to acquire 
    Columbia Federal Savings Bank.  The financial information contained in 
    this Form 10-QSB is, therefore, provided for Columbia Federal Savings 
    Bank.


                                    INDEX
                                    -----

                        COLUMBIA FEDERAL SAVINGS BANK

                                                                 Page
                                                                 ----
PART I   -   FINANCIAL INFORMATION

             Statements of Financial Condition                     3
             Statements of Earnings                                4
             Statements of Cash Flows                              5
             Notes to Financial Statements                         6
             Management's Discussion and Analysis of Financial
              Condition and Results of Operations                  9

PART II  -   OTHER INFORMATION                                    11

SIGNATURES                                                        12


                        Columbia Federal Savings Bank

                      STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>

                                                      Dec. 31     Sept. 30
                                                        1997         1997
                                                      --------------------
                                                         (In Thousands)
<S>                                                   <C>         <C>
ASSETS
  Cash and due from Banks                             $    628    $    612
  Interest Bearing Deposits in Other Banks               3,498       6,215
                                                      --------------------

    Total Cash and Cash Equivalents                      4,126       6,827

  Investment Securities
    Held to Maturity, At Cost (Market Value of
     $______  and $13,068 at December 31,1997 and
     and September 30, 1997)                            15,061      13,069
    Available-for-Sale, At Market Value                  1,001       1,003
  Mortgage-Backed Securities, At Cost (Market Value
   of $______  and $17,893 at December 31,1997 and
   and September 30, 1997)                              17,630      17,862
  Loans Receivable, Net                                 61,361      61,578
  Real Estate Owned                                         48           -
  Interest Receivable                                      725         712
  Premises and Equipment, Net                            1,592       1,595
  Federal Home Loan Bank Stock, At Cost                  1,283       1,260
  Deferred Federal Income Tax Asset                          -           -
  Federal Income Tax - Refund Receivable                     -          13
  Other Assets                                             172          87
                                                      --------------------
    Total Assets                                      $102,999    $104,006
                                                      ====================

                           LIABILITIES AND EQUITY

Liabilities
  Deposits                                            $ 89,455    $ 90,195
  Advances from Borrowers for Taxes
   and Insurance                                           164         460
  Accrued Federal Income Tax Liability                      14           -
  Deferred Federal Income Tax Liability                    162         162
  Other Liabilities                                         62          98
                                                      --------------------
    Total Liabilities                                   89,857      90,915
                                                      --------------------

Equity
  Retained Earnings - Substantially Restricted          13,143      13,090
  Unrealized (Loss) Gain  on Available-for-Sale
   Securities,
    Net of Related Taxes                                    (1)          1
                                                      --------------------
    Total Equity                                        13,142      13,091
                                                      --------------------
    Total Liabilities and Equity                      $102,999    $104,006
                                                      ====================
</TABLE>


                        COLUMBIA FEDERAL SAVINGS BANK

                            STATEMENTS OF INCOME

<TABLE>
<CAPTION>

                                              Three Months
                                           Ended December 31,
                                           ------------------
                                            1997        1996

<S>                                        <C>         <C>
Interest Income
  Loans                                    $1,348      $1,465
  Mortgage-Backed Securities                  279         296
  Investments                                 248         222
  Interest-Bearing Deposits                    57          35
                                           ------------------
    Total Interest Income                   1,932       2,018
                                           ------------------

Interest Expense
  Deposits                                  1,098       1,120
  FHLB Advances                                 -           4
                                           ------------------
    Total Interest Expense                  1,098       1,124
                                           ------------------

Net Interest Income                           834         894

Provision for Losses on Loans                  74           -
                                           ------------------

    Net Interest Income After Provision
     for Losses on Loans                      760         894
                                           ------------------
Non-Interest Income                            27          28
                                           ------------------

Non-Interest Expense
  Salaries and Employee Benefits              425         453
  Occupancy Expense of Premises                64          52
  Federal Deposit Insurance Premiums           14          56
  Data Processing Services                     28          27
  Advertising                                  35          27
  Other                                       141         126
                                           ------------------
    Total Non-Interest Expense                707         741
                                           ------------------

    Income Before Federal Income Tax           80         181
     Expense

Federal Income Tax Expense                     27          62
                                           ------------------
    Net Income                             $   53      $  119
                                           ==================

</TABLE>

See auditors' report and accompanying notes.


                        COLUMBIA FEDERAL SAVINGS BANK

                          STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>

                                                        Three Months Ended
                                                           December 31,
                                                        ------------------
                                                         1997        1996
                                                        ------------------
                                                          (In Thousands)
<S>                                                    <C>         <C>
Cash Flows From Operating Activities
  Net Income                                           $    53     $   119
  Reconciliation of Net Income with
    Cash Flows from Operations
      Depreciation                                          30          19
      Provision for Losses on Loans                         74           -
      FHLB Stock Dividends                                 (23)        (21)
      Deferred Federal Income Tax                            -         (62)
    Changes In
      Interest Receivable                                  (13)         29
      Other Assets                                         (55)         85
      Federal Income Tax Receivable / Liability             27         115
      Other Liabilities                                    (36)       (601)
                                                       -------------------
      Net Cash Provided by Operating Activities             57        (317)
                                                       -------------------

Cash Flows From Investing Activities
  Investment Securities
    Purchased                                           (4,000)          -
    Matured                                              2,010       1,500
  Mortgage-Backed Securities Principal Collected           232       1,817
  Loan Originations and Repayments, Net                    141      (1,870)
  Deferred Conversion Costs                                (78)          -
  Purchases of Property and Equipment                      (27)       (268)
                                                       -------------------
    Net Cash (Used) Provided by Investing Activities    (1,722)      1,179
                                                       -------------------

Cash Flows From Financing Activities
  Advances from Borrowers for Taxes and Insurance         (296)        (92)
  Change in Deposits                                      (740)     (1,775)
  Proceeds from FHLB Advances                                -       1,000
                                                       -------------------
    Net Cash (Used) Provided by Financing Activities    (1,036)       (867)
                                                       -------------------

    Change in Cash and Cash Equivalents                 (2,701)         (5)

Beginning Balance, Cash and Cash Equivalents             6,827       3,047
                                                       -------------------
    Ending Balance, Cash and Cash Equivalents          $ 4,126     $ 3,042
                                                       ===================

</TABLE>

See auditors report and accompany notes.


                        NOTES TO FINANCIAL STATEMENTS

                        COLUMBIA FEDERAL SAVINGS BANK

                      For the three-month periods ended
                         December 31, 1997 and 1996


1.    Basis of Presentation
      ---------------------

      The accompanying unaudited financial statements were prepared in 
accordance with instructions for Form 10-QSB, and, therefore, do not include 
information or footnotes necessary for complete presentation of financial 
position, results of operations and cash flows in conformity with generally 
accepted accounting principles.  Accordingly, these financial statements 
should be read in conjunction with the financial statements and notes 
thereto of Columbia Federal Savings Bank for the year ended September 30, 
1997.  However, in the opinion of management, all adjustments (consisting of 
only normal recurring accruals) which are necessary for fair presentation of 
the financial statements have been included.  The results of operations for 
the three-month periods ended December 31, 1997 and 1996 are not necessarily 
indicative of the results which may be expected for an entire fiscal year.

      The accompanying financial statements include the accounts of Columbia 
Federal Savings Bank ("Columbia Federal"). Columbia Federal is in the 
process of converting to a stock association.  Upon completion of the 
conversion, Columbia Federal will become a wholly owned subsidiary of 
Columbia Financial of Kentucky, Inc. ("CFKY").

2.    Impact of Recent Accounting Standards
      -------------------------------------

      In June 1997, the Financial Accounting Standards Board ("FASB") issued 
SFAS No. 131, "Disclosures about Segments of an Enterprise and Related 
Information."  SFAS No. 131, which is effective for fiscal years beginning 
after December 15, 1997, requires operating segments of a company be 
segregated to provide a better understanding of performance and a better 
assessment of its future cash flows.  Generally, financial information is 
required to be reported on the bases that it is used internally for 
evaluating segment performance and deciding how to allocate resources to 
segments. Management does not believe that the adoption of SFAS No. 131 will 
have a material impact on the disclosure requirements of CFKY.

      In June 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive 
Income," which establishes standards for reporting and displaying 
comprehensive income and its components (revenues, expenses, gains and 
losses) in a full set of general-purpose financial statements.  SFAS No. 130 
requires that all items that are required to be recognized under accounting 
standards as components of comprehensive income to be reported in a 
financial statement that is displayed with the same prominence as other 
financial statements and requires that an enterprise (a) classify items of 
other comprehensive income by their nature in a financial statement and (b) 
display the accumulated balance of other comprehensive income separately 
from retained earnings and additional paid-in capital in the equity section 
of the statement of financial position.  Under existing accounting 
standards, other comprehensive income shall be classified separately into 
foreign currency items, minimum pension liability adjustments and unrealized 
gains and losses on certain investments in debt and equity securities.  The 
provisions of SFAS No. 130 are effective for fiscal years beginning after 
December 15, 1997.  Management does not believe the adoption of SFAS No. 130 
will have a material impact on the disclosure requirements of CFKY.

      In February 1997, the FASB issued SFAS No. 128, "Earnings Per Share," 
which establishes standards for computing and presenting earnings per share 
("EPS") by entities with publicly held common stock or potential common 
stock.  SFAS No. 128 simplifies the standards for computing earnings per 
share previously found in Accounting Principles Board ("APB") Opinion No. 
15, "Earnings Per Share."  Basic EPS excludes dilution and is computed by 
dividing income available to common stockholders by the weighted-average 
number of common shares outstanding for the period.  Diluted EPS reflects 
the potential dilution that could occur if securities or other contracts to 
issue common stock were exercised or converted into common stock or resulted 
in the issuance of common stock that then shared in the earnings of the 
entity.

      Diluted EPS is computed similarly to fully diluted EPS pursuant to APB 
Opinion No. 15.  SFAS No. 128 supersedes APB Opinion No. 15 and is effective 
for financial statements issued for periods ending after December 15, 1997, 
including interim periods.  Management does not believe the adoption of SFAS 
No. 128 will have a material impact on the disclosure requirements of CFKY.

      In February 1997, the FASB issued SFAS No. 129, which incorporates the 
disclosure requirements of APB Opinion No. 15, and makes them applicable to 
all public and nonpublic entities that have issued securities addressed by 
SFAS No. 129.  APB Opinion No. 15 requires disclosure of descriptive 
information about securities that is not necessarily related to the 
computation of EPS.  SFAS No. 129 continues the previous requirements to 
disclose certain information about an entity's capital structure found in 
APB Opinions No. 19, "Omnibus Opinion - 1966," and No. 15, and SFAS No. 47, 
"Disclosure of Long-Term Obligations," for entities that were subject to the 
requirements of those standards.  SFAS No. 129 eliminates the exemption of 
nonpublic entities from certain disclosure requirements of APB Opinion No. 
15 as provided by SFAS No. 21, "Suspension of the Reporting of Earnings per 
Share, and Segment Information by Nonpublic Enterprises."  SFAS No. 129 
supersedes specific disclosure requirements of APB Opinions Nos. 10 and 15 
and SFAS No. 47 and consolidates them in SFAS No. 129 for ease of retrieval 
and for greater visibility to nonpublic entities.  SFAS No. 129 is effective 
for financial statements for periods ending after December 15, 1997.  
Columbia Federal has not previously issued any common shares and SFAS No. 
129 will be adopted by CFKY in the initial period after December 15, 1997.  
Management believes the adoption of SFAS No. 129 will not have a material 
impact on the disclosure requirements of CFKY.

      In December 1996, the FASB issued SFAS No. 126, which amends SFAS No. 
107, "Disclosure About Fair Value of Financial Instruments," to make the 
disclosures about fair value of financial instruments prescribed in SFAS No. 
107 optional for nonpublic entities with total assets less than $100 million 
on the date of the financial statement.  SFAS No. 126 also requires that the 
entity has not held or issued any derivative financial instruments, as 
defined in SFAS No. 119, "Disclosure About Derivative Financial Instruments 
and Fair Value of Financial Instruments," other than loan commitments, 
during the reporting periods.  Management believes the adoption of SFAS No. 
126 will not impact the disclosure requirements of CFKY based on Columbia 
Federal's compliance with SFAS No. 107 disclosure requirements in prior 
periods.

      In June 1996, the FASB issued SFAS No. 125, which is effective, on a 
prospective basis, for fiscal years beginning after December 31, 1996.  SFAS 
No. 125 provides accounting and reporting standards for transfers and 
servicing of financial assets and extinguishment of liabilities based on 
consistent application of a financial-components approach that focuses on 
control.  SFAS No. 125 extends the "available for sale" and "trading" 
approach of SFAS No. 115 to non-security financial assets that can be 
contractually prepaid or otherwise settled in such a way that the holder of 
the asset would not recover substantially all of its recorded investment.  
In addition, SFAS No. 125 amends SFAS No. 115 to prevent a security from 
being classified as held-to-maturity if the security can be prepaid or 
settled in such a manner that the holder of the security would not recover 
substantially all of its recorded investment.  The extension of the SFAS No. 
115 approach to certain non-security financial assets and the amendment to 
SFAS No. 115 are effective for financial assets held on or acquired after 
January 1, 1997.  Effective January 1, 1997, SFAS No. 125 superseded SFAS 
No. 122, which is discussed above.  Management does not believe the adoption 
of SFAS No. 125 will have a material impact on the disclosure requirements 
of CFKY.

3.    Consummation of the Conversion to a Stock Savings Bank
      ------------------------------------------------------

      On October 9, 1997, the Board of Directors of Columbia Federal 
unanimously adopted a Plan of Conversion to convert Columbia Federal from a 
federal mutual savings bank to a federal stock savings bank with the 
concurrent formation of a newly formed holding company, CFKY, incorporated 
under the laws of the State of Ohio.  The conversion will be accomplished 
through the adoption of a Federal Stock Charter and Federal Stock Bylaws and 
the sale of CFKY's common shares in an amount equal to the pro forma market 
value of Columbia Federal after giving effect to the conversion.  A 
subscription offering of the shares of CFKY to Columbia Federal's members 
and to an employee stock benefit plan is being conducted.

      At the time of conversion, Columbia Federal will establish a 
liquidation account in an amount equal to its regulatory capital as of 
September 30, 1997.  The liquidation account will be maintained for the 
benefit of eligible depositors who continue to maintain their accounts at 
Columbia Federal after the conversion.  The liquidation account will be 
reduced annually to the extent eligible depositors have reduced their 
qualifying deposits.  Subsequent increases in deposits will not restore an 
eligible account holder's interest in the liquidation account.  In the event 
of complete liquidation, and only in such event, each eligible depositor 
will be entitled to receive a distribution from the liquidation account in 
an amount proportionate to the current adjusted qualifying balances for 
accounts then held. Columbia Federal may not pay dividends that would reduce 
shareholders' equity below the required liquidation account balance.

      Under OTS regulations, limitations have been imposed on all "capital 
distributions", including cash dividends by savings institutions.  The 
regulation establishes a three-tiered system of restrictions, with the 
greatest flexibility afforded to thrifts which are both well-capitalized and 
given favorable qualitative examination ratings by the OTS.

      Conversion costs are being deferred and will be deducted from the 
proceeds of the shares sold in connection with the conversion.  If the 
conversion is not completed, all costs will be charged to expense.  As of 
December 31, 1997, $81,000 of conversion costs had been deferred.

4.    Pending Legislative Changes
      ---------------------------

      Legislation to recapitalize the Savings Association Insurance Fund 
(the "SAIF") of the Federal Deposit Insurance Corporation (the "FDIC") and 
to eliminate a significant premium disparity between the Bank Insurance Fund 
(the "BIF") of the FDIC and the SAIF effective September 30, 1996, provides 
for the merger of the BIF and the SAIF effective January 1, 1999, assuming 
that the federal savings association charter has been eliminated.  Columbia 
Federal cannot predict the impact of such a merger on Columbia Federal's net 
earnings and capital.

      Congress is considering legislation to eliminate the federal savings 
association charter and the separate regulation of federal thrifts, 
including federal savings banks.  Pursuant to such legislation, Congress may 
develop a common charter for all financial institutions, eliminate the OTS 
and regulate Columbia Federal under federal law as a bank or require 
Columbia Federal to change its charter, which would likely change the type 
of activities in which Columbia Federal may engage and would probably 
subject Columbia Federal to more regulation by the FDIC.  In addition, CFKY 
may become subject to different holding company regulations, including 
separate capital requirements and limitations on activities.  Although CFKY 
cannot predict whether or when Congress may actually pass legislation 
regarding CFKY's and Columbia Federal's regulatory requirements or charter, 
it is not anticipated that the current activities of CFKY or Columbia 
Federal will be materially affected by such legislation


         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                          AND RESULTS OF OPERATIONS

                        COLUMBIA FEDERAL SAVINGS BANK


                  Note Regarding Forward-Looking Statements
                  -----------------------------------------

      In addition to historical information contained herein, the following 
discussion contains forward-looking statements that involve risks and 
uncertainties. Economic circumstances, Columbia Federal's operations and 
actual results could differ significantly from those discussed in the 
forward-looking statements.  Some of the factors that could cause or 
contribute to such differences are discussed herein but also include changes 
in the economy and interest rates in the nation and Columbia Federal's 
market area generally.

      Some of the forward-looking statements included herein are the 
statements regarding management's determination of the amount of allowance 
for losses on loans, the adequacy of collateral on nonperforming loans, 
legislative changes with respect to the federal thrift charter and the 
effect of certain accounting pronouncements.


Discussion of Financial Condition Changes from September 30, 1997
-----------------------------------------------------------------
 to December 31, 1997
 --------------------

      General.  Columbia Federal's assets totaled $103.0 million at December 
31, 1997, a decrease of $1.0 million, or 1.0%, from $104.0 million at 
September 30, 1997.  This decrease resulted primarily from a $2.7 million 
decrease in cash and cash equivalents, partially offset by a $2.0 million 
increase in held-to-maturity securities.  Deposits decreased $700,000 and 
advances from borrowers for taxes and insurance decreased $300,000.

      Liquid Assets.  Liquid assets (cash and cash equivalents) totaled $4.1 
million, a decrease of $2.7 million, or 40%, from the total at September 30, 
1997.  This decrease resulted primarily from a re-allocation of funds to 
higher yielding held-to-maturity securities.

      Loans Receivable.  Net loans receivable equaled $61.4 million at 
December 31, 1997, compared to $61.6 million at September 30, 1997, a 0.3% 
decrease, attributable to loans being repaid more rapidly than loans were 
being originated.  

      Allowance for Losses on Loans.  Columbia Federal's allowance for loan 
losses totaled $300,000 at December 31, 1997, and September 30, 1997.  The 
allowance represented .49% of total loans at December 31, 1997 and September 
30, 1997.  As of  September 30, 1997, there was $601,000 in nonperforming 
loans, which was .98% of total loans at that date.  Of such amount, $473,000 
was due from one borrower with 18 loans.  As of December 31, 1997, all 
nonperforming loans had been brought current. At December 31, 1997, Columbia 
Federal had $48,000 of real estate owned. 

      Although management believes that its allowance for loan losses at 
December 31, 1997, was adequate based upon the available facts and 
circumstances, there can be no assurances that additions to such allowance 
will not be necessary in future periods, which could adversely affect 
Columbia Federal's results of operations.

      Deposits.  Total deposits decreased by $0.7 million, to $89.5 million, 
at December 31, 1997, from $90.2 million at September 30, 1997.  This 
decrease resulted primarily from deposits withdrawn during the period.  At 
December 31, 1997, certificates of deposit that will mature within one year 
accounted for 27.9% of Columbia Federal's deposit liabilities.

      Capital.  Columbia Federal is required to meet each of three minimum 
capital standards promulgated by the Office of Thrift Supervision (the 
"OTS"), hereinafter described as the tangible capital requirement, the core 
capital requirement and the risk-based capital requirement.  The tangible 
capital requirement provides for the maintenance of retained earnings less 
all intangible assets equal to 1.5% of adjusted total assets.  The core 
capital requirement provides for the maintenance of tangible capital plus 
certain forms of supervisory goodwill equal to 3% of adjusted total assets, 
while the risk-based capital requirement mandates maintenance of core 
capital plus general loan loss allowances equal to 8% of risk-weighted 
assets as defined by OTS regulations.  As of December 31, 1997, Columbia 
Federals tangible and core capital totaled $13.1 million, or 12.7% of 
adjusted total assets, which exceeded the minimum requirements of $1.5 
million and $3.1 million, by $11.6 million and $10.0 million, respectively.  
As of December 31, 1997, Columbia Federal's risk-based capital was $13.4 
million, or 30.6% of risk-weighted assets, exceeding the minimum requirement 
by $9.9 million.


Comparison of Operating Results for the Three-Month Periods Ended
-----------------------------------------------------------------
 December 31, 1997 and 1996
 --------------------------

      General.  Columbia Federal recorded net income of $53,000 for the 
three months ended December 31, 1997, compared to income of $119,000 for the 
same period in 1996.  The decrease resulted primarily from an $86,000 
decrease in interest and fees on loans and a $74,000 provision for loan 
losses in 1997 with no provision in 1996.  Such changes were offset by a  
$26,000 decrease in interest on deposits, a $35,000 decrease in income tax 
expense and a $34,000 decrease in non-interest expense.

      Interest Income.  Interest income decreased $86,000 from $2.0 million 
for the three months ended December 31, 1996 to $1.9 million for the three 
months ended December 31, 1997.  This was a result of a reduction in yield 
on earning assets of .07% from 7.80% for the three months ended December 31, 
1996 to 7.73% for the three months ended December 31, 1997 coupled with a 
decrease in average loans receivable of $6.8 million from $68.4 million for 
the three months ended December 31, 1996 to $61.6 million for the three 
months ended December 31, 1997. The decrease in yield was due to the 
repayment before maturity of a large, higher yielding mortgage loan.  The 
reduction in loans receivable was a result of decreased loan demand.

      Interest Expense.  Interest expense decreased $26,000 for the three 
months ended December 31, 1996 compared to the three months ended December 
31, 1997.  This decrease was a result of a decrease in average deposits of 
$3.7 million from $93.2 million for the three months ended December 31, 1996 
to $89.5 million for the three months ended December 31, 1997.  The decrease 
in average deposits was partially offset by an increase in cost of funds 
from 4.81% for the three months ended December 31, 1996 to 4.91% for the 
three months ended December 31, 1997. This increase in costs of deposits was 
due to increased competitive pressures.

      Columbia Federal's net interest rate spread was 2.82% for the three 
months ended December 31, 1997, compared to 2.99% for the three months ended 
December 31, 1996.

      Allowance and Provision for Loan Losses.  After review of its 
allowance for loan losses, management decided to record a provision for loan 
losses of $74,000 to return its allowance to $300,000.  During the three 
months ended December 31, 1997, Columbia Federal incurred losses on five 
loans held by two individuals.  The balances of these loans totaled 
$153,000.  A writedown of  $74,000 was recorded when these loans were 
recorded as real estate owned.  Three of these properties were sold leaving 
two properties with a recorded value of $48,000 at December 31, 1997.  
Management expects no additional losses on these properties.

      Non-interest Income and Non-interest Expense.  Non-interest income was 
$27,000 for the three months ended December 31, 1997, compared to $28,000 
for the same period in 1996.  Non-interest expense decreased $34,000, or 
4.6%, to $707,000.  The primary reason for this decrease was the reduction 
of deposit insurance premiums from $56,000 for the three months ended 
December 31, 1996, to $14,000 for the three months ended December 31, 1997, 
a result of the special SAIF assessment.


                                   PART II
                    COLUMBIA FINANCIAL OF KENTUCKY, INC.

Item 1.    Legal Proceedings
           -----------------

           Not applicable.

Item 2.    Changes in Securities and Use of Proceeds
           -----------------------------------------

           Not applicable.

Item 3.    Defaults Upon Senior Securities
           -------------------------------

           Not applicable.

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

           Not applicable.

Item 5.    Other Information
           -----------------

           Not applicable.

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

           Exhibit 27 - Financial Data Schedule


                                 SIGNATURES

                    COLUMBIA FINANCIAL OF KENTUCKY, INC.


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


Date: March 27, 1997                   By: /s/ Robert V. Lynch
                                           ------------------------------
                                           Robert V. Lynch, President and
                                           Chief Executive Officer


Date: March 27, 1997                   By: /s/ Abijah Adams
                                           ------------------------------
                                           Abijah Adams, Controller