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

                                  FORM 10-QSB

__X__Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934

                  For the quarterly period ended September 30, 2000

                                       or

_____Transition report pursuant to Section 13 or 15(d) of the Exchange Act


                        Commission File Number 333-33350

                          First Security Bancorp, Inc.
       (Exact Name of Small Business Issuer as Specified in Its Charter)

       Kentucky                                         61-1364206
       --------                                         ----------
  (State of other jurisdiction of                     (I.R.S. Employer
   incorporation or organization)                    Identification No.)

400 East Main Street, Lexington, KY 40507
(Address of Principal Executive Offices)
(859)- 367-3700
(Issuer's Telephone Number, Including Area Code)

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

                        _X_ Yes   ___ No

The  number of shares  outstanding  of each of the  issuer's  classes  of common
equity as of the latest practicable date: Common stock, no par value - 1,266,717
shares outstanding as of November 8, 2000.

Transitional Small Business Disclosure Format (check one):

                        ___Yes      _X_No

<PAGE>

FIRST SECURITY BANCORP, INC.
TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.................................................4
Item 2. Management's Discussion and Analysis or Plan of Operation............10

PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K....................................18


<PAGE>
PART I - Financial Information
Item 1.  Financial Statements

                             First Security Bancorp, Inc.
                        Consolidated Balance Sheets (Unaudited)
                                  (in thousands)

                                             September 30    December 31
Assets                                           2000           1999

Cash & due from banks                         $ 2,795         $2,219
Federal funds sold                             14,570          9,053
                                               ------         ------
         Total cash & cash equivalents         17,365         11,272
Securities available for sale                   6,982          4,331
Loans                                          99,445         78,197
         Less allowance for loan losses        (1,109)          (819)
                                               ------         ------
Net loans                                      98,336         77,378
FHLB stock                                        220            117
Leasehold improvements, premises
 & equipment net                                1,375            758
Accrued interest receivable                       868            528
Other assets                                      115            131
                                              -------         ------
         Total Assets                        $125,261        $94,515
                                              =======        =======
Liabilities & Shareholders' Equity

Liabilities
         Deposits
Non-interest bearing                          $ 8,096        $ 5,157
Time deposits $100,000 and over                22,442         14,397
Other interest bearing                         82,895         63,858
                                              -------         ------
         Total Deposits                       113,433         83,412
Other borrowings                                1,499          2,382
Accrued interest payable                          589            387
Other liabilities                                 151            119
                                              -------         ------
         Total Liabilities                    115,672         86,300
Shareholders' Equity

Common stock no par value                       5,290          4,901
Paid-in Capital                                 5,290          4,901
Accumulated defecit                              (947)        (1,492)
Accumulated other comprehensive
 Income (loss)                                    (44)           (95)
                                              -------         ------
         Total Shareholders' Equity             9,589          8,215
                                              -------         ------
Total Liabilities and Shareholders' Equity   $125,261        $94,515
                                              =======         ======
<PAGE>


                          First Security Bancorp, Inc.
                           Consolidated Statements of
                   Income and Comprehensive Income (Unaudited)
                             Three Months Ended and
                  Nine Months Ended September 30, 2000 and 1999
                      (in thousands, except per share data)

                                   Three Months Ended        Nine Months Ended
                                      September 30              September 30
                                    2000        1999         2000        1999
Interest Income

     Loans, including fees        $2,226      $1,313       $6,146      $3,180
     Securities - taxable             79          60          194         142
     Federal funds sold              213         101          446         338
     Other                             4           1           10           2
                                   -----       -----        -----       -----
                                   2,522       1,476        6,796       3,662
Interest Expense

     Deposits                      1,541         811        4,010       2,026
     Other Borrowings                 30           -           56           -
                                   -----         ---        -----       -----
                                   1,571         811        4,066       2,026
                                   -----         ---        -----       -----
Net Interest Income                  951         664        2,730       1,636

Provision for loan losses            112         180          313         401
                                   -----         ---        -----        ----
Net interest income after
  provision for loan loss            839         484        2,417       1,235
Noninterest Income
     Service charges and
      fees on deposits                35          23           94          54
     Other                            16          12           43          32
                                      --          --           --          --
                                      51          35          137          86
Noninterest expense
     Salaries and
       employee benefits             355         271          980         812
     Occupancy                        58          54          172         155
     Equipment                        26          26           76          81
     Advertising                      14          21           71          53
     Professional Fees                32          12          171          42
     Bank franchise tax               18          18           55          53
     Other                           177         101          484         269
                                     ---         ---         ----         ---
                                     680         503        2,009       1,465
                                     ---         ---         ----         ---

Net Income (loss)                   $210        $ 16        $545       $(144)
                                     ===         ====         ===         ===
Other Comprehensive Income (Loss)

  Other comprehensive income          68         (14)          51        (73)
                                     ----        ----         ----       ----

  Comprehensive income              $278        $  2         $596      $(217)
                                     ===         ====          ===      =====

Weighted average shares common outstanding:
     Basic                           1,001      1,000        1,000       1,000
     Diluted                         1,032      1,020        1,028       1,020

Earnings per share:
     Basic                            $.21       $.02         $.54       $(.14)
     Diluted                           .20        .02          .53        (.14)
<PAGE>

<TABLE>

                          First Security Bancorp, Inc.
            Consolidated Statement of Changes In Shareholders' Equity
              (in thousands, except for share data) (unaudited)
<CAPTION>

                                                                                 Accumulated
                                                    Additional                   Other            Total
                               --Common Stock--     Paid-In     Retained         Comprehensive    Shareholders'
                              Shares      Amount    Capital     Earnings         Income (Loss)    Equity
<S>                           <C>         <C>       <C>         <C>              <C>              <C>

Balance January 1, 2000        1,000     $4,901       $4,901    $(1,492)           $(95)          $8,215

Net change in accumulated
   other comprehensive income
   (Loss)                                                                            51               51

Issuance of Common Stock          54        389          389                                         778

Net Income                                                          545                              545
                               -----      -----       ------     ------            ----            -----
Balance September 30, 2000     1,054     $5,290       $5,290    $  (947)          $ (44)          $9,589
                               =====      =====       ======    =======           =====           ======
</TABLE>

                          First Security Bancorp, Inc.
                      Statements of Cash Flows (unaudited)
                  Nine Months Ended September 30, 2000 and 1999
                                 (in thousands)

                                                                   2000    1999

Cash flows from Operating Activities:
Net income (loss)                                                  $545   $(144)
Adjustments to reconcile net income (loss) to net
   cash from operating activities
   Depreciation                                                      94      86
   Amortization and accretion on available
       for sale securities, net                                       2       4
   Provision for loan losses                                        313     401
   Federal Home Loan Bank Stock dividends                           (10)     (2)
   Change in assets and liabilities:
       Accrued interest receivable                                 (340)   (344)
       Other assets                                                  16     (23)
       Accrued interest payable                                     202     151
       Other liabilities                                             32       6
                                                                    ---     ----
            Net cash from operating activities                      854     135

Cash flows from investing activities
   Net change in loans                                          (21,271)(33,902)
   Activity in available for sale securities
        Prepayments                                                  94      73
        Maturities                                                1,500   2,500
        Purchases                                                (4,196) (2,002)
   Leasehold improvements and net purchases of
     premises and equipment                                        (711)    (50)
   Purchases Federal Home Loan Bank stock                           (93)    (86)
                                                                 ------  ------
            Net cash from investing activities                  (24,677)(33,467)

Cash flows from financing activities
   Net change in deposits                                        30,021  33,906
   Net changes in other borrowings                                 (883)      -
   Issuance of common stock                                         778
                                                                  -----   -----
   Net cash from financing activities                            29,916  33,906
                                                                 ------  ------
Net change in cash and cash equivalents                           6,093     574

Cash and cash equivalents at beginning of period                 11,272   6,917
                                                                 ------  ------
Cash and cash equivalents at end of period                      $17,365 $ 7,491
                                                                 ======  ======
Supplemental Disclosure of Cash Flow Information:

Cash paid during the period for:  Interest                       $3,864 $ 1,876
<PAGE>

NOTE 1 - BASIS OF  PRESENTATION  AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation:

     The accounting and reporting policies of First Security Bancorp,  Inc. (the
"Company")  and its  wholly-owned  subsidiary  First  Security Bank of Lexington
(the"Bank")  conform  to  generally  accepted   accounting   principles  and  to
predominant practices within the banking industry.  The significant policies are
described below.

     The Company  was formed on  February  11, 2000 and on May 31, 2000 became a
bank holding  company by acquiring  all of the  outstanding  shares of the Bank.
Each  outstanding  share of the Bank was  converted  into two  shares of Company
stock. The financial  statements are presented as if the Company had existed and
owned the Bank for all periods presented.

     The Bank is a Kentucky corporation  incorporated to operate as a commercial
bank under a state bank charter. The Bank generates  commercial,  mortgage,  and
installment loans, and receives deposits from customers located primarily in the
Fayette County, Kentucky area. The majority of the Bank's income is derived from
lending  activities.  The  majority of the Bank's  loans are secured by specific
items of collateral including business assets, real estate, and consumer assets,
although  borrower cash flow may also be a primary  source of repayment.  All of
the Bank's  operations  are  considered by management to be aggregated  into one
reportable operating segment.

     Recent Accounting Pronouncements: Beginning January 1, 2001, a new standard
will require all derivatives to be recorded at fair value.  Unless designated as
hedges,  change in these fair values  will be  recorded in the income  statment.
Fair value  changes  involving  hedges will  generally be recorded by offsetting
gains and losses on the hedge and on the hedged item,  even if the fair value of
the  hedged  item is not  otherwise  recorded.  This is not  expected  to have a
material  effect as the Bank has no derivatives.

     The  accompanying  unaudited  consolidated  financial  statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-QSB and Item 310 of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management,  all adjustments (consisting
of normal recurring accruals)  considered necessary for a fair presentation have
been included. Operating results for the three-month period ending September 30,
2000 are not necessarily  indicative of the results that may be expected for the
year ended December 31, 2000. For further information, refer to the consolidated
financial  statements and footnotes thereto,  included in the Company's Form S-4
Registration Statement, No.333-33350 or Form SB-2, No. 333-43444.

NOTE 2 - SECURITIES

Securities were as follows:                          Gross       Gross
                                        Amortized  Unrealized  Unrealized  Fair
                                          Cost        Gains      Losses    Value
                                        ---------  ----------  ----------  -----
                                                       (in thousands)
Available for Sale

September 30, 2000
  U.S. Treasury securities              $  250         $ -       $ (1)    $  249
  U.S. Government agency securities      5,516           5        (38)     5,183
  Mortgage-backed                        1,540          12        (22)     1,530
                                         -----         ---        ----     -----
    Total debt securities                7,006          17        (61)     6,962
  Equity securities                         20           -          -         20
                                        ------         ---      ------    ------
    Total                               $7,026         $17      $ (61)    $6,982
                                         =====         ===      ======    ======
December 31, 1999
     U.S. Treasury securities           $  250         $ -      $  (2)    $  248
     U.S. Government agency securities   3,501           -        (67)     3,434
     Mortgage-backed                       655           -        (26)       629
                                         -----         ---        ----     -----
       Total debt securities             4,406           -        (95)     4,311
     Equity securities                      20           -          -         20
                                         -----         ---        ----     -----
       Total                            $4,426         $ -       $(95)    $4,331
                                         =====         ===        ====     =====

Securities  pledged at September 30, 2000 and year-end 1999 had carrying amounts
of $2.4  million,  and  $3.6  million,  and  were  pledged  to  secure  customer
repurchase  agreements.  There were no  securities  sales  during the first nine
months of 2000 or during 1999.

NOTE 3 - LOANS

Loans were as follows:
                                              September 30 December 31
                                                  2000        1999
                                                  ----        ----
                                                   (in thousands)

Commercial                                     $28,794       $26,596
Mortgage loans on real estate:
  Commercial                                    48,655        35,855
  Residential                                   11,053         7,450
Consumer                                        10,943         8,296
                                                ------         -----
                                               $99,445       $78,197
                                                ======        ======
Changes in the allowance for loan losses were as follows:

                                       Three Months Ended     Nine Months Ended
                                          September 30          September 30

                                         2000      1999       2000        1999
                                         ----      ----       ----        ----
                                                     (in thousands)
Beginning balance                       $ 997     $ 554      $ 819       $ 335
  Loans charged off                        (0)        1        (23)         (3)
  Recoveries                                -         -          -           -
  Provision for loan losses               112       180        313         401
                                         ----      ----       ----        ----
Ending Balance                         $1,109     $ 733     $1,109       $ 733
                                         ====      ====      =====       =====

The Bank did not have any  impaired or  non-performing  loans  during any of the
periods presented.

NOTE 4 - EARNINGS PER SHARE

The factors used in the earnings per share computation follow.

                                            Three Months Ended Nine Months Ended
                                                September 30      September 30

                                             2000      1999     2000       1999
                                             ----      ----     ----       ----
                                           (in thousands, except per share data)
Basic
  Net Income                                 $ 210      $ 16  $  545      $(144)

  Weighted average common shares             1,001     1,000   1,000      1,000

Basic earnings per common share                .21       .02  $  .54      $(.14)

Diluted
  Net income                                  $210      $ 16  $  545      $(144)

  Weighted average common shares             1,000     1,000   1,001      1,000

  Add:  Dilutive effects of assumed exercises
    of stock warrents                           31        20      28         20
                                             -----     -----    -----     -----
  Average shares and dilutive potential
    common shares                            1,032     1,020    1,028     1,020
                                             =====     =====    =====     =====
Diluted earnings per common share              .20       .02   $  .53     $(.14)

NOTE 5 - STOCK OPTIONS
     On March 1, 2000 the Bank hired a new President/Chief Executive Officer. In
addition  to  salary,  bonus,  and  other  benefits,  the five  year  employment
agreement  includes  annual  grants of 4,000  options  (at  market) to  purchase
Company stock and severance of 125% of salary upon change in control.

Additionally, on July 27, 2000, the Company granted 4,000 options (at market) to
purchase stock to an executive officer.

NOTE 6 - REAL ESTATE PURCHASE
     On September 14, 2000,  the Company  entered into a contract to purchase an
existing  24,000 square foot banking  facility in downtown  Lexington which will
serve to replace the current main office  which is leased.  The  acquisition  is
expected  to cost $3.5  million  and to be  consummated  prior to year end 2000.
Management  also intends to invest an  additional  $350,000 to equip and prepare
the building for its use.

NOTE 7 - STOCK OFFERING
     On September 29, 2000,  the Company  obtained  approval from the Securities
and Exchange Commission to offer for sale an additional 500,000 shares of common
stock at $16.00 per share.  The  subscription  period of the  offering is at the
Board of Directors' discretion, but cannot be extended beyond February 28, 2001.
The Company sold 54,000  shares as of September  30, 2000.  If all shares of the
offering  are sold,  issuance  proceeds,  net of direct  costs, will  total $7.6
million.


<PAGE> Part I Item 2.

Management's  Discussion  and  Analysis or Plan of Operation

General.
     First Security  Bancorp Inc. (the  "Company"),  headquartered in Lexington,
Kentucky  was formed on  February  11,  2000 and on May 31,  2000  became a bank
holding  company by acquiring all of the  outstanding  shares of common stock of
First  Security  Bank  of  Lexington,  Inc.)(the  "Bank")  through  a  2  for  1
conversion.  The transaction,  approved by the Board of Governors of the Federal
Reserve  System,  will permit us to offer a broader range of financial  products
and services than would otherwise be available.

     The Bank is a commercial banking  organization  organized under the laws of
the  Commonwealth of Kentucky,  and is a wholly owned subsidiary of the Company.
The Bank  offers a variety of products  and  services  through two full  service
offices  including the  acceptance  of deposits for  checking,  savings and time
deposit  accounts;  extension of secured and  unsecured  loans to  corporations,
individuals  and  others;  issuance  of letters  of  credit;  and rental of safe
deposit boxes. The Bank's lending  activities  include commercial and industrial
loans, real estate,  installment,  and other consumer loans and revolving credit
plans.  Operating revenues are derived primarily from interest and fees on loans
and from interest on investment securities.

     We have made, and may continue to make, various forward-looking  statements
with respect to credit quality  (including  delinquency trends and the allowance
for loan losses), corporate objectives and other financial and business matters.
When  used in this  discussion  the  words  "anticipate,"  "project,"  "expect,"
"believe,"  and similar  expressions  are  intended to identify  forward-looking
statements.  In addition to factors  disclosed  by the  Company,  the  following
factors, among others, could cause actual results to differ materially from such
forward-looking  statements:  pricing  pressures  on loan and deposit  products;
competition;  changes in economic  conditions both nationally and in our market;
the  extent  and timing of actions  of the  Federal  Reserve  Board;  customers'
acceptance  of  our  products  and  services;  and  the  extent  and  timing  of
legislative and regulatory actions and reforms.

<PAGE>


Overview

Net income for the nine months ending September 30, 2000 was $545,000, up from a
net loss of $144,000 for the same period in 1999.  Earning assets increased from
$90.9 million as of December 31, 1999, to $120.1 million as of September 30,2000
contributing  to the  increase in net income.  Net loans increased  from $77.4
million as of December 31, 1999 to $98.3 million as of September  30, 2000.  Net
loans  represent the largest  earning asset for the Bank.  The growth in earning
assets was funded by new deposits.  Total deposits  increased from $83.4 million
as of December  31, 1999 to $113.4  million as of  September  30,  2000.

A third  location,  scheduled  to open  during  the fourth  quarter of 2000,  is
anticipated to significantly  expand  deposits,  establish a broader market area
within the  community,  and support the growth of an even larger  earning  asset
base.  Also,  the Company is in process of offering for sale  500,000  shares of
common stock the proceeds of which will be used to support our continuing growth
and  the  purchase  of a new  main  office.  See  Note 6 and 7 in the  financial
statements and "Capital" for additional discussion.


                             Results of Operations

Net Interest Income

Year- to- date net interest  income  increased from $1.6 million as of September
30, 1999, to $2.7 million as of September 30, 2000.  This represents an increase
of $1.1 million or 68.8%.  Net interest income  increased from $664,000 for the
quarter ending  September 30, 1999 to $951,000 for the quarter ending  September
30, 2000.  The increases in net interest  income  resulted in part,  from volume
increases  in earning  assets,  supplemented  to a lesser  degree,  by an upward
movement in yields on earning assets. Net earning assets increased $22.1 million
from  December 31, 1999,  to September 30, 2000. The weighted  average  yield on
earning assets increased from 7.68% to 8.41% for the same period.

Non Interest Income and Expenses

Non  interest  income is  comprised  primarily  of  service  charges  on deposit
accounts.  Total non-interest  income increased from $86,000 to $137,000 for the
nine months  ending  September  30, 1999 and 2000,  respectively.  Amounts  were
$51,000  and  $35,000  for the  quarters  ending  September  30,  2000 and 1999,
respectively.  We  anticipate  that service  charge income will continue to grow
commensurate with the growth in our deposit base.

Non Interest Expense

Total non interest  expense was $2.0 million for the nine months ended September
30,  2000,  versus $1.5 million for the nine months  ended  September  30, 1999.
Total  non-interest  expense for the quarter  ending  September  30,  2000,  was
$680,000 versus $503,000 for the quarter ending  September 30, 1999. The primary
components  of  non-interest   expense  are  salaries  and  benefits  and  costs
associated with occupancy and equipment.

Salaries and employee  benefits  were  $980,000 and $812,000 for the nine months
ended  September  30, 2000, and 1999, respectively.  The quarterly  amounts were
$355,000  and  $271,000,  respectively.  The  number  of  full  time  equivalent
employees  increased from 22 at September 30, 1999, to 27 at September 30, 2000.
The  additional  employees  were  hired in order to  staff  the  third  location
scheduled to open later this year.

Occupancy and  equipment  expenses  increased  $12,000 for the nine month period
ended  September 30, 2000 verses the nine month period ended  September 30, 1999
at $236,000 and $248,000,  respectively.  These expenses were relatively  stable
for the quarter ending  September 30, 2000 and September 30, 1999 at $84,000 and
$80,000, respectively.

Expenses for professional fees have increased  significantly  when comparing the
nine month  period  ended  September  30, 1999 to the same  period in 2000.  The
$129,000  increase is primarily  due to the  formation  of the holding  company,
registering  our  stock  with the  SEC,  and  preparing  for a  secondary  stock
offering.

Securities Available for Sale

Our  investment   portfolio  consists   primarily  of  U.S.   Government  agency
securities.  The amortized  cost of investment  securities  increased  from $4.4
million as of December 30, 1999 to $7.0 million as of September 30, 2000. Excess
liquidity was transferred  from lower yielding  federal funds to higher yielding
investment securities. The weighted average maturity of our investment portfolio
was 4.1 years at September 30, 2000 and 2.7 years at December 31, 1999.

Loans

Net loans  increased $21.0 million from December 31, 1999 to September 30, 2000.
The largest  growth,  $16.4  million,  occurred  in the real estate  portfolios.
Please refer to note 3 of the financial  statements to see the outstanding loans
by type, at September 30, 2000 and December 31, 1999.

We have a significant  amount of our loans to  commercial  and  commercial  real
estate  borrowers.  At  September  30,  2000,  approximately  77.9%  of our loan
portfolio  was in loans to  commercial  businesses  and  commercial  real estate
borrowers.  The growth of commercial loans and commercial real estate loans is a
result of increased  marketing and competitive pricing in our primary market. We
expect  to  continue   attracting  new  commercial and  commercial  real  estate
borrowers,  but future loan growth in these areas of our  portfolio  will likely
not be at a pace consistent with past increases. Our loan portfolio is primarily
to customers within the Fayette County area. We wish to increase our penetration
in the consumer  loan market and believe that our third  location will build new
consumer relationships.

Allowance and Provision for Loan Losses

Comparing nine months ended  September 30, 2000 and 1999, the provision for loan
losses  declined from  $401,000 to $313,000.  The provision for loan losses also
declined  from  $180,000 to $112,000  comparing  the third quarter 2000 with the
same period in 1999.  The  decline in the  provision  for loan  losses  resulted
primarily  from the lower rate in commercial  loan growth in 2000 over 1999, and
the continued low level of delinquent and non-accrual loans. Additionally,  year
to date net charge-offs for 2000 remained low at $23,000.

The  allowance for loan losses increased to $1.1 million at September  30, 2000,
from  $819,000  at December  31, 1999. Please  refer to Note 3 of the  financial
statements  for a  summary  of the  changes  in the  allowance  for loan  losses
accounts for the nine months and three months ended September 30, 2000 and 1999.

     The  allowance  for loan losses is regularly  evaluated by  management  and
reported  quarterly  to our  board of  directors.  Our  management  and board of
directors  maintain  the  allowance  for loan  losses at a level  believed to be
sufficient  to  absorb  inherent  losses  in the  portfolio  at a point in time.
Management's  allowance for loan loss estimate  consists of specific and general
reserve  allocations  as influenced  by various  factors.  Such factors  include
changes in lending policies and procedures;  underwriting standards; collection,
charge-off  and recovery  history;  changes in national  and local  economic and
business  conditions and  developments;  changes in the  characteristics  of the
portfolio;  ability and depth of lending  management  and staff;  changes in the
trend of the volume and severity of past due,  non-accrual and classified loans;
troubled  debt  restructuring  and other  loan  modifications;  and  results  of
regulatory  examinations.  To evaluate the loan  portfolio,  management has also
established loan grading procedures. These procedures establish a grade for each
loan upon origination  which is periodically  reassessed  throughout the term of
the loan. Grading categories  include prime,  good,  satisfactory,  fair, watch,
substandard, doubtful, and loss. Specific reserve allocations are calculated for
individual  loans  having  been  graded  watch  or worse  based on the  specific
collectability  of each loan.  Loans graded  watch or worse also  include  loans
severely past-due and those not accruing  interest.  Loss estimates are assigned
to each loan,  which results in a portion of the allowance for loan losses to be
specifically  allocated to that loan.
     The general  reserve  allocation  is computed by loan  category  reduced by
loans with specific reserve  allocations and loans fully secured by certificates
of deposit  with us. Loss  factors are  applied to each  category  for which the
cumulative  product  represents  the  general  reserve.  These loss  factors are
typically  developed  over time using  actual loss  experience  adjusted for the
various  factors  discussed  above.  As  we  are a  newly  organized  bank,  our
historical  loss  experience is less reliable as a future  predictor of inherent
losses than that of a bank with a mature loss history.  Until our own experience
becomes fully  developed,  we have computed  these factors  utilizing  local and
Kentucky peer data from the Uniform Bank Performance Reports which we believe is
representative of our loan customer base and is therefore a reasonable predictor
of inherent losses in our portfolio.
     We believe the allowance for loan losses at September 30, 2000 and December
31, 1999 was adequate.  The  relationship  between the allowance for loan losses
and loans did not change signficiantly during the periods presented as, based on
the best information available, the overall credit quality of our loan portfolio
has not changed.  Although we believe we use the best  information  available to
make allowance  provisions,  future  adjustments  which could be material may be
necessary if the assumptions  used to determine the allowance differ from future
loan portfolio performance.

Asset Quality

As of  September 30, 2000 and December  31, 1999, there were no loans 90 or more
days past due. The level of loans 30 to 89 days past due decreased  from .12% at
December  31, 1999,  to .04% at September 30, 2000. We consider the  delinquency
levels  to be nominal and not  reflective  of any  adverse  trends in
overall asset quality.

Deposit and Other Borrowings

     The deposit base provides the major funding source for earning assets.  The
following  table  shows that the  deposit  growth we have  experienced  has been
consistent across all categories of deposits. We operate in a highly competitive
market for deposits.  As is often the case with newly chartered  banks, in order
to attract  depositors,  we  sometimes  pay above  market  rates on a portion of
transaction deposit accounts, savings deposits and time deposits.

     The  table  below  illustrates  our  deposits  by  major  categories  as of
September 30, 2000 and December 31, 1999;

DEPOSITS
                                      September 30              December 31
                                          2000                      1999
                                        ---------               ------------
                                                  (in thousands)

Interest-bearing demand deposits        $15,743                    $17,499

Savings deposits                         11,386                      6,598

Time deposits                            55,766                     39,772

Time deposits $100,000 and over          22,442                     14,397
                                        --------                -----------

   Total interest-bearing deposits      105,337                     78,255

   Total noninterest-bearing deposits     8,096                      5,157
                                       --------                -----------

        Total                          $113,433                    $83,412
                                       ========                ===========

<PAGE>
Liquidity.
     The Company maintains sufficient liquidity in order to fund loan demand and
routine  deposit  withdrawal   activity.   Liquidity  is  managed  by  retaining
sufficient liquid assets in the form of investment  securities and core deposits
to meet demand.  Funding and cash flows can also be realized from the available-
for-sale  portion  of the  securities  portfolio  and  paydowns  from  the  loan
portfolio.  We have  established a limited  number of  alternative  or secondary
sources to provide  additional  liquidity  and  funding  sources  when needed to
support lending activity.  These  alternative  funding sources currently include
unsecured federal funds lines of credit from two correspondent banks aggregating
approximately $6.0 million;  secured repurchase  agreement line of credit from a
correspondent  bank  based upon the market  value of pledged  securities;  and a
secured  line of  credit in the  amount of  approximately  $1  million  from the
Federal  Reserve Bank of  Cleveland.  Additionally,  the Bank is a member of the
Federal  Home Loan Bank of  Cincinnati  ("FHLB").  Although the Bank has not, as
yet,  borrowed from the FHLB,  the Bank has the ability to borrow  approximately
$9.4 million based on the level of residential  loans in the Bank's portfolio as
of September 30, 2000 which serve as collateral for this type of borrowing.  The
only  borrowings  on our balance  sheet at December 31, 1999 were in the form of
customer repurchase  agreements  totaling $2.4 million.  Borrowings at Setpember
30, 2000, totaled approximately $1.5 million. Of this amount $900,000 was in the
form  of  customer  repurchase  agreements.  The  remainder  of  the  borrowings
consisted of a $600,000  unsecured  note in the name of the Company  utilized to
meet the Bank's short-term capital needs (See also "Capital").  These repurchase
agreements provide our customers cash management  services.  The need for future
borrowing  arrangements  above current  levels will be evaluated by  management,
with  consideration  given  to  the  growth  prospects  of our  loan  portfolio,
liquidity needs, cost of deposits,  market  conditions and other factors.  Short
term  liquidity  needs for periods of up to one year may be met through  federal
funds lines of credit borrowings and short term Federal Home Loan Bank advances.
The  Federal  Home Loan Bank  additionally  offers  advance  programs of varying
maturities for terms beyond one year.

Capital.
     Regulatory  agencies measure capital adequacy within a framework that makes
capital  requirements,  in part,  dependent on the  individual  risk profiles of
financial  institutions.  The  Company's  capital  to total assets was 7.66% at
September 30, 2000, compared to 8.69% at December 31, 1999.

     The order of Federal Deposit Insurance Corporation,  dated October 14, 1997
authorizing  deposit  issuance for the Bank, was approved subject to the capital
condition  that beginning paid in capital funds of not less than $7.7 million be
provided,  and that a ratio of "Tier 1" capital to "average total assets" of not
less than 8 percent,  in addition to a fully funded loan loss reserve,  shall be
maintained during the first three years of operation.

     We have  enjoyed  significant  growth  during  our  nearly  three  years of
operation.  Total assets have grown over $30 million or 32.5% from  December 31,
1999 to Setptember  30, 2000.  The growth in deposits has provided the necessary
volume to fund new loans. Loan demand has remained  consistently strong over the
past 9 months.  Management anticipates that past growth trends will continue and
be  intensified  with the opening of a third  location in the fourth  quarter of
2000. In addition,  a contract has been signed for the purchase of a facility in
downtown  Lexington at a cost of $3.5  million.  This  location will replace our
(and the Bank's) existing main office which is leased and significantly improves
our downtown  presence  through both  increased  office space to support  future
growth  and a drive  through  which we do not have at our  current  main  office
location.  The  transaction  is anticipated to close prior to December 13, 2000.
Management  anticipates  additional  expenditures of  approximately  $350,000 to
equip and prepare the building for use.  Management  believes we have sufficient
capital to support  the third  location  and new main  office.  However,  growth
caused First  Security  Bank's "Tier 1" capital ratio to fall slightly below the
8% level stipulated by the order granting FDIC insurance. In order to remedy the
situation  we have  taken  both short  term and long term  action.  We  borrowed
$600,000  from a  correspondent  bank and  injected  these  funds as a permanent
capital  addition to First Security  Bank.  This capital  injection  moved First
Security  Bank's  Tier 1 capital  ratio  above the 8% level,  thus  meeting  the
requirements of the Federal Deposit Insurance  Corporation.  The indebtedness is
evidenced by a note at the prime rate of interest and matures December 30, 2000,
and is on an unsecured  basis. A  contemporaneous  stock offering  allowed us to
retire the  $600,000 in debt on November 7, 2000 and will support the  continued
growth in total assets of First Security Bank. Additionally,  the requirement to
maintain 8% in Tier 1 capital to total assets will expire in November 2000 after
which the Bank then is only  required to maintain  5% to be  classified  as well
capitalized.


Asset/Liability Management and Market Risk
     Asset  liability  management  control  is  designed  to insure  safety  and
soundness,  maintain  liquidity  and  regulatory  capital  standards and achieve
acceptable net interest  income.  We consider  interest rate risk to be our most
significant  market risk.  Interest rate risk is the exposure to adverse changes
in the net interest income as a result of market fluctuations in interest rates.
Our interest rate  sensitivity  position is influenced  by the  distribution  of
interest-earning  assets and  interest-bearing  liabilities  among the  maturity
categories.  Changes in interest rates can affect the rate at which pre-payments
occur.  Should  interest rates rise, the rate of  pre-payments,  particularly on
fixed rate loans, may slow,  whereas a falling rate  environment  could have the
opposite effect.

      We regularly monitor interest rate risk in relation to prospective  market
and  business  conditions.   Our  board  of  directors  sets  policy  guidelines
establishing   minimum   limits  on  our  interest  rate  risk   exposure.   The
Asset/Liability  Management  Committee  of our board of  directors  monitors and
manages  interest  rate risk to  maintain an  acceptable  level of change to net
interest  income  resulting  from market  interest rate changes.  We monitor and
adjust  exposure to interest  rate  fluctations  as  influenced  by our loan and
deposit protfolios.

     On a quarterly  basis, we use an earnings  simulation  model to analyze net
interest income  sensitivity and the resulting net interest margin. Net interest
margin ("NIM")  expresses net interest income as a percentage of average earning
assets.  This model projects the effect of  instantaneous  movements in interest
rates (rate shock) 100 basis point  increments up to a 400 basis point  movement
in either direction.  Rate shock is a method for stress testing the net interest
spread and NIM over the next four  quarters  using  certain  growth  assumptions
under several rate change levels. Potential changes in market interest rates and
their  subsequent  effect on  interest  income are the  evaluated.  We use these
financial  models to measure  and  interpret  the degree of  interest  rate risk
environments.  The reults of these  analyses are reported to the Bank's board of
directors quarterly.

New Accounting Pronouncements
See  NOTE 1 to  financial  statements  for a  discussion  of  recent  accounting
pronouncements.

Part II  Other Information

Item 6. Exhibits and Reports on Form 8-K.
        (a) Exhibits
            The  Exhibits  listed on the  Exhibit  Index of this Form 10-QSB are
            filed as part of this report.
        (b) Reports on Form 8-K.
            The Company filed a report on Form 8-K disclosing the Company's
            announcement of it's second quarter earnings through a press release
            on October 16, 2000.

<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.
                                                First Security Bancorp, Inc.

                                                /s/John S. Shropshire
Date:  November 13, 2000                        John S. Shropshire
                                                President and CEO
                                                (Principal Executive Officer)

                                                /s/Ben A. New
Date:  November 13, 2000                        Ben A. New
                                                Vice President/Controller
                                                (Principal Financial and
                                                Accounting Officer)
<PAGE>

                                    EXHIBITS


     1        Form of Sales Agency Agreement between First Security Bancorp,
              Inc. and Winebrenner Capital Partners, LLC (incorporated by
              reference to exhibit 1 of the corporation's registration statement
              on Form SB-2 [333-43444])

     3.1      Articles of Incorporation of First Security Bancorp, Inc.
              (incorporated by reference to exhibit 3.1 of the corporation's
              registration statement on Form SB-2 [333-43444])

     3.2      Articles of Amendment to Articles of Incorporation of First
              Security Bancorp, Inc (incorporated by reference to exhibit 3.2
              of the corporation's registration statement on Form SB-2
              [333-43444])

     3.3      Bylaws of First Security Bancorp, Inc.(incorporated by
              reference to exhibit 3.3 of the corporation's registration
              statement on Form SB-2 [333-43444])

     4.1      Articles of Incorporation of First Security Bancorp, Inc.
              (included in Exhibit 3.1)(incorporated by reference to exhibit 4.1
              of the corporation's registration statement on Form SB-2
              [333-43444])

     4.2      Articles of Amendment of Articles of Incorporation of First
              Security Bancorp, Inc., (included in Exhibit 3.2)(incorporated by
              reference to exhibit 4.2 of the corporation's registration
              statement on Form SB-2 [333-43444])

    10.1     Employment Agreement between First Security Bancorp, Inc. and
             John S. Shropshire (incorporated by reference to exhibit 10.1 of
             the corporation's registration statement on Form SB-2 [333-43444])

    10.2     Contract for Electronic Data Processing Services between BSC, Inc.
             and First Security Bank of Lexington, Inc. (incorporated by
             reference to exhibit 10.2 of the corporation's registration
             statement on Form SB-2 [333-43444])

    10.3     Outsource Contract between BSC, Inc. and First Security Bank of
             Lexington, Inc. (incorporated by reference to exhibit 10.3 of the
             corporation's registration statement on Form SB-2 [333-43444])

    10.4     Business/Manager(R)License Agreement between Private Business, Inc.
             and First Security Bank of Lexington, Inc.(incorporated by
             reference to exhibit 10.4 of the corporation's registration
             statement on Form SB-2 [333-43444])

    10.5     Agreement for Administration of Credit Card Program between
             Crittson Financial, LLC and First Security Bank of Lexington, Inc.
             (incorporated by reference to exhibit 10.5 of the corporation's
             registration statement on Form SB-2 [333-43444])

    10.6     Lease 400 East Main Street between Isaac and Teresa C. Lawrence
             and First Security Bank of Lexington, Inc. (incorporated by
             reference to exhibit 10.6 of the corporation's registration
             statement on Form SB-2 [333-43444])

    10.7     Lease between THOMCO, Inc.and First Security Bank of Lexington,Inc.
             (incorporated by reference to exhibit 10.7 of the corporation's
             registration statement on Form SB-2 [333-43444])

    10.8     Ground lease between Cherrywood Development, LLC and First Security
             Bank of Lexington,  Inc.(incorporated  by reference to exhibit 10.8
             of  the   corporation's   registration   statement   on  Form  SB-2
             [No.333-43444])

    10.9     First Security Bank of Lexington, Inc. Stock Award Plan
             (incorporated by reference to exhibit 10.9 of the corporation's
             registration statement on Form SB-2 [No.333-43444])

    10.10    Form of Escrow Agreement between First Security Bancorp, Inc. and
             Peoples Bank and Trust Company, Inc.(incorporated by reference to
             exhibit 10.10 of the corporation's registration statement on Form
             SB-2 [No.333-43444])

    11       Statement regarding Earnings per shares (See Part 1 Item 1 Note 4
             "Earnings Per Share" for calculations.)

    21       Subsidiaries of First Security Bancorp, Inc.(incorporated by
             reference to exhibit 21 of the corporation's registration statement
             on Form SB-2 [No.333-43444])

    27       Financial Data Schedule for the nine months ended September 30,2000

<PAGE>

Exhibit 11  Statment regarding Computation of Per Share Earnings

See Item 1, Note 4 "Earnings Per Share" for calculations