UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549
                         ______________________________

                                   FORM 10-QSB

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

     For the Quarterly Period Ended March 31, 2003

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

     For the transition period from _________ to _________

                        Commission File Number 333-72371

                         KENTUCKY NATIONAL BANCORP, INC.
--------------------------------------------------------------------------------
        (Exact name of Small Business Issuer as specified in its Charter)


          Indiana                                          61-1345603
---------------------------                        -----------------------------
State or other jurisdiction                             (IRS Employer
of organization)                                        Identification No.)


             1000 North Dixie Avenue, Elizabethtown, Kentucky        42701
-------------------------------------------------------------    ---------------
               (Address of principal executive offices)             (Zip code)

Issuer's telephone number, including area code: (270)737-6000
                                                -------------

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the Securities 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.

           X   Yes        No
          ---         ---

         As of March 31,  2003,  there were 253,800  shares of the  Registrant's
common stock, par value $.01 per share, outstanding.

         Transitional Small Business Issuer Disclosure Format (check one):

               Yes     X  No
          ---         ---


<PAGE>

                         KENTUCKY NATIONAL BANCORP, INC.

                             Elizabethtown, Kentucky

                                      INDEX

                                                                            Page
                                                                            ----

PART I.
-------

FINANCIAL INFORMATION

Item 1.

Consolidated Statements of Condition as of March 31, 2003
         and December 31, 2002 (Unaudited)                                    3
Consolidated Statements of Income - (Unaudited) for the
         three months ended March 31, 2003 and 2002                           4
Consolidated Statements of Cash Flows - (Unaudited) for the
         three months ended March 31, 2003 and 2002                           5
Notes to Consolidated Financial Statements (Unaudited)                        7

Item 2.

Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                            9

Item 3.

Controls and Procedures                                                      13

PART II.
--------

OTHER INFORMATION


Item 4.  Submission of Matters to a Vote of Security Holders                 14

Item 6.  Exhibits and Reports on Form 8-K                                    14

Signatures and Certifications                                                15


<PAGE>

                         KENTUCKY NATIONAL BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CONDITION
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                           March 31,     December 31,
                                                             2003            2002
                                                         ------------    ------------
                                 ASSETS

<S>                                                    <C>             <C>
Cash and due from banks                                  $  2,622,365    $  2,461,512
Federal funds sold                                          4,412,000       3,882,452
Investment securities available-for-sale                    5,623,450       4,344,247
Loans held for sale                                         2,324,211       1,733,025
Loans, net of unearned interest                            77,218,003      76,357,879
Allowance for loan loss                                      (779,629)       (690,811)
Federal Home Loan Bank Stock, at cost                         392,700         388,900
Federal Reserve Stock, at cost                                186,000         186,000
Premises and equipment, net                                 2,928,080       2,907,171
Foreclosed assets                                               8,812         127,060
Accrued interest receivable and other assets                  678,501         787,104
                                                         ------------    ------------

        Total assets                                     $ 95,614,493    $ 92,484,539
                                                         ============    ============

                  LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
    Deposits                                             $ 78,312,063    $ 75,449,900
    Federal Home Loan Bank advances                         7,000,000       7,000,000
    Obligations under capital leases                        2,057,231       2,058,829
    Accrued interest payable and other liabilities            485,401         470,219
                                                         ------------    ------------

        Total liabilities                                  87,854,695      84,978,948
                                                         ------------    ------------

Commitments and contingent liabilities                              -               -
                                                         ------------    ------------

Stockholders' equity:
    Preferred stock, $.01 par value;
        authorized 1,000,000 shares                                 -               -
    Common stock, $.01 par value:
        authorized, 5,000,000 shares; issued and
        outstanding, 253,800 and 251,400 shares
        at March 31, 2003 and December 31, 2002,
        respectively                                            2,538           2,514
    Surplus                                                 5,667,054       5,607,078
    Retained earnings                                       2,022,169       1,808,476
    Accumulated other comprehensive income                     68,037          87,523
                                                         ------------    ------------

        Total stockholders' equity                          7,759,798       7,505,591
                                                         ------------    ------------

        Total liabilities and stockholders' equity       $ 95,614,493    $ 92,484,539
                                                         ============    ============
</TABLE>

                 See notes to consolidated financial statements.

                                       3
<PAGE>

                         KENTUCKY NATIONAL BANCORP, INC.

                        CONSOLIDATED STATEMENTS OF INCOME

               For the three months ended March 31, 2003 and 2002
                                   (Unaudited)

                                                     Three Months Ended
                                                         March 31,
                                                  -----------------------
                                                      2003         2002
                                                  ----------   ----------
Interest income:
    Loans, including fees                         $1,488,441   $1,444,180
    Securities                                        52,120       51,967
    Federal funds sold and other income               19,583        8,249
                                                  ----------   ----------

        Total interest income                      1,560,144    1,504,396
                                                  ----------   ----------

Interest expense:
    Deposit accounts                                 366,637      392,005
    Certificates of deposit over $100,000            168,688      175,931
    Interest expense - federal funds                    --          1,796
    Interest expense - FHLB advances                  70,077       74,471
    Interest expense - capital lease                  58,031       59,085
                                                  ----------   ----------

        Total interest expense                       663,433      703,288
                                                  ----------   ----------

        Net interest income                          896,711      801,108

    Provision for loan losses                         64,800       45,000
                                                  ----------   ----------

        Net interest income after provision for
            loan losses                              831,911      756,108
                                                  ----------   ----------

Other income:
    Service charges and fees                         102,099      102,360
    Net gain on sale of loans                        128,981       36,581
    Other income                                      19,704        9,236
                                                  ----------   ----------
                                                     250,784      148,177
                                                  ----------   ----------
Other expenses:
    Salaries and employee benefits                   363,874      353,759
    Net occupancy expense                             58,146       52,387
    Advertising                                       27,311       28,844
    Data processing                                   58,638       48,691
    Postage, telephone and supplies                   41,421       31,896
    Bank franchise tax                                25,200       20,430
    Directors fees                                    13,770       14,065
    Equipment expense                                 51,278       41,827
    Professional services                             41,156       37,282
    Other operating expenses                          77,726       58,405
                                                  ----------   ----------
                                                     758,520      687,586
                                                  ----------   ----------

Income before income taxes                           324,175      216,699
Income tax expense                                   110,482       73,765
                                                  ----------   ----------

Net income                                        $  213,693   $  142,934
                                                  ==========   ==========

Earnings per share:
   Basic                                          $     0.85   $     0.57
                                                  ==========   ==========
   Diluted                                        $     0.84   $     0.57
                                                  ==========   ==========


                 See notes to consolidated financial statements.

                                       4
<PAGE>

                         KENTUCKY NATIONAL BANCORP, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

               For the three months ended March 31, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                               Three Months Ended
                                                                    March 31,
                                                            --------------------------
                                                               2003           2002
                                                            -----------    -----------
<S>                                                       <C>            <C>
Operating activities:
    Net income                                              $   213,693    $   142,934
    Adjustments to reconcile net income to net cash
      provided (used) by operating activities:
        FHLB stock dividend                                      (3,800)        (3,900)
        Provision for loan losses                                64,800         45,000
        Provision for depreciation, amortization
            and accretion, net                                   14,024         53,351
        Incentive stock option compensation                           -          7,800
        Deferred tax                                            (58,025)       (23,334)
        Change in assets and liabilities:
            Loans held for sale                                (591,186)     1,000,063
            Accrued interest receivable and other assets        176,665         72,629
            Accrued interest payable                             75,182       (337,295)
                                                            -----------    -----------

                Net cash provided (used) by
                  operating activities                         (108,647)       957,248
                                                            -----------    -----------

Investing activities:
    Purchase of available-for-sale securities                (2,000,000)    (2,507,957)
    Proceeds from maturities of available-for-sale
        securities                                              736,598      1,507,843
    Proceeds from sale of foreclosed assets                     118,248          8,151
    Net increase in loans                                      (836,106)    (3,479,563)
    Purchases of premises and equipment                         (80,257)       (31,660)
                                                            -----------    -----------

                Net cash used in investing activities        (2,061,517)    (4,503,186)
                                                            -----------    -----------

Financing activities:
    Net increase in deposits                                  2,862,163      1,213,787
    Payments on capital lease obligations                        (1,598)       (12,052)
    Net increase in Federal Funds Purchased                           -      1,328,000
                                                            -----------    -----------

                Net cash provided by financing activities     2,860,565      2,529,735
                                                            -----------    -----------

Net increase (decrease) in cash and cash equivalents            690,401     (1,016,203)
Cash and cash equivalents, beginning of period                6,343,964      2,999,755
                                                            -----------    -----------
Cash and cash equivalents, end of period                    $ 7,034,365    $ 1,983,552
                                                            ===========    ===========

</TABLE>

                 See notes to consolidated financial statements.

                                       5
<PAGE>

                         KENTUCKY NATIONAL BANCORP, INC.

                CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued

               For the three months ended March 31, 2003 and 2002
                                   (Unaudited)



                                                      Three Months Ended
                                                          March 31,
                                                    ---------------------
                                                       2003        2002
                                                    ---------   ---------

Supplemental Disclosures:
Cash paid for interest                              $ 657,966   $ 771,913
                                                    =========   =========
Cash paid for income taxes                          $       -   $ 329,878
                                                    =========   =========

Noncash Transactions:
Federal Home Loan Bank Stock dividend received      $   3,800   $   3,900
                                                    =========   =========
Total decrease in unrealized gain on
    securities available-for-sale                   $ (29,523)  $ (66,657)
                                                    =========   =========

Loans transferred to foreclosed assets              $       -   $ 114,030
                                                    =========   =========
Loans to facilitate the sale of foreclosed assets   $       -   $  21,950
                                                    =========   =========

Noncash Transactions:

During the three month  period ended March 31,  2003,  the Company  issued 2,400
shares of common stock in lieu of cash payment for accrued  directors'  fees for
the year ended  December 31, 2002 in the amount of $60,000 in accordance  with a
deferred compensation plan approved by the stockholders on April 25, 2000.


                 See notes to consolidated financial statements.

                                       6
<PAGE>

                         KENTUCKY NATIONAL BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1.       BASIS OF PRESENTATION

         The unaudited consolidated financial statements include the accounts of
         Kentucky National Bancorp,  Inc., and its subsidiary  Kentucky National
         Bank.  All material intercompany  balances and  transactions  have been
         eliminated in consolidation.

         The  accompanying  unaudited  consolidated  financial  statements  were
         prepared in accordance with instructions for Form 10-QSB and therefore,
         do not include all disclosures necessary for a complete presentation of
         the statement of financial condition, statement of income and statement
         of  cash  flows  in  conformity  with  generally  accepted   accounting
         principles.  However,  all  adjustments  (all of which  are of a normal
         recurring  nature) which are, in the opinion of  management,  necessary
         for the fair presentation of the interim financial statements have been
         included.  The  statement  of  income  for  periods  presented  is  not
         necessarily  indicative  of the results  which may be expected  for the
         entire year.

2.       STOCK ISSUANCE

         During the three month period ended March 31, 2003,  the Company issued
         2,400  shares  of  common  stock in lieu of cash  payment  for  accrued
         directors'  fees for the year ended  December 31, 2002 in the amount of
         $60,000 in accordance with a deferred compensation plan approved by the
         stockholders on April 25, 2000.

 3.      EARNINGS PER SHARE

         Earnings per share has been determined in accordance with Statements of
         Financial  Accounting Standards No. 128, "Earnings per Share." Earnings
         per common and common  equivalent  share were  computed by dividing net
         income by the  weighted  average  number  of  shares  of  common  stock
         outstanding.  Diluted  earnings  per share for the three  months  ended
         March 31, 2003 is  determined  by dividing  net income by the  weighted
         average number of shares of common stock  outstanding plus the weighted
         average  number of shares  that would be issued  upon  exercise  of the
         dilutive  stock-based  compensation  plan assuming proceeds are used to
         purchase  shares  pursuant to the treasury stock method.  The following
         data show the amounts  used in  computing  earnings per share (EPS) and
         the  effect  on income  and the  weighted  average  number of shares of
         dilutive potential common stock at March 31, 2003 and 2002.

                                              March 31,  March 31,
                                                2003       2002
                                              --------   --------

         Income available to common stock-
           holders use in basic and diluted
           EPS                                $213,693   $142,934
                                              ========   ========

         Weighted average number of common
           shares used in basic EPS            252,200    249,747
                                              ========   ========

         Effect of dilutive securities:
           Stock-based compensation plan         2,706      2,793
                                              --------   --------

         Weighted number of common shares
           and dilutive potential common
           stock used in diluted EPS           254,106    251,713
                                              ========   ========

                                       7
<PAGE>

                         KENTUCKY NATIONAL BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

4.       RECLASSIFICATIONS

         Certain 2002 amounts  have been  reclassified  to conform with the 2003
         presentation.

                                       8


<PAGE>

ITEM 2.

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

GENERAL

The following discussion and analysis is intended to assist in understanding the
consolidated financial condition and results of operations of the Company.

FORWARD-LOOKING STATEMENTS

When used in this  discussion  and  elsewhere in this  Quarterly  Report on Form
10-QSB,  the words or phrases  "will likely  result,"  "are  expected  to," will
continue," "is anticipated,"  "estimate,"  "project," or similar expressions are
intended  to  identify  "forward-looking  statements"  within the meaning of the
Private  Securities  Litigation Reform Act of 1995. The Company cautions readers
not to place undue reliance on any such forward-looking statements,  which speak
only as of the date made, and advises  readers that various  factors,  including
regional  and  national  economic  conditions,  substantial  changes in level of
market  interest  rates,  credit  and  other  risks of  lending  and  investment
activities and  competitive  and  regulatory  factors could affect the Company's
financial  performance  and could cause the Company's  actual results for future
periods to differ  materially from those  anticipated or projected.  The Company
does not  undertake  and  specifically  disclaims  any  obligation to update any
forward-looking statements to reflect occurrence of anticipated or unanticipated
events or circumstances after the date of such statements.

COMPARISON OF THE RESULTS OF OPERATIONS  FOR THE THREE MONTH PERIODS ENDED MARCH
31, 2003 AND 2002

Net  Income.  Net income for the quarter  ended  March 31, 2003 was  $213,700 or
$0.84 per diluted share  compared to net income of $142,900 or $0.57 per diluted
share for the same period last year, an increase of $70,800 or $0.27 per diluted
share. Income before income taxes was $324,200 compared to $216,700 for the same
period last year, an increase of $107,500 or 49.6%.  This increase was due to an
increase in net  interest  income of $95,600 and an increase in other  income of
$102,600.  These increases were partially offset by an increase in the provision
for loan losses of $19,800, a $36,700 increase in tax expense and an increase in
other expenses of $70,900.

Net Interest Income.  Net interest income increased $95,600 or 11.9% to $896,700
for the three  months  ended March 31, 2003  compared to $801,100  for the three
months  ended  March  31,   2002.   This   increase   reflects  an  increase  in
interest-earning  assets.  Total average  interest-earning  assets  increased by
approximately $15.9 million with a decrease in average yield of 125 basis points
while average interest  bearing  liabilities  increased by  approximately  $16.3
million with a decrease in average costs of approximately 115 basis points.  The
declines  in  average  yields  and costs  both  reflect a  continued  decline in
interest rates between the periods. The Bank's interest rate spread decreased to
3.69% for the three months ended March 31, 2003  compared to 3.79% for the three
months ended March 31, 2002. Net interest margin decreased to 4.07% for the 2003
period compared to 4.43% for the 2002 period.

                                       9

<PAGE>

Provision for Loan Losses. The provision for loan losses was $64,800 and $45,000
for the  quarters  ended March 31, 2003 and 2002,  respectively.  The Bank makes
provisions for loan losses in amounts deemed  necessary to maintain the adequacy
of the allowance for loan losses.  At March 31, 2003,  the Bank's  allowance for
loan losses was $779,600 or 1.01% of the gross loan portfolio.

Other  Income.  Other income was  $250,800  and $148,200 for the quarters  ended
March 31, 2003 and 2002, respectively.  The increase for the most recent quarter
of  $102,600  or 69.2% is  reflective  of the  growth in the net gain on sale of
loans from the secondary  market loan  division.  During the quarter ended March
31, 2003 the  secondary  market loan  division  continued to expand by opening a
loan production office in Radcliff, Kentucky.

Other  Expense.  Other expense was $758,500 and $687,600 for the quarters  ended
March 31, 2003 and 2002,  respectively.  The increase for the quarter of $70,900
or 10.3% was due  primarily  to the growth of the Bank.  Bank  growth has led to
variety of increased  miscellaneous  costs included in other operating  expense,
which  increased from $58,400 to $77,726.  The Bank  attributes a portion of the
increases  in data  processing  expense  (up  $9,900),  postage,  telephone  and
supplies (up $9,500) and equipment  expense (up $9,500) to  preparation  for the
opening of the new Radcliff loan production office.

Income Tax  Expense.  Income tax expense was $110,500 for the three months ended
March 31, 2003,  compared to a $73,800 tax expense  during the 2002 period.  The
increase in income tax expense was due to the increase in net income before tax.
The  Company  provides  for both the  current  and  deferred  tax effects of the
transactions  reported in its financial  statements and established deferred tax
assets and  liabilities  for the  temporary  differences  between the  financial
reporting  and tax bases of its assets and  liabilities.  The Company,  however,
establishes  valuation  allowances  for its net deferred tax assets unless it is
more likely than not that these net deferred tax assets will be realized.

COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2003 AND DECEMBER 31, 2002

The Bank  continued to experience  asset growth  during 2003.  Total assets have
increased  $3.1 million,  or 3.4% to $95.6 million at March 31, 2003 compared to
$92.5  million at December 31, 2002.  The increase in total assets was primarily
attributable  to a $1.4 million or 1.8%  increase in the loan and loans held for
sale portfolios.  Also contributing to the increase in assets was a $1.3 million
increase in  investment  securities  and  $690,400  increase in cash and federal
funds  sold as the Bank has  sought to  improve  liquidity.  This  increase  was
partially offset by a $226,900 decrease in other and foreclosed assets.

Funding for the Bank's asset growth came primarily from increased  deposits.  At
March 31,  2003,  deposits  totaled  $78.3  million,  a $2.9  million,  or 3.8%,
increase  over  deposits at December  31, 2002.  Demand  deposit  accounts  have
increased  $2.8  million.  Savings and  certificates  of deposit have  increased
$100,000 since December 31, 2002.  During the current year, the Bank has reduced
deposits  obtained through internet CD markets on which the Bank posts its rates
for a fee. Such  certificates of deposit totaled $16.7 million at March 31, 2003
compared to $19.1  million at December 31, 2002.  This decrease was offset by an
increase in local area  certificates  of deposit of $2.3 million.  Advances from
the Federal Home Loan Bank of Cincinnati  totaled $7.0 million at March 31, 2003
and December 31, 2002.

                                       10

<PAGE>

Stockholders'  equity  increased  by $254,200 to $7.8  million at March 31, 2003
from $7.5 million at December  31,  2002.  Net income for the period of $213,700
was the major source of the increase.  This  increase was partially  offset by a
decrease in unrealized gain or loss on available-for-sale  securities of $19,500
reflecting  market  expectations  as to interest rate  movements.  The remaining
increase of $60,000  during the current  period is due to the  issuance of 2,400
shares of common stock in lieu of cash payment for accrued  directors'  fees for
the year ended December 31, 2002 in accordance with a deferred compensation plan
approved by the  stockholders  on April 25,  2000.  Management  believes  that a
strong  capital  position  is  vital  to  future  profitability  and to  promote
depositor and investor  confidence.  The Bank continues to be in compliance with
all applicable regulatory capital requirements.

ASSET QUALITY

The following table sets forth  information  regarding the Bank's  nonperforming
assets at the dates indicated.


                                                  March 31,      December 31,
                                                    2003             2002
                                                  ------           ------

Restructured loans                                $    -           $    -
Non-accrual loans                                  1,066            1,443
Accruing loans past due 90 days or more                -                7
                                                  ------           ------

Total non-performing loans                         1,066            1,450

Foreclosed assets                                      9              127
                                                  ------           ------

Total non-performing assets                       $1,075           $1,577
                                                  ======           ======

The  Bank's  foreclosed  assets at March 31,  2003  consisted  of acreage on one
property. During the fourth quarter of 2002, the Bank hired an experienced asset
manager to oversee the  collection  process.  During the quarter ended March 31,
2003,  approximately  $326,000 in  non-accrual  loans were paid out resulting in
approximately $39,000 of charge-off recoveries on those loans.

At March 31, 2003,  there were no loans  outstanding  not reflected in the above
table as to which known  information about possible credit problems of borrowers
caused  management to have serious doubts as to the ability of such borrowers to
comply with present loan repayment terms.

An analysis of the changes in the allowance for loan losses is as follows:

                                 Three Months Ended March 31,
                                    ----------------------
                                       2003         2002
                                    ---------    ---------

Balance, beginning of period        $ 690,811    $ 706,739
Loans charged off                     (24,598)     (16,752)
Loan recoveries                        48,616        7,868
                                    ---------    ---------

     Net recoveries (charge-offs)      24,018       (8,884)


Provision for loan losses              64,800       45,000
                                    ---------    ---------

Balance, end of period              $ 779,629    $ 742,855
                                    =========    =========


                                       11

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

The Company currently has no operating business other than the Bank and does not
have material  funding needs.  In the future,  the Company may require funds for
dividends  and tax  payments  for  which it will  rely on  dividends  and  other
distributions  from  the  Bank.  The  Bank  is  subject  to  various  regulatory
restrictions on the payment of dividends.

The Bank's  sources of funds for lending  activities and operations are deposits
from its primary  market  area,  funds  raised in its initial  public  offering,
advances from the FHLB of Cincinnati,  principal and interest payments on loans,
interest  received  on  other  investments  and  federal  funds  purchased.  Its
principal  funding  commitments are for the origination of loans, the payment of
maturing  deposits,  principal and interest  payments on advances from FHLB, and
obligations  under  capital  leases for buildings  and  equipment.  Deposits are
considered  a  primary  source  of  funds  supporting  the  Bank's  lending  and
investment activities.

At March 31,  2003,  the Bank's  ratio of loans to deposits  was 98% compared to
100% at December 31, 2002. The loan-to-deposit  ratio is used as an indicator of
a bank's ability to originate additional loans and general liquidity. The Bank's
comparatively  high  loan-to-deposit  ratio  reflects  management's  emphasis on
building the loan portfolio and the use of FHLB advances to supplement deposits.
Because  the  Bank's  continued  loan  growth  will  depend on  deposit  growth,
management  expects to place more emphasis on building  liquidity on the balance
sheet and that the loan-to-deposit  ratio will decline. The Bank's strategies in
this regard  include  the  continued  maintenance  of an  investment  securities
portfolio  that can be used as a source of liquidity  and  earnings.  The Bank's
most  liquid  assets  are  cash and cash  equivalents,  which  are cash on hand,
amounts due from  financial  institutions,  federal  funds sold and money market
mutual funds.  The levels of such assets are dependent on the Bank's  operating,
financing and investment  activities at any given time. The variations in levels
of cash and cash  equivalents  are  influenced by deposit flows and  anticipated
future deposit flows.

Cash and cash  equivalents  (cash due from banks,  interest-bearing  deposits in
other  financial  institutions,  and federal funds sold),  as of March 31, 2003,
totaled $7.0 million compared to $2.0 million at March 31, 2002. The Bank's cash
flows were provided mainly by financing activities,  including $2.9 million from
net deposit increases.  Operating activities used $108,600 in cash for the three
months ended March 31, 2003 compared to $957,200  provided in cash for the three
months  ended  March  31,  2002.  The Bank used  cash  flows  for its  investing
activities  primarily to fund an increase in gross loans of $836,100 million and
to purchase $2.0 million in available-for-sale securities.

As a national bank, the Bank is subject to regulatory  capital  requirements  of
the  Office of the  Comptroller  of the  Currency  ("OCC").  In order to be well
capitalized  under OCC  regulations,  the Bank must maintain a leverage ratio of
Tier I Capital to  average  assets of at least 5% and ratios of Tier I and total
capital  to  risk-weighted  assets of at least 6.0% and 10.0%  respectively.  At
March 31, 2003, the Bank satisfied the capital  requirements for  classification
as well capitalized under OCC regulations.

                                       13

<PAGE>

ITEM 3.  CONTROLS AND PROCEDURES

The Company's Chief Executive Officer and Chief Financial Officer have evaluated
the Company's  disclosure  controls and  procedures  (as such term is defined in
Rule  13a-14(c)  under the Exchange Act) as of a date within 90 days of the date
of filing of this Form 10-QSB.  Based upon such evaluation,  the Company's Chief
Executive  Officer and Chief Financial Officer have concluded that such controls
and  procedures  are  effective  to ensure that the  information  required to be
disclosed  by the  Company in the  reports it files  under the  Exchange  Act is
gathered, analyzed and disclosed with adequate timeliness.

There have been no significant  changes in the Company's internal controls or in
other factors that could  significantly  affect internal controls  subsequent to
the date of the evaluation described above.

                                       14

<PAGE>

Part II

                                OTHER INFORMATION

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
         ---------------------------------------------------

On April 29, 2003, the Company held its annual meeting of  shareholders at which
the following items were voted on.

         (1)      Election of Directors

       Nominee                                    For             Withheld
----------------------------------------        -------           --------
Ronald J. Pence                                 178,539             256
Kevin D. Addington                              178,539             256
Henry Lee Chitwood                              178,539             256

There were no abstentions or broker non-votes.

The terms of office of the  following  directors  continued  after the  meeting:
Lawrence P. Calvert,  Lois Watkins Gray, William R. Hawkins,  Robert E. Robbins,
Christopher G. Knight and Allen McNutt.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
         --------------------------------

         (a)      The  following   exhibits  are  either  being  filed  with  or
                  incorporated  by  reference in this  quarterly  report on Form
                  10-QSB:

         Number   Description
         ------   -----------
         3.1      Articles of Incorporation *
         3.2      Bylaws *
         4        Form of Common Stock Certificate *
         10.1     Restrictive Stock Transfer Agreement *
         10.2     Organizational Stock Option and Incentive Plan **
         10.3     Lease Agreement Between Kentucky National Properties, L.L.C
                  and Kentucky National Bank ***
         10.4     Kentucky National Bancorp, Inc. 2000 Stock Option and
                  Incentive Plan ****
         10.5     Kentucky National Bancorp, Inc. Director Fee Deferral
                  Plan *****
         99.1     Certification under Section 906 of Sarbanes-Oxley Act of 2002

--------------
*    Incorporated by reference from the Registrant's  Registration  Statement on
     Form S-4 (File No. 333-72371)
**   Incorporated by reference from Registrant's Post- Effective Amendment No. 1
     to Registration Statement on Form S-8 (File No. 333-72371)
***  Incorporated  by reference from  Registrant's  Annual Report on Form 10-KSB
     for the year ended  December 31, 2001 ****  Incorporated  by reference from
     the  Registrant's  Annual Report on Form 10-KSB for the year ended December
     31, 1999.
*****Incorporated by reference from Registrant's  Registration Statement on Form
     S-8 (File No 333-41676).

         (b) During the quarter  ended March 31, 2003,  the Company did not file
             any current reports on Form 8-K.

                                       14

<PAGE>

                                   SIGNATURES

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


                                            KENTUCKY NATIONAL BANCORP, INC.

Date: May 15, 2003                          /s/Ronald J. Pence
                                            ------------------------------------
                                            Ronald J. Pence, President
                                            (Duly Authorized Representative and
                                            Principal Financial Officer)

                                       15
<PAGE>

                                  CERTIFICATION

     I,  Lawrence P.  Calvert,  Chief  Executive  Officer of  Kentucky  National
Bancorp, Inc., certify that:

     1. I have  reviewed  this  quarterly  report  on Form  10-QSB  of  Kentucky
National Bancorp, Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4. The  registrant's  other  certifying  officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

        (a)  Designed  such  disclosure  controls  and procedures to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this quarterly report is being prepared;

        (b) Evaluated the effectiveness of the registrant's disclosure  controls
and  procedures  as of a date  within 90 days prior to the  filing  date of this
quarterly report (the "Evaluation Date"); and

        (c)  Presented in this  quarterly   report  our  conclusions  about  the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

     5. The registrant's other certifying  officers and I have disclosed,  based
on our most  recent  evaluation,  to the  registrant's  auditors  and the  audit
committee  of  registrant's  board  of  directors  (or  persons  performing  the
equivalent functions):

        (a) All  significant  deficiencies  in   the   design  or  operation  of
internal  controls  which could  adversely  affect the  registrant's  ability to
record, process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

        (b) Any  fraud,  whether  or  not material,  that involves management or
other  employees  who  have a  significant  role  in the  registrant's  internal
controls; and

     6. The registrant's other certifying  officers and I have indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: May 15, 2003                             /s/Lawrence P. Calvert
                                               ---------------------------------
                                               Lawrence P. Calvert
                                               Chief Executive Officer


<PAGE>

                                                    CERTIFICATION

     I,  Ronald J.  Pence,  President  and Chief  Financial  Officer of Kentucky
National Bancorp, Inc., certify that:

     1. I have  reviewed  this  quarterly  report  on Form  10-QSB  of  Kentucky
National Bancorp, Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4. The  registrant's  other  certifying  officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

        (a)  Designed  such  disclosure  controls  and procedures to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this quarterly report is being prepared;

        (b) Evaluated the effectiveness of the registrant's disclosure  controls
and  procedures  as of a date  within 90 days prior to the  filing  date of this
quarterly report (the "Evaluation Date"); and

        (c)  Presented in this  quarterly   report  our  conclusions  about  the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

     5. The registrant's other certifying  officers and I have disclosed,  based
on our most  recent  evaluation,  to the  registrant's  auditors  and the  audit
committee  of  registrant's  board  of  directors  (or  persons  performing  the
equivalent functions):

        (a) All  significant  deficiencies  in   the   design  or  operation  of
internal  controls  which could  adversely  affect the  registrant's  ability to
record, process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

        (b) Any  fraud,  whether  or  not material,  that involves management or
other  employees  who  have a  significant  role  in the  registrant's  internal
controls; and

     6. The registrant's other certifying  officers and I have indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: May 15, 2003                         /s/Ronald J. Pence
                                           -------------------------------------
                                           Ronald J. Pence
                                           President and Chief Financial Officer