<PAGE> 1


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

(Mark One)

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

For the quarterly period ended     December 31, 2004
                               -------------------------

                                       OR

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

For the transition period from ____________ to _______________

Commission File Number: 0-51176
                        -------

                         KENTUCKY FIRST FEDERAL BANCORP
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

(To be incorporated under
the laws of the United States)                 (To be applied for)
--------------------------------         ---------------------------------------
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

                     479 Main Street, Hazard, Kentucky 41702
--------------------------------------------------------------------------------
               (Address of principal executive offices)(Zip Code)

                                 (606) 436-3860
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
 report)

Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months or such shorter period that the issuer was required to file such
reports and (2) has been subject to such filing requirements for the past ninety
days:                                                   Yes [ ] No [X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act.              Yes [ ] No [X]


                      APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:        Not applicable
                                                --------------------------------

                                       1

<PAGE> 2



                                      INDEX

                                                                          Page
                                                                          ----

PART I     -  ITEM 1       FINANCIAL INFORMATION

                           Statements of Financial Condition                3

                           Statements of Earnings                           4

                           Statements of Comprehensive Income               5

                           Statements of Cash Flows                         6

                           Notes to Financial Statements                    8

              ITEM 2       Management's Discussion and Analysis of
                           Financial Condition and Results of
                           Operations                                      11

              ITEM 3       Quantitative and Qualitative Disclosures
                           About Market Risk                               15

              ITEM 4       Controls and Procedures                         15


PART II    -  OTHER INFORMATION                                            16

SIGNATURES                                                                 17



                                       2

<PAGE> 3
<TABLE>
<CAPTION>


                         KENTUCKY FIRST FEDERAL BANCORP

                        STATEMENTS OF FINANCIAL CONDITION

                                 (In thousands)

                                                                               DECEMBER 31,           JUNE 30,
         ASSETS                                                                   2004                  2004
                                                                               (UNAUDITED)
<S>                                                                             <C>                  <C>
Cash and due from banks                                                         $     923            $     899
Federal funds sold                                                                      -               15,000
Interest-bearing deposits in other financial institutions                           3,710                  963
                                                                                ---------            ---------
         Cash and cash equivalents                                                  4,633               16,862

Investment securities available for sale - at market                               12,670               12,391
Investment securities held to maturity, at amortized cost                          62,837               50,840
Mortgage-backed securities held to maturity, at amortized cost                     23,093               22,983
Loans receivable - net                                                             31,754               33,568
Real estate acquired through foreclosure                                               28                   -
Office premises and equipment - at depreciated cost                                   165                  186
Federal Home Loan Bank stock - at cost                                              1,865                1,826
Accrued interest receivable                                                           596                  603
Prepaid expenses and other assets                                                     945                   77
Prepaid federal income taxes                                                          288                  308
Deferred federal income taxes                                                          70                  179
                                                                                ---------            ---------

         Total assets                                                           $ 138,944            $ 139,823
                                                                                =========            =========

         LIABILITIES AND RETAINED EARNINGS

Deposits                                                                        $  97,449            $  98,751
Advances from the Federal Home Loan Bank                                            9,000                9,000
Other liabilities                                                                     621                1,029
                                                                                ---------            ---------
         Total liabilities                                                        107,070              108,780

Retained earnings, restricted                                                      32,091               31,443
Accumulated comprehensive income (loss), unrealized losses on
  securities designated as available for sale, net of related tax effects            (217)                (400)
                                                                                ---------            ---------
         Total retained earnings                                                   31,874               31,043
                                                                                ---------            ---------

         Total liabilities and retained earnings                                $ 138,944            $ 139,823
                                                                                =========            =========

</TABLE>
                                       3

<PAGE> 4

<TABLE>
<CAPTION>

                         KENTUCKY FIRST FEDERAL BANCORP

                             STATEMENTS OF EARNINGS

                                   (Unaudited)

                                 (In thousands)

                                                                        FOR THE SIX MONTHS         FOR THE THREE MONTHS
                                                                        ENDED DECEMBER 31,          ENDED DECEMBER 31,
                                                                       2004          2003             2004         2003
<S>                                                                   <C>          <C>             <C>          <C>
Interest income
  Loans                                                               $ 1,180      $ 1,464         $   580      $   702
  Mortgage-backed securities                                              487          126             244           91
  Investment securities                                                 1,051        1,121             532          551
  Interest-bearing deposits and other                                     162          117              91           52
                                                                       ------       ------          ------       ------
         Total interest income                                          2,880        2,828           1,447        1,396

Interest expense
  Deposits                                                                941        1,167             454          541
  Borrowings                                                              134            -              67            -
                                                                       ------       ------          ------       ------
         Total interest expense                                         1,075        1,167             521          541
                                                                       ------       ------          ------       ------

         Net interest income                                            1,805        1,661             926          855

Provision for losses on loans                                              28           27              13           21
                                                                       ------       ------          ------       ------

         Net interest income after provision for
           losses on loans                                              1,777        1,634             913          834

Other operating income                                                     11           11               6           11

General, administrative and other expense
  Employee compensation and benefits                                      537          565             273          272
  Occupancy and equipment                                                  71           71              38           37
  Data processing                                                          15           17               7            9
  Franchise taxes                                                          37           47              19           24
  Charitable contributions                                                  7           38               4           11
  Other operating                                                         138          145              67           65
                                                                       ------       ------          ------       ------
         Total general, administrative and other expense                  805          883             408          418
                                                                       ------       ------          ------       ------

         Earnings before income taxes                                     983          762             511          427

Federal income taxes
  Current                                                                 320          229             162          128
  Deferred                                                                 15           30              11           17
                                                                       ------       ------          ------       ------
         Total federal income taxes                                       335          259             173          145
                                                                       ------       ------          ------       ------

         NET EARNINGS                                                 $   648      $   503         $   338      $   282
                                                                       ======       ======          ======       ======
</TABLE>

                                       4



<PAGE> 5

<TABLE>
<CAPTION>

                         KENTUCKY FIRST FEDERAL BANCORP

                       STATEMENTS OF COMPREHENSIVE INCOME

                                   (Unaudited)

                                 (In thousands)


                                                                        FOR THE SIX MONTHS           FOR THE THREE MONTHS
                                                                        ENDED DECEMBER 31,            ENDED DECEMBER 31,
                                                                       2004           2003            2004           2003
<S>                                                                   <C>            <C>             <C>            <C>
Net earnings                                                          $ 648          $ 503           $ 338          $ 282

Other comprehensive income (loss), net of taxes (benefits):
  Unrealized holding gains (losses) on securities during
    the period, net of taxes (benefits) of $94, $(124), $(44)
    and $(14) during the respective periods                             183           (240)            (85)           (28)
                                                                       ----           ----           -----          -----

Comprehensive income                                                  $ 831          $ 263           $ 253          $ 254
                                                                       ====           ====            ====           ====

Accumulated comprehensive loss                                        $(217)         $(400)          $(217)         $(400)
                                                                       ====           ====            ====           ====
</TABLE>
                                       5


<PAGE> 6

<TABLE>
<CAPTION>

                         KENTUCKY FIRST FEDERAL BANCORP

                            STATEMENTS OF CASH FLOWS

                      For the six months ended December 31,
                                   (Unaudited)
                                 (In thousands)

                                                                         2004              2003
<S>                                                                   <C>               <C>
Cash flows from operating activities:
  Net earnings for the period                                         $    648          $    503
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Amortization of discounts and premiums on loans,
      investments and mortgage-backed securities - net                      (6)               10
    Amortization of deferred loan origination fees                         (11)              (30)
    Depreciation and amortization                                           44                43
    Provision for losses on loans                                           28                27
    Federal Home Loan Bank stock dividends                                 (39)              (35)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                            7               (37)
      Prepaid expenses and other assets                                   (868)               (9)
      Other liabilities                                                   (408)              (73)
      Federal income taxes
        Current                                                             20                81
        Deferred                                                            15                30
                                                                       -------           -------

         Net cash provided by (used in) operating activities              (570)              510

Cash flows provided by (used in) investing activities:
  Purchase of investment securities                                    (11,997)          (63,000)
  Proceeds from sale of real estate acquired through foreclosure            82               284
  Proceeds from maturity of investment securities                            -            32,996
  Proceeds from sales of investment securities                               -            10,000
  Purchase of mortgage-backed securities                                (1,261)           (6,045)
  Principal repayments on mortgage-backed securities                     1,156               255
  Loan principal repayments                                              4,129             6,826
  Loan disbursements                                                    (2,441)           (3,344)
  Purchase of office equipment                                             (23)              (31)
                                                                       -------           -------

         Net cash used in investing activities                         (10,357)          (22,059)

Cash flows used in financing activities:
  Net decrease in deposit accounts                                      (1,302)           (3,475)
                                                                       -------           -------

Net decrease in cash and cash equivalents                              (12,229)          (25,024)

Cash and cash equivalents at beginning of period                        16,862            30,349
                                                                       -------           -------

Cash and cash equivalents at end of period                            $  4,633          $  5,325
                                                                       =======           =======

</TABLE>
                                       6

<PAGE> 7
<TABLE>
<CAPTION>


                         KENTUCKY FIRST FEDERAL BANCORP

                      STATEMENTS OF CASH FLOWS (CONTINUED)

                      For the six months ended December 31,
                                   (Unaudited)
                                 (In thousands)

                                                                   2004              2003
<S>                                                              <C>             <C>
Supplemental disclosure of cash flow information:
  Cash paid during the period for:
    Federal income taxes                                         $   300         $   150
                                                                  ======          ======

    Interest on deposits and borrowings                          $ 1,072         $ 1,209
                                                                  ======          ======

Supplemental disclosure of noncash investing activities:
  Unrealized gains (losses) on securities designated as
    available for sale, net of related tax effects               $   183         $  (240)
                                                                  ======          ======

Transfers from loans to real estate acquired
  through foreclosure                                            $   110         $   200
                                                                  ======          ======

</TABLE>

                                       7

<PAGE> 8

                         KENTUCKY FIRST FEDERAL BANCORP

                          NOTES TO FINANCIAL STATEMENTS

      For the six- and three-month periods ended December 31, 2004 and 2003


On July 14, 2004,  the Board of Directors of the First Federal  Savings and Loan
Association  ("First Federal of Hazard" or the "Association")  adopted a Plan of
Reorganization  (the  "Plan"  or the  "Reorganization")  pursuant  to which  the
Association  proposes to reorganize into a mutual holding company structure with
the establishment of a stock holding company, Kentucky First Federal Bancorp, as
parent of the Association, and the Association will convert to the stock form of
ownership,  followed by the issuance of all the Association's  outstanding stock
to  Kentucky  First  Federal  Bancorp.  Pursuant to the  Reorganization  and the
Merger,  Kentucky  First  Federal  Bancorp  will  issue  between  2,546,051  and
3,868,313  common shares,  representing  approximately  45.0% of the outstanding
common stock,  up to 45.0% of which will be issued to  shareholders of Frankfort
First Bancorp,  Inc.  ("Frankfort  First") in a merger, with the remainder to be
sold in the Reorganization,  at $10.00 per share to the Association's depositors
and a newly formed Employee Stock Ownership Plan ("ESOP").  First Federal MHC is
being  organized as a federally  chartered  mutual holding  company and will own
approximately  55.0% of the  outstanding  common stock of Kentucky First Federal
Bancorp  upon  completion  of  the  reorganization.  Immediately  following  the
Reorganization,  Kentucky First Federal Bancorp will acquire Frankfort First and
its  wholly-owned  subsidiary  First  Federal  Savings  Bank  in a  merger  (the
"Merger"),  at an aggregate  purchase  price of $31.2  million to be paid in the
form of both stock and cash.  The  purchase is expected to result in goodwill of
approximately $16.6 million.

The costs of issuing the common  stock have been  deferred  and will be deducted
from the sale proceeds of the offering.  If the conversion is unsuccessful,  all
deferred  costs  will be  charged to  operations.  At  December  31,  2004,  the
Association had deferred conversion costs totaling  approximately  $557,000. The
transaction   was  approved  by  regulatory   authorities  and  members  of  the
Association (and by the Frankfort First shareholders).

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

The accompanying  unaudited financial statements,  which represent the financial
condition  and  results  of  operations  of  First  Federal   Savings  and  Loan
Association of Hazard,  were prepared in accordance  with the  instructions  for
Form 10-Q and, therefore,  do not include information or footnotes necessary for
a complete  presentation of financial  position,  results of operations and cash
flows in conformity with accounting  principles generally accepted in the United
States of  America.  However,  in the  opinion of  management,  all  adjustments
(consisting of only normal  recurring  accruals)  which are necessary for a fair
presentation  of the financial  statements  have been  included.  The results of
operations for the six- and three-month periods ended December 31, 2004, are not
necessarily  indicative  of the  results  which may be  expected  for the entire
fiscal year.

2.      Critical Accounting Policies
        ----------------------------

We consider accounting policies involving  significant judgments and assumptions
by management  that have, or could have, a material impact on the carrying value
of certain assets or on income to be critical accounting  policies.  We consider
the allowance for loan losses to be a critical accounting policy.

The allowance for loan losses is the estimated  amount  considered  necessary to
cover probable incurred credit losses in the loan portfolio at the balance sheet
date.  The  allowance is  established  through the provision for losses on loans
which is charged against  income.  In determining the allowance for loan losses,
management makes significant  estimates and has identified this policy as one of
the most critical for First Federal of Hazard.

                                       8
<PAGE> 9


                         KENTUCKY FIRST FEDERAL BANCORP

                          NOTES TO FINANCIAL STATEMENTS

      For the six- and three-month periods ended December 31, 2004 and 2003


2.      Critical Accounting Policies (continued)
        ----------------------------

Management  performs a monthly  evaluation  of the  allowance  for loan  losses.
Consideration  is given to a variety of factors in  establishing  this  estimate
including,  but  not  limited  to,  current  economic  conditions,   delinquency
statistics,  geographic  and  industry  concentrations,   the  adequacy  of  the
underlying  collateral,  the  financial  strength  of the  borrower,  results of
internal loan reviews,  volume and mix of the loan  portfolio and other relevant
factors.  This  evaluation  is  inherently  subjective  as it requires  material
estimates that may be susceptible to change.  Management  considers the economic
climate  in our  lending  area to be among the  factors  most  likely to have an
impact on the level of the required allowance for loan losses.  However, in view
of the fact that local economy is diverse,  without significant  dependence on a
single  industry or employer,  the economic  climate is considered to be stable,
and  improving,  at December 31,  2004.  Nevertheless,  management  continues to
monitor and evaluate factors which could have an impact on the required level of
the allowance. Nationally,  management will watch for issues that may negatively
affect a  significant  percentage  of  homeowners  in First  Federal of Hazard's
lending  area.  These may  include  significant  increases  in  unemployment  or
significant   depreciation  in  home  prices.   Management   reviews  employment
statistics  periodically  when  determining  the  allowance  for loan losses and
generally finds the unemployment  rate in First Federal of Hazard's lending area
to be  acceptable  in relation to historical  trends.  Given the  aforementioned
indicators of economic stability,  management does not foresee in the near term,
any significant  increases in the required  allowance for loan losses related to
economic factors. Finally,  management has no current plans to alter the type of
lending  offered or  collateral  accepted,  but if such  plans  change or market
conditions  result in large  concentrations  of certain types of loans,  such as
commercial real estate or high loan-to-value ratio residential loans, management
would respond with an increase in the overall allowance for loan losses.

The allowance for loan losses analysis has two components,  specific and general
allocations.  Specific  allocations are made for loans that are determined to be
impaired.  Impairment is measured by  determining  the present value of expected
future  cash flows or,  for  collateral-dependent  loans,  the fair value of the
collateral  adjusted for market  conditions  and selling  expenses.  The general
allocation  is determined by  segregating  the remaining  loans by type of loan,
risk weighting (if applicable) and payment history.  We also analyze  historical
loss experience,  delinquency trends, general economic conditions and geographic
and industry concentrations.  This analysis establishes factors that are applied
to the loan groups to determine the amount of the general  reserve.  Actual loan
losses may be significantly  more than the allowance we have  established  which
could have a material negative effect on our financial results.

3.      Recent Accounting Pronouncements
        --------------------------------

During  December 2004,  the Financial  Accounting  Standards  Board (the "FASB")
issued a revision to Statement of Financial  Accounting Standards No. 123 ("SFAS
123(R)") which  establishes  standards for the accounting  for  transactions  in
which an  entity  exchanges  its  equity  instruments  for  goods  or  services,
primarily on accounting for  transactions  in which an entity  obtains  employee
services in share-based transactions. This Statement requires a public entity to
measure the cost of  employee  services  received  in  exchange  for an award of
equity instruments based on the grant-date fair value of the award, with limited
exceptions.  That  cost  will be  recognized  over the  period  during  which an
employee  is  required  to  provide  services  in  exchange  for the award - the
requisite  service  period.  No  compensation  cost  is  recognized  for  equity
instruments  for which employees do not render the requisite  service.  Employee
share  purchase plans will not result in  recognition  of  compensation  cost if
certain conditions are met.

                                       9
<PAGE> 10


                         KENTUCKY FIRST FEDERAL BANCORP

                          NOTES TO FINANCIAL STATEMENTS

      For the six- and three-month periods ended December 31, 2004 and 2003


3.      Recent Accounting Pronouncements (continued)
        --------------------------------

Initially,  the cost of employee  services  received in exchange for an award of
liability  instruments  will be measured  based on current fair value;  the fair
value of that award  will be  remeasured  subsequently  at each  reporting  date
through the settlement date.  Changes in fair value during the requisite service
period will be recognized as compensation cost over that period.  The grant-date
fair value of employee share options and similar  instruments  will be estimated
using option-pricing  models,  adjusted for the unique  characteristics of those
instruments (unless observable market prices for the same or similar instruments
are available). If an equity award is modified after the grant date, incremental
compensation  cost will be  recognized  in an amount  equal to the excess of the
fair  value of the  modified  award over the fair  value of the  original  award
immediately before the modification.

Excess tax benefits, as defined by SFAS 123(R) will be recognized as an addition
to  additional  paid-in  capital.  Cash retained as a result of those excess tax
benefits  will be  presented in the  statement  of cash flows as financing  cash
inflows.  The  write-off  of  deferred  tax assets  relating to  unrealized  tax
benefits  associated  with  recognized  compensation  cost will be recognized as
income tax expense,  unless there are excess tax benefits from  previous  awards
remaining in additional paid-in capital to which it can be offset.

Compensation  cost is required to be  recognized  in the first interim or annual
period that begins after June 15, 2005,  or July 1, 2005 as to the  Association.
The Association  currently has no stock option plans or other  instruments  that
are subject to the provisions of SFAS No. 123(R).

                                       10
<PAGE> 11


                         KENTUCKY FIRST FEDERAL BANCORP

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


Forward Looking Statements
--------------------------

Certain  statements  contained in this report that are not historical  facts are
forward-looking  statements that are subject to certain risks and uncertainties.
When used herein, the terms "anticipates,"  "plans," "expects,"  "believes," and
similar  expressions as they relate to First Federal of Hazard or its management
are  intended to identify  such forward  looking  statements.  First  Federal of
Hazard's actual results,  performance or achievements may materially differ from
those  expressed  or  implied  in  the  forward-looking  statements.  Risks  and
uncertainties  that  could  cause or  contribute  to such  material  differences
include,  but are not limited to, general economic  conditions,  prices for real
estate in the Association's market area, interest rate environment,  competitive
conditions  in the financial  services  industry,  changes in law,  governmental
policies and regulations,  and rapidly changing  technology  affecting financial
services.

Discussion of Financial Condition Changes from June 30, 2004 to December 31,
----------------------------------------------------------------------------
2004
----

At December 31,  2004,  the  Association's  assets  totaled  $138.9  million,  a
decrease of $879,000, or 0.6%, from total assets at June 30, 2004.

Cash and cash equivalents  decreased by $12.2 million,  or 72.5%,  from June 30,
2004  levels,  to a total of $4.6  million  at  December  31,  2004.  Investment
securities  totaled  $75.5  million at December 31,  2004,  an increase of $12.3
million,  or 19.4%,  from June 30, 2004  levels,  due  primarily to purchases of
$12.0 million. Purchases of investment securities consisted of a short-term U.S.
Government  obligations.  Mortgage-backed  securities  totaled  $23.1 million at
December 31, 2004, an increase of $110,000,  or 0.5%, from the total at June 30,
2004,  due primarily to purchases  totaling  $1.3 million,  which were offset by
principal repayments of $1.2 million.

Loans receivable decreased by $1.8 million, or 5.4%, during the six-month period
ended  December  31,  2004,  to a total of  $31.8  million.  Loan  disbursements
totaling $2.4 million for the six months ended December 31, 2004, were more than
offset by  principal  repayments  of $4.1  million.  During the six months ended
December 31, 2004, loans originated  consisted entirely of loans secured by one-
to four-family residential real estate.

The allowance for loan losses totaled $670,000 and $665,000 at December 31, 2004
and June 30, 2004, respectively. Nonperforming and nonaccrual loans totaled $1.1
million at December 31, 2004, a decrease of $7,000,  or 0.6% from the balance at
June 30, 2004.  The  allowance  for loan losses  represented  58.4% and 57.6% of
nonperforming  loans at December  31, 2004 and June 30, 2004,  respectively.  At
December 31, 2004, nonperforming loans consisted entirely of one- to four-family
residential  real estate loans.  Management  believes such loans are  adequately
collateralized  and does not  expect  to incur  any  significant  losses on such
loans.  Although  management  believes  that its  allowance  for loan  losses at
December  31,  2004,   was  adequate   based  upon  the   available   facts  and
circumstances,  there can be no assurance  that additions to such allowance will
not  be  necessary  in  future  periods,   which  could  adversely   affect  the
Association's results of operations.

Deposits totaled $97.4 million at December 31, 2004, a decrease of $1.3 million,
or 1.3%,  from June 30, 2004 levels.  The decrease in deposits was due primarily
to increased competition in deposit rates.

                                       11

<PAGE> 12


                         KENTUCKY FIRST FEDERAL BANCORP

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Discussion of Financial Condition Changes from June 30, 2004 to December 31,
----------------------------------------------------------------------------
2004 (continued)
----

Retained  earnings  totaled  $31.9  million at December 31, 2004, an increase of
$831,000,  or 2.7%,  over the June 30, 2004 level.  The  increase was due to net
earnings  of $648,000  and an $183,000  net  decrease  in  unrealized  losses on
securities available for sale.

The  Association  is required to meet minimum  regulatory  capital  requirements
promulgated by the Office of Thrift Supervision  ("OTS").  At December 31, 2004,
the Association's regulatory capital exceeded the minimum capital requirements.


Comparison of Operating Results for the Six-Month Periods Ended December 31,
----------------------------------------------------------------------------
2004 and 2003
-------------

General
-------

Net earnings  totaled  $648,000 for the six months ended  December 31, 2004,  an
increase of  $145,000,  or 28.8%,  over the same period in 2003.  An increase of
$144,000  in  net  interest  income  and  a  decrease  of  $78,000  in  general,
administrative  and other  expense were offset in part by an increase of $76,000
in the provision for federal income taxes.

Net Interest Income
-------------------

Interest  income on loans  decreased by $284,000,  or 19.4%,  for the six months
ended  December 31, 2004,  compared to the 2003  period.  This  decrease was due
primarily to a $6.0 million, or 15.2%, decrease in the average portfolio balance
outstanding   period  to  period,   and  a  37  basis  point   decrease  in  the
weighted-average  yield, to 7.07% for the 2004 six-month period. Interest income
on  investment  securities,   mortgage-backed  securities  and  interest-bearing
deposits  increased by  $336,000,  or 24.6%,  due  primarily to a 69 basis point
increase  in the  weighted-average  yield,  to 3.24% for the 2004  period and an
$11.5 million,  or 12.4%,  increase in the average balance of the related assets
outstanding period to period.

Interest expense on deposits decreased by $226,000, or 19.4%, for the six months
ended December 31, 2004,  compared to the same period in 2003. This decrease was
due primarily to a $3.7  million,  or 3.5%,  decrease in the average  balance of
deposits  outstanding  period to period  and a 37 basis  point  decrease  in the
weighted-average  cost of deposits,  to 1.91% for the six months ended  December
31, 2004.  Interest expense on borrowings  increased by $134,000 during the 2004
period.  First  Federal  of Hazard  had no  borrowings  outstanding  during  the
comparable 2003 period.

                                       12

<PAGE> 13


                         KENTUCKY FIRST FEDERAL BANCORP

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Six-Month Periods Ended December 31,
----------------------------------------------------------------------------
2004 and 2003 (continued)
-------------

Net Interest Income (continued)
-------------------

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  increased by $144,000,  or 8.7%, to a total of $1.8 million
for the six months ended December 31, 2004.  The interest rate spread  increased
to 2.17% for the six months ended  December  31,  2004,  from 1.99% for the 2003
period,  while the net  interest  margin  increased to 2.61% in the 2004 period,
compared to 2.50% in the 2003 period.

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

The Association charges a provision for losses on loans to earnings to bring the
total allowance for loan losses to a level considered  appropriate by management
based on historical experience,  the volume and type of lending conducted by the
Association,  the status of past due  principal and interest  payments,  general
economic conditions, particularly as such conditions relate to the Association's
market  area,  and  other  factors   related  to  the   collectibility   of  the
Association's loan portfolio. The Association recorded a provision for losses on
loans  totaling  $28,000  during the six months  ended  December  31,  2004,  an
increase of $1,000, or 3.7%, over the comparable six-month period in 2003. There
can be no  assurance  that the loan loss  allowance  will be  adequate to absorb
losses on known  nonperforming  loans or that the allowance  will be adequate to
cover losses on nonperforming assets in the future, which could adversely affect
the Association's results of operations.

Other Income
------------

Other income totaled  $11,000 for each of the six months ended December 31, 2004
and  2003.  Other  income  is  not  a  significant  part  of  the  Association's
operations.

General, Administrative and Other Expense
-----------------------------------------

General,  administrative  and other expense totaled  $805,000 for the six months
ended December 31, 2004, a decrease of $78,000, or 5.0%, over the same period in
2003. This decrease was comprised primarily of decreases of $28,000, or 5.0%, in
employee  compensation  and  benefits  and  $31,000,  or  81.6%,  in  charitable
contributions.  The  decrease  in employee  compensation  and  benefits  was due
primarily  to a decrease in pension  expense,  partially  offset by normal merit
increases year to year.

Federal Income Taxes
--------------------

The provision for federal income taxes totaled $335,000 for the six months ended
December 31, 2004, an increase of $76,000, or 29.3%, compared to the same period
in 2003.  This  increase  was due to an  increase in  earnings  before  taxes of
$221,000,  or  29.0%.  The  effective  tax  rates  were  34.1% and 34.0% for the
six-month periods ended December 31, 2004 and 2003, respectively.

                                       13
<PAGE> 14


                         KENTUCKY FIRST FEDERAL BANCORP

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three-Month Periods Ended December 31,
------------------------------------------------------------------------------
2004 and 2003
-------------

General
-------

Net earnings totaled $338,000 for the three months ended December 31, 2004, an
increase of $56,000, or 19.9% from the $282,000 in earnings reported for the
same period in 2003. The increase was primarily attributable to a $71,000
increase in net interest income and a decrease of $10,000 in general,
administrative and other expense, partially offset by an increase of $28,000 in
the provision for federal income taxes.

Net Interest Income
-------------------

Interest income on loans decreased by $122,000,  or 17.4%,  for the three months
ended  December 31, 2004,  compared to the 2003  period.  This  decrease was due
primarily to a $5.6 million, or 14.5%, decrease in the average portfolio balance
outstanding   period  to  period  and  a  24  basis   point   decrease   in  the
weighted-average  yield,  to 7.04%  for the 2004  three-month  period.  Interest
income on investment securities, mortgage-backed securities and interest-bearing
deposits increased by $173,000,  or 24.9%, due primarily to an $11.7 million, or
12.6%,  increase in the average balance of the related assets outstanding period
to period and a 33 basis point increase in the weighted-average  yield, to 3.32%
for the 2004 period.

Interest  expense on  deposits  decreased  by $87,000,  or 16.1%,  for the three
months  ended  December  31,  2004,  compared to the same  period in 2003.  This
decrease was due primarily to a $2.9 million,  or 2.8%,  decrease in the average
balance of deposits  outstanding  period to period. The weighted average cost of
deposits was 1.85% for 2004 and 2.14% for the 2003 period.  Interest  expense on
borrowings  increased by $67,000,  or 100.0%,  as First Federal of Hazard had no
borrowings outstanding during the 2003 period.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  increased by $71,000,  or 8.3%, to a total of $926,000 for
the three months ended December 31, 2004. The interest rate spread  increased to
2.27% for the three  months ended  December  31,  2004,  from 2.11% for the 2003
period,  while the net  interest  margin  increased to 1.35% in the 2004 period,
compared to 1.30% in the 2003 period.

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

The Association charges a provision for losses on loans to earnings to bring the
total allowance for loan losses to a level considered  appropriate by management
based on historical experience,  the volume and type of lending conducted by the
Association,  the status of past due  principal and interest  payments,  general
economic conditions, particularly as such conditions relate to the Association's
market  area,  and  other  factors   related  to  the   collectibility   of  the
Association's loan portfolio. The Association recorded a provision for losses on
loans  totaling  $13,000  during the three  months  ended  December  31, 2004, a
decrease of $8,000,  or 38.1%, from the comparable  three-month  period in 2003.
The reduction in the provision  during the 2004 period was primarily  influenced
by  a  decline  in  the  balance  of  the  loan  portfolio  and  a  decrease  in
nonperforming  loans over the period.  There can be no  assurance  that the loan
loss allowance will be adequate to absorb losses on known nonperforming loans or
that the allowance will be adequate to cover losses on  nonperforming  assets in
the  future,   which  could  adversely  affect  the  Association's   results  of
operations.

                                       14
<PAGE> 15


                         KENTUCKY FIRST FEDERAL BANCORP

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three-Month Periods Ended December 31,
------------------------------------------------------------------------------
2004 and 2003 (continued)
-------------

Other Income
------------

Other income  totaled  $6,000 for the three  months  ended  December 31, 2004, a
decrease of $5,000,  or 45.5%, from the same period in 2003. Other income is not
a significant part of the Association's operations.

General, Administrative and Other Expense
-----------------------------------------

General,  administrative and other expense totaled $408,000 for the three months
ended  December 31, 2004, a decrease of $10,000,  or 2.4%,  compared to the same
period in 2003.  This  decrease was due  primarily  to a decrease of $7,000,  or
63.6%, in charitable  contributions.  There were no significant changes in other
categories of operating expenses during the periods.

Federal Income Taxes
--------------------

The  provision for federal  income taxes  totaled  $173,000 for the three months
ended December 31, 2004, an increase of $28,000, or 19.3%,  compared to the same
period in 2003. This increase was due to an increase in earnings before taxes of
$84,000,  or  19.7%.  The  effective  tax  rates  were  33.9%  and 34.0% for the
three-month periods ended December 31, 2004 and 2003, respectively.


ITEM 3:  Quantitative and Qualitative Disclosures About Market Risk
         ----------------------------------------------------------

There has been no  material  change in the  Association's  market risk since the
disclosure included under the heading  "Management's  Discussion and Analysis of
Financial Condition and Results of Operations - Asset and Liability  Management"
in the Association's Form S-1 filing dated January 10, 2005.

ITEM 4:  Controls and Procedures
         -----------------------

The  Association's  Chief  Executive  Officer and Chief  Financial  Officer have
evaluated the Association's disclosure controls and procedures (as defined under
Rules  13a-15(e)  and  15d-15(e)  of the  Securities  Exchange  Act of 1934,  as
amended)  as of the end of the period  covered by this  report.  Based upon that
evaluation,  the Chief  Executive  Officer  and  Chief  Financial  Officer  have
concluded  that  the  Association's   disclosure  controls  and  procedures  are
effective.  There were no changes in the  Association's  internal  control  over
financial  reporting  which  materially  affected,  or are reasonably  likely to
materially affect, the Association's internal controls over financial reporting.

                                       15

<PAGE> 16


                         KENTUCKY FIRST FEDERAL BANCORP

                                     PART II


ITEM 1.  Legal Proceedings
         -----------------

         Not applicable.

ITEM 2.  Unregistered Sales of Equity 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
         ---------------------------------------------------

         None.

ITEM 5.  Other Information
         -----------------

         None.

ITEM 6.  Exhibits
         --------


         31.1    CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley
                 Act of 2002

         31.2    CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley
                 Act of 2002

         32.1    CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley
                 Act of 2002

         32.2    CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley
                 Act of 2002


                                       16
<PAGE> 17


                         KENTUCKY FIRST FEDERAL BANCORP

                                   SIGNATURES
                                   ----------


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.



                                             KENTUCKY FIRST FEDERAL BANCORP


Date:  February 24, 2005                     By: /s/ Tony D. Whitaker
                                                 -------------------------------
                                                 Tony D. Whitaker
                                                 Chairman of the Board and
                                                    Chief Executive Officer



Date:  February 24, 2005                     By: /s/ Kaye C. Lewis
                                                 -------------------------------
                                                 Kaye C. Lewis
                                                 Acting Treasurer